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Jun 30, 2024
Upland Q2 2024 Earnings Report
Reported financial results for the second quarter of 2024 and issued guidance.
Key Takeaways
Upland Software's Q2 2024 total revenue was $69.3 million, a 7% decrease compared to Q2 2023. The company beat revenue and Adjusted EBITDA guidance midpoints. GAAP net loss was $11.4 million, and free cash flow was $5.2 million. They saw meaningful new customer wins and major customer expansions, along with reinforced strategic partnerships.
Total revenue decreased by 7% to $69.3 million compared to the second quarter of 2023.
Subscription and support revenue decreased by 7% to $65.5 million compared to the second quarter of 2023.
GAAP net loss improved to $11.4 million compared to a net loss of $15.1 million in the second quarter of 2023.
Adjusted EBITDA was $13.6 million, representing 20% of total revenue.
Upland
Upland
Upland Revenue by Segment
Revenue by Segment
Subscription and Support Revenue
CapyFin.comPerpetual License Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
For the quarter ending September 30, 2024, Upland expects total revenue between $63.2 and $69.2 million and Adjusted EBITDA between $12.5 and $15.5 million. For the full year ending December 31, 2024, Upland expects total revenue between $269.6 and $281.6 million and Adjusted EBITDA between $52.6 and $58.6 million.
Positive Outlook
- Total revenue is expected to be between $63.2 and $69.2 million for Q3 2024.
- Subscription and support revenue is expected to be between $60.1 and $65.1 million for Q3 2024.
- Adjusted EBITDA is expected to be between $12.5 and $15.5 million for Q3 2024.
- Total revenue is expected to be between $269.6 and $281.6 million for the full year 2024.
- Adjusted EBITDA is expected to be between $52.6 and $58.6 million for the full year 2024.
Challenges Ahead
- Total revenue is expected to decline by 11% at the mid-point for Q3 2024 compared to Q3 2023.
- Adjusted EBITDA is expected to decrease by 13% at the mid-point for Q3 2024 compared to Q3 2023.
- Total revenue is expected to decline by 7% at the mid-point for the full year 2024 compared to 2023.
- Adjusted EBITDA is expected to decline by 14% at the mid-point for the full year 2024 compared to 2023.
- Subscription and support revenue is expected to be between $254.1 and $264.1 million for the full year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income