Slides
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Blackbaud Investor Presentation Ticker: BLKB October 29, 2025
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Forward-looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this presentation consist of, among other things, statements regarding future operating results, all of which are based on current expectations, estimates, and forecasts, and the beliefs and assumptions of the Company’s management. Words such as “believes,” “seeks,” “expects,” “may,” “might,” “should,” “intends,” “could,” “would,” “likely,” “will,” “targets,” “plans,” “anticipates,” “aims,” “projects,” “estimates,” or any variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict. Accordingly, they should not be viewed as assurances of future performance, and actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that could cause actual results to differ materially from the Company’s expectations expressed in this presentation include: expectations for continuing to successfully execute the Company’s growth and operational improvement strategies; expectations of future growth in the social good software solutions market, segments within that market and the Company’s total addressable market; expectations that achieving the Company’s goals will extend its competitive advantage and provide improved product quality and innovative solutions for its customers; expectations that centers of excellence and use of best-of-breed platforms will drive increasing operating efficiency and contribute to margin improvement; expectations that the Company’s financial position provides flexibility to fuel future growth through acquisitions or other opportunities; expectations that past acquisitions have expanded the Company’s customer and market opportunities; risks associated with unfavorable media coverage; risks associated with acquisitions; risks inherent in the expansion of our international operations; the possibility of reduced growth or amount of charitable giving; uncertainty regarding increased business and renewals from existing customers; risks associated with implementation of software products; the ability to attract and retain key personnel; risks related to the Company’s leverage, credit facility and share repurchase program; lengthy sales and implementation cycles; technological changes that make the Company’s products and services less competitive; risk related to the adequacy of our data security procedures and cybersecurity and data protection risks and related liabilities and potential legal proceedings involving us and uncertainty regarding existing legal proceedings and the other risk factors set forth from time to time in the Company’s SEC filings. Factors that could cause or contribute to such differences include, but are not limited to, those summarized under Risk Factors in the Company’s most recent annual report on Form 10-K, and any quarterly reports on Forms 10-Q thereafter, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from the Company’s investor relations department. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent the Company’s beliefs and assumptions only as of the date of this presentation. Except as required by law, the Company does not intend, and undertakes no obligation, to revise or update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Trademark Usage All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc. This presentation contains trade names, trademarks and service marks of other companies. The Company does not intend its use or display of other parties’ trade names, trademarks and service marks to imply a relationship with, or endorsement or sponsorship of, these other parties. 2
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Historical Financials and Non-GAAP Financial Measures 3 Use of Non-GAAP Financial Measures: The Company has provided in this presentation financial information that has not been prepared in accordance with GAAP. The Company uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating the Company’s ongoing operational performance. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results from period to period with other companies in the Company’s industry, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. The Company believes that these non-GAAP financial measures reflect the Company’s ongoing business in a manner that allows for meaningful period-to-period comparison and analysis of trends in the Company’s business. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures. Blackbaud discusses non-GAAP organic revenue growth measures, including non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis, non-GAAP organic recurring revenue growth, and non-GAAP organic recurring revenue growth on a constant currency basis, which Blackbaud believes provide useful information for evaluating the periodic growth of its business as well as growth on a consistent basis. Each measure of non-GAAP organic revenue growth excludes incremental acquisition-related revenue attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, if any, each measure of non-GAAP organic revenue growth reflects presentation of full year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period, and it includes the current period non-GAAP revenue attributable to those companies. In addition, each measure of non-GAAP organic revenue growth excludes prior period revenue associated with divested businesses. The exclusion of the prior period revenue is intended to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of our current business’ organic revenue growth and revenue run-rate. In these materials, Blackbaud is presenting the following unaudited information: historical recurring and total revenue for the three and nine month periods ended September 