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  Title	Upland Software Reports Fourth Quarter 2024 Financial Results
  ID	7653474
  External ID	7620519696
  Author	Wed Mar
  Published Date	March 12, 2025, 8:34 a.m.
  Summary	Upland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based tools for digital transformation, today announced financial and operating results for the fourth quarter 2024 and issued guidance for its
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  Content ID	4958720
  Key	3725f3e5-851d-453c-b81f-9c4455f8f119
  Content	Upland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based tools for digital transformation, today announced financial and operating results for the fourth quarter 2024 and issued guidance for its first quarter and full year of 2025. Fourth Quarter 2024 Financial Highlights Total revenue was $68.0 million, a decrease of 6% from $72.2 million in the fourth quarter of 2023. Subscription and support revenue was $64.3 million, a decrease of 6% from $68.2 million in the fourth quarter of 2023. GAAP net loss was $3.4 million compared to a GAAP net loss of $16.0 million in the fourth quarter of 2023. GAAP net loss attributable to common stockholders was $4.9 million compared to GAAP net loss attributable to common stockholders of $17.4 million in the fourth quarter of 2023. GAAP net loss per share attributable to common stockholders was $0.18 per share, compared to a GAAP net loss per share attributable to common stockholders of $0.56 per share in the fourth quarter of 2023. Adjusted EBITDA was $14.9 million, or 22% of total revenue, compared to $14.1 million, or 19% of total revenue, in the fourth quarter of 2023. GAAP operating cash flow was $9.3 million, compared to GAAP operating cash flow of $8.8 million in the fourth quarter of 2023. Free cash flow was $9.0 million, compared to free cash flow of $8.6 million in the fourth quarter of 2023. Cash on hand as of the end of the fourth quarter of 2024 was $56.4 million after making principal repayments of $7.4 million on our Term Loans during the quarter, bringing our total Term Loan principal repayments in 2024 to $188.4 million. Subsequent to year end, we have paid down an additional $32.9 million of principal on our Term Loans. Fourth Quarter Business Highlights We welcomed 110 new customers to Upland in the fourth quarter, including 21 new major customers. We also expanded relationships with 291 existing customers, 42 of which were major expansions. These new and expanded relationships were across our portfolio, including our Generative AI solutions. We earned 76 badges in the G2 Winter 2025 market reports, up from 72 badges the previous quarter. Our AI knowledge management solutions, Upland RightAnswers and Upland Panviva, continue to earn a significant number of badges. Upland BA Insight, our AI enablement platform, and Upland Qvidian, our AI-powered proposal management and response software, garnered valuable recognitions along with others across Upland's portfolio. Upland InterFAX, a leader in secure cloud fax and digital workflow solutions, has expanded its partnership with Konica Minolta Business Solutions U.S.A., Inc., a global leader in workplace technology. Building on a successful collaboration that began during the COVID-19 pandemic, the strengthened partnership positions InterFAX as the go-to cloud fax solution for Konica Minolta's extensive multi-channel customer base across the United States and Canada. Upland was recognized as a major player in the IDC MarketScape: Worldwide Digital Fax 2024 Vendor Assessment (December 2024) and was also included in the IDC Market Glance: Knowledge Management, Q42024 (October 2024). Upland is dedicated to providing innovative, AI-enabled solutions that enable organizations to optimize workflows, improve knowledge sharing, and drive better business outcomes. Business Outlook Subsequent to year-end we divested two non-strategic product lines which had been underperforming relative to the rest of our product portfolio. These divestitures lowered our 2025 revenue guidance by approximately $18 million, but had no material impact on Adjusted EBITDA guidance. For the quarter ending March 31, 2025, Upland expects reported total revenue to be between $59.0 and $65.0 million, including subscription and support revenue between $56.4 and $61.4 million, for a decline in total revenue of 12% at the midpoint from the quarter-ended March 31, 2024. First quarter 2025 Adjusted EBITDA is expected to be between $11.2 and $14.2 million, for an Adjusted EBITDA margin of 20% at the midpoint. This Adjusted EBITDA guide at the midpoint is a decrease of 3% from the quarter-ended March 31, 2024. For the full year ending December 31, 2025, Upland expects reported total revenue to be between $231.5 and $255.5 million, including subscription and support revenue between $218.0 and $238.0 million, for a decrease in total revenue of 11% at the midpoint from the year ended December 31, 2024. Full year 2025 Adjusted EBITDA is expected to be between $53.5 and $65.5 million, for an Adjusted EBITDA margin of 24% at the midpoint. This Adjusted EBITDA guide at the midpoint is an increase of 7% from the year ended December 31, 2024. Conference Call Details Upland's executive