– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
First Quarter Total Revenue Increases 17.3% Year-Over-Year with Organic Recurring Revenue Growth of 6.6%; Blackbaud Reiterates Full Year 2022 Financial Guidance and Outlook
CHARLESTON, S.C., May 3, 2022 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the world's leading cloud software company powering social good, today announced financial results for its first quarter ended March 31, 2022.
"The first quarter was a stronger than expected start to the year," said Mike Gianoni, president and CEO, Blackbaud. "Just two months ago we gave our 2022 financial guidance that called for total revenue growth of approximately 17% at the midpoint of our guidance range, a significant acceleration in organic revenue growth to approximately 5%, and nearly 30% on a Rule of 40 at constant currency, which is roughly a 250-basis-point improvement year-over-year. We are pacing well against our plan, moving quickly to integrate EVERFI, and remain confident in our full-year outlook with solid visibility into the remainder of 2022 and beyond. By balancing sustainable mid-to-high single-digit organic revenue growth and meaningful margin expansion over the next few years, we believe we can create significant value for our customers, employees and shareholders."
First Quarter 2022 Results Compared to First Quarter 2021 Results:
"We started the year ahead of plan for both revenue growth and profitability," said Tony Boor, executive vice president and CFO, Blackbaud. "During the first quarter, we posted total revenue growth of 17.3% and organic recurring revenue growth was 6.6%, driven by elevated transactional volume and continued growth in contractual recurring revenue. As we discussed when we issued our guidance in February, our profitability to start the year reflects the addition of EVERFI and incremental spend in areas like innovation, security and go-to-market that was pushed from 2021 into 2022. Our overperformance versus plan in the first quarter gives us heightened confidence in our ability to achieve our full-year financial guidance, and we are executing well on our plan to achieve Rule of 40 as a company, which we ultimately expect to drive significant earnings and adjusted free cash flow growth over the next several years. Given our recent performance and our acquisition of EVERFI, we raised our Rule of 40 performance incentive targets for 2022 and 2023 to 29% and 33%, respectively, as we target our mid-term goal of roughly 35% on the Rule of 40 in the next few years."
An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, 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.
Financial Outlook Blackbaud today reiterated its 2022 full year financial guidance:
Included in its 2022 full year financial guidance are the following assumptions:
Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.
In order to provide a meaningful basis for comparison, Blackbaud uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, capital expenditures for property and equipment, plus cash outflows, net of insurance, related to the previously disclosed Security Incident discovered in May 2020 (the "Security Incident"). For full year 2022, Blackbaud currently expects net cash outlays of $25 million to $35 million for ongoing legal fees related to the Security Incident. In line with the Company's policy, all associated costs due to third-party service providers and consultants, including legal fees, are expensed as incurred. As of March 31, 2022, Blackbaud has not recorded a loss contingency related to the Security Incident as it is unable to reasonably estimate the possible amount or range of such loss. Please refer to the section below titled "Non-GAAP Financial Measures" for more information on Blackbaud's use of non-GAAP financial measures.
Conference Call Details What: Blackbaud's 2022 First Quarter Conference Call When: May 4, 2022 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 (CSR) and environmental, social and governance (ESG), school management, ticketing, grantmaking, financial management, payment processing and analytics. Serving the industry for more than four decades, Blackbaud is a remote-first company headquartered in Charleston, South Carolina, with 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: |
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Steve Hufford |
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Director, Investor Relations |
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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, and in order to provide a meaningful basis for comparison, Blackbaud now uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted 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, plus cash outflows, net of insurance, related to the Security Incident. Blackbaud believes non-GAAP free cash flow and non-GAAP adjusted free cash flow provide useful measures of the company's operating performance. Non-GAAP adjusted free cash flow is not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.
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. 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 Security Incident.
Blackbaud, Inc. |
||
Consolidated Balance Sheets |
||
(Unaudited) |
||
(dollars in thousands) |
March 31, |
December 31, |
Assets |
||
Current assets: |
||
Cash and cash equivalents |
$ 33,786 |
$ 55,146 |
Restricted cash |
279,594 |
596,616 |
Accounts receivable, net of allowance of $10,772 and $11,155 at |
91,770 |
102,726 |
Customer funds receivable |
2,049 |
977 |
Prepaid expenses and other current assets |
99,913 |
95,506 |
Total current assets |
507,112 |
850,971 |
Property and equipment, net |
