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Blackbaud, Inc. Announces Second Quarter 2014 Results

Blackbaud, Inc. (NASDAQ:BLKB), a leading global provider of software and services for nonprofits, today announced financial results for its second quarter ended, June 30, 2014.

Second Quarter 2014 Highlights

  • Non-GAAP organic revenue growth of 6.5%
  • Total revenue growth of 11.1% to $139.4 million
  • Recurring revenue represented 72.8% of total revenue
  • Net income increased by 40.1% to $9.3 million
  • Diluted earnings per share increased by 33.3%
  • Cash flow from operations of $31.8 million

Mike Gianoni, President and CEO, commented, “Our team delivered another solid performance in the second quarter of 2014. The company maintained its acceleration of non-GAAP organic revenue growth and we are pleased that our second quarter growth was driven by all business units. Subscriptions growth continues to lead the acceleration, achieving nearly 14% non-GAAP organic growth and 25% GAAP growth this quarter. ”

“The company is well-aligned to execute on our four primary priorities in the back half of 2014: accelerating organic growth, optimizing our product portfolio, increasing recurring revenue and increasing operating efficiencies, and we expect to continue to heighten our focus on operational excellence. Our second quarter and year-to-date results were strong, we believe our momentum is building, and we remain highly-focused on solid execution and increasing value for our shareholders. We are also pleased to now include the WhippleHill cloud-based solutions for our K12 marketplace clients. This represents a market expansion opportunity for us to increase revenue and reach in this important sector of our business,” concluded Mr. Gianoni.

Second Quarter 2014 GAAP Financial Results

Blackbaud generated total revenue of $139.4 million for the second quarter of 2014, an increase of 11.1% compared to $125.5 million for the second quarter of 2013. Income from operations and net income were $16.0 million and $9.3 million, respectively, compared to $14.3 million and $6.6 million, respectively, for the second quarter of 2013. Diluted earnings per share was $0.20 for the second quarter of 2014, compared to $0.15 in the same period last year.

Second Quarter 2014 Non-GAAP Financial Results

Blackbaud achieved non-GAAP organic revenue growth of 6.5%, which includes $5.1 million of incremental revenue in the second quarter of 2013 as if the company had applied gross revenue accounting for our payments solutions in 2013 on a basis consistent with the current period and excludes incremental acquisition-related revenue. Non-GAAP income from operations was $27.0 million for the second quarter of 2014, up from $26.4 million in the same period last year. Non-GAAP net income was $15.8 million for the second quarter of 2014, up from $15.0 million in the same period last year. Non-GAAP diluted earnings per share was $0.35 for the second quarter of 2014, up from $0.33 in the same period last year. An explanation of these measures is included below under the heading “Non-GAAP Financial Measures.”

Tony Boor, Senior Vice President and CFO, commented, “Our second quarter and year-to-date performance is a reflection of the investments we have made in areas targeted to accelerate growth, increase total recurring revenue, and continue to increase our operational efficiencies. In the second quarter, we continued to make our previously-announced 2014 investments; which impacted our operating margin when compared to the same period last year, and are designed to drive significant returns to our shareholders in the future. With a strong balance sheet and cash flows, we believe the company is positioned with the systems and financial flexibility to drive sustainable increased growth over the long-term.”

Full-Year Financial Goals Update

Blackbaud announced today that it is increasing its 2014 full-year financial goal for revenue to a range from $545.0 million to $560.0 million with a midpoint of $552.5 million and for non-GAAP income from operations to a range from $94.0 million to $100.0 million with a midpoint of $97.0 million. The updated range midpoints for revenue and non-GAAP income from operations represent increases of $10.0 million and $2.0 million, respectively, from previously provided 2014 full-year goals. The increases were a result of the company's better than originally expected second quarter and year to date financial performance which is expected to continue for the remainder of 2014 and as a result of modest incremental revenue expected from the acquisition of WhippleHill.

