0001280058-20-000021.txt : 20200505 0001280058-20-000021.hdr.sgml : 20200505 20200505163912 ACCESSION NUMBER: 0001280058-20-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200505 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200505 DATE AS OF CHANGE: 20200505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKBAUD INC CENTRAL INDEX KEY: 0001280058 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 112617163 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50600 FILM NUMBER: 20849532 BUSINESS ADDRESS: STREET 1: 65 FAIRCHILD STREET CITY: CHARLESTON STATE: SC ZIP: 29492 BUSINESS PHONE: 843-216-6200 MAIL ADDRESS: STREET 1: 65 FAIRCHILD STREET CITY: CHARLESTON STATE: SC ZIP: 29492 8-K 1 a2020q1form8-k.htm 8-K Document
false0001280058 0001280058 2020-05-05 2020-05-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2020

 
bblogo.jpg
 
Blackbaud, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
000-50600
11-2617163
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer ID Number)
65 Fairchild Street, Charleston, South Carolina 29492
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (843) 216-6200
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on which Registered
Common Stock, $0.001 Par Value
BLKB
Nasdaq Global Select Market
 
 
 
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02. Results of Operations and Financial Condition.
On May 5, 2020, Blackbaud, Inc. (the "Company") issued a press release reporting unaudited financial results for the quarter ended March 31, 2020. A copy of this press release is attached hereto as Exhibit 99.1.
The information in this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
 
Description
 
 
 
 
Press release dated May 5, 2020 reporting unaudited financial results for the quarter ended March 31, 2020.
101.INS*
 
Inline XBRL Instance Document - the Instance Document does not appear in the interactive data file because its XBRL tags, including Cover Page XBRL tags, are embedded within the Inline XBRL Document.
101.SCH*
 
Inline XBRL Taxonomy Extension Schema Document.
101.CAL*
 
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*
 
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*
 
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*
 
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104
 
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
BLACKBAUD, INC.
 
 
 
 
 
 
 
Date:
May 5, 2020
 
 
/s/ Anthony W. Boor
 
 
 
 
 
Anthony W. Boor
 
 
 
 
 
Executive Vice President and Chief Financial Officer
 
 
 
 
 
(Principal Financial and Accounting Officer)
 




 EX-99.1 2 a2020q1exhibit991.htm EXHIBIT 99.1 Exhibit
 
 
Exhibit 99.1
 
 
 
 
bblogo.jpg
 
 
 
PRESS RELEASE
 
 



Blackbaud Announces 2020 First Quarter Results
Steps Up in Support of Social Economy; Strengthens Balance Sheet and Liquidity Position
Charleston, S.C. (May 5, 2020) - Blackbaud (NASDAQ: BLKB), the world's leading cloud software company powering social good, today announced financial results for its first quarter ended March 31, 2020.
"Blackbaud remains highly committed to the success of our customers, our company and the entire social economy during these challenging times," said Mike Gianoni, Blackbaud's president and CEO. "Our teams launched new innovative solutions in response to pandemic-specific needs that arose. We’ve given back to the social good community through hundreds of free resources, philanthropic gifts, service on boards and more. And we’ve maintained our commitments to customers, including our very high standard of service and support. Blackbaud has served the social good community as a leader in software for nearly four decades. We have been decisive in our actions, and our immediate priority continues to be the safety and welfare of our people and being a strong global partner for social good organizations around the world during this unprecedented time."
First Quarter 2020 Results Compared to First Quarter 2019 Results:
•
Total GAAP revenue was $223.6 million, up 3.6%, with $204.9 million in GAAP recurring revenue, representing 91.6% of total GAAP revenue. GAAP recurring revenue was up 3.4%.
•
Total non-GAAP revenue was $223.6 million, up 3.3%, with $204.9 million in non-GAAP recurring revenue, representing 91.6% of total non-GAAP revenue. Non-GAAP recurring revenue was up 3.0%.
•
Non-GAAP organic recurring revenue increased 3.0%.
•
GAAP income from operations was $8.4 million, with GAAP operating margin of 3.8%, an increase of 280 basis points.
•
Non-GAAP income from operations was $33.9 million, with non-GAAP operating margin of 15.2%, a decrease of 140 basis points.
•
GAAP net income was $4.6 million, with GAAP diluted earnings per share of $0.10, up $0.12.
•
Non-GAAP net income was $24.7 million, with non-GAAP diluted earnings per share of $0.51, unchanged from first quarter 2019.
•
Non-GAAP free cash flow was $(38.3) million, a decrease of $15.8 million.
"Following a solid start to the year, we acted quickly to ensure the financial strength and flexibility needed in response to the uncertainty of COVID-19 and current global market conditions while remaining critically focused on the success of our customers and the health and economic stability of our employees," said Tony Boor, executive vice president and CFO, Blackbaud. "Our recurring revenue model and strong balance sheet remain stabilizing factors as we navigate the wide array of potential outcomes that could result from COVID-19, and we will continue to implement the necessary near-term measures to make certain Blackbaud remains in a strong position longer-term on behalf of all of our stakeholders."
An explanation of all non-GAAP financial measures referenced in this press release is included below under the heading "Non-GAAP Financial Measures." A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

