Slides
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Blackbaud Investor Presentation Ticker: BLKB October 28, 2026
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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. 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.
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Historical Financials and Non-GAAP Financial Measures 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, 2026, for the fiscal year ended December 31, 2025 and the interim periods therein; calculations for recurring revenue growth and total revenue growth for the nine month period ended September 30, 2026 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; employee severance; global workforce transition costs; acquisition and disposition-related costs; restructuring and other real estate activities; Security Incident-related costs; and impairment and disposition 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. Blackbaud believes non-GAAP free cash flow provides a useful measure of the company's operating performance. 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, 2025 and interim consolidated balance sheets for each of the quarters within fiscal 2026 and 2025; historical consolidated statements of comprehensive income for the fiscal year ended December 31, 2025 and interim consolidated statements of comprehensive income for each of the quarters within fiscal 2026 and 2025; historical consolidated statements of cash flows for the fiscal year ended December 31, 2025 and interim consolidated statements of cash flows for each of the interim year-to-date periods within fiscal 2026 and 2025; and historical non-GAAP financial information for the fiscal year ended December 31, 2025 and for each of the quarters within fiscal 2026 and 2025 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 Innovation Driving Product Value • Internal use of AI greatly speeds pace of innovation • Agents for Good represents new product category • Enhancing existing system of record solutions with AI • Embedded cyber security protects customer data Rich Market Opportunity • Global market leadership • Significant available TAM • Stable end markets and sticky customer base • Fragmented competitive landscape Attractive Financial Model • Enviable recurring revenue stream • Large and diverse customer base • Sustained double digit earnings growth • Strong cash flows Purposeful Capital Allocation • Multi-year, programmatic share repurchase • Focus on debt level to maintain optimal capital structure • Targeted M&A to bolster innovation
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Business Overview
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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. Blackbaud is the world’s leading provider of AI-powered solutions for social impact Blackbaud propels impact at scale with the sector’s most intelligent solutions
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AI-powered solutions serving the specific needs of the diverse social impact market Arts & Cultural Organizations Foundations Individual Change Agents Companies Healthcare Organizations K-12 Schools Faith Communities Higher Education Institutions Nonprofits
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Our core competencies expand what is possible for purpose-driven organizations Fundraising & Engagement • Fundraising • Peer-to-Peer Fundraising • Marketing AI & Data Intelligence • Agents for Good • Insights • Data Health Financial Management • Fund Accounting • Financial Aid Management • Tuition Management Services • Consulting Services • Implementation and Optimization Services Social Responsibility • Employee Giving and Volunteering • Grantmaking Organizational & Program Management • Education Management • Ticketing Payment Services • Merchant Services • Payables Grant & Award Management • Grantmaking • Award Management
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• Blackbaud is the leading provider of AI-powered solutions 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 Most comprehensive solution set that accelerates impact OUR COMPETITORS1 Fundraising, Relationship Management & Engagement (and partners) Payment Services Financial Management, Grant & Award Management Organizational & Program Management Corporate Social Responsibility 1Informed by internal competitive intelligence and analysis.
