Upland Software Reports Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Highlights
-
Total revenue was
$53.4 million 23% from$69.3 million -
Subscription and support revenue was
$50.5 million 23% from$65.5 million -
GAAP net loss was
$13.0 million $11.4 million $14.5 million $12.8 million $0.51 $0.47 -
Adjusted EBITDA was
$13.6 million 25% of total revenue, compared to$13.6 million 20% of total revenue, in the second quarter of 2024. -
GAAP operating cash flow was
$3.3 million $5.5 million $2.7 million $5.2 million -
Cash on hand as of the end of the second quarter of 2025 was
$41.0 million
“With our Q2 results, we are pleased to report a return to positive core organic growth, a 500 basis point year-over-year increase in Adjusted EBITDA margin —from
Second Quarter Business Highlights
- We welcomed 100 new customers to Upland in the second quarter, including 12 new major customers. We also expanded relationships with 263 existing customers, 28 of which were major expansions. These new and expanded relationships occurred across our AI-powered product portfolio.
- We earned 68 badges in G2’s Summer 2025 market reports, reflecting strong performance across its product portfolio. Upland’s AI-powered knowledge management solutions, Upland Panviva and Upland RightAnswers, continued to receive multiple badges, highlighting their ongoing value to customers. Upland BA Insight, our AI enablement solution, increased its recognition this quarter, while Upland Qvidian, our AI-powered RFP response software, also maintained strong momentum in the reports.
- Upland continues to drive innovation across its portfolio with recent product enhancements. Upland InterFAX accelerated a major release focused on new PCI compliance efforts, while Upland Panviva unveiled enhancements including Digital Orchestrator and integration with Microsoft Copilot Studio. Upland Adestra introduced AI-powered subject line updates, launched integrations with Salesforce and Shopify, and is seeing strong momentum with Adestra Audiences. Meanwhile, Upland InGenius' integration with ServiceNow launched and Upland RO Innovation announced two new AI enhancements for sales win content generation and summarization.
- We are proud to be included in the 2025 Gartner® Market Guide for Customer Service Knowledge Management Systems. We believe that Upland’s continued recognition in this guide underscores our commitment to delivering AI-driven knowledge management solutions that empower customer service teams with fast, accurate information to improve customer experiences. (1)
-
Subsequent to June 30, 2025, we completed the refinancing of our outstanding Term Loans with a new credit facility which includes a
$240 million $30 million
Business Outlook
For the quarter ending September 30, 2025, Upland expects reported total revenue to be between
For the full year ending December 31, 2025, Upland expects reported total revenue to be between
Conference Call Details
Upland's executive team will host a live conference call and webcast at 10:00 a.m. Central Time, 11:00 a.m. Eastern Time today to review Upland’s financial results and outlook for the business. The call can be accessed via a webcast on investor.uplandsoftware.com, or by dialing 1-800-715-9871 in
Following the completion of the conference call, a recording of the webcast will be made available at investor.uplandsoftware.com for twelve months.
About Upland Software
Upland Software (Nasdaq: UPLD) is a leader in AI-powered knowledge and content management software. Our solutions help enterprises unlock critical knowledge, automate content workflows, and drive measurable ROI—enhancing customer and employee experiences while supporting regulatory compliance. More than 1,100 enterprise customers rely on Upland to solve complex challenges and provide a trusted path for AI adoption. For more information, visit www.uplandsoftware.com.
(1) Gartner Disclaimer:
Gartner, Market Guide for Customer Service Knowledge Management Systems, authored by Pri Rathnayake, Drew Kraus, Jennifer MacIntosh, 18 June 2025. Gartner is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the
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, Core Organic Growth Rate, and Free Cash Flow.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact for foreign currency fluctuations or our operating performance excluding not only non-cash charges, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and they are used by our institutional investors and the analyst community to help them analyze the health of our business. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the tables provided below in this release.
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, loss on divestitures and impairment charges.
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 effects of provision for income tax, loss on divestitures, impairment charges 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 major accounts as accounts with greater than or equal to
Upland defines major expansions as existing customers who expanded the amount of annual recurring revenue under their contract by at least
Upland defines cash gross margin as product revenue less subscription and support cost of sales, excluding depreciation and amortization.