 
 
 
 
 
 
 
bblogo.jpg
 
 
 
PRESS RELEASE
 
 

COVID-19 Actions

Blackbaud announced several immediate steps to provide additional near-term liquidity and financial flexibility while implementing employee relief measures in light of the COVID-19 pandemic. These actions included:
•
Blackbaud's Board of Directors eliminated the payment of quarterly cash dividends on Blackbaud's common stock
•
Blackbaud's 401(k) match program is temporarily suspended for US-based employees
•
Temporary freeze on company hiring efforts
•
Mike Gianoni, Blackbaud's president and CEO, is forgoing his paycheck for the foreseeable future
•
Restriction of non-essential employee travel and other operating cost reductions
•
Employee cash merit increases for 2020 replaced with a one-time restricted stock grant
•
Employee cash bonus programs for 2020 replaced with a one-time performance stock grant
•
All worldwide employees that have a base salary equal to or less than $75,000 USD received additional financial support in the form of a one-time bonus of $1,000 USD

Recent Company Highlights

•
World War II veteran and centenarian Captain Tom Moore raised more than £32 million ($39 million) for front-line workers in the UK through Blackbaud’s JustGiving platform, marking the largest individual-led online crowdfundraising campaign in history, Blackbaud donated £100,000 to NHS Charities Together in celebration of Captain Moore completing his 100-lap challenge.
•
In the wake of the COVID-19 pandemic, Blackbaud announced new measures, including hundreds of free resources to support customers and the broader social economy as organizations around the world were thrown into crisis mode.
•
A Total Economic Impact™ (TEI) study conducted by Forrester Consulting found that over a three-year period, a higher education institution increased gift revenue by nearly $50 million, increased the average annual gift revenue generated per major gift by more than 60 percent and avoided $1.2 million in labor costs, realizing a 273% return on investment (ROI) with Blackbaud CRM™.
•
Blackbaud announced a first-of-its-kind Innovation Partnership with Chief Executives for Corporate Purpose (CECP), which will enable Blackbaud corporate social responsibility (CSR) customers to utilize their social investment data with greater impact.

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

Revenue Classifications
Revenue from retained and managed service contracts that we do not expect to have a term consistent with our cloud solution contracts is included in one-time services and other revenue beginning January 1, 2020. This change in presentation resulted in a $4.3 million decrease in recurring revenue and an offsetting increase to one-time services and other revenue during the three months ended March 31, 2020.
Conference Call Details
What:    Blackbaud's 2020 First Quarter Conference Call
When:    May 6, 2020
Time:     8:00 a.m. (Eastern Time)
Live Call:     877-407-3088 (US/Canada)
Webcast:    Blackbaud's Investor Relations Webpage

2
 
 
 
 
 
 
 
bblogo.jpg
 
 
 
PRESS RELEASE
 
 

About Blackbaud
Blackbaud (NASDAQ: BLKB) is the world’s leading cloud software company powering social good. Serving the entire social good community—nonprofits, higher education institutions, K–12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, companies and individual change agents—Blackbaud connects and empowers organizations to increase their impact through cloud software, services, expertise and data intelligence. The Blackbaud portfolio is tailored to the unique needs of vertical markets, with solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility, school management, ticketing, grantmaking, financial management, payment processing and analytics. Serving the industry for more than three decades, Blackbaud is headquartered in Charleston, South Carolina, and has operations in the United States, Australia, Canada, Costa Rica and the United Kingdom. For more information, visit www.blackbaud.com, or follow us on Twitter, LinkedIn, Instagram, and Facebook.
Investor Contact:
 
Media Contact:
 
Steve Hufford
 
media@blackbaud.com
 
Director of Investor Relations
 
 
 
843-654-2655
 
 
 
steve.hufford@blackbaud.com
 
 
 