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Fueling accelerated impact for our customers 225% year-over-year increase in giving and volunteering by using YourCause® CSRconnect® and Impact EdgeTM $250M rolling fundraising average achieved by leveraging Blackbaud Enterprise Fundraising CRMTM 941% increase in annual fundraising since the inception of its Challenge Against Cancer program by using Blackbaud TeamRaiser® 50% reduction in workload by leveraging Payment Assistant in Blackbaud Financial Edge NXT® 90% of lapsed donors recaptured by using Prospect Insights in Blackbaud Raiser's Edge NXT® 84% year-over-year increase in fundraising with their use of Blackbaud Raiser’s Edge NXT® and Blackbaud Donation Forms
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Large and underpenetrated total addressable market $10B+ Blackbaud TAM $3.5B $3.0B $1.0B $1.5B $1.5B Sources: FY 2025 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 Fundraising, Relationship Management and Engagement Revenue Penetration: <20% Payment Services Revenue Penetration: <20% Corporate Social Responsibility Revenue Penetration: <5% Financial Management, Grant and Award Management Revenue Penetration: <10% Organizational and Program Management Revenue Penetration: <10%
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Q3 2026 Performance & FY26 Financial Guidance
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Q3 2026 Performance $99.7M $111.1M Q3 2025 Q3 2026 Non-GAAP performance through 9/30/26. 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; GCC workforce transition costs; 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. Please refer to the appendix of this presentation. $281.1M $4.3M $6.9M $0.3M $292.6M Q3 2025 Contractual Recurring Transactional Recurring One-time Services Q3 2026 Non-GAAP Organic Revenue Year over Year Profitability Year over Year $1.10 $1.36 Q3 2025 Q3 2026 Non-GAAP Diluted EPSNon-GAAP Adj. EBITDA Margin 4.1% Organic Revenue Growth 24% growth11% growth
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2026 total company guidance ($ in millions, except per share amounts) Low Midpoint High Implied Growth at Midpoint Total Revenue $1,173 $1,176 $1,179 4.25% Non-GAAP Adjusted EBITDA $430 $434 $438 7% Non-GAAP EPS $5.15 $5.20 $5.25 17% Non-GAAP Free Cash Flow $280 $285 $290 37% Assumptions included in full year 2026 financial guidance: Non -GAAP annualized effective tax rate of 24.5%; Interest expense for the year of $62M - $66M; Fully diluted shares for the year in the range of 45M – 46M; Capital expenditures for the year in the range of $60M to $70M, including approximately $52M to $62M of capitalized software development costs. Expect to finish in the upper half of the guidance range
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Anticipated impact of larger up for renewal cohort on FY26 revenue growth outlook and gross dollar retention rate • Dollar value of renewal cohorts fluctuate from year to year based on mix of contracts up for renewal. • Blackbaud’s 2026 contractual recurring renewal cohort is approximately 40% larger than last year. • As a result, we continue to expect a near-term dip in reported gross dollar retention as a greater amount of recurring revenue comes up for renewal during the year. As we move past this larger renewal cohort, we expect gross dollar retention rates to climb back to our more recent norm of 91% to 92% by the end of 2027. • The larger renewal cohort is expected to have a negative impact of 0.5 to 0.75 percentage points on total revenue growth for 2026, which is reflected in our financial guidance ranges. 2025 2026 Estimate Renewal Cohort Sizes ~40% Increase YoY
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Long-term Aspirational Goals
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Blackbaud is an ideal platform for compounding profitable growth Clear market leader with the most comprehensive set of purpose-built and mission critical solutions powering social impact Durable and proven operating model with resilient end markets and strong recurring revenue Sustained competitive advantage via commitment to AI and product innovation with a platform to deliver these solutions at scale Track record of delivering improved financial performance with a pathway to consistent revenue growth, expanding margins and double-digit EPS growth over the long-term
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Significant financial progress since 2020 $2.94 $5.20 FY20 FY26 Guidance Midpoint Non-GAAP Diluted EPS 10% CAGR $242M $434M FY20 FY26 Guidance Midpoint Non-GAAP Adjusted EBITDA 10% CAGR $913M $1,176M FY20 FY26 Guidance Midpoint Total Revenue 4% CAGR $76M $285M FY20 FY26 Guidance Midpoint Non-GAAP Free Cash Flow 25% CAGR