Upland defines Net Dollar Retention Rate as the aggregate annualized recurring revenue at the end of a twelve-month period from those customers that were also customers at the beginning of the twelve-month period, divided by the aggregate annualized recurring revenue value from all customers at the beginning of the twelve-month period. This measure excludes the revenue value of Overage Charges, divestitures, and our Sunset Assets upon designation.
In connection with periodic reviews of our business, we have decided to discontinue the availability of certain non-strategic product offerings and a limited number of non-strategic customer contracts (collectively referred to as “Sunset Assets”).
Overage Charges are subscription and support revenues earned in addition to contractual minimum customer commitments as a result of the usage volume of services including text and e-mail messaging and third-party pass-through costs that exceed the levels stipulated in contracts with the Company.
Upland defines Core as our ongoing business operation, excluding Sunset Assets and divestitures.
Upland defines Core Organic Growth Rate as the percentage change between two reported periods in Core Organic Revenue (subscription and support revenue, excluding subscription and support revenue from Sunset Assets, divestitures, and Overage Charges). We calculate our year-over-year Core Organic Growth Rate as though all acquisitions or divestitures 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.
Upland defines Net Debt as the total amount of debt outstanding less unrestricted cash and cash equivalents at a stated point in time.
Upland defines Net Leverage as Net Debt divided by trailing 4 quarters Adjusted EBITDA.
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.
Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but are not limited to: our financial performance and our ability to achieve or sustain profitability or predict future results; our plans regarding future acquisitions and divestitures, acquisition and divestiture expense timing and our ability to consummate and operationalize acquisitions or divestitures; our ability to expand our go to market operations, including our marketing and sales organization, and successfully increase sales of our products; our ability to obtain financing in the future on acceptable terms or at all; our expectations with respect to revenue, cost of revenue, average annual spend, margin expense and operating expenses in future periods; our expectations with regard to revenue from perpetual licenses and professional services; our ability to adapt to macroeconomic factors impacting the global economy, including the
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, unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Subscription and support |
|
$ |
50,467 |
|
|
$ |
65,504 |
|
|
$ |
110,649 |
|
|
$ |
132,582 |
|
Perpetual license |
|
|
1,199 |
|
|
|
1,730 |
|
|
|
2,807 |
|
|
|
3,200 |
|
Total product revenue |
|
|
51,666 |
|
|
|
67,234 |
|
|
|
113,456 |
|
|
|
135,782 |
|
Professional services |
|
|
1,717 |
|
|
|
2,105 |
|
|
|
3,582 |
|
|
|
4,293 |
|
Total revenue |
|
|
53,383 |
|
|
|
69,339 |
|
|
|
117,038 |
|
|
|
140,075 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
||||||||
Subscription and support |