112,675 |
111,428 |
Operating lease right-of-use assets |
51,808 |
53,883 |
Software development costs, net |
126,766 |
121,377 |
Goodwill |
1,056,794 |
1,058,640 |
Intangible assets, net |
683,348 |
698,052 |
Other assets |
90,194 |
77,266 |
Total assets |
$ 2,628,697 |
$ 2,971,617 |
Liabilities and stockholders' equity |
||
Current liabilities: |
||
Trade accounts payable |
$ 39,490 |
$ 22,067 |
Accrued expenses and other current liabilities |
72,195 |
100,096 |
Due to customers |
278,179 |
594,273 |
Debt, current portion |
18,116 |
18,697 |
Deferred revenue, current portion |
350,952 |
374,499 |
Total current liabilities |
758,932 |
1,109,632 |
Debt, net of current portion |
963,109 |
937,483 |
Deferred tax liability |
144,590 |
148,465 |
Deferred revenue, net of current portion |
4,725 |
4,247 |
Operating lease liabilities, net of current portion |
50,785 |
53,386 |
Other liabilities |
1,506 |
1,344 |
Total liabilities |
1,923,647 |
2,254,557 |
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, |
68 |
66 |
Additional paid-in capital |
993,223 |
968,927 |
Treasury stock, at cost; 14,715,944 and 14,182,805 shares at March 31, |
(535,585) |
(500,911) |
Accumulated other comprehensive income |
15,295 |
6,522 |
Retained earnings |
232,049 |
242,456 |
Total stockholders' equity |
705,050 |
717,060 |
Total liabilities and stockholders' equity |
$ 2,628,697 |
$ 2,971,617 |
Blackbaud, Inc. |
||
Consolidated Statements of Comprehensive Income |
||
(Unaudited) |
||
(dollars in thousands, except per share amounts) |
Three months ended |
|
2022 |
2021 |
|
Revenue |
||
Recurring |
$ 244,666 |
$ 206,750 |
One-time services and other |
12,458 |
12,441 |
Total revenue |
257,124 |
219,191 |
Cost of revenue |
||
Cost of recurring |
112,174 |
88,865 |
Cost of one-time services and other |
11,188 |
14,520 |
Total cost of revenue |
123,362 |
103,385 |
Gross profit |
133,762 |
115,806 |
Operating expenses |
||
Sales, marketing and customer success |
55,216 |
48,793 |
Research and development |
39,952 |
29,179 |
General and administrative |
43,762 |
30,587 |
Amortization |
811 |
549 |
Restructuring |
— |
54 |
Total operating expenses |
139,741 |
109,162 |
(Loss) income from operations |
(5,979) |
6,644 |
Interest expense |
(7,599) |
(5,114) |
Other income (expense), net |
1,121 |
(1,010) |
(Loss) income before (benefit) provision for income taxes |
(12,457) |
520 |
Income tax (benefit) provision |
(2,050) |
684 |
Net loss |
$ (10,407) |
$ (164) |
Loss per share |
||
Basic |
$ (0.20) |
$ — |
Diluted |
$ (0.20) |
$ — |
Common shares and equivalents outstanding |
||
Basic weighted average shares |
51,199,717 |
47,363,197 |
Diluted weighted average shares |
51,199,717 |
47,363,197 |
Other comprehensive income |
||
Foreign currency translation adjustment |
(2,132) |
2,511 |
Unrealized gain on derivative instruments, net of tax |
10,905 |
4,149 |
Total other comprehensive income |
8,773 |
6,660 |
Comprehensive (loss) income |
$ (1,634) |
$ 6,496 |
Blackbaud, Inc. |
||
Consolidated Statements of Cash Flows |
||
(Unaudited) |
||
Three months ended |
||
(dollars in thousands) |
2022 |
2021 |
Cash flows from operating activities |
||
Net loss |
$ (10,407) |
$ (164) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
||
Depreciation and amortization |
25,545 |
20,461 |
Provision for credit losses and sales returns |
1,875 |
2,141 |
Stock-based compensation expense |
27,860 |
30,005 |
Deferred taxes |
(7,431) |
(1,142) |
Amortization of deferred financing costs and discount |
645 |
506 |
Other non-cash adjustments |
(150) |
(32) |
Changes in operating assets and liabilities, net of acquisition and disposal of |
||
Accounts receivable |
9,010 |
10,407 |
Prepaid expenses and other assets |
(2,067) |
(17,426) |
Trade accounts payable |
15,919 |
7,550 |
Accrued expenses and other liabilities |
(13,430) |
549 |
Deferred revenue |
(22,865) |
(22,752) |
Net cash provided by operating activities |
24,504 |
30,103 |
Cash flows from investing activities |
||
Purchase of property and equipment |
(4,266) |
(3,470) |
Capitalized software development costs |
(12,683) |
(9,302) |
Purchase of net assets of acquired companies, net of cash and restricted cash |
(19,985) |
— |
Net cash used in investing activities |
(36,934) |
(12,772) |
Cash flows from financing activities |
||
Proceeds from issuance of debt |
59,400 |
80,700 |
Payments on debt |
(33,765) |
(59,667) |
Employee taxes paid for withheld shares upon equity award settlement |
(34,674) |
(18,426) |
Change in due to customers |
(315,294) |
(353,597) |
Change in customer funds receivable |
(1,115) |
(563) |
Purchase of treasury stock |
— |
(28,066) |
Net cash used in financing activities |
(325,448) |
(379,619) |
Effect of exchange rate on cash, cash equivalents and restricted cash |
(504) |
230 |
Net decrease in cash, cash equivalents and restricted cash |
(338,382) |
(362,058) |
Cash, cash equivalents and restricted cash, beginning of period |
651,762 |
644,969 |
Cash, cash equivalents and restricted cash, end of period |
$ 313,380 |
$ 282,911 |
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) |
March 31, |
December 31, |
Cash and cash equivalents |
$ 33,786 |
$ 55,146 |
Restricted cash |
279,594 |
596,616 |
Total cash, cash equivalents and restricted cash in the statement of cash flows |
$ 313,380 |
$ 651,762 |
Blackbaud, Inc. |
||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||
(Unaudited) |
||
(dollars in thousands, except per share amounts) |
Three months ended |
|
2022 |
2021 |
|
GAAP Revenue |
$ 257,124 |
$ 219,191 |
GAAP gross profit |
$ 133,762 |
$ 115,806 |
GAAP gross margin |
52.0 % |
52.8 % |
Non-GAAP adjustments: |
||
Add: Stock-based compensation expense |
