Upland Q2 2023 Earnings Report
Key Takeaways
Upland Software reported a decrease in total revenue and subscription revenue for Q2 2023. The company beat revenue and Adjusted EBITDA guidance midpoints. They added 20 new major customers and announced new product innovations.
Total revenue was $74.5 million, a decrease of 7% year-over-year.
Subscription and support revenue was $70.5 million, a decrease of 6% year-over-year.
GAAP net loss was $15.1 million compared to a GAAP net loss of $16.4 million in the second quarter of 2022.
Adjusted EBITDA was $16.6 million, or 22% of total revenue, compared to $24.5 million, or 31% of total revenue, in the second quarter of 2022.
Upland
Upland
Upland Revenue by Segment
Forward Guidance
Upland expects a decline in total revenue for the third quarter and full year of 2023. They are making significant incremental sales, marketing and product investments as part of its comprehensive growth plan.
Challenges Ahead
- Total revenue for Q3 2023 is expected to be between $70.4 and $76.4 million, a decline of 8% at the mid-point over the quarter-ended September 30, 2022.
- Subscription and support revenue for Q3 2023 is expected to be between $65.5 and $70.5 million.
- Adjusted EBITDA for Q3 2023 is expected to be between $14.5 and $17.5 million, a decrease of 36% from the quarter-ended September 30, 2022.
- Total revenue for full year 2023 is expected to be between $292.1 and $304.1 million, a decline of 6% at the mid-point over the year ended December 31, 2022.
- Adjusted EBITDA for full year 2023 is expected to be between $63.2 and $69.2 million, a decrease of 32% over the year ended December 31, 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income