AUSTIN, Texas, Aug. 12, 2015 /PRNewswire/ — Upland Software, Inc. (NASDAQ: UPLD), a leader in cloud-based Enterprise Work Management applications, today reported its financial results for the second quarter ended June 30, 2015.
Second Quarter 2015 Financial Highlights
Total revenue was $17.7 million, an increase of 9% from total revenue of $16.2 million in the second quarter of 2014. On a constant currency basis, total revenue was $18.3 million with a year-over-year growth of 13%.
Subscription and support revenue was $14.0 million, an increase of 19% from subscription and support revenue of $11.8 million in the second quarter of 2014. On a constant currency basis, year-over-year subscription and support revenue growth was 23%.
GAAP net loss was $3.3 million compared to a GAAP net loss of $2.4 million in the second quarter of 2014, and GAAP net loss of $3.7 million in the first quarter of 2015.
Adjusted EBITDA was $672 thousand, compared to $1.0 million in the second quarter of 2014 and $344 thousand in the first quarter of 2015.
Cash on hand as of the end of the second quarter was $29.1 million.
“We are pleased to report our fourth consecutive quarter of record revenues since our IPO, and to continue the strong momentum in 2015,” said Jack McDonald, Chairman and CEO of Upland Software. “In addition to record revenues, this quarter saw continued positive Adjusted EBITDA and the addition of 81 new customers.”
“We continued to execute against our revenue and Adjusted EBITDA guidance during the second quarter of 2015 and, as a result, we are reaffirming 2015 full year revenue guidance and raising our full year 2015 Adjusted EBITDA guidance,” said Mike Hill, CFO of Upland Software.
Second Quarter 2015 Business Highlights
Our enterprise customers achieve greater success and improved outcomes by relying on the Upland family of products. Upland continues to demonstrate why these products are the choice for those who demand unparalleled technology and service. For example, during the second quarter of 2015, Upland:
Added 81 new customer relationships, including 10 major accounts, in demanding verticals, such as healthcare, financial services, government and higher education.
Delivered 3 new customer-driven product releases focused on providing greater productivity, efficiency and results for users of our:
Enterprise Content Management application, FileBound, with enhanced records management capabilities and new compliance and governance controls, including electronic signature capture.
Professional Services Automation application, Tenrox, with additional analytics views, a new project status reporting module, and enhanced recurring billing and financial planning processes.
Project Portfolio Management application, PowerSteering, with performance and scalability enhancements that further extend its support for the continuous improvement initiatives of large-scale global companies.
For the quarter ending September 30, 2015, Upland’s constant currency total revenue guidance is in the range of $17.8 million to $18.6 million, or growth of 12% at the mid-point over the quarter ended September 30, 2014, and reported total revenue guidance is in the range of $17.2 million to $18.0 million, or growth of 8% at the mid-point over the quarter ended September 30, 2014, based on the current foreign currency exchange rates. Adjusted EBITDA guidance is in the range of $900 thousand to $1.3 million, or Adjusted EBITDA margin of 6% of total revenue at the mid-point for the same period.
For the full year ending December 31, 2015, Upland is reaffirming its revenue guidance and raising its Adjusted EBITDA guidance. For the full year ending December 31, 2015, Upland reaffirms its constant currency total revenue guidance to be in the range of $71.1 million to $74.1 million, or growth of 12% at the mid-point over the full year ended December 31, 2014, and reported total revenue guidance to be in the range of $68.6 million to $71.6 million, or growth of 9% at the mid-point over the full year ended December 31, 2014. For the full year ending December 31, 2015, Upland raises its Adjusted EBITDA guidance to be in the range of $3.4 million to $4.4 million, or Adjusted EBITDA margin of 6% of total revenue at the mid-point for the same period. Upland intends to achieve an 8% to 12% quarterly Adjusted EBITDA margin by the fourth quarter of 2015, or 10% at the mid-point.