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Blackbaud, Inc. Announces Fourth Quarter and Full Year 2012 Results

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.

About Blackbaud

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.

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 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.

Blackbaud, Inc.
Consolidated balance sheets
(Unaudited)
         
December 31, December 31,
(in thousands, except share amounts)       2012       2011
 
Assets
Current assets:
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
 at December 31, 2012 and 2011, respectively

75,692 62,656
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
Goodwill 265,055 90,122
Intangible assets, net 168,037 44,660
Other assets   9,844         6,087  
 
Total assets $ 705,747       $ 392,590  
 
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 13,623 $ 13,464
Accrued expenses and other current liabilities 45,996 32,707
Donations payable 68,177 40,205
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
Other liabilities   5,281         2,775  
 
Total liabilities   558,063         252,588  
 
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, 54,859,604 and 53,959,532 shares issued
 at December 31, 2012 and 2011, respectively

55 54
Additional paid-in capital 203,638 175,401

Treasury stock, at cost; 9,209,371 and 9,019,824 shares
 at December 31, 2012 and 2011, respectively

(170,898 ) (166,226 )
Accumulated other comprehensive loss (1,973 ) (1,148 )
Retained earnings   116,862         131,921  
 
Total stockholders' equity   147,684         140,002  
 
Total liabilities and stockholders' equity $ 705,747       $ 392,590  
 
 
Blackbaud, Inc.
Consolidated statements of comprehensive income
(Unaudited)
                 
 
Three months ended December 31, Years ended December 31,
(in thousands, except share and per share amounts)       2012     2011 2012     2011
Revenue
License fees $ 4,397 $ 4,875 $ 20,551 $ 19,475
Subscriptions 48,703 27,651 162,102 103,544
Services 29,415 25,865 119,626 108,781
Maintenance 34,156 33,263 136,101 130,604
Other revenue   3,380         3,391   9,039         8,464
 
Total revenue   120,051         95,045   447,419         370,868
 
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
 
Gross profit   64,299         52,971   244,959         213,674
 
Operating expenses
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
Amortization   689         252   2,106         980
 
Total operating expenses   54,424         42,372   225,524         162,746
 
Income from operations 9,875 10,599 19,435 50,928
Interest income 28 50 146 183
Interest expense (2,235 ) (57 ) (5,864 ) (200 )
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
 
Net income $ 3,270       $ 6,351 $ 6,583       $ 33,220
 
Earnings per share
Basic $ 0.07 $ 0.15 $ 0.15 $ 0.76
Diluted $ 0.07 $ 0.14 $ 0.15 $ 0.75
 
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 )
Comprehensive income $ 3,340       $ 6,119 $ 5,758       $ 32,884
 
 
Blackbaud, Inc.
Consolidated statements of cash flows
(Unaudited)
         
Years ended December 31,  
(in thousands)       2012       2011  
 
Cash flows from operating activities
Net income $ 6,583 $ 33,220

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

Depreciation and amortization

31,879 16,995
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 )
Deferred taxes 7,585 13,533
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:
Accounts receivable (9,397 ) (8,692 )
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 )
Donations payable 27,990 22,862
Deferred revenue   12,912         12,757  
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  
 
 
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP financial measures
(Unaudited)
             
 
 
 
Three months ended December 31, Years ended December 31,  
(in thousands, except per share amounts)       2012     2011 2012     2011  
 
GAAP revenue $ 120,051 $ 95,045 $ 447,419 $ 370,868
 
Non-GAAP adjustments:
Add back: Convio deferred revenue writedown   771       -   5,592       -  
Total Non-GAAP adjustments 771 - 5,592 -
 
Non-GAAP revenue $ 120,822     $ 95,045 $ 453,011     $ 370,868  
 
 
GAAP gross profit $ 64,299 $ 52,971 $ 244,959 $ 213,674
 
Non-GAAP adjustments:
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
 
Non-GAAP adjustments:
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
 
Non-GAAP adjustments:
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  
Subtotal 1,238 903 4,184 3,278
Operating expenses
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  
Subtotal   3,548       3,068   15,056       11,606  
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  
Subtotal 5,032 1,725 15,243 6,598
Operating expenses   689       252   2,106       980  
Total amortization of intangibles from business combinations $ 5,721     $ 1,977 $ 17,349     $ 7,578  
 

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