Blackbaud Inc (BLKB) 2025 Q2 法說會逐字稿

Good day, and welcome to Blackbaud's second quarter 2025 earnings conference call. Today's conference is being recorded.

大家好，歡迎參加 Blackbaud 2025 年第二季財報電話會議。今天的會議正在錄製中。

I'll now turn the conference over to Tom Barth, Head of Investor Relations. Please go ahead, sir.

現在我將會議交給投資者關係主管湯姆·巴斯 (Tom Barth)。先生，請繼續。

Good morning, everyone. Thank you for joining us on Blackbaud's second quarter 2025 earnings call. Joining me on the call today are Mike Gianoni, Blackbaud's CEO, President and Vice Chairman; and Chad Anderson, Blackbaud's Executive Vice President and CFO. Mike and Chad will make prepared remarks, and then we will open up the line for your questions.

大家早安。感謝您參加 Blackbaud 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有 Blackbaud 執行長、總裁兼副董事長 Mike Gianoni 和 Blackbaud 執行副總裁兼財務長 Chad Anderson。麥克和查德將發表準備好的講話，然後我們將開放熱線回答大家的提問。

Please note that our comments today contain forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our most recent Form 10-K and other SEC filings for more information on those risks.

請注意，我們今天的評論包含前瞻性陳述，受風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。有關這些風險的更多信息，請參閱我們最新的 10-K 表格和其他 SEC 文件。

The discussion today will focus on non-GAAP results. Please refer to our press release and the investor materials posted to our website for full details on our financial performance, including GAAP results as well as full year guidance. We believe that a combination of both GAAP and non-GAAP measures are more representative how we internally measure our business.

今天的討論將集中在非公認會計準則結果上。請參閱我們的新聞稿和發佈在我們網站上的投資者資料，以了解我們的財務業績的完整詳情，包括 GAAP 結果以及全年指導。我們相信，結合 GAAP 和非 GAAP 指標更能代表我們內部衡量業務的方式。

Unless otherwise specified, we will refer only to non-GAAP financial measures on this call. Please note that the non-GAAP financial measures should not be considered in isolation from or as a substitute for GAAP measures.

除非另有說明，否則我們在本次電話會議中將僅參考非公認會計準則財務指標。請注意，非 GAAP 財務指標不應與 GAAP 指標分開考慮或取代 GAAP 指標。

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

說完這些，我將把電話交給你，麥克。

Thank you, Tom. Good morning, everyone. Over the last several quarters, I've emphasized Blackbaud's significant improvement in growth and profitability, since 2020. I'm pleased to say that Blackbaud continues to perform very well through the first half of 2025 with a very strong second quarter across revenue, EBITDA, EPS and cash flow. In fact, in the second quarter, we delivered a Rule of 45, our highest quarterly rule of performance in the company's history.

謝謝你，湯姆。大家早安。在過去的幾個季度中，我一直強調 Blackbaud 自 2020 年以來在成長和獲利能力方面的顯著提升。我很高興地說，Blackbaud 在 2025 年上半年繼續表現良好，第二季的營收、EBITDA、EPS 和現金流都非常強勁。事實上，在第二季度，我們實施了“45規則”，這是公司歷史上最高的季度績效規則。

In the second quarter, Blackbaud generated revenue of $281 million, which is 6.8% organic growth year-over-year and adjusted EBITDA margin of 38.5%, up nearly 300 basis points year-over-year and non-GAAP diluted earnings per share of $1.21 up 12% year-over-year. This improvement would have been even higher had we adjusted for EverFi.

第二季度，Blackbaud 營收 2.81 億美元，年增 6.8%，調整後 EBITDA 利潤率為 38.5%，年增近 300 個基點，非 GAAP 稀釋每股收益 1.21 美元，年增 12%。如果我們針對 EverFi 進行調整，這項改進將會更高。

These results are a testament to the power of our people, our product offerings and our position as the market leader providing the most comprehensive suite of purpose-built and mission-critical software for the social impact sector. Our solutions allow customers to spend more time focusing on what matters to them, making concrete improvements in the world through their vital social impact work. We remain the premier software partner across the social impact space.

這些結果證明了我們員工的力量、我們的產品以及我們作為市場領導者的地位，為社會影響領域提供最全面的專用和關鍵任務軟體套件。我們的解決方案使客戶能夠花更多時間專注於對他們重要的事情，並透過他們重要的社會影響工作為世界帶來實際的改善。我們仍然是社會影響領域首屈一指的軟體合作夥伴。

I'd like to highlight three specific areas that our management team is focused on and that contributed to this quarter's results, acquiring new logos, driving innovation and as such, strengthening our customer relationships through additional solutions and renewals and driving higher profitability through operational discipline and efficiencies. We continue to have a strong focus on signing new logos. Here are a couple of our latest wins and why Blackbaud was the right choice for these organizations.

我想強調我們的管理團隊所關注的三個具體領域，這些領域對本季度的業績做出了貢獻：獲得新標誌、推動創新，從而透過額外的解決方案和續約來加強我們的客戶關係，並透過營運紀律和效率來提高獲利能力。我們將繼續高度重視新標誌的簽署。以下是我們最近取得的一些成功以及為什麼 Blackbaud 是這些組織的正確選擇。

A large youth development organization sought to replace an antiquated tech stack as it prepared to power its primary engagement campaign. The campaign's core purpose is to reach 10 million use in the next 6-years. This organization needed a better holistic technology infrastructure to achieve its lofty fundraising and alumni engagement goals and provide change management support.

一個大型青年發展組織在準備推動其主要參與活動時，試圖取代過時的技術堆疊。此次活動的核心目標是在未來6年內達到1000萬次使用。該組織需要更好的整體技術基礎設施來實現其崇高的籌款和校友參與目標並提供變革管理支援。

After a detailed review of the market, the organization purchased Raiser's Edge NXT and data intelligence. This is a strong enterprise deal in our nonprofit space. This new customer was also very excited by the new network effect we are creating by connecting our nonprofit fundraising solutions. In this case, Raiser's Edge NXT to our corporate employee engagement solution called YourCause. This connects Blackbaud nonprofit customers to corporations.

在對市場進行詳細審查後，該組織購買了 Raiser's Edge NXT 和數據智能。這是我們非營利領域一項強而有力的企業交易。這位新客戶也對我們透過連結非營利募款解決方案所創造的新網路效應感到非常興奮。在這種情況下，Raiser's Edge NXT 是我們的企業員工參與解決方案 YourCause。這將 Blackbaud 非營利客戶與企業聯繫起來。

Nonprofits need volunteers and donors and companies have volunteers and potential donors. We are the premier provider in both of those spaces. And for the first time ever, we have connected those platforms to create a network. Only Blackbaud has a solution to do this. Another new customer is SunnyBrook Foundation.

