Blackbaud, Inc. BLKB Cash Flow

Blackbaud, inc. (BLKB)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities
Net income (loss)
17,669	11,908	19,918	26,516	25,968	44,841	72,145	73,805	78,242	73,633	58,168	54,278	52,309	45,404	30,642	29,619	27,601	25,649	24,054	26,523	28,761	28,290	35,264	34,277	31,620	30,472	21,952	15,384	6,490	6,583	9,664	17,053	28,686	33,220	34,795	33,100	30,528	29,187	0	0	0
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization
85,773	85,693	83,571	82,832	81,470	79,566	79,176	77,314	75,677	73,948	72,147	71,423	70,973	70,491	67,766	64,274	59,928	55,997	54,171	51,495	48,421	45,417	43,665	42,782	43,228	43,164	42,893	41,594	38,035	32,241	26,052	21,048	17,763	16,995	16,610	16,515	16,418	16,189	0	0	0
Provision for doubtful accounts and sales returns
9,181	8,725	8,322	7,839	7,148	6,890	9,200	9,914	10,722	11,686	7,837	6,935	5,451	3,730	5,391	6,155	6,484	6,825	5,984	5,216	5,532	5,248	8,168	7,123	5,807	5,403	6,451	8,326	9,144	9,591	6,150	5,791	5,639	5,646	4,521	4,437	3,440	2,773	0	0	0
Stock-based compensation expense
58,487	58,633	56,212	52,076	50,908	48,274	45,259	45,455	42,429	40,631	38,688	36,580	34,189	32,638	32,352	30,020	27,887	25,246	22,752	20,714	18,733	17,345	16,434	15,059	15,446	16,910	17,753	19,511	20,582	19,240	18,426	17,183	14,924	14,884	14,732	14,324	13,703	13,059	0	0	0
Excess tax benefits from exercise and vesting of stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	3,762	2,067	603	0	0	-259	-229	81	481	1,046	1,049	932	2,036	1,851	1,844	2,665	0	0	0
Deferred taxes
-1,491	-3,600	-2,124	-1,275	-2,676	-619	-15,816	-15,169	-17,504	-17,814	5,072	4,178	5,381	5,415	5,214	3,679	4,677	3,165	690	492	1,548	3,050	4,767	10,697	14,677	13,873	14,107	12,054	6,430	7,585	9,692	10,809	13,424	13,533	14,344	12,764	11,594	11,313	0	0	0
Loss on debt extinguishment and termination of derivative instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-996	-996	-996	-996	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred financing costs and discount
752	752	752	752	752	752	752	746	787	838	890	948	958	958	957	957	928	899	870	811	782	734	417	650	622	613	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	549	0	0	0	-	-	-	-
Other non-cash adjustments
-3,188	-4,906	-2,220	-489	-105	1,912	2,153	-625	-550	-504	-342	975	890	864	672	915	938	197	668	36	-1,519	-1,163	-2,723	-2,658	-1,431	-1,261	527	379	-260	293	442	797	1,585	1,042	292	230	194	22	0	0	0
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
Accounts receivable
8,648	6,569	-271	4,813	4,719	-2,166	3,204	9,104	6,706	15,821	20,816	27,719	17,851	13,007	10,503	24,335	7,331	7,593	10,867	4,009	7,871	5,750	1,303	-31	-433	-3,161	-5,771	5,228	2,307	9,397	14,839	14,247	19,526	8,692	11,047	10,818	4,326	12,778	0	0	0
Prepaid expenses and other assets
-13,187	-6,383	-2,026	-687	7,272	5,217	19,398	24,917	16,407	9,550	10,085	5,746	13,536	8,495	11,589	14,888	12,766	10,979	8,533	13,507	5,140	8,464	7,370	2,401	3,130	-2,977	-6,884	-6,770	647	8,817	7,532	13,785	11,558	2,915	10,322	7,825	6,494	10,109	0	0	0
Trade accounts payable