|
|
12,412 |
|
|
|
19,247 |
|
|
|
29,362 |
|
|
|
39,076 |
|
Professional services and other |
|
|
1,023 |
|
|
|
1,227 |
|
|
|
2,121 |
|
|
|
2,447 |
|
Total cost of revenue |
|
|
13,435 |
|
|
|
20,474 |
|
|
|
31,483 |
|
|
|
41,523 |
|
Gross profit |
|
|
39,948 |
|
|
|
48,865 |
|
|
|
85,555 |
|
|
|
98,552 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Sales and marketing |
|
|
10,771 |
|
|
|
16,791 |
|
|
|
24,527 |
|
|
|
33,809 |
|
Research and development |
|
|
9,781 |
|
|
|
12,185 |
|
|
|
21,323 |
|
|
|
24,640 |
|
General and administrative |
|
|
10,219 |
|
|
|
13,880 |
|
|
|
21,840 |
|
|
|
27,112 |
|
Depreciation and amortization |
|
|
6,864 |
|
|
|
11,380 |
|
|
|
14,859 |
|
|
|
22,776 |
|
Divestiture-related expenses |
|
|
6,879 |
|
|
|
— |
|
|
|
8,624 |
|
|
|
— |
|
Impairment of goodwill and other intangibles |
|
|
2,469 |
|
|
|
— |
|
|
|
2,469 |
|
|
|
87,227 |
|
Total operating expenses |
|
|
46,983 |
|
|
|
54,236 |
|
|
|
93,642 |
|
|
|
195,564 |
|
Loss from operations |
|
|
(7,035 |
) |
|
|
(5,371 |
) |
|
|
(8,087 |
) |
|
|
(97,012 |
) |
Other expense: |
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
|
(4,136 |
) |
|
|
(5,056 |
) |
|
|
(6,579 |
) |
|
|
(10,014 |
) |
Loss on divestitures of businesses |
|
|
(434 |
) |
|
|
— |
|
|
|
(23,891 |
) |
|
|
— |
|
Other income (expense), net |
|
|
(1,595 |
) |
|
|
198 |
|
|
|
(1,836 |
) |
|
|
120 |
|
Total other expense |
|
|
(6,165 |
) |
|
|
(4,858 |
) |
|
|
(32,306 |
) |
|
|
(9,894 |
) |
Loss before benefit from (provision for) income taxes |
|
|
(13,200 |
) |
|
|
(10,229 |
) |
|
|
(40,393 |
) |
|
|
(106,906 |
) |
Benefit from (provision for) income taxes |
|
|
171 |
|
|
|
(1,210 |
) |
|
|
1,516 |
|
|
|
(663 |
) |
Net loss |
|
$ |
(13,029 |
) |
|
$ |
(11,439 |
) |
|
$ |
(38,877 |
) |
|
$ |
(107,569 |
) |
Preferred stock dividends |
|
|
(1,454 |
) |
|
|
(1,390 |
) |
|
|
(2,892 |
) |
|
|
(2,765 |
) |
Net loss attributable to common stockholders |
|
$ |
(14,483 |
) |
|
$ |
(12,829 |
) |
|
$ |
(41,769 |
) |
|
$ |
(110,334 |
) |
Net loss per common share: |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share, basic and diluted |
|
$ |
(0.51 |
) |
|
$ |
(0.47 |
) |
|
$ |
(1.47 |
) |
|
$ |
(3.92 |
) |
Weighted-average common shares outstanding, basic and diluted |
|
|
28,518,839 |
|
|
|
27,348,672 |
|
|
|
28,370,711 |
|
|
|
28,133,285 |
|
Upland Software, Inc. Condensed Consolidated Balance Sheets (in thousands) |
||||||||
|
|
June 30, |
|
December 31, |
||||
|
|
2025 |
|
2024 |
||||
|
|
(unaudited) |
|
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
41,011 |
|
|
$ |
56,426 |
|
Restricted cash |
|
|
626 |
|
|
|
626 |
|
Accounts receivable, net of allowance |
|
|
20,129 |
|
|
|
38,647 |
|
Deferred commissions, current |
|
|
6,382 |
|
|
|
8,361 |
|
Unbilled receivables |
|
|
4,810 |
|
|
|
3,441 |
|
Income tax receivable, current |
|
|
2,510 |
|
|
|
762 |
|
Prepaid expenses and other current assets |
|
|
7,919 |
|
|
|
10,129 |
|
Total current assets |
|
|
83,387 |
|
|
|
118,392 |
|
Tax credits receivable |
|
|
1,040 |
|
|
|
951 |
|
Property and equipment, net |
|
|
1,968 |
|
|
|
1,518 |
|
Operating lease right-of-use asset |
|
|
2,053 |
|
|
|
1,364 |
|
Intangible assets, net |
|
|
76,513 |
|
|
|
123,903 |
|
Goodwill |
|
|
260,705 |
|
|
|
260,976 |
|
