Blackbaud, Inc. Announces Third Quarter 2015 Results
(Thomson Reuters ONE) -
Achieves 9.8% Revenue Growth and 12.5% Non-GAAP Income From Operations Growth;
Updates Full Year Financial Guidance
CHARLESTON, S.C., Oct. 28, 2015 (GLOBE NEWSWIRE) -- Blackbaud, Inc.
(NASDAQ:BLKB), the leading provider of software and services for the worldwide
philanthropic community, today announced financial results for its third quarter
ended September 30, 2015.
Third Quarter 2015 Highlights
* Total revenue growth of 9.8% to $158.8 million
* Non-GAAP organic revenue growth of 3.5%; 5.5% in constant currency
* Recurring revenue represented 75.0% of total revenue
* Total subscriptions revenue growth of 20.7% to $80.9 million
* Non-GAAP income from operations increased 12.5% to $30.6 million
* Cash flow from operations of $37.7 million
President and CEO, Mike Gianoni, commented, "We continue to make solid progress
as a company and are pleased with our revenue and profitability results for the
quarter and year to date. We have just completed our annual user conference with
record attendance from the philanthropic community. Our leading solutions, our
transition to the cloud and our strategy of open and integrated products are
resonating with the market."
Third Quarter 2015 GAAP Financial Results
Blackbaud generated total revenue of $158.8 million in the third quarter of
2015, an increase of 9.8% compared to $144.6 million in the third quarter of
2014. Income from operations and net income were $14.0 million and $7.9 million,
respectively, compared to $13.5 million and $10.4 million, respectively, in the
third quarter of 2014. Diluted earnings per share was $0.17 in the third quarter
of 2015, compared to $0.23 in the same period last year.
Total revenue, income from operations and net income were positively impacted in
the third quarter from growth in subscriptions revenue and contributions from
Blackbaud's acquisition of MicroEdge in October 2014. The positive impacts to
income from operations and net income were offset by increased amortization of
intangible assets arising from acquisitions completed in 2014 as well as
increased stock-based compensation.
Third Quarter 2015 Non-GAAP Financial Results
Blackbaud achieved non-GAAP revenue of $159.9 million and non-GAAP organic
revenue growth of 3.5% in the third quarter of 2015. On a constant currency
basis, non-GAAP organic revenue growth was 5.5% in the third quarter of 2015.
Non-GAAP organic revenue growth includes $10.5 million of incremental non-GAAP
revenue in the third quarter of 2014 associated with acquired companies, as if
the companies were combined throughout the prior period. Non-GAAP organic
revenue growth excludes $0.6 million of revenue in the third quarter of 2014
associated with a business divested of in the current fiscal year, in order to
present the results of the divested business within the results of the combined
company for the same period of time in both the prior and current periods.
Non-GAAP income from operations increased 12.5% to $30.6 million in the third
quarter of 2015, compared to $27.2 million in the same period last year. Non-
GAAP net income increased 11.5% to $17.7 million in the third quarter of 2015
compared to $15.8 million in the same period last year. Non-GAAP diluted
earnings per share was $0.38 in the third quarter of 2015, up from $0.35 per
diluted share in the same period last year. An explanation of these measures 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.
Non-GAAP income from operations and non-GAAP net income were positively impacted
in the third quarter by growth in subscriptions revenue and contributions from
Blackbaud's acquisition of MicroEdge in October 2014.
Executive Vice President and CFO, Tony Boor, commented, "We continue to see the
benefits of our investments in the business and our strong operational
improvement. Our subscription revenue continues to grow at double-digit rates
while non-GAAP operating margin has improved year-over-year. In the latest
quarter, our non-GAAP operating margin of 19.1% is a 50 basis point improvement
over the same quarter last year. The actions we have taken to improve
operational efficiency are yielding positive results which allows us to continue
to invest in our business."
