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Item 1. Business

2026-02-18 compared with 2025-02-21 · 208 added, 186 removed, 270 unchanged (59% of the section changed)

Description of Business

We are the leading software provider exclusively dedicated to powering social impact.

Serving the nonprofit and education sectors, companies committed to social responsibility and individual change makers, our essential software is built to accelerate impact in fundraising, nonprofit financial management, digital giving, grantmaking, corporate social responsibility and education management.

We are 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, we propel 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, our solutions are building a future where resources are unleashed at the speed of need.

Blackbaud brings over four decades of leadership to this sector:

since originally incorporating in New York in 1982 and later reincorporating as a South Carolina corporation in 1991 and as a Delaware corporation in 2004.

Millions of people across more than 100 countries connect, give, learn and engage through Blackbaud platforms.

During 2024, we had nearly 100,000 customers that paid Blackbaud through transactional fees and approximately 40,000 customers with contractual billing arrangements.

We are deeply proud to play a part in our customers’ success in their missions to provide healthcare and cure diseases, advance education, preserve and share arts and culture, protect the environment, support those in need and much more.

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Such methods are often costly and inefficient because of the difficulties in effectively collecting, sharing and using donation-related information.

Furthermore, general purpose software applications frequently have limited functionality for the unique needs of our customer base and do not efficiently integrate multiple databases.

Furthermore, general purpose software applications frequently have limited functionality for the unique needs of our customer base and do not efficiently integrate multiple databases or solutions from multiple vendors.

Some social impact organizations have developed proprietary software, but doing so is expensive, requiring on-site technical personnel for development, implementation and maintenance.

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• Improve the data collection and information sharing capabilities of their employees, volunteers and donors by creating and providing distributed access to centralized databases.

Because of these challenges, we believe nonprofits, education institutions, healthcare organizations and houses of worship can benefit from software applications and services specifically designed to serve their particular needs and workflows to grow revenue, work effectively and accomplish their missions.

Because of these challenges, we believe nonprofits, education institutions, healthcare organizations and houses of worship can benefit from AI-powered software applications and services and specifically designed to serve their particular needs and workflows to grow revenue, work effectively and accomplish their missions.

2025 Form 10-K

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• Cultivate new and existing donors.

Our objective is to maintain and extend our position as the leading provider of cloud software and services essential for the core business operations unique to social impact organizations, teams, and schools.

Our objective is to maintain and extend our position as the leading provider of AI-powered cloud software and services essential for the core business operations unique to social impact organizations, teams, and schools.

Our key strategies for achieving this objective are described below.

Execute on our Five Key Operational Initiatives

In early 2023, we outlined five key operational initiatives targeted to drive innovation, bookings growth, revenue expansion and lower costs.

During 2024, we continued to execute on these key initiatives.

Operating Initiatives Supporting Long-Term Growth and Margin Improvement

• Product Innovation and Delivery

To maintain our market leadership position, we are accelerating the pace of innovation and new feature delivery to our customers.

Our focus has been on two areas, artificial intelligence (AI) and enhancements that continue to improve the connectivity of our suite of solutions.

These enhancements are aimed at improving fundraising outcomes while reducing the administrative burden of our end users.

Some examples include:

• We have released a number of AI capabilities in our solutions, including generative AI functionality for our JustGiving platform.

During 2024, we released generative AI capabilities for Raiser’s Edge NXT®, and we expect that Blackbaud Copilot will be available to our Raiser's Edge NXT customers soon.

Using Blackbaud Copilot, users can ask ad hoc questions such as “How can I improve my average donation size?” and the tool will provide intelligent responses as well as recommended actions intended to drive that outcome.

• During 2024, our Online Giving and Prospect Insights capabilities were natively integrated into Raiser's Edge NXT.

With these integrations, fundraising administrators can now drive a giving campaign, keep records of each donor interaction, identify new donation opportunities, and provide personalized messaging, all in one integrated experience.

• During 2024, we released our new optimized donation forms for Raiser's Edge NXT, Blackbaud CRM and Blackbaud Altru that fully integrate with our payment processing and CRM software.

We expect these forms to drive higher revenue for our customers and for Blackbaud.

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

Bookings Growth and Acceleration

We maintain a keen focus on accelerating bookings growth by signing new logos as well as upselling and cross-selling our existing customer base.

Our sales team is split between prospect account executives dedicated to prospecting for new clients and customer account executives who focus on selling additional products to current customers.

A central element of our long‑term strategy is the disciplined integration of AI across our products, platform and internal operations, which management views as foundational to driving operating leverage, enhancing customer outcomes and supporting sustainable growth over time.

Our product innovation efforts have focused on two primary areas:

(i) advancing AI across the portfolio, and (ii) enhancing product connectivity and interoperability to streamline customer workflows.

These enhancements are designed to help customers improve fundraising outcomes while reducing administrative burden.

Through our multi-year Intelligence for Good® initiative, we continue to integrate machine learning and AI-driven capabilities into our products to improve efficiency and support better outcomes for our customers.

Our machine learning features for prospect identification have been adopted by more than half of Raiser's Edge NXT® customers.

We have also introduced generative AI features across multiple products, primarily supporting the composition of donor and constituent communications.

In late 2025, we released Blackbaud AI Chat, which provides contextual responses within our solutions and assists users in completing tasks more efficiently.

At bbcon®, our annual user conference in October 2025, we launched Agents for Good™, our agentic AI suite, designed to augment customer teams with virtual AI-driven assistants capable of autonomously executing complex workflows across fundraising, finance and corporate impact functions.

These innovations expand the ways customers can use our AI-powered solutions and are expected to contribute to future bookings, product adoption and customer retention.

• Targeting Mid-Single-Digit Revenue Growth

Contractual Recurring Revenue (~64% of total revenue)

Contractual recurring revenue is driven by new‑customer bookings, cross‑sell and upsell activity within our existing customer base and the retention of existing customer revenue.

Our sales organization includes teams focused on both new logo acquisition and expansion within existing customers.

In addition to these motions, our new product opportunities (such as Agents for Good discussed above) provide our customer account teams with incremental solutions

2025 Form 10-K

Blackbaud, Inc.

breadth of our product portfolio, this “land and expand” model has proven successful for us over time.

As previously disclosed, there can be volatility quarter-to-quarter on bookings.

