Upland Software's Strategic Restructuring and AI Focus Drive Buy RatingIt’s been a heavy lift at Upland, but the hard work is now largely behind us (asset divestitures, debt refinancing, etc.), and a cleaner picture is emerging. Continuing operations are now 75% concentrated in enterprise knowledge and content management, the portfolio is being increasingly AI enabled, there’s better cohesion in the product set, and business is back to firmly positive core organic growth. With respect to the Q3 numbers, Upland delivered 3% adjusted organic growth, Adjusted EBITDA margins of 32%, and the business is on a path to generate $20M of FCF this year, all on track with plan. The firm’s net leverage ratio is down to 3.8x, which should gradually drift lower as cash generated is used to pay down debt, and there’s plenty of liquidity with ~$23M in cash on the balance sheet and a $30M undrawn revolver. Upland is in a better spot.