Full-Year Financial Guidance Update
Blackbaud announced today that it is updating its 2015 full-year financial
guidance to include the impact of its acquisition of Smart, LLC ("Smart
Tuition"), which closed on October 2, 2015:
* Non-GAAP revenue of $645.0 million to $653.0 million
* Non-GAAP income from operations of $120.0 million to $124.0 million
* Non-GAAP operating margin of 18.6% to 19.0%
* Non-GAAP diluted earnings per share of $1.48 to $1.52
* Cash flow from operations of $115.0 million to $119.0 million
Balance Sheet and Cash Flow
The company ended the third quarter with $17.6 million of cash and cash
equivalents, compared to $13.2 million on June 30, 2015. The company generated
$37.7 million in cash flow from operations during the third quarter, reduced net
debt by $20.2 million, returned $5.6 million to stockholders by way of dividend
and had cash outlays of $11.4 million for capital expenditures and capitalized
software.
To fund the company's acquisition of Smart Tuition on October 2, 2015 for a net
purchase price of $187.8 million in cash, the company drew down $186.0
million of cash from its $350.0 million available revolving credit commitments
under its senior secured credit facility and paid the remainder with cash on
hand. Following the draw down, the total amount outstanding on the letters of
credit, revolving credit loans and term loan was $429.0 million. Additional
details related to the acquisition of Smart Tuition 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 fourth
quarter 2015 dividend of $0.12 per share payable on December 15, 2015 to
stockholders of record on November 25, 2015.
Conference Call Details
Blackbaud will host a conference call tomorrow, October 29, 2015, at 8:00 a.m.
(Eastern Time) to discuss the company's financial results, operations and
related matters. To access this call, dial 1-888-461-2018 (domestic) or
1-719-457-2650 (international) and enter passcode 740468. To access a replay of
this conference call, which will be available through November 11, 2015, dial
1-888-203-1112 (domestic) or 1-719-457-0820 (international), and enter passcode
5826172. 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 the company announces material financial
information to our investors using its website, www.blackbaud.com, SEC filings,
press releases, public conference calls and webcasts. The company uses these
channels as well as social media to communicate with its clients and the public
about the company, its services and other issues. It is possible that the
information the company posts on social media could be deemed material
information. Therefore, Blackbaud encourages investors, the media, and others
interested in the company to review the information posted on its social media
channels listed on the company's Investor Relations page
at, www.blackbaud.com/investorrelations.
About Blackbaud
Serving the worldwide philanthropic community for more than 30 years, Blackbaud
(NASDAQ:BLKB) combines innovative software and services, and expertise to help
organizations achieve their missions. Blackbaud works in over 60 countries to
power the passions of more than 30,000 clients, including nonprofits, K-12
private and higher education institutions, healthcare organizations,
foundations and other charitable giving entities, and corporations. The company
offers a full spectrum of cloud and on-premise solutions, as well as a resource
network that empowers and connects organizations of all sizes.
Blackbaud's portfolio of software and services support nonprofit fundraising and
relationship
management,eMarketing, advocacy, accounting, payments and analytics, as well
as grant management, corporate social responsibility, and education. Using
Blackbaud technology, these organizations raise, invest, manage and award more
than $100 billion each year. Recognized as a top company, Blackbaud is
headquartered in Charleston, South Carolina and has operations in the United
States, Australia, Canada, 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: our
projected 2015 full year financial results, expectations that our strategic
product transitions will result in continued growth in revenue and
profitability; continued execution of and benefit from our five growth and
operational improvement strategies; and expectations that past investments will
continue to yield subscriptions revenue growth, operational efficiencies and
improved operating margins. 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 clients; 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 revenue,
non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations,
non-GAAP operating margin, non-GAAP net income, non-GAAP diluted earnings per
share, EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin. The
company has acquired businesses whose net tangible assets include deferred
revenue. In accordance with GAAP reporting requirements, the company recorded
write-downs of deferred revenue to fair value, which resulted in lower
recognized revenue. Both on a quarterly and year-to-date basis, the revenue for
the acquired businesses is deferred and typically recognized over a one-year
period, so Blackbaud's GAAP revenues for the one-year period after the
acquisitions will not reflect the full amount of revenues that would have been
reported if the acquired deferred revenue was not written down to fair value.
