Blackbaud (BLKB) 1 May 242024 Q1 Earnings call transcript

Ladies and gentlemen, good morning, and welcome to the Blackbaud's First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Kevin Mooney, EVP, Corporate Strategy and Business Development. Please go ahead, sir.

Good morning, everyone. us First joining Call. XXXX for you on Quarter Blackbaud's Earnings Thank

Blackbaud's and actual to me those are make the Chairman; contain for and Boor, risks today the XX-K prepared and SEC your and Vice most could risks. Gianoni, cause that Joining we'll projected. call line Form President comments Mike to and on uncertainties open from materially Tony Mike refer subject our CFO. results and forward-looking comments and Blackbaud's then differ statements CEO, Tony questions. Please Executive filings will our President up Vice information today recent for Please to on that other more note those

are Please the the including release that refer to today of full discussion financial on well The our as both investor GAAP website guidance. We for posted year results. and to measures more should isolation financial business. will non-GAAP full to our details of results measure as performance, our be Please believe measures will as that focus in or GAAP non-GAAP refer combination materials press for substitute not a measures. only non-GAAP a and on specified, our considered we Unless note financial otherwise internally this from we measures GAAP call. on non-GAAP how representative

that that statement to Investor materials Before XXXX of meeting to proxy to I same our over turn our and notice day. on filed were Relations of our mention April call posted I'd like Mike, Meeting Stockholders XX, were annual website the Annual and

the Mike. turn call you, I'll With to that, over

on cash is and operating company are and our to I Clear Board has positive quickly the with trajectory Thank execution To clear, the Lake fueling you a flow. team for performance substantial value, XXX% plan comment free and Blackbaud's of today. would like just to the Kevin. start management the redefined X-point Thank proposal. be on and operating maximizing shareholder joining our committed you, financial call

is We market review We'll are Lake's to with ability Board proposal in continuing to strategy the value. The update mind. course. due Blackbaud's confident Clear to in in and provide an deliver significant this

to turning one, with execution result; with company's on elements performance and a primary the respect continued cover thinking business. X respect return X-point operations to portfolio; the three, and company's program. to update like I'd we're progress today: delivering Now our select operating the current on the topics two, the plan of our capital to of our strong an our as

to in X-point very we've focused renewals quarters, the cost modernize accelerate contract improved revenue, our past we're operating As innovation, discussed bookings on optimize and few plan improve growth, management. product transactional

has The been it team executing financial the against and transformed this company. the of has performance program

investments confidence. of and flow, substantial adjusted that we adjusted the returns to quarter. Strong EPS customers and XX% generated XX%, of free drive industry is the growth the fortify growth which line, of our We performance delivered cash past EBITDA EBITDA business adjusted the and year Over and top delivery reinforces the alone, enabling first year-over-year in both first in across for margins cash quarter growth shareholders significant flow have grew innovation capital non-GAAP XXX% leadership. and product expanded our free

full are software year. of market future goal our the that company ago stronger clear much for a the the we the is in remains believe was the well Rule leader market. Blackbaud than of for We positioned year X impact it and XX just achieving social and

recall, one you'll of we of expectations. ahead rule As quarter achieved XX

more than improvement XXX expect in over the We deliver year for point XXXX. to Rule full of a XX basis XXXX,

innovation is has the turn out team this what been delivery feature pace customers and and enthusiastic was that to like Now I'd quarter. accelerating attention of fantastic are innovation The team's to we're rolled our busy. about product offering. The

Our connectivity reducing solutions. outcomes our continue users. the to focus AI improve burden of at generative enhancements specifically, improving the that of administrative end X fundraising on These suite while areas: enhancements our of and been has are aimed

previously, capabilities over GenAI including our a AI the discussed platform. new number released past we've of quarters, As JustGiving for few functionality

