Core Viewpoint - Upland Software has stabilized its business with a sharper product focus, stronger cash flow visibility, and a clear growth path through debt reduction and AI-driven innovation [1] Financial Performance - Upland is projected to generate over $20 million in annual free cash flow (FCF) and expects 10%+ FCF growth without significant margin or revenue expansion [3] - The company is valued at approximately 6.2x fiscal 2025 FCF guidance of $20 million and trades at 7.3x fiscal 2025 adjusted EBITDA [4] Strategic Focus - Upland has shifted its focus to Knowledge and Content Management (KCM), which accounts for 70% of core revenue and nearly all growth, while divesting low-margin front-office products [6] - The company plans to allocate most of its FCF towards debt repayments, with a minimum of 50% FCF sweep required under covenants [4] Growth Initiatives - Upland is leveraging AI to enhance upsell momentum, with products like call center bots and automated RFP writing [7] - The company has abandoned its centralized sales model in favor of product-level field sales to improve new customer acquisition and deepen product expertise [8] Profitability and Margins - Management targets EBITDA margins of 31%+ by 2027, with fiscal 2026 margins projected at 29%–30% [9] - R&D outsourcing and reduced front-office investment have already improved profitability, with sales and marketing expenses expected to decrease by 200–300 basis points [9]