The following is a summary of the Upland Software, Inc. (UPLD) Q1 2024 Earnings Call Transcript:
Financial Performance:
Upland Software reported Q1 2024 revenue of $70.7 million, showing an 8% decrease from the previous year due to the planned runoff of Sunset Asset revenue.
Recurring subscription and support services revenue also declined by 8% to $67.1 million.
Gross margin for Q1 was consistent at 70% with the product gross margin being 71%, or 75% when taking into account depreciation and amortization.
The company reported adjusted EBITDA of $13.1 million for Q1 2024, a decline from the prior year's same period due to significant growth investments and decisions around Sunset Assets.
Business Progress:
Upland Software has been making progress in their growth plan, with core bookings surpassing core churn in Q1 2024.
The company reported improvements in digital marketing, better generation of qualified leads, and a stronger sales pipeline.
They closed six major deals in Q1 and welcomed 134 new customers, 21 of which were significant.
Their products received 44 badges in G2's Spring 2024 Market Reports, with new recipients including Upland Altify and Upland InterFAX.
The company is currently implementing 10 AI initiatives, including partnerships with IBM and Salesforce.
Future plans aim for a core organic growth rate of around 3%, with continued investment in sales, marketing, and product development as part of their growth strategy.
More details: Upland Software IR
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