This capabilities rolled customers. available before Edge GenAI Copilot our out Raiser's long, to will NXT Edge for quarter, Blackbaud we Raiser's NXT and be

well were ad-hoc Using how Blackbaud average as, natively improve the online intelligent Copilot, users size? our responses such actions questions Edge will drive donation into Raiser's past And quarter, that to integrated giving my prospect NXT. outcome. insights I as can capabilities can as provide recommended tool This ask and

administrators each in of provide donation all one giving With finally, And a our can fundraising these I forms new experience. drive Blackbaud viral donor to new interaction, donation identify personalized messaging quarter, integrated records now optimized NXT. integrations, and last coming campaign, mentioned Raiser's Edge keep were opportunities

early we few a and more drive It's to forms expect this signed As for customers quarter, running days, our of higher we X,XXX but and have Blackbaud. hundred experimenting. customers revenue nearly for these with up

these subscription. increase include value cost no customers at features the We our products receive exciting our additional from to in new their existing

more are products receive our and more delivering evolving ensuring customers solutions. our value our We from innovation

the I'd demand in customer element but serve unique what only Now on purpose-built to plan, that like industry. operating to solution our and wins our comprehensive most not to with the as this bookings another in interesting growth X-point market highlight the quarter acceleration. ability set want, illustrate of customers the and several leader

now members, out California financial productive cities replacement tool of expanding by Beach, became simple which signing Five its become helps in their fundraising the Five but they sale resources a and individuals community Grover multi-solution streamline the serve. Blackbaud payment of coalition management families also and focus providing housing homeless on processing. a a can as cities self-sufficient, needs reporting and support and the started to By based community need meet operations to financial and included fundraising they the on

provide Illinois. was for enrollment. Blackbaud looking to that this suite And Sander new the was uniquely scholarship the management the a National a we long-term goal logo and Carl Western platform. needs The of new new of a College to upgraded slated They the which is in to waterfront quarter, one and were educational the ground-breaking simple system fundraising, quarter the positioned solution. phase Museum museum accounting could of offerings of student in in in New win a on brand increasing Coast also Guard organization serves Connecticut. the London, in XXXX Another run with Central open of during

selected general phase commitment and admission fundraising to was their helping which and operational our current their initial for for preparation opening, an Blackbaud on in cycle the through the illustrates organizations full campaign life upgrade solution, purpose-built In their Blackbaud's museum was Altru. This the solution needs. organizations, of instrumental

portfolio. fit evaluation, company, was Now the agency we After I'll decided growth for ensure a nature. services shareholder EVERFI's our in driving and U.K. the not to creative and thinking how divest revenue our we're onetime to value. the evaluate discuss was we're strategic This business continuously portfolio We careful about profitable in business product

the update adjusted leverage tends million seasonal continuing $XX cash Even up to delivered Turning in on our low repurchase stock the be quarter free The our is which year-over-year, free an EBITDA, for though a XXXX. program. significant of XXXX business our we flow demonstrates adjusted flow first in growth cash to model. was adjusted

a on credit start healthy program. capacity with facility, together make production, us share to cash our allowed repurchase on our strong Our

to have we we recall, repurchasing way outstanding will are just doing you to X% in well that. stock our As between XXXX of committed XX% on and to

represents market with a quarter, our share During funded open which Together the as repurchase year-end X agreement. common nearly XXXX. this back accelerated quarter, million of we purchases, million X.X% approximately $XXX executed company outstanding bought stock and the of shares

shareholders. repurchases We to current stock good at return represent believe a prices our

in active flexible across fronts. about I'm on made offers to and we've the help the impactful hard many and So thrive. quarter at it's is taking operational message and business, excited quarter. efficiency the market the first our that product work been increasing successful customers tools our progress offerings Blackbaud intelligent, to The team in innovating an

like call to With to that, the I'd Tony. turn over

Mike. Thanks,

the undergone past Our year. a business business and transformation significant financial over has

has strong plan capital sheet allowed into form the of high as in us to X-point our profitability, to returning Our revenue begin to us recurring digits, single accelerate improving balance repurchases. stock operating our investors Mike has enabled our And while dramatically the growth discussed.

$XXX Looking build on believe of approaching we value future, XXXX. X.X% we was deeper share X%. market-leading more Blackbaud's The into the we financial growth and first the revenue can drivers was up as organic with I'd With to shareholder deliver like our quarter well basis that, quarter social on performance. results long-term of a million position. profitable bit and revenue first sector this the go performed to and growth color from Total on an

recurring XX% $XXX contractual year-over-year. quarter, our growth revenues sector, the Within in the social million representing were

revenue renewal initiatives the the ramp of contract This and continues take benefits area largest our hold. to contributor business modernized from is our as

recurring sector XX% up Transactional X.X%. in in The for which was total revenue the $XX quarter, million represented social the of the quarter. declined sector, corporate X.X% revenue and

