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Valuedynamx Powers Emirates Skywards with the Launch of “Pay with Points / Miles” Offering Via Skywards Miles Mall

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Valuedynamx, a Collinson Company, gives Emirates Skywards members more redemption options across hundreds of global retail brands

LONDON, Feb. 26, 2024 /PRNewswire/ — In a commitment to elevating customer loyalty experiences through innovation, Valuedynamx, a Collinson Company and leading global provider of curated, data-driven purchase rewards, is powering Emirates Skywards, the award-winning loyalty program of Emirates and flydubai, with the launch of a “pay with points /miles” redemption offering via the ‘Spend Online’ section with Skywards Miles Mall. This redemption offering provides a convenient way for Emirates Skywards members to use their Miles to spend on more everyday options.

With Skywards Miles Mall’s expanded spend offerings, Emirates Skywards members can spend Miles earned on travel with Emirates and flydubai, partner airlines and lifestyle partners worldwide, in real time for digital gift cards at more than 500 brands across 5 markets globally, including the United Arab Emirates, United Kingdom, United States, Australia and India. Skywards Miles Mall provides access to a variety of new redemption opportunities, including popular local brands that cater to everyday lifestyle needs across fashion, fitness, technology, food and beverage, and more. Emirates Skywards members can now spend rewards with globally recognized brands they know and love.

Valuedynamx already powers Skywards Miles Mall earning opportunity where loyalty members can earn Miles seamlessly while making purchases with their favorite brands. By now offering this dual functionality to earn and redeem with a large network of retailers globally, Valuedynamx and Emirates Skywards are establishing a comprehensive rewards ecosystem that not only lets members have the flexibility to use their Miles for purchases that matter most, but also earn Miles as they shop.

“Through this exciting expansion of our partnership with Emirates, we’re able to deliver an end-to-end earn and redemption proposition that aligns seamlessly with consumer demand for deriving maximum value from their loyalty programs,” said James Berry, Managing Director, Valuedynamx . “Our new Pay with Points capability which unlocks the ability to spend miles at leading retailers in multiple markets underpins our shared commitment to meeting evolving consumer needs, solidifying Emirates Skywards position as a leader in providing a comprehensive and rewarding experience for its valued customers.”

Dr. Nejib Ben Khedher, Divisional Senior Vice President Emirates Skywards, said: We’re pleased to be expanding our partnership with Valuedynamx to offer members more opportunities with Skywards Miles Mall, and a chance to spend Miles with some of the most popular brands across the UAE, US, UK, Australia and India. We look forward to continue working closely with our partners to ensure we always deliver a seamless end-to-end customer experience, and to setting new standards for reward experiences.”

For more information about Valuedynamx’s robust reward and loyalty solutions portfolio, visit Valuedynamx.com.

About Valuedynamx

Valuedynamx is a leading global provider of curated, data-driven omnichannel purchase rewards. Part of Collinson, a group acknowledged for delivering the world’s most valued travel ecosystem, Valuedynamx combines its expertise across payments, card-linking, affiliate marketing, earning and redemption into a single entity that delivers relevant and engaging solutions for its clients. Valuedynamx enhances customer loyalty and drives transactional engagement for some of the world’s largest airlines, banks, financial institutions and hotel groups. Valuedynamx supports over 400 million consumers, maintains 50,000 retail and travel partners and provides more than 400,000 rewards in more than 180 countries.

Collinson has more than 30 years loyalty and customer engagement experience, and more than 10 years focused on delivering loyalty commerce solutions. The organization has been at the forefront of loyalty innovation, continually evolving and building capability to meet the changing needs of clients and their customers.

For more information visit www.valuedynamx.com.

About Emirates Skywards

Emirates Skywards has more than 30 million members worldwide. The loyalty programme offers four tiers of membership: Blue, Silver, Gold and Platinum, with each tier earning exclusive privileges. Members can earn Skywards Miles with partners ranging from airlines, hotels and car rentals to financial, leisure and lifestyle brands. Skywards Miles can be redeemed for an extensive range of rewards, including flight tickets on partner airlines, flight upgrades, hotel stays, tickets, hospitality at sporting and cultural events, tours and money-can’t-buy experiences.

For more information, visit www.emirates.com/skywards.

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Scott Zack’s Creek Equity Details Healthcare Services Portfolio Spanning Supply Chain, Pharmacy Benefits, and Medical Courier Logistics

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Bloomfield Hills investment company’s operating businesses serve hospitals, health systems, laboratories, employers, and benefit funds across Michigan and beyond.

BLOOMFIELD HILLS, Mich., Oct. 28, 2026 /PRNewswire/ — Creek Equity, the private investment company founded and owned by investor and entrepreneur Scott Zack, today detailed the portfolio of healthcare services companies it has built and backed, which now spans healthcare supply chain, pharmacy benefit management, and medical courier logistics.

Creek Equity founds companies, backs founders with early capital, and acquires established businesses, investing its own capital and holding for the long term. 

