|By Business Wire||
|July 30, 2014 05:00 PM EDT||
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.
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.
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.
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.
Consolidated balance sheets
|(in thousands, except share amounts)||
|Cash and cash equivalents||$||24,847||$||11,889|
|Donor restricted cash||44,339||107,362|
|Accounts receivable, net of allowance of $5,259 and $5,613 at June 30, 2014 and December 31, 2013, respectively||84,425||66,969|
|Prepaid expenses and other current assets||28,271||30,115|
|Deferred tax asset, current portion||10,241||13,434|
|Total current assets||192,123||229,769|
|Property and equipment, net||47,390||49,550|
|Intangible assets, net||150,877||143,441|
|Liabilities and stockholders’ equity|
|Trade accounts payable||$||8,904||$||10,244|
|Accrued expenses and other current liabilities||45,160||40,443|
|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|
|Commitments and contingencies|
|Preferred stock; 20,000,000 shares authorized, none outstanding||—||—||
|Common stock, $0.001 par value; 180,000,000 shares authorized, 55,776,295 and 55,699,817 shares issued at June 30, 2014 and December 31, 2013, respectively||56||56|
|Additional paid-in capital||230,944||220,763|
|Treasury stock, at cost; 9,599,751 and 9,573,102 shares at June 30, 2014 and December 31, 2013, respectively||(184,173||)||(183,288||)|
|Accumulated other comprehensive loss||(1,297||)||(1,385||)|
|Total stockholders’ equity||172,978||161,544|
|Total liabilities and stockholders’ equity||$||688,258||$||706,610|
Consolidated statements of comprehensive income
|(in thousands, except share and per share amounts)||Three months ended June 30,||Six months ended June 30,|
|Cost of revenue|
|Cost of license fees||497||643||1,027||1,368|
|Cost of subscriptions||31,749||21,605||61,873||41,988|
|Cost of services||25,540||26,503||51,803||51,902|
|Cost of maintenance||5,983||6,561||11,397||12,435|
|Cost of other revenue||927||1,301||1,926||2,498|
|Total cost of revenue||64,696||56,613||128,026||110,191|
|Sales and marketing||26,433||24,423||51,549||48,815|
|Research and development||18,064||16,483||34,558||32,912|
|General and administrative||13,781||12,849||26,599||25,591|
Total operating expenses
|Income from operations||15,996||14,318||25,273||18,912|
|Loss on debt extinguishment and termination of derivative instruments||—||—||(996||)||—|
|Other income (expense), net||225||(309||)||(11||)||(206||)|
|Income before provision for income taxes||14,906||12,532||21,508||15,552|
|Income tax provision||5,626||5,909||8,414||6,263|
|Earnings per share|
|Common shares and equivalents outstanding|
|Basic weighted average shares||45,155,955||44,538,444||45,141,878||44,506,157|
|Diluted weighted average shares||45,660,910||45,349,666||45,607,106||45,190,158|
|Dividends per share||$||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|
Consolidated statements of cash flows
|Six months ended June 30,|
|Cash flows from operating activities|
|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||)||—|
|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:|
|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|
|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||$||7,300|
Reconciliation of GAAP to Non-GAAP financial measures
|(in thousands, except per share amounts)||Three months ended June 30,||Six months ended June 30,|
|GAAP gross profit||$||74,692||$||68,855||$||138,984||$||130,900|
|GAAP gross margin||54||%||55||%||52||%||54||%|
|Add: Acquisition-related deferred revenue write-down||—||277||—||866|
|Add: Stock-based compensation expense||953||976||1,829||2,107|
|Add: Amortization of intangibles from business combinations||5,330||5,570||10,767||11,090|
|Add: Acquisition-related integration costs||—||259||—||599|
|Total Non-GAAP adjustments||6,283||7,082||12,596||14,662|
|Non-GAAP gross profit||$||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||$||18,912|
|GAAP operating margin||11||%||11||%||9||%||8||%|
|Add: Acquisition-related deferred revenue write-down||—||277||—||866|
|Add: Stock-based compensation expense||4,330||4,717||8,044||9,895|
|Add: Amortization of intangibles from business combinations||5,748||6,206||11,772||12,404|
|Add: Impairment of capitalized software development costs due to business combination||770||—||770||—|
|Add: Acquisition-related integration costs||97||412||97||1,246|
|Add: Acquisition-related expenses||65||—||65||—|
|Add: CEO transition costs||—||312||870||639|
|Add: Restructuring costs||—||146||—||3,356|
|Total Non-GAAP adjustments||11,010||12,070||21,618||28,406|
|Non-GAAP income from operations||$||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||$||0.21|
|Add: Total Non-GAAP adjustments affecting income from operations||11,010||12,070||21,618||28,406|
|Add: Loss on debt extinguishment and termination of derivative instruments||—||—||996||—|
|Less: Tax impact related to Non-GAAP adjustments||(4,480||)||(3,684||)||(8,793||)||(10,880||)|
|Non-GAAP net income||$||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||$||415|
|Cost of services||582||593||1,124||1,436|
|Cost of maintenance||196||194||341||256|
|Sales and marketing||588||545||1,059||1,243|
|Research and development||762||1,062||1,424||2,215|
|General and administrative||2,027||2,134||3,732||4,330|
|Total stock-based compensation expense||$||4,330||$||4,717||$||8,044||$||9,895|
|Amortization of intangibles from business combinations:|
|Cost of revenue|
|Cost of license fees||$||87||$||126||$||174||$||247|
|Cost of subscriptions||4,434||4,678||8,994||9,312|
|Cost of services||676||633||1,332||1,266|
|Cost of maintenance||115||114||230||228|
|Cost of other revenue||18||19||37||37|
|Total amortization of intangibles from business combinations||$||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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An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
Sep. 28, 2016 08:00 AM EDT Reads: 2,061
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Sep. 28, 2016 07:45 AM EDT Reads: 2,297
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Sep. 28, 2016 07:45 AM EDT Reads: 2,265