12,503	12,900	9,547	3,376	7,518	9,487	3,781	11,302	636	1,024	531	-9,119	2,283	3,689	3,116	9,755	6,383	6,133	1,397	5,620	-3,848	-948	2,187	3,035	3,325	-218	-1,516	-6,592	-3,856	-1,363	-500	1,002	5,130	1,714	1,900	172	-1,510	228	0	0	0
Accrued expenses and other liabilities
-29,722	-9,718	-8,696	-4,366	375	-2,027	-2,374	-3,181	-3,529	-4,973	2,564	3,495	4,129	-751	2,717	6,424	7,607	9,255	1,965	-3,135	-3,444	11,166	4,490	-2,905	-11,139	-17,055	-15,413	-5,427	-5,209	-388	-5,473	-3,616	758	-1,056	-649	-2,863	-4,959	-4,248	0	0	0
Restricted cash due to customers
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-24,636	-	14,478	17,401	15,050	33,510	9,368	18,697	18,709	39,801	15,637	8,353	4,763	27,990	991	6,534	5,028	22,862	5,024	3,835	5,066	3,446	0	0	0
Due to customers
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-24,636	-	14,478	17,401	15,050	33,510	9,368	18,697	18,709	39,801	15,637	8,353	4,763	27,990	991	6,534	5,028	22,862	5,024	3,835	5,066	3,446	0	0	0
Deferred revenue
7,106	12,464	13,659	15,967	20,044	19,184	23,368	21,343	10,382	22,184	21,531	25,148	16,239	14,420	14,232	18,478	8,494	12,612	22,497	25,215	21,213	17,011	7,315	4,171	4,855	6,683	7,239	7,958	7,464	12,912	13,692	16,565	17,431	12,757	13,573	12,258	10,104	13,121	0	0	0
Net cash used in operating activities
167,985	182,477	185,678	180,080	179,621	201,385	190,736	188,133	175,279	176,290	176,869	159,426	159,635	153,628	139,862	130,416	131,753	129,227	120,901	119,344	107,851	116,884	114,766	114,876	107,568	107,244	106,992	95,214	77,646	68,691	56,573	58,124	72,001	85,527	75,808	69,714	66,231	56,048	0	0	0
Cash flows from investing activities
Purchase of property and equipment
13,207	11,492	11,406	11,519	10,100	14,719	14,701	14,117	13,260	10,208	10,652	10,791	12,576	17,694	19,532	24,188	23,949	18,633	20,154	15,502	10,313	13,911	14,996	15,441	19,913	20,086	18,537	19,057	20,552	20,557	20,645	22,080	23,439	18,215	13,160	11,702	6,764	10,760	0	0	0
Capitalized software development costs
46,492	46,874	45,513	44,476	41,845	37,629	34,369	31,090	28,865	28,345	27,886	27,805	27,144	26,359	23,691	20,667	18,150	15,481	13,116	11,686	10,512	8,535	0	0	0	-	-	-	2,009	1,245	0	0	0	-	-	-	-	-	-	-	-
Purchase of net assets of acquired companies, net of cash and restricted cash acquired
-33	109,353	108,981	109,014	149,293	44,943	142,375	142,375	151,884	146,789	49,729	53,636	3,318	3,377	0	0	0	-	-	-	-	188,918	33,275	32,762	136	876	876	1,468	281,563	280,687	287,597	287,005	6,910	23,385	0	0	0	-	-	-	-
Payments to Acquire Intangible Assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	130	0	0	0
Proceeds from sale of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	874	0	0	0	-	-	-	-
Net cash used in investing activities
-59,166	-167,219	-165,900	-165,009	-201,738	-97,791	-191,497	-186,604	-193,547	-184,880	-87,753	-92,748	-43,038	-47,430	-152,800	-151,045	-149,340	-141,355	-189,954	-183,865	-209,607	-211,364	-55,384	-53,588	-23,634	-24,159	-22,457	-23,178	-304,124	-302,489	-308,814	-309,671	-31,087	-41,738	-34,892	-33,083	-30,148	-18,399	0	0	0