非營利組織需要志工和捐贈者，而公司則有志工和潛在捐贈者。我們是這兩個領域的首要供應商。我們有史以來第一次將這些平台連接起來，創建了一個網路。只有 Blackbaud 有解決方案來解決這個問題。另一個新客戶是 SunnyBrook Foundation。

They're a world-renowned leader in research education and patient care based on a Toronto and are undertaking a significant digital transformation the Foundation selected Blackbaud CRM from among both US and Canadian competitors because of our leadership in the fundraising market and our ability to modernize donor experience and California Polytechnic State University, a leading public education institution, selected Blackbaud's Raiser's Edge NXT as its modern cloud-based solution to replace a legacy system and drive its digital transformation.

他們是總部位於多倫多的世界知名的研究教育和病患照護領導者，正在進行重大的數位轉型。基金會從美國和加拿大的競爭對手中選擇了 Blackbaud CRM，因為我們在籌款市場中的領導地位以及我們實現捐贈者體驗現代化的能力。加州州立理工大學是一所領先的公立教育機構，它選擇了 Blackbaud 的 Raiser's Edge NXT 作為其現代的基於雲端的解決方案，以取代遺留系統並推動其數位轉型。

This win highlights our growing momentum in the higher education vertical, where our professional services team brings deep implementation expertise. Our success with Cal Poly was driven by a combination of our proven change management methodology, our integrated payment solution, which ensures PCI compliance and operational efficiency and our ability to align with the university's long-term strategic goals.

此次獲獎凸顯了我們在高等教育垂直領域的成長勢頭，我們的專業服務團隊在該領域擁有深厚的實施專業知識。我們與加州理工州立大學合作的成功得益於我們成熟的變更管理方法、整合支付解決方案（確保 PCI 合規性和營運效率）以及我們與大學長期策略目標保持一致的能力。

This partnership underscores the value of our modern scalable platform in meeting the evolving needs of higher education institutions. Specific to our YourCause solution, we had a very strong quarter of adding and expanding large customers like NASDAQ, Tyson Foods, Chevron, Quest Diagnostics, Cummins and several other global brand names. We are winning with YourCause because of our investments in innovation like Impact Edge, expedited payments and the expanded global markets we serve.

此次合作凸顯了我們現代可擴展平台在滿足高等教育機構不斷變化的需求方面的價值。具體到我們的 YourCause 解決方案，我們在本季度表現非常強勁，新增並擴大了大型客戶，如納斯達克、泰森食品、雪佛龍、Quest Diagnostics、康明斯和其他幾個全球品牌。我們與 YourCause 合作取得成功，是因為我們在 Impact Edge、快速支付等創新方面的投資以及我們服務的不斷擴大的全球市場。

Also during the second quarter, we were pleased to add Bill Ford as our new Head of North American sales. Bill reports to our Chief Commercial Officer, David Benjamin, and leads our US and Canadian sales teams serving our customers across all verticals. Bill brings with him deep knowledge in the social impact sector, having led software teams most recently at Salesforce with experience from Oracle and SAP as well.

此外，在第二季度，我們很高興任命比爾福特 (Bill Ford) 為我們新的北美銷售主管。Bill 向我們的商務長 David Benjamin 匯報工作，並領導我們的美國和加拿大銷售團隊為所有垂直領域的客戶提供服務。Bill 在社會影響領域擁有深厚的知識，最近曾領導 Salesforce 的軟體團隊，也曾在 Oracle 和 SAP 工作。

He's hit the ground running, and we look forward to his continued focus on driving more growth. Our second primary focus is continuing to invest aggressively in innovation. We have made notable progress on this front during Q2. Our Raiser's Edge NXT transformation is in full swing with continuous updates. Literally hundreds were delivered just this past quarter.

他已開始全力以赴，我們期待他繼續致力於推動更多成長。我們的第二個主要重點是繼續積極投資創新。我們在第二季度在這方面取得了顯著進展。我們的 Raiser's Edge NXT 轉型正在全面展開並持續更新。僅在上個季度，就已交付了數百輛。

We have recently modernized pledge giving releasing a new integration with Constant Contact, a best-of-breed digital marketing solution for mid-market organizations. The Constant Contact integration is a connected experience within Raiser's Edge NXT and a hallmark of our connected and open strategy. We are transforming Financial Edge NXT from a system of record to a system of intelligence and connected finance. This includes seamless integration with Raiser's Edge NXT and new advanced methods of journal entry and invoicing that can make our customers significantly more efficient.

我們最近對承諾進行了現代化改造，發布了與 Constant Contact 的新集成，Constant Contact 是針對中型市場組織的最佳數位行銷解決方案。Constant Contact 整合是 Raiser's Edge NXT 內的連網體驗，也是我們連網開放策略的標誌。我們正在將 Financial Edge NXT 從記錄系統轉變為智慧和互聯金融系統。這包括與 Raiser's Edge NXT 的無縫整合以及新的先進的日記帳分錄和發票方法，可以顯著提高我們的客戶效率。

In K-12 education, we've started a limited rollout of our common records engine with marquee customers. Common records engine is a significant and differentiated feature that connects advancement offices with school administrations. School spend significant time on transferring data between offices, delays, inaccuracies and incomplete information have a direct impact on the relationships they build with their community.

在 K-12 教育領域，我們已經開始向主要客戶有限地推出我們的通用記錄引擎。通用記錄引擎是連接發展辦公室和學校管理部門的重要且差異化的功能。學校花費大量時間在辦公室之間傳輸數據，延遲、不準確和不完整的資訊會直接影響他們與社區建立的關係。

A key component of the powerful network effect solution for our corporate YourCause customers that I mentioned earlier is a new level of efficiency within this new network. In the corporate employee giving world, donations typically take months to reach the intended charity. By integrating our YourCause, payments and fundraising solutions, this could be accomplished in a day or two. This provides Blackbaud a unique position in this market with this integrated solutions capability.

我之前提到的針對我們企業 YourCause 客戶的強大網路效應解決方案的關鍵組成部分是這個新網路的全新效率水準。在企業員工捐款領域，捐款通常需要數月才能到達預期的慈善機構。透過整合我們的 YourCause、支付和籌款解決方案，這可以在一兩天內完成。憑藉其整合解決方案能力，Blackbaud 在該市場佔據了獨特的地位。

AI continues to be front and center in our innovation with our AI Everywhere strategy. This includes innovation already underway like predictive AI that's helping customers identify billions of dollars in untapped giving potential generative AI-powered acknowledgments they're speedy and enhancing communication with supporters and an upcoming technical preview of Blackbaud copilot an AI-powered coach and assistant that allows users to interact with their data in natural language ask questions and gain insights.

透過我們的「AI Everywhere」策略，AI 將繼續成為我們創新的核心。這包括已經在進行的創新，例如預測性人工智慧，它可以幫助客戶識別數十億美元尚未開發的潛力；生成性人工智慧支援的確認，它們速度快，並增強了與支持者的溝通；以及即將推出的 Blackbaud copilot 技術預覽版，這是一種人工智慧支援的教練和助手，允許用戶使用自然語言與他們的數據進行交互，提出問題並獲得見解。

We also have underway a full agentic offering, which we expect to launch at our upcoming bbcon conference in October. We're working with selected customers to partner on these new solutions. We believe there's great potential for Agentic AI in the social impact sector to help customers unlock new levels of effectiveness and deeper connections across critical fundraising operations like donor cultivation, stewardship and sustainer management and driving accelerated revenue for our customers in the sector.