Transactional Revenue Optimization and Expansion

Transactional revenue, which is about one-third of total revenue, is comprised of four primary components:

donation processing (~55% of total transactional revenue);

consumer giving (~20%);

tuition management (~20%);

and event-based usage (~5%).

The diversity of the underlying transaction volumes from these four sources has resulted in consistent transactional recurring revenue growth in the mid-to-high single digits over the past several years.

We continue to see strong momentum in consumer giving and tuition management, we have implemented rate increases across select areas of our payments portfolio, and we continue to implement additional payments solutions optimization to drive enhanced donor experience.

Modernized Approach to Pricing and Multi-Year Contracts

In the summer of 2022, we put in place an updated pricing policy primarily for our social sector customers that directly reflects the value we provide to them, is in-line with the broader market and reflects the inflationary pressures that all businesses are facing.

This program is designed to deliver sustained revenue growth beyond the initial three-year renewal cycle and will provide us with improved revenue visibility.

As previously disclosed, this new approach has three main components:

offering 3-year contract renewal terms as our standard, which the vast majority of customers are adopting;

embedded annual price increases within the 3-year renewal term, which we have not had previously and are beginning to take effect;

and a larger first year price increase to bring our pricing in-line with the broader market.

The first two components, as well as a portion of the third, will continue on beyond the initial renewal cycle, creating what we believe will be a sustainable source of revenue growth.

We have now completed the 2023 and 2024 renewal cohorts, which represented approximately 65% of the total contractual revenue eligible for this program.

Approximately another 25% of the renewable base is up for renewal in 2025, and the remaining 10% in the beginning of 2026.

The close day-to-day management of renewals, the mix of 3-year and 1-year contracts, and the impact of pricing are progressing well.

Additionally, the adoption of 3-year renewals as a standard, with more customers opting for this option than we originally expected, is expected to have an added benefit of higher retention which provides greater revenue assurance and predictability.

Keen Attention to Cost Management

Cost management initiatives already completed drove a significant improvement in profitability during 2023.

These initiatives included:

• A reduction in headcount from approximately 3,600 in the third quarter of 2022 to approximately 3,000 as of December 31, 2023

• Continued IT consolidation as we migrate customers from legacy private data centers to leading public cloud service providers.

We closed four legacy data centers during 2022 and two in 2023.

• Renegotiated key vendor contracts including Microsoft Azure and AWS

• Reduced our real estate footprint as part of the shift to a remote-first workforce

During 2024, we continued to run the business at about the same headcount level, while continuing to drive efficiencies in other areas of the business.

After the divestiture of EVERFI on December 31, 2024, we had approximately 2,600 employees.

As a remote-first workforce company, we can be strategic about selecting the appropriate geographic region for various functions in order to reduce costs without negatively impacting the quality of our products and services.

For example, we are currently expanding our operations in India, which we expect will give us greater access to talent, and increase the number of our employees, including management, in India.

We have rented office space in India to accommodate those new operations, although we do not currently expect to generate revenue in India in the foreseeable future.

There are two remaining legacy data centers that we are currently working towards closing in the future.

to sell into existing customers.

These three motions—new logo, cross-sell/upsell, and new product—support our multi-year “land and expand” strategy.

Most of our software customers now operate on standard three‑year contract terms with mid-to-high single-digit price increases at renewal and embedded annual price increases.

These terms provide improved revenue visibility and are expected to contribute to stability in retention rates.

Revenue from these arrangements is generally recognized ratably over the contract term.

While our contract renewal program is designed around three‑year terms, more than 20% of renewing customers have elected to enter into four‑year or longer contracts.

Accordingly, our customer base is primarily composed of three‑year contracts, with over 20% of customers committed under extended‑term arrangements, which contributes to revenue visibility while extending the duration over which renewals occur.

Because revenue from these contractual arrangements is recognized ratably over the contract term, changes in contract duration affect the period over which revenue is recognized but do not change the pattern of revenue recognition within the contract.

To the extent contracts include embedded annual price escalators, the total fees attributable to the subscription-based software solutions are recognized on a straight-line basis over the term of the arrangement, resulting in a more even pattern of revenue recognition over longer periods.

Accordingly, period‑over‑period revenue growth continues to be driven primarily by the retention of existing customer revenue, combined with new bookings, expansion activity and contractual renewals with price increases and embedded annual price escalators over the contractual term.

Extended‑term arrangements contribute to improved visibility into future revenue and cash flows.

Renewal performance can vary from year to year due to the size and composition of renewal cohorts.

Approximately 40% of our existing customer contracts are due for renewal in 2026, compared to approximately 30% in 2027 and approximately 30% in 2028.

The contractual annual recurring revenue dollars up for renewal associated with the 2026 renewal cohort are approximately 40% higher than those up for renewal in 2025, reflecting the normal progression of our multi-year contract renewal cycle and the timing of customer renewals.

Because the 2026 cohort is meaningfully larger, we may experience higher churn dollars in that year relative to prior years.

These cohort dynamics are a normal part of our renewal cycle and can influence year-over-year revenue trends, even when underlying customer retention patterns remain stable.

Transactional Recurring Revenue (~34% of total revenue)

Transactional recurring revenue is diversified across multiple activity types.

The primary components of this revenue stream—and their associated products—include:

◦ Donation Processing (~55%) - support by Blackbaud Integrated Payments™ , which powers donation activity across our fundraising and CRM solutions.

◦ Consumer Giving (~20%) - driven by JustGiving ®, which facilitates individual, peer-to-peer and community-driven giving.

◦ Tuition Management (~20%) - generated through Blackbaud Tuition Management™ , which processes tuition, fees and related financial transactions for K-12 private schools.

◦ Event‑based Usage (~5%) - derived from usage-based transactions across certain registration, ticketing and event-related workflows within our product suite.

The diversity of these underlying transaction types has contributed to consistent high-single-digit growth in transactional recurring revenue in recent years.

In certain periods, transactional recurring revenue may benefit from temporary increases in charitable giving related to isolated events, which can contribute to short‑term variability in transaction volumes.

Future growth in this category will depend on volume (e.g., donation activity, giving behavior, tuition payments), same‑store volume trends, the shift toward donor online giving, customer adoption of our payments capabilities and pricing optimization initiatives.

Certain components of transactional revenue—as with the broader social good sector—are influenced by external factors such as giving patterns, macroeconomic conditions and seasonal activity.

