News Release

<< Back
Blackbaud Announces 2021 Third Quarter Results
Third Quarter Recurring Revenue Increases 9% Year-Over-Year; Drives 30% Growth in Earnings Per Share

CHARLESTON, S.C., Nov. 3, 2021 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the world's leading cloud software company powering social good, today announced financial results for its third quarter ended September 30, 2021.

"Third quarter results reflected a fantastic quarter of execution for Blackbaud, exceeding our expectations on a much-improved market backdrop," said Mike Gianoni, president and CEO, Blackbaud. "We achieved near double-digit recurring revenue growth, a roughly ten-point improvement on the Rule of 40 year-over-year, and we're on pace to potentially have one of our best years in the company's history in terms of free cash flow generation. I firmly believe our market and our company is in the midst of an inflection point as the shift to a digital-first world continues to accelerate. Our vision for the SKY platform is becoming a reality, and we're fueling future growth opportunities through additional investment in innovation, customer success, security, cloud infrastructure and a higher velocity go-to-market motion. We are raising our financial outlook for full-year 2021 revenue, profitability and free cash flow, and we expect to see further acceleration in our full-year recurring revenue growth rate into 2022."

Third Quarter 2021 Results Compared to Third Quarter 2020 Results:

  • Total GAAP revenue was $231.2 million, up 7.5%, with $218.5 million in GAAP recurring revenue, up 9.2%.
  • Non-GAAP organic recurring revenue increased 9.2%.
  • GAAP income from operations was $11.8 million, with GAAP operating margin of 5.1%, an increase of 40 basis points.
  • Non-GAAP income from operations was $50.5 million, with non-GAAP operating margin of 21.8%, a decrease of 60 basis points.
  • GAAP net income was $6.2 million, with GAAP diluted earnings per share of $0.13, up $0.03 per share.
  • Non-GAAP net income was $37.9 million, with non-GAAP diluted earnings per share of $0.78, up $0.05 per share.
  • Non-GAAP adjusted EBITDA was $62.4 million, up $3.0 million, with non-GAAP adjusted EBITDA margin of 27.0%.
  • GAAP net cash provided by operating activities was $69.9 million, a decrease of $1.8 million.
  • Non-GAAP free cash flow was $57.9 million, an increase of $16.5 million.

"We expected an acceleration of revenue performance in the second half of 2021, and Q3 not only delivered, but exceeded that expectation, serving as a proof point for what's achievable as we progress against the growth and margin initiatives laid out at our investor session earlier this year," said Tony Boor, executive vice president and CFO, Blackbaud. "With three quarters behind us, and a particularly strong third quarter, we have high confidence in our ability to exceed the $920 million high end of our upside revenue scenario for 2021. This may even prove to be conservative depending on our fourth quarter transactional revenue performance. We expect to achieve an adjusted EBITDA margin of at least 26% for full year 2021, inclusive of heightened investments planned for the fourth quarter, and our strong performance year-to-date combined with our outlook for Q4 suggests we should generate at least $150 million in free cash flow.  As we finalize our plans for next year, it is clear the return to at least mid-single digit revenue growth is likely to happen faster than we expected, and we are focused on fueling future growth through additional investments."

An explanation of all non-GAAP financial measures referenced in this press release is included below under the heading "Non-GAAP Financial Measures." A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

Recent Company Highlights:

Visit www.blackbaud.com/newsroom for more information about Blackbaud's recent highlights.

Conference Call Details:

What:

Blackbaud's 2021 Third Quarter Conference Call

When:

November 4, 2021 

Time:

8:00 a.m. (Eastern Time)

Live Call:

1-877-407-3088 (US/Canada)

Webcast:

Blackbaud's Investor Relations Webpage

About Blackbaud
Blackbaud (NASDAQ: BLKB) is the world's leading cloud software company powering social good. Serving the entire social good community—nonprofits, higher education institutions, K–12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, companies and individual change agents—Blackbaud connects and empowers organizations to increase their impact through cloud software, services, expertise and data intelligence. The Blackbaud portfolio is tailored to the unique needs of vertical markets, with solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility, school management, ticketing, grantmaking, financial management, payment processing and analytics. Serving the industry for four decades, Blackbaud is headquartered in Charleston, South Carolina, and has operations in the United States, Australia, Canada, Costa Rica and the United Kingdom. For more information, visit www.blackbaud.com, or follow us on Twitter, LinkedIn, Instagram, and Facebook.

Investor Contact:

 

Media Contact:

 

Steve Hufford

 

media@blackbaud.com

 

Director, Investor Relations

     

IR@blackbaud.com

     

Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the predictability of our financial condition and results of operations. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; cybersecurity and data protection risks and related liabilities; uncertainty regarding the COVID-19 disruption; potential litigation involving us; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from Blackbaud's investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Trademarks
All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.

