Business
Upland Software Reports Fourth Quarter 2022 Financial Results
Company Beats Q4 Revenue Guidance and Announces Comprehensive Growth Plan AUSTIN, Texas--(BUSINESS WIRE)-- Upland Software, Inc. (Nasdaq: UPLD), a leader in
About this update from Upland Software, Inc.
[{"type":"text","content":"\nCompany Beats Q4 Revenue Guidance and Announces Comprehensive Growth Plan\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 fourth quarter 2022 and issued guidance for its first quarter and full year of 2023. The company also announced a comprehensive growth plan to drive long-term shareholder value.\n\nFourth Quarter 2022 Financial Highlights\n\n\nTotal revenue was $78.8 million, an increase of 4% from $75.7 million in the fourth quarter of 2021. Total revenue growth includes a negative impact of 3% from changes in foreign currency exchange rates (\"FX\"). Without FX, total revenue growth would have been 7%.\n\n\nSubscription and support revenue was $74.1 million, an increase of 3% from $72.3 million in the fourth quarter of 2021. Subscription and support revenue growth includes a negative impact of 3% from FX. Without FX, subscription and support revenue growth would have been 5%.\n\n\nGAAP net loss was $22.7 million compared to a GAAP net loss of $7.5 million in the fourth quarter of 2021. GAAP net loss attributable to common stockholders was $24.0 million compared to GAAP net loss attributable to common stockholders of $7.5 million in the fourth quarter of 2021. GAAP net loss per share attributable to common stockholders was $0.75 per share, compared to a GAAP net loss per share attributable to common stockholders of $0.24 per share in the fourth quarter of 2021. This year-over-year increase in quarterly GAAP net loss is primarily attributable to a $12.5 million non-cash Goodwill impairment charge.\n\n\nAdjusted EBITDA was $24.3 million, or 31% of total revenue, compared to $25.1 million, or 33% of total revenue, in the fourth quarter of 2021.\n\n\nGAAP operating cash flow was $5.8 million, compared to GAAP operating cash flow of $13.1 million in the fourth quarter of 2021. Free cash flow was $5.7 million, compared to free cash flow of $12.9 million in the fourth quarter of 2021.\n\n\nCash on hand as of the end of the fourth quarter of 2022 was $248.7 million.\n\n\n\"In Q4, we beat our revenue guidance midpoint, even after FX headwinds,\" said Jack McDonald, Upland's chairman and chief executive officer. \"We are also announcing today our new growth plan. Developed over the past six mo...