We have experienced continued growth in donation processing, consumer giving and tuition management, have implemented targeted rate increases across select areas of our payments portfolio, and are executing additional

2025 Form 10-K

Blackbaud, Inc.

optimization initiatives intended to enhance the donor experience and support long-term transactional revenue expansion.

• Operating Efficiency and Margin Improvement

We are focused on improving operating efficiency and enhancing profitability over time.

This includes actions to optimize our workforce, improve productivity, modernize our technology platform and simplify our cost structure.

Consistent with this focus, we are applying AI across our internal operations as a tool to support productivity, scalability and operational effectiveness over time.

We have taken several steps to improve efficiency in recent years, including reductions in headcount, optimization of our real estate footprint, renegotiation of key vendor contracts, continued migration of our product infrastructure to public cloud environments and planned closure of our two remaining legacy private data centers.

We are also deploying AI-enabled tools across our internal operations, including research and development, customer operations and general and administrative functions, to automate routine activities, accelerate workflows and support internal productivity, while maintaining appropriate controls and governance.

As part of our multi-year global workforce strategy, we are expanding our global footprint through the continued build-out of our Global Capability Center ("GCC") in Hyderabad, India.

This expansion enhances our access to talent, enables labor arbitrage while maintaining a high quality of work, and supports a follow-the-sun operating model.

Our adoption of AI complements this strategy by informing how we assess roles, skill requirements and productivity opportunities as our operating model evolves.

Beginning in 2024, we have relied on a combination of (i) insourcing certain roles previously performed by third parties into the GCC, (ii) evaluating roles and required skill sets, and opportunities created through our adoption of AI to determine whether positions that become vacant through attrition should be backfilled within the GCC, and (iii) opportunistically transitioning additional roles to the GCC.

We expect to continue this approach as we execute the next phase our global workforce strategy through 2027.

• Stock repurchase program

On December 1, 2025, our Board of Directors reauthorized, expanded and replenished our stock repurchase program by raising the total capacity under the program from $800.0 million to $1.0 billion available for repurchases.

The program does not have an expiration date and authorizes the repurchase of shares from time to time in accordance with applicable laws, including through open market transactions, transactions under Rule 10b5-1 trading plans, and privately negotiated transactions.

The timing and amount of repurchases are determined based on a variety of factors, including market and business conditions, the trading price of our common stock and alternative uses of capital, and the program may be limited, suspended or discontinued at any time without prior notice.

On December 2, 2025, we announced an increase in our expected fiscal year 2025 stock repurchase range to between 7.0% and 8.5% of our outstanding common stock as of December 31, 2024.

During the year ended December 31, 2025, we repurchased 3,337,844 shares for $214.0 million.

Including net share settlement of employee stock compensation, these repurchases represented approximately 7.9% of our outstanding common stock as of December 31, 2024.

As of December 31, 2025, $960.6 million remained available for repurchases under the program.

During 2026, we intend to repurchase between 5.0% and 10.0% of our outstanding common stock as of December 31, 2025 under our existing stock repurchase program.

Over the long term, we expect stock repurchases to remain an important component of our capital allocation strategy, subject to market conditions, business performance, leverage considerations, and other factors.

We anticipate utilizing at least 50% of our free cash flow from 2026 to 2030 for stock repurchases.

See “Management’s Discussion and Analysis of Financial Conditions and Results of Operations—Non-GAAP Financial Measures” in Item 7 of this report.

2025 Form 10-K

Blackbaud, Inc.

Delight Our Customers

We intend to make our customers' experience with us effective, efficient and satisfying from their initial interest in our solutions and services through their decision to purchase, engage with customer support and implement and use our solutions.

We intend to make our customers' experience with us effective, efficient and satisfying from their initial interest in our AI-powered solutions and services through their decision to purchase, engage with customer support and implement and use our solutions.

We continue to focus on initiatives aimed at improving the consistency and quality of user experience across our offerings.

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We will continue to focus on providing the highest level of solution support, enhancing our existing solutions, extending our solutions through open APIs and developing new solutions and services designed to help our customers be more effective and achieve their missions.

(See “Solutions and Services” below for additional information regarding the development and integration of AI into our solutions and services.)

(See “Solutions and Services” below for additional information regarding the development and integration of AI into our solutions and services as a key business strategy.)

Attract and Retain Top Talent and Actively Engage Employee Base

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We strive to hire, develop and retain the best employees and provide a supportive and inclusive environment where their talents and potential are realized.

In 2021, we formally rolled out a remote work strategy as a company, which supports Blackbaud's goal to attract top talent globally.

In 2025, we rolled out an updated approach to our Remote-Flexible workforce strategy, which supports Blackbaud's goal to attract and develop top talent globally.

For additional information, see “Human Capital Resources” below.

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Solutions and Services

We build software for our customers' essential business operations to free them to focus on what matters most:

delivering impact.

With powerful data intelligence and expertise inside, and an ever-growing network of partners and developers outside, our software is the foundational infrastructure that expands what is possible for anyone dedicated to purpose-driven work.

We propel our customers’ impact through what we believe to be the sector’s most intelligent AI-powered solutions for giving, connecting and engaging.

Our solutions combine deep expertise, end-to-end connection for sector-specific workflows and access to the Blackbaud Verified Network.

We have evolved beyond providing the critical systems of record to also provide systems of intelligent action.

We augment our software with a range of payment processing, analytic and business intelligence services, consulting, training and professional services, as well as maintenance and technical support.

The Blackbaud portfolio is delivered primarily through cloud solutions tailored to the unique needs of nonprofits and foundations, educational institutions, individual change makers and corporate social impact programs.

Our solutions are built specifically for fundraising and relationship management, marketing and engagement, financial management, grant and award management, education management, ticketing, social responsibility, payment services and analytics.

We are developing and implementing AI features in certain of our solutions and services as a key element of our strategy to delight our customers and remain a market leader in the social impact sector.

For example, our “Intelligence for Good” program integrates several machine learning and AI capabilities that help our customers streamline workflows, enhance efficiency and achieve better outcomes.

We have introduced generative AI features across multiple products, mainly for composing outreach communications, and will soon be offering the ability for our customers to provide contextual responses to question and answer actions.

We are also leveraging AI to transform the way we work at Blackbaud and intend to continue

Our AI-powered solutions are built specifically for fundraising and relationship management, marketing and engagement, financial management, grant and award management, education management, ticketing, social responsibility, payment services and analytics.