我們也正在進行一項全面的代理服務，預計將於 10 月即將舉行的 bbcon 會議上推出。我們正在與選定的客戶合作開發這些新的解決方案。我們相信，Agentic AI 在社會影響領域具有巨大的潛力，可以幫助客戶在捐贈者培養、管理和維持者管理等關鍵籌款業務中提升效率和建立更深層次的聯繫，並為該領域的客戶帶來更快的收入。

Our genetic offerings features include capabilities such as reviewing donors at risk of lapsing and suggesting additional activities are reviewing gifts and creating segments of likely upgrade prospects and generating offers specific to each donor. We also have a full Agentic fundraiser solution in development that will be available this fall to address the needs of our customers to reach more donors and drive their messages in revenue.

我們的基因產品功能包括審查有失效風險的捐贈者、建議額外活動、審查禮物、創建可能升級前景的細分以及為每個捐贈者提供特定的優惠等功能。我們也正在開發一套完整的 Agentic 募款解決方案，該解決方案將於今年秋季上市，以滿足客戶的需求，接觸更多的捐款者並透過他們的資訊來增加收入。

I recently hosted our virtual developer conference, we call bbdevdays with over 2,600 developers worldwide participants explored innovative ways to automate and extend our Blackbaud solutions alongside our employees, partners and peers. We're starting to see a fundamental shift in how customers are using AI for their custom development, leveraging AI to write code, broadening the definition of what a developer is and lowering the barrier to creating time-saving customizations and automations on top of their Blackbaud solutions.

我最近主持了我們的虛擬開發者大會，我們稱之為 bbdevdays，來自全球的 2,600 多名開發人員與我們的員工、合作夥伴和同行一起探索了自動化和擴展我們的 Blackbaud 解決方案的創新方法。我們開始看到客戶使用人工智慧進行客製化開發的方式發生了根本性的轉變，利用人工智慧編寫程式碼，拓寬開發人員的定義，降低在 Blackbaud 解決方案之上創建節省時間的客製化和自動化的門檻。

We look forward to highlighting these points as well as many of our other unique and exciting innovations at our annual customer event, bbcon in October in Philadelphia. Customers and prospects will have the opportunity to enhance their skills make valuable connections across Blackbaud's customer community and hear from Blackbaud leaders on what's coming next in innovation.

我們期待在 10 月於費城舉行的年度客戶活動 bbcon 上重點介紹這些要點以及我們的許多其他獨特而令人興奮的創新。客戶和潛在客戶將有機會提升他們的技能，與 Blackbaud 的客戶社群建立寶貴的聯繫，並聽取 Blackbaud 領導者對創新未來發展的看法。

In addition to over 100 powerhouse sessions led by industry experts and Blackbaud leaders as well as preconference workshops for product training and developers of all levels will be available. We continue to be very focused on our operational rigor to drive increased profitability and strong cash flows.

除了由產業專家和 Blackbaud 領導者主持的 100 多場精彩會議之外，還將舉辦針對各級產品培訓和開發人員的會前研討會。我們將繼續高度重視營運嚴謹性，以推動獲利能力的提高和現金流的強勁成長。

In our Q2 and first half is a strong testament to that discipline. Over the past several quarters, I've spent a lot of time discussing our significantly improved financial results from the last 5-years and financial model you can expect from us in the future. We believe Blackbaud is a sound investment choice, but has the potential to create substantial shareholder value.

我們的第二季和上半年的表現有力地證明了這項紀律。在過去的幾個季度裡，我花了很多時間討論我們過去五年來顯著改善的財務表現以及未來您可以期待的財務模型。我們相信 Blackbaud 是一個合理的投資選擇，但有潛力創造巨大的股東價值。

This belief is supported by our performance in the first half of 2025 and raising our guidance for the remainder of this year as a framework going forward, we are targeting mid-single-digit plus organic revenue growth. EBIT growth in excess of revenue growth, double-digit diluted EPS growth, and we will continue to drive very strong free cash flow, which includes purposeful capital allocation.

這一信念得到了我們在 2025 年上半年的業績支持，並且我們提高了今年剩餘時間的指導作為未來框架，我們的目標是實現中等個位數以上的有機收入增長。EBIT 成長超過營收成長，稀釋每股盈餘成長達到兩位數，我們將繼續推動非常強勁的自由現金流，其中包括有目的的資本配置。

Chad will provide a bit more of the specifics on our plans across these metrics in his guidance section, but we look forward to continuing the journey and offering our shareholders increasing value in the coming years.

查德將在他的指導部分提供有關這些指標的計劃的更多細節，但我們期待繼續這一旅程並在未來幾年為我們的股東提供越來越多的價值。

With that, let me turn the call over to Chad.

說完這些，讓我把電話轉給查德。

Thank you, Mike, and good morning, everyone. Blackbaud continues to be well positioned for long-term success, delivering consistent growth and enviable profitability. As Mike outlined, Blackbaud performed well in the second quarter, capping a strong first half of the year. We remain committed to providing investors an attractive financial model, balance between growth in revenues, earnings and cash flows, along with a prudent and purposeful capital allocation strategy.

謝謝你，麥克，大家早安。Blackbaud 繼續為長期成功做好準備，實現持續成長和令人羨慕的獲利能力。正如麥克所概述的，Blackbaud 在第二季度表現良好，為今年上半年的強勁表現畫上了圓滿的句號。我們始終致力於為投資者提供有吸引力的財務模型、收入、收益和現金流成長之間的平衡以及審慎而有目的的資本配置策略。

Mike walked through the high-level Q2 results, which tell a story of consistent mid-single-digit top line growth and improved profitability. But to reiterate, Q2 organic revenues were up 6.8% to $281 million with the revenue over performance powered by our transaction solutions and some additional support from foreign currency rates.

麥克詳細介紹了第二季的高層業績，業績顯示公司營收持續保持中等個位數成長，獲利能力不斷提高。但需要重申的是，第二季度有機收入成長 6.8% 至 2.81 億美元，收入超出預期得益於我們的交易解決方案以及外匯匯率的一些額外支持。

Adjusted EBITDA of $108 million was up approximately $6 million with a nearly 300 basis point improvement to margin. Improved revenue and EBITDA margin speaks to the power of the company's 5-point operating plan, which positively impacted earnings per share.

調整後的 EBITDA 為 1.08 億美元，上漲約 600 萬美元，利潤率提高近 300 個基點。收入和 EBITDA 利潤率的提高證明了公司 5 點營運計劃的強大力量，該計劃對每股收益產生了積極影響。

Non-GAAP EPS increased to $1.21 compared to $1.08 last year. Adjusted free cash flow was $53 million, up from $36 million last year representing an adjusted free cash flow margin of 18.9% compared to 12.7% in Q2, 2024. Our expected free cash flow for the year gives us confidence to continue investment in a number of critical areas like product innovation, which can also include stock repurchases and debt repayment.