“Healthcare wastes enormous money between the people who pay and the people who deliver care,” said Zack, Founder and Owner of Creek Equity. “Each of our companies fixes one piece: what hospitals buy, what plans pay for drugs, and how specimens get from clinic to lab.”

The portfolio includes Avenix Medical Group, a healthcare supply chain partner providing strategic sourcing, supplier visibility, risk monitoring, and continuity planning for hospitals, health systems, physician groups, and post-acute care; Movanti Group, a transparent, 100 percent pass-through pharmacy benefit manager for employers, unions, and benefit funds; Total Routing Solutions, a medical courier providing specimen pickup and delivery for clinical laboratories and other healthcare companies; and Avenix Solutions Group, a procurement-optimization partner for automotive, healthcare, and hospitality. Creek Equity also owns Blue Cypress, its real estate arm, and Creek Equity Advisors, its advisory affiliate

Creek Equity typically holds majority or founding positions and works directly with management on operations, procurement, and growth. Its full portfolio and Investment Principles are published at https://www.creekequity.com.

About Creek Equity
Creek Equity is a private investment company in Bloomfield Hills, Michigan, owned by Scott Zack, that founds, funds, and acquires businesses across healthcare services, supply chain, logistics, and real estate. The firm invests its own capital and holds for the long term. Creek Equity is a BBB Accredited Business with an A+ rating.

About Scott Zack
Scott Zack is an investor and entrepreneur based in Bloomfield Hills, Michigan, and the Founder and Owner of Creek Equity. A former basketball player at The Ohio State University, he has founded, acquired, operated, and sold businesses in healthcare, supply chain, construction, and real estate.

Media Contact: Scott Zack, scott@creekequity.com

“Press Release Service” should be linked to https://www.24-7pressrelease.com/.

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Ceva Unveils Next-Generation NeuPro NPU Portfolio and Announces Expansion into AI Infrastructure

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A common architecture and unified software stack span Physical AI applications from always-on sensors to AI infrastructure, delivering up to 2X higher AI throughput per mm² and 50% better energy efficiency for the latest multimodal, generative and agentic AI workloads

ROCKVILLE, Md., Oct. 28, 2026 /PRNewswire/ — Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that powers the Smart Edge, today unveiled its next-generation NeuPro™ NPU portfolio, featuring expanded capabilities and delivering up to 2X higher AI throughput per mm² and a 50% improvement in energy efficiency versus the first generation.

Built on a common architecture and unified software stack, the new portfolio is designed to support increasingly demanding multimodal, generative and agentic AI workloads across Physical AI applications, from always-on sensing to advanced edge systems. The new architecture also marks Ceva’s expansion into AI infrastructure, enabling intelligent memory, connectivity and data-processing silicon, as well as custom AI inference processors for cloud and data centers.

Physical AI systems increasingly rely on multiple AI models and intelligent agents working together, with perception and real-time responses close to the sensor and more complex reasoning and orchestration distributed across devices, edge systems and the cloud. This shift toward hybrid AI is accelerating. Yet wherever inference takes place, a common challenge remains: the power and performance cost of the compute itself and of moving data to and from it. At the sensor, that cost is measured in microwatts and square millimeters; in the data center, in megawatts and memory bandwidth.  The same constraint appears in different forms, which calls for neural processing optimized for each workload, supported by a common architecture and software environment.

The next-generation NeuPro portfolio addresses both: a range of engines sized for different points in the system, and one way to develop for all of them. A unified software development kit spans the portfolio so semiconductor designers can match an engine to each part of their system or combine several within one SoC while preserving their software investment.

“Working closely with the more than 15 customers who have licensed the first generation of NeuPro has shown us that successful AI products depend on the right balance of compute, memory, bandwidth, power and cost for each use case,” said Yaron Galitzky, Executive Vice President, AI Division at Ceva. “Our team designed this next generation around those lessons, giving customers more room to deploy demanding models today and prepare for the workloads ahead.”

Built for the Next Generation of Inference 
Peak compute alone no longer defines AI system performance. Semiconductor developers must deliver optimal inference throughput within demanding power, area and memory constraints, while ensuring their architectures can support new models throughout the product lifecycle. The next-generation NeuPro architecture is designed to address both challenges.

The architecture introduces capabilities for workloads ranging from perception and classification to transformer-based, multimodal, generative and agentic workloads, including Physical AI applications:

Up to 2X higher AI throughput per mm² and a 50% improvement in energy efficiency versus the first generation.Advanced AI numerics and mixed precision, including FP4 and FP8, improving inference efficiency while reducing memory and data-movement requirements.Higher memory bandwidth and advanced memory management, including dynamic shapes and paged KV cache, addressing longer contexts and memory-intensive transformer workloads.Higher multiply-accumulate (MAC) utilization through optimized tensor reshaping, maximizing the effective use of compute resources to improve inference performance.Support for the latest network architectures, including Mixture-of-Experts and linear attention, with the architectural flexibility to accommodate model types that have not yet emerged.Support for pre-quantized models, allowing customers to deploy published checkpoints without a separate quantization and calibration step.Advanced compression, quantization and pruning, reducing computation and data movement to improve effective performance per watt and per unit area.

