|By Business Wire||
|February 13, 2013 06:30 AM EST||
Blackbaud, Inc. (Nasdaq: BLKB), the leading global provider of software and services to the nonprofit sector, today announced financial results for its fourth quarter and full year ended December 31, 2012.
Marc Chardon, Chief Executive Officer of Blackbaud, stated, “Blackbaud reported solid fourth quarter results that were at the high-end or above our guidance from a revenue and profitability perspective. Each of our business units performed well during the quarter, and we are pleased to see early signs of acceleration in the opportunity pipeline for the Luminate product line that we gained through our acquisition of Convio.”
Chardon added, “During 2012, the acquisition of Convio significantly increased our scale, recurring revenue and presence in the fastest growing segment of the nonprofit market. We also made solid progress on our combined company go-to-market strategies, from which we expect to benefit over the course of 2013 and beyond. We are confident that our unique, best-of-breed offerings in online fundraising and CRM for nonprofits of all sizes and across verticals position us well to gain share in our underpenetrated, multi-billion dollar market opportunity.”
Fourth Quarter 2012 GAAP Financial Results
Blackbaud reported total revenue of $120.1 million for the fourth quarter of 2012, an increase compared to $95.0 million for the fourth quarter of 2011. Income from operations and net income, determined in accordance with GAAP, were $9.9 million and $3.3 million, respectively, compared with $10.6 million and $6.4 million, respectively, for the fourth quarter of 2011. Diluted earnings per share were $0.07 for the fourth quarter of 2012, compared with $0.14 in the same period last year.
Fourth Quarter 2012 Non-GAAP Financial Results
Blackbaud reported total non-GAAP revenue of $120.8 million, which includes $0.8 million of the deferred revenue write down associated with the Convio acquisition. Non-GAAP income from operations, which excludes stock-based compensation expense, amortization of intangibles arising from business combinations, acquisition-related expenses, integration and restructuring costs and an impairment of a cost method investment, was $22.3 million for the fourth quarter of 2012, an increase from $19.1 million in the same period last year. Non-GAAP net income was $12.0 million for the fourth quarter of 2012, compared to $11.8 million in the same period last year. Non-GAAP diluted earnings per share were $0.27 for the fourth quarter of 2012, consistent with the same period last year.
A reconciliation between GAAP and non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Tony Boor, Chief Financial Officer of Blackbaud, stated, “We successfully executed against our synergies targets following the combination of Blackbaud and Convio and achieved our goal of $9-$10 million of annualized cost savings by the end of 2012. In addition, as part of rationalizing our combined operations and cost structure, we recently took actions that are expected to generate an additional $10 million of cost savings in 2013.” Boor added, “We remain very focused on delivering significant improvement in our non-GAAP operating margin during 2013 and beyond, which we believe will drive increased shareholder value. In addition, the improvement in our pipeline related to Convio’s offerings is a further step toward ultimately realizing revenue synergies over the long-term.”
Balance Sheet and Cash Flow
The Company ended the fourth quarter with $13.5 million in cash, compared to $25.6 million at the end of the third quarter. The Company generated $29.0 million in cash flow from operations during the fourth quarter, contributing to $68.7 million for the twelve months ended December 31, 2012.
Full Year 2012 GAAP and Non-GAAP Financial Results
Blackbaud reported total revenue of $447.4 million for the full year 2012, an increase compared to $370.9 million for 2011. Income from operations and net income, determined in accordance with GAAP, were $19.4 million and $6.6 million for the full year 2012, respectively, compared with $50.9 million and $33.2 million, respectively, for 2011. Diluted earnings per share were $0.15 for the full year 2012, compared with $0.75 for 2011.