4,149 |
5,358 |
Add: Amortization of intangibles from business combinations |
12,489 |
9,128 |
Subtotal |
16,638 |
14,486 |
Non-GAAP gross profit |
$ 150,400 |
$ 130,292 |
Non-GAAP gross margin |
58.5 % |
59.4 % |
GAAP (loss) income from operations |
$ (5,979) |
$ 6,644 |
GAAP operating margin |
(2.3) % |
3.0 % |
Non-GAAP adjustments: |
||
Add: Stock-based compensation expense |
27,860 |
30,005 |
Add: Amortization of intangibles from business combinations |
13,300 |
9,677 |
Add: Employee severance |
— |
991 |
Add: Acquisition-related integration costs |
643 |
(98) |
Add: Acquisition-related expenses |
314 |
65 |
Add: Restructuring and other real estate activities |
71 |
(111) |
Add: Security Incident-related costs, net of insurance(1) |
7,201 |
— |
Subtotal |
49,389 |
40,529 |
Non-GAAP income from operations |
$ 43,410 |
$ 47,173 |
Non-GAAP operating margin |
16.9 % |
21.5 % |
GAAP (loss) income before (benefit) provision for income taxes |
$ (12,457) |
$ 520 |
GAAP net loss |
$ (10,407) |
$ (164) |
Shares used in computing GAAP diluted (loss) earnings per share |
51,199,717 |
47,363,197 |
GAAP diluted (loss) earnings per share |
$ (0.20) |
$ — |
Non-GAAP adjustments: |
||
Add: GAAP income tax (benefit) provision |
(2,050) |
684 |
Add: Total non-GAAP adjustments affecting income from operations |
49,389 |
40,529 |
Non-GAAP income before provision for income taxes |
36,932 |
41,049 |
Assumed non-GAAP income tax provision(2) |
7,386 |
8,210 |
Non-GAAP net income |
$ 29,546 |
$ 32,839 |
Shares used in computing non-GAAP diluted earnings per share |
52,076,858 |
48,387,042 |
Non-GAAP diluted earnings per share |
$ 0.57 |
$ 0.68 |
(1) |
Includes Security Incident-related costs incurred during the three months ended March 31, 2022 of $9.0 million, net of probable insurance recoveries during the same period of $1.8 million. 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. For full year 2022, we currently expect net cash outlays of approximately $25 million to $35 million for ongoing legal fees related to the Security Incident. In line with our policy, legal fees, are expensed as incurred. We have not recorded a liability for a loss contingency related to the Security Incident as of March 31, 2022 because we are unable at this time to reasonably estimate the possible loss or range of loss. |
(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. |
Blackbaud, Inc. |
||
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) |
||
(Unaudited) |
||
(dollars in thousands) |
Three months ended |
|
2022 |
2021 |
|
GAAP revenue |
$ 257,124 |
$ 219,191 |
GAAP revenue growth |
17.3 % |
|
Add: Non-GAAP acquisition-related revenue(1) |
— |
25,229 |
Non-GAAP organic revenue(2) |
$ 257,124 |
$ 244,420 |
Non-GAAP organic revenue growth |
5.2 % |
|
Non-GAAP organic revenue(2) |
$ 257,124 |
$ 244,420 |
Foreign currency impact on non-GAAP organic revenue(3) |
911 |
— |
Non-GAAP organic revenue on constant currency basis(3) |
$ 258,035 |
$ 244,420 |
Non-GAAP organic revenue growth on constant currency basis |
5.6 % |
|
GAAP recurring revenue |
$ 244,666 |
$ 206,750 |
GAAP recurring revenue growth |
18.3 % |
|
Add: Non-GAAP acquisition-related revenue(1) |
— |
22,788 |
Non-GAAP organic recurring revenue |
$ 244,666 |
$ 229,538 |
Non-GAAP organic recurring revenue growth |
6.6 % |
|
(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. |
(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. |
Blackbaud, Inc. |
||
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) |
||
(Unaudited) |
||
(dollars in thousands) |
Three months ended |
|
2022 |
2021 |
|
GAAP net loss |
$ (10,407) |
$ (164) |
Non-GAAP adjustments: |
||
Add: Interest, net |
7,476 |
4,962 |
Add: GAAP income tax (benefit) provision |
(2,050) |
684 |
Add: Depreciation |
3,538 |
3,211 |
Add: Amortization of intangibles from business combinations |
13,300 |
9,677 |
Add: Amortization of software development costs(1) |
9,245 |
7,963 |
Subtotal |
31,509 |
26,497 |
Non-GAAP EBITDA |
$ 21,102 |
$ 26,333 |
Non-GAAP EBITDA margin |
8.2 % |
|
Non-GAAP adjustments: |
||
Add: Stock-based compensation expense |
27,860 |
30,005 |
Add: Employee severance |
— |
991 |
Add: Acquisition-related integration costs |
643 |
(98) |
Add: Acquisition-related expenses |
314 |
65 |
Add: Restructuring and other real estate activities |
71 |
(111) |
Add: Security Incident-related costs, net of insurance(2) |
7,201 |
— |
Subtotal |
36,089 |
30,852 |
Non-GAAP adjusted EBITDA |
$ 57,191 |
$ 57,185 |
Non-GAAP adjusted EBITDA margin |
22.2 % |
|
Rule of 40(3) |
27.4 % |
|
Non-GAAP adjusted EBITDA |
57,191 |
57,185 |
Foreign currency impact on Non-GAAP adjusted EBITDA(4) |
501 |
(504) |
Non-GAAP adjusted EBITDA on constant currency basis(4) |
$ 57,692 |
$ 56,681 |
Non-GAAP adjusted EBITDA margin on constant currency basis |
22.4 % |
|
Rule of 40 on constant currency basis(5) |
28.0 % |
|
(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. |
(4) |
To determine non-GAAP adjusted EBITDA on a constant currency basis, non-GAAP adjusted EBITDA 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. |
(5) |
Measured by non-GAAP organic revenue growth on constant currency basis plus non-GAAP adjusted EBITDA margin on constant currency basis. |
(dollars in thousands) |
Three months ended |
|
2022 |
2021 |
|
GAAP net cash provided by operating activities |
$ 24,504 |
$ 30,103 |
Less: purchase of property and equipment |
(4,266) |
(3,470) |
Less: capitalized software development costs |
(12,683) |
(9,302) |
Non-GAAP free cash flow |
$ 7,555 |
$ 17,331 |
Add: Security Incident-related cash flows, net of insurance |
823 |
1,416 |
Non-GAAP adjusted free cash flow |
$ 8,378 |
$ 18,747 |
SOURCE Blackbaud, Inc.