30, 2025, for the fiscal year ended December 31, 2024 and the interim periods therein; calculations for recurring revenue growth and total revenue growth for the nine month period ended September 30, 2025 and the interim periods therein; and calculations of non-GAAP organic revenue growth, non- GAAP organic recurring revenue growth, non-GAAP organic revenue growth on a constant currency basis and non-GAAP organic recurring revenue growth on a constant currency basis for the same periods. Rule of 40 is defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision (benefit); depreciation; amortization of intangible assets from business combinations; amortization of software development costs; stock-based compensation; acquisition and disposition-related costs; employee severance; restructuring and other real estate activities; costs, net of insurance, related to the previously disclosed security incident discovered in May 2020 (the "Security Incident"); and impairment charges. Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. In addition, and in order to provide a meaningful basis for comparison, Blackbaud also uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, capital expenditures for property and equipment, plus cash outflows, net of insurance, related to the Security Incident. Blackbaud believes non-GAAP free cash flow and non-GAAP adjusted free cash flow provide useful measures of the company's operating performance. Non-GAAP adjusted free cash flow is not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures. Historical Financial Statements Being Presented: In these materials, Blackbaud is presenting the following unaudited historical financial information: historical consolidated balance sheets as of the fiscal year ended December 31, 2024 and interim consolidated balance sheets for each of the quarters within fiscal 2025 and 2024; historical consolidated statements of comprehensive income for the fiscal year ended December 31, 2024 and interim consolidated statements of comprehensive income for each of the quarters within fiscal 2025 and 2024; historical consolidated statements of cash flows for the fiscal year ended December 31, 2024 and interim consolidated statements of cash flows for each of the interim year-to-date periods within fiscal 2025 and 2024; and historical non-GAAP financial information for the fiscal year ended December 31, 2024 and for each of the quarters within fiscal 2025 and 2024 as well as reconciliations of the non-GAAP measures to their most directly comparable GAAP measures and related non-GAAP adjustments. Blackbaud is providing this unaudited financial information to allow investors and analysts to more easily access and review the Company’s historical consolidated financial data by including such information in one document. Reconciliation of GAAP to Non-GAAP Financial Measures: Reconciliations of the most directly comparable GAAP measures to non-GAAP financial measures and related adjustments, as well as details of Blackbaud's methodology for calculating non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis, non-GAAP organic recurring revenue growth, non-GAAP organic recurring revenue growth on a constant currency basis and Rule of 40 can be found in the Appendix to these materials and on the "Investor Relations" page of the Company's website. Blackbaud has not reconciled forward-looking non-GAAP financial measures contained in this investor material to their most directly comparable GAAP measures. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.
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Blackbaud Investment Pillars 4 Rich Market Opportunity Innovation Driving Product Value Attractive Financial Model Purposeful Capital Allocation • Global market leadership • Significant available TAM • Stable end markets • Fragmented competitive landscape • AI empowering customers • Leading the industry in Security encryption • Product first approach driving 90%+ retention rates • Portfolio depth and breadth is market leading • Migration to 3rd party cloud enables leverage/efficiencies • 5 point operating plan driving organizational focus • Enviable recurring revenue stream • Revenue diversification • Large and diverse customer base • Repeated earnings growth • Strong cash flows • Programmatic share repurchase • Focus on debt level to maintain optimal capital structure • Targeted M&A to bolster innovation
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5 Blackbaud At-a-Glance Clear market leader providing software that powers social impact employees ~2,600 customers under contract2 ~40,000 annual recurring revenue1 $1.1B of users and supporters in 100+ countries Millions Mission critical software built to accelerate impact in fundraising, nonprofit financial management, digital giving, grantmaking, corporate social responsibility and education management years serving industry with demonstrated track record 40+ donated, granted, and invested through our platforms every year $100B+ 1 Non-GAAP, at mid-point of 2025 financial guidance, rounded to one decimal. Financial goals represent full year targets. 2 Customers with contractual billing arrangements in 2024 Arts & Cultural Organizations Companies Faith Communities Foundations Healthcare Organizations Higher Education Institutions Individual Change Agents K-12 Schools Nonprofits
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Business overview
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Blackbaud is the leading provider of software for powering social impact Cloud Software We build, integrate and implement vertical-specific solutions purpose-built for the unique needs of our customers. Data Intelligence Using exclusive data, analytics and expertise, we deliver unparalleled insight and intelligence to the customers we serve. Services We drive impact through dedicated customer support and training, along with strategic and managed services tailored to our customers. Expertise With over four decades of experience, we are undisputed industry experts on technology for social good. 7