非公認會計準則每股收益從去年的 1.08 美元增至 1.21 美元。調整後的自由現金流為 5,300 萬美元，高於去年的 3,600 萬美元，調整後的自由現金流利潤率為 18.9%，而 2024 年第二季為 12.7%。我們預計今年的自由現金流使我們有信心繼續投資於產品創新等多個關鍵領域，其中還包括股票回購和債務償還。

In the first half of 2025, we bought back approximately 4% of our outstanding shares and continue to demonstrate our strong belief in the value of Blackbaud. Additionally, leverage decreased to 2.7 times in the second quarter compared to 2.9 times last quarter. It was a strong first half of the year. Before I move to guidance for the remainder of 2025, there are several housekeeping items that I wanted to highlight that may influence our numbers and help you set your models for both the year and upcoming quarters appropriately.

2025 年上半年，我們回購了約 4% 的流通股，並繼續表明我們對 Blackbaud 價值的堅定信念。此外，第二季槓桿率從上一季的 2.9 倍下降至 2.7 倍。今年上半年表現強勁。在介紹 2025 年剩餘時間的指導之前，我想強調幾個可能影響我們數字的內部事項，並幫助您適當地設定今年和未來幾個季度的模型。

Thinking about revenue seasonality, our transactional revenue can create fluctuations from quarter-to-quarter with Q4 typically being our highest revenue quarter. Our annual merit increases for employee compensation go into effect on July 1. So Q3 and Q4 tend to have higher compensation-related costs compared to Q1 and Q2.

考慮到收入的季節性，我們的交易收入可能會逐季度波動，而第四季通常是我們收入最高的季度。我們的員工薪資年度加薪將於 7 月 1 日生效。因此，與 Q1 和 Q2 相比，Q3 和 Q4 往往具有更高的薪酬相關成本。

Finally, we're analyzing the tax implications of the July tax law changes and believe it will meaningfully reduce cash taxes for the company in the near term. Any potential impact to the second half of 2025 is not yet reflected in our improved 2025 guidance range. We will provide more clarity on this topic during next quarter's call.

最後，我們正在分析七月份稅法變化的稅收影響，並相信它將在短期內大幅降低公司的現金稅。我們改進的 2025 年指導範圍尚未反映對 2025 年下半年的任何潛在影響。我們將在下個季度的電話會議中更清楚地解釋這個主題。

Moving now to guidance for the remainder of 2025. Our guidance for the year assumes no material changes, positive or negative in the current macroeconomic landscape. We are raising our guidance across all metrics for the year by the following. Regarding revenue, we are projecting revenue in the range of $1,120 million to $1,130 million representing organic growth at the midpoint of approximately 5% on a constant currency basis.

現在轉向 2025 年剩餘時間的指導。我們對今年的指導假設是，當前宏觀經濟情勢不會發生重大變化，無論是正面的還是負面的。我們將在以下時間上調今年所有指標的預期。關於收入，我們預計收入將在 11.2 億美元至 11.3 億美元之間，以固定匯率計算，有機成長率約為 5%。

This is an increase of $5 million driven by strong first half transactional revenue performance as well as some foreign exchange upside relative to expectations at the beginning of the year. Our modernized approach to contract renewals continues to go as expected and as originally planned, we are lapping another renewal pricing cohort, which is reflected in our increased guidance.

這一增長得益於上半年強勁的交易收入表現以及相對於年初預期的一些外匯上漲。我們對合約續約的現代化方法繼續按預期進行，並且按照最初的計劃，我們正在進行另一輪續約定價，這反映在我們增加的指導中。

Additionally, our revised guidance doesn't assume the same level of transactional revenue over performance as the first half and any viral giving events would represent upside to the current guidance range shifting to profitability. We continue to focus on margin expansion opportunities, while at the same time, making investments in the business in key areas like innovation, artificial intelligence and cybersecurity.

此外，我們修訂後的指引並不假設交易收入與上半年的業績水準相同，任何病毒式捐贈活動都將代表目前指引範圍向獲利能力轉變的上行空間。我們持續專注於利潤擴張機會，同時對創新、人工智慧和網路安全等關鍵領域的業務進行投資。

Therefore, we anticipate EBITDA margins of approximately 35.4% to 36.2% as a reminder, EverFi's contribution to our 2024 EBITDA was approximately $10 million to $15 million. After adjusting for the estimated impact of the EverFi divestiture the midpoint of our new EBITDA margin range implies approximately 7% growth in adjusted EBITDA dollars year-over-year.

因此，我們預計 EBITDA 利潤率約為 35.4% 至 36.2%。提醒一下，EverFi 對我們 2024 年 EBITDA 的貢獻約為 1000 萬至 1500 萬美元。在調整 Ev​​erFi 資產剝離的預期影響後，我們新的 EBITDA 利潤率範圍的中點意味著調整後的 EBITDA 金額年增約 7%。

With the overall revenue and spend configuration I just outlined, we expect 2025 non-GAAP EPS in the range of $4.30 to $4.50. After adjusting for the estimated impact of the EverFi divestiture, the midpoint of our revised 2025 non-GAAP EPS range implies an approximately 11% rate year-over-year. The combination of higher growth and better margins is expected to result in a rule of 40 at constant currency of 40.5% and the midpoint of revised guidance for the full year and approximately 190 basis point improvement year-over-year.

根據我剛才概述的整體收入和支出配置，我們預計2025年非公認會計準則每股收益將在4.30美元至4.50美元之間。在調整EverFi資產剝離的預期影響後，我們修訂後的2025年非公認會計準則每股收益區間的中點意味著同比增長率約為11%。預計更高的成長和更好的利潤率相結合將導致 40.5% 的固定貨幣規則和全年修訂指導的中點，並且比去年同期提高約 190 個基點。

We continue to focus sharply on driving adjusted free cash flow and returning capital to our shareholders. For the year, we're increasing our adjusted free cash flow guidance of $190 million to $200 million. As we discussed earlier this year, there are approximately $60 million of onetime items in working capital fluctuations negatively impacting our 2025 free cash flow outlook that we do not expect to repeat in 2026.

我們將繼續高度重視推動調整後的自由現金流並向股東返還資本。我們將今年調整後的自由現金流預期從 1.9 億美元提高至 2 億美元。正如我們今年稍早所討論的，營運資本波動中的一次性項目約有 6000 萬美元，對我們 2025 年的自由現金流前景產生了負面影響，我們預計 2026 年不會再出現這種情況。

You can find more details on Slide 24, of our investor deck. The company has tremendous optionality to dynamically allocate capital to its highest use based on market conditions, including additional stock repurchases, repayment of debt or synergistic M&A.

您可以在我們的投資者簡報的第 24 張投影片上找到更多詳細資訊。公司擁有極大的自主權，可以根據市場情況動態地將資本分配到最高用途，包括額外股票回購、償還債務或協同併購。

The performance of our stock, the interest rate environment and the availability of acquisitions will help inform our capital allocation decisions going forward. We have a lot to be proud of and a lot more to look forward to through the back half of 2025 and beyond. As such, we remain focused on providing enhanced value to our customers and shareholders.

我們的股票表現、利率環境和收購的可行性將有助於我們做出未來的資本配置決策。我們有很多值得驕傲的事情，並且對 2025 年下半年及以後有更多的期待。因此，我們仍然致力於為客戶和股東提供更高的價值。

At this time, I'll ask the operator, let's open up the line for questions. Operator?