Общая выручка за Первый квартал Увеличилась на 17,3% в годовом исчислении при Органическом росте выручки на 6,6%. Blackbaud Подтверждает Финансовые рекомендации и перспективы на весь 2022 год
ЧАРЛЬСТОН, Южная Каролина, 3 мая 2022 г. /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), ведущая в мире компания по разработке облачного программного обеспечения для социальных сетей, сегодня объявила финансовые результаты за первый квартал, закончившийся 31 марта 2022 года.
"Первый квартал был более сильным, чем ожидалось, началом года", - сказал Майк Джанони, президент и главный исполнительный директор Blackbaud. "Всего два месяца назад мы дали наше финансовое руководство на 2022 год, в котором предусматривался общий рост выручки примерно на 17% в середине нашего диапазона прогнозов, значительное ускорение органического роста выручки примерно до 5% и почти на 30% по правилу 40 при постоянной валюте, что составляет примерно 250-улучшение на базисный пункт по сравнению с предыдущим годом. Мы хорошо продвигаемся в соответствии с нашим планом, быстро продвигаемся к интеграции EVERFI и по-прежнему уверены в наших прогнозах на весь год с четкой видимостью до конца 2022 года и далее. Мы считаем, что, балансируя между устойчивым ростом органической выручки от среднего до высокого уровня, выражающимся однозначными цифрами, и значительным увеличением маржи в течение следующих нескольких лет, мы сможем создать значительную ценность для наших клиентов, сотрудников и акционеров ".
Результаты первого квартала 2022 года по сравнению с результатами Первого квартала 2021 года:
"Мы начали год с опережением плана как по росту выручки, так и по прибыльности", - сказал Тони Бур, исполнительный вице-президент и финансовый директор Blackbaud. "В течение первого квартала мы зафиксировали общий рост выручки на 17,3%, а органический рост регулярной выручки составил 6,6%, что обусловлено увеличением объема транзакций и продолжающимся ростом контрактной регулярной выручки. Как мы обсуждали, когда опубликовали наше руководство в феврале, наша прибыльность на начало года отражает добавление EVERFI и дополнительные расходы в таких областях, как инновации, безопасность и выход на рынок, которые были перенесены с 2021 на 2022 год. Наше превышение показателей по сравнению с планом в первом квартале вселяет в нас повышенную уверенность в нашей способности достичь наших финансовых ориентиров на весь год, и мы успешно выполняем наш план по достижению Правила 40 как компании, что, как мы в конечном итоге ожидаем, приведет к значительной прибыли и скорректированному росту свободного денежного потока в течение следующих нескольких лет. Учитывая наши недавние результаты и приобретение EVERFI, мы повысили наши целевые показатели стимулирования производительности по Правилу 40 на 2022 и 2023 годы до 29% и 33% соответственно, поскольку мы ставим перед собой среднесрочную цель примерно в 35% по Правилу 40 в ближайшие несколько лет".
Объяснение всех финансовых показателей, не относящихся к GAAP, упомянутых в этом пресс-релизе, включая Правило 40, приведено ниже в разделе "Финансовые показатели, не относящиеся к GAAP". Сверка финансовых показателей компании, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми показателями GAAP была представлена в таблицах финансовой отчетности, приведенных ниже в этом пресс-релизе.
Последние основные моменты Компании
Посетите веб-сайт www.Blackbaud.com/newsroom для получения дополнительной информации о последних основных моментах Blackbaud.
Финансовый прогноз Blackbaud сегодня подтвердил свои финансовые рекомендации на весь 2022 год:
В его финансовые рекомендации на весь 2022 год включены следующие допущения:
Blackbaud не согласовал прогнозные финансовые показатели за весь год, не относящиеся к GAAP, содержащиеся в этом пресс-релизе, с их наиболее непосредственно сопоставимыми показателями GAAP, как это разрешено пунктом 10(e)(1)(i)(B) Положения S-K. Такие выверки потребовали бы неоправданных усилий в настоящее время для оценки и количественной оценки с разумной степенью достоверности различных необходимых компонентов GAAP, включая, например, те, которые связаны с компенсацией, операциями по приобретению и интеграции, налоговыми статьями или другими, которые могут возникнуть в течение года. Эти компоненты и другие факторы могут существенно повлиять на величину будущих непосредственно сопоставимых показателей GAAP, которые могут существенно отличаться от их аналогов, не относящихся к GAAP.
Чтобы обеспечить значимую основу для сравнения, Blackbaud использует свободный денежный поток, скорректированный не по GAAP, при анализе своих операционных показателей. Свободный денежный поток, скорректированный не по GAAP, определяется как операционный денежный поток за вычетом капитальных затрат, включая затраты, которые необходимо капитализировать для разработки программного обеспечения, капитальные затраты на основные средства и оборудование, плюс отток денежных средств, за вычетом страхования, связанный с ранее раскрытым Инцидентом безопасности, обнаруженным в мае 2020 года ("Инцидент безопасности"). В течение всего 2022 года Blackbaud в настоящее время ожидает чистых денежных расходов в размере от 25 до 35 миллионов долларов на текущие судебные издержки, связанные с инцидентом с безопасностью. В соответствии с политикой Компании все связанные с этим расходы, связанные со сторонними поставщиками услуг и консультантами, включая судебные издержки, относятся на расходы по мере их возникновения. По состоянию на 31 марта 2022 года Blackbaud не зарегистрировал непредвиденные убытки, связанные с Инцидентом безопасности, поскольку он не может разумно оценить возможную сумму или диапазон таких потерь. Пожалуйста, обратитесь к разделу ниже, озаглавленному "Финансовые показатели, не относящиеся к GAAP", для получения дополнительной информации об использовании Blackbaud финансовых показателей, не относящихся к GAAP.