Non-GAAP Financial Measures
Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. Blackbaud uses non-GAAP financial measures internally in analyzing its operational performance. Accordingly, Blackbaud believes these non-GAAP measures are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance and trends and in comparing its financial results from period-to-period with other companies in Blackbaud's industry, many of which present similar non-GAAP financial measures to investors. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies.

The non-GAAP financial measures discussed above exclude the impact of certain transactions that Blackbaud believes are not directly related to its operating performance in any particular period, but are for its long-term benefit over multiple periods. Blackbaud believes these non-GAAP financial measures reflect its ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.

While Blackbaud believes these non-GAAP measures provide useful supplemental information, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.

Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment.

In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis and non-GAAP organic recurring revenue growth, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period, and it includes the non-GAAP revenue attributable to those companies, as if there were no acquisition-related write-downs of acquired deferred revenue to fair value as required by GAAP. In addition, each of these measures excludes prior period revenue associated with divested businesses. The exclusion of the prior period revenue is to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of its current business' organic revenue growth and revenue run-rate.

Rule of 40 is defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision; depreciation; amortization of intangible assets from business combinations; amortization of software development costs; acquisition-related deferred revenue write-down; stock-based compensation; acquisition-related integration costs; acquisition-related expenses; employee severance; restructuring and other real estate activities; and costs, net of insurance, related to the previously disclosed security incident discovered in May 2020 (the "Security Incident").


 

(dollars in thousands)

September 30,
2021

December 31,
2020

Assets

   

Current assets:

   

Cash and cash equivalents

$

27,591

 

$

35,750

 

Restricted cash

216,122

 

609,219

 

Accounts receivable, net of allowance of $10,847 and $10,292 at September 30, 2021 and December 31, 2020, respectively

105,873

 

95,404

 

Customer funds receivable

6,076

 

321

 

Prepaid expenses and other current assets

102,319

 

78,366

 

Total current assets

457,981

 

819,060

 

Property and equipment, net

103,346

 

105,177

 

Operating lease right-of-use assets

19,652

 

22,671

 

Software development costs, net

118,860

 

111,827

 

Goodwill

635,912

 

635,854

 

Intangible assets, net

249,494

 

277,506

 

Other assets

69,699

 

72,639

 

Total assets

$

1,654,944

 

$

2,044,734

 

Liabilities and stockholders' equity

   

Current liabilities:

   

Trade accounts payable

$

38,388

 

$

27,836

 

Accrued expenses and other current liabilities

58,579

 

52,228

 

Due to customers

220,785

 

608,264

 

Debt, current portion

12,948

 

12,840

 

Deferred revenue, current portion

329,426

 

312,236

 

Total current liabilities

660,126

 

1,013,404

 

Debt, net of current portion

514,418

 

518,193

 

Deferred tax liability

56,144

 

54,086

 

Deferred revenue, net of current portion

4,528

 

4,678

 

Operating lease liabilities, net of current portion

13,470

 

17,357

 

Other liabilities

9,421

 

10,866

 

Total liabilities

1,258,107

 

1,618,584

 

Commitments and contingencies

   

Stockholders' equity:

   

Preferred stock; 20,000,000 shares authorized, none outstanding

 

 

Common stock, $0.001 par value; 180,000,000 shares authorized, 62,353,643 and 60,904,638 shares issued at September 30, 2021 and December 31, 2020, respectively

62

 

61

 

Additional paid-in capital

634,406

 

544,963

 

Treasury stock, at cost; 14,039,117 and 12,054,268 shares at September 30, 2021 and December 31, 2020, respectively

(490,456)

 

(353,091)

 

Accumulated other comprehensive income (loss)

3,319

 

(2,497)

 

Retained earnings

249,506

 

236,714

 

Total stockholders' equity

396,837

 

426,150

 

Total liabilities and stockholders' equity

$

1,654,944

 

$

2,044,734

 

 

 

(dollars in thousands, except per share amounts)

Three months ended
September 30,

 

Nine months ended
September 30,

2021

2020

 

2021

2020

Revenue

         

Recurring

$

218,530

 

$

200,102

   

$

642,266

 

$

621,229

 

One-time services and other

12,688

 

14,899

   

37,583

 

49,384

 

Total revenue

231,218

 

215,001

   

679,849

 

670,613

 

Cost of revenue

         

Cost of recurring

95,823

 

84,251

   

279,123

 

265,172

 

Cost of one-time services and other

11,858

 