The non-GAAP measures described above reverse the acquisition-related deferred
revenue write-downs so that the full amount of revenue booked by the acquired
companies is included, which the company believes provides a more accurate
representation of a revenue run-rate in a given period. In addition to reversing
write-downs of acquisition-related deferred revenue, non-GAAP financial measures
discussed above exclude the impact of certain items that Blackbaud believes are
not directly related to its performance in any particular period, but are for
our long-term benefit over multiple periods.
In addition, Blackbaud discusses non-GAAP organic revenue growth and non-GAAP
organic revenue growth on a constant currency basis, which it believes provides
useful information for evaluating the periodic growth of its business on a
consistent basis. Non-GAAP organic revenue growth excludes incremental
acquisition-related revenue attributable to companies acquired in the current
fiscal year. For companies acquired in the immediately preceding fiscal year,
non-GAAP organic revenue growth reflects presentation of full year incremental
non-GAAP revenue derived from such companies as if they were combined throughout
the prior period, and it includes the current period non-GAAP revenue
attributable to those companies, as if there were no acquisition-related write-
downs of acquired deferred revenue to fair value as required by GAAP. In
addition, non-GAAP organic revenue growth excludes prior period revenue
associated with divested businesses in the current fiscal year. 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 our current business' organic revenue growth
and revenue run-rate. To determine non-GAAP organic revenue growth on a constant
currency basis for the third quarter of 2015, revenues from entities reporting
in foreign currencies were translated into U.S. dollars using the comparable
prior year period's quarterly weighted average foreign currency exchange rates
which resulted in $3.1 million of incremental non-GAAP revenue for the third
quarter of 2015. Details of Blackbaud's methodology for calculating non-GAAP
organic revenue growth and non-GAAP organic revenue growth on a constant
currency basis can be found on the "Investor Relations" page of the company's
website atwww.blackbaud.com/investorrelations.
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
additional information 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 are not
completely comparable to similarly titled measures of other companies due to
differences in the exact method of calculation between companies. In addition,
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.
Blackbaud, Inc.
Consolidated balance sheets
(Unaudited)
September December
(in thousands, except share amounts) 30, 31,
2015 2014
Assets
Current assets:
Cash and cash equivalents $ 17,555 $ 14,735
Donor restricted cash 63,460 140,709
Accounts receivable, net of allowance of $4,448 and
$4,539 at September 30, 2015 and December 31, 2014, 78,152 77,523
respectively
Prepaid expenses and other current assets 39,557 40,392
Deferred tax asset, current portion 10,608 14,423
Total current assets 209,332 287,782
Property and equipment, net 49,024 50,402
Goodwill 345,770 349,008
Intangible assets, net 204,738 229,307
Other assets 35,300 26,684
Total assets $ 844,164 $ 943,183
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $ 13,137 $ 11,436
Accrued expenses and other current liabilities 45,576 52,201
Donations payable 63,460 140,709
Debt, current portion 4,375 4,375
Deferred revenue, current portion 227,161 212,283
Total current liabilities 353,709 421,004
Debt, net of current portion 237,293 276,196
Deferred tax liability 34,800 43,639
Deferred revenue, net of current portion 7,369 8,991
Other liabilities 7,025 7,437
Total liabilities 640,196 757,267
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, 56,693,785 and 56,048,135 shares issued 57 56
at September 30, 2015 and December 31, 2014,
respectively
Additional paid-in capital 265,024 245,674
Treasury stock, at cost; 9,796,306 and 9,740,054
shares at September 30, 2015 and December 31, 2014, (193,168 ) (190,440 )
respectively
Accumulated other comprehensive loss (2,020 ) (1,032 )
Retained earnings 134,075 131,658
Total stockholders' equity 203,968 185,916
Total liabilities and stockholders' equity $ 844,164 $ 943,183
Blackbaud, Inc.