Подробности конференц-звонка Что: Конференц-связь Blackbaud в первом квартале 2022 года Когда: 4 мая 2022 г. Время: 8:00 утра (Восточное время) Прямой звонок: 1-877-407-3088 (США /Канада) Веб-трансляция: Веб-страница Blackbaud по связям с инвесторами
О компании Blackbaud Blackbaud (NASDAQ: BLKB) - ведущая в мире компания по разработке облачного программного обеспечения для социальных сетей. Обслуживая все сообщество социальных благ — некоммерческие организации, высшие учебные заведения, школы K–12, организации здравоохранения, религиозные общины, организации искусства и культуры, фонды, компании и отдельных агентов изменений — Blackbaud объединяет и дает организациям возможность повысить их влияние с помощью облачного программного обеспечения, услуг, экспертных знаний и анализа данных. Портфолио Blackbaud адаптировано к уникальным потребностям вертикальных рынков, предлагая решения для сбора средств и CRM, маркетинга, адвокации, однорангового сбора средств, корпоративной социальной ответственности (КСО) и охраны окружающей среды, социальной сферы и управления (ESG), управления школами, продажи билетов, предоставления грантов, финансового управления, обработки платежей и аналитика. Обслуживая отрасль более четырех десятилетий, Blackbaud - это компания, работающая удаленно, со штаб-квартирой в Чарльстоне, Южная Каролина, с операциями в Соединенных Штатах, Австралии, Канаде, Коста-Рике и Соединенном Королевстве. Для получения дополнительной информации посетите веб-сайт www.Blackbaud.com , или подписывайтесь на нас в Twitter, LinkedIn, Instagram и Facebook.
Investor Contact: |
Media Contact: |
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Steve Hufford |
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Director, Investor Relations |
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Прогнозные заявления За исключением исторической информации, все заявления, ожидания и предположения, содержащиеся в этом пресс-релизе, являются прогнозными заявлениями, которые подпадают под действие положений Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года, включая, но не ограничиваясь, заявлениями относительно предсказуемости наших финансовых состояние и результаты операций. Эти заявления сопряжены с рядом рисков и неопределенностей. Хотя Blackbaud пытается быть точным в этих прогнозных заявлениях, возможно, что будущие обстоятельства могут отличаться от предположений, на которых основаны такие заявления. Кроме того, к другим важным факторам, которые могут привести к существенному различию результатов, относятся следующие: управление интеграцией приобретенных компаний; неопределенность в отношении расширения бизнеса и продления контрактов с существующими клиентами; изменение структуры доходов, которое может повлиять на валовую прибыль; продолжающийся успех в росте продаж; риски кибербезопасности и защиты данных и связанные с ними обязательства; неопределенность что касается сбоев в работе COVID-19; потенциальных судебных разбирательств с участием нас; и других факторов риска, которые время от времени указываются в заявках SEC на Blackbaud, копии которых доступны бесплатно на веб-сайте SEC по адресу www.sec.gov или по запросу отдела по связям с инвесторами Blackbaud. Blackbaud не берет на себя никаких обязательств и не намеревается обновлять эти прогнозные заявления, за исключением случаев, предусмотренных законом.
Товарные знаки Все названия продуктов Blackbaud, приведенные здесь, являются товарными знаками или зарегистрированными товарными знаками Blackbaud, Inc.
Финансовые показатели, не относящиеся к GAAP, Blackbaud предоставил в этом выпуске финансовую информацию, которая не была подготовлена в соответствии с GAAP. Blackbaud использует финансовые показатели, отличные от GAAP, внутри компании при анализе своих операционных показателей. Соответственно, Blackbaud считает, что эти показатели, не относящиеся к GAAP, полезны для инвесторов в качестве дополнения к показателям GAAP при оценке текущих операционных показателей и тенденций, а также при сравнении своих финансовых результатов от периода к периоду с другими компаниями в отрасли Blackbaud, многие из которых представляют аналогичные финансовые показатели, не относящиеся к GAAP, для инвесторы. Однако эти финансовые показатели, не относящиеся к GAAP, могут быть не полностью сопоставимы с аналогичными показателями других компаний из-за потенциальных различий в точном методе расчета между компаниями.
Финансовые показатели, не относящиеся к GAAP, рассмотренные выше, исключают влияние определенных операций, которые, по мнению Blackbaud, напрямую не связаны с его операционными показателями в какой-либо конкретный период, но предназначены для его долгосрочной выгоды в течение нескольких периодов. Blackbaud считает, что эти финансовые показатели, не относящиеся к GAAP, отражают текущую деятельность компании таким образом, чтобы можно было проводить значимые сравнения между периодами и анализировать тенденции в ее бизнесе.
В то время как Blackbaud считает, что эти показатели, не относящиеся к GAAP, предоставляют полезную дополнительную информацию, финансовые показатели, не относящиеся к GAAP, не следует рассматривать изолированно или в качестве замены финансовой информации, подготовленной в соответствии с GAAP. Инвесторам рекомендуется пересмотреть сверку этих показателей, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми финансовыми показателями GAAP.