這時候，我會問接線員，讓我們打開熱線回答問題吧。操作員？

(Operator Instructions)

（操作員指示）

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Thanks guys. I appreciate you taking the questions. So Mike, obviously, AI is very topical. It sounds like you'll have more to share there out of bbcon. I'm just curious at a high level, like how much is that coming up in your customer conversations? And how are you thinking about budget and spend for some of these AI tools over the next several years?

謝謝大家。感謝您回答這些問題。所以麥克，顯然，人工智慧非常具有現實意義。聽起來你會在 bbcon 上分享更多內容。我只是從更高層次好奇，例如在與客戶的對話中，這個問題出現的頻率有多高？您如何考慮未來幾年這些人工智慧工具的預算和支出？

Yeah. So thanks, Brian. I appreciate it. Yeah, we'll have a lot of news at bbcon. We've had several announcements throughout the last year as well with a lot of embedded AI and machine learning capabilities. We've been building predictive analytics and machine learning capabilities for the last decade. So it's not a new topic area for us per se. It's coming up with customers.

是的。所以謝謝你，布萊恩。我很感激。是的，我們會在 bbcon 上發布很多新聞。去年我們也發布了多項公告，其中涉及許多嵌入式人工智慧和機器學習功能。過去十年我們一直在建立預測分析和機器學習能力。所以這對我們來說本身並不是一個新的話題領域。它正在與客戶一起出現。

They're trying to figure out how to use AI, how does it impact them, how they get more productivity? Can they drive revenue, all the things that you would normally think that they would be curious about. And I feel like we're going to be an industry leader in the space. We've got a really good team. We've added a lot of talent. We've got new engineers in our India location that are AI experts. We've got some outside partners we use in the space.

他們正在試圖弄清楚如何使用人工智慧，人工智慧對他們有何影響，如何提高生產力？他們能否帶來收入，所有這些你通常認為他們會好奇的事情。我覺得我們將成為該領域的產業領導者。我們有一個非常優秀的團隊。我們吸收了很多人才。我們在印度的工廠裡有新的工程師，他們都是人工智慧專家。我們在該領域有一些外部合作夥伴。

We've announced quite a bit already embedded in our solutions. I mentioned this morning in my prepared remarks, some new Agentic AI capabilities. Those will be new products and solutions from us that will be monetized.

我們已經宣布了許多已嵌入到我們的解決方案中的內容。我今天早上在準備好的演講中提到了一些新的 Agentic AI 功能。這些將是我們的新產品和解決方案，並將實現貨幣化。

Some of the things we've already announced are embedded in our solutions and included in the base cost of our solutions. Some of the new ones will be new products and new revenue lines from us. So we continue to invest in AI in the space from an innovation standpoint.

我們已經宣布的一些內容已嵌入我們的解決方案中，並包含在我們解決方案的基本成本中。其中一些新產品將是我們的新產品和新收入來源。因此，我們從創新的角度繼續投資人工智慧領域。

I'll also add, we have a ton of AI work going on inside the company as a software company. We're a consumer and a creator of AI, if you will. So we have a lot of solutions across the business in marketing and sales and customer success and software engineering and product development across the board.

我還要補充一點，作為一家軟體公司，我們公司內部正在進行大量的人工智慧工作。如果你願意的話，我們是人工智慧的消費者和創造者。因此，我們在行銷、銷售、客戶成功、軟體工程和產品開發等領域擁有大量全面的解決方案。

So we're using a lot of capabilities there. We aren't really achieved sort of economic benefits from those. We're getting some productivity lifts. They're making impacts on the business and how we run the company. But I think they're going to provide some pretty interesting opportunities as we continue to march down the Rule of 45 from a margin improvement and productivity improvement standpoint.

所以我們在那裡使用了很多功能。我們並沒有真正從中獲得任何經濟利益。我們的生產力正在提高。它們對業務以及我們經營公司的方式產生了影響。但我認為，隨著我們從利潤率提高和生產力提高的角度繼續遵循 45 規則，它們將提供一些非常有趣的機會。

Thanks, Michael. And maybe a follow-up for Chad. I know you guys kind of mentioned the kind of mid-single-digit plus growth rate over the long term. Looking at the first half of the year, transactional, it was growing in the high-single-digits. I know there's been give some comments on viral giving and there's some structural tailwinds to that growth rate.

謝謝，麥可。也許是對查德的後續行動。我知道你們提到了長期中等個位數以上的成長率。從上半年來看，交易額呈現高個位數成長。我知道有人對病毒式捐贈發表了一些評論，而這種增長率有一些結構性的順風因素。

I just -- I would like to understand how we should be thinking about transactional relative to that mid-single-digit plus growth rate over the long term.

我只是——我想了解我們應該如何看待相對於長期中等個位數以上的成長率的交易。

Sure. Good morning, Brian. Absolutely, and we had a strong first half of the year. The transactional overperformance was just that. It transactional volumes were strong. It's difficult to predict the transaction volumes are more volatile.

當然。早安，布萊恩。確實如此，今年上半年我們的業績表現強勁。交易表現優異就是這樣。其交易量強勁。交易量波動較大，難以預測。

With that said, we had a great first half and a strong second quarter. I'd also mention that the contractual revenue performed well as to plan. So as you think about the transaction over performance, we're being measured. We don't expect that to recur. In the second half at the moment, we're going to continue to monitor.

話雖如此，我們的上半場表現非常出色，第二節也表現強勁。我還要提到，合約收入的表現符合計畫。因此，當您考慮交易而非績效時，我們正在接受衡量。我們不希望這種情況再次發生。目前，下半年我們將繼續關注。

And I'd also remind you that we saw a little bit of viral giving in the first quarter. We haven't seen any in the second quarter. And as such, we haven't included any in the guidance. So we just keep that in mind. If there are viral events that happen, those will be upside.

我還要提醒大家，我們在第一季看到了一些病毒式捐贈。我們在第二季還沒有看到任何變化。因此，我們沒有在指南中包含任何內容。所以我們只要記住這一點。如果發生病毒式事件，那將是好事。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Yes, hi, good morning. Thanks for taking my question, guys. So Mike, first one for you would be on the addition of Bill Ford as Head of North America. I know you guys have called out prior to Bill's arrival, focus on new logos and you've been calling them out in the slide deck and you referenced a few here.

是的，你好，早安。謝謝你們回答我的問題。麥克，首先要問的是比爾福特 (Bill Ford) 出任北美區總裁的問題。我知道你們在比爾到來之前就已經呼籲關注新標誌，你們已經在幻燈片中提到了這一點，並且在這裡引用了一些。

I guess, in echo of Brian's question trying to understand that single-digit that mid-single-plus target or guidance or forecast relative to software versus payments. Maybe talk about some of what Bill was doing -- or I know I realize he's only been on the job now for 1.5-month. But maybe talk about what his priorities are, what some learnings are that he's been bringing to a Blackbaud and what you expect sort of his benefit will be?

