BLACKBAUD INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 21, 2024
BLKB$54.92+0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years ended December 31, | |||
|---|---|---|---|
| (dollars in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net income (loss) | $1,820 | $(45,407) | $5,698 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 109,487 | 102,369 | 82,410 |
| Provision for credit losses and sales returns | 4,500 | 6,066 | 11,450 |
| Stock-based compensation expense | 127,762 | 110,294 | 120,379 |
| Deferred taxes | (24,368) | (26,644) | (2,429) |
| Amortization of deferred financing costs and discount | 1,775 | 2,364 | 1,570 |
| Other non-cash adjustments | 5,023 | 5,676 | 10,490 |
| Changes in operating assets and liabilities, net of acquisition and disposal of businesses: | |||
| Accounts receivable | (3,237) | (7,340) | (6,525) |
| Prepaid expenses and other assets | 16,851 | 26,235 | (2,048) |
| Trade accounts payable | (18,576) | 21,607 | (9,670) |
| Accrued expenses and other liabilities | (30,275) | (2,386) | (8,190) |
| Deferred revenue | 8,872 | 11,059 | 10,526 |
| Net cash provided by operating activities | 199,634 | 203,893 | 213,661 |
| Cash flows from investing activities | |||
| Purchase of property and equipment | (4,685) | (12,289) | (11,664) |
| Capitalized software and content development costs | (59,443) | (58,774) | (40,489) |
| Purchase of net assets of acquired companies, net of cash and restricted cash acquired | (13) | (20,912) | (419,120) |
| Cash received in sale of business | — | 6,426 | — |
| Other investing activities | (250) | — | — |
| Net cash used in investing activities | (64,391) | (85,549) | (471,273) |
| Cash flows from financing activities | |||
| Proceeds from issuance of debt | 293,200 | 211,000 | 582,200 |
| Payments on debt | (374,595) | (310,740) | (152,971) |
| Debt issuance costs | — | — | (3,106) |
| Stock issuance costs | — | (1,339) | — |
| Employee taxes paid for withheld shares upon equity award settlement | (35,867) | (36,376) | (39,404) |
| Change in due to customers | (6,812) | 111,386 | (13,464) |
| Change in customer funds receivable | (60) | 380 | (731) |
| Purchase of treasury stock | (18,831) | — | (108,416) |
| Net cash (used in) provided by financing activities | (142,965) | (25,689) | 264,108 |
| Effect of exchange rate on cash, cash equivalents and restricted cash | 2,048 | (10,486) | 297 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (5,674) | 82,169 | 6,793 |
| Cash, cash equivalents and restricted cash, beginning of year | 733,931 | 651,762 | 644,969 |
| Cash, cash equivalents and restricted cash, end of year | $728,257 | $733,931 | $651,762 |
| Supplemental disclosure of cash flow information | |||
| Cash paid for interest | $(38,052) | $(33,371) | $(16,386) |
| Cash (paid) for taxes, net of refunds | (35,619) | (9,670) | (10,073) |
| Non-cash investing and financing activities: | |||
| Purchase of EVERFI through the issuance of stock (see Note 3) | — | — | (303,633) |
| Purchase of software and services by assuming directly related liabilities | (2,491) | (1,710) | — |
| Purchase of equipment and other assets included in accounts payable | (837) | (158) | (1,747) |
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the 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) | December 31,2023 | December 31,2022 |
|---|---|---|
| Cash and cash equivalents | $31,251 | $31,691 |
| Restricted cash | 697,006 | 702,240 |
| Total cash, cash equivalents and restricted cash in the statement of cash flows | $728,257 | $733,931 |
| The accompanying notes are an integral part of these consolidated financial statements. | ||
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