Upland Software Reports First Quarter 2019 Financial Results
Upland Software, Inc. (Nasdaq:UPLD), a leader in cloud-based enterprise work management software, today announced financial and operating results for the first quarter of 2019 and provided guidance for its second quarter and full year of 2019.
First Quarter 2019 Financial Highlights
- Total revenue was $48.5 million, an increase of 53% from $31.6 million in the first quarter of 2018.
- Subscription and support revenue was $45.0 million, an increase of 62% from $27.7 million in the first quarter of 2018.
- GAAP net loss was $7.8 million, or a loss of $0.38 cents per share, compared to a GAAP net loss of $3.2 million, or a loss of $0.16 cents per share, in the first quarter of 2018.
- Adjusted EBITDA was $17.8 million, or 37% of total revenue, an increase of 65% from $10.8 million, or 34% of total revenue, in the first quarter of 2018.
- Cash on hand as of the end of the first quarter was $14.0 million.
“We began 2019 with a strong Q1, delivering 50%+ growth in total revenue and 60%+ growth in recurring revenue, record Adjusted EBITDA, and a host of product innovations," said Jack McDonald, chairman and CEO of Upland Software. “We have now met or exceeded guidance in each of the 19 quarters we've reported since going public, and our strong guidance shows the momentum continuing in Q2. In addition, after the quarter close, we announced the strategic and accretive acquisition of PostUp, which strengthens our CXM Solution Suite and takes us to an annualized revenue run-rate of $205 million. Our acquisition pipeline is strong, and we continue to actively pursue opportunities in the market.”
First Quarter Business Highlights
- Expanded 231 existing customer relationships, including 24 major expansions, and added 161 new customer relationships, including 28 major accounts.
- Continued to invest in customer-driven innovation, delivering 4 major releases and 14 feature packs that improved user experience, enhanced performance, and streamlined interconnectivity across several of our solution suites.
- Announced new enterprise cloud solution suites and go-to-market strategy to drive more customer value.
- After Q1 closed, announced the acquisition of PostUp, which adds sophisticated email and audience development solutions targeting the media and publishing verticals to our Customer Experience Management Solution Suite.