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Our core competencies expand what is possible for purpose-driven organizations 8 Fundraising and Engagement Fundraising Peer-to-Peer Fundraising Marketing Financial Management Fund Accounting Financial Aid Management Tuition Management Grant and Award Management Grantmaking Award Management Organizational and Program Management Ticketing Education Management Social Responsibility Employee Giving and Volunteering Grantmaking Payment Services Merchant Services Payables Data Intelligence Data Health Insights Performance Services Consulting Services Implementation and Optimization Services
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Most comprehensive solution set that accelerates impact • Blackbaud is the leading provider of software wholly dedicated to powering social impact • Only Blackbaud offers a full portfolio of purpose-built, integrated solutions • Highly fragmented competition offers single-point solutions • Large customer base with strong retention 91Informed by internal competitive intelligence and analysis 1 OUR COMPETITORS1 Fundraising, Relationship Management & Engagement Payment Services Financial Management, Grant & Award Management Organizational & Program Management Corporate Social Responsibility (and partners)
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Fueling accelerated impact for our customers $4.3B goal for the Campaign for Carolina exceeded a year early utilizing Blackbaud CRM 300K meals packed by employees for Rise Against Hunger using YourCause® CSRconnect® $400K raised through a virtual event powered by JustGiving® from Blackbaud® Peer-to-Peer Fundraising 200% boost in fundraising, including a $1 million gift, powered by Blackbaud Raiser’s Edge NXT® 100x reduction in time setting up tuition account with Blackbaud’s suite of education management solutions 350% Increase in online donations after adoption of Blackbaud Altru and XTruLink, a Blackbaud partner 10 Sourced from Blackbaud customer stories
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Large and underpenetrated total addressable market Fundraising, Relationship Management and Engagement Revenue Penetration: <20% Financial Management, Grant and Award Management Revenue Penetration: <10% Payment Services Revenue Penetration: <20% Organizational and Program Management Revenue Penetration: <10% Corporate Social Responsibility Revenue Penetration: <5% Sources: FY 2024 Blackbaud Revenue. Global Blackbaud TAM based on IRS data, Canadian Revenue Agency, Private School Universe, IPEDS, Dun & Bradstreet, HIMSS, Guidestar, S&P Global database, Small Business & Entrepreneurship Council, Blackbaud internal data $3.5B $3.0B $1.0B $1.5B $1.5B $10B+ Blackbaud TAM 11
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Track record of improving financial performance 12Rule of 40 calculated as non-GAAP organic revenue growth plus non-GAAP Adjusted EBITDA margin 1.2% 5% FY20 FY25 Guidance Midpoint Organic Revenue Growth 26.5% 35.8% FY20 FY25 Guidance Midpoint Non-GAAP Adj. EBITDA Margin $2.94 $4.40 FY20 FY25 Guidance Midpoint Non-GAAP Diluted EPS $76M $200M FY20 FY25 Guidance Midpoint Adjusted Free Cash Flow Accelerated to sustained mid single digits +930bps 8% CAGR 21% CAGR
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Update on operational initiatives
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Keen attention to cost management Modernized approach to pricing and multi- year customer contracts Transactional revenue optimization and expansion Bookings growth and acceleration Operating plan driving improved financial performance 14 Product Innovation and delivery
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Adding substantial value for customers through product delivery and innovation The Development Agent, the very first Agent for Good, will operate proactively to manage donor portfolios, communicate with supporters, follow through on outreach, and enable organizations to reach prospective donors they simply do not have capacity to today. 15 Blackbaud Development Agent Blackbaud Agents for Good , are agentic, virtual team members who can proactively take on complex tasks, workflows and initiatives. Seamlessly embedded in the trusted Blackbaud environment, these agents allow human practitioners to focus on the parts of the mission that only they can—relationships, storytelling and vision. Blackbaud Agents for GoodTM Blackbaud AI will now integrate insights across business offices, enabling, for example, a fundraiser to simply chat with Blackbaud AI to draw on accounting data in order to share how a specific donor gift was spent in real-time—a level of connected insight no other platform on the market offers. Blackbaud AI Improvements Launched major updates for Blackbaud Impact Edge , its AI-powered social impact solution, including smarter AI capabilities, enhanced analytics and measurement, and unparalleled data insights to help companies track and report on the impact of their employee giving, volunteering and grantmaking programs via a centralized dashboard. New AI Updates and Integrations For Impact Edge CSR Reporting Embeds Constant Contact’s powerful AI-driven digital marketing platform within Blackbaud Raiser’s Edge NXT®, empowering social impact customers to reach and engage supporters more effectively. Raiser’s Edge NXT® + Constant Contact Integration Focus of the investment will be on delivering a native integration, extending Blackbaud’s Total School Solution to include UBIQ’s cutting-edge suite of marketing and admissions tools with seamless data integration across the platform. UBIQ Strategic Investment 1
