{"id":31918,"date":"2025-07-30T07:00:45","date_gmt":"2025-07-30T11:00:45","guid":{"rendered":"https:\/\/www.blackbaud.com\/?post_type=news&#038;p=31918"},"modified":"2025-07-30T07:00:45","modified_gmt":"2025-07-30T11:00:45","slug":"blackbaud-announces-2025-second-quarter-results","status":"publish","type":"news","link":"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-2025-second-quarter-results","title":{"rendered":"Blackbaud Announces 2025 Second Quarter Results"},"content":{"rendered":"<p class=\"p3\" style=\"text-align: center;\"><span class=\"s1\"><i>Company Raises Full Year 2025 Financial Guidance<\/i><i><\/i><\/span><\/p>\n<p class=\"p4\"><span class=\"s2\"><b>Charleston, S.C. (July\u00a030, 2025)<\/b><\/span><span class=\"s1\"> \u2014<\/span><b> <\/b><span class=\"s1\">Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, today announced financial results for its second quarter ended June 30, 2025.<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\">&#8220;I continue to be very pleased with Blackbaud\u2019s significant improvement in growth and profitability since 2020, and our very strong second quarter and first half of 2025 results are a further testament to the power of our people, our products and our position in the marketplace serving the social impact sector,&#8221; said Mike Gianoni, president, CEO and vice chairman of the board of directors, Blackbaud. &#8220;In fact, in the second quarter, we significantly exceeded the Rule of 40, delivering our highest quarterly performance in this metric in the Company\u2019s history. This result demonstrates that Blackbaud is well positioned to continue improving our results on the Rule of 40 as we move to a Rule of 45.&#8221;<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\"><b>Second Quarter 2025 Results Compared to Second Quarter 2024 Results:<\/b><b><\/b><\/span><\/p>\n<ul>\n<li><span class=\"s1\">GAAP total revenue was $281.4 million, down 2.1% (driven by divestiture of EVERFI) and non-GAAP organic revenue increased 6.8%.<\/span><\/li>\n<li><span class=\"s1\">GAAP recurring revenue was $275.6 million, down 2.0% (driven by divestiture of EVERFI) and represented 98.0% of total revenue. Non-GAAP organic recurring revenue increased 6.9%.<\/span><\/li>\n<li><span class=\"s1\">GAAP income from operations was $56.7 million, with GAAP operating margin of 20.1%, an increase of 540 basis points.<\/span><\/li>\n<li><span class=\"s1\">Non-GAAP income from operations was $94.3 million, with non-GAAP operating margin of 33.5%, an increase of 350 basis points.<\/span><\/li>\n<li><span class=\"s1\">GAAP net income was $26.0 million, with GAAP diluted earnings per share of $0.54, up $0.12 per share.<\/span><\/li>\n<li><span class=\"s1\">Non-GAAP net income was $58.2 million, with non-GAAP diluted earnings per share of $1.21, up $0.13 per share.<\/span><\/li>\n<li><span class=\"s1\">Non-GAAP adjusted EBITDA was $108.5 million, up $5.9 million, with non-GAAP adjusted EBITDA margin of 38.5%, an increase of 280 basis points.<\/span><\/li>\n<li><span class=\"s1\">Rule of 40 score of 45.3%.<\/span><\/li>\n<li><span class=\"s1\">GAAP net cash provided by operating activities was $66.9 million, an increase of $13.1 million, with GAAP operating cash flow margin of 23.8%, an increase of 510 basis points.<\/span><\/li>\n<li><span class=\"s1\">Non-GAAP free cash flow was $51.5 million, an increase of $18.9 million, with non-GAAP free cash flow margin of 18.3%, an increase of 690 basis points.<\/span><\/li>\n<li><span class=\"s1\">Non-GAAP adjusted free cash flow was $53.1 million, an increase of $16.7 million, with non-GAAP adjusted free cash flow margin of 18.9%, an increase of 620 basis points.<\/span><\/li>\n<\/ul>\n<p><span class=\"s1\">&#8220;We are raising our full-year 2025 financial guidance across all key metrics, driven by our strong performance in the first half of the year,&#8221; said Chad Anderson, executive vice president and CFO, Blackbaud. &#8220;Our outperformance in both revenue and profitability reflects our disciplined operational execution, ongoing productivity improvements, and the strength of our financial model. We remain focused on delivering greater value to our customers and shareholders\u2014both now and in the future.&#8221;<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\">An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, is included below under the heading &#8220;Non-GAAP Financial Measures.&#8221; A reconciliation of the company&#8217;s non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\"><b>Recent Company Highlights<\/b><b><\/b><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li5\"><span class=\"s1\">Blackbaud has <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-names-bill-fort-senior-vice-president-of-north-america-sales\"><span class=\"s4\">welcomed Salesforce veteran Bill Fort<\/span><\/a> as senior vice president of North America sales.