Q1 2024 Upland Software Inc Earnings Call Transcript
Key Points
- Upland Software Inc (UPLD) exceeded Q1 revenue and adjusted EBITDA guidance midpoints.
- The company saw core bookings exceed core churn in Q1, aligning with its growth plan to drive positive core organic growth.
- Upland Software Inc (UPLD) welcomed 134 new customers and expanded relationships with over 250 existing customers in Q1.
- The company earned 44 badges in G2 spring 2024 market reports, indicating strong product recognition and performance.
- Upland Software Inc (UPLD) is actively engaging in AI initiatives, including partnerships with IBM and Salesforce, enhancing its product offerings and customer value.
- Total revenue for Q1 was $70.7 million, representing an 8% year-over-year decrease.
- Recurring revenue from subscription and support declined 8% year-over-year to $67.1 million.
- Professional services revenue saw a 15% year-over-year decline.
- Upland Software Inc (UPLD) incurred a noncash goodwill impairment charge of $87.2 million due to a decline in stock price.
- Guidance for Q2 and full year 2024 reflects a decline in total revenue and adjusted EBITDA, indicating ongoing challenges despite growth efforts.
Thank you for standing by, and welcome to the Upland Software First Quarter 2024 earnings call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions for that will be given at that time conference call will be recorded and simultaneously webcast at investor. That's uplandsoftware.com and the replay will be available there for 12 months. By now, everyone should have access to the first quarter 2024 earnings release, which was distributed today at four o'clock p.m. Eastern Time. If you've not received the release, it's available on Upland's website.
I'd now like to turn the call over to Jack McDonald, Chairman and CEO of Upland Software. Please go ahead.
All right. I thank you, and welcome to our Q1 2020 for earnings call. I'm joined today by Mike Hill, our CFO. We're going to start today's call with a Q1 review. Following that, Mike will provide some detail on the Q1 numbers and our guidance, and
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