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Sep 30, 2024
Upland Q3 2024 Earnings Report
Reported a decrease in revenue but an improvement in GAAP net loss compared to the same quarter last year.
Key Takeaways
Upland Software reported a decrease in total revenue and subscription revenue compared to Q3 2023. However, the company saw a significant reduction in GAAP net loss. They met their revenue and Adjusted EBITDA guidance midpoints, welcoming new customers.
Total revenue decreased by 10% year-over-year to $66.7 million.
Subscription and support revenue decreased by 9% year-over-year to $63.8 million.
GAAP net loss improved to $1.7 million compared to $8.7 million in the third quarter of 2023.
Adjusted EBITDA was $14.0 million, representing 21% 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
Upland expects a decline in total revenue for Q4 2024 and for the full year 2024. Adjusted EBITDA is expected to increase for Q4 but decline for the full year.
Positive Outlook
- Fourth quarter 2024 Adjusted EBITDA is expected to be between $13.4 and $16.4 million.
- Adjusted EBITDA margin of 22% at the midpoint is expected for Q4 2024.
- Adjusted EBITDA guide at the midpoint is an increase of 6% from the quarter-ended December 31, 2023.
Challenges Ahead
- Total revenue for the quarter ending December 31, 2024, is expected to be between $65.9 and $71.9 million.
- Subscription and support revenue for Q4 2024 is expected to be between $60.2 and $65.2 million.
- Total revenue is expected to decline by 5% at the midpoint from the quarter-ended December 31, 2023.
- Full year 2024 Adjusted EBITDA is expected to be between $54.1 and $57.1 million.
- Adjusted EBITDA margin of 20% at the midpoint is expected for the full year 2024.
- Adjusted EBITDA guide at the midpoint is a decline of 14% from the year ended December 31, 2023.
- Total revenue for the full year ending December 31, 2024, is expected to be between $272.6 and $278.6 million.
- Subscription and support revenue for the full year 2024 is expected to be between $256.6 and $261.6 million.
- Total revenue is expected to decline by 7% at the midpoint from the year ended December 31, 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income