Blackbaud Inc. Files 10-Q for Q2 2024

Ticker: BLKB · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 1280058

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

Blackbaud's Q2 2024 10-Q is in. Check financials for the latest.

AI Summary

Blackbaud Inc. reported its second quarter 2024 results, ending June 30, 2024. The company's filing provides financial details for the period, including balance sheet items and income statement components. Specific financial figures and operational highlights are detailed within the report.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look at Blackbaud's financial performance and position as of the end of the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a public company filing a quarterly report, there are inherent risks associated with financial performance and market perception.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The Conformed Period of Report is 20240630, indicating the second quarter of 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on 20240731.

What is Blackbaud Inc.'s Standard Industrial Classification code?

Blackbaud Inc.'s SIC code is 7372, categorized under SERVICES-PREPACKAGED SOFTWARE.

Where is Blackbaud Inc. headquartered?

Blackbaud Inc.'s business and mailing address is 65 FAIRCHILD STREET, CHARLESTON, SC 29492.

What is the SEC file number for Blackbaud Inc.'s 1934 Act filings?

The SEC File Number for Blackbaud Inc. is 001-41527.

Filing Stats: 4,583 words · 18 min read · ~15 pages · Grade level 17.6 · Accepted 2024-07-31 16:18:32

Key Financial Figures

Filing Documents

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) 8 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 26 Item 3.

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 49 Item 4.

Controls and procedures

Controls and procedures 49 PART II. OTHER INFORMATION 50 Item 1.

Legal proceedings

Legal proceedings 50 Item 1A.

Risk factors

Risk factors 50 Item 2. Unregistered sales of equity securities and use of proceeds 54 Item 5. Other information 55 Item 6. Exhibits 56

SIGNATURES

SIGNATURES 57 Second 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 vie

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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 30,438 $ 31,251 Restricted cash 800,670 697,006 Accounts receivable, net of allowance of $ 6,006 and $ 6,907 at June 30, 2024 and December 31, 2023, respectively 152,832 101,862 Customer funds receivable 2,943 353 Prepaid expenses and other current assets 92,290 99,285 Total current assets 1,079,173 929,757 Property and equipment, net 98,066 98,689 Operating lease right-of-use assets 28,489 36,927 Software and content development costs, net 165,465 160,194 Goodwill 1,053,249 1,053,738 Intangible assets, net 549,521 581,937 Other assets 68,785 51,037 Total assets $ 3,042,748 $ 2,912,279 Liabilities and stockholders' equity Current liabilities: Trade accounts payable $ 44,038 $ 25,184 Accrued expenses and other current liabilities 51,682 64,322 Due to customers 802,372 695,842 Debt, current portion 23,786 19,259 Deferred revenue, current portion 427,098 392,530 Total current liabilities 1,348,976 1,197,137 Debt, net of current portion 998,071 760,405 Deferred tax liability 75,397 93,292 Deferred revenue, net of current portion 2,315 2,397 Operating lease liabilities, net of current portion 36,290 40,085 Other liabilities 4,362 10,258 Total liabilities 2,465,411 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, 70,883,488 and 69,188,304 shares issued at June 30, 2024 and December 31, 2023, respectively; 51,623,951 and 53,625,440 shares outstanding at June 30, 2024 and December 31, 2023, respectively 71 69 Additional paid-in capital 1,208,624 1,203,012 Treasury stock, at cost; 19,259,537 and 15,562,864 shares at June 30, 2024 and December 31, 2023, res

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