The following is a summary of the Upland Software, Inc. (UPLD) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Upland Software reported a Q2 revenue of $69.3 million, a 7% year-over-year decrease.

• Recurring revenue from subscription and support declined 7% year-over-year to $65.5 million.

• Q2 adjusted EBITDA was $13.6 million, sequentially growing from $13.1 million in Q1.

• Gross margin remained strong at 70%.

• Free cash flow was $5.2 million for Q2, aligning with expectations.

Business Progress:

• Upland Software welcomed 155 new customers and expanded relationships with 275 existing customers.

• Major product strides include enhancements and the introduction of AI features in Upland Covidien and other platforms.

• Implementation of strategic partnerships, notably the integration with IBM's Watson X AI capabilities in Qvidian.

• Earned 56 badges in G2's Summer 2024 market reports, indicating strong market recognition.

Opportunities:

• The company projects continuous growth in core organic growth, aiming for a 3% rate in 2025.

• Upland is seeing larger ARR deals and benefits from investments in pipeline generation and sales capacity.

• There is significant focus on AI integration within products like Upland Covidien and other software enhancements.

Risks:

• Revenue and adjusted EBITDA presented a year-over-year decline due to planned runoff of Sunset assets, which is expected to decrease revenue contribution significantly by 2025.

• Dependency on the success of new market strategies and AI integrations to drive future growth.

More details: Upland Software IR

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