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Upland
🇺🇸 NASDAQ:UPLD
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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.

Total Revenue
$66.7M
Previous year: $74.1M
-10.0%
EPS
$0.42
Previous year: $0.33
+27.3%
Adjusted EBITDA Margin
21%
Previous year: 22%
-4.5%
Gross Profit
$45.2M
Previous year: $51.2M
-11.7%
Cash and Equivalents
$59.7M
Previous year: $240M
-75.1%
Free Cash Flow
$4.2M
Previous year: $17.8M
-76.4%
Total Assets
$555M
Previous year: $894M
-37.9%

Upland

Upland

Upland Revenue by Segment

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

Company Overview

Full financial data and analysis

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