Q3 2024 Upland Software Inc Earnings Call Transcript

Key Points

Positve

Upland Software Inc (UPLD) exceeded its Q3 revenue guidance midpoint and met its adjusted EBITDA guidance midpoint.
The company welcomed 122 new customers, including 18 major ones, and expanded relationships with 312 existing customers.
Upland Software Inc (UPLD) earned 72 badges in G2's Fall 2024 market reports, up from 56 in the Summer 2024 reports.
The company announced the availability of Upland BA Insight for Microsoft Azure, enhancing its product offerings.
Upland Software Inc (UPLD) is targeting positive core organic growth and continued expansion of adjusted EBITDA in 2025.

Negative

Total revenue for Q3 decreased by 10% year over year, with recurring revenue from subscription support declining by 9%.
Perpetual license revenue and professional services revenue both saw significant declines year over year.
Operating expenses were 53% of total revenue, reflecting ongoing investments and cost pressures.
Adjusted EBITDA for Q3 was down from the previous year, reflecting growth investments and sunset asset decisions.
The company anticipates a decline in total revenue of 7% for the full year 2024 compared to 2023.

Operator

Thank you for standing by and welcome to the Upland software third quarter, 2024 earnings call.

At this time, all participants are in listen-only mode later, we will conduct a question and answer session and instructions for that will be given. At that time, the conference call will be recorded and simultaneously webcast at investor dot uplandsoftware dotcom and a replay will be available there for 12 months by now. Everyone should have access to the third quarter of 2024 earnings release, which was distributed today at 4 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, sir.

John Mcdonald

Upland Software Inc - Chairman of the Board, Chief Executive Officer

All right. Well, thank you and welcome to our Q3 2024 earnings call. I'm joined by Mike Hill, our CFO on today's call. I'll start with the Q3 review and following that, Mike will provide some detail on the Q3 numbers and our guidance. After

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