Consolidated statements of comprehensive income
(Unaudited)
(in thousands, except Three months ended Nine months ended
share and per share September 30, September 30,
amounts)
2015 2014 2015 2014
Revenue
Subscriptions $ 80,901 $ 67,043 $ 233,423 $ 190,296
Maintenance 38,209 36,821 115,732 109,000
Services 35,905 35,843 100,878 95,768
License fees and other 3,796 4,891 12,030 16,544
Total revenue 158,811 144,598 462,063 411,608
Cost of revenue
Cost of subscriptions 39,485 33,257 115,063 95,130
Cost of maintenance 6,708 6,147 21,179 17,544
Cost of services 26,235 27,111 79,121 78,914
Cost of license fees and 1,745 1,633 4,052 4,586
other
Total cost of revenue 74,173 68,148 219,415 196,174
Gross profit 84,638 76,450 242,648 215,434
Operating expenses
Sales and marketing 31,139 27,098 89,424 78,647
Research and development 20,561 19,707 62,003 54,265
General and 18,446 15,519 53,244 42,118
administrative
Amortization 524 624 1,536 1,629
Total operating expenses 70,670 62,948 206,207 176,659
Income from operations 13,968 13,502 36,441 38,775
Interest income 8 17 23 46
Interest expense (1,816 ) (1,272 ) (5,375 ) (4,059 )
Loss on sale of business - - (1,976 ) -
Loss on debt
extinguishment and - - - (996 )
termination of
derivative instruments
Other income, net 184 29 584 18
Income before provision 12,344 12,276 29,697 33,784
for income taxes
Income tax provision 4,433 1,896 10,459 10,310
Net income $ 7,911 $ 10,380 $ 19,238 $ 23,474
Earnings per share
Basic $ 0.17 $ 0.23 $ 0.42 $ 0.52
Diluted $ 0.17 $ 0.23 $ 0.41 $ 0.51
Common shares and
equivalents outstanding
Basic weighted average 45,616,832 45,196,277 45,576,029 45,160,434
shares
Diluted weighted average 46,596,714 45,883,570 46,403,196 45,704,157
shares
Dividends per share $ 0.12 $ 0.12 $ 0.36 $ 0.36
Other comprehensive
(loss) income
Foreign currency 168 (232 ) (354 ) (62 )
translation adjustment
Unrealized (loss) gain
on derivative (262 ) 468 (634 ) 386
instruments, net of tax
Total other
comprehensive (loss) (94 ) 236 (988 ) 324
income
Comprehensive income $ 7,817 $ 10,616 $ 18,250 $ 23,798
Blackbaud, Inc.
Consolidated statements of cash flows
(Unaudited)
Nine months ended
September 30,
(in thousands) 2015 2014
Cash flows from operating activities
Net income $ 19,238 $ 23,474
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 41,340 32,586
Provision for doubtful accounts and sales returns 4,573 3,837
Stock-based compensation expense 17,899 12,492
Excess tax benefits from exercise and vesting of stock- (1,490 ) (3,762 )
based compensation
Deferred taxes (2,274 ) 86
Loss on sale of business 1,976 -
Impairment of capitalized software development costs - 775
Loss on debt extinguishment and termination of - 996
derivative instruments
Amortization of deferred financing costs and discount 660 524
Other non-cash adjustments (159 ) 1,672
Changes in operating assets and liabilities, net of
acquisition of businesses:
Accounts receivable (6,378 ) (1,261 )
Prepaid expenses and other assets (324 ) (255 )
Trade accounts payable 3,284 939
Accrued expenses and other liabilities (9,027 ) 2,902
Donor restricted cash 76,091 57,059
Donations payable (76,091 ) (57,059 )
Deferred revenue 15,973 10,487
Net cash provided by operating activities 85,291 85,492
Cash flows from investing activities
Purchase of property and equipment (14,560 ) (8,317 )
Capitalized software development costs (10,868 ) (6,287 )
Purchase of net assets of acquired companies, net of (520 ) (33,275 )
cash acquired
Net cash used in sale of business (521 ) -
Net cash used in investing activities (26,469 ) (47,879 )
Cash flows from financing activities
Proceeds from issuance of debt 83,600 201,000
Payments on debt (122,581 ) (181,095 )
Debt issuance costs (429 ) (2,484 )
Proceeds from exercise of stock options 23 182
Excess tax benefits from exercise and vesting of stock- 1,490 3,762
based compensation
Dividend payments to stockholders (16,883 ) (16,631 )
Net cash (used in) provided by financing activities (54,780 ) 4,734
Effect of exchange rate on cash and cash equivalents (1,222 ) (276 )
Net increase in cash and cash equivalents 2,820 42,071
Cash and cash equivalents, beginning of period 14,735 11,889
Cash and cash equivalents, end of period $ 17,555 $ 53,960
Blackbaud, Inc.