我想，與 Brian 的問題相呼應，試圖理解相對於軟體與支付的個位數、中個位數目標、指導或預測。也許可以談談比爾在做什麼——或者我知道他上任才一個半月。但也許可以談談他的優先事項是什麼，他為 Blackbaud 帶來了哪些經驗，以及您預計他會帶來哪些好處？

And then I had a quick follow-up for Chad.

然後我對查德進行了快速跟進。

Yeah, Rob, thanks. Yeah, we're excited to have Bill here. We've known Bill for a little bit. Like you said, he's been here just several weeks. Like any time you bring in an executive, I expect new ideas. I expect probably some different best practices. I definitely expect our ability to compete will be upgraded. He was on the other side of the table at Salesforce.org from us for years.

是的，羅布，謝謝。是的，我們很高興比爾能來這裡。我們對比爾有一段時間了解了。正如你所說，他來這裡才幾個星期。就像任何時候引入一位高階主管一樣，我期待有新的想法。我預計可能會有一些不同的最佳實踐。我絕對希望我們的競爭能力能夠提升。多年來，他在 Salesforce.org 一直與我們處於對立狀態。

And then so he brings knowledge of our customers in the marketplace understands our competition, all of our competition. not just Salesforce and their partners. He brings a lot of executive sales structure experience, having been at bigger companies like Salesforce and Oracle and SAP.

然後，他帶來了對我們市場上客戶的了解，了解我們的競爭對手，我們所有的競爭對手，而不僅僅是 Salesforce 及其合作夥伴。他曾在 Salesforce、Oracle 和 SAP 等大型公司任職，擁有豐富的高階主管銷售架構經驗。

So he's got a long background in sales and sales leadership and he have a specific background in our exact space. So there's a lot of benefit from his knowledge, and I expect we're going to be making some changes to driving new logos and cross-sales in the company.

因此，他在銷售和銷售領導方面擁有豐富的經驗，並且在我們這個領域擁有特定的背景。因此，他的知識為我們帶來了許多好處，我希望我們能夠做出一些改變，以推動公司的新標誌和交叉銷售。

Great, thanks. I appreciate that. And then, Chad, just one on the buyback. You guys have been fairly consistent with that. I think you did not buy back stock this quarter. So just was curious as to what the thought process there. I know you guys described it as programmatic, but just wanted to -- any color you could provide there on your thoughts would be helpful.

太好了，謝謝。我很感激。然後，查德，只談回購。你們一直都堅持這一點。我認為你本季沒有回購股票。所以只是好奇那裡的思考過程是怎麼樣的。我知道你們把它描述為程序化的，但我只是想——你們能提供的任何關於你們的想法的顏色都會有所幫助。

Thank you.

謝謝。

Thanks, Rob. We've made good progress on that front. Our current focus is from a capital allocation perspective are on stock repurchases and debt repayment in the first half. Now we've repurchased approximately 4%. We stated up to 5% for the year. So we're pacing really well. We bought back 11% last year. At the same time, we did borrow quite a bit. So we've seen an increase in interest expense. So we're mindful of that.

謝謝，羅布。我們在這方面取得了良好的進展。從資本配置角度來看，我們目前的重點是上半年的股票回購和債務償還。現在我們已經回購了大約4%。我們規定今年的稅率最高為 5%。所以我們的節奏非常好。我們去年回購了11%。同時，我們確實借了不少錢。因此我們看到利息支出增加了。所以我們注意到了這一點。

In Q2, we paid down quite a bit of debt. We've delevered. And so you would have heard -- we deleverage at 2.7 times down from 2.9 times in the first quarter. So good progress there, and we expect to continue to delever and we'll get down to somewhere in the low 2s by end of the year. So the way I think about it, like we're going to continue to evaluate interest rates. We'll see what the Fed does. And then we'll prioritize stock repurchases as well as debt repayment.

在第二季度，我們還清了相當多的債務。我們已經去槓桿了。所以你可能已經聽說了——我們的去槓桿率從第一季的 2.9 倍下降到了 2.7 倍。因此，這方面進展良好，我們預計將繼續去槓桿，到今年年底，我們將把槓桿率降至 2% 以下。所以我認為我們將繼續評估利率。我們將看看聯準會採取什麼行動。然後我們將優先考慮股票回購和債務償還。

And the good news is we have optionality to do both.

好消息是，我們可以選擇同時做這兩件事。

Parker Lane, Stifel

帕克巷，斯蒂費爾

Hey guys, thanks for taking the question this morning. I know you have about 25% of contracts that are in the renewal cohort this year. I was wondering if you could talk about the linearity and renewal periods you're seeing from a seasonal perspective. Is that more front half weighted, back half weighted? Or is it something that's smoothed out over the course of the year?

嘿夥計們，感謝你們今天早上回答這個問題。我知道今年大約有 25% 的合約處於續約狀態。我想知道您是否可以從季節角度談談您所看到的線性和更新期。是不是前半部加重，後半部加重？或者說，這問題會在一年內逐漸解決？

Yeah, Park, it's Mike. Typically, renewals are higher in Q2 and at the end of the year, kind of matches people's fiscal years, but it's really paced out. The bump-ups in volume aren't really significant, such fairly smooth that we see some increases in Q2 and Q4. The program is going well.

是的，帕克，我是麥克。通常，第二季和年底的續約量較高，與人們的財政年度相匹配，但速度確實很慢。銷量的成長並不顯著，相當平穩，我們在第二季和第四季看到了一些成長。該專案進展順利。

It's just a normal course of business now. It's 3-years old. We'll be 90% done with all of them by the end of this year. No major changes to what we anticipated and what we rolled out. And pretty much all customers are signing 3-years, sometimes longer, contracts.

現在這只是正常的業務流程。它3歲了。到今年年底，我們將完成全部工作的 90%。我們的預期和推出的舉措沒有重大變化。幾乎所有客戶都簽訂了 3 年甚至更長的合約。

Thanks, Mike. And it's been a year filled with a lot of headlines around the macro and tariffs and DOGE clearly, some solid results here through the first half of the year. Have you seen any pockets of weakness in customer -- in the customer base or some anxiety around renewals perhaps as these businesses and organizations think about where their future funding is going to come from?

謝謝，麥克。這一年充滿了有關宏觀經濟、關稅和 DOGE 的頭條新聞，顯然，今年上半年取得了一些可靠的成果。當這些企業和組織考慮未來的資金來源時，您是否發現客戶群中存在一些弱點，或對續約感到焦慮？

Yeah. Good question. So for us, we don't see any impact to Blackbaud. Our customers, ones that we're getting federal funding Obviously, they need to look for revenue in other places. Typically, that's our platform. So if you're losing a grant revenue line, by the way, we're not involved in the funds flow from the government at all as a note.

是的。好問題。因此對我們來說，我們沒有看到對 Blackbaud 的任何影響。我們的客戶，也就是那些獲得聯邦資助的客戶，顯然，他們需要在其他地方尋找收入。通常，這就是我們的平台。因此，如果您失去了贈款收入線，順便說一句，我們根本不參與政府的資金流動。

But if you get government grants as one of your revenue lines and you use a Blackbaud fundraising solution for your other revenue lines, you're going to depend more on us. So there's a higher dependency for our kind of solutions to drive revenue, which we see as potential upside for us.

