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1. Company Snapshot

1.a. Company Description

Upland Software, Inc.provides cloud-based enterprise work management software in the United States, the United Kingdom, Canada, and internationally.It offers a family of software applications under the Upland brand in the areas of marketing, sales, contact center, project management, information technology, business operations, and human resources and legal.


The company also provides professional services, such as implementation, data extraction, integration and configuration, and training services, as well as customer support services.It serves large global corporations, various government agencies, and small and medium-sized businesses, as well as financial, consulting, technology, manufacturing, media, telecommunication, political, healthcare, life sciences, retail and hospitality, and non-profit industries through direct and indirect sales organizations.The company was formerly known as Silverback Enterprise Group, Inc.


and changed its name to Upland Software, Inc.in November 2013.Upland Software, Inc.


was incorporated in 2010 and is headquartered in Austin, Texas.

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1.b. Last Insights on UPLD

Upland Software's recent performance was negatively impacted by weak Q1 2025 earnings, with the company missing revenue estimates. The earnings release highlighted a decline in subscription revenue, which was partly offset by a slight increase in professional services revenue. Additionally, the company's guidance for Q2 2025 was below expectations, indicating ongoing challenges in the market.

1.c. Company Highlights

2. Upland Software's Q3 2025 Earnings: A Strong Performance

Upland Software reported a robust Q3 2025 earnings performance, with adjusted EBITDA of $16 million and a margin of 32%. The company's revenue guidance midpoint was beaten, and adjusted EBITDA guidance midpoint was met. Earnings per share (EPS) came in at $0.3, surpassing estimates of $0.1933. Revenue growth was driven by a 3% core organic growth rate, with the company welcoming 97 new customers, including 14 major customers, and expanding relationships with 168 existing customers. The company's free cash flow for the quarter was $6.7 million, with a target of around $20 million for the full year.

Publication Date: Dec -22

📋 Highlights
  • Beat Revenue Guidance & Met EBITDA Target: Exceeded revenue guidance midpoint and achieved $16M adjusted EBITDA (32% margin).
  • Strong Debt Refinancing: Extended debt maturity to July 2031, added $30M revolver, reducing net leverage to 3.8x.
  • Customer Growth Momentum: Added 97 new customers (14 major) and expanded 168 existing relationships in Q3.
  • Luxury Deals & AI Validation: Secured $2M (Fortune 100) and $1M multiyear AI contracts, boosting enterprise adoption.
  • Core Organic Growth Uptrend: 3% Q3 growth, targeting 3% in 2026 and 5%+ thereafter, with $20M+ free cash flow expected.

Debt Restructuring and Liquidity

Upland Software successfully refinanced its debt, extending the maturity to July 2031 and adding a $30 million revolver. This move puts the company in a strong position with well-restructured debt and ample liquidity. The company's net debt leverage is now 3.8x, on track to reach 3.7x by year-end. The debt restructuring is expected to provide the company with the financial flexibility to invest in growth initiatives.

Product Market Fit and AI Strategies

The company is seeing big new customer wins, validating its product market fit and AI product strategies. Upland earned 49 badges in G2's Fall 2025 market reports, reflecting strong momentum across its portfolio. The presence of Upland's products in the AWS Marketplace is helping with both existing customers and new customers, making it easier for customers to discover and purchase Upland's AI solutions.

Guidance and Outlook

Upland expects Q4 2025 revenue to be between $46.4 million and $52.4 million, with adjusted EBITDA between $13.8 million and $16.8 million. For the full year, the company expects revenue to be between $214 million and $220 million, with adjusted EBITDA between $56.5 million and $59.5 million. The company's core organic growth rate is in a positive multiyear uptrend, targeting 3% next year and 5% plus thereafter.

Valuation

The company's valuation metrics indicate a mixed picture. The P/S Ratio is 0.17, indicating a relatively low revenue multiple. However, the EV/EBITDA ratio is 108.71, suggesting that the company's EBITDA is fully valued. The Free Cash Flow Yield is 56.35%, indicating a strong cash generation capability. Analysts estimate next year's revenue growth at -2.6%, which may put pressure on the stock's valuation.