Deferred commissions, noncurrent |
|
|
7,839 |
|
|
|
12,147 |
|
Interest rate swap assets |
|
|
5,094 |
|
|
|
9,742 |
|
Other assets |
|
|
3,123 |
|
|
|
529 |
|
Total assets |
|
$ |
441,722 |
|
|
$ |
529,522 |
|
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT |
||||||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
3,058 |
|
|
$ |
9,388 |
|
Accrued compensation |
|
|
6,708 |
|
|
|
6,226 |
|
Accrued expenses and other current liabilities |
|
|
3,518 |
|
|
|
6,876 |
|
Deferred revenue |
|
|
72,307 |
|
|
|
93,706 |
|
Operating lease liabilities, current |
|
|
805 |
|
|
|
1,000 |
|
Current maturities of notes payable |
|
|
3,240 |
|
|
|
3,224 |
|
Total current liabilities |
|
|
89,636 |
|
|
|
120,420 |
|
Notes payable, less current maturities |
|
|
252,458 |
|
|
|
286,970 |
|
Deferred revenue, noncurrent |
|
|
4,652 |
|
|
|
4,670 |
|
Operating lease liabilities, noncurrent |
|
|
2,169 |
|
|
|
762 |
|
Noncurrent deferred tax liability, net |
|
|
8,617 |
|
|
|
11,347 |
|
Other long-term liabilities |
|
|
457 |
|
|
|
428 |
|
Total liabilities |
|
|
357,989 |
|
|
|
424,597 |
|
Series A Convertible Preferred stock |
|
|
126,122 |
|
|
|
123,230 |
|
Stockholders’ deficit: |
|
|
|
|
||||
Common stock |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
607,463 |
|
|
|
605,286 |
|
Accumulated other comprehensive loss |
|
|
(9,374 |
) |
|
|
(21,990 |
) |
Accumulated deficit |
|
|
(640,481 |
) |
|
|
(601,604 |
) |
Total stockholders’ deficit |
|
|
(42,389 |
) |
|
|
(18,305 |
) |
Total liabilities, convertible preferred stock and stockholders’ deficit |
|
$ |
441,722 |
|
|
$ |
529,522 |
|
Upland Software, Inc. Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Operating activities |
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
$ |
(13,029 |
) |
|
$ |
(11,439 |
) |
|
$ |
(38,877 |
) |
|
$ |
(107,569 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
8,155 |
|
|
|
13,797 |
|
|
|
17,816 |
|
|
|
27,599 |
|
Deferred income taxes |
|
|
(454 |
) |
|
|
(119 |
) |
|
|
(3,532 |
) |
|
|
(1,176 |
) |
Amortization of deferred costs |
|
|
1,918 |
|
|
|
3,029 |
|
|
|
4,653 |
|
|
|
6,076 |
|
Foreign currency re-measurement (gain) loss |
|
|
895 |
|
|
|
(530 |
) |
|
|
1,355 |
|
|
|
(694 |
) |
Non-cash interest, net and other income, net |
|
|
565 |
|
|
|
(894 |
) |
|
|
(621 |
) |
|
|
(1,776 |
) |
Non-cash stock-based compensation expense |
|
|
3,074 |
|
|
|
5,133 |
|
|
|
5,749 |
|
|
|
8,655 |
|
Non-cash loss on impairment of goodwill and other intangibles |
|
|
2,469 |
|
|
|
— |
|
|
|
2,469 |
|
|
|
87,227 |
|
Non-cash loss on retirement of fixed assets |
|
|
50 |
|
|
|
18 |
|
|
|
52 |
|
|
|
18 |
|
Non-cash loss on divestitures of businesses |
|
|
434 |
|
|
|
— |
|
|
|
23,891 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
||||||||
Accounts receivable |
|
|
3,287 |
|
|
|
(999 |
) |
|
|
11,258 |
|
|
|
8,362 |
|
Prepaid expenses and other current assets |
|
|
1,792 |
|
|
|
514 |
|
|
|
(727 |
) |
|
|
(3,603 |
) |
Other assets |
|
|
(1,222 |
) |
|
|
(2,299 |
) |
|
|
(3,189 |
) |
|
|
(4,907 |
) |
Accounts payable |
|
|
2,204 |
|
|
|
2,846 |
|
|
|
(4,994 |
) |
|
|
(613 |
) |
Accrued expenses and other liabilities |
|
|
(1,422 |
) |
|
|
1,095 |
|
|
|
1,072 |
|
|
|
706 |
|
Deferred revenue |
|
|
(5,427 |
) |
|
|
(4,682 |
) |
|
|
(4,781 |
) |
