Blackbaud, Inc. (BLKB) 2026 Q2 法說會逐字稿

Good day, welcome to Blackbaud's second-quarter 2026 earnings conference call. Today's conference is being recorded. I'll now turn the conference over to Tom Barth, Head of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Blackbaud 2026 年第二季財報電話會議。今天的會議將被錄音。現在我將把會議交給投資人關係主管 Tom Barth。先生，請開始。

Good morning, everyone. Thank you for joining us on Blackbaud's second-quarter 2026 earnings call. Joining me on the call today are Mike Gianoni, Blackbaud's Chief Executive Officer, President, and Vice Chairman, and Chad Anderson, Blackbaud's Executive Vice President and Chief Financial Officer.

各位早安。感謝各位參加 Blackbaud 2026 年第二季財報電話會議。今天與我一同出席的有 Blackbaud 執行長、總裁兼副董事長 Mike Gianoni，以及 Blackbaud 執行副總裁兼財務長 Chad Anderson。

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. Today's discussion will focus on non-GAAP results. Please refer to our press release and investor materials posted to our website for full details on our financial performance, including GAAP results, full year guidance, and long-term aspirational goals. We believe that a combination of GAAP and non-GAAP measures provide a more representative view of how we measure our business.

請注意，我們今天的評論包含前瞻性陳述，並受風險與不確定性影響，可能導致實際結果與預期有重大差異。有關這些風險的更多資訊，請參閱我們最新的 Form 10-K 及其他向 SEC 提交的文件。今天的討論將聚焦於非 GAAP 結果。關於我們的財務表現完整細節（包括 GAAP 結果、全年指引與長期願景目標），請參閱我們發布的新聞稿以及張貼於網站的投資人資料。我們相信，結合 GAAP 與非 GAAP 指標能更具代表性地呈現我們衡量業務的方式。

Unless otherwise specified, we will refer only to non-GAAP financial measures on this call. Please note that non-GAAP financial measures should not be considered in isolation from or as a substitute for GAAP measures. We have also provided a slide presentation with supplemental data and additional highlights and financial metrics. The earnings release, supplemental tables, and presentation are available in the investor relations section of our website on blackbaud.com.

除非另有說明，本次電話會議中我們將僅提及非 GAAP 財務衡量指標。請注意，非 GAAP 財務衡量指標不應被孤立看待，也不應作為 GAAP 指標的替代。我們亦提供含補充資料、其他重點與財務指標的簡報投影片。財報新聞稿、補充表格與簡報可於 blackbaud.com 網站的投資人關係專區取得。

With that, let me turn the call over to you, Mike.

接下來，我把電話交給你，Mike。

Thank you, Tom. Good morning, everyone. We appreciate you joining today. We delivered another quarter of solid execution against our operating plan with a continued focus on efficiency and a rapidly accelerating pace of product innovation. We achieved our planned revenue and other financial targets for the quarter.

謝謝你，Tom。各位早安。感謝各位今天加入我們。我們在持續聚焦效率、並以快速加速的產品創新節奏推進下，再次交出一季穩健執行營運計畫的成果。本季我們達成了既定的營收與其他財務目標。

As you saw in our press release, we pointed investors to the high end of our full year financial guidance ranges, which does not include any meaningful revenue contribution from our five new AI products launched or announced this year. AI enablement remains central to our success, both in terms of the capabilities we're delivering to customers and in the way Blackbaud is operating. Our first agentic products moved from launch into real customer results, which is reinforcing our confidence in both our strategy and the opportunity ahead.

如各位在新聞稿中所見，我們向投資人指出全年財務指引區間的高端水準，而其中並未納入我們今年推出或宣布的五項新 AI 產品所帶來的任何顯著營收貢獻。AI 賦能仍是我們成功的核心，無論是在我們交付給客戶的能力上，或是在 Blackbaud 的營運方式上皆然。我們首批代理型（agentic）產品已從上市走向實際客戶成果，進一步強化我們對策略與未來機會的信心。

We continue to invest aggressively in innovation to produce meaningful product enhancements and new solutions throughout our portfolio, including generative and agentic AI capabilities. Our products enable our customers to dramatically improve engagement levels, raise more money, and lead their organizations while increasing operational efficiency, ultimately allowing them to spend more time executing on their missions and less time on administrative tasks.

我們持續積極投入創新，在整體產品組合中推出具實質意義的產品強化與新解決方案，包括生成式與代理型 AI 能力。我們的產品協助客戶大幅提升互動參與程度、募得更多資金、並在提升營運效率的同時領導其組織，最終讓他們能把更多時間投入使命執行，而非行政作業。

No company can better help customers deliver on their meaningful missions than Blackbaud. Blackbaud brings nearly 45 years of specialized domain expertise, serving as the system of record for our customers with deeply embedded workflows purpose-built for the social impact sector. At the same time, we have continued to invest heavily in cybersecurity and AI governance to help protect our customers' data and provide a framework for our AI solutions to use that data responsibly.

沒有任何公司能比 Blackbaud 更能協助客戶實現其重要使命。Blackbaud 擁有近 45 年的專業領域經驗，作為客戶的記錄系統（system of record），並提供為社會影響力產業量身打造、深度嵌入的工作流程。同時，我們也持續大力投資於資安與 AI 治理，以協助保護客戶資料，並為我們的 AI 解決方案建立負責任使用資料的框架。

These are some of our customers' largest concerns. We have addressed them head-on. A significant number of organizations in our vertical markets have limited IT resources and face turnover and staffing shortages. We win because our solutions are intuitive, require fewer complex customizations and integrations, and translate advances like AI into practical outcomes customers can trust, building confidence that is supporting longer contract terms at renewal.

這些是我們客戶最關切的議題之一。我們已正面迎戰並加以處理。我們垂直市場中相當多的組織 IT 資源有限，且面臨人員流動與人力短缺。我們之所以能勝出，是因為我們的解決方案直覺易用、所需複雜客製化與整合更少，並能把 AI 等技術進展轉化為客戶可信賴的實際成果，建立信心，進而在續約時支持更長的合約期限。

In fact, approximately 90% of our contractual reoccurring revenue is on three-year or longer contracts and 25% on four-year or longer contracts. You may recall that just a few years ago, more than half of our renewal volume was from customers on one-year contracts. This quarter, we again saw a healthy mix of new customer logo wins and cross-sales of additional solutions to our existing customers. Several of our new logo wins were competitive displacements across multiple verticals.

事實上，我們約 90% 的合約經常性收入來自三年期或更長合約，且 25% 來自四年期或更長合約。各位或許記得，就在幾年前，我們超過一半的續約量仍來自一年期合約客戶。本季我們再次看到健康的組合，包括新客戶標誌（logo）贏單，以及向既有客戶交叉銷售更多解決方案。我們的多個新 logo 贏單是在多個垂直領域中以競爭性替換（competitive displacement）取得。

New logos this quarter included Nelson University, which selected Raiser's Edge NXT together with our analytics capabilities, and the East Hampton Historical Society, which chose Raiser's Edge NXT to modernize its fundraising. Additionally, we continue to see great momentum in upselling with our Development Agent with cross-sales in our higher ed and non-profit verticals. We also had several notable wins that were competitive takeaways and returning customers.