We are developing and implementing AI features in certain of our solutions and services as a key element of our strategy to enhance customer workflows, improve operational efficiency and support decision-making, while maintaining appropriate human oversight and governance controls.

For example, our “Intelligence for Good” program integrates machine learning and AI capabilities that help our customers streamline workflows, enhance efficiency and achieve better outcomes.

We have introduced generative AI features across multiple products, ranging from composition of outreach communications to contextual responses to customer questions.

We are also leveraging AI to transform the way we work at Blackbaud and intend

2025 Form 10-K

Blackbaud, Inc.

to identify, experiment and scale a range of solutions across marketing, customer success and engineering through applied AI.

to continue to identify, experiment and scale a range of solutions across our marketing, customer success, engineering and general and administrative functions through applied AI.

AI is a core pillar of our long‑term business strategy and operating model, rather than a standalone innovation initiative, and underpins how we enhance our solutions, scale our platform, improve operating efficiency and deliver sustained value to our customers.

We are committed to developing and using AI responsibly and in accordance with rapidly developing laws and regulations, including with regard to the processing of personal data.

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(See “Risk Factors” below for more information regarding the risks associated with our use of AI and the description below of our current uses of AI in our solutions and services.)

For purposes of this Annual Report on Form 10‑K, we use the term “Artificial Intelligence” or “AI” as defined by the National Institute of Standards and Technology (“NIST”).

Under the NIST definition, AI refers to a machine‑based system that can, for a given set of human‑defined objectives, make predictions, recommendations, or decisions that influence real or virtual environments.

These systems use machine- and human‑based inputs to perceive their environments, analyze data and generate outputs that support or automate decision‑making.

As adopted by the Company, this definition applies consistently throughout our disclosures in Item 1.

Business, Item 1C.

Cybersecurity and Item 7.

Management’s Discussion & Analysis, and should be read in conjunction with our related risk, operational and governance discussions.

Our specific solutions and services include:

Data Intelligence

Intelligence for Good® is our comprehensive strategy to deliver AI that is convenient, powerful and responsible.

Our AI capabilities enable social impact organizations to transform data into insights and outcomes.

Our data intelligence offerings provide solutions for data health, predictive insights and fundraising performance, enabling nonprofits to define effective campaign strategies and maximize fundraising results.

These services either integrate with or are already integrated into our software solutions to give our customers a comprehensive view of their supporters and the market and provide information essential to making well-informed operating decisions.

Blackbaud's data intelligence solutions and services use data science and AI to turn customer data into valuable insights that inform decision-making and help them achieve their goals efficiently.

Blackbaud's data intelligence portfolio consists of four key outcome areas:

Blackbaud Agents for Good™ are a series of AI agents that leverage Blackbaud’s proprietary data and sector expertise to act as staff support or “virtual team members” by autonomously executing complex workflows for nonprofits and leveraging proven processes to accomplish a specific set of outcomes.

Within prescribed guardrails, agents run tasks, leverage data to optimize those tasks, log the actions they take and report on the success of their actions.

Predictive Insights inform strategic decision-making and actions that increase efficiency and drive successful outcomes.

Insights are extracted by combining customer data with licensed and proprietary data before leveraging advanced AI capabilities and expertise from Blackbaud’s dedicated team of data scientists.

Examples of constituent insights include:

predictive modeling that indicates the likelihood and capacity of a constituent making a gift, wealth screening software that uses publicly available records to build detailed wealth profiles of constituents and persona cluster segmentation that groups constituents based on shared traits with guidance for optimizing messaging to each group.

2025 Form 10-K

Blackbaud, Inc.

Data Health solutions enhance and maintain constituent data so the customer is always working with accurate and up-to-date information.

Examples of these solutions include:

identifying outdated or invalid constituent addresses in the database and making corrections based on United States Postal Service data and using name and address matching to append additional contact or demographic data points to constituent records to support better segmentation and engagement.

Fundraising Performance solutions help customers to assess their fundraising performance across donor segments, benchmark themselves against peer organizations and understand industry trends.

These solutions provide a holistic view of donor performance that goes beyond standard campaign-based reporting, with key performance indicators related to acquisition, upgrading, retention and reactivation.

Customers use our performance solutions to identify areas of weakness and opportunities for improvement, track the donor impact of strategic initiatives, understand and respond to industry trends, set realistic benchmarks and fundraising goals and maintain a consistent reporting methodology to assess growth over time.

Fundraising and Engagement

Blackbaud Raiser's Edge NXT® is our flagship fundraising and relationship management solution.

Raiser's Edge NXT is the first and only cloud fundraising and relationship management solution that is all-inclusive, fully integrated with data health, predictive analytics, email marketing, donation forms, event management, payment processing and process automation to create tailored, user-specific experiences.

Raiser's Edge NXT is the first and only cloud fundraising and relationship management solution that is all-inclusive, fully integrated with data health, AI-powered predictive analytics, email marketing, donation forms, event management, payment processing and process automation to create tailored, user-specific experiences.

We believe Raiser's Edge NXT is the most advanced technology available to nonprofits seeking to operate more efficiently and raise more support for their missions.

Blackbaud CRM™ is a comprehensive, configurable fundraising and relationship management solution.

Blackbaud Enterprise Fundraising CRM™ is a comprehensive, configurable fundraising and relationship management solution.

It is our lead offering for enterprise-level organizations seeking a powerful, yet adaptable solution for fundraising, marketing and program management across the engagement lifecycle, specializing in supporting sophisticated major giving, membership and high-volume direct marketing programs.

Blackbaud CRM helps organizations build deeper and more personalized relationships with constituents, build their brands through online engagement and multichannel communication tools, and more effectively fundraise, leveraging campaign management, business intelligence and predictive analytics.

Blackbaud CRM can be integrated with enterprise online solutions to enable multi-channel marketing, online engagement and event fundraising.

Blackbaud eTapestry® is a simple, cloud fundraising and donor management solution built specifically for smaller, developing nonprofits in need of a cloud solution to support basic fundraising needs.

It offers nonprofit organizations a cost-effective way to manage donors, process gifts, create reports, accept online donations and communicate with constituents.

This technology provides a system that is simple to maintain, efficient to operate and is intuitively easy to learn without extensive training.