Свободный денежный поток, не соответствующий ОПБУ, определяется как операционный денежный поток за вычетом капитальных затрат, включая затраты, необходимые для капитализации разработки программного обеспечения, и капитальные затраты на основные средства. Кроме того, и для того, чтобы обеспечить значимую основу для сравнения, Blackbaud теперь использует свободный денежный поток, скорректированный не по GAAP, при анализе своих операционных показателей. Свободный денежный поток, скорректированный не по GAAP, определяется как операционный денежный поток за вычетом капитальных затрат, включая затраты, которые необходимо капитализировать для разработки программного обеспечения, и капитальные затраты на основные средства и оборудование, плюс отток денежных средств за вычетом страхования, связанный с Инцидентом безопасности. Blackbaud считает, что свободный денежный поток, не относящийся к GAAP, и свободный денежный поток, скорректированный не по GAAP, обеспечивают полезные показатели операционной деятельности компании. Свободный денежный поток, скорректированный не по ОПБУ, не предназначен для представления и не должен рассматриваться как сумма остаточного денежного потока, доступного для дискреционных расходов.
Кроме того, Blackbaud использует не-GAAP органический рост выручки, не-GAAP органический рост выручки на постоянной валютной основе и не-GAAP органический повторяющийся рост выручки при анализе своих операционных показателей. Blackbaud считает, что эти показатели, не относящиеся к GAAP, полезны для инвесторов в качестве дополнения к показателям GAAP для оценки периодического роста его бизнеса на постоянной основе. Каждая из этих мер исключает дополнительные доходы, связанные с приобретением, приходящиеся на компании, приобретенные в текущем финансовом году. Для компаний, приобретенных в непосредственно предшествующем финансовом году, каждый из этих показателей отражает представление годового дополнительного дохода, не связанного с GAAP, полученного от таких компаний, как если бы они были объединены в течение предыдущего периода. Кроме того, каждая из этих мер исключает доходы за предыдущий период, связанные с отчужденными предприятиями. Исключение выручки за предыдущий период заключается в представлении результатов разделенных предприятий в рамках результатов объединенной компании за один и тот же период времени как в предыдущем, так и в текущем периодах. Blackbaud считает, что эта презентация обеспечивает более сопоставимое представление об органическом росте выручки и темпах роста выручки в текущем бизнесе.
Правило 40 определяется как органический рост выручки без учета GAAP плюс маржа EBITDA, скорректированная без учета GAAP. Скорректированная не по GAAP EBITDA определяется как чистая прибыль по GAAP плюс проценты, нетто; резерв по налогу на прибыль; амортизация; амортизация нематериальных активов от объединения бизнеса; амортизация затрат на разработку программного обеспечения; списание отложенной выручки, связанной с приобретением; компенсация на основе акций; затраты на интеграцию, связанные с приобретением; расходы, связанные с приобретением; выходное пособие для сотрудников; реструктуризация и другие операции с недвижимостью; а также расходы, за вычетом страховки, связанные с инцидентом безопасности.
Blackbaud, Inc. |
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Consolidated Balance Sheets |
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(Unaudited) |
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(dollars in thousands) |
March 31, |
December 31, |
Assets |
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Current assets: |
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Cash and cash equivalents |
$ 33,786 |
$ 55,146 |
Restricted cash |
279,594 |
596,616 |
Accounts receivable, net of allowance of $10,772 and $11,155 at |
91,770 |
102,726 |
Customer funds receivable |
2,049 |
977 |
Prepaid expenses and other current assets |
99,913 |
95,506 |
Total current assets |
507,112 |
850,971 |
Property and equipment, net |
112,675 |
111,428 |
Operating lease right-of-use assets |
51,808 |
53,883 |
Software development costs, net |
126,766 |
121,377 |
Goodwill |
1,056,794 |
1,058,640 |
Intangible assets, net |
683,348 |
698,052 |
Other assets |
90,194 |
77,266 |
Total assets |
$ 2,628,697 |
$ 2,971,617 |
Liabilities and stockholders' equity |
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Current liabilities: |
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Trade accounts payable |
$ 39,490 |
$ 22,067 |
Accrued expenses and other current liabilities |
72,195 |
100,096 |
Due to customers |
278,179 |
594,273 |
Debt, current portion |
18,116 |
18,697 |
Deferred revenue, current portion |
350,952 |
374,499 |
Total current liabilities |
758,932 |
1,109,632 |
Debt, net of current portion |
963,109 |
937,483 |
Deferred tax liability |
144,590 |
148,465 |
Deferred revenue, net of current portion |
4,725 |
4,247 |
Operating lease liabilities, net of current portion |
50,785 |
53,386 |
Other liabilities |
1,506 |
1,344 |
Total liabilities |
1,923,647 |
2,254,557 |
Commitments and contingencies |
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Stockholders' equity: |
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Preferred stock; 20,000,000 shares authorized, none outstanding |
— |
— |
Common stock, $0.001 par value; 180,000,000 shares authorized, |
68 |
66 |
Additional paid-in capital |
993,223 |