本季新增 logo 客戶包括 Nelson University，其選擇 Raiser's Edge NXT 並搭配我們的分析能力；以及 East Hampton Historical Society，其選擇 Raiser's Edge NXT 以現代化其募款作業。此外，我們在以 Development Agent 進行加值銷售（upsell）方面持續展現強勁動能，並在高等教育與非營利垂直領域帶動交叉銷售。我們也取得數個值得關注的贏單，包括從競爭對手手中奪回（competitive takeaways）以及回流客戶。

Jacksonville Zoo moved to Raiser's Edge NXT and Prospect Insights, displacing an incumbent point solution and returning to Blackbaud after several years away. The Centre for Autism Services Alberta selected Financial Edge NXT, a competitive takeaway from a horizontal accounting provider and another returning customer. These wins reflect the strength of purpose-built, connected solutions over fragmented generic alternatives and the value of our solutions in meeting our customers' ambitious goals.

Jacksonville Zoo 轉用 Raiser's Edge NXT 與 Prospect Insights，取代既有的單點解決方案，並在離開數年後回到 Blackbaud。The Centre for Autism Services Alberta 選擇 Financial Edge NXT，這是從一家橫向會計供應商手中取得的競爭性贏單，同時也是另一位回流客戶。這些贏單反映出相較於零散的通用替代方案，量身打造且互聯的解決方案更具優勢，也彰顯我們的解決方案在協助客戶達成其雄心勃勃目標上的價值。

We are more confident than ever that AI strengthens our ability to deliver differentiated solutions and drive future growth, as well as improving how we run Blackbaud. Our first agentic AI offering, the fundraising Development Agent, launched into general availability ahead of schedule earlier this year. We are now seeing genuine, measurable results and return on investment from our customers. The Development Agent identifies potential and dormant donors who are not in a major gift officer's portfolio and executes personalized, brand-aligned, multi-touch engagement sequences under human supervision.

我們比以往任何時候都更有信心，AI 能強化我們提供差異化解決方案並推動未來成長的能力，同時也改善我們經營 Blackbaud 的方式。我們首個代理型 AI 產品——募款 Development Agent——已於今年稍早提前達成時程並正式全面上市（general availability）。我們現在正看到客戶端真實且可衡量的成果與投資報酬。Development Agent 能辨識不在重大捐贈專員名單中的潛在與沉睡捐款人，並在人工監督下執行個人化、符合品牌調性的多觸點互動序列。

Early results are compelling. In production, the agent is generating a reply rate that's significantly above the industry average, a message open rate metric meaningfully above industry benchmarks, and an average attributable gift size well above industry norms. Importantly, customers are engaging a broader donor base without adding headcount.

早期成果相當亮眼。在正式運行環境中，該代理所產生的回覆率顯著高於產業平均、訊息開啟率也明顯高於產業基準，且平均可歸因的捐款金額遠高於產業常態。重要的是，客戶能在不增加人力編制的情況下，觸及更廣泛的捐款人基礎。

The Development Agent is just the first of many ways we expect to add value for customers. Over the last few weeks, we announced four additional Agents for Good solutions planned for the coming months, each embedded directly in the solutions our customers already use every day. The Data Health Agent, which will run autonomously within our fundraising solutions to identify duplicate entries, confirm contact information, resolve constituent life changes, helping development offices run more curated and targeted campaigns.

Development Agent 只是我們預期為客戶創造價值的眾多方式之一。在過去幾週，我們宣布了未來幾個月將推出的另外四項 Agents for Good 解決方案，且每一項都將直接嵌入客戶每天使用的既有解決方案中。Data Health Agent 將在我們的募款解決方案中自主運行，用以辨識重複資料、確認聯絡資訊、處理關係人（constituent）生命事件變更，協助發展部門執行更精準且更具策劃性的活動。

This agent will free up customer resources as most customers have data health assigned to staff. The Admissions Agent, which will enable any independent K-12 school to offer the high-touch personalized admissions experience that previously only the most well-resourced institutions could achieve. The Digital Marketing Agent, which will help plan campaigns intelligently, from selecting the right audience, to generating tailored content, to optimizing outreach across channels in real time.

由於多數客戶會指派員工負責資料健康管理，這個代理將釋放客戶資源。Admissions Agent 將使任何獨立 K-12 學校都能提供高接觸、個人化的招生體驗，而這在過去只有資源最充足的機構才能做到。Digital Marketing Agent 將協助更智慧地規劃活動，從選擇正確受眾、產生量身打造的內容，到即時跨通路最佳化觸達。

The Accounts Payable Agent, Financial Edge NXT's first autonomous AI agent, which will work alongside finance teams to improve their own efficiencies to include being able to automate invoice intake and optimize payments.

Accounts Payable Agent 是 Financial Edge NXT 的第一個自主式 AI 代理，將與財務團隊並肩合作以提升效率，包括能自動化發票收件（invoice intake）並最佳化付款。

Alongside these agents, we're advancing a reimagined cloud-native, AI-first connected platform, a single operating system for social impact that connects every product, learns from every interaction, and gets smarter over time, all while keeping humans firmly in control. We'll unveil the full details of this connected system, along with additional product news at bbcon 2026 in Columbus, Ohio at the end of September. We're excited about what's ahead.

在這些代理之外，我們也正推進一個重新構想的雲端原生、AI 優先的互聯平台——一個面向社會影響力的單一作業系統，能連結每一項產品、從每一次互動中學習，並隨時間變得更聰明，同時始終讓人類牢牢掌控。我們將在 9 月底於俄亥俄州哥倫布舉行的 bbcon 2026 上揭露此互聯系統的完整細節，並發布更多產品消息。我們對未來充滿期待。

I also wanted to highlight some innovations specific to our K-12 vertical. Within K-12, we previewed the Admissions Agent at our bbcon 2026 user conference and introduced a wave of embedded AI across our total school solution, including predictive candidate insights, new enrollment contracts capabilities, and student success insights that help schools proactively support at-risk students.

我也想特別強調一些專為我們K-12垂直領域打造的創新。在K-12方面，我們在bbcon 2026用戶大會上預覽了招生代理（Admissions Agent），並在我們的全方位校務解決方案中推出一波內嵌式AI功能，包括預測式候選人洞察、新的入學註冊合約功能，以及學生成功洞察，協助學校主動支援有風險的學生。

Also embedded is Chat for Blackbaud AI that helps administrators quickly ask questions of their data, get insights in plain language, and take action directly within the solution, as well as a common records engine that syncs data in real-time across our student information and fundraising systems, breaking down silos between departments and offering our customers the capability to integrate various systems. Our competitive differentiation is clear and widening. Our strength comes from combining proprietary data, one of the most robust sets of social impact data processed and secured in real-time with the sector's richest social impact signal graph, deep embedded sector context, and purpose-built governance.