Blackbaud Enterprise Fundraising CRM helps organizations build deeper and more personalized relationships with constituents, build their brands through online engagement and multichannel communication tools, and more effectively fundraise, leveraging campaign management, business intelligence and predictive analytics.

Blackbaud Enterprise Fundraising CRM can be integrated with enterprise online solutions to enable multi-channel marketing, online engagement and event fundraising.

Blackbaud Luminate Online®, delivered in the cloud, helps our customers better understand their online supporters, make the right ask at the right time and raise more money online.

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Both fundraisers and leaders benefit from tailored consulting to address weaknesses and enhance strengths to comprehensively improve fundraising team performance.

2024 Form 10-K

Blackbaud, Inc.

Blackbaud Altru® is a cloud solution that helps arts and cultural organizations consolidate admissions, membership, fundraising, merchandise, marketing and more, giving users a comprehensive view of their supporters.

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It also has sophisticated reporting functionality and tools to manage marketing, communications and fundraising.

Blackbaud Guided Fundraising™ and Blackbaud Volunteer Network Fundraising™ can work together with Fundraiser Performance Management or independently to help higher education institutions meet their advancement targets and development campaign goals.

Blackbaud Guided Fundraising is used by institutions seeking to manage all the details behind the sophisticated, person-to-person solicitation strategies that drive fundraising results.

Blackbaud Volunteer Network Fundraising helps institutions manage volunteer fundraising campaigns with tools for project management, communication and reporting.

2025 Form 10-K

Blackbaud, Inc.

Financial Management

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Blackbaud Financial Edge NXT has powerful reporting tools to help finance teams drive transparency and open modern APIs to support data integrations or enhanced workflows.

It seamlessly integrates with multiple Blackbaud products including Raiser's Edge NXT, Blackbaud Tuition Management, Blackbaud Billing Management and Blackbaud Grantmaking so nonprofit organizations can connect their business offices and workflows across the organization.

It seamlessly integrates with multiple Blackbaud products including Raiser's Edge NXT, Blackbaud Tuition Management and Blackbaud Billing Management so nonprofit organizations can connect their business offices and workflows across the organization.

Financial Edge NXT eliminates redundant tasks and manual processes across the organization and within the financial office itself through Payment Assistant™, native functionality for automated bill pay and Expense Management, functionality for submission of expenses.

We recently introduced AI-powered document intelligence for scanning of invoices to reduce manual data entry.

Blackbaud Purchase Cards provide an efficient and convenient alternative to traditional procurement methods and paper-based payables processes such as checks, purchase orders and invoices for travel and operational purchases.

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Both the funder and the nonprofit can tell an impact story using ROI-focused results and a common outcomes measurement language.

Blackbaud Award Management™ is a comprehensive, integrated scholarship management platform for higher education and K-12 institutions and foundations, allowing students to apply for all awards using one intuitive and streamlined application

2024 Form 10-K

Blackbaud, Inc.

process and eliminating many time-consuming administrative tasks.

This leads to improved awarding, reporting, compliance, communication and stewardship.

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Blackbaud Enrollment Management System helps admissions teams and prospective families manage and track their progress, from inquiry and application through acceptance and enrollment.

2025 Form 10-K

Blackbaud, Inc.

Blackbaud School Website System™ is a content management system that gives schools the flexibility to build and edit webpages, with easy access to content types including photos, videos, downloads, text and more.

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Our solutions provide our customers payment processing capabilities that enable their donors to make donations and purchase goods and services using numerous payment options, including credit card and automated clearing house (“ACH”) checking transactions, through secure online transactions.

Blackbaud Merchant Services™ is a value-added service integrated with our solutions that makes credit card processing simple and secure.

Customers are charged one rate for credit card transactions, making Blackbaud Merchant Services a competitive option.

Blackbaud Integrated Payments™ (formerly, Blackbaud Merchant Services ) is a value-added service integrated with our solutions that makes credit card processing simple and secure.

Customers are charged one rate for credit card transactions, making Blackbaud Integrated Payments a competitive option.

The service also provides customers with a payment card industry (“PCI”) compliant process and streamlined bank reconciliation.

We also provide our K-12 private school customers with student tuition payment processing services.

Data Intelligence

Blackbaud’s Intelligence for Good® is our comprehensive strategy to deliver AI that is accessible, powerful and responsible.

Our AI capabilities enable social impact organizations to transform data into insights and outcomes.

Blackbaud's data intelligence solutions and services use data science and AI to turn customer data into valuable insights that inform decision-making and help them achieve their goals efficiently.

Blackbaud's data intelligence portfolio consists of three key outcome areas:

2024 Form 10-K

Blackbaud, Inc.

Data Health solutions enhance and maintain constituent data so the customer is always working with accurate and up-to-date information.

Examples of these solutions include:

Predictive Insights inform strategic decision-making and actions that increase efficiency and drive successful outcomes.

Insights are extracted by combining customer data with licensed and proprietary data before leveraging advanced AI capabilities and expertise from Blackbaud’s dedicated team of data scientists.

Examples of constituent insights include:

Fundraising Performance solutions help customers to assess their fundraising performance across donor segments, benchmark themselves against peer organizations and understand industry trends.

Customer Success

Our Customer Success organization is responsible for ensuring our customers achieve their desired outcomes through Blackbaud solutions, starting at onboarding and continuing through the customer lifecycle.

Our Customer Success team develops and fosters relationships within all levels of the customer organization to help ensure that customers get the most value out of our solutions and services, while helping them achieve their desired outcomes.

Our Customer Success team develops and fosters relationships within all levels of the customer organization to help ensure that customers get the most value out of our AI-powered solutions and services, while helping them achieve their desired outcomes.

Our customer success resources work to proactively communicate to drive overall satisfaction and retention of our customers' business.

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Benefits, such as priority routing or additional support channels, are continuously enhanced.

Customers enrolled in the programs enjoy fast, reliable customer support, receive regular software updates, stay up-to-date with regular communication and can leverage a unified customer portal for quick and easy access to these resources.

Customers also are empowered with self-help resources such as Knowledgebase articles, user guides, Blackbaud Community, our on-demand library of enablement sessions and have around-the-clock access to support resources for mission-critical needs.

Customers enrolled in the programs enjoy timely, reliable customer support, receive regular software updates, stay up-to-date with regular communication and can leverage a unified customer portal for quick and easy access to these resources.

