Blackbaud Inc. Files Q3 2024 10-Q Report

Ticker: BLKB · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 1280058

Sentiment: neutral

Topics: 10-Q, financials, software

TL;DR

Blackbaud's Q3 2024 10-Q is in. Check financials.

AI Summary

Blackbaud Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing details its financial position, including revenues and liabilities. Specific financial figures and comparative data for previous periods are available within the full report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and health of Blackbaud Inc., crucial for understanding its current market standing and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the complexity of financial reporting and potential for unforeseen economic factors introduce inherent risks.

Key Numbers

Key Players & Entities

FAQ

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

The reporting period for this 10-Q filing is 20240930, representing the third quarter of 2024.

What is Blackbaud Inc.'s fiscal year end?

Blackbaud Inc.'s fiscal year ends on 12/31.

What is the filing date of this 10-Q report?

This 10-Q report was filed on 20241030.

What is the company's business address?

The company's business address is 65 FAIRCHILD STREET, CHARLESTON, SC 29492.

What is the primary SIC code for Blackbaud Inc.?

The primary SIC code for Blackbaud Inc. is [7372] SERVICES-PREPACKAGED SOFTWARE.

Filing Stats: 4,676 words · 19 min read · ~16 pages · Grade level 18.5 · Accepted 2024-10-30 16:24:38

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 50 Item 4.

Controls and procedures

Controls and procedures 50 PART II. OTHER INFORMATION 51 Item 1.

Legal proceedings

Legal proceedings 51 Item 1A.

Risk factors

Risk factors 51 Item 2. Unregistered sales of equity securities and use of proceeds 53 Item 5. Other information 54 Item 6. Exhibits 55

SIGNATURES

SIGNATURES 56 Third 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 domestic and international businesses, 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. Accordi

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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 34,633 $ 31,251 Restricted cash 428,095 697,006 Accounts receivable, net of allowance of $ 6,307 and $ 6,907 at September 30, 2024 and December 31, 2023, respectively 97,988 101,862 Customer funds receivable 7,343 353 Prepaid expenses and other current assets 87,499 99,285 Total current assets 655,558 929,757 Property and equipment, net 95,053 98,689 Operating lease right-of-use assets 27,522 36,927 Software and content development costs, net 169,507 160,194 Goodwill 1,056,882 1,053,738 Intangible assets, net 536,008 581,937 Other assets 60,444 51,037 Total assets $ 2,600,974 $ 2,912,279 Liabilities and stockholders' equity Current liabilities: Trade accounts payable $ 43,983 $ 25,184 Accrued expenses and other current liabilities 48,745 64,322 Due to customers 434,093 695,842 Debt, current portion 23,830 19,259 Deferred revenue, current portion 411,554 392,530 Total current liabilities 962,205 1,197,137 Debt, net of current portion 977,019 760,405 Deferred tax liability 68,196 93,292 Deferred revenue, net of current portion 1,705 2,397 Operating lease liabilities, net of current portion 35,218 40,085 Other liabilities 12,304 10,258 Total liabilities 2,056,647 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, 70,955,940 and 69,188,304 shares issued at September 30, 2024 and December 31, 2023, respectively; 50,869,218 and 53,625,440 shares outstanding at September 30, 2024 and December 31, 2023, respectively 71 69 Additional paid-in capital 1,227,198 1,203,012 Treasury stock, at cost; 20,086,722 and 15,562,864 shares at September 30, 2024 and D

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