同樣內嵌的還有Blackbaud AI聊天功能（Chat for Blackbaud AI），可協助管理員快速就其資料提問、以白話取得洞察，並直接在解決方案內採取行動；此外還有一個共通的記錄引擎，可在我們的學生資訊與募款系統之間即時同步資料，打破部門間的資料孤島，並為客戶提供整合各種系統的能力。我們的競爭差異化清晰且正在擴大。我們的優勢來自於結合專有資料——這是最強大的社會影響資料集合之一，能即時處理並安全保護，並搭配業界最豐富的社會影響訊號圖譜（signal graph）、深度內嵌的產業情境，以及為使命導向打造的治理機制。

Native integrations across systems of record, engagement, financial accounting, transaction processing, and intelligence further strengthen that advantage. Our agents stand apart precisely because they're embedded in the solutions customers already trust, reducing the data gaps and security risks created by bolt-on tools. We're also seeing continued momentum in customer adoption. Usage of AI-powered workflows has expanded meaningfully over the past several quarters.

跨記錄系統、互動參與、財務會計、交易處理與智慧分析的原生整合，進一步強化了這項優勢。我們的代理之所以與眾不同，正是因為它們內嵌在客戶已信任的解決方案中，降低外掛式工具所造成的資料缺口與資安風險。我們也看到客戶採用持續增溫。過去幾個季度，AI驅動的工作流程使用量已顯著擴大。

More than half of our Raiser's Edge NXT customers use machine learning-enabled donor prospecting, generating tens of billions of predictions annually that live and aggregate within our systems, creating a self-improving feedback loop that generates better fundraising outcomes across our customer base. We also believe trust is critical to organizations allowing intelligent systems to act on their behalf.

超過一半的Raiser's Edge NXT客戶使用機器學習驅動的捐款人潛力開發，每年產生數百億筆預測，並在我們的系統中留存與彙整，形成自我強化的回饋循環，為我們的客戶群帶來更佳的募款成果。我們也相信，信任對於組織允許智慧系統代表其採取行動至關重要。

Our customers trust in us as their partner, trust in our solutions that they are used to, trust in the data, and trust in our security are advantages for both our customers and for Blackbaud. Trust matters as AI usage increases. Recent research from the Blackbaud Institute shows that AI is now common across the social impact sector. Yet most organizations are held back by a gap between adoption and effective use. We're helping close that gap in two ways, by delivering trusted, transformational AI capabilities inside the tools our customers already use, and through the AI Coalition for Social Impact, which recently launched a free product-agnostic AI for Social Impact Certification Program to help professionals adopt AI effectively and responsibly. Turning to how we use AI internally.

客戶對我們作為合作夥伴的信任、對其熟悉解決方案的信任、對資料的信任，以及對我們資安的信任，都是對客戶與Blackbaud雙方的優勢。隨著AI使用增加，信任更顯重要。Blackbaud Institute的最新研究顯示，AI如今已在社會影響領域普遍使用。然而，多數組織仍受限於「採用」與「有效使用」之間的落差。我們透過兩種方式協助縮小這個落差：第一，在客戶既有工具中提供可信且具變革性的AI能力；第二，透過社會影響AI聯盟（AI Coalition for Social Impact），近期推出免費、與產品無關的「社會影響AI認證計畫」（AI for Social Impact Certification Program），協助專業人士有效且負責任地採用AI。接下來談談我們如何在內部使用AI。

We continue to identify, experiment, and scale solutions across engineering, sales and marketing, customer success, and the back office to improve speed and operational efficiency. Our engineering teams use leading generative AI tools such as Microsoft, GitHub Copilot, Anthropic Claude, and other approved solutions to accelerate development, reduce time to remediate software issues, and increase throughput on new product delivery.

我們持續在工程、銷售與行銷、客戶成功以及後勤部門識別、試驗並擴大解決方案，以提升速度與營運效率。我們的工程團隊使用領先的生成式AI工具，例如Microsoft、GitHub Copilot、Anthropic Claude及其他核准的解決方案，以加速開發、縮短修復軟體問題的時間，並提升新產品交付的產出效率。

We're also applying AI to better qualify inbound interest, support sales development, and improve customer support. I believe our past performance is compelling. In addition to improving our operations, go-to-market capabilities, and pace of innovation, we are focused on the value creation opportunities ahead in the near, mid, and long term, both operationally and financially. As a reminder, from 2026 through 2030, we are targeting double-digit annual EPS growth driven by the following.

我們也將AI應用於更有效地篩選來電/來訪線索、支援銷售開發，並改善客戶支援。我認為我們過去的表現相當有說服力。除了改善營運、上市推廣（go-to-market）能力與創新速度之外，我們也聚焦於近期、中期與長期在營運與財務面可創造價值的機會。提醒一下，從2026年至2030年，我們以以下驅動因素為基礎，目標是每年達成兩位數的EPS成長。

Organic total revenue growth of 4% to 6% annually, with potential upside based on viral events and new product launches such as our Agents for Good catalog. Adjusted EBITDA growth of 6% to 8% annually while expanding our adjusted EBITDA margin to 40%-plus. Slide 24 in our investor deck provides more detail on the planned initiatives to drive continued margin expansion, most of which are already underway. We expect this improvement in EBITDA to continue to translate to strong free cash flow growth. We plan to use our very strong cash flows to drive purposeful capital allocation strategy with consistent stock repurchases as a core tenet. We expect to deploy 50% or more of our cumulative free cash flow generated between 2026 and 2030 towards stock repurchases and continue to reduce our common stock outstanding.

有機總營收每年成長4%至6%，並可能因病毒式捐贈事件與新產品推出（例如我們的Agents for Good目錄）而有上行空間。調整後EBITDA每年成長6%至8%，同時將調整後EBITDA利潤率擴大至40%以上。我們投資人簡報第24頁提供更多細節，說明推動利潤率持續擴張的規劃措施，其中多數已在進行中。我們預期EBITDA的改善將持續轉化為強勁的自由現金流成長。我們計畫運用非常強勁的現金流，推動具目的性的資本配置策略，並將持續性庫藏股回購作為核心要件。我們預期將把2026年至2030年期間累計產生的自由現金流中50%或以上用於股票回購，並持續降低流通在外普通股股數。

This is a continuation of our significant stock repurchase program over the last couple of years, in which we have reduced common stock outstanding by approximately 15% since the fourth quarter of 2023. In the more near term, as we stated in our earnings press release today, we are pointing investors to the high end of our original FY26 guide across revenue, adjusted EBITDA, EPS, and free cash flow. Chad will provide more detail and color in a minute.