14,434

   

40,013

 

43,317

 

Total cost of revenue

107,681

 

98,685

   

319,136

 

308,489

 

Gross profit

123,537

 

116,316

   

360,713

 

362,124

 

Operating expenses

         

Sales, marketing and customer success

44,703

 

48,460

   

138,948

 

159,149

 

Research and development

31,566

 

22,783

   

90,967

 

72,655

 

General and administrative

34,733

 

34,132

   

97,328

 

89,829

 

Amortization

558

 

749

   

1,674

 

2,219

 

Restructuring

131

 

105

   

263

 

179

 

Total operating expenses

111,691

 

106,229

   

329,180

 

324,031

 

Income from operations

11,846

 

10,087

   

31,533

 

38,093

 

Interest expense

(4,003)

 

(3,997)

   

(14,171)

 

(12,049)

 

Other income, net

862

 

542

   

339

 

2,242

 

Income before provision for income taxes

8,705

 

6,632

   

17,701

 

28,286

 

Income tax provision

2,517

 

1,756

   

4,946

 

6,948

 

Net income

$

6,188

 

$

4,876

   

$

12,755

 

$

21,338

 

Earnings per share

         

Basic

$

0.13

 

$

0.10

   

$

0.27

 

$

0.44

 

Diluted

$

0.13

 

$

0.10

   

$

0.26

 

$

0.44

 

Common shares and equivalents outstanding

         

Basic weighted average shares

47,542,746

 

48,271,139

   

47,554,746

 

48,182,799

 

Diluted weighted average shares

48,274,072

 

48,859,707

   

48,259,956

 

48,582,068

 

Other comprehensive (loss) income

         

Foreign currency translation adjustment

(3,234)

 

4,661

   

1,060

 

(1,954)

 

Unrealized gain (loss) on derivative instruments, net of tax

262

 

943

   

4,756

 

(1,628)

 

Total other comprehensive (loss) income

(2,972)

 

5,604

   

5,816

 

(3,582)

 

Comprehensive income

$

3,216

 

$

10,480

   

$

18,571

 

$

17,756

 

 

 

 

Nine months ended
September 30,

(dollars in thousands)

2021

2020

Cash flows from operating activities

   

  Net income

$

12,755

 

$

21,338

 

Adjustments to reconcile net income to net cash provided by operating activities:

   

Depreciation and amortization

60,484

 

68,755

 

Provision for credit losses and sales returns

7,992

 

10,156

 

Stock-based compensation expense

89,480

 

54,556

 

Deferred taxes

400

 

1,879

 

Amortization of deferred financing costs and discount

1,234

 

569

 

Other non-cash adjustments

(527)

 

2,203

 

Changes in operating assets and liabilities, net of acquisition and disposal of businesses:

   

Accounts receivable

(18,779)

 

(18,319)

 

Prepaid expenses and other assets

(14,169)

 

4,292

 

Trade accounts payable

10,728

 

(17,203)

 

Accrued expenses and other liabilities

2,790

 

(31,595)

 

Deferred revenue

17,400

 

12,534

 

Net cash provided by operating activities

169,788

 

109,165

 

Cash flows from investing activities

   

Purchase of property and equipment

(8,332)

 

(25,836)

 

Capitalized software development costs

(29,661)

 

(32,028)

 

Net cash used in investing activities

(37,993)

 

(57,864)

 

Cash flows from financing activities

   

Proceeds from issuance of debt

128,300

 

267,400

 

Payments on debt

(131,272)

 

(290,999)

 

Debt issuance costs

 

(593)

 

Employee taxes paid for withheld shares upon equity award settlement

(39,012)

 

(21,286)

 

Proceeds from exercise of stock options

 

4

 

Change in due to customers

(386,973)

 

(337,821)

 

Change in customer funds receivable

(5,838)

 

(4,495)

 

Purchase of treasury stock

(98,353)

 

 

Dividend payments to stockholders

 

(5,960)

 

Net cash used in financing activities

(533,148)

 

(393,750)

 

Effect of exchange rate on cash, cash equivalents and restricted cash

97

 

(623)

 

Net decrease in cash, cash equivalents and restricted cash

(401,256)

 

(343,072)

 

Cash, cash equivalents and restricted cash, beginning of period

644,969

 

577,295

 

Cash, cash equivalents and restricted cash, end of period

$

243,713

 

$

234,223

 

 

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown above in the consolidated statements of cash flows:

(dollars in thousands)

September 30,
2021

December 31,
2020

Cash and cash equivalents

$

27,591

 

$

35,750

 

Restricted cash

216,122

 

609,219

 