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: the predictability of our financial results and expectations that our revenue will continue to grow. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; uncertainty regarding the COVID-19 disruption; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from Blackbaud's investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Trademarks
All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.
Non-GAAP Financial Measures
Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP revenue, non-GAAP recurring revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. Blackbaud has acquired businesses whose net tangible assets include deferred revenue. In accordance with GAAP reporting requirements, Blackbaud recorded write-downs of deferred revenue to fair value, which resulted in lower recognized revenue. Both on a quarterly and year-to-date basis, the revenue for the acquired businesses is deferred and typically recognized over a one-year period, so Blackbaud's GAAP revenues for the one-year period after the acquisitions will not reflect the full amount of revenues that would have been reported if the acquired deferred revenue was not written down to fair value. The non-GAAP measures described above reverse the acquisition-related deferred revenue write-downs so that the full amount of revenue booked by the acquired companies is included, which Blackbaud believes provides a more accurate representation of a revenue run-rate in a given period. In addition to reversing write-downs of acquisition-related deferred revenue, non-GAAP financial measures discussed

3
 
 
 
 
 
 
 
bblogo.jpg
 
 
 
PRESS RELEASE
 
 

above exclude the impact of certain items that Blackbaud believes are not directly related to its performance in any particular period, but are for its long-term benefit over multiple periods.
In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis and non-GAAP organic recurring revenue growth, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period, and it includes the non-GAAP revenue attributable to those companies, as if there were no acquisition-related write-downs of acquired deferred revenue to fair value as required by GAAP. In addition, each of these measures excludes prior period revenue associated with divested businesses. The exclusion of the prior period revenue is to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of its current business’ organic revenue growth and revenue run-rate.
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 uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Blackbaud's ongoing operational performance. Blackbaud believes that these non-GAAP financial measures reflect Blackbaud's ongoing business in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. In addition, Blackbaud believes that the use of these non-GAAP financial measures provides additional information for investors to use in evaluating ongoing operating results and trends and in comparing its financial results from period-to-period with other companies in Blackbaud's industry, many of which present similar non-GAAP financial measures to investors. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to differences in the exact method of calculation between companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures.

4
Blackbaud, Inc.
Consolidated Balance Sheets
(Unaudited)

(dollars in thousands)
March 31,
2020

December 31,
2019

Assets
 
 
Current assets:
 
 
Cash and cash equivalents
$
24,972

$
31,810

Restricted cash due to customers
232,250

545,485

Accounts receivable, net of allowance of $5,928 and $5,529 at March 31, 2020 and December 31, 2019, respectively
89,191

88,868

Customer funds receivable
1,205

524

Prepaid expenses and other current assets
81,004

67,852

Total current assets
428,622

734,539

Property and equipment, net
35,661

35,546

Operating lease right-of-use assets
100,568

104,400

Software development costs, net
105,594

101,302

Goodwill
631,033

634,088

Intangible assets, net
303,097

317,895

Other assets
66,346

65,193

Total assets
$
1,670,921

$
1,992,963

Liabilities and stockholders’ equity
 
 
Current liabilities:
 
 
Trade accounts payable
$
44,510

$
47,676

Accrued expenses and other current liabilities
45,781

73,317

Due to customers
233,455

546,009

Debt, current portion
10,351

7,500

Deferred revenue, current portion
288,682

314,335

Total current liabilities
622,779

988,837

Debt, net of current portion
520,576

459,600

Deferred tax liability
43,286

44,594

Deferred revenue, net of current portion
1,715

1,802

Operating lease liabilities, net of current portion
91,235

95,624

Other liabilities
10,937

5,742

Total liabilities
1,290,528

1,596,199

Commitments and contingencies
 
 
Stockholders’ equity:
 
 
Preferred stock; 20,000,000 shares authorized, none outstanding
—

—

Common stock, $0.001 par value; 180,000,000 shares authorized, 60,932,639 and 60,206,091 shares issued at March 31, 2020 and December 31, 2019, respectively
61

60

Additional paid-in capital
471,344

457,804

Treasury stock, at cost; 11,311,712 and 11,066,354 shares at March 31, 2020 and December 31, 2019, respectively
(310,447
)
(290,665
)
Accumulated other comprehensive loss
(14,140
)
(5,290
)
Retained earnings
233,575