這延續了我們過去幾年大規模的股票回購計畫；自2023年第四季以來，我們已將流通在外普通股股數降低約15%。在更近期方面，正如我們今天在財報新聞稿中所述，我們引導投資人關注我們原先FY26指引在營收、調整後EBITDA、EPS與自由現金流等項目的高端。Chad稍後會提供更多細節與補充說明。

To conclude, we believe Blackbaud is a compelling investment with multiple opportunities for strong shareholder returns. From an operating, financial, and strategic perspective, we are pleased to be carrying real momentum into the second half of the year and the years ahead. We look forward to our continued journey. I also would like to thank the entire Blackbaud team for their continued strong efforts in having Blackbaud named to TIME's list of America's Best Companies in 2026, a job well done.

總結而言，我們認為Blackbaud是一項具吸引力的投資，並擁有多重機會為股東帶來強勁回報。從營運、財務與策略角度來看，我們很高興能在今年下半年以及未來幾年延續實質動能。我們期待持續前行的旅程。我也要感謝全體Blackbaud團隊持續的努力，讓Blackbaud在2026年獲選進入《TIME》「美國最佳公司」名單，做得非常好。

I'd like to turn it over to Chad to walk through our second quarter results and our guide for the remainder of 2026.

接下來我想把時間交給Chad，請他說明我們第二季的業績以及2026年剩餘期間的指引。

Thanks, Mike, and good morning, everyone. In the second quarter, we continued to balance cost management with growth opportunities and innovation. As we do each quarter, we're focused on durable subscription-led performance, prudent expectations around transactional revenue, and steady progress on profitability and cash flow. Our Q2 performance reflected continued demand for our mission-critical solutions, along with growth in transactional revenue.

謝謝你，Mike，各位早安。在第二季，我們持續在成本管理與成長機會及創新之間取得平衡。如同每一季，我們專注於可持續的訂閱帶動型表現、對交易型營收採取審慎預期，以及在獲利能力與現金流方面穩健推進。我們第二季的表現反映出市場對我們關鍵任務型解決方案的持續需求，以及交易型營收的成長。

As always, transactional revenue can vary from quarter to quarter, and our guidance philosophy assumes performance consistent with historical patterns and does not include any assumption for viral giving events. Q2 organic revenue grew 3% to $291 million. As we previously indicated, we expected some moderation in organic revenue growth during the year, given the size and timing of certain renewal cohorts. Our second quarter results were in line with those expectations and support our full year outlook.

一如既往，交易型營收可能因季度而異；我們的指引理念是假設表現符合歷史模式，且不納入任何病毒式捐贈事件的假設。第二季有機營收成長3%，達2.91億美元。如我們先前所指出，考量特定續約客群的規模與時點，我們預期今年有機營收成長會有所放緩。第二季結果符合這些預期，並支持我們對全年展望的看法。

non-GAAP adjusted EBITDA was $110 million, representing an adjusted EBITDA margin of approximately 38%, reflecting continued operating discipline while maintaining investment in growth initiatives and innovation. Our disciplined operating focus again translated into strong bottom-line performance. non-GAAP EPS increased 9% to $1.33 in the second quarter. We're on track to achieve high teens EPS for the full year 2026, the high end of our guidance range.

非GAAP調整後EBITDA為1.10億美元，調整後EBITDA利潤率約38%，反映我們在維持對成長計畫與創新投資的同時，持續保持營運紀律。我們嚴謹的營運聚焦再次轉化為強勁的獲利表現。第二季非GAAP EPS成長9%至1.33美元。我們正朝著2026年全年達成十幾美元區間（high teens）的EPS目標前進，亦即我們指引區間的高端。

Free cash flow increased approximately $24 million, up 46% year-over-year to $75 million in the quarter. Strong free cash flow generation continues to support our balanced capital allocation strategy. We remain committed to investing in growth, innovation, and customer success while returning capital to shareholders. During the first half of 2026, including the net share settlement of employee stock compensation, we repurchased just over 6% of our outstanding common stock as of December 31, 2025.

本季自由現金流增加約2,400萬美元，年增46%至7,500萬美元。強勁的自由現金流產生能力持續支持我們平衡的資本配置策略。我們仍致力於投資成長、創新與客戶成功，同時回饋資本給股東。在2026年上半年期間（包含員工股票薪酬的淨股數交割），我們回購了截至2025年12月31日流通在外普通股的略高於6%。

Since the fourth quarter of 2023, we've offset 100% of dilution from stock-based compensation and also reduced common shares outstanding by approximately 15%. Overall, we delivered another solid quarter and first half, reinforcing our confidence in the full-year outlook.

自2023年第四季以來，我們已抵銷股票基礎薪酬造成的稀釋達100%，並將流通在外普通股股數降低約15%。整體而言，我們再次交出穩健的一季與上半年表現，進一步強化我們對全年展望的信心。

Moving on to our 2026 outlook. Based on our first half performance and our current view of the operating environment, we're reaffirming our full year guidance ranges. We now expect to finish in the upper half of the range across all four key metrics: revenue, adjusted EBITDA, EPS, and free cash flow. For EPS and free cash flow, we expect results to be at or above the high end of the ranges.

接下來談談我們對 2026 年的展望。基於我們上半年的表現以及對目前營運環境的看法，我們重申全年財測指引區間。我們現在預期，在四項關鍵指標——營收、調整後 EBITDA、每股盈餘（EPS）與自由現金流——都將落在區間的上半部。就 EPS 與自由現金流而言，我們預期結果將達到或高於區間上緣。

As a reminder, we continue to expect 2026 quarterly financial performance, including revenue growth and profitability, to be heavily weighted to the back half of the year, and particularly the fourth quarter, some of which I'll discuss in a moment. Before I close, I'd like to provide a few housekeeping items that are already contemplated in our financial guidance and may be helpful as you think about modeling the business through the balance of 2026 and into 2027.

提醒一下，我們仍預期 2026 年各季財務表現（包括營收成長與獲利能力）將明顯偏重於下半年，尤其是第四季，其中部分我稍後會說明。在我結束之前，我想補充幾項已納入我們財測指引的例行事項，或許能在你們建模 2026 年剩餘期間並延伸至 2027 年時提供幫助。

Donor expectations continue to evolve with increased emphasis on donor experience, reliability, privacy, and security. Blackbaud continues to invest in modern online giving capabilities to meet these expectations. Our modern online giving forms are designed to help customers raise more for their missions through configurable donor experiences, streamlined data integration, and optional fee offset capabilities while maintaining a strong focus on donor trust and data protection.

捐款人的期待持續演變，並更加重視捐款人體驗、可靠性、隱私與安全。Blackbaud 持續投資於現代化的線上捐款能力，以滿足這些期待。我們的現代化線上捐款表單旨在透過可配置的捐款人體驗、精簡的資料整合，以及可選的手續費轉嫁（fee offset）功能，協助客戶為其使命募集更多資金，同時仍高度聚焦於捐款人信任與資料保護。

Part of that investment, we've introduced a platform fee on certain online form transactions. The fee supports continued innovation and investment in secure, reliable online giving infrastructure and related platform enhancements to minimize the impact to the majority of our customers. They can use our existing donor cover option, whereby donors pay the fee associated with their transaction. We previously discussed, the platform fee is expected to contribute to the back half weighting of our 2026 financial results, with the largest benefit expected in the fourth quarter.