A Portfolio for Different Inference Workloads
The next-generation NeuPro portfolio comprises four NPUs:

NeuPro Nano targets always-on sensing and entry-level perception in highly constrained devices.NeuPro Prime addresses mainstream CNN and transformer workloads.NeuPro Max scales to advanced edge AI, including high-resolution perception, multimodal models, on-device assistants, robotics, Physical AI and agentic AI.NeuPro Ultra targets AI infrastructure applications, supporting both complex large language model inference in cloud and data centers and intelligent memory, connectivity and data-processing silicon that improves overall AI system efficiency.

All four are built on a common core architecture and supported by a single unified SDK, so tools, development flow and software investment carry across the portfolio. Designers can move between cores as requirements change, or combine several within one SoC and assign each workload to the engine best suited to it. For semiconductor companies, that means addressing multiple AI markets and performance points from one development foundation, reducing integration complexity and shortening development across successive product generations.

Extending Neural Processing into AI Infrastructure 
As large language model inference runs into memory constraints, customers are redesigning data center systems, distributing compute differently across them and integrating it in places it has not previously been, including within memory and networking subsystems. Inference at scale serves many models and many users at once, and memory bandwidth and data movement between memory, compute and networks have become central to system performance and power efficiency. ABI Research forecasts cloud AI inference capacity to grow at a 42% CAGR through 2035(i).

NeuPro Ultra is built for that redesign. It supports complex large language models in cloud and data center inference, with multi-core processing, multi-user operation, high memory bandwidth and advanced memory management, together with support for the software frameworks used in those deployments. It can equally be integrated into memory and connectivity subsystems of the same system, applying neural processing to the movement of data rather than to the model itself, reducing unnecessary transfers and relieving bottlenecks closer to where data is stored. Silicon developers can add these capabilities using Ceva’s licensable NPU foundation and the same software stack used across the portfolio.

“A common NPU architecture and software stack across every class of AI workload lets our customers build once and deploy across their roadmap,” said Amir Panush, Chief Executive Officer of Ceva. “NeuPro Ultra brings that platform into AI infrastructure, an important step in Ceva’s strategy to put neural processing into a broader range of semiconductor products. Customers building silicon for these markets can draw on Ceva’s architecture, software and experience rather than developing an NPU platform from scratch.”

Ceva will discuss the next-generation NeuPro portfolio and its Physical AI strategy in more detail at its technology symposium events in Hsinchu, Taiwan, on November 2 and in Shanghai, China, on November 5. To learn more about these events and to register to attend, visit https://www.ceva-ip.com/symposium-2026/.

Availability
Leading semiconductor and system companies are already evaluating and integrating next-generation NeuPro technology for future AI products. These early engagements span multiple market segments and help shape deployments targeting advanced edge, Physical AI and AI infrastructure applications. The next-generation NeuPro architecture is available now to select early-access customers, with general availability planned for the second quarter of 2027.

(i) https://www.abiresearch.com/press/cloud-ai-inference-workload-capacity-consumption-to-surpass-training-by-2033-reaching-46-gw-by-2035 

About Ceva, Inc.
Ceva powers the Smart Edge, bridging the digital and physical worlds to bring AI-driven products to life. Our Ceva AI fabric portfolio of silicon and software IP enables devices to Connect, Sense, and Infer – the essential capabilities for the intelligent edge. From 5G, cellular IoT, Bluetooth, Wi-Fi, and UWB connectivity to scalable Edge AI NPUs, AI DSPs, sensor fusion processors and embedded software, Ceva provides the foundational IP for devices that connect, understand their environment, and act in real time.

With more than 22 billion devices shipped and trusted by 400+ customers worldwide, Ceva is the backbone of today’s most advanced smart edge products – from AI-infused wearables and IoT devices to autonomous vehicles and 5G infrastructure. Our differentiated solutions deliver seamless integration into existing design flows, total flexibility to combine solutions based on design needs and ultra‑low‑power performance in minimal silicon footprint, helping customers accelerate development, reduce risk, and bring innovative products to market faster. As technology evolves toward Physical AI, Ceva’s IP portfolio lays the foundation for systems that are always connected, contextually aware, and capable of intelligent, real-time decision-making.

Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTube, Facebook, and Instagram.

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Blackbaud Announces 2026 Third Quarter Financial Results

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Blackbaud Expands AI Leadership Through Numerous Innovation Announcements at bbcon User Conference

CHARLESTON, S.C., Oct. 28, 2026 /PRNewswire/ — Blackbaud (NASDAQ: BLKB), the world’s leading provider of AI-powered solutions for social impact, today announced financial results for its third quarter ended September 30, 2026.

