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Strategic cash investments to generate future savings Free Cash Flow Margin 17.5% 14.9% 15.0% 17.5% 13.8% 8.3% 2015 2016 2017 2018 2019 2020 Capital Investments $34M $44M $39M $52M $58M $72M Investments in go-to-market, innovation, cloud infrastructure and real estate optimization Free Cash Flow Highlights Free cash flow margins inclusive of investments: • Focused on go-to-market model Innovation and new solution builds Cloud infrastructure . Global workplace strategy Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. blackbaud 30

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