但是，如果您將政府補助作為收入來源之一，並使用 Blackbaud 籌款解決方案作為其他收入來源，那麼您將更加依賴我們。因此，我們的解決方案對推動收入的依賴程度更高，我們認為這對我們來說具有潛在的優勢。

We've seen some customers have to cut back a little and restructure because of a loss of a grant -- federal grant revenue line, but haven't seen anybody go out of business or any changes like that. So there's been no impact to sales pipeline or renewals. And again, it makes our fundraising solutions stickier.

我們看到一些客戶因為失去聯邦撥款收入而不得不削減開支並進行重組，但還沒有看到任何客戶倒閉或發生類似的變化。因此，這對銷售管道或續約沒有影響。這也使我們的籌款解決方案更加黏性。

Kirk Materne, Evercore ISI.

柯克‧馬特恩 (Kirk Materne)，Evercore ISI。

Yeah, thanks very much, Mike, I realize it's early, but starting in the beginning of next year, you're going to start coming back up on cycling through that first tranche of customers that did the 3-year deals with you. How are you just thinking about sort of upsell around those customers that have already gone through the process. Customers tend to renew early at times.

是的，非常感謝，麥克，我知道現在還為時過早，但從明年年初開始，你將開始重新循環與你簽訂了 3 年期協議的第一批客戶。您如何考慮針對那些已經完成流程的客戶進行追加銷售？客戶有時傾向於提前續約。

Just any thoughts on sort of that is an opportunity obviously, it's a much more structured contracting process. But obviously, you guys have a broad suite of products. Just wondering how you're thinking about upsell and cross-sell as some of those customers come back and start re-engaging with you?

任何關於這方面的想法顯然都是一個機會，這是一個更結構化的簽約流程。但顯然，你們擁有廣泛的產品系列。只是想知道，當一些客戶回來並開始重新與您接觸時，您如何考慮追加銷售和交叉銷售？

Yeah, Kirk. So we don't wait for the contract renewal. About half our sales team are focused on cross-selling anyway. We have expansion opportunities for most of our customer types, if you will, And so that's an ongoing activity. It's not just at renewal. Sometimes it happens at renewal. So the back-to-base sales folks are co-ordinated with our contract folks together on renewals. But again, that's an ongoing activity for us.

是的，柯克。所以我們不等待續約。無論如何，我們大約一半的銷售團隊都專注於交叉銷售。如果您願意的話，我們為大多數客戶類型提供了擴展機會，因此這是一項持續的活動。這不僅發生在更新時。有時它會在續約時發生。因此，返回基地的銷售人員會與我們的合約人員一起協調續約事宜。但同樣，這對我們來說是一項持續的活動。

So we just see this continuing on forward. As a reminder, most of our customers have multiple software providers, not Blackbaud competitors, but just others they buy software from. So our move to the pricing and standardizing on 3-year contracts wasn't necessarily new for our customers to see. It was is new for Blackbaud and so we don't see any changes to the program. It's just -- again, it's part of the base business, and we'll just continue on.

因此，我們看到這種情況仍在繼續。提醒一下，我們的大多數客戶都有多個軟體供應商，他們不是 Blackbaud 的競爭對手，而只是從其他供應商購買軟體。因此，我們採取 3 年合約定價和標準化的舉措對我們的客戶來說並不是什麼新鮮事。對於 Blackbaud 來說，這是一個新功能，因此我們沒有看到該程式有任何變化。這只是——再說一次，這是基礎業務的一部分，我們將繼續下去。

Okay, that's great. And then, Chad, for you, I realize it's super early. Any just thoughts on the magnitude of benefits from a cash tax perspective because of the one big beautiful bill? Any just thoughts on that for you all. Obviously, it impacts your R&D in particular, but just kind of trying to get a sense on sizing, if at all possible?

好的，太好了。然後，查德，對你來說，我意識到現在還為時過早。從現金稅的角度來看，這張漂亮的大鈔能帶來多大的利益？有什麼看法嗎？大家對此有什麼看法嗎？顯然，它對您的研發有特別的影響，但如果可能的話，只是想了解一下尺寸？

Yeah. Thanks, Kirk. It's still early days. So we're analyzing the implications of the new legislation. We expect that it's going to have a very favorable impact from a cash tax perspective.

是的。謝謝，柯克。現在還為時過早。因此，我們正在分析新立法的影響。我們預計，從現金稅的角度來看，這將產生非常有利的影響。

We have not sized it yet to the point that we're ready to share, but we think it will be meaningful and our intent will be to provide an update at the next call. But I would remind everyone that we've not included the potential impact into the revised guidance.

我們尚未將其規模擴大到可以分享的程度，但我們認為它將是有意義的，我們的目的是在下次通話時提供更新。但我要提醒大家，我們尚未將潛在影響納入修訂後的指引中。

Super. Thanks, guys.

極好的。謝謝大家。

Yeah. Kirk, I'll just add -- this is Mike. I'll add to that, too, that in Chad's prepared remarks, you mentioned that we have $60 million we took in the first quarter for some moves that really improved the business. About half of that was a lease write-off was $28 million. That would have cost us $42 million if we kept the lease. That $60 million is coming back next year, number-1.

是的。柯克，我只想補充一下──這是麥克。我還要補充一點，在查德的準備好的發言中，您提到我們在第一季度投入了 6000 萬美元，用於一些真正改善業務的舉措。其中約一半是租賃註銷，金額為 2,800 萬美元。如果我們保留租約，那將花費我們 4,200 萬美元。這 6000 萬美元明年就會回來，這是第一名。

Number 2, we've got the benefit of the tax bill Chad just mentioned. And thirdly, we'll just have organic improvement as the business continues to grow from a cash production standpoint. So really outstanding outlook with those three components related to cash.

第二，我們從查德剛才提到的稅收法案中受益。第三，從現金生產的角度來看，隨著業務的持續成長，我們將實現有機改善。因此，與現金相關的這三個組成部分的前景確實非常出色。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah, hey guys, thanks so much for taking the questions. I wanted to ask a question on the Agentic AI strategy. I know you're going to talk about it more at bbcon, but I did want to ask how you're thinking about it really from a high level of the AI product and how you're thinking about including the features within existing tiers maybe using AI as a carrot to up-tier to more premium tiers.

是的，嘿夥計們，非常感謝你們回答這些問題。我想問一個有關 Agentic AI 策略的問題。我知道您將在 bbcon 上進一步討論這個問題，但我確實想問一下，您從 AI 產品的高層角度是如何考慮這個問題的，以及您如何考慮將現有層級中的功能納入其中，或許可以使用 AI 作為激勵手段來提升到更高級的層級。

And then just AI products that are stand-alone SKUs and how to think about monetization of those standard SKUs? Are they going to be [seat] base? Or are they going to be consumption-based? Any sort of color there would be helpful.