Cash flows from financing activities
Proceeds from issuance of debt
297,200	424,000	422,200	426,500	460,700	270,900	406,100	372,300	788,600	774,500	636,500	682,000	220,200	227,200	407,700	363,100	345,100	312,300	247,700	234,200	210,900	365,100	240,908	276,108	282,308	103,008	63,100	30,900	331,700	315,000	0	0	0	-	-	-	-	-	-	-	-
Payments on debt
355,400	344,500	344,876	345,476	344,776	322,476	318,200	282,100	678,200	679,119	675,138	696,656	286,875	293,575	274,475	217,175	208,275	184,475	177,075	148,975	98,375	235,589	241,795	297,702	318,308	165,600	134,400	95,000	120,700	99,500	0	0	0	-	-	-	-	5,175	0	0	0
Payments of Financing Costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,003	2,484	2,484	2,484	0	0	0	0	2,440	0	0	0	-	-	-	-	-	-	-	-
Employee taxes paid for withheld shares upon equity award settlement
25,163	23,781	20,566	22,261	23,574	27,685	32,268	32,502	31,645	23,962	23,971	23,983	24,688	15,376	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options
5	7	7	6	5	11	12	12	13	15	20	25	24	16	19	19	24	32	29	99	174	188	232	271	343	385	376	383	254	3,146	3,173	3,100	4,684	2,041	5,343	7,010	5,727	8,065	0	0	0
Change in due to customers
9,583	77,793	20,774	12,879	3,253	-188,502	15,743	3,109	-11,924	226,717	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in customer funds receivable
4,141	1,301	-2,756	-194	366	-844	2,273	2,253	1,861	6,644	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from exercise and vesting of stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	3,762	2,067	603	0	0	-259	-229	81	481	1,046	1,049	932	2,036	1,851	1,844	2,665	0	0	0
Dividend payments to stockholders
23,666	23,607	23,533	23,461	23,388	23,312	23,254	23,192	23,129	23,069	23,002	22,943	22,876	22,811	22,733	22,651	22,582	22,508	22,359	22,281	22,196	22,107	22,254	22,203	22,139	22,081	21,941	21,860	21,801	21,731	21,642	21,573	21,502	21,429	20,916	20,337	19,916	19,490	0	0	0
Payments on capital lease obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40	64	77	97	164	0	0	0
Net cash used in financing activities
-93,300	111,213	51,250	47,993	72,586	-291,908	50,406	39,880	42,491	278,641	-206,920	-54,223	-214,214	-8,546	127,600	138,731	132,596	129,778	33,705	54,259	82,813	97,437	-21,631	-43,943	-59,677	-84,288	-92,865	-85,836	189,224	194,556	224,567	239,718	-19,002	-19,263	-14,675	-17,495	-36,043	-32,712	0	0	0
Effect of exchange rate on cash, cash equivalents and restricted cash
-2,880	978	-3,969	-934	-1,691	-2,014	-709	-1,960	137	-550	2,450	2,453	1,941	2,622	-1,427	-1,738	-1,883	-2,695	-1,057	-1,358	-321	-111	-470	202	-156	-399	-573	-92	-264	213	1,227	-406	-100	-10	-465	1,027	834	298	0	0	0
Net decrease in cash, cash equivalents and restricted cash
12,639	127,449	67,059	62,130	48,778	-190,328	48,936	39,449	24,360	269,501	-115,354	14,908	-95,676	100,274	113,235	116,364	113,126	114,955	-36,405	-11,620	-19,264	2,846	37,281	17,547	24,101	-1,602	-8,903	-13,892	-37,518	-39,029	-26,447	-12,235	21,812	24,516	25,776	20,163	874	5,235	0	0	0
Supplemental disclosure of cash flow information