Non-GAAP revenue, which includes $5.6 million of the deferred revenue write down associated with the Convio acquisition, was $453.0 million. Non-GAAP income from operations, which also excludes stock-based compensation expense, amortization of intangibles arising from business combinations, acquisition-related expenses, integration and restructuring costs and an impairment of a cost method investment, was $75.5 million for the full year 2012, compared to $76.5 million for 2011. Non-GAAP net income was $42.3 million for the full year 2012, compared to $46.9 million for 2011. Non-GAAP diluted earnings per share were $0.95 for the full year 2012, compared to $1.06 for 2011.
A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Dividend and Share Repurchase Program
Blackbaud announced today that its Board of Directors has approved a first quarter 2013 dividend of $0.12 per share payable on March 15, 2013, to stockholders of record on February 28, 2013. Additionally, as of December 31, 2012, $50.0 million remained available under the Company’s share repurchase program.
Conference Call Details
Blackbaud will host a conference call today, February 13, 2013, at 8:00 a.m. (Eastern Time) to discuss the Company's financial results, operations and related matters. To access this call, dial 877-407-3982 (domestic) or 201-493-6780 (international). A replay of this conference call will be available through February 20, 2013, at 877-870-5176 (domestic) or 858-384-5517 (international). The replay passcode is 407059. 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.
Serving the nonprofit and education sectors for 30 years, Blackbaud (NASDAQ: BLKB) combines technology and expertise to help organizations achieve their missions. Blackbaud works with more than 27,000 nonprofit customers in over 60 countries that support higher education, healthcare, human services, arts and culture, faith, the environment, independent K-12 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), payment services, analytics 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, Mexico, the Netherlands 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: the opportunity pipeline for Luminate and other Convio products; expected benefits from our combined company go-to-market strategies; the ability of our product offerings to position us to gain market share; future cost savings; our ability to deliver improved non-GAAP operating margin; and, our ability to realize revenue synergies. 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 and other risks associated with acquisitions; general economic risks; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; risks associated with successful implementation of multiple integrated software products; the ability to attract and retain key personnel; risks related to our leverage, dividend policy and share repurchase program, including potential limitations on our ability to grow and the possibility that we might discontinue payment of dividends; risks relating to restrictions imposed by the credit facility; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive; 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 revenue, non-GAAP income from operations, non-GAAP net income, non-GAAP diluted earnings per share and non-GAAP operating margin. 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 with other companies in Blackbaud's industry, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial results discussed above exclude: a write-down of Convio deferred revenue; stock-based compensation expense; costs associated with amortization of intangibles arising from business combinations; acquisition-related expense; integration and restructuring costs; a write-off of prepaid proprietary software licenses; a charge associated with impairment of cost method investment; and, a gain in connection with the sale of assets. We use these measures and believe them useful to investors because they provide additional insight in comparing results from period to period.