“Innovation continues to drive our clear market leadership and a widening competitive moat,” said Mike Gianoni, president, CEO and vice chairman of the board of directors, Blackbaud. “As demonstrated at our recent bbcon conference in September, we continue to make significant investments in AI, empowering our customers to deepen constituent relationships, raise more money and operate more efficiently. For investors, we believe Blackbaud is a sound investment choice that has the potential to create shareholder value—a belief that is supported by our strong 2026 year-to-date financial results and accelerating pace of innovation. I continue to be excited about the company’s momentum in the near, mid and long term.”

Third Quarter 2026 Results Compared to Third Quarter 2025 Results:

GAAP total revenue was $292.6 million, up 4.1% and non-GAAP organic revenue increased 4.1%.GAAP recurring revenue was $287.0 million, up 4.1% and represented 98.1% of total revenue. Non-GAAP organic recurring revenue increased 4.1%.GAAP income from operations was $60.0 million, with GAAP operating margin of 20.5%, an increase of 110 basis points.Non-GAAP income from operations was $94.6 million, with non-GAAP operating margin of 32.3%, an increase of 240 basis points.GAAP net income was $46.1 million, with GAAP diluted earnings per share of $1.02, up $0.04 per share.Non-GAAP net income was $61.2 million, with non-GAAP diluted earnings per share of $1.36, up $0.26 per share.Non-GAAP adjusted EBITDA was $111.1 million, up $11.4 million, with non-GAAP adjusted EBITDA margin of 38.0%, an increase of 260 basis points.Rule of 40 score was 42.1%.GAAP net cash provided by operating activities was $141.7 million, an increase of $2.5 million, with GAAP operating cash flow margin of 48.4%, a decrease of 110 basis points.Non-GAAP free cash flow was $126.0 million, an increase of $2.8 million, with non-GAAP free cash flow margin of 43.1%, a decrease of 70 basis points.

“Blackbaud continues to be well-positioned for long-term success,” said Chad Anderson, executive vice president and CFO, Blackbaud. “Our strong results reflect our execution discipline, ongoing productivity improvements, and balance sheet optimization. We remain committed to providing investors an attractive financial model balanced across growth in revenues, earnings, and cash flows, along with a prudent and purposeful capital allocation strategy. Year-to-date we have repurchased more than 7% of our common stock outstanding since the end of 2025 while also reducing our leverage ratio from 2.7x in Q1 to 2.3x in Q3. We have a lot to be proud of and a lot more to look forward to in Q4 2026 and beyond.”

An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of the company’s non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

Recent Company Highlights

At bbcon 2026:Blackbaud introduced Platform for Good™, its unified operating system for social impact, bringing the company’s products, data, AI, workflows and ecosystem together on a shared architecture to help organizations identify opportunities, expand capacity and move from information to action with greater confidence. Blackbaud also announced a broad portfolio of innovations across fundraising, marketing, financial management and education designed to strengthen the connected value of the platform.Blackbaud also unveiled Lantern™, the first domain-specific language model purpose-built to optimize fundraising intelligence. Developed through a strategic collaboration with Databricks, Lantern is built on Blackbaud’s four decades of experience in fundraising workflows, decisions, and results, so it understands the rhythms of fundraising and can illuminate opportunities that might otherwise go unseen. Starting in 2027, Lantern will be embedded within the Platform for Good and will begin powering select Blackbaud Raiser’s Edge NXT® and Agents for Good™ capabilities.In addition, Blackbaud shared updates on its expanding family of Agents for Good, including advancements to the Development Agent and the introduction of the Data Health Agent, a continuous data steward designed to detect and address data issues through review-and-approve workflows. Blackbaud also previewed agentic experiences for finance and education.BILL and Blackbaud announced a strategic partnership to simplify the accounts payable process for nonprofit and education finance teams, embedding BILL’s business payments network and payment-processing capabilities into Blackbaud Financial Edge NXT® Payment Assistant™. The connected experience is designed to support finance teams from invoice and approval through payment and reconciliation, reducing manual work within the financial management workflow.Blackbaud expanded the availability of Expedited Giving and Expedited Giving+ within its YourCause® from Blackbaud® solutions, accelerating how corporate and employee donations reach nonprofits. Expedited Giving delivers donations 90% faster than the industry average, while Expedited Giving+ is the industry’s fastest option, enabling direct-to-nonprofit donations in near real time leveraging Blackbaud Integrated Payments.Blackbaud announced new integrations with Microsoft 365 Copilot and Intuit Mailchimp, connecting Raiser’s Edge NXT to preferred technologies and giving users more ways to work, with best-in-class experiences.

Visit www.blackbaud.com/newsroom for more information about Blackbaud’s recent highlights.

Financial Outlook

Blackbaud today reaffirmed its 2026 full year financial guidance and expects to finish in the upper half of the range across all four key metrics:

GAAP revenue of $1.173 billion to $1.179 billionNon-GAAP adjusted EBITDA of $430 million to $438 millionNon-GAAP diluted earnings per share of $5.15 to $5.25Non-GAAP free cash flow of $280 million to $290 million

Included in its 2026 full year financial guidance are the following updated assumptions:

Non-GAAP annualized effective tax rate is expected to be approximately 24.5%Interest expense for the year is expected to be approximately $62 million to $66 millionDiluted weighted average shares outstanding for the year are expected to be approximately 45.0 million to 46.0 millionCapital expenditures for the year are expected to be approximately $60 million to $70 million, including approximately $52 million to $62 million of capitalized software development costs

Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.

