Blackbaud Inc. Files 2023 Annual Report on Form 10-K

Ticker: BLKB · Form: 10-K · Filed: Feb 21, 2024 · CIK: 1280058

Sentiment: neutral

Topics: 10-K, Blackbaud, Financial Report, Software Services, Fiscal Year 2023

TL;DR

<b>Blackbaud Inc. filed its 2023 10-K, detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

BLACKBAUD INC (BLKB) filed a Annual Report (10-K) with the SEC on February 21, 2024. Blackbaud Inc. filed its 2023 Form 10-K on February 21, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers financial data for the fiscal years 2023, 2022, and 2021. Key financial metrics such as revenue, net income, and EPS are detailed for these periods. The company's business address is 65 Fairchild Street, Charleston, SC 29492. Blackbaud Inc. operates within the Services-Prepackaged Software industry (SIC 7372).

Why It Matters

For investors and stakeholders tracking BLACKBAUD INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Blackbaud's financial health and strategic positioning for investors and analysts. The detailed financial statements and risk factors offer insights into the company's performance, challenges, and future outlook in the software services sector.

Risk Assessment

Risk Level: medium — BLACKBAUD INC shows moderate risk based on this filing. The company operates in the software services industry, which is subject to rapid technological changes and competitive pressures, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Blackbaud's performance and future growth prospects.

Key Numbers

Key Players & Entities

FAQ

When did BLACKBAUD INC file this 10-K?

BLACKBAUD INC filed this Annual Report (10-K) with the SEC on February 21, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by BLACKBAUD INC (BLKB).

Where can I read the original 10-K filing from BLACKBAUD INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BLACKBAUD INC.

What are the key takeaways from BLACKBAUD INC's 10-K?

BLACKBAUD INC filed this 10-K on February 21, 2024. Key takeaways: Blackbaud Inc. filed its 2023 Form 10-K on February 21, 2024, reporting on the fiscal year ending December 31, 2023.. The filing covers financial data for the fiscal years 2023, 2022, and 2021.. Key financial metrics such as revenue, net income, and EPS are detailed for these periods..

Is BLACKBAUD INC a risky investment based on this filing?

Based on this 10-K, BLACKBAUD INC presents a moderate-risk profile. The company operates in the software services industry, which is subject to rapid technological changes and competitive pressures, as indicated by its SIC code and the nature of its business.

What should investors do after reading BLACKBAUD INC's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to assess Blackbaud's performance and future growth prospects. The overall sentiment from this filing is neutral.

How does BLACKBAUD INC compare to its industry peers?

Blackbaud Inc. operates in the software and services sector, specifically focusing on solutions for non-profits and other organizations. This industry is characterized by ongoing technological advancements and a need for specialized software.

Are there regulatory concerns for BLACKBAUD INC?

The filing is a Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

Industry Context

Blackbaud Inc. operates in the software and services sector, specifically focusing on solutions for non-profits and other organizations. This industry is characterized by ongoing technological advancements and a need for specialized software.

Regulatory Implications

The filing is a Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

  1. Review Blackbaud's detailed financial statements for FY 2023, 2022, and 2021.
  2. Analyze the risk factors section for potential challenges and uncertainties.
  3. Compare key financial metrics against industry benchmarks and historical performance.

Key Dates

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational data compared to previous filings.

Filing Stats: 4,294 words · 17 min read · ~14 pages · Grade level 15.6 · Accepted 2024-02-21 16:13:23

Key Financial Figures

Filing Documents

Business

Business 3 Item 1A.

Risk factors

Risk factors 16 Item 1B. Unresolved staff comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 32 Item 3.

Legal proceedings

Legal proceedings 32 Item 4. Mine safety disclosures 32 PART II. 33 Item 5. Market for registrant's common equity, related stockholder matters and issuer purchases of equity securities 33 Item 6. [Reserved] 34 Item 7.

Management's discussion and analysis of financial condition and results of operations

Management's discussion and analysis of financial condition and results of operations 35 Item 7A.

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 64 Item 8.

Financial statements and supplementary data

Financial statements and supplementary data 65 Item 9. Changes in and disagreements with accountants on accounting and financial disclosure 112 Item 9A.

Controls and procedures

Controls and procedures 112 Item 9B. Other information 113 Item 9C. Disclosure regarding foreign jurisdictions that prevent inspections 113 PART III. 114 Item 10. Directors, executive officers and corporate governance 114 Item 11.

Executive compensation

Executive compensation 114 Item 12.

Security ownership of certain beneficial owners and management and related stockholder matters

Security ownership of certain beneficial owners and management and related stockholder matters 114 Item 13. Certain relationships and related transactions, and director independence 114 Item 14. Principal accountant fees and services 114 PART IV. 115 Item 15. Exhibits and financial statement schedules 115 Item 16. Form 10-K Summary 119

SIGNATURES

SIGNATURES 120 2023 Form 10-K 1 Table of Contents Blackbaud, Inc. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including the documents incorporated herein by reference, contains forward-looking statements that anticipate 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 Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements consist of, among other things, trend analyses, statements regarding future events, future financial performance, our anticipated growth, the effect of general economic and market conditions, our business strategy and our plan to build and grow our business, our operating results, our ability to successfully integrate developed and acquired businesses and technologies, including generative artificial intelligence ("AI"), the effect of our stock repurchase program, the effect of foreign currency exchange rate and interest rate fluctuations on our financial results, the impact of expensing stock-based compensation, the sufficiency of our capital resources, our ability to meet our ongoing debt and obligations as they become due, cybersecurity and data protection risks and related liabilities, and current or potential legal proceedings involving us, all of which are based on current expectations, estimates, and forecasts, and the beliefs and assumptions of our management. Words such as "believes," "seeks," "expects," "may," "might," "should," "intends," "could," "would," "likely," "will," "targets," "plans," "anticipates," "aims," "projects," "estimates," or any variations of such words and similar expressions are also intended to identify such forward-looking statements. These forward-looking statements are subject to risks, u

BUSINESS

ITEM 1. BUSINESS 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. 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 2023, we had nearly 100,000 customers that paid Blackbaud through transactional fees and more than 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. Market Overview The social impact market is significant, spanning far beyond philanthropy, and our addressable market is substantial and growing There are millions of organizations globally focused on social impact including nonprofits, foundations, education institutions and healthcare organizations. In the corporate sector, demonstrating positive social impact has become a business imperative. Countless individuals also engage in social impact by donating funds, volunteering their time, advocating for a cause, receiving services from or otherwise engaging with social impact organizations. Traditional methods of fundraising and organizational management are often costly and inefficient Many social impact organizations use manual methods or software applications not specifically designed for fundraising and org

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