Total cash, cash equivalents and restricted cash in the statement of cash flows

$

243,713

 

$

644,969

 


 

(dollars in thousands, except per share amounts)

Three months ended
September 30,

 

Nine months ended
September 30,

2021

2020

 

2021

2020

GAAP Revenue

$

231,218

 

$

215,001

   

$

679,849

 

$

670,613

 
           

GAAP gross profit

$

123,537

 

$

116,316

   

$

360,713

 

$

362,124

 

GAAP gross margin

53.4

%

54.1

%

 

53.1

%

54.0

%

Non-GAAP adjustments:

         

Add: Stock-based compensation expense

4,263

 

3,688

   

14,858

 

7,123

 

Add: Amortization of intangibles from business combinations

8,595

 

9,219

   

26,603

 

29,835

 

Add: Employee severance

14

 

   

29

 

813

 

Subtotal

12,872

 

12,907

   

41,490

 

37,771

 

Non-GAAP gross profit

$

136,409

 

$

129,223

   

$

402,203

 

$

399,895

 

Non-GAAP gross margin

59.0

%

60.1

%

 

59.2

%

59.6

%

           

GAAP income from operations

$

11,846

 

$

10,087

   

$

31,533

 

$

38,093

 

GAAP operating margin

5.1

%

4.7

%

 

4.6

%

5.7

%

Non-GAAP adjustments:

         

Add: Stock-based compensation expense

28,926

 

20,843

   

89,480

 

54,556

 

Add: Amortization of intangibles from business combinations

9,153

 

9,968

   

28,277

 

32,054

 

Add: Employee severance

68

 

232

   

1,510

 

4,593

 

Add: Acquisition-related integration costs

(17)

 

(15)

   

(115)

 

(118)

 

Add: Acquisition-related expenses

67

 

64

   

196

 

288

 

Add: Restructuring and other real estate activities

(420)

 

6,943

   

(413)

 

7,017

 

Add: Security Incident-related costs, net of insurance(1)

851

 

   

1,321

 

 

Subtotal

38,628

 

38,035

   

120,256

 

98,390

 

Non-GAAP income from operations

$

50,474

 

$

48,122

   

$

151,789

 

$

136,483

 

Non-GAAP operating margin

21.8

%

22.4

%

 

22.3

%

20.4

%

           

GAAP income before provision for income taxes

$

8,705

 

$

6,632

   

$

17,701

 

$

28,286

 

GAAP net income

$

6,188

 

$

4,876

   

$

12,755

 

$

21,338

 
           

Shares used in computing GAAP diluted earnings per share

48,274,072

 

48,859,707

   

48,259,956

 

48,582,068

 

GAAP diluted earnings per share

$

0.13

 

$

0.10

   

$

0.26

 

$

0.44

 
           

Non-GAAP adjustments:

         

Add: GAAP income tax provision

2,517

 

1,756

   

4,946

 

6,948

 

Add: Total non-GAAP adjustments affecting income from operations

38,628

 

38,035

   

120,256

 

98,390

 

Non-GAAP income before provision for income taxes

47,333

 

44,667

   

137,957

 

126,676

 

Assumed non-GAAP income tax provision(2)

9,467

 

8,933

   

27,592

 

25,335

 

Non-GAAP net income

$

37,866

 

$

35,734

   

$

110,365

 

$

101,341

 
           

Shares used in computing non-GAAP diluted earnings per share

48,274,072

 

48,859,707

   

48,259,956

 

48,582,068

 

Non-GAAP diluted earnings per share

$

0.78

 

$

0.73

   

$

2.29

 

$

2.09

 
 

(1)

Includes Security Incident-related costs incurred during the three and nine months ended September 30, 2021 of $11.4 million and $35.9 million, respectively, net of probable insurance recoveries during the same periods of $10.6 million and $34.5 million, respectively. Recorded expenses consisted primarily of payments to third-party service providers and consultants, including legal fees, as well as settlements of customer claims. Not included in this adjustment were costs associated with enhancements to our cybersecurity program.

(2)

Blackbaud applies a non-GAAP effective tax rate of 20.0% when calculating non-GAAP net income and non-GAAP diluted earnings per share.