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. As previously mentioned, 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.
|Consolidated balance sheets|
|December 31,||December 31,|
|(in thousands, except share amounts)||2012||2011|
|Cash and cash equivalents||$||13,491||$||52,520|
|Donor restricted cash||68,177||40,205|
Accounts receivable, net of allowance of $8,546 and $3,913
|Prepaid expenses and other current assets||40,589||31,016|
|Deferred tax asset, current portion||15,799||1,551|
|Total current assets||213,748||187,948|
|Property and equipment, net||49,063||34,397|
|Deferred tax asset||-||29,376|
|Intangible assets, net||168,037||44,660|
|Liabilities and stockholders' equity|
|Trade accounts payable||$||13,623||$||13,464|
|Accrued expenses and other current liabilities||45,996||32,707|
|Debt, current portion||10,000||-|
|Deferred revenue, current portion||173,899||153,665|
|Total current liabilities||311,695||240,041|
|Debt, net of current portion||205,500||-|
|Deferred tax liability||24,468||-|
|Deferred revenue, net of current portion||11,119||9,772|
|Commitments and contingencies|
|Preferred stock; 20,000,000 shares authorized, none outstanding||-||-|
Common stock, $0.001 par value; 180,000,000
|Additional paid-in capital||203,638||175,401|
Treasury stock, at cost; 9,209,371 and 9,019,824 shares
|Accumulated other comprehensive loss||(1,973||)||(1,148||)|
|Total stockholders' equity||147,684||140,002|
|Total liabilities and stockholders' equity||$||705,747||$||392,590|
|Consolidated statements of comprehensive income|
|Three months ended December 31,||Years ended December 31,|
|(in thousands, except share and per share amounts)||2012||2011||2012||2011|
|Cost of revenue|
|Cost of license fees||831||735||2,993||3,345|
|Cost of subscriptions||19,622||12,276||68,773||42,536|
|Cost of services||25,429||19,896||97,208||79,086|
|Cost of maintenance||7,057||6,371||26,001||25,178|
|Cost of other revenue||2,813||2,796||7,485||7,049|
|Total cost of revenue||55,752||42,074||202,460||157,194|
|Sales and marketing||24,339||18,280||95,218||75,361|
|Research and development||17,327||12,460||64,692||47,672|
|General and administrative||12,069||9,580||63,308||36,933|
|Impairment of cost method investment||-||1,800||200||1,800|
|Total operating expenses||54,424||42,372||225,524||162,746|
|Income from operations||9,875||10,599||19,435||50,928|
|Other income (expense), net||(326||)||168||(392||)||346|
|Income before provision for income taxes||7,342||10,760||13,325||51,257|
|Income tax provision||4,072||4,409||6,742||18,037|
|Earnings per share|
|Common shares and equivalents outstanding|
|Basic weighted average shares||44,345,887||43,738,007||44,145,535||43,522,563|
|Diluted weighted average shares||44,757,841||44,337,711||44,691,845||44,149,054|
|Dividends per share||$||0.12||$||0.12||$||0.48||$||0.48|
|Other comprehensive income (loss)|
|Foreign currency translation adjustment||(22||)||(232||)||(34||)||(336||)|
|Unrealized gain (loss) on derivative instruments, net of tax||92||-||(791||)||-|
|Total other comprehensive income (loss)||70||(232||)||(825||)||(336||)|
|Consolidated statements of cash flows|
|Years ended December 31,|
|Cash flows from operating activities|
Adjustments to reconcile net income to net cash provided by
Depreciation and amortization
|Provision for doubtful accounts and sales returns||9,591||5,646|
|Stock-based compensation expense||19,240||14,884|
|Excess tax benefits from stock-based compensation||(81||)||(932||)|
|Impairment of cost method investment||200||1,800|
|Gain on sale of assets||-||(549||)|
|Other non-cash adjustments||747||(878||)|
|Changes in operating assets and liabilities, net of acquisition of businesses:|
|Prepaid expenses and other assets||(8,817||)||(2,915||)|
|Trade accounts payable||(1,363||)||1,714|
|Accrued expenses and other liabilities||(388||)||(1,056||)|
|Donor restricted cash||(27,990||)||(22,862||)|
|Net cash provided by operating activities||68,691||85,527|
|Cash flows from investing activities|
|Purchase of property and equipment||(20,557||)||(18,215||)|