Reconciliation of GAAP to non-GAAP financial measures
(Unaudited)
(in thousands, except per Three months ended Nine months ended
share amounts and September 30, September 30,
percentages)
2015 2014 2015 2014
GAAP Revenue $ 158,811 $ 144,598 $ 462,063 $ 411,608
Non-GAAP adjustments:
Add: Acquisition-related 1,126 1,600 7,132 1,600
deferred revenue write-down
Non-GAAP revenue $ 159,937 $ 146,198 $ 469,195 $ 413,208
GAAP gross profit $ 84,638 $ 76,450 $ 242,648 $ 215,434
GAAP gross margin 53.3 % 52.9 % 52.5 % 52.3 %
Non-GAAP adjustments:
Add: Acquisition-related 1,126 1,600 7,132 1,600
deferred revenue write-down
Add: Stock-based 769 882 2,719 2,711
compensation expense
Add: Amortization of
intangibles from business 7,545 5,710 22,750 16,477
combinations
Add: Employee severance 527 - 1,467 -
Subtotal 9,967 8,192 34,068 20,788
Non-GAAP gross profit $ 94,605 $ 84,642 $ 276,716 $ 236,222
Non-GAAP gross margin 59.2 % 57.9 % 59.0 % 57.2 %
GAAP income from operations $ 13,968 $ 13,502 $ 36,441 $ 38,775
GAAP operating margin 8.8 % 9.3 % 7.9 % 9.4 %
Non-GAAP adjustments:
Add: Acquisition-related 1,126 1,600 7,132 1,600
deferred revenue write-down
Add: Stock-based 6,486 4,448 17,899 12,492
compensation expense
Add: Amortization of
intangibles from business 8,068 6,334 24,286 18,106
combinations
Add: Employee severance 631 - 2,211 -
Add: Impairment of
capitalized software - - - 770
development costs
Add: Acquisition-related 53 238 725 335
integration costs
Add: Acquisition-related 257 1,080 1,045 1,145
expenses
Add: CEO transition costs - - - 870
Subtotal 16,621 13,700 53,298 35,318
Non-GAAP income from $ 30,589 $ 27,202 $ 89,739 $ 74,093
operations
Non-GAAP operating margin 19.1 % 18.6 % 19.1 % 17.9 %
GAAP net income $ 7,911 $ 10,380 $ 19,238 $ 23,474
Shares used in computing
GAAP diluted earnings per 46,597 45,884 46,403 45,704
share
GAAP diluted earnings per $ 0.17 $ 0.23 $ 0.41 $ 0.51
share
Non-GAAP adjustments:
Add: Total Non-GAAP
adjustments affecting income 16,621 13,700 53,298 35,318
from operations
Add: Loss on sale of - - 1,976 -
business
Add: Loss on debt
extinguishment and - - - 996
termination of derivative
instruments
Less: Tax impact related to (6,863 ) (8,236 ) (22,680 ) (17,028 )
Non-GAAP adjustments
Non-GAAP net income $ 17,669 $ 15,844 $ 51,832 $ 42,760
Shares used in computing
Non-GAAP diluted earnings 46,597 45,884 46,403 45,704
per share
Non-GAAP diluted earnings $ 0.38 $ 0.35 $ 1.12 $ 0.94
per share
Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP financial measures (continued)
(Unaudited)
Three months ended Nine months ended
(in thousands, except September 30, September 30,
percentages)
2015 2014 2015 2014
GAAP net income $ 7,911 $ 10,380 $ 19,238 $ 23,474
Non-GAAP adjustments:
Add: Interest, net 1,808 1,255 5,352 4,013
Add: Income tax provision 4,433 1,896 10,459 10,310
