Austin, Texas – Upland Software, Inc. held its Q1 2024 Earnings Conference Call on May 2, 2024, at 5:00 PM ET. During the call, Chairman and CEO Jack McDonald and CFO Mike Hill provided insights into the company’s performance in the first quarter. The call, which was recorded and webcasted, highlighted key financial results and future outlook for the company.

Jack McDonald began the call by discussing the company’s Q1 performance, noting that they exceeded revenue and EBITDA guidance midpoints. He emphasized their commitment to executing on their growth plan and highlighted positive indicators such as core bookings exceeding churn and improvements in digital marketing effectiveness.

The company reported welcoming 134 new customers in the first quarter, including 21 major customers, and expanding relationships with over 250 existing customers. McDonald also highlighted product achievements, such as earning 44 badges in G2’s Spring 2024 Market Reports and receiving recognition for their knowledge management solutions.

Mike Hill provided a detailed overview of the financial results for the first quarter, including total revenue of $70.7 million, a decrease of 8% year-over-year. The company’s recurring revenue from subscription and support also declined by 8% year-over-year, while professional services revenue saw a 15% decline.

Despite the revenue declines, Upland Software maintained a gross margin of 70% in the first quarter. Hill explained that operating expenses were in line with expectations, reflecting the company’s investments in sales, marketing, and product development as part of their growth plan.

Looking ahead, Upland Software raised its guidance midpoint for the full year ending December 31, 2024, based on Q1 performance. The company expects reported total revenue to be between $264.7 million and $282.7 million for the year, with adjusted EBITDA between $50.8 million and $59.8 million.

In conclusion, Jack McDonald expressed optimism about the company’s future, highlighting ongoing efforts in the market for potential acquisitions and partnerships. The call ended with McDonald inviting questions from participants, providing further insights into Upland Software’s operations and growth strategy.