作為該投資的一部分，我們已針對特定線上表單交易導入平台費。此費用用於支持在安全、可靠的線上捐款基礎設施及相關平台強化上的持續創新與投資，並將對大多數客戶的影響降至最低。客戶可使用我們既有的「捐款人代付（donor cover）」選項，由捐款人支付其交易所對應的費用。如我們先前所述，平台費預期將使我們 2026 年財務結果更偏重於下半年，其中最大效益預期在第四季。

Turning to gross dollar retention. We've discussed previously, Blackbaud's 2026 contractual recurring renewal cohort is approximately 40% larger than last year. A result, we continue to expect a near-term dip in reported gross dollar retention as a greater amount of recurring revenue comes up for renewal during the year. As we move past this larger renewal cohort, we expect gross dollar retention rates to climb back to our more recent norm of 91% to 92% by the end of 2027. This dynamic was factored into our full year 2026 revenue guidance, and as stated earlier, we currently expect to finish in the upper half of the guidance range.

接著談總美元留存率（gross dollar retention）。我們先前已討論過，Blackbaud 於 2026 年的合約型經常性續約客群（renewal cohort）規模約比去年大 40%。因此，我們仍預期短期內報告的總美元留存率會下滑，因為今年將有更多經常性收入需要續約。當我們度過這一波較大的續約客群後，我們預期總美元留存率將在 2027 年底回升至近期較常見的 91% 至 92%。此動態已反映在我們 2026 全年營收指引中；如先前所述，我們目前預期將落在指引區間的上半部。

Looking to 2026 and beyond, we expect free cash flow to continue growing significantly. We anticipate deploying at least 50% of cumulative free cash flow generated from 2026 through 2030 toward share repurchases. Beyond that commitment, the company has tremendous optionality for dynamically allocating capital to its highest and best use based on market conditions, including additional share repurchases, debt reduction, and strategic tuck-in acquisitions.

展望 2026 年及其後，我們預期自由現金流將持續顯著成長。我們預計將把 2026 至 2030 年累計產生自由現金流的至少 50% 用於股票回購。在此承諾之外，公司在依市場狀況動態配置資本、以追求最高與最佳用途方面仍具高度彈性，包括額外股票回購、降低負債，以及策略性的小型併購（tuck-in acquisitions）。

We have a lot to be proud of, executing well through recessions, financial crisis, COVID, and the shift to the cloud through a commitment to providing meaningful solutions to our customers and strong execution of our operating plan. On our journey to becoming a Rule of 45 company, we remain committed to providing investors with an attractive financial model balanced between growth of revenues, earnings, and cash flows, along with a prudent and purposeful capital allocation strategy. Always, we remain focused on providing enhanced value to our customers and our shareholders.

我們有許多值得自豪之處：在景氣衰退、金融危機、COVID，以及轉向雲端的過程中，我們都能良好執行，這源於我們致力於為客戶提供有意義的解決方案，以及對營運計畫的強力落實。在邁向成為「Rule of 45」公司的旅程中，我們仍致力於為投資人提供具吸引力的財務模型，在營收、獲利與現金流成長之間取得平衡，並搭配審慎且有目的的資本配置策略。我們始終聚焦於為客戶與股東創造更高的價值。

Thank you all. Mike and I would be happy to take your questions. Operator?

謝謝各位。Mike 和我很樂意回答各位的提問。接線員？

(Operator Instructions)

(接線員指示)

Brian Peterson, Raymond James.

Brian Peterson，Raymond James。

Thanks. I wanted to start on some of the win backs that you mentioned, Mike. You don't always mention them every quarter, but I'd love to understand if there's anything in terms of the timing of why you're winning back some of those customers you may have lost. And as we think about win rates overall, is there anything you can share about how those have developed in 2026?

謝謝。Mike，我想先從你提到的一些「贏回客戶」（win backs）談起。你們不是每一季都會提到，但我很想了解，在時點上是否有什麼原因，使你們能贏回一些先前可能流失的客戶。另外，從整體得標率（win rates）的角度來看，你能否分享一下 2026 年以來的發展情況？

Yeah. Hey, Brian. Thanks for the question. Yeah, I mentioned a couple of those. Those customers are coming back due to the innovation that we're driving in our core products. And then the AI Solutions we're embedding in those core products. So it really is all about the innovation investments that we're making and announcing, and the outcomes that our customers are producing. We've got a lot of information around when customers join Blackbaud and use one of our fundraising solution, there's a pretty big uplift in donations raised, it really improves their revenue. That I think is a prominent factor in these win backs. We feel really good about when that happens.

是的。嗨，Brian。謝謝你的問題。是的，我提到了其中幾個案例。這些客戶回來，是因為我們在核心產品上推動的創新。以及我們嵌入到這些核心產品中的 AI 解決方案。所以這真的就是關於我們正在投入並對外宣布的創新投資，以及客戶所產生的成果。我們有很多資料顯示，當客戶加入 Blackbaud 並使用我們的募款解決方案之一時，募得的捐款會有相當大的提升，確實能改善他們的收入。我認為這是促成這些贏回客戶的顯著因素。當這種情況發生時，我們感到非常振奮。

Okay. Well, that's great to hear. I know you guys raised the guidance to kind of the upper end of the range. Any help on what's underpinning that, and how do we think about that in terms of the line items between contractual, recurring, and then transactional? Thanks, guys.

好的。很高興聽到。我知道你們把指引提高到大致偏向區間上緣。能否說明一下背後的支撐因素，以及就各項目來看——合約型、經常性，以及交易型——我們應該如何理解？謝謝各位。

Yeah, thanks. So we mentioned that we are pointing everyone to the top half of the guide range. We also mentioned, in addition to that, or included, is sort of the very top end of the range for cash flow and EPS. So sort of top half for the other metrics like revenue, very top for free cash flow, and EPS. We're having a great year in bookings. So super positive achievement in overachieving our internal sales bookings plans.

好的，謝謝。我們提到過，我們引導大家看指引區間的上半部。我們也提到，除此之外或包含在內的是，現金流與 EPS 會落在區間的最上緣。因此，其他指標如營收是上半部，而自由現金流與 EPS 則是最上緣。我們今年的簽約（bookings）表現非常好。也就是說，我們在超越內部銷售簽約目標方面取得非常正面的成果。

We've got a lot of great leadership in sales. Some new leadership has come in just in the last six or eight months. And so we're having a great year related to win rates, and just beating our internal sales quota plans in a lot of areas in the company. That gives us a lot of confidence in pointing everyone to the top half of revenue for this year.

我們在銷售端有很強的領導團隊。過去六到八個月也加入了一些新的領導者。因此，我們今年在得標率方面表現很出色，並且在公司許多領域都超越了內部的銷售配額計畫。這讓我們對於把今年營收指引引導至上半部充滿信心。

And as you know, great effect for next year and future years, because pretty much when customers sign up with us, they sign a three-year contract. The other thing, I mentioned this in my prepared remarks, I'll just mention because it's relevant to your question. Last time I talked about the fact that we had 20% of our customers on four-year or longer contracts. I just made an update in this call where it's 25% of our customers are on four-year or longer contracts, which is really great for the long run for us.

