Q3 2025 Blackbaud Inc Earnings Call
Speaker #3: I will now turn the conference over to Tom Barth head of Investor Relations . Please go ahead , sir .
Speaker #4: Good morning everyone . Thank you for joining us on Blackboard's third quarter 2020 earnings Call . Joining me on the call today are Michael Gianoni BLACKBAUD INC , CEO , president and Vice Chairman .
Speaker #4: And Chad Anderson , Blackboard's executive Vice president and CFO . Mike and Chad will make prepared remarks , and then we will open up the line for your questions .
Speaker #4: Please note that our comments today contain forward looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected .
Speaker #4: Please refer to our most recent Form 10-K and other SEC filings for more information on those risks. The discussion today will focus on non-GAAP results.
Speaker #4: Please refer to our press release and the Investor materials posted to our website . For the full details on our financial performance , including GAAP results , as well as full year guidance .
Speaker #4: We believe that a combination of both GAAP and non-GAAP measures are more representative of how we internally measure our business . Unless otherwise specified , we will refer to only non-GAAP financial measures on this call .
Speaker #4: Please note that non-GAAP financial measures should not be considered in isolation from , or as a substitute for , GAAP measures . And with that , let me turn the call over to you , Mike .
Speaker #5: Thank you . Tom . Good morning everyone . I'm pleased to say that Q3 was another quarter of very strong results across revenue , EBITDA , EPs , and cash flow .
Speaker #5: Blackboard generated revenue of 281 million , which is 5.2% organic growth year over year . And adjusted EBITDA margin of 35.4% , up more than 200 basis points year over year .
Speaker #5: non-GAAP diluted earnings per share of $1.10 , up 11% year over year , and particularly strong free cash flow of 125 million . These results continue to demonstrate the power of our people .
Speaker #5: The importance of our product offerings to our customers and our widening moat . As the market leader , providing the most comprehensive suite of purpose built and mission critical software for the social impact sector .
Speaker #5: Our solutions drive revenue and enhance employee efficiency , allowing our customers to spend more time focusing on what matters to them . Making concrete improvements in the world through their vital social impact .
Speaker #5: Work and our end markets continue to demonstrate the resiliency . Annual charitable giving in the United States alone is nearing 600 billion , up more than 6% year over year .
Speaker #5: Recent technological advancements have amplified the value we can create for our customers in changing the way we help them fundraise. AI is quickly becoming a fundraising standard with predictive analytics and personalization.
Speaker #5: Now essential for donor growth . Digital first has become the de facto method of donor engagement with hybrid events , influencers and peer to peer fundraising requiring online and offline solutions and corporate giving is at an all time high , making it the fastest growing nonprofit revenue source .
Speaker #5: Over the last five years . Blackbaud sits squarely at the forefront of all these market trends . We continue to focus on three specific areas acquiring new logos , driving innovation , and as a result , strengthening our customer relationships through selling additional solutions and renewals .
Speaker #5: On top of these , we achieve higher profitability through operational discipline and efficiencies that continue to yield positive results . In regard to signing new logos .
Speaker #5: Over the past year , I've highlighted a number of significant wins across many of our verticals . Additionally , we continue to see meaningful cross-sell wins .
Speaker #5: Here are a few examples of why Blackbaud was the right choice for their organizations . Saint Mary's College of California is recognized as one of the top five universities on the West Coast , and was a major new logo win .
Speaker #5: They had been using another legacy system, and after a detailed review of the power and capabilities of Razor's Edge and Xxt, they signed a multiyear agreement to meet their fundraising goals.
Speaker #5: Additionally , Concordia College , based in Minnesota , was a large cross-sell for us . They signed a five year agreement to purchase Razor's Edge NXT along with our added analytics capabilities to produce more robust , data driven fundraising campaigns .
Speaker #5: Concordia's Advancement and Research team selected us because no other company can provide the depth and capabilities around data to better engage with existing and new donors.
Speaker #5: Our second primary focus is our relentless pursuit of innovation , but we continue to advance the industry standard . Last quarter , I discussed how our razor's edge NXT transformation was in full effect with hundreds of updates in the last quarter alone , along with other key developments and partnerships driving deeper product differentiation and abilities for our customers .
Speaker #5: This quarter , we continued to deliver even greater innovation . This was showcased in early October at Bebe Con 2025 , our annual customer event with over 2000 people in attendance and many more virtually .
