$BLKB

BLACKBAUD INC

CIK:0001280058|SEC Filings

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 290,597	$ 282,030	$ 571,737	$ 551,966
Cost of revenue	112,434	113,633	227,015	228,448
Gross profit	178,163	168,397	344,722	323,518
Operating expenses
Sales, marketing and customer success	46,256	44,046	93,605	88,690
Research and development	34,856	33,595	71,772	67,154
General and administrative	34,449	32,856	64,710	89,535
Amortization	586	566	1,174	1,100
Total operating expenses	116,147	111,063	231,261	246,479
Income from operations	62,016	57,334	113,461	77,039
Interest expense	(17,579)	(18,411)	(33,615)	(35,356)
Other income, net	1,984	1,118	4,380	3,223
Income before provision for income taxes	46,421	40,041	84,226	44,906
Income tax provision	11,063	13,575	17,729	14,117
Net income	$ 35,358	$ 26,466	$ 66,497	$ 30,789
Earnings per share
Basic earnings per share	$ 0.79	$ 0.55	$ 1.47	$ 0.64
Diluted earnings per share	$ 0.79	$ 0.55	$ 1.46	$ 0.63
Common shares and equivalents outstanding
Basic weighted average shares	44,759,580	47,784,062	45,158,724	48,104,780
Diluted weighted average shares outstanding	44,884,337	48,248,057	45,605,260	48,786,793
Other comprehensive income (loss)
Foreign currency translation adjustment	$ (117)	$ 7,324	$ (1,597)	$ 10,583
Unrealized gain (loss) on derivative instruments, net of tax	3,042	(5,314)	6,620	(12,006)
Total other comprehensive income (loss)	2,925	2,010	5,023	(1,423)
Comprehensive income	$ 38,283	$ 28,476	$ 71,520	$ 29,366

Condensed Consolidated Statements of Cash Flows $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Cash flows from operating activities
Net income	$ 66,497	$ 30,789
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,293	43,346
Provision for doubtful accounts and sales returns	3,020	2,973
Stock-based compensation expense	46,586	49,422
Deferred taxes	9,380	(653)
Amortization of deferred financing costs and discount	1,269	1,346
Other non-cash adjustments	1,313	(5,407)
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
Accounts receivable	(57,465)	(64,984)
Prepaid expenses and other assets	(11,416)	(8,955)
Trade accounts payable	6,818	(8,408)
Accrued expenses and other liabilities	530	(9,910)
Deferred revenue	34,688	38,770
Net cash provided by operating activities	142,513	68,329
Cash flows from investing activities
Purchase of property and equipment	(4,117)	(1,311)
Capitalized software development costs	(26,127)	(27,787)
Cash used in disposition of business	0	(12,235)
Other investing activities	(8,675)	0
Net cash used in investing activities	(38,919)	(41,333)
Cash flows from financing activities
Proceeds from issuance of debt	209,500	272,300
Payments on debt	(180,857)	(187,666)
Employee taxes paid for withheld shares upon equity award settlement	(25,319)	(38,655)
Change in due to customers	132,582	128,582
Change in customer funds receivable	(5,175)	(3,262)
Purchase of treasury stock, including excise tax payments	(111,637)	(103,205)
Net cash provided by financing activities	19,094	68,094
Effect of exchange rate on cash, cash equivalents and restricted cash	(655)	7,212
Net increase in cash, cash equivalents and restricted cash	122,033	102,302
Cash, cash equivalents and restricted cash, beginning of period	758,975	809,512
Cash, cash equivalents and restricted cash, end of period	881,008	$ 911,814
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	34,388
Total restricted cash	846,620
Total cash, cash equivalents and restricted cash in the statement of cash flows	$ 881,008

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 34,388	$ 38,914
Total restricted cash	846,620	720,061
Accounts receivable, net of allowance of $6,672 and $5,876 at June 30, 2026 and December 31, 2025, respectively	134,888	80,517
Customer funds receivable	6,378	1,308
Prepaid expenses and other current assets	96,620	89,290
Total current assets	1,118,894	930,090
Property and equipment, net	85,499	85,076
Goodwill	1,055,923	1,056,815
Intangible assets, net	93,379	106,654
Software development costs, net	158,999	155,842
Other assets	81,802	56,205
Total assets	2,594,496	2,390,682
Current liabilities:
Trade accounts payable	35,431	27,344
Accrued expenses and other current liabilities	37,603	43,272
Due to customers	851,793	719,833
Debt, current portion	22,595	22,660
Deferred revenue, current portion	403,630	368,986
Total current liabilities	1,351,052	1,182,095
Debt, net of current portion	1,127,412	1,087,037
Deferred tax liability	33,407	21,981
Deferred revenue, net of current portion	2,773	2,778
Other liabilities	12,822	11,737
Total liabilities	2,527,466	2,305,628
Commitments and contingencies (see Note 8)
Stockholders' equity:
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares outstanding	0	0
Preferred stock; 20,000,000 shares authorized, none outstanding	$ 0	$ 0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	74,035,437	72,312,354
Common stock, shares, outstanding	45,513,708	46,705,325
Common stock, $0.001 par value; 180,000,000 shares authorized, 74,035,437 and 72,312,354 shares issued at June 30, 2026 and December 31, 2025, respectively; 45,513,708 and 46,705,325 shares outstanding at June 30, 2026 and December 31, 2025, respectively	$ 74	$ 72
Additional paid-in capital	$ 1,438,227	$ 1,391,641
Treasury stock, shares	28,521,729	25,607,029
Treasury stock, at cost; 28,521,729 and 25,607,029 shares at June 30, 2026 and December 31, 2025, respectively	$ (1,452,356)	$ (1,316,224)
Accumulated other comprehensive loss	(925)	(5,948)
Retained earnings	82,010	15,513
Total stockholders' equity	67,030	85,054
Total liabilities and stockholders' equity	$ 2,594,496	$ 2,390,682