Business
Upland Software Reports First Quarter 2020 Financial Results
AUSTIN, Texas--(BUSINESS WIRE)-- Upland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based enterprise work management software, today announced financial
About this update from Upland Software, Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nUpland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based enterprise work management software, today announced financial and operating results for the first quarter of 2020 and provided guidance for its second quarter and full year of 2020.\n\n\nFirst Quarter 2020 Financial Highlights\n\n\n\nTotal revenue was $68.0 million, an increase of 40% from $48.5 million in the first quarter of 2019.\n\n\nSubscription and support revenue was $63.9 million, an increase of 42% from $45.0 million in the first quarter of 2019.\n\n\nGAAP net loss was $20.1 million, or a loss of $0.81 cents per share, compared to a GAAP net loss of $7.8 million, or a loss of $0.38 cents per share, in the first quarter of 2019.\n\n\nAdjusted EBITDA was $24.6 million, or 36% of total revenue, an increase of 38% from $17.8 million, or 37% of total revenue, in the first quarter of 2019.\n\n\nCash on hand as of the end of the first quarter was $98.7 million.\n\n\n\n\"Our Q1 performance and strong, revised guidance demonstrate Upland’s resilience as we navigate the COVID-19 pandemic,\" said Jack McDonald, Chairman and CEO of Upland Software. \"Our products have helped our customers succeed in this new remote working environment,\" he added. \"Upland’s enterprise customer base, high recurring revenue, retention and margins, limited exposure to highly impacted verticals, strong balance sheet, and flexible cost structure position us well to emerge from this pandemic ready to capitalize on new growth opportunities.\" He continued, “We will pause acquisitions in the short term while nurturing our pipeline and continuing our go-to-market investments.\"\n\n\n“Our balance sheet remains strong with cash on-hand and available liquidity under our Revolver of over $150 million, and comfortably positive cash flows expected for the remainder of the year,” said Mike Hill, CFO of Upland Software. “We are in a strong position today because of the actions we took in 2019 to fortify our capital base, raising equity and putting in place a new credit facility which extended the maturity of our term debt out to August 2026, reduced our annual principal payments to only one percent, and removed all financial covenants on current borrowings,\" he added.\n\n\nFirst Quarter Business Highlights\n\n\n\nExpanded 277 existing customer relationships, includin...