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Direct sales force focused on signing new logos as well as upsell and cross-sell opportunities 16 2 Select recent sales wins
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55% Donation Processing20% Consumer Giving 20% Tuition Processing 5% Event-Based Usage Initiatives across resilient and diverse transactional revenue streams drive continued consistent growth 17 3 • Strong momentum in consumer giving and tuition processing as payments further migrate online • Rate increases across select areas of payments portfolio • Additional payments solutions optimization to drive enhanced donor experience Transactional recurring revenue streams1 Transactional recurring revenue growth 1 Based on 2024 transactional revenue $259M $279M $303M $333M $354M 2020 2021 2022 2023 2024
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Modernized renewal pricing provides better economics and visibility RENEWAL APPROACH (since March 2023) Renewal Term Primarily 3-year contract renewal terms Rate Increase at Renewal Mid- to high-teens rate increase upon renewal Embedded Escalator in Multi-Year Contracts Mid- to high-single digit rate increase embedded in both years 2 & 3 Illustration of Rate Increase on a 3-Year Contract Renewal 4 18 Year 1 Year 2 Year 3 Years 4+ Mid- to High- Teens Mid- to High- Single Digits Mid- to High- Single Digits Mid- to High- Single Digits 2023 35% 2024 30% 2025 25% 2026 10% 1 Estimate as of end of July 2023, excludes new bookings. Mix of contracts eligible for renewal rate increase by renewal year1 (Completed) (Completed) (Underway)
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Keen attention to cost management will contribute to ongoing margin expansion 19 5 Drivers of continued margin improvement: • Continue to manage cost structure to realize scale from expense base • Gross margin improvement via continued platform modernization • Data center consolidation as we complete migration to third party cloud (2 data centers remaining to close) • Fall-through benefit from renewal price increases 26.5% 35.8% FY20 FY25 Guidance Midpoint Non-GAAP Adj. EBITDA Margin +930bps
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Financial Outlook
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Q3 2025 Performance 21 • Keen focus on margin expansion opportunities, while at the same time making investments in the business in key areas like innovation, AI, and cybersecurity. • More than 200bps improvement to non-GAAP adjusted EBITDA margin in Q3. • Non-GAAP Diluted EPS growth of 11% in the quarter. • Targeting full year double digit Non-GAAP Diluted EPS growth in 2026 and beyond driven by continued margin improvement and a purposeful capital allocation strategy. 33.2% 35.4% Q3 2024 Q3 2025 EBITDA and EPS Highlights: Non-GAAP performance through 9/30/25. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision (benefit); depreciation; amortization of intangible assets from business combinations; amortization of software development costs; stock-based compensation; acquisition and disposition-related costs; employee severance; restructuring and other real estate activities; costs, net of insurance, related to the previously disclosed security incident discovered in May 2020; and impairment of capitalized software development costs. Please refer to the appendix of this presentation. $286.6 ($19.3) $13.8 $281.1 Non-GAAP Organic Revenue Year over Year Profitability Year over Year $0.99 $1.10 Q3 2024 Q3 2025 Non-GAAP Diluted EPSNon-GAAP Adj. EBITDA Margin +220bps Q3 2024 Less: Non-GAAP revenue from divested businesses Plus: organic revenue increase Q3 2025 • Contractual recurring growth supported by sales bookings and modernized approach to renewal pricing launched in March ’23. • Strong transactional recurring growth in the quarter primarily driven by volume growth and improved rates. • Note: Blackbaud divested EverFi business as of 12/31/24. Revenue Highlights: 5.2% Organic Revenue Growth 11% growth
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Organic revenue growth at constant currency of ~5% at the midpoint Midpoint of adjusted EBITDA margin range implies ~7% growth after normalizing for EVERFI divestiture Midpoint of Non-GAAP Diluted EPS range implies ~11% growth after normalizing for EVERFI divestiture Adjusted free cash flow after incremental innovation expenditures Increased 2025 total company guidance Revised October 2025 22 Metric Mid-Point Prior Mid-Point Total Revenue $1,120M - $1,130M $1,125M Unchanged from July 2025 Adjusted EBITDA Margin 35.4% - 36.2% 35.8% Unchanged from July 2025 Diluted EPS $4.30 - $4.50 $4.40 Unchanged from July 2025 Adjusted Free Cash Flow $195M - $205M $200M $195M Non-GAAP. Assumptions included in full year 2025 financial guidance: Non -GAAP annualized effective tax rate of 24.5%; Interest expense for the year of $66M - $70M; Fully diluted shares for the year in the range of 48.5M – 49.5M; Capital expenditures for the year in the range of $55M to $65M, including approx. $50M to $60M of capitalized software development costs In order to provide a meaningful basis for comparison, Blackbaud now uses non -GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, capital expenditures for property and equipment, plus cash flow, net of insurance, rela ted to the previously disclosed Security Incident. For full year 2025, Blackbaud currently expects net cash outlays of $3 million to $4 million for ongoing legal fees related to the Security Incident. In line with the Company's policy, all associated costs due to third -party service providers and consultants, including legal fees, are expensed as incurred.