而且如你所知，這對明年及未來年度也有很好的影響，因為客戶幾乎在與我們簽約時都會簽三年期合約。另外一點，我在事先準備的講稿中提到過，我再補充一次，因為這與你的問題相關。上次我談到我們有 20% 的客戶簽的是四年或更長的合約。我在這次電話會議更新為：有 25% 的客戶簽的是四年或更長的合約，這對我們長期而言非常好。

Thanks, Mike.

謝謝你，Mike。

Rob Oliver, Baird.

Rob Oliver，Baird。

Great. Thanks. Good morning, guys. Two for me. Mike, first for you. Just an update on the new logo program. I know this has been part of your go-to-market push since bringing in new sales leadership, and obviously, there's some noise around the gross retention around current customers and stuff. Just wanted to understand where you are with the new logo program and any proof points you can point to get us comfortable that that's on the right track.

很好。謝謝。各位早安。我有兩個問題。Mike，第一個給你。想請你更新一下「新客戶（new logo）」計畫。我知道自從引進新的銷售領導後，這一直是你們市場推進（go-to-market）策略的一部分；而且顯然目前在既有客戶的總留存率等方面有一些雜訊。我想了解你們在新客戶計畫的進展，以及是否有任何可作為佐證的指標，讓我們更放心這項計畫正走在正確軌道上。

Yeah. The gross retention we talked about is gross revenue retention, and I think we've said this many times. We have a cohort this year that's 40% higher. So the results of the quarter and the guide moving to the upper half is all in our plan, and we finalized the plan a year ago. So all that's contemplated in the plan, so we're actually on track. All this is quite well expected. So we feel good about that, Rob.

是的。我們談到的總留存是指總營收留存（gross revenue retention），我想我們已經說過很多次了。我們今年有一個同批次（cohort）規模高出40%。因此，本季的結果以及指引上調至區間上半部都在我們的計畫之內，而我們在一年前就已定案這個計畫。所以這些都已納入計畫考量，我們其實是按計畫推進。這一切都相當符合預期。所以我們對此感覺很好，Rob。

First part of the question is new logos.

問題的第一部分是新客戶（new logos）。

Yeah. New logos. Yeah, Rob, we're doing really well with new logos, in areas like K-12, and non-profit, and higher ed. Those markets are doing really well. Our YourCause business is just nailing a lot of new logos across the board. I've mentioned these in past calls. YourCause is closing new logos with some of the largest companies in the world. Fortune 100 companies are signing up. So it's a pretty wide distribution in new logos. And again, our sales teams -- many of our sales teams are only selling new logos. So we have some that do cross-sell once a new logo's in the door or we announce new products, but many of them just do new logos. So again, we feel really good about sales bookings. We're nicely ahead of plan. And all that's going quite well.

是的。新客戶。是的，Rob，我們在新客戶方面表現非常好，像是K-12、非營利以及高等教育等領域。這些市場表現都很強。我們的YourCause業務在各方面都拿下了很多新客戶。我在過去的電話會議中提過這些。YourCause正在與全球一些最大的公司成交新客戶。《財富》100大公司正在簽約。所以新客戶的分布相當廣。而且再次強調，我們的銷售團隊——其中許多團隊只做新客戶銷售。所以我們有一些團隊會在新客戶進門後做交叉銷售，或在我們發布新產品時推動加購，但很多團隊只專注於新客戶。因此，我們對銷售訂單（sales bookings）仍然感覺非常好。我們明顯領先於計畫。而且整體進展都很順利。

Great. Thanks, Mike. And then Chad, one for you. I'm trying to square the commentary around the high end of the guidance versus the kind of 3% constant currency growth that we saw in this quarter versus the 4% to 4.5% for the full year. And I know that you called out a couple things, second half waiting on renewals, obviously that makes sense. And then transactions and stuff like that being Q4. Just wondering if there's anything else going on there in terms of the pricing around these renewal contracts, if you're getting the price. And then one specific question, just around the platform piece, since that's new, would you be willing to size the potential impact of that on that Q4? Thanks.

很好。謝謝你，Mike。接著Chad，有一題想請教你。我想把你們對指引上緣的評論，與本季我們看到約3%的固定匯率（constant currency）成長，以及全年4%到4.5%的成長做個對照。我知道你提到幾點，下半年等待續約，這當然合理。還有交易（transactions）之類的會落在Q4。想請問除此之外是否還有其他因素，例如這些續約合約的定價，你們是否能拿到想要的價格。另外一個具體問題是關於平台（platform）那一塊，因為那是新的，你是否願意量化它對Q4的潛在影響？謝謝。

Yeah. No, that's great. And thanks for the question, Rob. Good morning. To Mike's earlier point, we're performing to plan. The renewals program continues to perform well. Mike described the increased cohort size. As we think about the second half of the year, we're operating to plan. We talked about the renewals. I'd also mention that the transaction revenue in the quarter

是的。不，這很好。謝謝你的提問，Rob。早安。呼應Mike先前的重點，我們的表現符合計畫。續約計畫持續表現良好。Mike提到同批次規模增加。當我們看下半年時，我們是按計畫在運作。我們談到了續約。我也想補充，本季的交易收入（transaction revenue）

Had a tough compare. We exceeded kind of our traditional growth ranges in 2025, and had a little bit of viral giving as well. So we've seen that come back down into kind of the normal range as you would expect. And whenever I think about the second half of the year, we also talked about the launch of the platform fee. And really, you can think about that as investments that we're making in order to drive better outcomes for our customers from a donor experience perspective.

比較基期較具挑戰。我們在2025年超出傳統成長區間，且也有一些病毒式捐贈（viral giving）。因此我們看到它回落到你所預期的正常區間。而當我思考下半年時，我們也談到了平台費（platform fee）的推出。實際上，你可以把它視為我們為了從捐款人體驗（donor experience）的角度，替客戶帶來更好成果而進行的投資。

The monetization model is quite common within the industry as well. We're feeling really good about it. Our customers will have options if they choose to have their donors cover the fees or not. So it's quite common. We've launched that effectively in the Q3 timeframe. We had planned for it. It was included in our guide, and that's contributing to the back-end weighting and particularly into Q4, Rob.

這種變現模式在產業內也相當常見。我們對此感覺非常好。客戶將有選項，可選擇是否讓捐款人承擔費用。所以這相當普遍。我們已在Q3時程內有效推出。我們原本就有規劃。它已納入我們的指引，並且正在促成後段權重提高，尤其是在Q4，Rob。

Great. Thank you very much.

很好。非常感謝。

Parker Lane, Stifel.