|Purchase of net assets of acquired companies, net of cash acquired||(280,687||)||(23,385||)|
|Capitalized software development costs||(1,245||)||(1,012||)|
|Proceeds from sale of assets||-||874|
|Net cash used in investing activities||(302,489||)||(41,738||)|
|Cash flows from financing activities|
|Proceeds from issuance of debt||315,000||-|
|Payments on debt||(99,500||)||-|
|Payments of deferred financing costs||(2,440||)||(767||)|
|Proceeds from exercise of stock options||3,146||2,041|
|Excess tax benefits from stock-based compensation||81||932|
|Dividend payments to stockholders||(21,731||)||(21,429||)|
|Payments on capital lease obligations||-||(40||)|
|Net cash provided by (used in) financing activities||194,556||(19,263||)|
|Effect of exchange rate on cash and cash equivalents||213||(10||)|
|Net increase (decrease) in cash and cash equivalents||(39,029||)||24,516|
|Cash and cash equivalents, beginning of year||52,520||28,004|
|Cash and cash equivalents, end of year||$||13,491||$||52,520|
|Reconciliation of GAAP to Non-GAAP financial measures|
|Three months ended December 31,||Years ended December 31,|
|(in thousands, except per share amounts)||2012||2011||2012||2011|
|Add back: Convio deferred revenue writedown||771||-||5,592||-|
|Total Non-GAAP adjustments||771||-||5,592||-|
|GAAP gross profit||$||64,299||$||52,971||$||244,959||$||213,674|
|Add: Convio deferred revenue writedown||771||-||5,592||-|
|Add: Stock-based compensation expense||1,238||903||4,184||3,278|
|Add: Amortization of intangibles from business combinations||5,032||1,725||15,243||6,598|
|Add: Acquisition integration costs||(8||)||-||589||-|
|Add: Write-off of prepaid proprietary software licenses||-||-||350||-|
|Total Non-GAAP adjustments||7,033||2,628||25,958||9,876|
|Non-GAAP gross profit||$||71,332||$||55,599||$||270,917||$||223,550|
|Non-GAAP gross margin||59||%||58||%||60||%||60||%|
|GAAP income from operations||$||9,875||$||10,599||$||19,435||$||50,928|
|Add: Convio deferred revenue writedown||771||-||5,592||-|
|Add: Stock-based compensation expense||4,786||3,971||19,240||14,884|
|Add: Amortization of intangibles from business combinations||5,721||1,977||17,349||7,578|
|Add: Acquisition integration and restructuring costs||1,127||-||6,923||-|
|Add: Acquisition-related expenses||-||786||6,428||1,840|
|Add: Write-off of prepaid proprietary software licenses||-||-||350||-|
|Add: Impairment of cost method investment||-||1,800||200||1,800|
|Less: Gain on sale of assets||-||-||-||(549||)|
|Total Non-GAAP adjustments||12,405||8,534||56,082||25,553|
|Non-GAAP income from operations||$||22,280||$||19,133||$||75,517||$||76,481|
|Non-GAAP operating margin||18||%||20||%||17||%||21||%|
|GAAP net income||$||3,270||$||6,351||$||6,583||$||33,220|
|Add: Total Non-GAAP adjustments affecting income from operations||12,405||8,534||56,082||25,553|
|Less: Tax impact related to Non-GAAP adjustments||(3,631||)||(3,117||)||(20,327||)||(11,919||)|
|Non-GAAP net income||$||12,044||$||11,768||$||42,338||$||46,854|
|Shares used in computing Non-GAAP diluted earnings per share||44,758||44,338||44,692||44,149|
|Non-GAAP diluted earnings per share||$||0.27||$||0.27||$||0.95||$||1.06|
|Detail of Non-GAAP adjustments:|
|Stock-based compensation expense:|
|Cost of revenue|
|Cost of subscriptions||$||126||$||164||$||860||$||571|
|Cost of services||875||571||2,786||1,966|
|Cost of maintenance||237||168||538||741|
|Sales and marketing||794||391||2,527||1,325|
|Research and development||1,078||766||3,556||3,039|
|General and administrative||1,676||1,911||8,973||7,242|
|Total stock-based compensation expense||$||4,786||$||3,971||$||19,240||$||14,884|
|Amortization of intangibles from business combinations|
|Cost of revenue|
|Cost of license fees||$||120||$||156||$||485||$||635|
|Cost of subscriptions||4,237||901||11,969||3,341|
|Cost of services||542||400||1,992||1,572|
|Cost of maintenance||114||249||722||975|
|Cost of other revenue||19||19||75||75|
|Total amortization of intangibles from business combinations||$||5,721||$||1,977||$||17,349||$||7,578|
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