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23 Rule of 45 by FY 2030 • Goal of achieving Rule of 45 by FY2030 through a combination of consistent mid-single digit organic revenue growth and margin expansion • Expect continued free cash flow margin expansion as improvements to Rule of 45 goal flow through to cash generation • Leverage strong free cash flow to fuel a disciplined capital allocation strategy 28% 41% 45% FY20 FY25 Guidance Midpoint FY30 Goal Rule of 40 measured by non-GAAP organic revenue growth plus non-GAAP Adjusted EBITDA margin.
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$78M $168M $154M $214M $245M $200M $0 $50 $100 $150 $200 $250 $300 2020 2021 2022 2023 2024 2025 Guidance Midpoint Non-GAAP adjusted free cash flow1 Strong free cash flow generation to fund investments and disciplined capital allocation strategy 241) FY 2025 figure reflects midpoint of guidance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, capital expenditures for property and equipment, plus cash outflows, net of insurance, related to the previously disclosed Security Incident discovered in May 2020. 2025 Adjusted FCF Impact Investments with Future Benefit to EBITDA and FCF One-time cash release payment to the lessor in connection with the release of our lease for office space in Washington, DC which was acquired as part of the acquisition of EVERFI in December 2021 $28M One-time investment for new office in India that will provide access to high quality and cost-effective tech talent ~$5M Interest Expense ~$11 million of incremental interest expense related to the 2025 repurchase program. This is in addition to ~$20 million of incremental interest in 2024 related to share repurchase ~$11M Other Other factors including the timing of certain working capital items and divestiture related costs ~$15M
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25 53.6M 51.6M 51.6M 50.9M 49.2M 48.5M 48.5M 48.1M 0.2M 3.0M 0.8M 1.6M 1.5M 0.5M -2.0M 0. 0M 2. 0M 4. 0M 6. 0M 8. 0M 10.0M 40.0M 42.0M 44.0M 46.0M 48.0M 50.0M 52.0M 54.0M Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Common Stock Outstanding Shares Repurchased Blackbaud has significantly reduced common stock outstanding • Expect to repurchase 5.2% to 7.0% of common stock outstanding in 2025 and continue stock repurchases in 2026 and beyond 1 • Since the beginning of 2024, have repurchased 16% of common stock outstanding on a gross basis (before dilution) and 10% of common stock outstanding on a net basis (after dilution) • As of September 30, 2025, Blackbaud had approximately $514 million remaining under its $800 million authorization 0.2M 3.0M 1) The timing and amount of repurchases depends on several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. The repurchase program may be limited, suspended or discontin ued at any time without prior notice. 0.8M 1.6M 1.5M 0.5M 10% net reduction since Q4 2023
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Stock Repurchases Debt Repayment Accretive M&A Blackbaud has reduced common stock outstanding by 10% since Q4 2023 Expect to continue stock repurchases in Q4 2025 and beyond. Preliminary estimated FY26 weighted average diluted share count of 46.5 to 47.5 million Manage debt balance to maintain optimal capital structure Target acquisition opportunities with high synergy value and a focus on vertical end markets already served by other Blackbaud products Long-term capital allocation strategy focused on maximizing shareholder value 26The timing and amount of repurchases depends on several factors, including market and business conditions, the trading price of our common stock and the nature of other investment opportunities. The repurchase program may be limited, suspended or discontin ued at any time without prior notice.
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Blackbaud Investment Pillars 27 Rich Market Opportunity Innovation Driving Product Value Attractive Financial Model Purposeful Capital Allocation • Global market leadership • Significant available TAM • Stable end markets • Fragmented competitive landscape • AI empowering customers • Leading the industry in Security encryption • Product first approach driving 90%+ retention rates • Portfolio depth and breadth is market leading • Migration to 3rd party cloud enables leverage/efficiencies • 5 point operating plan driving organizational focus • Enviable recurring revenue stream • Revenue diversification • Large and diverse customer base • Repeated earnings growth • Strong cash flows • Programmatic share repurchase • Focus on debt level to maintain optimal capital structure • Targeted M&A to bolster innovation
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Thank you
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Appendix Schedules will be uploaded with the filing of the 10Q