\u00a0 <\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">At its annual developer\u2019s conference, Blackbaud equipped developers with cutting edge AI skills and <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-equips-nonprofits-with-cutting-edge-ai-skills-and-unveils-vision-for-agentic-ai-at-bbdevdays-developers-conference\"><span class=\"s4\">announced the company&#8217;s vision for Agentic AI<\/span><\/a> to help customers unlock new levels of effectiveness and deeper connections across critical fundraising operations like donor cultivation, stewardship, and sustainer management. <\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">In addition, at its <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-reveals-extensive-product-updates-driving-connected-experiences-for-social-impact-organizations\"><span class=\"s4\">May Product Update Briefings<\/span><\/a>, Blackbaud showcased its Intelligence for Good\u00ae AI strategy, highlighting how powerful, responsible AI is being integrated directly within products. <\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Blackbaud and Constant Contact rolled out <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-and-constant-contact-release-strategic-integration-to-enhance-digital-engagement-for-social-impact-organizations\"><span class=\"s4\">a strategic integration<\/span><\/a> to enable social impact customers to reach and engage supporters more effectively using leading email, SMS, social media and other digital marketing functions, all through an embedded experience in Blackbaud Raiser\u2019s Edge NXT\u00ae.<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">The Blackbaud Institute released a 2025 <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/new-report-from-the-blackbaud-institute-shows-clear-link-between-social-impact-organizations-tech-use-and-fundraising-revenue-growth\"><span class=\"s4\">Status of Fundraising report<\/span><\/a>, showing the growing recognition of technology, including AI, within social impact and its impact on fundraising revenue growth and success.<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Blackbaud <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbauds-2024-impact-report-highlights-continued-commitment-to-corporate-social-responsibility\"><span class=\"s4\">released its 2024 Impact Report<\/span><\/a>, sharing how the company has advanced its environmental, social and governance priorities in the past year, and Blackbaud was also <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-named-one-of-newsweeks-worlds-greenest-companies-2025\"><span class=\"s4\">named<\/span><\/a> one of Newsweek\u2019s World\u2019s Greenest Companies 2025.<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Blackbaud <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/new-york-times-bestselling-author-and-leading-organizational-psychologist-adam-grant-to-headline-bbcon-2025-tech-conference\"><span class=\"s4\">announced<\/span><\/a> keynote speakers and sessions for bbcon 2025, happening Oct. 6-8 in Philadelphia.<\/span><\/li>\n<\/ul>\n<p class=\"p7\"><span class=\"s1\">Visit <a href=\"https:\/\/www.blackbaud.com\/newsroom\"><span class=\"s4\">www.blackbaud.com\/newsroom<\/span><\/a> for more information about Blackbaud\u2019s recent highlights.<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\"><b>Financial Outlook<br \/>\n<\/b><b><\/b><\/span><span class=\"s1\">Blackbaud today raised its 2025 full year financial guidance (does not contemplate future impact of the One Big Beautiful Bill Act):<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li5\"><span class=\"s1\">GAAP revenue of $1.120 billion to $1.130 billion<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Non-GAAP adjusted EBITDA margin of 35.4% to 36.2%<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Non-GAAP earnings per share of $4.30 to $4.50<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Non-GAAP adjusted free cash flow of $190 million to $200 million<\/span><\/li>\n<\/ul>\n<p class=\"p5\"><span class=\"s1\">Included in its 2025 full year financial guidance are the following updated assumptions:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li5\"><span class=\"s1\">Non-GAAP annualized effective tax rate is expected to be approximately 24.5%<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Interest expense for the year is expected to be approximately $65 million to $69 million<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Fully diluted shares for the year are expected to be approximately 48.5 million to 49.5 million<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Capital expenditures for the year are expected to be approximately $55 million to $65 million, including approximately $50 million to $60 million of capitalized software development costs <\/span><\/li>\n<\/ul>\n<p class=\"p5\"><span class=\"s1\">Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. 