Business
Upland Software Reports First Quarter 2023 Financial Results
Company Beats Q1 Guidance and Reaffirms Full Year 2023 Guidance AUSTIN, Texas--(BUSINESS WIRE)-- Upland Software, Inc. (Nasdaq: UPLD), a leader in
About this update from Upland Software, Inc.
[{"type":"text","content":"\nCompany Beats Q1 Guidance and Reaffirms Full Year 2023 Guidance\n\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nUpland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based tools for digital transformation, today announced financial and operating results for the first quarter 2023 and issued guidance for its second quarter and full year of 2023.\n\n\nFirst Quarter 2023 Financial Highlights\n\n\n\nTotal revenue was $77.1 million, a decrease of 2% from $78.7 million in the first quarter of 2022. Total revenue growth includes a negative impact of 2% from changes in foreign currency exchange rates (\"FX\"). Without FX, total revenue growth would have been flat.\n\n\n\nSubscription and support revenue was $72.9 million, a decrease of 1% from $73.6 million in the first quarter of 2022. Subscription and support revenue growth includes a negative impact of 2% from FX. Without FX, subscription and support revenue growth would have been 1%.\n\n\n\nGAAP net loss was $140.0 million compared to a GAAP net loss of $22.8 million in the first quarter of 2022. GAAP net loss attributable to common stockholders was $141.4 million compared to GAAP net loss attributable to common stockholders of $22.8 million in the first quarter of 2022. GAAP net loss per share attributable to common stockholders was $4.38 per share, compared to a GAAP net loss per share attributable to common stockholders of $0.73 per share in the first quarter of 2022. This quarter-over-quarter increase in quarterly GAAP net loss is primarily attributable to a $128.8 million non-cash Goodwill impairment charge.\n\n\n\nAdjusted EBITDA was $17.6 million, or 23% of total revenue, compared to $23.4 million, or 30% of total revenue, in the first quarter of 2022.\n\n\n\nGAAP operating cash flow was $15.8 million, compared to GAAP operating cash flow of $8.2 million in the first quarter of 2022. Free cash flow was $15.6 million, compared to free cash flow of $8.0 million in the first quarter of 2022.\n\n\n\nCash on hand as of the end of the first quarter of 2023 was $257.7 million.\n\n\n\n\"In Q1, we beat our revenue and Adjusted EBITDA guidance midpoints, even after FX headwinds and free cash flow came in stronger than expected,\" said Jack McDonald, Upland's chairman and chief executive officer. \"We also added 20 new major customers and announced a host of new product innovations,\" he ad...