Stock Repurchase Program

As of September 30, 2026, Blackbaud had approximately $832 million remaining under its common stock repurchase program that was expanded, replenished and reauthorized in December 2025. Based on our current plans, and stock repurchases to date, we expect total repurchases during 2026 to represent between 7% and 10% of our outstanding common stock as of December 31, 2025.

Conference Call Details

What:

Blackbaud’s 2026 Third Quarter Conference Call

When:

October 28, 2026

Time:

8:00 a.m. (Eastern Time)

Live Call:

1-877-407-3088 (US/Canada)

Webcast:

Blackbaud’s Investor Relations Webpage

About Blackbaud

Blackbaud (NASDAQ: BLKB) is the world’s leading provider of AI-powered solutions for social impact. Serving nonprofits, educational institutions, companies committed to corporate social responsibility and individual change makers, Blackbaud propels impact at scale with the sector’s most intelligent solutions for fundraising and engagement, education solutions, financial management and CSR and grantmaking. With the deepest expertise powered by the world’s largest philanthropic data set, the most connected workflows, and the most powerful impact network, Blackbaud’s solutions are building a future where resources are unleashed at the speed of need. Blackbaud has been recognized by Fast Company, Newsweek, Quartz, Forbes and more for AI innovation, responsible leadership and workplace excellence. Blackbaud has operations in the United States, Australia, Canada, Costa Rica, India and the United Kingdom, supporting users in 100+ countries. Learn more at www.blackbaud.com, or follow us on X/Twitter, LinkedIn, Instagram, and Facebook.

Investor Contact
IR@blackbaud.com 

Media Contact
media@blackbaud.com

Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the predictability of our financial condition and results of operations. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; risks related to the development, deployment, regulation, security, market adoption and perception of artificial intelligence technologies; cybersecurity and data protection risks and related liabilities; potential litigation involving us; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from Blackbaud’s investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Trademarks

All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.

Non-GAAP Financial Measures 

Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. Blackbaud uses non-GAAP financial measures internally in analyzing its operational performance. Accordingly, Blackbaud believes these non-GAAP measures are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance and trends and in comparing its financial results from period-to-period with other companies in Blackbaud’s industry, many of which present similar non-GAAP financial measures to investors. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies.

The non-GAAP financial measures discussed above exclude the impact of certain transactions that Blackbaud believes are not directly related to its operating performance in any particular period, but are for its long-term benefit over multiple periods. Blackbaud believes these non-GAAP financial measures reflect its ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.

While Blackbaud believes these non-GAAP measures provide useful supplemental information, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.

Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. Blackbaud believes non-GAAP free cash flow provides a useful measure of the company’s operating performance. Non-GAAP free cash flow is not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.

In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis, non-GAAP organic recurring revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies, if any, acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period. In addition, each of these measures excludes prior period revenue associated with divested businesses, if any. The exclusion of the prior period revenue is to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of its current business’ organic revenue growth and revenue run-rate.

Rule of 40 is defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision (benefit); depreciation; amortization of intangible assets from business combinations; amortization of software development costs; stock-based compensation expense; global workforce transition costs; acquisition and disposition-related costs; and Security Incident-related costs.

Blackbaud, Inc.

Consolidated Balance Sheets

(Unaudited)

(dollars in thousands, except per share amounts)

September 30,
2026

December 31,
2025

Assets

Current assets:

Cash and cash equivalents

$       35,734

$       38,914

Restricted cash

428,166

720,061

Accounts receivable, net of allowance of $6,529 and $5,876 at September 30, 2026 and

December 31, 2025, respectively

76,214

80,517

Customer funds receivable

3,918

1,308

Prepaid expenses and other current assets

86,064

89,290

Total current assets

630,096

930,090

Property and equipment, net

83,827

85,076

Software development costs, net

159,048

155,842

Goodwill

1,055,937

1,056,815

Intangible assets, net

87,413

106,654

Other assets

90,516

56,205

Total assets

$    2,106,837

$    2,390,682

Liabilities and stockholders’ equity

Current liabilities:

Trade accounts payable

$       38,404

$       27,344

Accrued expenses and other current liabilities

51,047

43,272

Due to customers

430,703

719,833

Debt, current portion

22,654

22,660

Deferred revenue, current portion

380,989

368,986

Total current liabilities

923,797

1,182,095

Debt, net of current portion

1,022,143

1,087,037

Deferred tax liability

25,100

21,981

Deferred revenue, net of current portion

3,674

2,778

Other liabilities

12,638

11,737

Total liabilities

1,987,352

2,305,628

Commitments and contingencies

Stockholders’ equity:

Preferred stock; 20,000,000 shares authorized, none outstanding

—

—

Common stock, $0.001 par value; 180,000,000 shares authorized, 74,080,118 and

72,312,354 shares issued at September 30, 2026 and December 31, 2025, respectively;

45,102,406 and 46,705,325 shares outstanding at September 30, 2026 and December 31,

2025, respectively

74

72

Additional paid-in capital

1,459,322

1,391,641

Treasury stock, at cost; 28,977,712 and 25,607,029 shares at September 30, 2026 and

December 31, 2025, respectively

(1,471,199)

(1,316,224)

Accumulated other comprehensive income (loss)

3,210

(5,948)

Retained earnings

128,078

15,513

Total stockholders’ equity

119,485

85,054

Total liabilities and stockholders’ equity

$    2,106,837

$    2,390,682

 

 

Blackbaud, Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)

(dollars in thousands, except per share amounts)

Three months ended
September 30,

Nine months ended
September 30,

2026

2025

2026

2025

Revenue

$     292,641

$     281,143

$     864,378

$     833,109

Cost of revenue

114,850

113,653

341,865

342,101

Gross profit

177,791

167,490

522,513

491,008

Operating expenses

Sales, marketing and customer success

46,218

44,105

139,823

132,795

Research and development

36,206

37,198

107,978

104,352

General and administrative

34,828

31,044

99,538

120,579

Amortization of intangible assets

588

570

1,762

1,670

Total operating expenses

117,840

112,917

349,101

359,396

Income from operations

59,951

54,573

173,412

131,612

Interest expense

(16,109)

(16,774)

(49,724)

(52,130)

Other income, net

2,597

3,245

6,977

6,468

Income before provision (benefit) for income taxes

46,439

41,044

130,665

85,950

Income tax provision (benefit)

371

(6,448)

18,100

7,669

Net income

$      46,068

$      47,492

$     112,565

$      78,281

Earnings per share

Basic

$         1.04

$         1.00

$         2.51

$         1.63

Diluted

$         1.02

$         0.98

$         2.49

$         1.61

Common shares and equivalents outstanding

Basic weighted average shares

44,267,816

47,680,002

44,858,491

47,961,631

Diluted weighted average shares

44,961,588

48,498,285

45,245,216

48,634,027

Other comprehensive income (loss)

Foreign currency translation adjustment

$        (106)

$      (2,284)

$      (1,703)

$        8,299

Unrealized gain (loss) on derivative instruments, net of tax

4,241

(622)

10,861

(12,628)

Total other comprehensive income (loss)

4,135

(2,906)

9,158

(4,329)

Comprehensive income

$      50,203

$      44,586

$     121,723

$      73,952

 

Blackbaud, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

Nine months ended
September 30,

(dollars in thousands)

2026

2025

Cash flows from operating activities

Net income

$      112,565

$       78,281

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

62,595

64,652

Net provision for credit losses and sales returns

5,064

3,788

Stock-based compensation expense

67,682

71,079

Deferred taxes

4,892

(16,682)

Amortization of deferred financing costs and discount

1,861

1,940

Other non-cash adjustments

1,313

(5,180)

Changes in operating assets and liabilities, net of acquisition and disposal of businesses:

Accounts receivable

(817)

(2,422)

Prepaid expenses and other assets

(8,832)

(9,707)

Trade accounts payable

11,750

(3,233)

Accrued expenses and other liabilities

13,242

2,033

Deferred revenue

12,929

22,991

Net cash provided by operating activities

284,244

207,540

Cash flows from investing activities

Purchase of property and equipment

(7,320)

(4,805)

Capitalized software development costs

(38,635)

(40,268)

Cash used in disposition of business

—

(12,235)

Other investing activities

(8,675)

—

Net cash used in investing activities

(54,630)

(57,308)

Cash flows from financing activities

Proceeds from issuance of debt

230,700

307,000

Payments on debt

(307,760)

(316,922)

Employee taxes paid for withheld shares upon equity award settlement

(25,696)

(39,669)

Change in due to customers

(288,369)

(323,467)

Change in customer funds receivable

(2,692)

(1,676)

Purchase of treasury stock, including excise tax payments

(129,933)

(133,338)

Net cash used in financing activities

(523,750)

(508,072)

Effect of exchange rate on cash, cash equivalents and restricted cash

(939)

5,768

Net decrease in cash, cash equivalents and restricted cash

(295,075)

(352,072)

Cash, cash equivalents and restricted cash, beginning of period

758,975

809,512

Cash, cash equivalents and restricted cash, end of period

$      463,900

$      457,440

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated

balance sheets that sum to the total of the same such amounts shown above in the consolidated statements of cash flows:

(dollars in thousands)

September 30,
2026

December 31,
2025

Cash and cash equivalents

$        35,734

$        38,914

Restricted cash

428,166

720,061

Total cash, cash equivalents and restricted cash in the statement of cash flows

$      463,900

$      758,975

 

