Business
Upland Software Reports Second Quarter 2024 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 2024 and issued guidance for its third quarter and full year of 2024.\n\n\nSecond Quarter 2024 Financial Highlights\n\n\n\nTotal revenue was $69.3 million, a decrease of 7% from $74.5 million in the second quarter of 2023.\n\n\n\nSubscription and support revenue was $65.5 million, a decrease of 7% from $70.5 million in the second quarter of 2023.\n\n\n\nGAAP net loss was $11.4 million compared to a GAAP net loss of $15.1 million in the second quarter of 2023. GAAP net loss attributable to common stockholders was $12.8 million compared to GAAP net loss attributable to common stockholders of $16.5 million in the second quarter of 2023. GAAP net loss per share attributable to common stockholders was $0.47 per share, compared to a GAAP net loss per share attributable to common stockholders of $0.51 per share in the second quarter of 2023.\n\n\n\nAdjusted EBITDA was $13.6 million, or 20% of total revenue, compared to $16.6 million, or 22% of total revenue, in the second quarter of 2023.\n\n\n\nGAAP operating cash flow was $5.5 million, compared to GAAP operating cash flow of $7.0 million in the second quarter of 2023. Free cash flow was $5.2 million, compared to free cash flow of $6.7 million in the second quarter of 2023.\n\n\n\nCash on hand as of the end of the second quarter of 2024 was $232.4 million.\n\n\n\n\"In Q2, we beat our revenue and Adjusted EBITDA guidance midpoints and posted Core Bookings in excess of Core Churn for the second quarter in a row,\" said Jack McDonald, Upland's chairman and chief executive officer. \"We saw meaningful new customer wins and major customer expansions, along with reinforced strategic partnerships. Our AI-powered products continue to generate industry recognition and deliver enhanced, streamlined solutions for our customers.\"\n\n\nSecond Quarter Business Highlights\n\n\n\nWe expanded relationships with 275 existing customers, 41 of which were major expansions. We also welcomed 155 new customers to Upland in the second quarter, including 17 new major customers.\n\n\n\nWe earned 56 badges in G2’s Summer 2024 market reports across our portfolio of products, up from 44 badges in the Spring 2024 re...