BLACKBAUD INC

Listed Company

BLKBCIK 0001280058NasdaqLarge AcceleratedServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.13B

Net Income

$114.97M

Total Assets

$2.39B

Equity

$85.05M

Shares Out

45.93M

Op. Cash Flow

$265.55M

Business

BLACKBAUD INC is a leading software provider exclusively focused on powering social impact by delivering cloud solutions and services for nonprofits, educational institutions, foundations, corporate social responsibility programs and individual fundraisers. It offers products and services for fundraising and engagement, nonprofit financial management, digital giving and payment processing, grant and award management, education management, data intelligence, analytics, consulting, training and customer support. Its operations are organized across solution groups including Fundraising & Engagement, Financial Management, Grant and Award Management, Education, Social Responsibility, Payments and Data Intelligence, supported by Customer Success and Professional Services. Blackbaud serves millions of users in more than 100 countries through a direct sales force, digital marketing, partner channels, events and platform-integrated transactional and contractual billing arrangements.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	1,128	1,155	1,107	1,058	928
Cost of revenue	465	523	508	505	443
Gross profit	663	631	599	553	485
Sales, marketing and customer success	178	197	212	221	186
Research and development	138	154	147	157	125
General and administrative	155	143	190	200	146
Amortization	2	4	3	3	2
EVERFI disposition	0	405	0	0	—
Total operating expenses	473	903	553	581	460
Income (loss) from operations	191	−271	46	−28	25
Interest expense	−68	−56	−40	−36	−18
Other income, net	9	15	13	9	180,000
Income (loss) before provision (benefit) for income taxes	132	−312	19	−56	7
Income tax provision (benefit)	17	−13	16	−10	1
Net income (loss)	115	−300	3	−45	6
Basic earnings (loss) per share	2.41	−5.92	0.06	−0.88	0.12
Diluted earnings (loss) per share	2.37	−5.92	0.06	−0.88	0.12
Basic weighted average shares	48	51	53	52	47
Diluted weighted average shares	48	51	54	52	48
Foreign currency translation adjustment	9	−3	5	−16	661,000
Unrealized loss on derivative instruments, net of tax	−10	−359,000	−16	19	8
Total other comprehensive loss	−1	−3	−11	2	9
Comprehensive income (loss)	114	−303	−8	−43	15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	39	68	31	32	55
Total restricted cash	720	742	697	702	597
Accounts receivable, net of allowance of $5,876 and $5,228 at December 31, 2025 and December 31, 2024, respectively	81	84	102	103	103
Customer funds receivable	1	2	353,000	249,000	977,000
Prepaid expenses and other current assets	89	82	99	82	96
Total current assets	930	977	930	919	851
Property and equipment, net	85	92	99	107	111
Operating lease right-of-use assets	5	27	37	46	54
Software and content development costs, net	156	148	160	—	—
Goodwill	1,057	1,053	1,054	1,050	1,059
Intangible assets, net	107	133	582	635	698
Other assets	52	67	51	94	77
Total assets	2,391	2,496	2,912	2,993	2,972
Trade accounts payable	27	51	25	43	22
Accrued expenses and other current liabilities	43	76	64	86	100
Due to customers	720	742	696	701	594
Debt, current portion	23	24	19	19	19
Deferred revenue, current portion	369	359	393	382	374
Total current liabilities	1,182	1,252	1,197	1,231	1,110
Debt, net of current portion	1,087	1,051	760	840	937
Deferred tax liability	22	25	93	126	148
Deferred revenue, net of current portion	3	2	2	3	4
Operating lease liabilities, net of current portion	5	34	40	45	53
Other liabilities	7	5	10	4	1
Total liabilities	2,306	2,369	2,104	2,249	2,255
Commitments and contingencies (see Note 11)	—	—	—	—	—
Preferred stock, shares authorized	20	20	20	20	20
Preferred stock, shares outstanding	0	0	0	0	0
Preferred stock; 20,000,000 shares authorized; none outstanding	0	0	0	0	0
Common stock, par value	0	0	0	0	0
Common stock, shares authorized	180	180	180	180	180
Common stock, shares issued	72	71	69	68	66
Common stock, shares, outstanding	47	49	54	53	—
Common stock, $0.001 par value; 180,000,000 shares authorized; 72,312,354 and 70,943,373 shares issued at December 31, 2025 and December 31, 2024, respectively; 46,705,325 and 49,245,588 shares outstanding at December 31, 2025 and December 31, 2024, respectively	72,000	71,000	69,000	68,000	66,000
Additional paid-in capital	1,392	1,291	1,203	1,075	969
Treasury stock, common, shares	26	22	16	15	—
Treasury stock, at cost; 25,607,029 and 21,697,785 shares at December 31, 2025 and December 31, 2024, respectively	−1,316	−1,060	−592	−537	−501
Accumulated other comprehensive loss	−6	−5	−2	9	7
Retained earnings	16	−99	199	197	242
Total stockholders' equity	85	127	810	744	717
Total liabilities and stockholders' equity	2,391	2,496	2,912	2,993	2,972

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	86	122	109	102	82
Net provision for credit losses and sales returns	4	5	5	6	11
Stock-based compensation expense	93	105	128	110	120
Deferred taxes	−181,000	−70	−24	−27	−2
Amortization of deferred financing costs and discount	2	3	2	2	2
Loss on disposition of businesses	0	17	0	0	—
EVERFI impairment charges	0	390	0	0	—
Other non-cash adjustments	−5	2	5	6	10
Accounts receivable	−938,000	5	−3	−7	−7
Prepaid expenses and other assets	−4	3	17	26	−2
Trade accounts payable	−24	28	−19	22	−10
Accrued expenses and other liabilities	−11	−13	−30	−2	−8
Deferred revenue	10	−2	7	11	11
Net cash provided by operating activities	266	296	200	204	214
Purchase of property and equipment	−8	−7	−5	−12	−12
Capitalized software development costs	−54	−60	−59	−59	−40
Purchase of net assets of acquired companies, net of cash and restricted cash acquired	−700,000	0	−13,000	−21	−419
Cash Used in Divestiture of Businesses	−12	−1	0	—	—
Other investing activities	0	−5	−250,000	0	0
Net cash used in investing activities	−75	−73	−64	−86	−471
Proceeds from issuance of debt	405	1,441	293	211	582
Payments on debt	−370	−1,145	−375	−311	−153
Debt issuance costs	0	−6	0	0	−3
Employee taxes paid for withheld shares upon equity award settlement	−40	−57	−36	−36	−39
Change in due to customers	−26	47	−7	111	−13
Change in customer funds receivable	997,000	−2	−60,000	380,000	−731,000
Purchase of treasury stock, including excise tax payments	−217	−418	−19	0	−108
Net cash used in financing activities	−247	−139	−143	−26	264
Effect of exchange rate on cash, cash equivalents and restricted cash	6	−2	2	−10	297,000
Net (decrease) increase in cash, cash equivalents and restricted cash	−51	81	−6	82	7
Cash paid for interest	−66	−52	−38	−33	−16
Cash paid for taxes, net of refunds	−28	−61	−36	−10	−10
Purchase of equipment and other assets included in accounts payable	−798,000	−31,000	−837,000	−158,000	−2

Filings

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