Business
Upland Software Reports Third 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 third quarter of 2020 and raised guidance for its fourth quarter and full year of 2020.\n\nThird Quarter 2020 Financial Highlights\n\n\nTotal revenue was $74.2 million, an increase of 35% from $55.1 million in the third quarter of 2019.\n\n\nSubscription and support revenue was $71.0 million, an increase of 39% from $51.1 million in the third quarter of 2019.\n\n\nGAAP net loss was $11.3 million, or a loss of $0.42 cents per share, compared to a GAAP net loss of $12.3 million, or a loss of $0.50 cents per share, in the third quarter of 2019.\n\n\nAdjusted EBITDA was $25.0 million, or 34% of total revenue, an increase of 21% from $20.7 million, or 38% of total revenue, in the third quarter of 2019.\n\n\nGAAP operating cash flow was $18.7 million, an increase from negative $0.3 million of GAAP operating cash flow in the third quarter of 2019. Free cash flow was $18.5 million, an increase from negative $0.7 million of free cash flow in the third quarter of 2019.\n\n\nCompleted follow-on equity offering raising $136.9 million ($130.1 million, net).\n\n\nCash on hand as of the end of the third quarter of 2020 was $233.0 million.\n\n\n\"In Q3, we posted record organic growth and free cash flow,” said Jack McDonald, Upland’s chairman and chief executive officer. “We also completed a transformational equity raise - and are now capitalized well enough to be able to grow double digits through a combination of organic growth and acquisitions and are no longer dependent on the equity capital markets due to our free cash flow generation,” he said. “In particular, our goal in 2021 is to achieve our acquisition targets while also generating substantial free cash flow,” he added. “Finally, based on strength we are seeing in our business, we have raised our revenue and Adjusted EBITDA guidance for Q4 and the full year.\"\n\nThird Quarter Business Highlights\n\n\nExpanded 247 existing customer relationships, including 37 major expansions, and added 108 new customer relationships, including 34 major accounts.\n\n\nFocused on accelerating customer productivity, with six major releases and 15 feature packs across Upland's cloud solutions. For example: in our Project...