3. NewsRoom

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Comparing Artificial Life (OTCMKTS:ALIF) & Upland Software (NASDAQ:UPLD)

Feb -14

Source: defenseworld.net

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Upland Panviva's Sidekick Unveils AI Conversational Search to Elevate Enterprise Knowledge

Feb -10

Source: businesswire.com

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New Upland BA Insight Platform Delivers Integrated AI Search Experiences for Enterprises

Feb -03

Source: businesswire.com

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Upland Qvidian Unveils 2025 AI Adoption Report, Highlighting Key Trends in Proposal Management

Dec -11

Source: businesswire.com

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Upland Software Earns 49 Badges in G2's Winter 2026 Market Reports

Dec -03

Source: businesswire.com

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Upland Software, Inc. (UPLD) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Upland Software Reports Third Quarter 2025 Financial Results

Nov -06

Source: businesswire.com

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Upland Software to Release Third Quarter 2025 Financial Results on November 6, 2025

Oct -23

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.92%)

6. Segments

Subscription and Support

Expected Growth: 11.95%

Upland Software's Subscription and Support growth of 11.95% is driven by increasing adoption of cloud-based project management and workflow automation solutions, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on customer success and retention, as well as its ability to upsell and cross-sell its products, contribute to the growth.

Professional Services

Expected Growth: 12.07%

Upland Software's Professional Services segment growth of 12.07% is driven by increasing demand for cloud-based project and workflow management solutions, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on digital transformation and customer experience has led to higher adoption rates and upselling opportunities, contributing to the segment's growth.

Perpetual License

Expected Growth: 10.27%

Upland Software's Perpetual License growth of 10.27% is driven by increasing demand for cloud-based project management solutions, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on digital transformation and customer experience has led to higher retention rates and upselling opportunities, contributing to the growth.

7. Detailed Products

Upland PSA

A professional services automation platform that helps services organizations manage projects, resources, and finances in one place.

Tenrox

A project and portfolio management solution that helps organizations manage projects, resources, and finances across the enterprise.

Workboard

A goal-setting and OKR (Objectives and Key Results) management platform that helps organizations align teams and track progress towards strategic objectives.

Rally

An agile project management platform that helps teams collaborate, prioritize, and deliver software and product development projects.

Qvidian

A sales enablement and proposal automation platform that helps organizations create, manage, and deliver winning proposals and RFP responses.

RO Innovation

A customer reference management platform that helps organizations manage customer references, testimonials, and case studies.

Altify

A customer revenue optimization platform that helps organizations optimize customer relationships, identify new revenue opportunities, and improve customer retention.

Kaleo

A digital sales enablement platform that helps organizations create, manage, and deliver sales content, playbooks, and messaging.

8. Upland Software, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Upland Software, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the availability of alternative software solutions.

Bargaining Power Of Customers

Upland Software, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's software solutions are often critical to customers' operations, making it difficult for customers to switch to alternative providers.

Bargaining Power Of Suppliers

Upland Software, Inc. is not heavily dependent on a single supplier, and the company has a diversified supply chain. This reduces the bargaining power of suppliers.

Threat Of New Entrants

While there are barriers to entry in the software industry, new entrants can still disrupt the market. Upland Software, Inc. must continue to innovate and invest in research and development to stay ahead of potential new entrants.

Intensity Of Rivalry

The software industry is highly competitive, and Upland Software, Inc. faces intense rivalry from established players and new entrants. The company must focus on differentiating its products and services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 82.53%
Debt Cost 3.95%
Equity Weight 17.47%
Equity Cost 8.99%
WACC 4.83%
Leverage 472.44%

11. Quality Control: Upland Software, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Vacasa

A-Score: 4.7/10

Value: 7.6

Growth: 3.6

Quality: 3.5

Yield: 0.0

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

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Digital Turbine

A-Score: 3.9/10

Value: 5.1

Growth: 3.3

Quality: 4.4

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

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Sprout Social

A-Score: 3.4/10

Value: 6.5

Growth: 6.0

Quality: 4.5

Yield: 0.0

Momentum: 0.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Cerence

A-Score: 3.2/10

Value: 5.1

Growth: 3.8

Quality: 2.8

Yield: 0.0

Momentum: 7.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Expensify

A-Score: 3.2/10

Value: 8.7

Growth: 2.7

Quality: 4.0

Yield: 0.0

Momentum: 1.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Upland Software

A-Score: 2.6/10

Value: 8.0

Growth: 3.1

Quality: 2.4

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.03$

Current Price

1.03$

Potential

-0.00%

Expected Cash-Flows