Upland Software(UPLD) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2024 was $70.7 million, an 8% decrease from $77.1 million in Q1 2023[4] - Subscription and support revenue was $67.1 million, down 8% from $72.9 million in Q1 2023[4] - GAAP net loss was $96.1 million, improved from a loss of $140.0 million in Q1 2023, with net loss per share at $3.37 compared to $4.38 in Q1 2023[4] - Adjusted EBITDA was $13.1 million, representing 19% of total revenue, down from $17.6 million or 23% of total revenue in Q1 2023[4] - Total revenue for Q1 2024 was $70.736 million, a decrease of 8.6% from $77.056 million in Q1 2023[28] - Subscription and support revenue decreased to $67.078 million from $72.914 million, representing a decline of 8.1% year-over-year[28] - Gross profit for Q1 2024 was $49.687 million, down from $51.520 million in Q1 2023, reflecting a gross margin of 70.2%[28] - Net loss for Q1 2024 was $96.130 million, compared to a net loss of $140.045 million in Q1 2023, showing an improvement of 31.4%[28] - Adjusted EBITDA for Q1 2024 was $13.103 million, down from $17.600 million in Q1 2023, indicating a decrease of 25.5%[34] - Free cash flow for Q1 2024 was $4.938 million, a decline from $15.610 million in Q1 2023[37] - Non-GAAP net income for Q1 2024 was $6.848 million, down from $10.976 million in Q1 2023[35] - Non-GAAP earnings per share (diluted) for Q1 2024 was $0.19, compared to $0.28 in Q1 2023[35] Future Projections - Upland expects Q2 2024 total revenue to be between $64.4 million and $70.4 million, indicating a 10% decline at the mid-point from Q2 2023[7] - For the full year 2024, total revenue is projected to be between $264.7 million and $282.7 million, reflecting an 8% decline at the mid-point from 2023[8] - Upland's Adjusted EBITDA guidance for Q2 2024 is expected to be between $11.8 million and $14.8 million, a 20% decrease at the mid-point from Q2 2023[7] Customer Growth and Innovation - Upland welcomed 134 new customers in Q1 2024, including 21 major customers, and expanded relationships with 256 existing customers[5] - The company implemented 10 key AI initiatives across its product portfolio to drive innovation[3] Cash and Assets - Cash on hand at the end of Q1 2024 was $231.6 million, after a stock buyback of $7.9 million during the quarter[4] - Total assets decreased to $754.946 million as of March 31, 2024, from $870.024 million at the end of 2023[30] - Total liabilities decreased to $615.812 million as of March 31, 2024, compared to $626.092 million at the end of 2023[30]