Q2 2024 Upland Software Inc Earnings Call Transcript
Key Points
- Upland Software Inc (UPLD) exceeded its Q2 revenue and adjusted EBITDA guidance midpoint.
- The company reported core bookings in excess of core churn for two consecutive quarters, setting up for a target 3% core organic growth rate in 2025.
- Adjusted EBITDA increased sequentially from $13.1 million in Q1 to $13.6 million in Q2, with expectations for continued growth each quarter.
- Upland Software Inc (UPLD) welcomed 155 new customers, including 17 major ones, and expanded relationships with 275 existing customers.
- The company earned 56 badges in G2's Summer 2024 market reports, up from 44 in the spring, indicating strong product recognition.
- Total revenue for Q2 was $69.3 million, representing a decrease of 7% year-over-year.
- Recurring revenue from subscription and support declined 7% year-over-year to $65.5 million.
- Professional services revenue saw a 23% year-over-year decline, consistent with the planned runoff of Sunset assets.
- Adjusted EBITDA margin decreased from 22% in Q2 2023 to 20% in Q2 2024.
- The company faces high private market multiples, making it challenging to pursue M&A opportunities.
Thank you for standing by, and welcome to the Upland Software second-quarter 2021 earnings call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session and instructions for that will be given at that time. The conference call will be recorded and simultaneously webcast at investor.uplandsoftware.com, and a replay will be available there for 12 months.
By now, everyone should have access to the second quarter 2024 earnings release, which was distributed today at 4:00 PM Eastern Time. If you have not received the release, itâs available on Uplandâs website. I'd now like to turn the call over to John McDonald, Chairman and CEO of Upland Software. Please go ahead, sir.
All right. Thank you, and welcome to our Q2 2024 earnings call. I'm joined today by Michael Hill, our CFO. I'm going to start with our Q2 review. And following that, Mike will provide some detail on the numbers and our guidance.
After that, we'll open the
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