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 during the year. 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. <\/span><\/p>\n<p class=\"p8\"><span class=\"s1\">In order to provide a meaningful basis for comparison, Blackbaud 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 related to the previously disclosed Security Incident discovered in May 2020 (the &#8220;Security Incident&#8221;). Please refer to the section below titled &#8220;Non-GAAP Financial Measures&#8221; for more information on Blackbaud&#8217;s use of non-GAAP financial measures.<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\"><b>Stock Repurchase Program<br \/>\n<\/b><b><\/b><\/span><span class=\"s1\">As of June\u00a030, 2025, Blackbaud had approximately $545 million remaining under its common stock repurchase program that was expanded, replenished and reauthorized in July 2024.<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\"><b>Reclassifications<br \/>\n<\/b><b><\/b><\/span><span class=\"s1\">Our revenue from &#8220;recurring&#8221; and &#8220;one-time services and other&#8221; have been combined within &#8220;revenue&#8221; beginning in 2025 due to the immateriality of our one-time services and other revenue. In order to provide comparability between periods presented, our \u201crecurring\u201c and \u201cone-time services and other&#8221; revenue lines have been combined within \u201crevenue&#8221; in the previously reported consolidated statements of comprehensive income to conform to the presentation of the current period. Similarly, &#8220;cost of recurring&#8221; and &#8220;cost of one-time services and other&#8221; have been combined within &#8220;cost of revenue&#8221; in the previously reported consolidated statements of comprehensive income to conform to the presentation of the current period. <\/span><\/p>\n<p class=\"p5\"><span class=\"s1\"><b>Conference Call Details<\/b><b><\/b><\/span><\/p>\n<p class=\"p9\"><span class=\"s1\">What:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Blackbaud&#8217;s 2025 Second Quarter Conference Call<\/span><\/p>\n<p class=\"p9\"><span class=\"s1\">When:\u00a0\u00a0\u00a0\u00a0\u00a0 July\u00a030, 2025 <\/span><\/p>\n<p class=\"p9\"><span class=\"s1\">Time: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8:00 a.m. (Eastern Time)<\/span><\/p>\n<p class=\"p9\"><span class=\"s1\">Live Call:<\/span> <span class=\"s1\">1-877-407-3088 (US\/Canada)<\/span><\/p>\n<p class=\"p10\"><span class=\"s6\">Webcast:\u00a0 <a href=\"https:\/\/investor.blackbaud.com\/\"><span class=\"s7\">Blackbaud&#8217;s Investor Relations Webpage<\/span><\/a><\/span><\/p>\n<p class=\"p11\"><span class=\"s1\"><b>About Blackbaud<br \/>\n<\/b><b><\/b><\/span><span class=\"s1\">Blackbaud (NASDAQ: BLKB) is the leading software provider exclusively dedicated to powering social impact. Serving the nonprofit and education sectors, companies committed to social responsibility and individual change makers, Blackbaud&#8217;s essential software is built to accelerate impact in fundraising, nonprofit financial management, digital giving, grantmaking, corporate social responsibility and education management. With millions of users and over $100 billion raised, granted or managed through Blackbaud platforms every year, Blackbaud&#8217;s solutions are unleashing the potential of the people and organizations who change the world. Blackbaud has been named to Newsweek\u2019s list of America\u2019s Most Responsible Companies, Quartz\u2019s list of Best Companies for Remote Workers and Forbes\u2019 list of America\u2019s Best Employers. A remote-first company, Blackbaud has operations in the United States, Australia, Canada, Costa Rica, India and the United Kingdom, supporting users in 100+ countries. Learn more at <a href=\"http:\/\/www.blackbaud.com\/\"><span class=\"s4\">www.blackbaud.com<\/span><\/a>, or follow us on<\/span><span class=\"s8\"> <a href=\"https:\/\/twitter.com\/blackbaud\"><span class=\"s7\">X\/Twitter<\/span><\/a><\/span><span class=\"s1\">, <a href=\"https:\/\/www.linkedin.com\/company\/blackbaud\/\"><span class=\"s4\">LinkedIn<\/span><\/a>, <a href=\"https:\/\/www.instagram.com\/blackbaud\/\"><span class=\"s4\">Instagram<\/span><\/a>, and <a href=\"https:\/\/www.facebook.com\/blackbaud\/\"><span class=\"s4\">Facebook<\/span><\/a><\/span><span class=\"s9\">.<\/span><\/p>\n<p><strong>Investor Contact<br \/>\n<\/strong><a href=\"mailto:IR@blackbaud.com\">IR@blackbaud.com<\/a><\/p>\n<p><strong>Media Contact<br \/>\n<\/strong><a href=\"mailto:media@blackbaud.com\">media@blackbaud.com<\/a><\/p>\n<p><b>Forward-Looking Statements<br \/>\n<\/b><span class=\"s1\">Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the predictability of our financial condition and results of operations. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; cybersecurity and data protection risks and related liabilities; potential litigation involving us; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC\u2019s website at <\/span><span class=\"s11\">www.sec.gov<\/span><span class=\"s1\"> or upon request from Blackbaud&#8217;s investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.<\/span><\/p>\n<p class=\"p11\"><span class=\"s1\"><b>Trademarks<br \/>\n<\/b><b><\/b><\/span><span class=\"s1\">All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.<\/span><\/p>\n<p class=\"p11\"><span class=\"s1\"><b>Non-GAAP Financial Measures<br \/>\n<\/b><b><\/b><\/span><span class=\"s1\">Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. Blackbaud uses non-GAAP financial measures internally in analyzing its operational performance. Accordingly, Blackbaud believes these non-GAAP measures are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance and trends and in comparing its financial results from period-to-period with other companies in Blackbaud&#8217;s industry, many of which present similar non-GAAP financial measures to investors. However, 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.<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\">The non-GAAP financial measures discussed above exclude the impact of certain transactions that Blackbaud believes are not directly related to its operating performance in any particular period, but are for its long-term benefit over multiple periods. Blackbaud believes these non-GAAP financial measures reflect its ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\">While Blackbaud believes these non-GAAP measures provide useful supplemental information, 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.<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\">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, and capital expenditures for property and equipment, plus cash outflows 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&#8217;s operating performance. Non-GAAP free cash flow and Non-GAAP adjusted free cash flow are not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\">In addition, Blackbaud uses 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, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies, if any, acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period. In addition, each of these measures excludes prior period revenue associated with divested businesses. The exclusion of the prior period revenue is 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 its current business\u2019 organic revenue growth and revenue run-rate.<\/span><\/p>\n<p class=\"p5\"><span class=\"s1\">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; acquisition and disposition-related costs; Security Incident-related costs; and impairment and disposition charges.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-31920 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_06.jpg\" alt=\"\" width=\"1700\" height=\"1792\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_06.jpg 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_06-285x300.jpg 285w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_06-971x1024.jpg 971w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_06-768x810.jpg 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_06-1457x1536.jpg 1457w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-31921 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_07.jpg\" alt=\"\" width=\"1700\" height=\"1265\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_07.jpg 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_07-300x223.jpg 300w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_07-1024x762.jpg 1024w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_07-768x571.jpg 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_07-1536x1143.jpg 1536w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-31922 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_08.jpg\" alt=\"\" width=\"1700\" height=\"1910\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_08.jpg 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_08-267x300.jpg 267w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_08-911x1024.jpg 911w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_08-768x863.jpg 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_08-1367x1536.jpg 1367w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-31923 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_09.jpg\" alt=\"\" width=\"1700\" height=\"1889\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_09.jpg 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/07\/07.30.25_BlackbaudQ2EarningsRelease_Page_09-270x300.jpg 270w, 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