Speaker #5: We began the conference by outlining all of last year's six waves of innovation and how we've delivered on those commitments. We then unveiled what's coming next.
Speaker #5: Powerful sector specific AI capabilities fueled by our unmatched data embedded directly within Blackbaud solutions . Among the 70 plus planned or available AI enhancements are predictive AI that's helping customers identify billions of dollars in untapped giving potential .
Speaker #5: Generative AI-powered acknowledgments that are speeding up and enhancing communication with supporters, and the ability to chat with Blackbaud AI as a coach and assistant that will unify insights across business offices.
Speaker #5: At Bebe Con . We also launched our new Agentic AI suite agents for good , to help social impact organizations expand their teams with virtual team members and achieve more at scale .
Speaker #5: This suite of agents from Blackbaud will turn Agentic AI into active teammates that autonomously execute complex , high value work under the oversight of a human manager .
Speaker #5: Freeing up teams across fundraising , finance , corporate impact and more . The first agent for good , a development agent natively embedded within the trusted Blackbaud environment , will enable teams to identify and steward donors .
Speaker #5: They do not have the capacity to reach today, unlocking new revenue streams at a fraction of the cost possible in the past.
Speaker #5: A number of early adopter customers highlighted their use of our new development agent to crowded rooms at Bebe Con . They discussed the great potential for Agentic AI in the social sector to help customers unlock new levels of effectiveness and deeper connections across critical fundraising operations .
Speaker #5: The customer reaction to these announcements was positive and energetic . We frequently had standing room only crowds for our demos and Q&A sessions .
Speaker #5: We know our customers prioritize value, ease of use, and proven outcomes. Additionally, we know that the social impact sector as a whole requires solutions that will harness the power of these new technologies to drive their success.
Speaker #5: Our AI solutions will deliver on both of these fronts . We continue to emphasize our operational rigor to drive increased profitability and strong cash flows , in our Q3 and year to date results are strong .
Speaker #5: Testament to that discipline . Additionally , Chad will discuss some investments we've made to support future profitable growth , as well as some cash benefits related to tax changes in the one big beautiful bill .
Speaker #5: Let me conclude by offering what you can expect from Blackbaud in the future . We believe Blackbaud is a sound investment choice that has the potential to create substantial shareholder value .
Speaker #5: A belief that is supported by our strong 2025 year to date performance as a reminder , the framework we're targeting going forward includes mid-single digit plus organic revenue growth , EBITDA growth in excess of revenue growth , double digit diluted EPs growth , and driving very strong free cash flow to empower a purposeful capital allocation strategy .
Speaker #5: Our near-term capital allocation priority remains stock repurchase, especially at current valuations. We expect to remain an active purchaser of Blackbaud stock in the fourth quarter and beyond.
Speaker #5: We are increasing our stock repurchase target from 5% to 5.2% to 7% for 2025. Chad will provide more of the specifics on our plans across these metrics.
Speaker #5: And his guidance section , but we look forward to continuing this offering our shareholders increasing value in the coming years . With that , let me turn the call over to Chad .
Speaker #4: Thank you , Mike .
Speaker #6: And good morning , everyone . Blackbaud continues to be well positioned for long term success , delivering consistent growth and enviable profitability . As Mike outlined , Blackbaud executed well in the third quarter .
Speaker #6: And good morning , everyone . Blackbaud continues to be well positioned for long term success , delivering consistent growth and enviable profitability . As Mike outlined , Blackbaud
Speaker #6: , earnings and cash flows , along with prudent and purposeful capital journey and allocation strategy . Mike walked through the high level Q3 results , which tell a story of consistent mid-single digit top line growth , improved profitability and strong free cash flow .
Speaker #6: But to reiterate, Q3 organic revenues were up 5.2% to $281 million, a result of solid contractual recurring revenue growth and continued strength in our transactional recurring revenue lines.
Speaker #6: Adjusted EBITDA of 100 million was up nearly 5 million , with a 220 basis point improvement to margin improved revenue and EBITDA margin speaks to the power of the company's five point operating plan , which continues to positively impact earnings per share .
Speaker #6: non-GAAP diluted EPs increased to $1 . Ten compared to $0.99 last year , and 11% increase year over year . Adjusted free cash flow was 125 million , up from 98 million last year , representing adjusted free cash flow growth of 28% year over year .
