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Upland
🇺🇸 NASDAQ:UPLD
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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.

Total Revenue
$69.3M
Previous year: $74.5M
-6.9%
EPS
$0.19
Previous year: $0.22
-13.6%
Adjusted EBITDA Margin
20%
Gross Profit
$37.5M
Previous year: $50.3M
-25.5%
Cash and Equivalents
$232M
Previous year: $263M
-11.5%
Free Cash Flow
$5.2M
Previous year: $6.73M
-22.8%
Total Assets
$740M
Previous year: $956M
-22.6%

Upland

Upland

Upland 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.
  • 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

Company Overview

Full financial data and analysis

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