Add: Depreciation 4,458 4,596 13,752 13,244
Add: Amortization of
intangibles from business 8,068 6,334 24,286 18,106
combinations
Add: Amortization of 1,542 462 3,302 1,236
software development costs
Subtotal 20,309 14,543 57,151 46,909
EBITDA $ 28,220 $ 24,923 $ 76,389 $ 70,383
EBITDA Margin 17.6 % 17.0 % 16.3 % 17.0 %
Non-GAAP adjustments:
Add: Other (income) expense, (184 ) (29 ) (584 ) (18 )
net
Add: Loss on sale of - - 1,976 -
business
Add: Loss on debt
extinguishment and - - - 996
termination of derivative
instruments
Add: Acquisition-related 1,126 1,600 7,132 1,600
deferred revenue write-down
Add: Stock-based 6,486 4,448 17,899 12,492
compensation expense
Add: Employee severance 631 - 2,211 -
Add: Impairment of
capitalized software - - - 770
development costs
Add: Acquisition-related 53 238 725 335
integration costs
Add: Acquisition-related 257 1,080 1,045 1,145
expenses
Add: CEO transition costs - - - 870
Subtotal 8,369 7,337 30,404 18,190
Adjusted EBITDA $ 36,589 $ 32,260 $ 106,793 $ 88,573
Adjusted EBITDA Margin 22.9 % 22.1 % 22.8 % 21.4 %
Detail of certain Non-GAAP
adjustments:
Stock-based compensation
expense:
Included in cost of revenue:
Cost of subscriptions $ 213 $ 192 $ 681 $ 556
Cost of maintenance 107 161 353 502
Cost of services 449 529 1,685 1,653
Total included in cost of 769 882 2,719 2,711
revenue
Included in operating
expenses:
Sales and marketing 768 562 2,273 1,621
Research and development 1,145 762 3,309 2,186
General and administrative 3,804 2,242 9,598 5,974
Total included in operating 5,717 3,566 15,180 9,781
expenses
Total stock-based $ 6,486 $ 4,448 $ 17,899 $ 12,492
compensation expense
Amortization of intangibles
from business combinations:
Included in cost of revenue:
Cost of subscriptions $ 5,761 $ 4,721 $ 17,300 $ 13,715
Cost of maintenance 1,000 114 3,160 344
Cost of services 698 768 2,007 2,100
Cost of license fees and 86 107 283 318
other
Total included in cost of 7,545 5,710 22,750 16,477
revenue
Included in operating 523 624 1,536 1,629
expenses
Total amortization of
intangibles from business $ 8,068 $ 6,334 $ 24,286 $ 18,106
combinations
Investor Contact:
Jagtar Narula
Blackbaud, Inc.
843-654-2164
jagtar.narula(at)blackbaud.com
Media Contact:
Nicole McGougan
Blackbaud, Inc.
843-654-3307
nicole.mcgougan(at)blackbaud.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Blackbaud via GlobeNewswire
[HUG#1962218]
Datum: 28.10.2015 - 21:15 Uhr
Sprache: Deutsch
News-ID 430295
Anzahl Zeichen: 38466
contact information:
Town:
Charleston
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 226 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Blackbaud, Inc. Announces Third Quarter 2015 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Blackbaud (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
