Austin-based Upland Software Inc. saw its revenue edge higher in the first quarter, but the software maker also reported a bigger loss than Wall Street was expecting.
For the quarter, Upland Software reported revenue of $17.6 million, a slight increase from revenue of $17.5 million in the same quarter last year.
The company reported a loss of $5.6 million, or 36 cents per share, for the quarter. That fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 25 cents per share.
For the current quarter, Upland Software said it expects revenue in the range of $17.3 million to $18.3 million. The company expects full-year revenue in the range of $70 million to $74 million.
Upland sells cloud-based software tools aimed at helping workers increase productivity, collaborate, manage content, work more efficiently and track resources and projects.
Today, Upland's products are used by 1,600 customers and 225,000 workers worldwide, the company says.
Credit: American-Statesman Staff
Credit: American-Statesman Staff
Jack McDonald, chairman and CEO of Upland Software, praised his company's performance as it related to EBITDA -- earnings before interest, taxes, depreciation and amortization -- for the quarter. Upland said its adjusted EBITDA was $2 million, or 13 cents per share, an increase of more than 330 percent over the same quarter in 2015.
"We started 2016 with strength, delivering record adjusted EBITDA and two accretive acquisitions," McDonald said in a written statement. "We have now met or exceeded guidance in each of the seven quarters we've reported since going public, and our quarterly ramp in adjusted EBIDTA is nicely underway."
The company said it had cash on hand of $13.6 million as of the end of the first quarter.
Founded in 2013, Upland has grown by buying small software companies that have promising technology but are unlikely to break out as large independent players. Upland has made at least 10 acquisitions.
Upland Software shares have fallen 2 percent since the beginning of the year. Upland Software's shares closed Thursday down 5 cents, or less than 1 percent, at $6.90.
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