布莱克波特科技 2025年度报告

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For thefiscal year ended December31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto. Commissionfile number:000-50600 Blackbaud, Inc.(Exact name of registrant as specified in its charter) 65 Fairchild StreetCharleston, South Carolina 29492(Address of principal executive offices, including zip code)(843) 216-6200(Registrant's telephone number, including area code) Indicate by check mark if the registrant is not required tofile reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☑ Indicate by check mark whether the registrant (1) hasfiled all reports required to befiled by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required tofile such reports),and (2) has been subject to suchfiling requirements for the past 90 days. Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit suchfiles). Yes☑No☐ Indicate by check mark whether the registrant is a large acceleratedfiler, an acceleratedfiler, a non-acceleratedfiler, a smaller reportingcompany, or an emerging growth company. See the definitions of “large acceleratedfiler,” “acceleratedfiler,” “smaller reportingcompany,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large acceleratedfiler☑Non-acceleratedfiler☐ Acceleratedfiler☐Smallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant hasfiled a report on and attestation to its management’s assessment of the effectivenessof its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccountingfirm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether thefinancial statements of the registrantincluded in thefiling reflect the correction of an error to previously issuedfinancial statements.☑ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☑(Inaccordance with Rule 10D-1(b) under the Securities Exchange Act of 1934, we performed a recovery analysis of incentive-based compensation received by our executive officers during the applicable recovery period. Based on this analysis, no clawback ofcompensation was required by applicable SEC rules.) Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☑ The aggregate market value of the registrant's common stock held by non-affiliates of the registrant on 6/30/2025 (based on the closingsale price of $64.21 on that date) was approximately $1,709,331,328. Common stock held by each officer and director and by eachperson known to the registrant who owned 10% or more of the outstanding common stock have been excluded in that such persons maybe deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes. The number of shares of the registrant’s common stock outstanding as of February9, 2026 was 45,933,454. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive Proxy Statement for the 2026 Annual Meeting of Stockholders currently scheduled to be heldJune10, 2026 are incorporated by reference into Part III hereof. Such definitive Proxy Statement will befiled with the U.S. Securities andExchange Commission no later than 120 days after the conclusion of the registrant'sfiscal year ended December31, 2025. TABLE OF CONTENTS SIGNATURES114 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including the documents incorporated herein by reference, contains forward-looking statements thatanticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These "forward-looking statements"are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Actof 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements consist of,among other things