Upland Software (UPLD) Tops Q1 EPS by 20c, Revenues Beat; Offers 2Q & FY21 Revenue Outlook

Upland Software (NASDAQ: UPLD) reported Q1 EPS of $0.60, $0.20 better than the analyst estimate of $0.40. Revenue for the quarter came in at $74 million versus the consensus estimate of $73.18 million.

First Quarter 2021 Financial Highlights

• Total revenue was $74.0 million, an increase of 9% from $68.0 million in the first quarter of 2020.
• Subscription and support revenue was $70.7 million, an increase of 11% from $63.9 million in the first quarter of 2020.
• GAAP net loss was $20.7 million, or a loss of $0.69 cents per share, compared to a GAAP net loss of $20.1 million, or a loss of $0.81 cents per share, in the first quarter of 2020.
• Adjusted EBITDA was $22.8 million, or 31% of total revenue, a decrease of 7% from $24.6 million, or 36% of total revenue, in the first quarter of 2020.
• GAAP operating cash flow was $12.5 million, an increase from $5.3 million of GAAP operating cash outflow in the first quarter of 2020. Free cash flow was $12.2 million, an increase from $5.6 million of free cash outflow in the first quarter of 2020.
• Cash on hand as of the end of the first quarter of 2021 was $186.7 million.

"In Q1, we restarted our M&A engine, completing two strategic and accretive acquisitions,” said Jack McDonald, Upland’s chairman and chief executive officer. “In addition, we posted strong free cash flow, while continuing to invest in our go-to-market growth initiatives,” he added. “Our acquisition pipeline remains robust and we are active in the market for additional opportunities.”

GUIDANCE:

Upland Software sees Q2 2021 revenue of $73-77 million, versus the consensus of $74.6 million.

Upland Software sees FY2021 revenue of $299-311 million, versus the consensus of $303.23 million.

For the quarter ending June 30, 2021, Upland expects reported total revenue to be between $73.0 and $77.0 million, including subscription and support revenue between $70.2 and $73.2 million, for growth in recurring revenue of 6% at the mid-point over the quarter-ended June 30, 2020. Second quarter 2021 Adjusted EBITDA is expected to be between $22.0 and $24.0 million, for an Adjusted EBITDA margin of 31% at the mid-point, representing a reduction of 3% at the mid-point over the quarter-ended June 30, 2020, reflecting our incremental investment in our go-to-market activities.

For the full year ending December 31, 2021, Upland expects reported total revenue to be between $299.0 and $311.0 million, including subscription and support revenue between $285.3 and $295.3 million, for growth in recurring revenue of 5% at the mid-point over the year ended December 31, 2020. Full year 2021 Adjusted EBITDA is expected to be between $94.4 and $100.4 million, for an Adjusted EBITDA margin of 32% at the mid-point, representing reduction of 3% at the mid-point over the year ended December 31, 2020, reflecting our incremental investment in our go-to-market activities.

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

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