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• Goal of achieving Rule of 45 by 2030. • New product offerings such as Agents for Good represent potential upside to current long-term revenue growth targets. • Expect EBITDA growth to outpace revenue growth via operating leverage and ongoing cost and efficiency initiatives, with focus on improving EBITDA to FCF conversion. • Targeting consistent double digit non- GAAP EPS growth supported by continued stock repurchase and debt reduction. 1) FY25 growth rates after normalizing for estimated impact of 12/31/24 divestiture of EverFi. Executing on defined initiatives to drive strong financial results ($ in millions, except per share amounts) FY25 Actuals FY26 Guidance Midpoint CAGR Targets: ‘26 – ’30 Total Revenue $1,128 (5.5% growth1) $1,176 (4.3% growth) 4% to 6% Non-GAAP Adjusted EBITDA $405 (~8% growth1) $434 (7% growth) 6% to 8% Non-GAAP EPS $4.45 (~12% growth1) $5.20 (17% growth) 13%+ FCF Margin 18% 24% Expand FCF margin to 28%+
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Blackbaud’s revenue growth model Contractual Recurring (Software) Transactional Recurring (Payments) One-time Services and Other Total Revenue Revenue Mix (% of FY25 Total) 64% 34% 2% 100% Historical Growth CAGR (FY20-FY25) 4% 8% (19%) 4% Growth Drivers • Bookings (new logo) • Bookings (cross-sell & upsell) • Sales productivity • Customer retention (3+ year contracts) • Price uplift at renewal & annual escalators • New unit (new logo) • New unit (cross-sell & upsell) • Same store volume growth • Digital giving mix shift • Pricing models • Small component of overall revenue • Actively shrunk this portion of portfolio (transition to third party partners) to focus on high value software and payments Expected Growth Contribution (FY26-FY30) Mid single-digit Mid to high single-digit Near-term drag becoming neutral contributor Mid single-digit plus
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Revenue driver: proven “land and expand” model underpinned by product development and innovation New Logo Approximately half of direct sales force focused on new customer acquisition to refill top of funnel in “land and expand” sales model New Product Blackbaud’s Agents for Good strategy brings net new products into sales team’s bag for 2026+ Cross-sell / Upsell Approximately half of direct sales force focused on selling to existing customers. Meaningful opportunity for continued product expansion
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Revenue driver: mission critical products drive strong retention rates 90% 90% 91% 92% 92% 92% 2020 2021 2022 2023 2024 2025 Gross Dollar Retention Rate Historical gross dollar retention metrics exclude EverFi that was divested as of 12/31/2024. 3+ years (~25% on 4+ years) Typical contract term length Mid to high single-digit Contract price increase at renewal Mid to high single-digit Embedded annual price escalators
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Revenue driver: diverse transactional revenue streams deliver high single-digit growth 55% 20% 20% 5% Tuition Management Products: Blackbaud Tuition Management Growth Drivers: New customers, private school enrollment growth, pricing optimization Consumer Giving Products: JustGiving Growth Drivers: New customers, same store volume growth, pricing optimization, geographic expansion, viral events Donation Processing Products: Blackbaud Integrated Payments Growth Drivers: New customers, same store volume growth, pricing optimization, viral events $384M FY25 Revenue 8% CAGR FY20-FY25 Event-Based Usage
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Profit driver: multiple initiatives underway to deliver high-single digit EBITDA growth and margin expansion 26.5% 35.9% FY20 Adjusted EBITDA Margin FY25 Adjusted EBITDA Margin FY30 Adjusted EBITDA Margin 940 bps 40%+ Delivered significant margin improvement via initiatives including headcount efficiencies, data center consolidation and reduction in real estate footprint. Global workforce strategy to broaden access to talent and improve operating efficiency. Continued platform modernization on core products will improve unit economics and gross margins. Finalize third party cloud transition and shut down two remaining colocation data centers (including the largest). Reduce overall vendor footprint and consolidate tools to command better contract pricing. Currently piloting AI tools in all aspects of internal operations. Meaningful opportunity for efficiency gains in R&D, sales and marketing and G&A over the mid to long term. Workforce Strategy Platform Modernization Data Center Closures Vendor Optimization AI & Other Efficiency Gains
