Business
Upland Software Reports Second Quarter 2023 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 2023 and issued guidance for its third quarter and full year of 2023.\n\n\nSecond Quarter 2023 Financial Highlights\n\n\n\nTotal revenue was $74.5 million, a decrease of 7% from $80.2 million in the second quarter of 2022.\n\n\n\nSubscription and support revenue was $70.5 million, a decrease of 6% from $75.0 million in the second quarter of 2022.\n\n\n\nGAAP net loss was $15.1 million compared to a GAAP net loss of $16.4 million in the second quarter of 2022. GAAP net loss attributable to common stockholders was $16.5 million compared to GAAP net loss attributable to common stockholders of $16.4 million in the second quarter of 2022. GAAP net loss per share attributable to common stockholders was $0.51 per share, compared to a GAAP net loss per share attributable to common stockholders of $0.52 per share in the second quarter of 2022.\n\n\n\nAdjusted EBITDA was $16.6 million, or 22% of total revenue, compared to $24.5 million, or 31% of total revenue, in the second quarter of 2022.\n\n\n\nGAAP operating cash flow was $7.0 million, compared to GAAP operating cash flow of $14.0 million in the second quarter of 2022. Free cash flow was $6.7 million, compared to free cash flow of $13.9 million in the second quarter of 2022.\n\n\n\nCash on hand as of the end of the second quarter of 2023 was $262.6 million.\n\n\n\n\"In Q2, we beat our revenue and Adjusted EBITDA guidance midpoints and free cash flow came in as expected,\" said Jack McDonald, Upland's chairman and chief executive officer. \"We also added another 20 new major customers and announced a host of new product innovations,\" he added. \"It's still early, but as noted, we are making progress on our new growth plan and remain focused on building shareholder value over time.”\n\n\nSecond Quarter Business Highlights\n\n\n\nWe expanded relationships with 313 existing customers, 32 of which were major expansions. We also welcomed 155 new customers to Upland in the second quarter, including 20 new major customers.\n\n\n\nThis quarter was busy for our sales enablement product, Altify. Starting with a webinar that featured Forrester, which covered best practices for B2B enterprise sale...