968,927 |
Treasury stock, at cost; 14,715,944 and 14,182,805 shares at March 31, |
(535,585) |
(500,911) |
Accumulated other comprehensive income |
15,295 |
6,522 |
Retained earnings |
232,049 |
242,456 |
Total stockholders' equity |
705,050 |
717,060 |
Total liabilities and stockholders' equity |
$ 2,628,697 |
$ 2,971,617 |
Blackbaud, Inc. |
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Consolidated Statements of Comprehensive Income |
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(Unaudited) |
||
(dollars in thousands, except per share amounts) |
Three months ended |
|
2022 |
2021 |
|
Revenue |
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Recurring |
$ 244,666 |
$ 206,750 |
One-time services and other |
12,458 |
12,441 |
Total revenue |
257,124 |
219,191 |
Cost of revenue |
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Cost of recurring |
112,174 |
88,865 |
Cost of one-time services and other |
11,188 |
14,520 |
Total cost of revenue |
123,362 |
103,385 |
Gross profit |
133,762 |
115,806 |
Operating expenses |
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Sales, marketing and customer success |
55,216 |
48,793 |
Research and development |
39,952 |
29,179 |
General and administrative |
43,762 |
30,587 |
Amortization |
811 |
549 |
Restructuring |
— |
54 |
Total operating expenses |
139,741 |
109,162 |
(Loss) income from operations |
(5,979) |
6,644 |
Interest expense |
(7,599) |
(5,114) |
Other income (expense), net |
1,121 |
(1,010) |
(Loss) income before (benefit) provision for income taxes |
(12,457) |
520 |
Income tax (benefit) provision |
(2,050) |
684 |
Net loss |
$ (10,407) |
$ (164) |
Loss per share |
||
Basic |
$ (0.20) |
$ — |
Diluted |
$ (0.20) |
$ — |
Common shares and equivalents outstanding |
||
Basic weighted average shares |
51,199,717 |
47,363,197 |
Diluted weighted average shares |
51,199,717 |
47,363,197 |
Other comprehensive income |
||
Foreign currency translation adjustment |
(2,132) |
2,511 |
Unrealized gain on derivative instruments, net of tax |
10,905 |
4,149 |
Total other comprehensive income |
8,773 |
6,660 |
Comprehensive (loss) income |
$ (1,634) |
$ 6,496 |
Blackbaud, Inc. |
||
Consolidated Statements of Cash Flows |
||
(Unaudited) |
||
Three months ended |
||
(dollars in thousands) |
2022 |
2021 |
Cash flows from operating activities |
||
Net loss |
$ (10,407) |
$ (164) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
||
Depreciation and amortization |
25,545 |
20,461 |
Provision for credit losses and sales returns |
1,875 |
2,141 |
Stock-based compensation expense |
27,860 |
30,005 |
Deferred taxes |
(7,431) |
(1,142) |
Amortization of deferred financing costs and discount |
645 |
506 |
Other non-cash adjustments |
(150) |
(32) |
Changes in operating assets and liabilities, net of acquisition and disposal of |
||
Accounts receivable |
9,010 |
10,407 |
Prepaid expenses and other assets |
(2,067) |
(17,426) |
Trade accounts payable |
15,919 |
7,550 |
Accrued expenses and other liabilities |
(13,430) |
549 |
Deferred revenue |
(22,865) |
(22,752) |
Net cash provided by operating activities |
24,504 |
30,103 |
Cash flows from investing activities |
||
Purchase of property and equipment |
(4,266) |
(3,470) |
Capitalized software development costs |
(12,683) |
(9,302) |
Purchase of net assets of acquired companies, net of cash and restricted cash |
(19,985) |
— |
Net cash used in investing activities |
(36,934) |
(12,772) |
Cash flows from financing activities |
||
Proceeds from issuance of debt |
59,400 |
80,700 |
Payments on debt |
(33,765) |
(59,667) |
Employee taxes paid for withheld shares upon equity award settlement |
(34,674) |
(18,426) |
Change in due to customers |
(315,294) |
(353,597) |
Change in customer funds receivable |
(1,115) |
(563) |
Purchase of treasury stock |
— |
(28,066) |
Net cash used in financing activities |
(325,448) |
(379,619) |
Effect of exchange rate on cash, cash equivalents and restricted cash |
(504) |
230 |
Net decrease in cash, cash equivalents and restricted cash |
(338,382) |
(362,058) |
Cash, cash equivalents and restricted cash, beginning of period |
651,762 |
644,969 |
Cash, cash equivalents and restricted cash, end of period |
$ 313,380 |
$ 282,911 |
В следующей таблице представлена сверка денежных средств и их эквивалентов, а также ограниченных денежных средств, отраженных в консолидированных балансовых отчетах, которые в сумме соответствуют суммам, указанным выше в консолидированных отчетах о движении денежных средств:
(dollars in thousands) |
March 31, |
December 31, |
Cash and cash equivalents |
$ 33,786 |
$ 55,146 |
Restricted cash |
279,594 |
596,616 |
Total cash, cash equivalents and restricted cash in the statement of cash flows |
$ 313,380 |
$ 651,762 |
Blackbaud, Inc. |
||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||
(Unaudited) |
||
(dollars in thousands, except per share amounts) |
Three months ended |
|
2022 |
2021 |
|
GAAP Revenue |
$ 257,124 |
$ 219,191 |
GAAP gross profit |
$ 133,762 |
$ 115,806 |
GAAP gross margin |
52.0 % |
52.8 % |
Non-GAAP adjustments: |
||
Add: Stock-based compensation expense |
4,149 |
5,358 |
Add: Amortization of intangibles from business combinations |
12,489 |
9,128 |
Subtotal |
16,638 |
14,486 |
Non-GAAP gross profit |
$ 150,400 |
$ 130,292 |
Non-GAAP gross margin |
58.5 % |
59.4 % |
GAAP (loss) income from operations |
$ (5,979) |
$ 6,644 |
GAAP operating margin |
(2.3) % |
3.0 % |