Customers also are empowered with self-help resources such as AI-based support tools, Knowledgebase articles, user guides, Blackbaud Community, our on-demand library of enablement sessions and have around-the-clock access to support resources for mission-critical needs.

2025 Form 10-K

Blackbaud, Inc.

Professional and Managed Services

Our expert consultants, and those in our partner program, provide implementation, optimization, data conversion and customization services for our software solutions.

Our expert consultants, and those in our partner program, provide implementation, optimization, data conversion and customization services for our AI-powered software solutions.

These services include:

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• Database merging and enrichment;

• Secure credit card transaction processing;

• Database production activities;

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• Outcome-based and prescriptive services.

2024 Form 10-K

Blackbaud, Inc.

In addition, we, and our delivery partners, apply our industry knowledge and experience, combined with expert knowledge of our solutions, to evaluate an organization's needs and consult on how to improve a business process.

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This expertly designed product training empowers users to learn fast and work smart.

Millions of people across more than 100 countries connect, give, learn and engage through Blackbaud platforms.

During 2024, we had nearly 100,000 customers that paid Blackbaud through transactional fees and approximately 40,000 customers with contractual billing arrangements.

Our largest single customer accounted for less than 1% of our 2024 consolidated revenue.

Sales and Marketing

Most of our solutions and related services are sold through our direct sales force.

Most of our AI-powered solutions and related services are sold through our direct sales force.

As of December 31, 2025, we had approximately 170 direct sales employees.

Our direct sales force is complemented by a team of sales development representatives responsible for sales lead generation and qualification.

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Our partner program also includes optional engagements around referrals, technical integrations, and implementation services which also support and supplement our go-to-market efforts by promoting customer choice and facilitating extensible capabilities.

These sales, partners and customer success professionals are primarily located throughout the United States, the U.K., Canada and Australia.

As of December 31, 2024, we had approximately 210 direct sales employees.

Our marketing organization, which includes brand, digital, content, product, event and demand generation marketing and corporate communications, develops and launches multi-channel campaigns designed to create brand recognition and market awareness for our solutions and services.

These sales, sales support, partners and customer success professionals are primarily located throughout the United States, the U.K., Canada and Australia.

Our digital demand generation motion focuses on targeted account-based marketing plays, as well as intent-based programs including paid search, retargeting, social and content syndication programs.

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Blackbaud, Inc.

The market for software and related services targeting philanthropic-focused for-profit and nonprofit organizations is competitive and highly fragmented.

The market for software and related services targeting philanthropic-focused for-profit, nonprofit organizations and schools is competitive and highly fragmented.

For certain areas of the market, entry barriers are low, as general tools for small businesses can usually be configured to manage the most basic marketing, contact management, and accounting needs of social impact organizations.

In parallel, as software development evolves from a highly-complex tradecraft with nuanced understanding of architectural patterns and discrete languages, to click-to-code and drag-and-drop development with natively cloud-based infrastructure, it becomes easier for competitors to quickly spin up basic applications to solve common problems.

However, once basic needs are met, programs unique to social impact organizations like the stewardship of relationships and partnerships critical to major gift fundraising and community education;

the cultivation and management of gifts and grants sponsorship;

However, once basic needs are met, programs unique to social impact organizations like the stewardship of relationships and partnerships critical to major gift fundraising and corporate grants;

the cultivation and management of gifts and sponsorships;

the intricacies of not-for-profit specific fund accounting;

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• Niche products are usually developed as a solution for a single problem at an organization and are adopted by similar organizations to solve a specialized need.

These are typically offered by vendors who may have deep industry expertise but may not have the resources to expand beyond a specialized area.

We believe we compete against these solutions by offering a set of integrated solutions rather than a single point solution, which we believe improves the overall customer experience and reduces organizational risk.

These are typically offered by vendors who may have deep industry expertise but may not have the resources to expand beyond a specialized area, or whose solutions require managed services which limit their ability to scale.

We believe we compete against these solutions by offering a set of integrated, AI-driven solutions rather than a single point solution, which we believe improves the overall customer experience and reduces organizational risk.

In addition, our open platform allows integration to specialized applications so the opportunity for disruption from these competitors is minimized.

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To drive adoption of their platforms, these vendors rely on a combination of direct-to-consumer marketing, marketing to nonprofits who in turn market to their supporters, and marketing to intermediate entities such as an event sponsor who will market to participants.

We believe we compete well in this market through a combination of positive brand recognition among all three of these groups and the combination of our consumer- and organization-oriented tools relative to those of the competition.

We believe we compete well in this

2025 Form 10-K

Blackbaud, Inc.

market through a combination of positive brand recognition among all three of these groups and the combination of our consumer- and organization-oriented tools relative to those of the competition.

Less frequently, we compete with providers of traditional, non-automated fundraising service providers, including parties providing services in support of traditional direct mail or email campaigns, special events fundraising, peer-to-peer, telemarketing and personal solicitations.

We believe we compete successfully against these traditional fundraising service providers, primarily because our solutions and services are more automated, more robust, more tailored to the needs of nonprofit organizations and more efficient.

We believe our proprietary data, comprehensive product suite and domain‑specific workflows provide a durable competitive moat, in the same way they have supported our success to date versus competitors.

Our early incorporation of verticalized, embedded AI and agentic automation capabilities, coupled with decades of sector credibility, positions us to lead the market into the next phase of intelligent, mission‑driven software.

Technology and Architecture

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Our Intelligence for Good® strategy affirms our commitment to AI that is convenient, powerful and responsible.

Our AI Platform is built on best-in-class services and agentic capabilities and enables tools — both internal and third-party — to access our data securely to provide intelligent capabilities.

The development strategy for all Blackbaud cloud solutions emphasizes:

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Human Capital Resources

As of December 31, 2024, we had approximately 2,600 employees, none of whom are represented by unions or are covered by collective bargaining agreements.

This number reflects the decrease in headcount following our disposition of our EVERFI business in December 2024.

We are not involved in any material disputes with any of our employees, and we believe that relations with our employees are strong.

We benefit from an engaged and driven employee base motivated to join the Company by our work to support organizations and individuals driving social impact.

Our purpose attracts and retains talented, competitive applicants, with approximately 90% of employees citing the fact that Blackbaud operates in a socially responsible manner is important to them.

This differentiator not only builds strong employee engagement but also helps us provide a higher level of service to our customers.