perform macro expect driven corporate full is our well. faced disclosed, in previously market to solely CSR has headwinds position. This we decline revenue services YourCause corporate the a year tightening continues financial EVERFI especially the EVERFI we where XXXX. in As the of to significant the sector form has product in for as by decline budgets, EVERFI

shareholder value. it for plans on working contributes are We ensure EVERFI to to

services nonrecurring determined in will this for Part U.K., business, business to We mentioned. we was and as led to value-creation and divest growth our the a the our examine opportunities this align to work profitable Mike objectives. not strategic fit of us continue

revenue quarter total include transactional our well. programs, our modernized to X.X-point growth total approach onetime growth about of optimization revenue contracts Overall, going rate. on Our are represented X% it than the revenue renewal a drag acceleration, was bookings nonstrategic revenue revenue which less a in and and

to For of expect other coming and with modernized renewal initiative. growth bookings full as result come a the of our half the from approximately we our contract year, transactions half

continue will creating initiative contract sustainable X-year a growth. initial revenue long-term beyond of modernized Our renewal source the cycle

also growth. progress make on in initiatives to profitability investing continue our We strategic by

and ago. were $XX was to margin a a million in $XX up was QX Our XX.X%, total year up quarter, from in last costs Adjusted million down million EBITDA compared year of EBITDA $X the from XXXX. adjusted XX.X% solid

a seasonal quarter the point to be year. reminder, fiscal our EBITDA the tends in first low As for

available quarter, sheet, the market. the very was million on both open up cash buying been million free the back facility We the model. in in ASR and of the $XXX active our million of Our $XX quarter this strong demonstrates using stock, our cash. adjusted capacity leverage fully of and funded first $XX the ASR and debt strength with existing to Using exceptionally the our year-over-year we've business flow balance

between variability now had count an the be the will million ASR will delivery dependent X.X the end stock initial of The and share which by of final complete the fourth be price program, quarter. and upon shares

Since X.X we of a in back now of program we began last shares. million the year, December buyback have bought total

we is of $XXX higher have a financial it billion just new allocation and consummated good the Speaking billion, total a $X.X commitment which amount cash flexibility replaced. X-year of capital and flow, credit with $X.X facility facility a million than of

target stock for ended the financial transactions. to Our the and we quarter reflect the and debt-to-adjusted year of guidance Due divestiture X first we these Xx, at our to ratio quarter, is updating business EVERFI this the EBITDA repurchase approximately past U.K. program the full about are X.Xx.

year organic which growth activity. revenue our higher count with reflects as the This modestly associated midpoint well a X.X% $X and rate merely to share divestiture, to as from reduction interest expense lower the guidance we a the improve repurchase million for expect stock at

interest to the billion due range see to million to recent XX now shares $XX of $XX to $X.XXX have in million stock range fully then to $X.XXX we range XX And increased decreased share and our count Specifically, our repurchase million billion. activity, the diluted million. we to revenue expense

guidance flow quarter transactions Our and free operations change first margin only, year to guidance from full are updates strategic of EBITDA full no are adjusted the the business. year is our there for of unchanged. these stemming and ranges adjusted the the from cash Again,

for a has off providing in enhanced shareholders. for The a products we're around X-point strategically costs to start our on to customers. focused and operating on focus our financial and done and improved our results, investing good with our said, market-leading plan value we've we're disciplined enhancing managing while resulted customers work Mike also As 'XX our

up open the questions. let's your With that, line for

of Instructions] Our question first line the [Operator Baird. Oliver with Rob is from

Great.

I was impact The think what first drove you in it EVERFI on only to would one EVERFI about the then if and spin-off know to divest broadly? broadly, on it just is EVERFI decision the be there's was curious asset any asset on -- guys that particular? U.K. I more that that said

If love how churn in to quick had any I'd I And at then just did about a broadly, EVERFI quarter? And it business there's this then hear all? the follow-up.

