Blackbaud, inc. (BLKB)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Cash flows from operating activities
Net income (loss)

4,639

1,324

4,566

7,140

-1,122

9,334

11,164

6,592

17,751

36,638

12,824

11,029

13,142

21,173

8,934

9,060

6,237

6,411

7,911

7,042

4,285

4,816

10,380

9,280

3,814

11,790

9,393

6,623

2,666

3,270

2,825

-2,271

2,759

6,351

10,214

9,362

7,293

7,926

8,519

6,790

5,952

Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization

21,804

21,695

20,885

21,389

21,724

19,573

20,146

20,027

19,820

19,183

18,284

18,390

18,091

17,382

17,560

17,940

17,609

14,657

14,068

13,594

13,678

12,831

11,392

10,520

10,674

11,079

10,509

10,966

10,610

10,808

9,210

7,407

4,816

4,619

4,206

4,122

4,048

4,234

4,111

4,025

3,819

Provision for doubtful accounts and sales returns

2,488

2,533

1,546

2,614

2,032

2,130

1,063

1,923

1,774

4,440

1,777

2,731

2,738

591

875

1,247

1,017

2,252

1,639

1,576

1,358

1,411

871

1,892

1,074

4,331

-174

576

670

5,379

1,701

1,394

1,117

1,938

1,342

1,242

1,124

813

1,258

245

457

Stock-based compensation expense

13,580

15,012

14,866

15,029

13,726

12,591

10,730

13,861

11,092

9,576

10,926

10,835

9,294

7,633

8,818

8,444

7,743

7,347

6,486

6,311

5,102

4,853

4,448

4,330

3,714

3,942

3,073

4,717

5,178

4,785

4,831

5,788

3,836

3,971

3,588

3,529

3,796

3,819

3,180

2,908

3,152

Excess tax benefits from exercise and vesting of stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

370

584

-

1,695

1,464

603

0

0

0

0

0

-259

30

310

400

306

33

193

1,504

121

26

1,014

Deferred taxes

954

-3,525

-540

1,620

-1,155

-2,049

309

219

902

-17,246

956

-2,116

592

5,640

62

-913

626

5,439

-1,473

85

-886

2,964

-1,671

1,141

616

4,681

4,259

5,121

-188

4,915

2,206

-503

967

7,022

3,323

2,112

1,076

7,833

1,743

942

795

Loss on debt extinguishment and termination of derivative instruments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-996

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred financing costs and discount

