Upland Software(US:UPLD)2025-03-12 13:08Financial Performance - Total revenue for Q4 2024 was $68.0 million, a decrease of 6% from $72.2 million in Q4 2023[5] - Subscription and support revenue was $64.3 million, down 6% from $68.2 million in Q4 2023[5] - GAAP net loss was $3.4 million, significantly improved from a net loss of $16.0 million in Q4 2023[5] - Adjusted EBITDA was $14.9 million, representing 22% of total revenue, compared to $14.1 million or 19% of total revenue in Q4 2023[5] - Total revenue for Q4 2024 was $68.027 million, a decrease of 5.9% compared to $72.178 million in Q4 2023[29] - Subscription and support revenue decreased to $64.332 million in Q4 2024 from $68.184 million in Q4 2023, representing a decline of 5.4%[29] - Net loss for Q4 2024 was $3.430 million, compared to a net loss of $16.012 million in Q4 2023, showing an improvement of 78.6%[29] - Adjusted EBITDA for Q4 2024 was $14,901 thousand, compared to $14,052 thousand in Q4 2023, reflecting a year-over-year increase of 6%[35] - Non-GAAP net income for the twelve months ended December 31, 2024, was $42,622 thousand, up from $37,868 thousand in 2023, representing a growth of 12%[36] - Non-GAAP earnings per share, diluted, increased to $0.41 in Q4 2024 from $0.14 in Q4 2023[36] Future Guidance - Upland expects Q1 2025 total revenue to be between $59.0 million and $65.0 million, reflecting a 12% decline at the midpoint from Q1 2024[7] - For the full year 2025, total revenue is expected to be between $231.5 million and $255.5 million, an 11% decrease at the midpoint from 2024[8] - Adjusted EBITDA for the full year 2025 is projected to be between $53.5 million and $65.5 million, with a 24% margin at the midpoint, a 7% increase from 2024[8] Customer Acquisition and Relationships - Upland welcomed 110 new customers in Q4 2024, including 21 major customers, and expanded relationships with 291 existing customers[4] Cost Management and Expenses - Total operating expenses decreased to $50.135 million in Q4 2024 from $57.851 million in Q4 2023, a reduction of 13.0%[29] - Stock-based compensation expense for the twelve months ended December 31, 2024, totaled $15,270 thousand, down from $22,874 thousand in 2023, indicating a reduction of 33%[39] - Amortization of purchased intangibles for the twelve months ended December 31, 2024, was $53,764 thousand, down from $70,566 thousand in 2023, a decrease of 24%[36] Cash Flow and Liquidity - Cash and cash equivalents decreased significantly to $56.426 million as of December 31, 2024, down from $236.559 million as of December 31, 2023[31] - Total assets decreased to $529.522 million as of December 31, 2024, compared to $870.024 million as of December 31, 2023, a decline of 39.1%[31] - Total liabilities decreased to $424.597 million as of December 31, 2024, from $626.092 million as of December 31, 2023, a reduction of 32.2%[31] - Net cash provided by operating activities for Q4 2024 was $9.341 million, compared to $8.789 million in Q4 2023, an increase of 6.3%[33] - Free Cash Flow for Q4 2024 was $9,021 thousand, an increase from $8,603 thousand in Q4 2023[38] Shareholder Information - The company reported a net loss per common share of $0.18 for Q4 2024, improving from a loss of $0.56 per share in Q4 2023[29] - The weighted-average common shares outstanding decreased to 27,605,490 in Q4 2024 from 30,995,441 in Q4 2023, a reduction of 10.0%[29] - Weighted average common shares outstanding, basic, decreased to 27,605,490 in Q4 2024 from 30,995,441 in Q4 2023[36] Impairment and Divestitures - The company divested two non-strategic product lines, reducing 2025 revenue guidance by approximately $18 million[6] - The company incurred impairment of goodwill amounting to $87,227 thousand for the twelve months ended December 31, 2024[36]