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Blackbaud Announces 2018 Third Quarter Results
Third Quarter Recurring Revenue Grows 13% Representing 90% of Total Revenue

CHARLESTON, S.C., Oct. 29, 2018 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the world's leading cloud software company powering social good, today announced financial results for its third quarter ended September 30, 2018.

"We are driving digital transformation in each of the industry segments we serve through the delivery of innovative new cloud software technology, which has expanded the addressable markets for Blackbaud," said Mike Gianoni, Blackbaud's president and CEO. "Earlier this month, we hosted our largest-ever bbcon, the premier annual tech gathering for social good, and our attendees were ecstatic about our pace of innovation and new announcements. Over the last quarter, we've introduced an entirely new Cloud Solution for Faith Communities with the introduction of Blackbaud Church Management™. We announced our Cloud Solution for Higher Education and the introduction of a new Education Management portfolio, along with the addition of stewardship management and guided fundraising; enabling institutions to build a connected campus and manage the entire student lifecycle. And, we took another major step forward in our partnership with Microsoft with an Integrated Cloud Initiative for Nonprofits™, a joint initiative to accelerate cloud innovation in areas that address critical market needs across the mission lifecycle of nonprofits."

Third Quarter 2018 Results Compared to Third Quarter 2017 Results:

  • Total GAAP revenue was $209.5 million, up 7.8%, with $188.7 million in GAAP recurring revenue, representing 90.0% of total GAAP revenue. GAAP recurring revenue was up 12.6%.
  • Total non-GAAP revenue was $210.1 million, up 7.9%, with $189.2 million in non-GAAP recurring revenue, representing 90.1% of total non-GAAP revenue. Non-GAAP recurring revenue was up 12.8%.
  • Non-GAAP organic revenue increased 1.2% and non-GAAP organic recurring revenue increased 4.9%.
  • GAAP income from operations decreased 14.3% to $15.8 million, with GAAP operating margin decreasing 200 basis points to 7.5%.
  • Non-GAAP income from operations decreased 6.4% to $39.7 million, with non-GAAP operating margin decreasing 290 basis points to 18.9%.
  • GAAP net income decreased 12.9% to $11.2 million, with GAAP diluted earnings per share of $0.23, down $0.04.
  • Non-GAAP net income increased 4.4% to $28.4 million, with non-GAAP diluted earnings per share of $0.59, up $0.02.
  • Non-GAAP free cash flow was $57.8 million, a decrease of $1.3 million.

"We've been executing a new and more aggressive program to ramp hiring for sales and sales support roles in the third quarter," said Tony Boor, Blackbaud's executive vice president and CFO. "There is a considerable opportunity for Blackbaud to better cover this large market and further improve our sales effectiveness. We're well underway in the hiring program with the expectation that we will begin to see material top-line return on these investments in late 2019 and more fully in 2020."

An explanation of all non-GAAP financial measures referenced in this press release 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.

Recent Company Highlights:

Visit www.blackbaud.com/newsroom for more information about Blackbaud's recent highlights.

Dividend
Blackbaud announced today that its Board of Directors has declared a fourth quarter 2018 dividend of $0.12 per share payable on December 14, 2018 to stockholders of record on November 28, 2018.

Financial Outlook
Blackbaud today reaffirmed its 2018 full year financial guidance as revised on October 8, 2018:

  • Non-GAAP revenue of $844 million to $854 million
  • Non-GAAP operating margin of 19.3% to 19.6%
  • Non-GAAP diluted earnings per share of $2.46 to $2.52
  • Non-GAAP free cash flow of $143 million to $147 million

Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.

Reclassifications
Our revenue from "subscriptions" and "maintenance" and a portion of our "services and other" revenue have been combined within "recurring" revenue beginning in 2018. In order to provide comparability between periods presented, those amounts of revenue have been combined within "recurring" revenue in the previously reported consolidated statements of comprehensive income to conform to presentation of the current period. Similarly, "cost of subscriptions" and "cost of maintenance" and a portion of "cost of services and other" have been combined within "cost of recurring" in the previously reported consolidated statements of comprehensive income to conform to presentation of the current period. "Services and other" revenue has been renamed as "one-time services and other" and consists of revenue that did not meet the description of "recurring" revenue in the consolidated statements of comprehensive income. "Cost of services and other" has been renamed as "cost of one-time services and other" and consists of costs that did not meet the description of those related to "recurring" revenue in the consolidated statements of comprehensive income.