Blackbaud, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(dollars in thousands, except per share amounts)

Three months ended
September 30,

Nine months ended
September 30,

2026

2025

2026

2025

GAAP Revenue

$   292,641

$   281,143

$   864,378

$   833,109

GAAP gross profit

$   177,791

$   167,490

$   522,513

$   491,008

GAAP gross margin

60.8 %

59.6 %

60.4 %

58.9 %

Non-GAAP adjustments:

Add: Stock-based compensation expense

2,693

2,850

8,494

8,798

Add: Amortization of intangibles from business combinations

5,405

6,811

17,076

20,883

Add: Employee severance

—

(18)

—

284

Add: Global workforce transition costs(1)

1,014

—

1,556

—

Subtotal

9,112

9,643

27,126

29,965

Non-GAAP gross profit

$   186,903

$   177,133

$   549,639

$   520,973

Non-GAAP gross margin

63.9 %

63.0 %

63.6 %

62.5 %

GAAP income from operations

$     59,951

$     54,573

$   173,412

$   131,612

GAAP operating margin

20.5 %

19.4 %

20.1 %

15.8 %

Non-GAAP adjustments:

Add: Stock-based compensation expense

22,100

21,657

68,686

71,079

Add: Amortization of intangibles from business combinations

5,993

7,381

18,838

22,553

Add: Employee severance

—

(242)

—

1,905

Add: Global workforce transition costs(1)

5,439

—

8,439

—

Add: Acquisition and disposition-related costs(2)

237

383

1,250

25,779

Add: Security Incident-related costs

853

247

853

2,822

Add: Impairment of capitalized software development costs

—

—

1,056

—

Subtotal

34,622

29,426

99,122

124,138

Non-GAAP income from operations

$     94,573

$     83,999

$   272,534

$   255,750

Non-GAAP operating margin

32.3 %

29.9 %

31.5 %

30.7 %

GAAP income before provision (benefit) for income taxes

$     46,439

$     41,044

$   130,665

$     85,950

GAAP net income

$     46,068

$     47,492

$   112,565

$     78,281

Shares used in computing GAAP diluted earnings per share

44,961,588

48,498,285

45,245,216

48,634,027

GAAP diluted earnings per share

$       1.02

$       0.98

$       2.49

$       1.61

Non-GAAP adjustments:

Add: GAAP income tax provision (benefit)

371

(6,448)

18,100

7,669

Add: Total non-GAAP adjustments affecting income from operations

34,622

29,426

99,122

124,138

Non-GAAP income before provision for income taxes

81,061

70,470

229,787

210,088

Assumed non-GAAP income tax provision(3)

19,860

17,265

56,298

51,472

Non-GAAP net income

$     61,201

$     53,205

$   173,489

$   158,616

Shares used in computing non-GAAP diluted earnings per share

44,961,588

48,498,285

45,245,216

48,634,027

Non-GAAP diluted earnings per share

$       1.36

$       1.10

$       3.83

$       3.26

(1)

Global workforce transition costs represent severance and other costs incurred in connection with actions under our global workforce

strategy.

(2)

Includes charges of $24.3 million incurred during the nine months ended September 30, 2025 related to the release from our lease for office

space in Washington, DC.

(3)

We use a non-GAAP effective tax rate of 24.5% when calculating non-GAAP net income and non-GAAP diluted earnings per share. We

base this rate on our estimated annual GAAP income tax rate, adjusted for items excluded from GAAP income when calculating non-GAAP

income and for significant nonrecurring tax adjustments. We review this non-GAAP tax rate annually to determine whether it remains

appropriate for evaluating our financial performance. In conducting this review, we consider our GAAP annual effective tax rate, changes in

tax legislation, non-GAAP adjustments, and shifts in the geographic mix of revenues and expenses. We also evaluate other factors that we

deem significant. Because the tax treatment of non-GAAP adjustments differs from GAAP and because of our methodology for estimating

the annual tax rate, the non-GAAP tax rate may differ from the GAAP tax rate and from our actual tax liabilities.

 

Blackbaud, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(dollars in thousands)

Three months ended
September 30,

Nine months ended
September 30,

2026

2025

2026

2025

GAAP revenue

$   292,641

$     281,143

$   864,378

$     833,109

GAAP revenue growth

4.1 %

3.8 %

Less: Non-GAAP revenue from divested businesses(1)

—

—

—

—

Non-GAAP organic revenue(2)

$   292,641

$     281,143

$   864,378

$     833,109

Non-GAAP organic revenue growth

4.1 %

3.8 %

Non-GAAP organic revenue(2)

$   292,641

$     281,143

$   864,378

$     833,109

Foreign currency impact on non-GAAP organic revenue(3)

(237)

—

(3,167)

—

Non-GAAP organic revenue on constant currency basis(3)

$   292,404

$     281,143

$   861,211

$     833,109

Non-GAAP organic revenue growth on constant currency basis

4.0 %

3.4 %

GAAP recurring revenue

$   287,030

$     275,802

$   848,806

$     815,406

GAAP recurring revenue growth

4.1 %

4.1 %

Less: Non-GAAP recurring revenue from divested businesses(1)

