The following is a summary of the Upland Software, Inc. (UPLD) Q3 2024 Earnings Call Transcript:
Financial Performance:
Upland Software reported a Q3 revenue of $66.7 million, a decrease of 10% year-over-year.
Q3 adjusted EBITDA was $14 million, up sequentially from $13.6 million in Q2, with expectations to grow to $14.9 million in Q4.
Recurring revenue from subscription and support declined 9% year-over-year to $63.8 million.Professional services revenue saw a 32% decrease year-over-year to $1.8 million.
Business Progress:
Upland Software added 122 new customers and expanded relationships with 312 existing customers in Q3.
Introduced new generative AI solutions across their product portfolio.
Upland RightAnswers and Upland BA Insight achieved significant recognition and market advancements, including their integration with Microsoft Azure AI Search.
Opportunities:
Plans for further growth and EBITDA expansion in 2025 supported by continued investments in sales, marketing, and product development.
Risks:
Revenue and EBITDA faced year-over-year declines due to planned runoff of Sunset asset revenue, with a cautious outlook on the pace of recovery into positive organic growth in 2025.
More details: Upland Software IR
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