Adoption of New Revenue Accounting Standard
On January 1, 2018, we adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), using the full retrospective method of transition, which requires that the standard be applied to all periods presented. The impacts of adoption are reflected in the financial information herein. We have provided more detailed information regarding the impact of our adoption of ASU 2014-09 in a Form 8-K filed with the Securities and Exchange Commission on April 30, 2018. We have also made that information accessible via the Investor Relations section of our website.

Conference Call Details

What:

Blackbaud's 2018 Third Quarter Conference Call

When:

October 30, 2018

Time:

8:00 a.m. (Eastern Time)

Live Call:

800-289-0462 (US/Canada); passcode 013759.

Webcast:

Blackbaud's Investor Relations Webpage

About Blackbaud
Blackbaud (NASDAQ: BLKB) is the world's leading cloud software company powering social good. Serving the entire social good community—nonprofits, foundations, companies, education institutions, healthcare organizations and individual change agents—Blackbaud connects and empowers organizations to increase their impact through cloud software, services, expertise, and data intelligence. The Blackbaud portfolio is tailored to the unique needs of vertical markets, with solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility, school management, ticketing, grantmaking, financial management, payment processing, and analytics. Serving the industry for more than three decades, Blackbaud is headquartered in Charleston, South Carolina and has operations in the United States, Australia, Canada and the United Kingdom. For more information, visit www.blackbaud.com.

Investor Contact:
Mark Furlong
Director, Investor Relations
843.654.2097
mark.furlong@blackbaud.com

Media Contact:
Brian Kosoy
Director, External Affairs
843.654.3004
brian.kosoy@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 predictability of our financial results, expectations that our revenue will continue to grow, and expectations that we will achieve our projected 2018 full-year financial guidance. 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.

Trademarks
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 recurring 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 has acquired businesses whose net tangible assets include deferred revenue. In accordance with GAAP reporting requirements, Blackbaud 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 Blackbaud 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 its long-term benefit over multiple periods.

In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis and non-GAAP organic recurring revenue growth, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures 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 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, each of these measures excludes prior period revenue associated with divested businesses. 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 its current business' organic revenue growth and revenue run-rate.

Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment.

As previously disclosed, beginning in 2018, Blackbaud applies a non-GAAP effective tax rate of 20.0% when calculating non-GAAP net income and non-GAAP diluted earnings per share. The non-GAAP tax rate will be reviewed annually to determine whether it remains appropriate in consideration of Blackbaud's financial results including its periodic effective tax rate calculated in accordance with GAAP, its operating environment and related tax legislation in effect and other factors deemed necessary. All 2017 measures of non-GAAP net income and non-GAAP diluted earnings per share included in this news release are calculated under Blackbaud's historical non-GAAP effective tax rate of 32.0%.

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 these non-GAAP financial measures reflect Blackbaud's ongoing business in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. In addition, 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. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to differences in the exact method of calculation between companies. 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)


(dollars in thousands)

September 30,
 2018

December 31,
 2017

Assets



Current assets:



Cash and cash equivalents

$

25,352


$

29,830


Restricted cash due to customers

179,729


610,344


Accounts receivable, net of allowance of $4,518 and $5,141 at September 30,
2018 and December 31, 2017, respectively

95,858


95,679


Customer funds receivable

5,501


1,536


Prepaid expenses and other current assets

68,842


61,978


Total current assets

375,282


799,367


Property and equipment, net

42,901


42,243


Software development costs, net

68,289


54,098


Goodwill

547,338


530,249


Intangible assets, net

305,394


314,651


Other assets

65,512


57,238


Total assets

$

1,404,716


$

1,797,846


Liabilities and stockholders' equity



Current liabilities:



Trade accounts payable

$

25,453


$

24,693


Accrued expenses and other current liabilities

44,391


54,399


Due to customers

185,230


611,880


Debt, current portion

8,576


8,576


Deferred revenue, current portion

302,840


275,063


Total current liabilities

566,490


974,611


Debt, net of current portion

416,680


429,648


Deferred tax liability

47,405


48,023


Deferred revenue, net of current portion

3,429


3,643


Other liabilities

7,027


5,632


Total liabilities

1,041,031


1,461,557


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, 59,323,548
and 58,551,761 shares issued at September 30, 2018 and December 31,
2017, respectively

59


59


Additional paid-in capital

386,657


351,042


Treasury stock, at cost; 10,756,662 and 10,475,794 shares at September 30,
2018 and December 31, 2017, respectively

(266,597)


(239,199)


Accumulated other comprehensive income (loss)

602


(642)


Retained earnings

242,964


225,029


Total stockholders' equity

363,685


336,289


Total liabilities and stockholders' equity

$

1,404,716


$

1,797,846


 

 


Blackbaud, Inc.
Consolidated statements of comprehensive income
(Unaudited)


(dollars in thousands, except per share amounts)

Three months ended
 September 30,


Nine months ended
 September 30,

2018

2017


2018

2017

Revenue






Recurring

$

188,656


$

167,506



$

562,251


$

493,942


One-time services and other

20,876


26,918



65,137


77,143


Total revenue

209,532


194,424



627,388


571,085


Cost of revenue






Cost of recurring

76,535


66,747



221,964


196,800


Cost of one-time services and other

18,702


20,258



56,482


62,682


Total cost of revenue

95,237


87,005



278,446


259,482


Gross profit

114,295


107,419



348,942


311,603


Operating expenses






Sales, marketing and customer success

49,077


42,646



143,047


126,223


Research and development

24,218


22,071



75,473


67,647


General and administrative

24,894


23,545



78,392


67,350


Amortization

1,237


734



3,707


2,164


Restructuring

(914)




3,585



Total operating expenses

98,512


88,996



304,204


263,384


Income from operations

15,783


18,423



44,738


48,219


Interest expense

(4,140)


(3,092)



(11,960)


(8,685)


Other (expense) income, net

(147)


468



359


1,581


Income before provision for income taxes

11,496


15,799



33,137


41,115


Income tax provision (benefit)

332


2,975



(2,370)


4,120


Net income

$

11,164


$

12,824



$

35,507


$

36,995


Earnings per share






Basic

$

0.24


$

0.27



$

0.75


$

0.79


Diluted

$

0.23


$

0.27



$

0.74


$

0.78


Common shares and equivalents outstanding






Basic weighted average shares

47,279,591


46,711,709



47,174,903


46,627,213


Diluted weighted average shares

48,160,146


47,846,997



48,074,698


47,679,103


Dividends per share

$

0.12


$

0.12



$

0.36


$

0.36


Other comprehensive income (loss)






Foreign currency translation adjustment

1,047


(108)



(1,333)


(305)


Unrealized gain (loss) on derivative instruments, net of tax

566


(267)



2,410


(89)


Total other comprehensive income (loss)

1,613


(375)



1,077


(394)


Comprehensive income

$

12,777


$

12,449



$

36,584


$

36,601


 


 

Blackbaud, Inc.
Consolidated statements of cash flows
(Unaudited)



Nine months ended
 September 30,

(dollars in thousands)

2018

2017

Cash flows from operating activities



Net income

$

35,507


$

36,995


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



Depreciation and amortization

59,993


54,765


Provision for doubtful accounts and sales returns

4,760


7,246


Stock-based compensation expense

35,683


31,055


Deferred taxes

1,430


(568)


Amortization of deferred financing costs and discount

564


650


Other non-cash adjustments

(2,085)


572


Changes in operating assets and liabilities, net of acquisition and disposal of businesses:



Accounts receivable

(4,480)


(17,097)


Prepaid expenses and other assets

(12,372)


(2,524)


Trade accounts payable

(134)


(2,891)


Accrued expenses and other liabilities

(6,923)


(9,522)