Non-GAAP adjustments: |
||
Add: Stock-based compensation expense |
27,860 |
30,005 |
Add: Amortization of intangibles from business combinations |
13,300 |
9,677 |
Add: Employee severance |
— |
991 |
Add: Acquisition-related integration costs |
643 |
(98) |
Add: Acquisition-related expenses |
314 |
65 |
Add: Restructuring and other real estate activities |
71 |
(111) |
Add: Security Incident-related costs, net of insurance(1) |
7,201 |
— |
Subtotal |
49,389 |
40,529 |
Non-GAAP income from operations |
$ 43,410 |
$ 47,173 |
Non-GAAP operating margin |
16.9 % |
21.5 % |
GAAP (loss) income before (benefit) provision for income taxes |
$ (12,457) |
$ 520 |
GAAP net loss |
$ (10,407) |
$ (164) |
Shares used in computing GAAP diluted (loss) earnings per share |
51,199,717 |
47,363,197 |
GAAP diluted (loss) earnings per share |
$ (0.20) |
$ — |
Non-GAAP adjustments: |
||
Add: GAAP income tax (benefit) provision |
(2,050) |
684 |
Add: Total non-GAAP adjustments affecting income from operations |
49,389 |
40,529 |
Non-GAAP income before provision for income taxes |
36,932 |
41,049 |
Assumed non-GAAP income tax provision(2) |
7,386 |
8,210 |
Non-GAAP net income |
$ 29,546 |
$ 32,839 |
Shares used in computing non-GAAP diluted earnings per share |
52,076,858 |
48,387,042 |
Non-GAAP diluted earnings per share |
$ 0.57 |
$ 0.68 |
(1) |
Includes Security Incident-related costs incurred during the three months ended March 31, 2022 of $9.0 million, net of probable insurance recoveries during the same period of $1.8 million. 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. For full year 2022, we currently expect net cash outlays of approximately $25 million to $35 million for ongoing legal fees related to the Security Incident. In line with our policy, legal fees, are expensed as incurred. We have not recorded a liability for a loss contingency related to the Security Incident as of March 31, 2022 because we are unable at this time to reasonably estimate the possible loss or range of loss. |
(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. |
Blackbaud, Inc. |
||
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) |
||
(Unaudited) |
||
(dollars in thousands) |
Three months ended |
|
2022 |
2021 |
|
GAAP revenue |
$ 257,124 |
$ 219,191 |
GAAP revenue growth |
17.3 % |
|
Add: Non-GAAP acquisition-related revenue(1) |
— |
25,229 |
Non-GAAP organic revenue(2) |
$ 257,124 |
$ 244,420 |
Non-GAAP organic revenue growth |
5.2 % |
|
Non-GAAP organic revenue(2) |
$ 257,124 |
$ 244,420 |
Foreign currency impact on non-GAAP organic revenue(3) |
911 |
— |
Non-GAAP organic revenue on constant currency basis(3) |
$ 258,035 |
$ 244,420 |
Non-GAAP organic revenue growth on constant currency basis |
5.6 % |
|
GAAP recurring revenue |
$ 244,666 |
$ 206,750 |
GAAP recurring revenue growth |
18.3 % |
|
Add: Non-GAAP acquisition-related revenue(1) |
— |
22,788 |
Non-GAAP organic recurring revenue |
$ 244,666 |
$ 229,538 |
Non-GAAP organic recurring revenue growth |
6.6 % |
|
(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. |
(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. |
Blackbaud, Inc. |
||
Reconciliation of GAAP to Non-GAAP Financial Measures (continued) |
||
(Unaudited) |
||
(dollars in thousands) |
Three months ended |
|
2022 |
2021 |
|
GAAP net loss |
$ (10,407) |
$ (164) |
Non-GAAP adjustments: |
||
Add: Interest, net |
7,476 |
4,962 |
Add: GAAP income tax (benefit) provision |
(2,050) |
684 |
Add: Depreciation |
3,538 |
3,211 |
Add: Amortization of intangibles from business combinations |
13,300 |
9,677 |
Add: Amortization of software development costs(1) |
9,245 |
7,963 |
Subtotal |
31,509 |
26,497 |
Non-GAAP EBITDA |
$ 21,102 |
$ 26,333 |
Non-GAAP EBITDA margin |
8.2 % |
|
Non-GAAP adjustments: |
||
Add: Stock-based compensation expense |
27,860 |
30,005 |
Add: Employee severance |
— |
991 |
Add: Acquisition-related integration costs |
643 |
(98) |
Add: Acquisition-related expenses |
314 |
65 |
Add: Restructuring and other real estate activities |
71 |
(111) |
Add: Security Incident-related costs, net of insurance(2) |
7,201 |
— |
Subtotal |
36,089 |
30,852 |
Non-GAAP adjusted EBITDA |
$ 57,191 |
$ 57,185 |
Non-GAAP adjusted EBITDA margin |
22.2 % |
|
Rule of 40(3) |
27.4 % |
|
Non-GAAP adjusted EBITDA |
57,191 |
57,185 |
Foreign currency impact on Non-GAAP adjusted EBITDA(4) |
501 |
(504) |
Non-GAAP adjusted EBITDA on constant currency basis(4) |
$ 57,692 |
$ 56,681 |
Non-GAAP adjusted EBITDA margin on constant currency basis |
22.4 % |
|
Rule of 40 on constant currency basis(5) |
28.0 % |
|
(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. |
(4) |
To determine non-GAAP adjusted EBITDA on a constant currency basis, non-GAAP adjusted EBITDA 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. |
(5) |
Measured by non-GAAP organic revenue growth on constant currency basis plus non-GAAP adjusted EBITDA margin on constant currency basis. |
(dollars in thousands) |
Three months ended |
|
2022 |
2021 |
|
GAAP net cash provided by operating activities |
$ 24,504 |
$ 30,103 |
Less: purchase of property and equipment |
(4,266) |
(3,470) |
Less: capitalized software development costs |
(12,683) |
(9,302) |
Non-GAAP free cash flow |
$ 7,555 |
$ 17,331 |
Add: Security Incident-related cash flows, net of insurance |
823 |
1,416 |
Non-GAAP adjusted free cash flow |
$ 8,378 |
$ 18,747 |
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