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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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