那麼，僅作為獨立 SKU 的 AI 產品以及如何考慮這些標準 SKU 的貨幣化？他們會成為[席位]基礎嗎？或者它們將以消費為基礎？任何顏色都會有幫助。

Yeah, Koji, thanks. I can spend an hour on that one. So we've got some really impactful AI in production across many of our products today, we have not monetized those, as you know. And they're driving a lot of improved capabilities. And because they're embedded in our products, we have -- the key thing about AI is access to appropriate data, clean data and good data makes AI an impactful additive solution for folks.

是的，Koji，謝謝。我可以花一個小時來做這件事。因此，我們今天在許多產品的生產中都採用了一些真正有影響力的人工智慧，但正如你所知，我們還沒有將它們貨幣化。他們正在推動許多能力的改進。因為它們嵌入在我們的產品中，所以我們——人工智慧的關鍵在於獲取適當的數據、乾淨的數據和良好的數據，這使得人工智慧成為人們有影響力的附加解決方案。

And so we have things that are going across our fundraising solutions today that are very important and impactful, not yet Agenetic. We are coming out with Agentic, I mentioned that. We are working with customers now -- we'll have products by the fall at bbcon. These will be separately monetized. We're looking at all the models of pricing that are in the industry.

因此，我們今天在籌款解決方案中討論的事情非常重要且影響深遠，但 Agenetic 尚未做到。我提到過，我們將推出 Agentic。我們現在正在與客戶合作——我們將在秋季的 bbcon 上推出產品。這些將單獨貨幣化。我們正在研究行業中的所有定價模型。

We've got some outside folks helping us with pricing models. It will be pricing. There's a couple of choices you can make. I'm not going to preannounce that. But it would definitely be additive for us and drive good ROI for customers as well. We are coming out with a Blackbaud AI chat or a copilot. That will be here very, very soon.

我們有一些外部人員幫助我們制定定價模型。這將是定價。您可以做出幾個選擇。我不會預先宣布這一點。但它對我們來說絕對是一種附加價值，也能為客戶帶來良好的投資報酬率。我們將推出 Blackbaud AI 聊天或副駕駛。很快就會實現。

And that will allow customers to just ask English questions within their solutions as opposed to kind of going from screen to screen like a typical cloud solution, they could just ask questions and get answers, inside their solution.

這將允許客戶在他們的解決方案中提出英語問題，而不是像典型的雲端解決方案那樣從一個螢幕轉到另一個螢幕，他們可以在他們的解決方案中提出問題並獲得答案。

The key thing is our products are systems of record. So we have all the data. And we also [pecure] outside data as well. So we have first, second and third-party data that gets ingested in our systems. So our own data that gets in the core system of record, outside data that we purchased and add to it and then apply AI capabilities on top of that for unique solutions for customers.

關鍵是我們的產品是記錄系統。所以我們擁有所有數據。我們也取得外部數據。因此，我們的系統會吸收第一方、第二方和第三方的資料。因此，我們自己的數據進入了核心記錄系統，我們購買並添加到其中的外部數據，然後在其基礎上應用人工智慧功能，為客戶提供獨特的解決方案。

And you have to be sort of inside the system of record to be able to do that and we're the system of record, which is a pretty significant competitive advantage for us. From an Agenetic standpoint, we will be coming out with a virtual fundraiser, again, embedded within our solutions, separate products separately monetized.

你必須進入記錄系統才能做到這一點，而我們就是記錄系統，這對我們來說是一個非常重要的競爭優勢。從 Agenetic 的角度來看，我們將推出虛擬籌款活動，同樣，嵌入我們的解決方案中，將單獨的產品單獨貨幣化。

I'll give you an example. Think of a university that might have 200,000 alumni that might have 30 gift officers. Those 30 gift officers were probably focused on the top 5,000 or 10,000 prospects, if you will, or alumni. And there might be 190,000 of them that really don't get a lot of attention, recent grads, other reasons.

我給你舉個例子。想像一下，一所大學可能有 20 萬名校友，可能有 30 名禮品官員。這 30 名禮品官員可能主要關注的是排名前 5,000 或 10,000 名的潛在客戶，或校友。其中可能有 19 萬人並沒有受到太多關注，因為剛畢業，或其他原因。

A virtual fundraiser can focus on those 24 hours a day and raise money, which will be an additive fundraiser going after potential revenue lines and donors, they're not access today are focused on today. So that's an example of an Agentic solution that we're building that will be out here in the fall, a virtual fundraiser.

虛擬籌款活動可以每天 24 小時專注於這些並籌集資金，這將是一個附加籌款活動，旨在追逐潛在的收入來源和捐贈者，他們今天無法獲得這些收入，因此只關註今天。這就是我們正在建立的 Agentic 解決方案的一個例子，它將在秋季推出，這是一個虛擬籌款活動。

Hopefully, that was helpful.

希望以上資訊對您有幫助。

Very helpful. Thanks, Mike, and maybe a follow-up for Chad. I know the previous question was around tax changes or your answer is around the tax changes. I did want to dig into that just a little bit. We were taking a look at those July tax changes and super interesting.

非常有幫助。謝謝，麥克，也許可以跟進查德。我知道之前的問題是關於稅收變化的，或者你的答案是關於稅收變化的。我確實想稍微深入研究一下這一點。我們正在研究七月份的稅收變化，非常有趣。

So maybe from a high level, what particular topics within tax changes are you looking at? Was it maybe something around the R&D expense amortization or something else that was behind your prepared remarks about tax.

那麼從高層次來看，您正在關注稅收變化中的哪些具體主題？您準備的有關稅收的評論是否與研發費用攤銷有關，或者還有其他原因？

Sure, Koji. And you're right. The most material section of the code change that we expect to drive change for Blackbaud is going to come from that section 174 that's directly related to R&D expenditures. The repeal of the Section 174 will kind of remove the requirement to capitalize and then amortize the tax benefit over time for domestic R&D.

當然，Koji。你是對的。我們預計將推動 Blackbaud 變革的程式碼變更中最實質的部分將來自與研發支出直接相關的第 174 條。第 174 條的廢除將在某種程度上取消對國內研發的稅收優惠進行資本化並隨時間攤銷的要求。

So that's where the bulk of the -- kind of the thought and commentary comes there's details you're right to be aware of R&D work that occurs offshore will continue to be capitalized and amortized. So there's devil in the detail that we're getting into, but that's the primary driver.

所以，這就是大部分想法和評論的來源，你正確地意識到在海外進行的研發工作將繼續被資本化和攤銷。因此，我們所討論的細節中存在著魔鬼，但這是主要的驅動因素。

Okay. I think that's it for our questions today. Yes. Operator, I'll take it from here. Thank you, and thank everyone for joining us today. We will be attending a number of investor events in August and September to include several investor conferences, which are listed on our events page on our Investor Relations site.

好的。我想這就是我們今天的問題了。是的。接線員，我來接手。謝謝大家，也謝謝大家今天的到來。我們將在八月和九月參加一系列投資者活動，其中包括幾場投資者會議，這些活動列在我們投資者關係網站的活動頁面上。

We hope to see you [and] or speaking with you soon, and we wish you good health, and have a great day. Thank you.

我們希望很快見到您或與您交談，並祝您身體健康，度過美好的一天。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。