team will host a live conference call and webcast at 11:00 a.m. Central Time, 12:00 p.m. Eastern Time today to review Upland's financial results and outlook for the business. The call can be accessed via a webcast on , or by dialing 1-800-715-9871 in North America or 1-646-307-1963 if outside North America, international rates apply. Attendees will need to use access code 8422976 to join the call. This webcast will contain forward-looking statements and other material information regarding Upland's financial and operating results. About Upland Software Upland Software, Inc. enables global businesses to work smarter with over 20 proven cloud software products that increase revenue, reduce costs, and deliver immediate value. Our AI-powered solutions cover knowledge management, content lifecycle and workflow automation, and digital marketing. Upland's powerful cloud products are trusted by more than 10,000 global customers. Learn how Upland helps businesses achieve outcomes that matter at Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Adjusted EBITDA, non-GAAP net income (loss), non-GAAP net income (loss) per share and free cash flow. We are unable to reconcile any forward-looking non-GAAP financial measures to their directly comparable GAAP financial measures because the information which is needed to complete a reconciliation is unavailable at this time without unreasonable effort. Additionally, we are unable to quantify the impact of foreign currency exchange fluctuations on components of our income statement beyond revenues because the information which is needed to do so is unavailable at this time without unreasonable effort. Upland defines Adjusted EBITDA as net income (loss), calculated in accordance with GAAP, plus depreciation and amortization expense, interest expense, net, other expense (income), net, provision (benefit) for income taxes, stock-based compensation expense, acquisition- and divestiture-related expenses, non-recurring litigation costs, purchase accounting adjustments for deferred revenue and impairment of goodwill. Upland defines non-GAAP net income (loss) as net income (loss), calculated in accordance with GAAP, plus amortization of purchased intangible assets, amortization of debt discount, loss on debt extinguishment, stock-based compensation expenses, acquisition- and divestiture-related expenses, non-recurring litigation expenses, purchase accounting adjustments for deferred revenue, non-recurring provision for income tax, impairment of goodwill and the related tax effect of the adjustments above. Upland defines free cash flow as GAAP operating cash flow less purchases of property and equipment. Upland defines Core Organic Growth Rate as the percentage change between two reported periods in subscription and support revenue, excluding subscription and support revenue from Sunset Assets and Overage Charges. We calculate our year-over-year Core Organic Growth Rate as though all acquisitions or dispositions closed as of the end of the latest period were closed as of the first day of the prior year period presented. Core Organic Growth Rate does not represent actual organic revenue generated by our business as it stood at the beginning of the respective period. Core Bookings and Core Churn exclude bookings and churn from Sunset Assets. Forward-looking Statements This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance, including our guidance related to future performance, and are subject to substantial risks, uncertainties and assumptions. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make. Accordingly, you should not place undue reliance on these forward-looking statements. Forward-looking statements include any statement that does not directly relate to any historical or current fact and often include words such as “anticipate,” “believe,” “may,” “will,” “continue,” “seek,” “estimate,” “intend,” “hope,” “predict,” “could,” “should,” “would,” “project,” “plan,” “expect” or the negative or plural of these words or similar expressions, although not all forward-looking statements contain these words. The forward-looking statements herein represent Upland's views as of the date of this press release, and these views could change. However, while Upland may elect to update these forward-looking statements at some point in the future, Upland specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing the views of Upland as of any date subsequent to the date of this press release. Upland Software, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended December 31, Twelve Months Ended December 31, (unaudited) (unaudited) (unaudited) Revenue: Subscription and support Perpetual license Total product revenue Professional services Total revenue Cost of revenue: Subscription and support Professional services and other Total cost of revenue Gross profit Operating expenses: Sales and marketing Research and development General and administrative Depreciation and amortization Acquisition-related expenses Impairment of goodwill — — Total operating expenses Loss from operations Other income (expense): Interest income (expense), net Other income (expense), net Total other income (expense) Loss before benefit from (provision for) income taxes Benefit from (provision for) income taxes Net loss Preferred stock dividends Net loss attributable to common stockholders Net loss per common share: Net loss per common share, basic and diluted Weighted-average common shares outstanding, basic and diluted Upland Software, Inc. Condensed Consolidated Balance Sheets (in thousands) December 31, December 31, (unaudited) ASSETS Current assets: Cash and cash equivalents Restricted cash — Accounts receivable Deferred commissions, current Unbilled receivables Income tax receivable, current Prepaid expenses and other current assets Total current assets Tax credits receivable Property and equipment, net Operating lease right-of-use asset Intangible assets, net Goodwill Deferred commissions, noncurrent Interest rate swap assets Other assets Total assets LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued compensation Accrued expenses and other current liabilities Deferred revenue Operating lease liabilities, current Current maturities of notes payable Total current liabilities Notes payable, less current maturities Deferred revenue, noncurrent Operating lease liabilities, noncurrent Noncurrent deferred tax liability, net Other long-term liabilities Total liabilities Mezzanine equity Stockholders' equity: Common stock Additional paid-in capital Accumulated other comprehensive income (loss) Accumulated deficit Total stockholders' (deficit) equity Total liabilities, convertible preferred stock and stockholders' (deficit) equity Upland Software, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) Three Months Ended December 31, Twelve Months Ended December 31, �� (unaudited) (unaudited) (unaudited) Operating activities Net loss Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization Deferred income taxes Amortization of deferred costs Foreign currency re-measurement loss Non-cash interest, net and other income, net Non-cash stock-based compensation expense Non-cash loss on impairment of goodwill — — Non-cash loss on retirement of fixed assets Changes in operating assets and liabilities, net of purchase business combinations: Accounts receivable Prepaid expenses and other current assets Interest rate swaps and other assets Accounts payable Accrued expenses and other liabilities Deferred revenue Net cash provided by operating activities Investing activities Purchase of property and equipment Net cash used in investing activities Financing activities Payments of debt costs Payments on notes payable Repurchase of shares — Taxes paid related to net share settlement of equity awards Issuance of common stock, net of issuance costs — — Additional consideration paid to sellers of businesses — — Net cash used in financing activities Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash Change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period Supplemental disclosures of cash flow information: Cash paid for interest, net of interest rate swaps Cash paid for taxes Upland Software, Inc. Reconciliation of Adjusted EBITDA (in thousands, unaudited) Three Months Ended December 31, Twelve months ended December 31, Reconciliation of Net Loss to Adjusted EBITDA: Net loss Add: Depreciation and amortization expense Interest expense, net Other expense (income), net Provision for (benefit from) income taxes Stock-based compensation expense Acquisition-related expense Non-recurring litigation costs Purchase accounting deferred revenue discount Impairment of goodwill — — Adjusted EBITDA Upland Software, Inc. Reconciliation of Non-GAAP Net Loss and Non-GAAP EPS (in thousands, except share and per share data, unaudited) Three Months Ended December 31, Twelve months ended December 31, Reconciliation of Net Loss to non-GAAP Net Income: Net loss Add: Stock-based compensation expense Amortization of purchased intangibles Amortization of debt discount Acquisition-related expense Nonrecurring litigation expense Purchase accounting deferred revenue discount Impairment of goodwill — — Tax effects of non U.S. income tax - nonrecurring — — Tax effect of adjustments above Non-GAAP net income Weighted average common shares outstanding, basic Weighted average common shares outstanding, diluted Non-GAAP earnings per share, basic Non-GAAP earnings per share, diluted Upland Software, Inc. Reconciliation of Operating Cash Flow to Free Cash Flow (in thousands, unaudited) Three Months Ended December 31, Twelve months ended December 31, Reconciliation of operating cash flow to Free Cash Flow: Net cash provided by operating activities Less: Purchase of property and equipment Free Cash Flow Upland Software, Inc. Supplemental Financial Information (in thousands, unaudited) Three Months Ended December 31, Twelve months ended December 31, Stock-based compensation: Cost of revenue Research and development Sales and marketing General and administrative Total Three Months Ended December 31, Twelve months ended December 31, Depreciation: Cost of revenue — — — Operating expense Total Amortization: Cost of revenue Operating expense Total View source version on businesswire.com: This article contains syndicated content. We have not reviewed, approved, or endorsed the content, and may receive compensation for placement of the content on this site. 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