188

188

188

188

188

188

188

188

188

188

182

229

239

240

240

239

239

239

240

210

210

210

181

181

162

-107

414

153

153

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

549

-

-

-

-

Other non-cash adjustments

-102

-2,859

-65

-162

-1,820

-173

1,666

222

197

68

-1,112

297

243

230

205

212

217

38

448

235

-524

509

-184

-1,320

-168

-1,051

-119

-93

2

737

-267

-732

555

886

88

56

12

136

26

20

-160

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

3,876

194

-38,696

43,274

1,797

-6,646

-33,612

43,180

-5,088

-1,276

-27,712

40,782

4,027

3,719

-20,809

30,914

-817

1,215

-6,977

13,910

-555

4,489

-13,835

17,772

-2,676

42

-15,169

17,370

-5,404

-2,568

-4,170

14,449

1,686

2,874

-4,762

19,728

-9,148

5,229

-4,991

13,236

-696

Prepaid expenses and other assets

5,303

-11,512

-7,596

618

12,107

-7,155

-6,257

8,577

10,052

7,026

-738

67

3,195

7,561

-5,077

7,857

-1,846

10,655

-1,778

5,735

-3,633

8,209

3,196

-2,632

-309

7,115

-1,773

-1,903

-6,416

3,208

-1,659

5,514

1,754

1,923

4,594

3,287

-6,889

9,330

2,097

1,956

-3,274

Trade accounts payable

-4,021

12,974

-290

3,840

-3,624

9,621

-6,461

7,982

-1,655

3,915

1,060

-2,684

-1,267

3,422

-8,590

8,718

139

2,849

-1,951

5,346

-111

-1,887

2,272

-4,122

2,789

1,248

3,120

-3,832

-754

-50

-1,956

-1,096

1,739

813

-454

3,032

-1,677

999

-2,182

1,350

61

Accrued expenses and other liabilities

-31,694

3,874

-4,578

2,676

-11,690

4,896

-248

7,417

-14,092

4,549

-1,055

7,069

-15,536

12,086

-124

7,703

-20,416

15,554

3,583

8,886

-18,768

8,264

-1,517

8,577

-4,158

1,588

-8,912

343

-10,074

3,230

1,074

561

-5,253

-1,855

2,931

4,935

-7,067

-1,448

717

2,839

-6,356

Restricted cash due to customers

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-57,253

79,017

-141,055

-

2,627

3,422

-82,140

90,569

5,550

1,071

-63,680

66,427

14,879

1,083

-42,588

42,263

7,595

-2,507

-19,361

15,264

13,138

-4,013

-1,527

-2,574

11,949

-2,782

-3,147

Due to customers

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-57,253

79,017

-141,055

-

2,627

3,422

-82,140

90,569

5,550

1,071

-63,680

66,427

14,879

1,083

-42,588

42,263

7,595

-2,507

-19,361

15,264

13,138

-4,013

-1,527

-2,574

11,949

-2,782

-3,147

Deferred revenue

-23,364

-7,899

-5,965

44,334

-18,006

-6,704

-3,657

48,411

-18,866

-2,520

-5,682

37,450

-7,064

-3,173

-2,065

28,541

-8,883

-3,361

2,181

18,557

-4,765

6,524

4,899

14,555

-8,967

-3,172

1,755

15,239

-7,139

-2,616

2,474

14,745

-1,691

-1,836

5,347

15,611

-6,365

-1,020

4,032

13,457

-3,348

Net cash used in operating activities

-24,503

60,353

77,035

55,100

-10,011

63,554

71,437

54,641

11,753

52,905

68,834

41,787

12,764

53,484

51,391

41,996

6,757

39,718

41,945

43,333

4,231

31,392

40,388

31,840

13,264

29,274

40,498

24,532

12,940

29,022

28,720

6,964

3,985

16,904

30,271

20,841

17,511

7,185

24,177

17,358

7,328

Cash flows from investing activities
Purchase of property and equipment

2,867

1,895

3,222

5,223

1,152

1,809

3,335

3,804

5,771

1,791

2,751

2,947

2,719

2,235

2,890

4,732

7,837

4,073

7,546

4,493

2,521

5,594

2,894

-696

6,119

6,679

3,339

3,776

6,292

5,130

3,859

5,271

6,297

5,218

5,294

6,630

1,073

163

3,836

1,692

5,069

Capitalized software development costs

10,937

12,361

11,307

11,887

11,319

11,000

10,270

9,256

7,103

7,740

6,991

7,031

6,583

7,281

6,910

6,370

5,798

4,613

3,886

3,853

3,129

2,248

2,456

2,679

1,152

-

-

-

764

673

337

235

0

-

-

-

-

-

-

-

-

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

0

0

-33

0

109,386

-372

0

40,279

5,036

97,060

0

49,788

-59

0

3,907

-530

0

-

-

-

-

155,643

513

32,626

136

0

0

0

876

0

592

280,095

0

6,910

0

0

16,475

-

-

-

-

Payments to Acquire Intangible Assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