Balance Sheet and Cash Flow

The company ended the second quarter with $24.8 million in cash, compared to $32.6 million on March 31, 2014. The company generated $31.8 million in cash flow from operations during the second quarter, used net cash of $32.6 million for the acquisition of WhippleHill Communications, Inc. (“WhippleHill”), and returned $5.5 million to stockholders by way of dividend. Additional details related to the acquisition of WhippleHill can be found in the company's filings with the SEC at www.sec.gov and on the company’s website at www.blackbaud.com/investorrelations.

Dividend

Blackbaud announced today that its Board of Directors has approved a third quarter 2014 dividend of $0.12 per share payable on September 15, 2014 to stockholders of record on August 28, 2014.

Conference Call Details

Blackbaud will host a conference call tomorrow, July 31, 2014, at 8:00 a.m. (Eastern Time) to discuss the company's financial results, operations and related matters. To access this call, dial 1-888-490-2760 (domestic) or 1-719-785-1756 (international) and enter passcode 539156. To access a replay of this conference call, which will be available through August 14, 2014, dial 1-888-203-1112 (domestic) or 1-719-457-0820 (international), and enter passcode 1778181. A live webcast of this conference call will be available on the "Investor Relations" page of the company's website at www.blackbaud.com/investorrelations and a replay will be archived on the website as well.

Investors and others should note that we announce material financial information to our investors using our website, www.blackbaud.com, SEC filings, press releases, public conference calls and webcasts. We use these channels as well as social media to communicate with our customers and public about our company, our services and other issues. It is possible that the information we post on social media could be deemed material information. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the social media channels listed on the “Investor Relations” page of the company’s website at www.blackbaud.com/investorrelations.

About Blackbaud

Serving the nonprofit and education sectors for more than 30 years, Blackbaud (NASDAQ:BLKB) combines technology and expertise to help organizations achieve their missions. Blackbaud works with more than 30,000 customers in over 60 countries that support higher education, healthcare, human services, arts and culture, faith, the environment, private K12 education, animal welfare and other charitable causes. The company offers a full spectrum of cloud-based and on-premise software solutions and related services for organizations of all sizes including: fundraising, eMarketing, advocacy, constituent relationship management (CRM), financial management, payment solutions, analytics, education solutions, and vertical-specific solutions. Using Blackbaud technology, these organizations raise more than $100 billion each year. Recognized as a top company by Forbes, InformationWeek, and Software Magazine and honored by Best Places to Work, Blackbaud is headquartered in Charleston, South Carolina and has operations in the United States, Australia, Canada, the Netherlands, Ireland and the United Kingdom. For more information, visit www.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: estimates for achievement of 2014 full-year financial goals; expectations for continued performance in 2014 that is better than originally expected; expectations for incremental revenue from the acquisition of WhippleHill; the primary priorities for the back half of 2014 including accelerating organic growth, optimizing the product portfolio, increasing recurring revenue and increasing operating efficiencies; the expectation of a heightened focus on operational excellence; the building of momentum in our financial results; market expansion opportunities; and investments in 2014. 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; risks related to our dividend policy and stock repurchase program, including the possibility that we might discontinue payment of dividends; 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. 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. This information includes non-GAAP organic revenue growth, non-GAAP revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. Blackbaud uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Blackbaud's ongoing operational performance. Blackbaud believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results 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. 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. Non-GAAP financial measures discussed above exclude items such as write-downs of acquisition-related deferred revenue, stock-based compensation expense, amortization of intangibles arising from business combinations, impairment of capitalized software development costs due to a business combination, acquisition-related integration costs, acquisition-related expenses, CEO transition costs, restructuring costs and loss on debt extinguishment and termination of derivative instruments, because they are not directly related to our performance in any particular period, but are for our long-term benefit over multiple periods. In addition, we discuss non-GAAP revenue, which presents prior period revenue on a basis consistent with the current period by reflecting certain revenue in the 2013 period on a gross basis rather than a net basis. We believe that these non-GAAP financial measures reflect our ongoing business in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business.