it's us. but which business, services for EVERFI strategic Sure. U.K. a business, like It's more business, a reoccurring Mike. not onetime is it's business. Yes, business not a creative Rob, a fit ARR the nice really software wasn't type business a small just revenue project and a it's

it really given wasn't a who So is. fit Blackbaud

So decided divestiture ago of while a closed started the -- we this work that. on and

imagine, of corporate work EVERFI. to going you more As you, side is there's Blackbaud. I'll a of subset related can EVERFI remind on also the impact

is YourCause, component major is well. other which actually pretty doing The

it U.K., the And so reasoning was U.K. the all that's in the divestiture revenue. the behind and

cost then, expense color guys, any for Tony, and were mean, And levers? now just margin the numbers I like higher reiterated. Mike. Great, but is you free around cash it flow of looks some Okay. EBITDA interest

So around color levers love you that would pulling. and or I just are those any can have

continuing quarter. that the in Thanks, profitability costs Rob. and flow as We're the to Yes. on free you're the can push cash you for aware, see then still

a work 'XX. done I and job, great think, that did 'XX the front, in all on we've So with we

to borne to run We're the existing trying focus to starting those something We're to continue business fruit on going the close headcount. to see efforts. our with on

So that help the with forward. going leverage perspective should

we costs We've got We of fronts. still those need on have exit. a data duplicative couple some to centers still

long-term still see fronts. on -- we those coming some should some benefits got COGS we've through So

clip modernized And approach, then on to the bottom line. growth these good approach again, to that drive improved top line I our contracts falls also new think at should the through a

leverage So know flow forward. to I and cash expect we see gain any bottom line I from on free continue expect haven't perspective to us the but guidance given 'XX, we'd a -- going beyond

Great. Excellent.

Our is next Peterson from question Brian Raymond with James.

the recurring. on disclosure the revenue segments transaction appreciate between the I Tony,

But maybe question. just a follow-up to Rob's

think As large. it's corporate obviously, the very we opportunity, about

You some saw go-to-market of the Just even curious product right of your curious, side. risk in what's segment where big though it's in the the a just that terms on divestiture. the I social of I'm guess versus posture investment that part now, opportunity? and stuff

and Yes, I that. YourCause. could the primary -- the side, X take on the the again, got corporate We've are EVERFI platforms

investments innovation business. have sides there engineering We on the on and both investments going of

there, international customers. YourCause, example, for global capabilities recently, for more So we've larger added capabilities including several

EVERFI, EVERFI side, the the the on and to imagine, has there. we going underway on that it since an keep part public also K-XX was space and operating On innovation improvement do focused U.K. might one you there's on there. become And more of divestiture just there's as plan

a is it So, big opportunity.

YourCause. focused business XX,XXX in have the EVERFI improvement asset network again, for have K-XX We really over operating we in unique with plan with schools, but that a growth plan on a an and

the guys the social pipeline, deal perspective net Understood. And What love you demand Mike, on an seeing Anything I'd sector. are there? or for cycles? get business environment the to new update on

sure. Yes,

really really demand is that We K-XX keep example, deal good. The side changed cycles space. the haven't well. We're in much. for still expanding, doing So

prepared AI heard like remarks, Edge in lot innovation on with a You and other new donation of the our space. in capabilities Raiser' going NXT my forms

driving a keep there. we lot innovation So of

are talk -- we our customers about. X-year contracts signing most as have We of

driving innovation to to keep to business, all contracts like so to we just X-year earn really the continue well. feel quite to a customers that's need And we lot gone and of move

AI are had year, announcements JustGiving the production in new innovation including new last that in capabilities and generative We've platform there.

the lot platforms different sector a innovation that and markets social in. in see across you we're So of the

hear. to Good

of line with Our next is VanVliet Matt BTIG. the question from

made the of market, Yes. you as terms much I down into point, the more in base customer on versus in the lot a talked you schools innovations? it last about break -- when of a guess success you Great. of existing K-XX maybe products signing lot new is can how selling the bit those a little

sure. Yes,

have K-XX. teams in there's happening are -- sales lot And and logos our a are that different on So our cross-selling and focused teams. of we those new

lot the from a portfolio there's have of much in enrollment net system. K-XX their So student a because in the a the there. of upside upside there's information whole because we scheduling cross-sell, IT to market, new running And we big and financials pretty school, cover a tuition logos of lot student classroom and just to spend and to fundraising almost management

part partners in of fillers footprint. a bit business. school Big got a got big there So pretty too, We've have well. lot fast-growing and relationships conferences a K-XX we our a there, good in innovation. gap reputation type in the marketplace there, services and space, sort It's cover quite our really leadership good that that of We've of space. as good in that presence that private a

extension Very that credit update helpful. guess, such then of the at And going M&A looking what's flow All the strong the right. the you've or on generated here, free I the already with cash strategy facility expansion and fact forward? the

seen is time anything we've This first the in while. sort little a of you divest

about on deals? curious areas current and targets just M&A how be So the for feeling portfolio maybe new you're might what