130

Proceeds from sale of assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

155

119

600

-

-

-

-

Net cash used in investing activities

-13,804

-14,256

-14,496

-16,610

-121,857

-12,937

-13,605

-53,339

-17,910

-106,643

-8,712

-60,282

-9,243

-9,516

-13,707

-10,572

-13,635

-114,886

-11,952

-8,867

-5,650

-163,485

-5,863

-34,609

-7,407

-7,505

-4,067

-4,655

-7,932

-5,803

-4,788

-285,601

-6,297

-12,128

-5,645

-7,017

-16,948

-5,282

-3,836

-4,082

-5,199

Cash flows from financing activities
Proceeds from issuance of debt

144,700

52,800

42,100

57,600

271,500

51,000

46,400

91,800

81,700

186,200

12,600

508,100

67,600

48,200

58,100

46,300

74,600

228,700

13,500

28,300

41,800

164,100

0

5,000

196,000

39,908

35,200

11,200

16,700

0

3,000

312,000

0

-

-

-

-

-

-

-

-

Payments on debt

86,075

88,875

100,475

79,975

75,175

89,251

101,075

79,275

52,875

84,975

64,975

475,375

53,794

80,994

86,493

65,594

60,494

61,894

29,193

56,694

36,694

54,494

1,093

6,094

173,908

60,700

57,000

26,700

21,200

29,500

17,600

52,400

0

-

-

-

-

307

3,797

884

187

Payments of Financing Costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

519

0

0

2,484

0

0

0

0

0

0

0

2,440

-

-

-

-

-

-

-

-

Employee taxes paid for withheld shares upon equity award settlement

19,782

3,502

519

1,360

18,400

287

2,214

2,673

22,511

4,870

2,448

1,816

14,828

4,879

2,460

2,521

5,516

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

1

0

1

3

3

0

0

2

9

1

0

3

11

6

5

2

3

9

5

7

11

6

75

82

25

50

114

154

67

41

121

25

2,959

68

48

1,609

316

3,370

1,715

326

2,654

Change in due to customers

-311,095

293,735

-108,134

135,077

-242,885

236,716

-116,029

125,451

-434,640

440,961

-128,663

110,418

-195,999

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in customer funds receivable

-733

7,584

-2,542

-168

-3,573

3,527

20

392

-4,783

6,644

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from exercise and vesting of stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

370

584

-

1,695

1,464

603

0

0

0

0

0

-259

30

310

400

306

33

193

1,504

121

26

1,014

Dividend payments to stockholders

5,960

5,902

5,903

5,901

5,901

5,828

5,831

5,828

5,825

5,770

5,769

5,765

5,765

5,703

5,710

5,698

5,700

5,625

5,628

5,629

5,626

5,476

5,550

5,544

5,537

5,623

5,499

5,480

5,479

5,483

5,418

5,421

5,409

5,394

5,349

5,350

5,336

4,881

4,770

4,929

4,910

Payments on capital lease obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5

10

11

14

29

23

31

81

Net cash used in financing activities

-278,944

255,840

-175,472

105,276

-74,431

195,877

-178,729

129,869

-438,925

538,191

-189,255

132,480

-202,775

52,630

-36,558

-27,511

2,893

188,776

-25,427

-33,646

75

92,703

-4,873

-5,092

14,699

-26,365

-27,185

-20,826

-9,912

-34,942

-20,156

254,234

-4,580

-4,931

-5,005

-4,486

-4,841

-343

-7,825

-23,034

-1,510

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

-2,822

3,218

-1,714

-1,562

1,036

-1,729

1,321

-2,319

713

-424

70

-222

26

2,576

73

-734

707

-1,473

-238

-879

-105

165

-539

158

105

-194

133

-200

-138

-368

614

-372

339

646

-1,019

-66

429

191

473

-259

-107

Net decrease in cash, cash equivalents and restricted cash

-320,073

305,155

-114,647

142,204

-205,263

244,765

-119,576

128,852

-444,369

484,029

-129,063

113,763

-199,228

99,174

1,199

3,179

-3,278

112,135

4,328

-59

-1,449

-39,225

29,113

-7,703

20,661

-4,790

9,379

-1,149

-5,042

-12,091

4,390

-24,775

-6,553

491

18,602

9,272

-3,849

1,751

12,989

-10,017

512

Supplemental disclosure of cash flow information