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 reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our 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.

Investors are also encouraged to refer to previously released financial information on the “Investor Relations” page of our website at www.blackbaud.com/investorrelations for analysis of Blackbaud’s historical financial statements for the four quarters and year ended December 31, 2013 that is intended to assist with the evaluation of the company and its performance in light of the change in presentation of our payments solutions from a net to gross basis. That financial information includes non-GAAP operating results as if the previously disclosed change in presentation effective October 1, 2013 had instead occurred on January 1, 2013, which provides the 2013 period base revenue used in calculating non-GAAP organic revenue growth. That financial information also includes operating results as if the previously disclosed change in presentation effective October 1, 2013 had not occurred.

Blackbaud, Inc.

Consolidated balance sheets

(Unaudited)

 
(in thousands, except share amounts) June 30,
2014
  December 31,
2013
Assets
Current assets:
Cash and cash equivalents $   24,847 $ 11,889
Donor restricted cash 44,339 107,362
Accounts receivable, net of allowance of $5,259 and $5,613 at June 30, 2014 and December 31, 2013, respectively 84,425 66,969
Prepaid expenses and other current assets 28,271 30,115
Deferred tax asset, current portion 10,241     13,434  
Total current assets 192,123 229,769
Property and equipment, net 47,390 49,550
Goodwill 277,200 264,599
Intangible assets, net 150,877 143,441
Other assets 20,668     19,251  
Total assets $   688,258     $ 706,610  
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable $ 8,904 $ 10,244
Accrued expenses and other current liabilities 45,160 40,443
Donations payable 44,339 107,362
Debt, current portion 4,375 17,158
Deferred revenue, current portion 190,228     181,475  
Total current liabilities 293,006 356,682
Debt, net of current portion 167,770 135,750
Deferred tax liability 36,323 36,880
Deferred revenue, net of current portion 10,187 9,099
Other liabilities 7,994     6,655  
Total liabilities 515,280     545,066  
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, 55,776,295 and 55,699,817 shares issued at June 30, 2014 and December 31, 2013, respectively 56 56
Additional paid-in capital 230,944 220,763
Treasury stock, at cost; 9,599,751 and 9,573,102 shares at June 30, 2014 and December 31, 2013, respectively (184,173 ) (183,288 )
Accumulated other comprehensive loss (1,297 ) (1,385 )
Retained earnings 127,448     125,398  
Total stockholders’ equity 172,978     161,544  
Total liabilities and stockholders’ equity $   688,258     $ 706,610  

Blackbaud, Inc.

Consolidated statements of comprehensive income

(Unaudited)

 
(in thousands, except share and per share amounts) Three months ended June 30, Six months ended June 30,
2014     2013     2014     2013  
Revenue    
License fees $ 4,541 $ 5,990 $ 8,448 $ 8,970
Subscriptions 64,985 51,964 123,253 99,720
Services 31,795 31,368 59,925 60,206
Maintenance 36,527 34,122 72,179 68,270
Other revenue 1,540     2,024   3,205     3,925  
Total revenue 139,388     125,468   267,010     241,091  
Cost of revenue
Cost of license fees 497 643 1,027 1,368
Cost of subscriptions 31,749 21,605 61,873 41,988
Cost of services 25,540 26,503 51,803 51,902
Cost of maintenance 5,983 6,561 11,397 12,435
Cost of other revenue 927     1,301   1,926     2,498  
Total cost of revenue 64,696     56,613   128,026     110,191  
Gross profit 74,692     68,855   138,984     130,900  
Operating expenses
Sales and marketing 26,433 24,423 51,549 48,815
Research and development 18,064 16,483 34,558 32,912
General and administrative 13,781 12,849 26,599 25,591
Restructuring 146 3,356
Amortization 418     636   1,005     1,314  