Speaker #6: Our strong free cash flow generation gives us confidence to continue significant investment in a number of critical areas like product innovation , stock repurchase and debt repayment .
Speaker #6: In the third quarter . We repurchased approximately 460,000 shares , bringing our year to date total through the third quarter to nearly 2 million shares , including net shares .
Speaker #6: Settlement of employee stock compensation . This represents approximately 5.2% of the company's common stock outstanding as of December 31st , 2024 . This buyback activity continues to demonstrate our strong belief in the value of Blackbaud .
Speaker #6: And as Mike mentioned , we expect to be an active purchaser of Blackbaud stock in the fourth quarter and into 2026 . Additionally , leverage decreased to 2.4 times in the third quarter compared to 2.7 times last quarter and 2.9 times in Q1 .
Speaker #6: Before I move to guidance for the remainder of 2025, there are several housekeeping items that I wanted to highlight that may influence our numbers and help you set your models for both the year and upcoming quarters.
Speaker #6: Thinking about revenue and seasonality, our transactional revenue can create fluctuations from quarter to quarter, with Q4 typically being our highest revenue dollar quarter.
Speaker #6: Our annual merit increases for employee compensation went into effect on July 1st . So Q3 and Q4 tend to have higher compensation related costs compared to Q1 and Q2 .
Speaker #6: We continue to analyze the implications of the July tax law changes and believe it will meaningfully reduce cash taxes for the company through 2027 .
Speaker #6: We have updated our 2025 free cash flow guidance to include the anticipated cash tax benefit for this year and will share more on the estimated benefit to 2026.
Speaker #6: Free cash flow . When we provide formal guidance in February . We made a number of meaningful , incremental investments in the third quarter tied to product innovation and future growth drivers , including accelerated investment in the development of our Agentic AI offerings .
Speaker #6: We estimate these incremental investments will total approximately 7 million between the third and fourth quarters , and are contemplated in our full year 2025 guidance .
Speaker #6: Finally, the company identified a prior period noncash error related to the year-end 2024 calculation of the valuation allowance in accounting for income taxes.
Speaker #6: The correction of this , along with other immaterial prior period errors , resulted in immaterial impacts to our previously filed financial statements . Further information can be found in our earnings press release and in our 10-q .
Speaker #6: Once it's filed . Moving now to guidance for the remainder of 2025 , our guidance for the year assumes no material changes . Positive or negative , in the current macroeconomic landscape .
Speaker #6: We are reiterating our guidance across all metrics for 2025 , with the exception of increased free cash flow . As I noted previously regarding revenue , we are projecting revenue in the range of 1,000,000,120 million to $1,000,000,130 million , representing organic growth at the midpoint of approximately 5% on a constant currency basis .
Speaker #6: Shifting to profitability , we continue to focus on margin expansion opportunities while at the same time making investment in the business in key areas like innovation , artificial intelligence and cybersecurity .
Speaker #6: Therefore, we anticipate EBITDA margins of approximately 35.4% to 36.2%. As a reminder, Everfi is contributing to our 2020. For Q4, EBITDA was approximately $10 million to $15 million.
Speaker #6: After adjusting for the estimated impact of the Everfi divestiture . The midpoint of our EBITDA margin range implies approximately 7% growth in adjusted EBITDA dollars year over year , with the overall revenue and spin configuration I just outlined .
Speaker #6: We expect 2025 non-GAAP diluted EPs in the range of $4 and 30 to $4.50 , after adjusting for the estimated impact of Everfi divestiture .
Speaker #6: The midpoint of our 2025 non-GAAP diluted EPs range implies an approximately 11% growth rate year over year . The combination of higher growth and better margin is expected to result in a rule of 40 at constant currency of 40.5% at the midpoint of guidance for the full year .
Speaker #6: We continue to focus sharply on driving adjusted free cash flow and returning capital to our shareholders for the year . We're increasing our adjusted free cash flow guidance to 195 million to 205 million .
Speaker #6: This increase is directly tied to the anticipated 2025 cash tax savings related to the one big , Beautiful Bill act , and net of the incremental innovation investments mentioned earlier .
Speaker #6: As we discussed earlier this year, there are approximately 60 million in one-time items in working capital fluctuations negatively impacting our 2025 free cash flow outlook that we do not expect to repeat in 2026.