—

—

—

—

Non-GAAP organic recurring revenue(2)

$   287,030

$     275,802

$   848,806

$     815,406

Non-GAAP organic recurring revenue growth

4.1 %

4.1 %

Non-GAAP organic recurring revenue(2)

$   287,030

$     275,802

$   848,806

$     815,406

Foreign currency impact on non-GAAP organic recurring revenue(3)

(227)

—

(3,095)

—

Non-GAAP organic recurring revenue on constant currency basis(3)

$   286,803

$     275,802

$   845,711

$     815,406

Non-GAAP organic recurring revenue growth on constant

currency basis

4.0 %

3.7 %

(1)

Non-GAAP revenue from divested businesses excludes revenue associated with divested businesses in the prior period. The exclusion of

the prior period revenue is to present the results of the divested business with the results of the combined company for the same period of

time in both the prior and current periods.

(2)

Non-GAAP organic revenue and non-GAAP organic recurring revenue for the prior year periods presented herein may not agree to non-

GAAP organic revenue and non-GAAP organic recurring revenue presented in the respective prior period quarterly financial information

solely due to the manner in which non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth are calculated.

(3)

To determine non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, revenues

from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable prior period’s quarterly weighted average

foreign currency exchange rates. The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian

Dollar and Euro.

 

Blackbaud, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(dollars in thousands)

Three months ended
September 30,

Nine months ended
September 30,

2026

2025

2026

2025

GAAP net income

$    46,068

$      47,492

$   112,565

$      78,281

Non-GAAP adjustments:

Add: Interest, net

13,865

14,403

43,874

46,136

Add: GAAP income tax provision (benefit)

371

(6,448)

18,100

7,669

Add: Depreciation

3,177

2,181

8,228

7,823

Add: Amortization of intangibles from business combinations

5,993

7,381

18,838

22,553

Add: Amortization of software development costs(1)

12,978

12,605

38,203

36,781

Subtotal

36,384

30,122

127,243

120,962

Non-GAAP EBITDA

$    82,452

$      77,614

$   239,808

$     199,243

Non-GAAP EBITDA margin(2)

28.2 %

27.7 %

Non-GAAP adjustments:

Add: Stock-based compensation expense

$    22,100

$      21,657

$    68,686

$      71,079

Add: Employee severance

—

(242)

—

1,905

Add: Global workforce transition costs(3)

5,439

—

8,439

—

Add: Acquisition and disposition-related costs(3)

237

383

1,250

25,779

Add: Security Incident-related costs

853

247

853

2,822

Add: Impairment of capitalized software development costs

—

—

1,056

—

Subtotal

28,629

22,045

80,284

101,585

Non-GAAP adjusted EBITDA

$   111,081

$      99,659

$   320,092

$     300,828

Non-GAAP adjusted EBITDA margin(4)

38.0 %

37.0 %

Rule of 40(5)

42.1 %

40.8 %

Non-GAAP adjusted EBITDA

$   111,081

$      99,659

$   320,092

$     300,828

Foreign currency impact on Non-GAAP adjusted EBITDA(6)

(76)

(512)

(1,267)

(1,403)

Non-GAAP adjusted EBITDA on constant currency basis(6)

$   111,005

$      99,147

$   318,825

$     299,425

Non-GAAP adjusted EBITDA margin on constant currency basis

38.0 %

37.0 %

Rule of 40 on constant currency basis(7)

42.0 %

40.4 %

(1)

Includes amortization expense related to software development costs, and amortization expense from capitalized cloud computing

implementation costs.

(2)

Measured by non-GAAP EBITDA divided by non-GAAP organic revenue.

(3)

See additional details in the reconciliation of GAAP to non-GAAP operating income above.

(4)

Measured by non-GAAP adjusted EBITDA divided by non-GAAP organic revenue.

(5)

Measured by non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. See Non-GAAP organic revenue growth table

above.

(6)

To determine non-GAAP adjusted EBITDA on a constant currency basis, non-GAAP adjusted EBITDA from entities reporting in foreign

currencies were translated to U.S. Dollars using the comparable prior period’s quarterly weighted average foreign currency exchange rates.

The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian Dollar and Euro.

(7)

Measured by non-GAAP organic revenue growth on constant currency basis plus non-GAAP adjusted EBITDA margin on constant currency

basis.

 

(dollars in thousands)

Nine months ended
September 30,

2026

2025

GAAP net cash provided by operating activities

$   284,244

$   207,540

GAAP operating cash flow margin

32.9 %

24.9 %

Non-GAAP adjustments:

Less: purchase of property and equipment

(7,320)

(4,805)

Less: capitalized software development costs

(38,635)

(40,268)

Non-GAAP free cash flow

$   238,289

$   162,467

Non-GAAP free cash flow margin

27.6 %

19.5 %

 

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SOURCE Blackbaud

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