Business
Upland Software Reports Second Quarter 2020 Financial Results
AUSTIN, Texas--(BUSINESS WIRE)-- Upland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based tools for digital transformation, 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 tools for digital transformation, today announced financial and operating results for the second quarter of 2020 and raised guidance for its third quarter and full year of 2020.\n\n\nSecond Quarter 2020 Financial Highlights\n\n\n\nTotal revenue was $71.3 million, an increase of 35% from $53.0 million in the second quarter of 2019.\n\n\nSubscription and support revenue was $67.7 million, an increase of 39% from $48.7 million in the second quarter of 2019.\n\n\nGAAP net loss was $14.2 million, or a loss of $0.57 cents per share, compared to a GAAP net loss of $5.4 million, or a loss of $0.24 cents per share, in the second quarter of 2019.\n\n\nAdjusted EBITDA was $23.7 million, or 33% of total revenue, an increase of 24% from $19.1 million, or 36% of total revenue, in the second quarter of 2019.\n\n\nCash on hand as of the end of the second quarter was $87.9 million.\n\n\n\n“Q2 was an outstanding quarter, with significant growth and outperformance on revenue and Adjusted EBITDA,” said Jack McDonald, Upland’s chairman and chief executive officer. “We saw a meaningful bump in usage of the Upland Cloud in the second quarter, with particular strength in CXM across verticals ranging from election-year political campaigns and public advocacy to media and retail,” he added. “As our raised guidance reflects, we see signs of this strength continuing in the second half of the year, while maintaining a conservative stance in our outlook.”\n\n\nSecond Quarter Business Highlights\n\n\n\nExpanded 241 existing customer relationships, including 50 major expansions, and added 118 new customer relationships, including 34 major accounts.\n\n\nContinued to invest in customer-driven innovation across Upland's cloud solutions with five major releases and 29 feature packs. For example, in our Document Workflow Cloud solution, we introduced the ability for customers to scan documents utilizing the camera on their iOS and Android mobile devices and added additional eSignature options; and in our CXM Cloud solution, we added Twilio support for cloud telephony deployment within Salesforce and Microsoft Dynamics 365.\n\n\nCompleted the integrations of our Alitfy, InGenius, and Localytics products onto the UplandOne platform.\n\n\nContinued to invest in our go-to-...