234,855

Total stockholders’ equity
380,393

396,764

Total liabilities and stockholders’ equity
$
1,670,921

$
1,992,963




5
Blackbaud, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)

(dollars in thousands, except per share amounts)
Three months ended 
 March 31,
 
2020

2019

Revenue
 
 
Recurring
$
204,867

$
198,094

One-time services and other
18,754

17,736

Total revenue
223,621

215,830

Cost of revenue
 
 
Cost of recurring
89,551

84,711

Cost of one-time services and other
15,314

14,572

Total cost of revenue
104,865

99,283

Gross profit
118,756

116,547

Operating expenses
 
 
Sales, marketing and customer success
58,735

55,455

Research and development
24,977

28,461

General and administrative
25,855

27,117

Amortization
741

1,376

Restructuring
24

1,953

Total operating expenses
110,332

114,362

Income from operations
8,424

2,185

Interest expense
(4,159
)
(5,323
)
Other income, net
1,070

182

Income (loss) before provision (benefit) for income taxes
5,335

(2,956
)
Income tax provision (benefit)
696

(1,834
)
Net income (loss)
$
4,639

$
(1,122
)
Earnings (loss) per share
 
 
Basic
$
0.10

$
(0.02
)
Diluted
$
0.10

$
(0.02
)
Common shares and equivalents outstanding
 
 
Basic weighted average shares
48,036,300

47,516,912

Diluted weighted average shares
48,455,751

47,516,912

Other comprehensive (loss) income
 
 
Foreign currency translation adjustment
(5,728
)
4,590

Unrealized loss on derivative instruments, net of tax
(3,122
)
(932
)
Total other comprehensive (loss) income
(8,850
)
3,658

Comprehensive (loss) income
$
(4,211
)
$
2,536


6
Blackbaud, Inc.
Consolidated Statements of Cash Flows
(Unaudited)

 
Three months ended 
 March 31,
 
(dollars in thousands)
2020

2019

Cash flows from operating activities
 
 
Net income (loss)
$
4,639

$
(1,122
)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
 
 
Depreciation and amortization
21,804

21,724

Provision for credit losses and sales returns
2,488

2,032

Stock-based compensation expense
13,580

13,726

Deferred taxes
954

(1,155
)
Amortization of deferred financing costs and discount
188

188

Other non-cash adjustments
102

1,820

Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
 
 
Accounts receivable
(3,876
)
(1,797
)
Prepaid expenses and other assets
(5,303
)
(12,107
)
Trade accounts payable
(4,021
)
(3,624
)
Accrued expenses and other liabilities
(31,694
)
(11,690
)
Deferred revenue
(23,364
)
(18,006
)
Net cash used in operating activities
(24,503
)
(10,011
)
Cash flows from investing activities
 
 
Purchase of property and equipment
(2,867
)
(1,152
)
Capitalized software development costs
(10,937
)
(11,319
)
Purchase of net assets of acquired companies, net of cash and restricted cash acquired
—

(109,386
)
Net cash used in investing activities
(13,804
)
(121,857
)
Cash flows from financing activities
 
 
Proceeds from issuance of debt
144,700

271,500

Payments on debt
(86,075
)
(75,175
)
Employee taxes paid for withheld shares upon equity award settlement
(19,782
)
(18,400
)
Proceeds from exercise of stock options
1

3

Change in due to customers
(311,095
)
(242,885
)
Change in customer funds receivable
(733
)
(3,573
)
Dividend payments to stockholders
(5,960
)
(5,901
)
Net cash used in financing activities
(278,944
)
(74,431
)
Effect of exchange rate on cash, cash equivalents and restricted cash
(2,822
)
1,036

Net decrease in cash, cash equivalents and restricted cash
(320,073
)
(205,263
)
Cash, cash equivalents and restricted cash, beginning of period
577,295

449,846

Cash, cash equivalents and restricted cash, end of period
$
257,222

$
244,583

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown above in the consolidated statements of cash flows:
(dollars in thousands)
March 31,
2020

December 31,
2019

Cash and cash equivalents
$
24,972

$
31,810

Restricted cash due to customers
232,250

545,485

Total cash, cash equivalents and restricted cash in the statement of cash flows
$
257,222

$
577,295


7
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)

(dollars in thousands, except per share amounts)
Three months ended 
 March 31,
 
2020

2019

GAAP Revenue
$
223,621

$
215,830

Non-GAAP adjustments:
 
 
Add: Acquisition-related deferred revenue write-down
—

716

Non-GAAP revenue
$
223,621

$
216,546

 
 
 
GAAP gross profit
$
118,756

$
116,547

GAAP gross margin
53.1
%
54.0
%
Non-GAAP adjustments:
 
 
Add: Acquisition-related deferred revenue write-down
—

716

Add: Stock-based compensation expense
865

974

Add: Amortization of intangibles from business combinations
10,930

11,416

Add: Employee severance
32

1,119

Subtotal
11,827

14,225

Non-GAAP gross profit
$
130,583

$
130,772

Non-GAAP gross margin
58.4
%
60.4
%
 
 
 