|
|
(7,714 |
) |
Net cash provided by operating activities |
|
|
3,289 |
|
|
|
5,470 |
|
|
|
11,594 |
|
|
|
10,591 |
|
Investing activities |
|
|
|
|
|
|
|
|
||||||||
Purchase of property and equipment |
|
|
(634 |
) |
|
|
(274 |
) |
|
|
(1,058 |
) |
|
|
(457 |
) |
Proceeds from the divestitures of businesses, net of cash transferred |
|
|
4,850 |
|
|
|
— |
|
|
|
9,063 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
|
4,216 |
|
|
|
(274 |
) |
|
|
8,005 |
|
|
|
(457 |
) |
Financing activities |
|
|
|
|
|
|
|
|
||||||||
Payments of debt costs |
|
|
(4 |
) |
|
|
(77 |
) |
|
|
(7 |
) |
|
|
(77 |
) |
Payments on notes payable |
|
|
(1,349 |
) |
|
|
(1,350 |
) |
|
|
(35,575 |
) |
|
|
(2,700 |
) |
Stock repurchases and retirement |
|
|
— |
|
|
|
(3,040 |
) |
|
|
— |
|
|
|
(10,958 |
) |
Taxes paid related to net share settlement of equity awards |
|
|
(186 |
) |
|
|
(232 |
) |
|
|
(680 |
) |
|
|
(563 |
) |
Net cash used in financing activities |
|
|
(1,539 |
) |
|
|
(4,699 |
) |
|
|
(36,262 |
) |
|
|
(14,298 |
) |
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash |
|
|
1,340 |
|
|
|
264 |
|
|
|
1,248 |
|
|
|
(20 |
) |
Change in cash, cash equivalents and restricted cash |
|
|
7,306 |
|
|
|
761 |
|
|
|
(15,415 |
) |
|
|
(4,184 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
34,331 |
|
|
|
231,614 |
|
|
|
57,052 |
|
|
|
236,559 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
41,637 |
|
|
$ |
232,375 |
|
|
$ |
41,637 |
|
|
$ |
232,375 |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|
||||||||
Cash paid for interest, net of interest rate swaps |
|
$ |
3,886 |
|
|
$ |
8,845 |
|
|
$ |
8,048 |
|
|
$ |
17,565 |
|
Cash paid for taxes, net of refunds |
|
$ |
3,172 |
|
|
$ |
1,048 |
|
|
$ |
5,148 |
|
|
$ |
3,162 |
|
Upland Software, Inc. Reconciliation of Adjusted EBITDA (in thousands, unaudited) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Reconciliation of Net Loss to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
$ |
(13,029 |
) |
|
$ |
(11,439 |
) |
|
$ |
(38,877 |
) |
|
$ |
(107,569 |
) |
Add: |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization expense |
|
|
8,155 |
|
|
|
13,797 |
|
|
|
17,816 |
|
|
|
27,599 |
|
Interest expense, net |
|
|
4,136 |
|
|
|
5,056 |
|
|
|
6,579 |
|
|
|
10,014 |
|
Other expense (income), net |
|
|
1,595 |
|
|
|
(198 |
) |
|
|
1,836 |
|
|
|
(120 |
) |
Benefit from (provision for) income taxes |
|
|
(171 |
) |
|
|
1,210 |
|
|
|
(1,516 |
) |
|
|
663 |
|
Stock-based compensation expense |
|
|
3,074 |
|
|
|
5,133 |
|
|
|
5,749 |
|
|
|
8,655 |
|
Divestiture-related expenses |
|
|
6,879 |
|
|
|
— |
|
|
|
8,624 |
|
|
|
— |
|
Non-recurring litigation costs |
|
|
12 |
|
|
|
11 |
|
|
|
30 |
|
|
|
129 |
|
Purchase accounting deferred revenue discount |
|
|
31 |
|
|
|
65 |
|
|
|
66 |
|
|
|
141 |
|
Loss on divestitures of businesses |
|
|
434 |
|
|
|
— |
|
|
|
23,891 |
|
|
|
— |
|
Impairment of goodwill and other intangibles |
|
|
2,469 |
|
|
|
— |
|
|
|
2,469 |
|
|
|
87,227 |
|
Adjusted EBITDA |
|
$ |
13,585 |
|
|
$ |
13,635 |
|
|
$ |
26,667 |
|
|
$ |
26,739 |
|
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 June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Reconciliation of Net Loss to non-GAAP Net Income: |
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