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Capital allocation: strong free cash flow generation to fund investments and fuel disciplined capital allocation strategy $76M $168M $154M $214M $245M $208M $285M $0 $50 $100 $150 $200 $250 $300 2020 2021 2022 2023 2024 2025 2026 Guidance Midpoint Non-GAAP free cash flow1 25% CAGR 1. Non-GAAP adjusted 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 prope rty and equipment. FY21-FY25 represent adjusted FCF which adds back cash outflows, net of insurance, related to the previously disclosed Security Incident discovered in May 2020 . 2. FY 2025 figure includes approximately $12 million of cash tax benefit related to the One Big Beautiful Bill Act and approxima tely $60 million of one-time items and working capital fluctuations that negatively impacted our 2025 free cash flow. 2026 Free Cash Flow guidance assumes $10m to $15m of non- recurring net benefit. • Positive cash tax impact primarily related to the One Big Beautiful Bill Act. • Partially offset by transition costs associated with global workforce strategy. 2
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Capital allocation: executing on stock repurchase program to meaningfully reduce common stock outstanding 53.6M 51.6M 51.6M 50.9M 49.2M 48.5M 48.5M 48.1M 46.7M 46.3M 45.5M 45.1M 0.2M 3.0M 0.8M 1.6M 1.5M 0.5M 1.4M 1.6M 0.8M 0.4M -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 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Common Stock Outstanding Shares Repurchased 16% net reduction since Q4 2023 98% Percentage of cumulative FCF allocated to stock repurchase between 2023 and 2025 50%+ Expected percentage of cumulative FCF between 2026 and 2030 that will be allocated to future stock repurchases to continue reducing common stock outstanding over time $1 Billion Board authorization for stock repurchases. $832 million remaining as of 9/30/2026
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Capital allocation: long-term capital allocation strategy focused on maximizing shareholder value Stock Repurchases • Blackbaud has reduced common stock outstanding by 16% since Q4 2023 • Expect to allocate 50%+ of FY26-FY30 free cash flow to stock repurchases and continue to reduce common stock outstanding over time Debt Repayment • Manage debt balance and related interest expense to optimize for non-GAAP EPS and FCF growth over the long-term • Targeting Debt to EBITDA ratio below 2.0x over the mid and long-term Accretive M&A Target acquisition opportunities with high synergy value and a focus on vertical end markets already served by other Blackbaud products 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 discon tinued at any time without prior notice.
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Blackbaud Investment Pillars Innovation Driving Product Value • Internal use of AI greatly speeds pace of innovation • Agents for Good represents new product category • Enhancing existing system of record solutions with AI • Embedded cyber security protects customer data Rich Market Opportunity • Global market leadership • Significant available TAM • Stable end markets and sticky customer base • Fragmented competitive landscape Attractive Financial Model • Enviable recurring revenue stream • Large and diverse customer base • Sustained double digit earnings growth • Strong cash flows Purposeful Capital Allocation • Multi-year, 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
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Unaudited Historical Financial Information and Non-GAAP Financial Measures Being Presented Reclassifications to the unaudited historical financial information In order to provide comparability between periods presented, our “operating lease right-of-use assets“ line has been combined within “other assets" in the previously reported condensed consolidated balance sheets to conform to the presentation of the current period. Similarly, "operating lease liabilities, net of current portion" has been combined within "other liabilities" in the previously reported condensed consolidated balance sheets to conform to the presentation of the current period.
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Historical Consolidated Balance Sheets (Unaudited)
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Historical Consolidated Statements of Comprehensive Income (Unaudited)
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Historical Consolidated Statements of Cash Flows (Unaudited)
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Historical Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited)
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Historical Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited)
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Historical Revenue by Type (Unaudited)
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Historical Reconciliations of GAAP and Non-GAAP Organic Revenue Growth (Unaudited)
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Reconciliations of Non-GAAP Organic Revenue Growth and Rule of 40 (Unaudited)
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Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
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Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
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Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
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Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)