GAAP income from operations
$
8,424

$
2,185

GAAP operating margin
3.8
%
1.0
%
Non-GAAP adjustments:
 
 
Add: Acquisition-related deferred revenue write-down
—

716

Add: Stock-based compensation expense
13,580

13,726

Add: Amortization of intangibles from business combinations
11,671

12,792

Add: Employee severance
97

3,421

Add: Acquisition-related integration costs
(32
)
718

Add: Acquisition-related expenses
139

445

Add: Restructuring costs
24

1,953

Subtotal
25,479

33,771

Non-GAAP income from operations
$
33,903

$
35,956

Non-GAAP operating margin
15.2
%
16.6
%
 
 
 
GAAP income (loss) before provision (benefit) for income taxes
$
5,335

$
(2,956
)
GAAP net income (loss)
$
4,639

$
(1,122
)
 
 
 
Shares used in computing GAAP diluted earnings (loss) per share
48,455,751

47,516,912

GAAP diluted earnings (loss) per share
$
0.10

$
(0.02
)
 
 
 
Non-GAAP adjustments:
 
 
Add: GAAP income tax provision (benefit)
696

(1,834
)
Add: Total non-GAAP adjustments affecting income from operations
25,479

33,771

Non-GAAP income before provision for income taxes
30,814

30,815

Assumed non-GAAP income tax provision(1)
$
6,163

$
6,163

Non-GAAP net income
$
24,651

$
24,652

 
 
 
Shares used in computing non-GAAP diluted earnings per share
48,455,751

48,051,289

Non-GAAP diluted earnings per share
$
0.51

$
0.51

(1)
Blackbaud applies a non-GAAP effective tax rate of 20.0% when calculating non-GAAP net income and non-GAAP diluted earnings per share.

8
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
(Unaudited)

(dollars in thousands)
Three months ended 
 March 31,
 
2020

2019

GAAP revenue
$
223,621

$
215,830

GAAP revenue growth
3.6
%
 
Add: Non-GAAP acquisition-related revenue(1)
—

716

Non-GAAP organic revenue(2)
$
223,621

$
216,546

Non-GAAP organic revenue growth
3.3
%
 
 
 
 
Non-GAAP organic revenue(2)
$
223,621

$
216,546

Foreign currency impact on non-GAAP organic revenue(3)
310

—

Non-GAAP organic revenue on constant currency basis(3)
$
223,931

$
216,546

Non-GAAP organic revenue growth on constant currency basis
3.4
%
 
 
 
 
GAAP recurring revenue
$
204,867

$
198,094

GAAP recurring revenue growth
3.4
%
 
Add: Non-GAAP acquisition-related revenue(1)
—

716

Non-GAAP organic recurring revenue
$
204,867

$
198,810

Non-GAAP organic recurring revenue growth
3.0
%
 
(1)
Non-GAAP acquisition-related revenue excludes incremental acquisition-related revenue calculated in accordance with GAAP that is attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, non-GAAP acquisition-related revenue reflects presentation of full-year incremental non-GAAP revenue derived from such companies, as if they were combined throughout the prior period, and it includes the non-GAAP revenue from the acquisition-related deferred revenue write-down attributable to those companies.
(2)
Non-GAAP organic revenue for the prior year periods presented herein may not agree to non-GAAP organic revenue presented in the respective prior period quarterly financial information solely due to the manner in which non-GAAP organic revenue growth is calculated.
(3)
To determine non-GAAP organic revenue growth on a constant currency basis, revenues from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable prior period's quarterly weighted average foreign currency exchange rates. The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian Dollar and EURO.

(dollars in thousands)
Three months ended 
 March 31,
 
2020

2019

GAAP net cash provided by operating activities
$
(24,503
)
$
(10,011
)
Less: purchase of property and equipment
(2,867
)
(1,152
)
Less: capitalized software development costs
(10,937
)
(11,319
)
Non-GAAP free cash flow
$
(38,307
)
$
(22,482
)

9
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Document and Entity Information Document
May 05, 2020
Cover page.  
Document Type 8-K
Document Period End Date May 05, 2020
Entity Registrant Name Blackbaud, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 000-50600
Entity Tax Identification Number 11-2617163
Entity Address, Address Line One 65 Fairchild Street
Entity Address, City or Town Charleston
Entity Address, State or Province SC
Entity Address, Postal Zip Code 29492
City Area Code 843
Local Phone Number 216-6200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 Par Value
Trading Symbol BLKB
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001280058