Total operating expenses

58,696     54,537   113,711     111,988  
Income from operations 15,996 14,318 25,273 18,912
Interest income 13 20 29 37
Interest expense (1,328 ) (1,497 ) (2,787 ) (3,191 )
Loss on debt extinguishment and termination of derivative instruments (996 )
Other income (expense), net 225     (309 ) (11 )   (206 )
Income before provision for income taxes 14,906 12,532 21,508 15,552
Income tax provision 5,626     5,909   8,414     6,263  
Net income $ 9,280     $ 6,623   $ 13,094     $ 9,289  
Earnings per share
Basic $ 0.21     $ 0.15   $ 0.29     $ 0.21  
Diluted $ 0.20     $ 0.15   $ 0.29     $ 0.21  
Common shares and equivalents outstanding
Basic weighted average shares 45,155,955     44,538,444   45,141,878     44,506,157  
Diluted weighted average shares 45,660,910     45,349,666   45,607,106     45,190,158  
Dividends per share $ 0.12     $ 0.12   $ 0.24     $ 0.24  
Other comprehensive (loss) income
Foreign currency translation adjustment (385 ) (266 ) 170 19
Unrealized (loss) gain on derivative instruments, net of tax (394 )   429   (82 )   548  
Total other comprehensive (loss) income (779 )   163   88     567  
Comprehensive income $ 8,501     $ 6,786   $ 13,182     $ 9,856  

Blackbaud, Inc.

Consolidated statements of cash flows

(Unaudited)

 
Six months ended June 30,
(in thousands) 2014     2013  
Cash flows from operating activities  
Net income $ 13,094 $ 9,289
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 21,194 21,576
Provision for doubtful accounts and sales returns 2,966 1,246
Stock-based compensation expense 8,044 9,895
Excess tax benefits from stock-based compensation (2,067 )
Deferred taxes 1,757 4,933
Impairment of capitalized software development costs due to business combination 770
Amortization of deferred financing costs and discount 343 306
Loss on debt extinguishment and termination of derivative instruments 996
Other non-cash adjustments 1,488 91
Changes in operating assets and liabilities, net of acquisition of businesses:
Accounts receivable (15,096 ) (11,966 )
Prepaid expenses and other assets 2,941 8,319
Trade accounts payable (1,333 ) (4,586 )
Accrued expenses and other liabilities 4,419 (9,731 )
Donor restricted cash 62,609 41,505
Donations payable (62,609 ) (41,505 )
Deferred revenue 5,588     8,100  
Net cash provided by operating activities 45,104     37,472  
Cash flows from investing activities
Purchase of property and equipment (5,423 ) (10,068 )
Purchase of net assets of acquired companies, net of cash acquired (32,762 ) (876 )
Capitalized software development costs (3,831 )   (1,643 )
Net cash used in investing activities (42,016 )   (12,587 )
Cash flows from financing activities
Proceeds from issuance of debt 201,000 27,900
Payments on debt (180,002 ) (47,900 )
Debt issuance costs (2,484 )
Proceeds from exercise of stock options 107 221
Excess tax benefits from stock-based compensation 2,067
Dividend payments to stockholders (11,081 )   (10,959 )
Net cash provided by (used in) financing activities 9,607     (30,738 )
Effect of exchange rate on cash and cash equivalents 263     (338 )
Net increase (decrease) in cash and cash equivalents 12,958 (6,191 )
Cash and cash equivalents, beginning of period 11,889     13,491  
Cash and cash equivalents, end of period $ 24,847     $ 7,300  

Blackbaud, Inc.