 

 

(dollars in thousands)

Three months ended
September 30,

 

Nine months ended
September 30,

2021

2020

 

2021

2020

GAAP revenue

$

231,218

 

$

215,001

   

$

679,849

 

$

670,613

 

GAAP revenue growth

7.5

%

   

1.4

%

 

Add: Non-GAAP acquisition-related revenue(1)

 

   

 

 

Non-GAAP organic revenue(2)

$

231,218

 

$

215,001

   

$

679,849

 

$

670,613

 

Non-GAAP organic revenue growth

7.5

%

   

1.4

%

 
           

Non-GAAP organic revenue(2)

$

231,218

 

$

215,001

   

$

679,849

 

$

670,613

 

Foreign currency impact on non-GAAP organic revenue(3)

(2,049)

 

   

(8,392)

 

 

Non-GAAP organic revenue on constant currency basis(3)

$

229,169

 

$

215,001

   

$

671,457

 

$

670,613

 

Non-GAAP organic revenue growth on constant currency basis

6.6

%

   

0.1

%

 
           

GAAP recurring revenue

$

218,530

 

$

200,102

   

$

642,266

 

$

621,229

 

GAAP recurring revenue growth

9.2

%

   

3.4

%

 

Add: Non-GAAP acquisition-related revenue(1)

 

   

 

 

Non-GAAP organic recurring revenue

$

218,530

 

$

200,102

   

$

642,266

 

$

621,229

 

Non-GAAP organic recurring revenue growth

9.2

%

   

3.4

%

 
 

(1)

Non-GAAP acquisition-related revenue excludes incremental acquisition-related revenue calculated in accordance with GAAP that is attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, non-GAAP acquisition-related revenue reflects presentation of full-year incremental non-GAAP revenue derived from such companies, as if they were combined throughout the prior period, and it includes the non-GAAP revenue from the acquisition-related deferred revenue write-down attributable to those companies.

(2)

Non-GAAP organic revenue for the prior year periods presented herein may not agree to non-GAAP organic revenue presented in the respective prior period quarterly financial information solely due to the manner in which non-GAAP organic revenue growth is calculated.

(3)

To determine non-GAAP organic revenue growth on a constant currency basis, revenues from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable prior period's quarterly weighted average foreign currency exchange rates. The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian Dollar and EURO.

 

 

(dollars in thousands)

Three months ended
September 30,

 

Nine months ended
September 30,

2021

2020

 

2021

2020

GAAP net income

$

6,188

 

$

4,876

   

$

12,755

 

$

21,338

 

Non-GAAP adjustments:

         

Add: Interest, net

3,921

 

3,230

   

13,860

 

10,650

 

Add: GAAP income tax provision

2,517

 

1,756

   

4,946

 

6,948

 

Add: Depreciation

3,135

 

3,722

   

9,486

 

10,858

 

Add: Amortization of intangibles from business combinations

9,153

 

9,968

   

28,277

 

32,054

 

Add: Amortization of software development costs(1)

7,986

 

7,789

   

24,068

 

24,828

 

Subtotal

26,712

 

26,465

   

80,637

 

85,338

 

Non-GAAP EBITDA

$

32,900

 

$

31,341

   

$

93,392

 

$

106,676

 

Non-GAAP EBITDA margin

14.2

%

   

13.7

%

 
           

Non-GAAP adjustments:

         

Add: Stock-based compensation expense

28,926

 

20,843

   

89,480

 

54,556

 

Add: Employee severance

68

 

232

   

1,510

 

4,593

 

Add: Acquisition-related integration costs

(17)

 

(15)

   

(115)

 

(118)

 

Add: Acquisition-related expenses

67

 

64

   

196

 

288

 

Add: Restructuring and other real estate activities

(420)

 

6,943

   

(413)

 

7,017

 

Add: Security Incident-related costs, net of insurance(2)

851

 

   

1,321

 

 

Subtotal

29,475

 

28,067

   

91,979

 

66,336

 

Non-GAAP Adjusted EBITDA

$

62,375

 

$

59,408

   

$

185,371

 

$

173,012

 

Non-GAAP Adjusted EBITDA margin

27.0

%

   

27.3

%

 
           

Rule of 40(3)

34.5

%

   

28.7

%

 
 

(1)

Includes amortization expense related to software development costs and amortization expense from capitalized cloud computing implementation costs.

(2)

Includes Security Incident-related costs incurred, net of probable insurance recoveries. See additional details in the reconciliation of GAAP to Non-GAAP operating income above.

(3)

Measured by non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. See Non-GAAP organic revenue growth table above.

 

 

(dollars in thousands)

Nine months ended
September 30,

2021

2020

GAAP net cash provided by operating activities

$

169,788

 

$

109,165

 

Less: purchase of property and equipment

(8,332)

 

(25,836)

 

Less: capitalized software development costs

(29,661)

 

(32,028)

 

Non-GAAP free cash flow

$

131,795

 

$

51,301

 

 

Power your passion (PRNewsfoto/Blackbaud)

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/blackbaud-announces-2021-third-quarter-results-301414862.html

SOURCE Blackbaud, Inc.