Yes, sure.

are lot a still the there's in of space. In just without and far of get still in field M&A. social M&A where our inquiries we our in play. activity We given our So could footprint of fill a history our inbound space gaps going currently sector, lot we there

mid-tier in adjacencies we space. don't pretty So In the a there. in fundraising are We're much cases, market. of to market the the near serve out smaller lot enterprise

of still cloud companies are VC-funded. private And founder-led that there there's typically lot probably a software out so smaller companies,

that there represent out still a opportunities. of So it could there's part

stock deals. focused We're do any not on large buyback looking our really program. We're to

looking active space. shareholders. returning in opportunities in way that the to to As But we're capital in you at know, still

look things of we walk away frankly, to at, plenty for there. we the from, there's of different lots do reasons, but And most still

next with Parker question the Our Stifel. of is line from Lane

through XXXX limited their trends to guys you are and facing the behalf? ability to as cohorts you had renewal pricing, upsell new pretty cross-sell worked willingness or Mike, the what relative Or have on XXXX the that you has seeing normal customers before? that of or are

-- opportunities. around lot for it the of with has contracts up. opening that limited provided provided No, It's discussion opportunities not Yes. a

sort to cross-sell really not of to portfolio it's discussion opportunities our a base. cross-sell. lot our changed ability and represent It's So of created our customer to

a in and the our cross-selling those of on we cross-sell side our upside transaction have business tuition markets, we've call big the across We into and BBMS base. got platforms, all focus what the to management existing

There's our existing base a white platforms. lot of cross-sell space to in those

and contract had X-year negative all. an on the renewals hasn't move that the So, contracts at -- a to impact impact

a positive we're looking we contracts talking been and it's customer with at that could think I solve portfolio. longer-term impact about our problems because

talking Got be AI you, of may the a it. about coming And Understood. particularly Copilot platform, was Tony. lot one to then Raiser's NXT. for Mike generative for enhancements Edge

don't you're you drive these guys with I revenue looking solutions. believe said additional to

if in impact features just would from So core your the generative wondering AI I supporting these any was structure to there cost be solutions.

Yes, we've numbers Parker, you're already good in of question. are doing that the Those development work the costs seeing. been

and the been pretty so expand to able investments. And inclusive significantly cash we've of flow margins

the on years ramping. couple those We ago, at depending started least -- making a as of have well, last been those year and some investments front,

continues performance cyber we've through that incremental cash got and this last late also consider very to free flow ramping that strong spend ramp year year. and EBITDA Our is starts

$XX the about increase the the interest is to with million performance cash for hold We really were in despite year expense buyback. able free feel strong. about the just Overall, a flow. associated the We really guide good

is think, I side business, managing cost overall the well. structure So very

in keep so some are the this, included to well, will mind, of are continue value. enhancements be at charge said, Mike new these side other product, that we no many as incremental of incremental. drive within The that There

a before the for revenue well when and you price spoken incremental those and So win-wins customers revenue it without for increase. think complete forms for our for of Blackbaud those the models incremental a about and like means and as donation our us because things, we've customer cover

take there's We're going probably to so are some interesting out, a to and more it to cover take you complete will those across hold. be those but now, The benefits get the roll So know those forward. models customer adopted set. while starting 'XX as as

line the Materne from is Evercore ISI. of question next Our Kirk with

start, of I talk you could good just a about plan. the on an wondering corporate Mike, EVERFI. sort you Congrats guys. sort have was of a I know operational if improvement

it can that? Is for the just something demand budgets that the spending control of Or services tight on is environment Or mercy just and at you sort corporate you're right EVERFI? of like now?