Deferred revenue

25,888


24,704


Net cash provided by operating activities

137,831


123,385


Cash flows from investing activities



Purchase of property and equipment

(12,910)


(8,417)


Capitalized software development costs

(26,629)


(20,605)


Purchase of net assets of acquired companies, net of cash and restricted cash acquired

(45,315)


(49,729)


Purchase of derivative instruments


(516)


Proceeds from settlement of derivative instruments


1,030


Net cash used in investing activities

(84,854)


(78,237)


Cash flows from financing activities



Proceeds from issuance of debt

219,900


588,300


Payments on debt

(233,225)


(594,144)


Debt issuance costs


(3,085)


Employee taxes paid for withheld shares upon equity award settlement

(27,398)


(19,092)


Proceeds from exercise of stock options

11


14


Change in due to customers

(425,218)


(214,244)


Change in customer funds receivable

(4,371)



Dividend payments to stockholders

(17,484)


(17,299)


Net cash used in financing activities

(487,785)


(259,550)


Effect of exchange rate on cash, cash equivalents, and restricted cash

(285)


(126)


Net decrease in cash, cash equivalents, and restricted cash

(435,093)


(214,528)


Cash, cash equivalents, and restricted cash, beginning of period

640,174


370,673


Cash, cash equivalents, and restricted cash, end of period

$

205,081


$

156,145


The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown above in the consolidated statements of cash flows:

(dollars in thousands)

September 30,
 2018

December 31,
 2017

Cash and cash equivalents

$

25,352


$

29,830


Restricted cash due to customers

179,729


610,344


Total cash, cash equivalents and restricted cash in the statement of cash flows

$

205,081


$

640,174


 

Blackbaud, Inc.
Reconciliation of GAAP to non-GAAP financial measures
(Unaudited)


(dollars in thousands, except per share amounts)

Three months ended
 September 30,


Nine months ended
 September 30,

2018

2017


2018

2017

GAAP Revenue

$

209,532


$

194,424



$

627,388


$

571,085


Non-GAAP adjustments:






Add: Acquisition-related deferred revenue write-down

571


349



1,838


697


Non-GAAP revenue

$

210,103


$

194,773



$

629,226


$

571,782








GAAP gross profit

$

114,295


$

107,419



$

348,942


$

311,603


GAAP gross margin

54.5

%

55.2

%


55.6

%

54.6

%

Non-GAAP adjustments:






Add: Acquisition-related deferred revenue write-down

571


349



1,838


697


Add: Stock-based compensation expense

1,270


934



4,010


2,675


Add: Amortization of intangibles from business combinations

10,625


9,976



31,688


29,903


Add: Employee severance

279




866


973


Add: Acquisition-related integration costs




25


86


Subtotal

12,745


11,259



38,427


34,334


Non-GAAP gross profit

$

127,040


$

118,678



$

387,369


$

345,937


Non-GAAP gross margin

60.5

%

60.9

%


61.6

%

60.5

%







GAAP income from operations

$

15,783


$

18,423



$

44,738


$

48,219


GAAP operating margin

7.5

%

9.5

%


7.1

%

8.4

%

Non-GAAP adjustments:






Add: Acquisition-related deferred revenue write-down

571


349



1,838


697


Add: Stock-based compensation expense

10,730


10,926



35,683


31,055


Add: Amortization of intangibles from business combinations

11,862


10,710



35,395


32,067


Add: Employee severance

682


128



1,713


2,994


Add: Acquisition-related integration costs

756


383



3,383


613


Add: Acquisition-related expenses

269


1,519



1,874


3,851


Add: Restructuring costs

(914)




3,585



Subtotal

23,956


24,015



83,471


71,277


Non-GAAP income from operations

$

39,739


$

42,438



$

128,209


$

119,496


Non-GAAP operating margin

18.9

%

21.8

%


20.4

%

20.9

%







GAAP income before provision for income taxes

$

11,496


$

15,799



$

33,137


$

41,115


GAAP net income

$

11,164


$

12,824



$

35,507


$

36,995








Shares used in computing GAAP diluted earnings per share

48,160,146


47,846,997



48,074,698


47,679,103


GAAP diluted earnings per share

$

0.23


$

0.27



$

0.74


$

0.78








Non-GAAP adjustments:






Add: GAAP income tax provision (benefit)

332


2,975



(2,370)


4,120


Add: Total non-GAAP adjustments affecting income from operations

23,956


24,015



83,471


71,277


Add (less): Loss (gain) on derivative instrument


3




(472)


Add: Loss on debt extinguishment


137




299


Non-GAAP income before provision for income taxes

35,452


39,954



116,608


112,219


Assumed non-GAAP income tax provision(1)

7,090


12,785



$

23,322


$

35,910


Non-GAAP net income

$

28,362


$

27,169



$

93,286


$

76,309








Shares used in computing non-GAAP diluted earnings per share

48,160,146


47,846,997



48,074,698


47,679,103


Non-GAAP diluted earnings per share

$

0.59


$

0.57



$

1.94


$

1.60




(1)

Beginning in 2018, Blackbaud applies a non-GAAP effective tax rate of 20.0% when calculating non-GAAP net income and non-GAAP diluted earnings per share. The 2017 measures of non-GAAP net income and non-GAAP diluted earnings per share are calculated under Blackbaud's historical non-GAAP effective tax rate of 32.0%.

 


Blackbaud, Inc.
Reconciliation of GAAP to Non-GAAP financial measures (continued)
(Unaudited)


(dollars in thousands)

Three months ended
 September 30,



Nine months ended
 September 30,


2018


2017



2018


2017


GAAP revenue

$

209,532


$

194,424



$

627,388


$

571,085


GAAP revenue growth

7.8

%



9.9

%


(Less) Add: Non-GAAP acquisition-related revenue (1)

(2,373)


10,228



(2,794)


31,033


Total Non-GAAP adjustments

(2,373)


10,228



(2,794)


31,033


Non-GAAP revenue (2)

$

207,159


$

204,652



$

624,594


$

602,118


Non-GAAP organic revenue growth

1.2

%



3.7

%








Non-GAAP revenue (2)

$

207,159


$

204,652



$

624,594


$

602,118


Foreign currency impact on non-GAAP revenue (3)

524




(3,459)



Non-GAAP revenue on constant currency basis (3)

$

207,683


$

204,652



$

621,135


$

602,118


Non-GAAP organic revenue growth on constant currency basis

1.5

%



3.2

%








GAAP recurring revenue

$

188,656


$

167,506



$

562,251


$

493,942


GAAP recurring revenue growth

12.6

%



13.8

%


(Less) Add: Non-GAAP acquisition-related revenue (1)

(2,319)


10,182



(2,666)


30,749


Total Non-GAAP adjustments

(2,319)


10,182



(2,666)


30,749


Non-GAAP recurring revenue

$

186,337


$

177,688



$

559,585


$

524,691


Non-GAAP organic recurring revenue growth

4.9

%



6.7

%




(1)

Non-GAAP acquisition-related revenue excludes incremental acquisition-related revenue calculated in accordance with GAAP that is attributable to companies acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, non-GAAP acquisition-related revenue 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 non-GAAP revenue from the acquisition-related deferred revenue write-down attributable to those companies.

(2)

Non-GAAP revenue for the prior year periods presented herein may not agree to non-GAAP revenue presented in the respective prior period quarterly financial information solely due to the manner in which non-GAAP organic revenue growth is calculated.

(3)

To determine non-GAAP organic revenue growth on a constant currency basis, revenues from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable prior period's quarterly weighted average foreign currency exchange rates. The primary foreign currencies creating the impact are the Canadian Dollar, EURO, British Pound and Australian Dollar.

 


(dollars in thousands)

Nine months ended
 September 30,

2018


2017

GAAP net cash provided by operating activities

$

137,831


$

123,385

Less: purchase of property and equipment

(12,910)


(8,417)

Less: capitalized software development costs

(26,629)


(20,605)

Non-GAAP free cash flow

$

98,292


$

94,363

 

Power your passion

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/blackbaud-announces-2018-third-quarter-results-300739682.html

SOURCE Blackbaud