Upland Q3 2023 Earnings Report
Key Takeaways
Upland Software reported a decrease in total revenue and subscription revenue compared to Q3 2022. The company experienced a GAAP net loss, but operating cash flow and free cash flow increased due to a one-time cash benefit. They welcomed 162 new customers, including 26 major ones.
Total revenue decreased by 7% to $74.1 million compared to Q3 2022.
Subscription and support revenue decreased by 7% to $70.0 million compared to Q3 2022.
GAAP net loss was $8.7 million, compared to a net loss of $6.5 million in Q3 2022.
Adjusted EBITDA was $16.2 million, representing 22% of total revenue.
Upland
Upland
Upland Revenue by Segment
Forward Guidance
Upland expects a decline in total revenue and Adjusted EBITDA for the fourth quarter and full year 2023, reflecting incremental sales, marketing, and product investments, as well as an estimated non-cash charge related to Sunset Assets.
Challenges Ahead
- Upland expects total revenue to be between $69.0 and $75.0 million for Q4 2023.
- Subscription and support revenue is expected to be between $65.5 and $70.5 million for Q4 2023.
- Adjusted EBITDA is expected to be between $12.6 and $15.6 million for Q4 2023.
- Upland expects total revenue to be between $294.7 and $300.7 million for the full year 2023.
- Adjusted EBITDA is expected to be between $63.0 and $66.0 million for the full year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income