Speaker #6: You can find more details on slide 24 of our of our Investor Deck . Moving to our capital allocation strategy , we continue to prioritize stock repurchase .
Speaker #6: In fact , since the fourth quarter of 2023 , we have reduced our common stock outstanding by 10% . We estimate that we will end 2025 with a weighted average diluted share count between 48.5 and 49.5 million shares , and to help you with your modeling , when you combine the nearly 2 million shares repurchased year to date with the planned future repurchases for Q4 2025 and 2026 , we anticipate a preliminary range of 46.5 to 47.5 million , weighted average diluted shares for next year .
Speaker #6: Regarding longer term plans , we expect to continue to repurchase shares annually beyond 2026 , as well as evaluate debt repayment and tuck in M&A .
Speaker #6: We have a lot to be proud of and a lot more to look forward to in Q4 2025 and beyond . As such , we remain focused on providing enhanced value to our customers and shareholders .
Speaker #6: At this time , I'll ask the operator , let's open up the line for questions . Operator .
Speaker #3: Thank you, ladies and gentlemen. If you would like to ask a question, please signal by pressing Star One on your telephone keypad.
Speaker #3: If you are using speakerphone , please make sure your mute function is off to allow your signal to reach our equipment . Again , as a reminder , please press Star one to ask a question and please limit yourself to one question .
Speaker #3: Our first question is from Brian Peterson with Raymond James . Please proceed .
Speaker #7: Thanks , guys . Congrats on the quarter . So , Mike , I just wanted to follow up on some of the customer feedback BB con .
Speaker #7: I know there's a lot of buzz on AI and Agentic functionality . You know , how do you think about the adoption post .
Speaker #7: AI in the nonprofit space ? And as we're thinking about your monetization potential over the next few years , what do we think that could mean to revenue growth ?
Speaker #5: Yeah , sure . Brian , thanks . A lot of our BB con , you know , main and breakouts was all about AI .
Speaker #5: We talked about 70 or so capabilities and products that we've announced . And they're going across the whole product portfolio . So there's a lot of excitement there .
Speaker #5: We've already released several in our solutions . We have not yet monetized those . Some that we announced . We are going to be cross-selling .
Speaker #5: Those in this quarter . So brand new products like the development agent , for example , we have a solution called prospect Insights .
Speaker #5: And from an adoption standpoint to your question , around 40% of our customers on that platform adopted it pretty quickly . So there's adoption happening with these capabilities .
Speaker #5: We're also building the appropriate infrastructure to , you know , for multi and multi-agent environment . We announced a catalog that we called agents for good .
Speaker #5: And the first product is the development agent . So there will be multiple new Agentic AI solutions that will all be monetized . And sold to the existing customer base .
Speaker #5: And prospective new customers .
Speaker #7: Great . Thanks , Mike .
Speaker #5: You're welcome .
Speaker #3: Our next question is from Rob Oliver with Baird . Please proceed .
Speaker #8: Great . Thank you . Good morning . A question , Mike is for you . You called out some of the new logo wins and Cross-sells .
Speaker #8: I wanted to focus on the new logo wins , since that's been one of the key tenets for you guys for growth over the next couple of years .
Speaker #8: Some nice logos . I was wondering if you could provide any color for us on those , particularly around contract size , anything you're seeing on that ACV size and then , you know , you said multiyear engagements , are these coming in at kind of the standard three years as well .
Speaker #8: And then , you know , when we might , you know , and recognizing you guys have a , you know , a lot of customers at 40,000 .
Speaker #8: But that number really hasn't moved in a few years . So when would we expect to see that these new logo , this new logo , push start to kind of move up that customer count .
Speaker #8: And then I had a quick follow-up for Chad. Thank you.
Speaker #5: Yeah , sure . Rob . Yeah , we've got a big focus on new logos . I tend to talk about them on these calls every quarter and name a few .
Speaker #5: We're doing quite well with larger deals. You know, we're actually seeing the average RR go up in the last couple of years.
Speaker #5: We're positioned really well for the mid-tier and enterprise size customers . Given all the focus on innovation , we're actually adding more capabilities , which gives us an opportunity to drive more RR with customers , especially when we combine multiple solutions in a single cell , if you will .
Speaker #5: The minimum is three years . We don't do contracts less than three years anymore . We started that , you know , a couple of years ago with the renewal program , which is also going really well , by the way .