Reconciliation of GAAP to Non-GAAP financial measures

(Unaudited)

 
(in thousands, except per share amounts) Three months ended June 30, Six months ended June 30,
2014     2013     2014     2013  
Revenue $ 139,388   $ 125,468 $ 267,010   $ 241,091
 
GAAP gross profit $ 74,692     $ 68,855   $ 138,984     $ 130,900  
GAAP gross margin 54 %   55 % 52 %   54 %
Non-GAAP adjustments:
Add: Acquisition-related deferred revenue write-down 277 866
Add: Stock-based compensation expense 953 976 1,829 2,107
Add: Amortization of intangibles from business combinations 5,330 5,570 10,767 11,090
Add: Acquisition-related integration costs     259       599  
Total Non-GAAP adjustments 6,283 7,082 12,596 14,662
Non-GAAP gross profit $ 80,975     $ 75,937   $ 151,580     $ 145,562  
Non-GAAP gross margin(1) 58 %   60 % 57 %   60 %
 
GAAP income from operations $ 15,996     $ 14,318   $ 25,273     $ 18,912  
GAAP operating margin 11 %   11 % 9 %   8 %
Non-GAAP adjustments:
Add: Acquisition-related deferred revenue write-down 277 866
Add: Stock-based compensation expense 4,330 4,717 8,044 9,895
Add: Amortization of intangibles from business combinations 5,748 6,206 11,772 12,404
Add: Impairment of capitalized software development costs due to business combination 770 770
Add: Acquisition-related integration costs 97 412 97 1,246
Add: Acquisition-related expenses 65 65
Add: CEO transition costs 312 870 639
Add: Restructuring costs     146       3,356  
Total Non-GAAP adjustments 11,010 12,070 21,618 28,406
Non-GAAP income from operations $ 27,006     $ 26,388   $ 46,891     $ 47,318  
Non-GAAP operating margin(1) 19 %   21 % 18 %   20 %
 
GAAP net income $ 9,280     $ 6,623   $ 13,094     $ 9,289  
 
Shares used in computing GAAP diluted earnings per share 45,661     45,350   45,607     45,190  
GAAP diluted earnings per share $ 0.20     $ 0.15   $ 0.29     $ 0.21  
 
Non-GAAP adjustments:
Add: Total Non-GAAP adjustments affecting income from operations 11,010 12,070 21,618 28,406
Add: Loss on debt extinguishment and termination of derivative instruments 996
Less: Tax impact related to Non-GAAP adjustments (4,480 )   (3,684 ) (8,793 )   (10,880 )
Non-GAAP net income $ 15,810     $ 15,009   $ 26,915     $ 26,815  
 
Shares used in computing Non-GAAP diluted earnings per share 45,661     45,350   45,607     45,190  
Non-GAAP diluted earnings per share $ 0.35     $ 0.33   $ 0.59     $ 0.59  
 
Detail of certain Non-GAAP adjustments:
Stock-based compensation expense:
Cost of revenue
Cost of subscriptions $ 175 $ 189 $ 364 $ 415
Cost of services 582 593 1,124 1,436
Cost of maintenance 196     194   341     256  
Subtotal 953 976 1,829 2,107
Operating expenses
Sales and marketing 588 545 1,059 1,243
Research and development 762 1,062 1,424 2,215
General and administrative 2,027     2,134   3,732     4,330  
Subtotal 3,377     3,741   6,215     7,788  
Total stock-based compensation expense $ 4,330     $ 4,717   $ 8,044     $ 9,895  
 
Amortization of intangibles from business combinations:
Cost of revenue
Cost of license fees $ 87 $ 126 $ 174 $ 247
Cost of subscriptions 4,434 4,678 8,994 9,312
Cost of services 676 633 1,332 1,266
Cost of maintenance 115 114 230 228
Cost of other revenue 18     19   37     37  
Subtotal 5,330 5,570 10,767 11,090
Operating expenses 418     636   1,005     1,314  
Total amortization of intangibles from business combinations $ 5,748     $ 6,206   $ 11,772     $ 12,404  

(1) For purposes of calculating non-GAAP gross margin and non-GAAP operating margin for the three and six months ended June 30, 2013, non-GAAP revenue includes a write-down of acquisition-related deferred revenue of $277 thousand and $866 thousand, respectively.

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More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...