Parker Lane，Stifel。

Hi, guys. Good morning. Thanks for taking the questions here. Mike, I was wondering if you could talk about the sales motion around Agents for Good. I think you're up to four solutions that are out there today. Does every seller in the organization promote those agents and try to get those into the customer base, or do you have dedicated teams around those today? And are you offering customers the opportunity to pilot and trial some of these agents before making the commitment on the subscription side of things, or do they have to commit on subscription?

嗨，各位。早安。謝謝讓我在這裡提問。Mike，我想請你談談Agents for Good的銷售推進方式（sales motion）。我想你們目前已經有四個解決方案在市場上。組織內每位業務都會推廣這些agents並嘗試導入既有客戶群嗎？還是你們目前有專門的團隊負責？另外，你們是否提供客戶在訂閱承諾前先行試點與試用（pilot and trial）其中一些agents的機會？還是他們必須先承諾訂閱？

Yeah, thanks. So the first product out in the market is the Development Agent. We announced last year we had early adopter program, and it went to general availability for customers just in March, so a couple of months ago. What we've done with that, Parker, is we started with a dedicated team, because there was a lot of learnings for us and for customers.

是的，謝謝。所以第一個上市的產品是Development Agent。我們去年宣布了早期採用者計畫（EAP），並在今年3月才對客戶全面上市（general availability），也就是幾個月前。Parker，我們對此的做法是先從專門團隊開始，因為對我們和客戶而言都有很多需要學習的地方。

So in the EAP program that started last year, for the first time ever in a new product, that we signed up customers to paying contracts just to be early adopters, which they all did. And then the general availability pricing is much higher, obviously. That came out in March. And so it's sort of a ramp-up. You could think about a new product getting announced, getting early adopters using the product with a dedicated selling team, which are embedded in the product and engineering team.

因此在去年啟動的EAP計畫中，我們第一次在新產品上，讓客戶為了成為早期採用者而簽付費合約，他們也都這麼做了。而全面上市的定價顯然高得多。那是在3月推出的。所以這有點像一個爬坡（ramp-up）過程。你可以把它想成：新產品宣布後，先由專門銷售團隊推動早期採用者使用產品，而這些人是嵌在產品與工程團隊之中。

So we're really close to the customer, and it's really important to get that very close feedback loop from customers because we're iterating and improving the product all the time. And then once the product more matures, it gets to general availability, and then after a month or two or so, then we move it into the general global sales team. It really is to help the products mature, help our organization learn, help the customers learn. That's sort of the evolution when we launch these new products.

因此我們與客戶非常貼近，而從客戶取得非常緊密的回饋迴圈非常重要，因為我們一直在迭代並改善產品。接著當產品更成熟後，就進入全面上市，然後大約一兩個月後，我們再把它交由全球一般銷售團隊來推。這樣做其實是為了幫助產品成熟、幫助我們的組織學習、也幫助客戶學習。這就是我們推出這些新產品時的演進方式。

The really cool thing is we've announced five of them now. Development Agent a while ago into general availability, four more in a press release just recently, and there'll be more announced this year. We'll have more new AI products announced, predominantly at our bbcon conference, at the end of September, I think it is, in Ohio. You guys are welcome to come if you'd like.

很酷的是，我們現在已經宣布了五個。Development Agent先前已進入全面上市，最近我們又透過新聞稿宣布另外四個，而且今年還會有更多。我們會宣布更多新的AI產品，主要會在我們的bbcon大會上，也就是我記得在9月底於俄亥俄州舉行。如果你們願意的話，歡迎來參加。

So we'll have even more products announced then. They're getting to be specific by vertical as well. We announced an Admissions Agent, for example, which is obviously for schools, for K-12, where the Development Agent kind of goes across our verticals because they all use our fundraising solutions. And these are fully agentic new products for Blackbaud, which is super exciting. And then there's nothing better in sales to have a brand new solutions to talk to prospective or existing customers about. So we're excited about the pace of innovation, and we're just getting going here.

所以到時候我們還會宣布更多產品。它們也會變得更具垂直領域（vertical）特性。例如我們宣布了Admissions Agent，這顯然是給學校用的、針對K-12；而Development Agent則較跨垂直領域，因為大家都會使用我們的募款解決方案。而這些都是Blackbaud全新的全代理式（agentic）產品，這非常令人振奮。而且對銷售而言，沒有什麼比有全新的解決方案可以跟潛在或既有客戶溝通更好的了。所以我們對創新速度感到興奮，而我們才正要開始。

Thanks, Mike. Chad, maybe one for you. Looking at the levers for additional margin expansion through 2030, vendor optimization, AI, and other efficiency gains are included on that list. Maybe those go hand in hand to some extent. Can you just talk about how big those levers are relative to the other areas, like the workforce strategy, platform modernization, and data center closures?

謝謝，Mike。Chad，可能有一題想請教你。展望到 2030 年進一步擴大利潤率的槓桿，清單中包含供應商最佳化、AI 以及其他效率提升。也許這些在某種程度上是相輔相成的。你能否談談，這些槓桿相對於其他領域（例如人力策略、平台現代化以及資料中心關閉）到底有多大？

Sure. And Parker, thanks for the question. We're pleased with the progress of our margin expansion. It's continuing to progress very well. There are a number of levers. It's important to know that within the guide, we haven't contemplated efficiency gains in a meaningful way from AI. It's notable. We're continuing to execute on a number of initiatives, but it's also important just to note you have the natural fall through of the subscription model as well as the SaaS model.

當然可以。Parker，謝謝你的提問。我們對利潤率擴張的進展感到滿意。目前仍持續推進得非常順利。我們有多項槓桿可用。需要特別說明的是，在我們的指引中，尚未以有意義的方式把 AI 帶來的效率提升納入考量。這點很值得注意。我們持續推動多項計畫，但也同樣重要的是要指出，訂閱模式以及 SaaS 模式本身也有自然的利潤流入（fall-through）。

From that perspective, we're pleased. We continue to focus and have good outcomes relative to building out the GCC and the workforce strategy in Hyderabad. We'll expect to continue to see improvements there. We've talked about modernization of kind of our tech stack as well. Those are a couple of the items we've laid out a bit more detail on those. Within the investor deck for use as well.

從這個角度來看，我們很滿意。我們持續聚焦，並在海得拉巴（Hyderabad）建立 GCC 與人力策略方面取得良好成果。我們預期那裡會持續改善。我們也談過我們技術堆疊（tech stack）的現代化。這些是我們已更詳細說明的幾個項目。也都收錄在投資人簡報（investor deck）中供參考。

Parker, I'll add to that too. We're in the deep process around becoming an AI-first company. We are refactoring every department in Blackbaud, every part of the company. What you're seeing now is a pretty significant improvement in innovation with five AI products launched using AI to build those products. I also mentioned it's a key thing that those products are embedded in our trusted solutions. Having trust in the solutions for the customers is super important. And we've got a system of record and system of intelligence set of products with now embedded agentic AI that gives us a competitive advantage.

