Upland Software (UPLD) Tops Q4 EPS by 8c, Revenues Beat; Offers Q1 & FY20 Revenue Views

Upland Software (NASDAQ: UPLD) reported Q4 EPS of $0.67, $0.08 better than the analyst estimate of $0.59. Revenue for the quarter came in at $66.1 million versus the consensus estimate of $62.81 million.

Fourth Quarter 2019 Financial Highlights

• Total revenue was $66.1 million, an increase of 46% from $45.2 million in the fourth quarter of 2018.
• Subscription and support revenue was $59.1 million, an increase of 41% from $41.8 million in the fourth quarter of 2018.
• GAAP net loss was $19.9 million, or a loss of $0.80 cents per share, compared to a GAAP net income of $1.8 million, or a gain of $0.09 cents per share, in the fourth quarter of 2018, driven by a one-time non-cash tax benefit.
• Adjusted EBITDA was $25.0 million, or 38% of total revenue, an increase of 49% from $16.7 million, or 37% of total revenue, in the fourth quarter of 2018.
• Cash on hand as of the end of the fourth quarter was $175.0 million.
• Our credit facility was expanded to $600 million to provide additional capital for growth.

GUIDANCE:

Upland Software sees Q1 2020 revenue of $62.8-65.8 million, versus the consensus of $64.32 million.

Upland Software sees FY2020 revenue of $269.5-281.5 million, versus the consensus of $274.1 million.

• For the quarter ending March 31, 2020, Upland expects reported total revenue to be between $62.8 and $65.8 million, including subscription and support revenue between $58.8 and $61.2 million, for growth in recurring revenue of 33% at the mid-point over the quarter-ended March 31, 2019. First quarter 2020 Adjusted EBITDA is expected to be between $23.1 and $24.5 million, for an Adjusted EBITDA margin of 37% at the mid-point, representing growth of 34% at the mid-point over the quarter-ended March 31, 2019.
• For the full year ending December 31, 2020, Upland expects reported total revenue to be between $269.5 and $281.5 million, including subscription and support revenue between $252.6 and $262.2 million, for growth in recurring revenue of 26% at the mid-point over the year ended December 31, 2019. Full year 2020 Adjusted EBITDA is expected to be between $99.2 and $104.8 million, for an Adjusted EBITDA margin of 37% at the mid-point, representing growth of 24% at the mid-point over the year ended December 31, 2019.

For earnings history and earnings-related data on Upland Software (UPLD) click here.

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