Blackbaud Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Blackbaud Inc. filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

BLACKBAUD INC (BLKB) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Blackbaud Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Blackbaud Inc. is headquartered in Charleston, SC. The company's SIC code is 7372 (Services-Prepackaged Software).

Why It Matters

For investors and stakeholders tracking BLACKBAUD INC, this filing contains several important signals. This filing provides investors with the latest financial data for Blackbaud Inc., crucial for assessing the company's performance and making informed investment decisions. Understanding the details within this 10-Q is essential for tracking Blackbaud's progress in the software services sector and its ability to meet financial obligations and growth targets.

Risk Assessment

Risk Level: low — BLACKBAUD INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and any changes in debt levels to assess Blackbaud's financial health.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-01 — Filing Date (FILED AS OF DATE)
• 2024 Q1 — Filing Quarter (Filing Quarter)
• 12/31 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• BLACKBAUD INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-01 (date) — FILED AS OF DATE
• 7372 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION
• 112617163 (tax_id) — IRS NUMBER
• 843-216-6200 (phone) — BUSINESS PHONE
• 001-41527 (sec_file_number) — SEC FILE NUMBER

FAQ

Industry Context

Blackbaud Inc. operates in the software and services sector, specifically focusing on providing cloud software solutions for organizations in the education, healthcare, and nonprofit sectors.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 financial metrics against prior periods and analyst expectations.
3. Identify any new risk factors or significant changes in existing risks disclosed in the filing.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 10-K filed for the fiscal year 2023.

Key Financial Figures

• $0.001 — ange on which Registered Common Stock, $0.001 Par Value BLKB Nasdaq Global Select Mar

Filing Documents

• blkb-20240331.htm (10-Q) — 1266KB
• blkbq1202410-qexx101.htm (EX-10.1) — 2008KB
• blkbq1202410-kexx311.htm (EX-31.1) — 11KB
• blkbq1202410-kexx312.htm (EX-31.2) — 11KB
• blkbq1202410-kexx321.htm (EX-32.1) — 6KB
• blkbq1202410-kexx322.htm (EX-32.2) — 6KB
• blkb-20240331_g1.jpg (GRAPHIC) — 13KB
• blkb-20240331_g10.jpg (GRAPHIC) — 12KB
• blkb-20240331_g11.jpg (GRAPHIC) — 13KB
• blkb-20240331_g12.jpg (GRAPHIC) — 14KB
• blkb-20240331_g13.jpg (GRAPHIC) — 16KB
• blkb-20240331_g14.jpg (GRAPHIC) — 15KB
• blkb-20240331_g15.jpg (GRAPHIC) — 15KB
• blkb-20240331_g16.jpg (GRAPHIC) — 15KB
• blkb-20240331_g17.jpg (GRAPHIC) — 14KB
• blkb-20240331_g18.jpg (GRAPHIC) — 17KB
• blkb-20240331_g2.jpg (GRAPHIC) — 10KB
• blkb-20240331_g3.jpg (GRAPHIC) — 35KB
• blkb-20240331_g4.jpg (GRAPHIC) — 14KB
• blkb-20240331_g5.jpg (GRAPHIC) — 15KB
• blkb-20240331_g6.jpg (GRAPHIC) — 13KB
• blkb-20240331_g7.jpg (GRAPHIC) — 13KB
• blkb-20240331_g8.jpg (GRAPHIC) — 12KB
• blkb-20240331_g9.jpg (GRAPHIC) — 15KB
• 0001280058-24-000037.txt (&nbsp;) — 9288KB
• blkb-20240331.xsd (EX-101.SCH) — 44KB
• blkb-20240331_cal.xml (EX-101.CAL) — 85KB
• blkb-20240331_def.xml (EX-101.DEF) — 191KB
• blkb-20240331_lab.xml (EX-101.LAB) — 567KB
• blkb-20240331_pre.xml (EX-101.PRE) — 377KB
• blkb-20240331_htm.xml (XML) — 823KB

Financial statements

Financial statements Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

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

Management's discussion and analysis of financial condition and results of operations 24 Item 3.

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 43 Item 4.

Controls and procedures

Controls and procedures 43 PART II. OTHER INFORMATION 45 Item 1.

Legal proceedings

Legal proceedings 45 Item 1A.

Risk factors

Risk factors 45 Item 2. Unregistered sales of equity securities and use of proceeds 49 Item 5. Other information 50 Item 6. Exhibits 51

SIGNATURES

SIGNATURES 52 First Quarter 2024 Form 10-Q 1 Table of Contents Blackbaud, Inc. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, 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 acquired businesses and technologies, 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, uncertainties and assumptions that are difficult to predict. Accordingly, they should not be view

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Blackbaud, Inc. Condensed Consolidated Balance Sheets (Unaudited) (dollars in thousands, except per share amounts) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 26,376 $ 31,251 Restricted cash 356,493 697,006 Accounts receivable, net of allowance of $ 6,204 and $ 6,907 at March 31, 2024 and December 31, 2023, respectively 96,097 101,862 Customer funds receivable 3,529 353 Prepaid expenses and other current assets 94,589 99,285 Total current assets 577,084 929,757 Property and equipment, net 96,074 98,689 Operating lease right-of-use assets 35,464 36,927 Software and content development costs, net 162,491 160,194 Goodwill 1,053,130 1,053,738 Intangible assets, net 565,008 581,937 Other assets 59,883 51,037 Total assets $ 2,549,134 $ 2,912,279 Liabilities and stockholders' equity Current liabilities: Trade accounts payable $ 48,863 $ 25,184 Accrued expenses and other current liabilities 75,271 64,322 Due to customers 358,836 695,842 Debt, current portion 19,302 19,259 Deferred revenue, current portion 360,355 392,530 Total current liabilities 862,627 1,197,137 Debt, net of current portion 1,020,520 760,405 Deferred tax liability 82,446 93,292 Deferred revenue, net of current portion 6,832 2,397 Operating lease liabilities, net of current portion 38,492 40,085 Other liabilities 4,163 10,258 Total liabilities 2,015,080 2,103,574 Commitments and contingencies (see Note 9) Stockholders' equity: Preferred stock; 20,000,000 shares authorized, no ne outstanding — — Common stock, $ 0.001 par value; 180,000,000 shares authorized, 70,861,507 and 69,188,304 shares issued at March 31, 2024 and December 31, 2023, respectively; 51,624,243 and 53,625,440 shares outstanding at March 31, 2024 and December 31, 2023, respectively 71 69 Additional paid-in capital 1,184,338 1,203,012 Treasury stock, at cost; 19,237,264 and 15,562,864 shares at March 31, 2024 and December 31, 2023, r

View Full Filing

View this 10-Q filing on SEC EDGAR