X- trying to get closer of thinking sense growth you a of we're in to view I'm from are or sort a a bottom just sort the about how drag perspective getting if XX-month the potentially there? to

corporations interest what remarks of in my we in lots expansions EVERFI in in And still view schools. announced K-XX previous There's Yes. funding prepared some we've with quarters.

are corporate the It's just social those responsibility in, still deploy so And XXX. budgets. they there where Fortune budgets say, the

So predominantly seen we've has financial the been year. pressure starting services space the in last

the interest But interesting what's bring and the we about And and that have, there and customers K-XX we network the that our to still customers. capability and reach prospective is is still network demand there.

lot services footprint companies and with is they're investments Community level Board do. bigger a Act. the The there's get in the Reinvestment CEO XXX back level at they financial required given of Fortune And the of interest to and

a it's So requirement. regulatory

But still happened operating that got a business. we're is some of There's across on there. platform an in a so we've interest which plan EVERFI last the the And business. underway drag that the shifts caused year

to It an outstanding spend are CSR around that. the where lot been the been. has of and enamored in more very question built what never last has been has There's EVERFI of with a and have We years, a delivers. couple met they related reputation. customers I've

adds opportunities We've there a customers big operating and on But internally services. a have to business got that we shareholder the with business grow to sure to footprint financial we're plan big in value. more make

was U.K. a that. part the Exiting of

as It's right? a Blackbaud, small to to for divested impact related when we much revenue, because up went subset the higher growth think of but business the example. you U.K. EVERFI organic EVERFI percentage of a related business, corporate Our

more we come exited So EVERFI just operating in on business, will there's because more and to grow the EVERFI. improvements U.K.

then tougher And transactional you year comp. in this it's one you. one called your Tony, obviously recurring, for In just, quick presentation, out a

seasonality there along you Meaning we Is were just about a in last lines? about will should year just be from those we when think global on there perspective anything comp impact keep a thinking growth that the mind a should quarters from events that this year, have bigger any perspective?

Yes. Thanks, Kirk. That's on a really good as question. There side is the business. everybody of is transaction typical aware, seasonality, the

back the Giving QX well do giving, some school years Typically, year, the Tuesday, those with will schools forth. efforts drive some of a QX, and QX have business. certainly, around end-of-year of of seasonality half and the in typically have transactional. lot so in the the kinds as we we and things, The of But the

the The that viral forecast length of difficult because a XX-year the part happened for from and and us major is and events of events world. timing to cost both predict in

had a up, years. we point, impact in of CAGR to of bit impact call. last We per half. quite quarter's of range your has a ended year We to over year, growth on the last transaction business the quite few bit back in a that normally X% Last somewhere spoke that X% -- the positive

in had viral had more were side, I longer-term we impact and the on they by XX%, events events that -- year, we seen than social what at recent driven we years. in came and was viral about or think these XX% larger, largely Last

some build we have And say just of Typically, so forecast. year to tell assuming not right not year. to any when or it's We happen. We but a tough have make based a forecast, don't we tough It's those we're into because will X going this predict. those, events. now, compare X to that our typically won't viral upon can't

that year. be will this wildcard the for us So

Yes.

happened So just That London growth. great release, We which JustGiving of Marathon by a fundraising had lot April. press just did on for some and variances platform, the there's quarter. on a in our example,

QX. it's in So

Those some they XX,XXX out. predict think and to the money there things would were come I for of growth hard nice raised a kind But X,XXX stats how are it fundraisers year-over-year. of really was nonprofits,

So or sometimes And to sometimes, it predict. the as move from time. quarter-to-quarter about X X some know also you growth don't and of months hard organically of are ahead well, of until those those

it some quarter-to-quarter. variability causes So

to for you. Thank further gentlemen, Officer, and now Gianoni, his I our over the questions, are Mike no closing comments. Executive Ladies conference Chief hand as there

operator. I reflect on year-over-year. year, of that Thank there many back improved the you, Everyone, are far when our are past aspects business

of pace Our innovation increased. really has

renewals Our terms, great. renewal modernized the approach contract are customers of which now well established, adopting X-year our majority the to is and is

side, On expanding. We're and our through the capital repurchases. profitability increased investors returning to flow. efficiency strong adjusted actively has cash margins are We've stock generated our

the to past Our results improved and expect significantly financial XXXX. we over year, have improvement continue in

strong for financial executing As needed, continuing were deliver everyone. world-class solutions we customers. results progress through business, improvement this in the year, our focus is to in maintaining good plans Thanks, momentum

of Thank Thank participation. concluded. you. has your you Blackbaud now for The conference

You may now disconnect your lines.