With over 76% of employees volunteering with nonprofits annually and one in seven serving on a nonprofit board or committee, our direct experience enables our teams to better serve our customer base.

Blackbaud also attracts and promotes talented employees through effective and targeted recruiting strategies.

In 2021, we formally rolled out a remote work strategy which expanded our pool of qualified applicants for roles and internal career progression and enabled Blackbaud's goal to attract and develop talent globally.

We continue to find top talent that want the flexibility of this work strategy, and it serves as a cornerstone of our culture focused on trust and productivity.

Employee engagement is a focus at Blackbaud, and we continually work to understand what matters and to make our workplace better to attract, develop, and retain talent.

Every manager at Blackbaud is required to take a multi-course

As of December 31, 2025, we employed approximately 2,800 talented professionals worldwide, none of whom are represented by unions or covered by collective bargaining agreements.

We are not engaged in any material disputes with employees, and we maintain strong, positive relationships across our workforce.

Our people are energized by our mission to fuel social impact.

This purpose is a powerful differentiator—approximately 91% of employees cite Blackbaud’s commitment to social responsibility as important to them.

It drives engagement and enables us to deliver exceptional service to customers.

Our employees live this commitment:

approximately 74% volunteer annually with nonprofits, and one in seven serves on a nonprofit board or committee, bringing firsthand experience to the communities we serve.

2025 Form 10-K

Blackbaud, Inc.

"Engagement Labs" training designed to equip them with the practical skills to ensure their teams are highly engaged.

We assess and measure progress on engagement and growth opportunities at the individual level through quarterly check-ins focused on impact and learnings, as well as through a global career framework that guides employee progression on both management and individual contributor career paths.

We also assess engagement on the team and company level through regular employee surveys as well as "Ask Anything" sessions with senior leaders and dedicated Q&A sessions during our global, company-wide Connect and Engage meetings.

We enable employees to have opportunities for career development through on-demand and company-led trainings via our Learning Management System platform, DevelopU.

Our compensation framework is designed so that employees are compensated equitably and competitively, through base salary, variable pay, equity award opportunities and comprehensive benefit offerings.

We also seek to support the whole person, through increased benefits and focus on overall well-being.

Our employee population has embraced a digital first mindset, and we continue to enhance our offerings and education to drive employees to make consumer driven decisions to be proactive in their healthcare journey.

Ultimately, we believe that Blackbaud is an excellent place to work because we are energized by our opportunity to fuel social impact and committed to running our business in a way that amplifies the difference we make in the world.

We govern our business ethically and contribute to causes and communities that matter to our employees through corporate philanthropy.

We pursue sustainability, and we work every day to ensure our workplace is supportive, inclusive and engaging.

We offer an array of philanthropy programs aimed at engaging our employees in fueling social impact, including matching gifts, competitive grants that honor noteworthy examples of volunteerism, employee-led grant committees, skills-based volunteerism initiatives, as well as science, technology, engineering and mathematics (STEM) focused community programs.

Our commitment to inclusion and sustainability supports our efforts to attract, develop and retain a high-performing employee base.

In 2023, we brought together the Talent Acquisition team with Inclusion and Corporate Social Responsibility teams under one leader within People and Culture.

The company believes that it is essential to foster inclusion from the moment a candidate considers Blackbaud.

This alignment continues our focus to amplify and accelerate the significant initiatives already in place at Blackbaud, including:

a focus on allyship, mentoring and affinity groups.

We have 11 employee-led affinity groups, including, but not limited to those that represent veterans, LGBTQ+, women in technology, women in sales, people of color, sustainability and/or those with a disability.

Blackbaud takes proactive measures to protect the environment, both in our internal sustainable business practices and our external engagements.

As we did in 2021, 2022 and 2023, in 2024 we plan to achieve carbon neutrality across our business operations.

We are committed to our continued efforts to reduce our emissions footprint and provide transparent annual social responsibility and sustainability reporting.

Blackbaud was recognized by USA Today as one of America’s Climate Leaders in 2024.

Blackbaud was recognized by Newsweek as one of America's Most Responsible Companies 2024, Built In's Best Places to Work 2024, Time’s list of America’s Best Mid-size Companies 2024 and was distinguished as an OutLeadership Certified Supporter and 2024 Disability Employer by Disability Solutions.

Our People and Culture Team was recognized by Phenom highlighting our talent experience with the 2024 award for Best Use of Talent Acquisition.

Additional information related to our human capital strategy can be found in our 2023 Fueling Impact Report which is available on the Corporate Social Responsibility section of our website.

Information contained on or accessible through our websites is not incorporated into, and does not form a part of, this Annual Report or any other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.

For a discussion of seasonal variations in our business, see “Management’s Discussion and Analysis of Financial Conditions and Results of Operations — Seasonality” in Item 7 in this report.

Working Capital

For a discussion of our working capital practices, see “Management’s Discussion and Analysis of Financial Conditions and Results of Operations — Liquidity and Capital Resources” in Item 7 in this report.

In 2025, we advanced our Remote-Flexible workforce strategy, a cornerstone of our culture built on trust, innovation and productivity.

This dynamic model is not “remote-only,” “hybrid-only,” or “in-office-only.” Instead, it adapts to the needs of the work and the teams, while remaining in compliance with applicable local laws, empowering employees to thrive while delivering outstanding outcomes.

Whether collaborating in person, connecting virtually, or blending both, we believe flexibility fuels performance, inclusion and innovation.

We are expanding our global footprint through the continued build‑out of our new Global Capability Center (“GCC”) in Hyderabad, India.

This expansion enhances our access to talent and enables through labor arbitrage while maintaining a high quality of work, and it supports a follow‑the‑sun operating model.

Beginning in 2024, we have relied on a combination of (i) insourcing certain roles previously performed by third parties into the GCC, (ii) evaluating roles and required skill sets, and opportunities created through our adoption of AI to determine whether positions that become vacant through attrition should be backfilled within the GCC, and (iii) and opportunistically transitioning additional roles to the GCC.

We expect to continue this approach as we execute the next phase of our global workforce strategy through 2027.

See “Management’s Discussion and Analysis of Financial Conditions and Results of Operations—Executive Summary” in Item 7 of this report for additional information about this initiative.

Employee engagement is a key priority.

Every manager completes our multi-course Engagement Labs training to build highly engaged teams.

We measure progress through quarterly check-ins, a global career framework and regular employee surveys.