Speaker #5: We'll be through 90% of that . You know , by the end of this year . That's just a normal course of business for us now .
Speaker #5: And we're still getting our our price increases with those renewals that we've talked about before . So doing really well . Mid tier and up RR is going up .
Speaker #5: We're doing more deals with multiple modules . If you will . One of the customers I mentioned , I think it was Concordia , signed a four year deal on that cross-sell .
Speaker #5: So we have, I think, about 20% or more of our customers that are four years and longer on their contract lengths. Now, Rob, as well.
Speaker #5: So the customer base is accepted quite well . Multi-year contracts . When we started it , you know , several years ago . So we're really pleased with that .
Speaker #8: Okay , great . Appreciate that color . And then Chad , you mentioned the tax restatement will run through that . Appreciate you calling that out .
Speaker #8: There was also some revenue reclassification . So I just wanted to have you walk through , you know what that was I saw the note in the in the release , but also kind of the rationale for why why to reclass revenue now historically would be helpful .
Speaker #8: Thanks . Sure .
Speaker #6: Great . Thanks , Rob , and good morning . So just to reiterate the revision was related to an immaterial non-cash error related to the year end 2024 .
Speaker #6: And and that was related to the calculation of the value valuation allowance for accounting for income taxes . And it's a it's a technical matter related to a limitation on net operating losses associated with deferred tax liabilities then associated with goodwill .
Speaker #6: So rather complex the correction of the error increased our income tax provision by the amount that we talked about . The corresponding decrease in 24 was in in net income .
Speaker #6: So you know , the correction of the error along with the other immaterial prior period errors was corrected . You know , the decision to adjust the other immaterial errors kind of best practice .
Speaker #6: If you will . So whenever you know you're going through a revision again , kind of best practice to address those that are , you know , considered to be an error .
Speaker #6: So we adjusted those for reference . The the adjusting amounts related to revenue is , you know , somewhere south of $100,000 . So in at the same time we do take it very seriously and has been contemplated in all of our guidance as well .
Speaker #8: Great . Thanks , Chad .
Speaker #3: Our next question is from Kirk Materne with Evercore ISI . Please proceed .
Speaker #9: Yeah , thanks very much , Mike . Maybe just going back to the first question a little bit on the agents . When do you think monetization of those could could start for you ?
Speaker #9: I assume it's sometime in 26 , but relatedly , you know , if someone's on razor's edge already and their data is in razor's edge , will their ability to get ROI from those agents be pretty quick ?
Speaker #9: Meaning if
Speaker #9: you , you know , once , once you're up and running with it , can you get , you know , you get value out of that pretty much immediately .
Speaker #9: Or is there data remediation work necessary on the back end ? Thanks .
Speaker #5: Yeah . So we are starting to sell those this quarter . So we'll get some modest revenue . We'll get some bookings and modest revenue next year .
Speaker #5: But it'll ramp up and
Speaker #5: again that's the first agent we have plans for many agents that development agent ROI is pretty clear . It's a fundraising agent . So it's pretty easy to take a look at the subscription cost to that .
Speaker #5: Related to , you know , revenue or donations raised . So yes , we anticipate that to be a pretty quick ROI for our customers .
Speaker #5: And we already have early adopter customers using the solution . And some of those folks were nice enough to get on stage and speak at con a couple of weeks ago .
Speaker #5: So we expect to have a catalog of these agents across our different platforms . That's the first one out on Razor's Edge NXT .
Speaker #5: That will be coming out on our enterprise CRM platform as well . We're very excited about it . And so so our customers and it's a it's a great opportunity for customers to be able to reach donors and drive new revenue for themselves where they don't have the capacity .
Speaker #5: Today, to do that, I'll give you a quick example. Think of a university that might have 200,000 alumni and a handful of fundraisers that maybe can go after several thousand alumni.
Speaker #5: So there might be 180,000 untouched alumni . This is an opportunity to to drive revenue from sources that are sitting there . But they just don't have the scale and capacity to go after that revenue .
Speaker #5: This will augment their staff and enable them to do that and generate new revenue lines for them. So the ROI will be quite clear.
Speaker #5: And this first agent , the pricing model , is a typical multi-year SaaS subscription model .
Speaker #9: Okay . And then Chad , maybe someone just related . Relatedly , just gross margins as you sell more agents . Is there anything to consider on that front ?