Parker，我也補充一下。我們正深入推進成為一家 AI-first 公司。我們正在重構 Blackbaud 的每個部門、公司的每一個環節。你現在看到的是創新顯著提升：我們已推出五項 AI 產品，而且是用 AI 來打造這些產品。我也提到，關鍵在於這些產品都嵌入在我們值得信賴的解決方案中。讓客戶信任這些解決方案非常重要。我們擁有一套「系統紀錄（system of record）」與「智慧系統（system of intelligence）」產品組合，現在嵌入了代理式 AI（agentic AI），為我們帶來競爭優勢。

We are refactoring the whole company. So we are using AI in marketing, in sales, in support, in the call center, in engineering, in product management, in the PMO to refactor the entirety of how we run the business and how the business is structured as well. That's not yet factored into additional revenue growth or improved margins yet, but it's early days. I can tell you, I can clearly see some pretty interesting improvements in the operating performance of the company based on this initiative. We're being very aggressive, but also governed as we refactor the entirety of the business.

我們正在重構整家公司。因此我們在行銷、銷售、支援、客服中心、工程、產品管理、PMO 都在使用 AI，來重構我們如何營運業務，以及業務本身的架構。這些尚未反映在額外的營收成長或利潤率改善上，但目前仍在早期階段。我可以告訴你，基於這項計畫，我已清楚看到公司營運表現出現一些相當有意思的改善。我們在重構整體業務時採取非常積極的作法，但同時也有治理機制（governed）。

Understood. Thanks, Mike.

了解。謝謝，Mike。

Peter Berkley, Evercore ISI.

Peter Berkley，Evercore ISI。

Yeah. Hey, guys. Thanks for taking the question here. Mike, you talked about sort of the different levels of AI maturity in the industry, and you guys are sort of convening the AI Coalition to sort of help that progress over time. So I'm just curious, your view today on where are your customers on average in terms of that maturity stage and understanding that agents aren't necessarily expected to contribute much to revenue this year, but do you think the maturity curve is sort of progressing where you start seeing agentic contribution first half of next year, second half of next year? Is it more of a longer-term play? Just more color along those lines would be super helpful. Thanks.

是的。嗨，各位。謝謝讓我在這裡提問。Mike，你談到產業中 AI 成熟度的不同層級，而你們也在召集 AI Coalition，協助這個成熟度隨時間推進。所以我想請教，你目前怎麼看你們客戶平均而言處於哪個成熟階段？另外也理解代理（agents）今年不一定會對營收有太多貢獻，但你是否認為成熟度曲線正在推進，讓你們在明年上半年或下半年開始看到代理式（agentic）的貢獻？還是這更偏向長期布局？如果能就這些方向多提供一些細節會非常有幫助。謝謝。

Yeah, I think I'll answer that kind of in two parts, like the industry maturity, which is the customers. Everyone is using, experimenting with AI in different ways. Our customers, it depends. We have customers that are such a wide range, right? We can talk about a very small local non-profit, or we can talk about your kind of customers, which are in the Fortune 100. So it's a pretty wide range.

是的，我想我會分兩個部分回答：一個是產業成熟度，也就是客戶端。每個人都在以不同方式使用、試驗 AI。至於我們的客戶，則要看情況。我們的客戶範圍非常廣，對吧？我們可以談非常小型的在地非營利組織，也可以談你所說那類客戶，也就是《財富》100 大企業。所以範圍相當廣。

I would say that the folks that we interact with, they're all interested in using AI. I'd say it's very early days in their ability to have AI positively impact their business, except for the products they're buying from us, like the Development Agent. I talked about some of the things we're seeing with the Development Agent around big increases in things like reply rates, message open rates, and actually gift sizes, which is revenue for them. So they're getting improved outcomes based on that solution.

我會說，我們互動到的這些人都對使用 AI 很有興趣。我認為就他們讓 AI 對業務產生正面影響的能力而言，仍然非常早期；除了他們向我們購買的產品，例如 Development Agent。我談過我們在 Development Agent 上看到的一些現象，例如回覆率、訊息開啟率大幅提升，甚至捐贈金額（gift sizes）也增加，這對他們來說就是營收。因此他們透過這個解決方案獲得了更好的成果。

And so I still think it's early days. The other part of that question, I think, is our ability to monetize this. So not really in our numbers this year. We'll see some new revenue coming from these solutions next year and just growing over time. The interesting part also is, again, that a really big deal for our customers is there's a mix of excitement and fear of AI. I think everybody has that, and that includes our customers of all sizes. But working with Blackbaud, there's a reason why 25% of our contracts are four years and longer now. So there's a trust in working with Blackbaud. There's a trust that we're putting agentic solutions into our trusted platforms.

所以我仍然認為這是早期階段。問題的另一部分，我想是我們將其變現（monetize）的能力。因此今年在我們的數字中不會有太多反映。明年我們會從這些解決方案看到一些新增營收，並隨時間持續成長。另外一個有趣的點是，對我們的客戶而言，AI 同時帶來興奮與恐懼的混合感受，這非常重要。我想每個人都是如此，包含各種規模的客戶。但與 Blackbaud 合作有其原因：我們現在有 25% 的合約期限是四年或更長。因此，與 Blackbaud 合作是有信任基礎的。也信任我們把代理式解決方案放進我們值得信賴的平台中。

As you know, the data in our platform are not available to large language models. It's proprietary data. It's customer data, Blackbaud-enriched data. And there's proprietary AI-learned models, contextual models that are owned by Blackbaud, and it's a trusted environment. So I think that this adoption is going to grow tremendously. I still think it's early days for customers, but I think the approach that we're taking, which is fully agentic solution under customer control, embedded in our systems of record, is going to be really exciting and beneficial for our customers and for Blackbaud.

如你所知，我們平台中的資料不會提供給大型語言模型使用。那是專有資料。是客戶資料、Blackbaud 強化（enriched）的資料。而且還有由 Blackbaud 擁有的專有 AI 學習模型、情境模型（contextual models），這是一個值得信賴的環境。因此我認為這種採用將會大幅成長。我仍然認為客戶端還在早期，但我相信我們採取的方式——在客戶控制之下的全代理式解決方案，並嵌入在我們的系統紀錄中——將會非常令人振奮，並為客戶與 Blackbaud 帶來效益。

Very helpful. Thanks, Mike.

非常有幫助。謝謝，Mike。

Okay, well, that's it for today. Thank you for joining us. We will be attending a number of investor events over the coming months, including several investor conferences, which are listed on our investor relations site, and as well as Mike mentioned, our bbcon customer conference at the end of September. We hope to see you then and/or speak with you very soon. In the meantime, we wish you continued success, and have a wonderful day.

好的，那今天就到這裡。感謝各位加入。未來幾個月我們將參加多場投資人活動，包括數場投資人會議，相關資訊已列在我們的投資人關係網站上；另外如 Mike 提到的，我們在 9 月底也會舉辦 bbcon 客戶大會。希望到時能見到各位，並／或很快再與各位交流。在此同時，祝各位持續成功，並祝大家有美好的一天。

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。您現在可以掛斷電話線。感謝您的參與。