Company-wide Connect and Engage meetings and “Ask Anything” sessions with senior leaders foster connection, clarity and open-dialogue.

Career development is supported through DevelopU, our learning platform, and global regional connection gatherings that combine leadership access with volunteer opportunities.

In 2025, we launched a comprehensive AI Literacy Program, a significant investment in our people and our business.

Participation in the program is required for employees as part of our broader commitment to responsible AI adoption.

This initiative equips employees with the knowledge and skills to leverage AI responsibly and effectively, ensuring Blackbaud remains at the forefront of innovation.

The program will continue to evolve in 2026, reinforcing our commitment to future-ready talent.

Our total rewards framework ensures equitable, competitive pay through base salary, variable incentives, equity awards and comprehensive benefits.

We support the whole person with enhanced well-being programs, including our award-winning quarterly well-being sessions focused on mental health, resilience and financial health.

These sessions, combined with a digital-first mindset, empower employees to make proactive decisions for their health and overall well-being.

We believe inclusion starts at the candidate experience.

Today, several employee-led affinity groups represent communities including veterans, LGBTQ+, women in technology and sales, people of color, sustainability advocates, and individuals with disabilities.

Participation in these groups grew by 5% in 2025, engaging 45% of our global workforce.

Sustainability remains central to our operations.

We have achieved carbon neutrality annually since 2021, and continue to drive operational efficiency and look for areas to reduce emissions while providing transparent reporting.

In 2025, Blackbaud was recognized by Newsweek as one of the World’s Greenest Companies.

Our culture and purpose earn global recognition:

America’s Most Responsible Companies 2025

America’s Best Mid-Size Companies 2025

• Fast Company:

Best Workplaces for Innovators

• 2025 Disability Employer by Disability Solutions

Through philanthropy programs—including matching gifts, volunteer grants, skills-based initiatives and STEM-focused outreach—we empower employees to amplify social impact worldwide.

Blackbaud is an exceptional place to work because we combine purpose, flexibility and innovation to attract, develop and retain top talent.

We govern ethically, champion sustainability and foster inclusion—powering our people and our mission to make a difference in the world.

For a discussion of seasonal variations in our business, see “Management’s Discussion and Analysis of Financial Conditions and Results of Operations—Seasonality” in Item 7 of this report.

2025 Form 10-K

Blackbaud, Inc.

Working Capital

For a discussion of our working capital practices, see “Management’s Discussion and Analysis of Financial Conditions and Results of Operations—Liquidity and Capital Resources” in Item 7 of this report.

Available Information

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Gianoni 65 Chief Executive Officer, President and Vice Chairman of the Board

Boor 62 Executive Vice President and Chief Financial Officer

53 Executive Vice President and Chief Financial Officer

Benjamin 54 Executive Vice President and Chief Commercial Officer

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McDearis 58 Executive Vice President and Chief Technology Officer

Olson 61 Senior Vice President and General Counsel

Olson 62 Chief Legal Officer

Gianoni joined us as Chief Executive Officer and President in January 2014 and was appointed Vice Chairman of the Board in January 2024.

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He holds an AS in electrical engineering from Waterbury State Technical College, a BS with a business concentration from Charter Oak State College, and an MBA and an honorary Doctorate from the University of New Haven.

Boor joined us as Executive Vice President and Chief Financial Officer in November 2011 and served as our interim President and Chief Executive Officer from August 2013 to January 2014.

Prior to joining us, he served as an executive with Brightpoint, Inc., a global provider of device lifecycle services to the wireless industry, beginning in 1999, most recently as its Executive Vice President, Chief Financial Officer and Treasurer.

He also served as the interim President of Europe, Middle East and Africa during Brightpoint's significant restructuring of that region.

Boor served as Director of Business Operations for Brightpoint North America from August 1998 to July 1999.

Prior to joining Brightpoint, Mr.

Boor was employed in various financial positions with Macmillan Computer Publishing, Inc., a Viacom owned book publishing company specializing in computer hardware and software related topics, Day Dream Publishing, Inc., a publishing company specializing in calendars, posters and time management materials, Ernst & Young LLP, an accounting firm, Expo New Mexico, a state-owned fair and expo grounds and live pari-mutual horse racing venue, KPMG LLP, an accounting firm, and Ernst & Whinney LLP, an accounting firm.

He holds a BS in Accounting from New Mexico State University.

Anderson joined Blackbaud in March 2013 and was promoted to Executive Vice President and Chief Financial Officer in April 2025.

Prior to his appointment as Executive Vice Presi dent and Chief Financial Officer, Mr.

Anderson served as the Company’s Senior Vice President and Chief Accounting Officer since June 2022 and Vice President and Corporate Controller from March 2013 to May 2022.

Prior to joining the Company, Mr.

Anderson was Chief Financial Officer of the Europe, Middle East, and Africa region at Brightpoint Inc., a global provider of mobile device lifecycle services to the wireless industry, from March 2009 until February 2013 and Vice President of Finance for International Operations at Brightpoint from February 2008 until March 2009.

He holds a BS in Finance from Indiana University.

2025 Form 10-K

Blackbaud, Inc.

Benjamin has served as our Executive Vice President and Chief Commercial Officer since July 2022.

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He holds a BA in European Business from London Metropolitan University and an MBA from The Manchester Metropolitan University.

2024 Form 10-K

Blackbaud, Inc.

Gregoire has served as our Executive Vice President and Chief Operating Officer since July 2022.

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He holds a BS in Management from The Georgia Institute of Technology.

Olson joined us as Senior Vice President and General Counsel in September 2008.

Olson is responsible for Blackbaud's legal activities.

Olson has served as our Chief Legal Officer since April 2025 and is responsible for Blackbaud's legal activities.

He joined us as Senior Vice President and General Counsel in September 2008.

Prior to joining us, he was an attorney with Alcatel-Lucent USA, the U.S.

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Olson was employed in legal positions with MCI, Inc., a global business and residential communications company, from September 1996 to July 1997, and Unisys Corporation, a global information technology company, from July 1992 to September 1996.

Olson is a member of the MUSC (Medical University of South Carolina) Hollings Cancer Center Advisory Board and is on the board of Charleston Jazz.

Olson is a member of the MUSC (Medical University of South Carolina) Hollings Cancer Center Advisory Board.

He holds a BS from Georgetown University, a JD from Dickinson School of Law and an MBA from Seton Hall University.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business