Speaker #9: I realize it's really , really small right now from a revenue perspective . So the mix won't really move . But just how should we think about that conceptually ?
Speaker #6: Yeah . So , you know , I would say that you would have noted within our free cash flow raise for , for the quarter .
Speaker #6: So we raised the cash flow guidance by across the range . That was contributed to the the tax legislation , net of incremental investment in innovation and AI .
Speaker #6: So , you know , we're we're being calculated in regards to the investments . It's still early days relative to what the gross margins will be .
Speaker #6: But we expect that the gross margin impacts will be favorable . And it's also important to say , you know , the opportunity 5 million relative to company EBITDA margins will also likely be positively influenced by AI related investments , as well .
Speaker #6: Correct . So feeling good on that front .
Speaker #5: Yeah , I'll just add , since it's a margin question , I think we have a long runway to improve gross margins , not just tied to new products , but just tied to some of the some of our internal initiatives to to remove some legacy software that we run .
Speaker #5: gross as a software company , we're both a consumer and a creator of AI . So as a consumer , we have a lot of solutions across pretty much every department that we're using .
Speaker #5: The company on in our data centers . We've got a couple of small data centers yet to be closed , which we're working on .
Speaker #5: We've got , you know , our build out of our India office is helpful in that regard . And we have many , many initiatives across the company using AI to run the company .
Speaker #5: And
Speaker #9: you
Speaker #9: .
Speaker #10: Sure .
Speaker #3: As a reminder to Star one on your telephone keypad , if you would like to ask a question or have a follow up question , our next question is from Parker Lane with Steve-O .
Speaker #3: Please proceed .
Speaker #11: This is Matthew Parker on for Parker . Thank you for taking my questions . To start , I'm curious , after transactional revenue outperformance continued , what structural drivers are giving you confidence in higher growth rate for this revenue stream going forward ?
Speaker #11: And to that point , were there any viral giving events in three ? Q or that are expected in four Q .
Speaker #5: Yeah , Matthew , thanks . As Mike . So we're doing really well across all three of our transaction platforms . We're winning new business .
Speaker #5: We're adding volume . There were no viral events in the quarter . So you know we had a really good quarter on the transaction platforms .
Speaker #5: And it's all three of them. And they're a little bit different. You know, two are in fundraising, one's kind of consumer just giving. You know, the other is donation processing embedded in our fundraising solutions.
Speaker #5: And the last one is tuition management in our K-12 space . All three of them are doing well . We're expanding the footprint of those across selling those .
Speaker #5: And just the fundamentals are are doing really well . There without having viral events . So we feel pretty good about the performance of those in the quarter and year to date .
Speaker #5: And the trajectory of those going forward .
Speaker #11: Okay , great . And then secondly , as you continue to move toward rule of 45 , what are the primary margin expansions levers from here and how much and when would you expect the Indian office investment to show ROI ?
Speaker #5: Yeah . So I think you're going to you know , what you can expect from us is sort of our year to date results going forward .
Speaker #5: We're going to keep driving the business to be mid-single digit plus , you know , higher EBITDA , double digit EPs . I mentioned earlier , we've got some cost takeout opportunities and infrastructure that we're working on .
Speaker #5: We've done a good job with that in the last several years . There's more to go there . We're going to have an impact on productivity .
Speaker #5: Using AI in the company to run the business . We're coming out with new solutions . You know , this Agentic AI development agent I just talked about will be a great add to to revenue and bookings in the future .
Speaker #5: We're we're doubling down on on share repurchase . You know , if you go back two years . We repurchased 16% of our outstanding shares at nets out at about 10% after stock based comp .
Speaker #5: That's a big priority for us as well . So I think all those things together , you know , make up the profile of the business .
Speaker #5: That's also includes in March toward a rule of 45 .
Speaker #11: Terrific . Thank you .
Speaker #10: You're welcome .
Speaker #4: Okay . I think that's it for our questions today . Thank you , everyone for joining us . We will be attending a number of investor events in November and December around the globe , actually to include several investor conferences which are listed on our events page on our Investor Relations site .
Speaker #4: We hope to see you and or speaking with you soon . From all of us here at blackboard . We wish you good health and a great day .
Speaker #4: Thank you .
Speaker #3: Thank you . This will conclude our conference . You may disconnect your lines at this time . And thank you for your participation .