$ |
(13,029 |
) |
|
$ |
(11,439 |
) |
|
$ |
(38,877 |
) |
|
$ |
(107,569 |
) |
Add: |
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense |
|
|
3,074 |
|
|
|
5,133 |
|
|
|
5,749 |
|
|
|
8,655 |
|
Amortization of purchased intangibles |
|
|
7,892 |
|
|
|
13,512 |
|
|
|
17,292 |
|
|
|
27,022 |
|
Amortization of debt discount |
|
|
545 |
|
|
|
591 |
|
|
|
1,085 |
|
|
|
1,165 |
|
Divestiture-related expenses |
|
|
6,879 |
|
|
|
— |
|
|
|
8,624 |
|
|
|
— |
|
Nonrecurring litigation expense |
|
|
12 |
|
|
|
11 |
|
|
|
30 |
|
|
|
129 |
|
Purchase accounting deferred revenue discount |
|
|
31 |
|
|
|
65 |
|
|
|
66 |
|
|
|
141 |
|
Loss on divestitures of businesses |
|
|
434 |
|
|
|
— |
|
|
|
23,891 |
|
|
|
— |
|
Impairment of goodwill and other intangibles |
|
|
2,469 |
|
|
|
— |
|
|
|
2,469 |
|
|
|
87,227 |
|
Tax effect of adjustments above |
|
|
(2,727 |
) |
|
|
(1,179 |
) |
|
|
(6,540 |
) |
|
|
(3,227 |
) |
Non-GAAP net income |
|
$ |
5,580 |
|
|
$ |
6,694 |
|
|
$ |
13,789 |
|
|
$ |
13,543 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding, basic |
|
|
28,518,839 |
|
|
|
27,348,672 |
|
|
|
28,370,711 |
|
|
|
28,133,285 |
|
Weighted average common shares outstanding, diluted |
|
|
36,096,367 |
|
|
|
34,563,131 |
|
|
|
36,003,204 |
|
|
|
35,313,922 |
|
Non-GAAP earnings per share, basic |
|
$ |
0.20 |
|
|
$ |
0.24 |
|
|
$ |
0.49 |
|
|
$ |
0.48 |
|
Non-GAAP earnings per share, diluted |
|
$ |
0.15 |
|
|
$ |
0.19 |
|
|
$ |
0.38 |
|
|
$ |
0.38 |
|
Upland Software, Inc. Reconciliation of Operating Cash Flow to Free Cash Flow (in thousands, unaudited) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Reconciliation of operating cash flow to Free Cash Flow: |
|
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities |
|
$ |
3,289 |
|
|
$ |
5,470 |
|
|
$ |
11,594 |
|
|
$ |
10,591 |
|
Less: Purchase of property and equipment |
|
|
(634 |
) |
|
|
(274 |
) |
|
|
(1,058 |
) |
|
|
(457 |
) |
Free Cash Flow |
|
$ |
2,655 |
|
|
$ |
5,196 |
|
|
$ |
10,536 |
|
|
$ |
10,134 |
|
Upland Software, Inc. Supplemental Financial Information (in thousands, unaudited) |
||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
Stock-based compensation: |
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
$ |
143 |
|
$ |
199 |
|
$ |
264 |
|
$ |
385 |
Research and development |
|
|
318 |
|
|
638 |
|
|
608 |
|
|
1,244 |
Sales and marketing |
|
|
52 |
|
|
362 |
|
|
304 |
|
|
759 |
General and administrative |
|
|
2,561 |
|
|
3,934 |
|
|
4,573 |
|
|
6,267 |
Total |
|
$ |
3,074 |
|
$ |
5,133 |
|
$ |
5,749 |
|
$ |
8,655 |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
Depreciation: |
|
|
|
|
|
|
|
|
||||
Operating expense |
|
|
263 |
|
|
285 |
|
|
524 |
|
|
577 |
Total |
|
$ |
263 |
|
$ |
285 |
|
$ |
524 |
|
$ |
577 |
|
|
|
|
|
|
|
|
|
||||
Amortization: |
|
|
|
|
|
|
|
|
||||
Cost of revenue |
|
$ |
1,291 |
|
$ |
2,417 |
|
$ |
2,957 |
|
$ |
4,823 |
Operating expense |
|
|
6,601 |
|
|
11,095 |
|
|
14,335 |
|
|
22,199 |
Total |
|
$ |
7,892 |
|
$ |
13,512 |
|
$ |
17,292 |
|
$ |
27,022 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250731580685/en/
Investor Relations Contact:
Michael D. Hill
investor-relations@uplandsoftware.com
512-960-1031
Media Contact:
Lloyd Berry
media@uplandsoftware.com
512-960-1010
Source: Upland Software Inc.
