BLACKBAUD INC
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
| Blackbaud, Inc.Condensed Consolidated Statements of Cash Flows(Unaudited) | ||
|---|---|---|
| Nine months endedSeptember 30, | ||
| (dollars in thousands) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income (loss) | $47,592 | $(3,579) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 91,618 | 81,627 |
| Provision for credit losses and sales returns | 1,721 | 4,815 |
| Stock-based compensation expense | 76,430 | 95,668 |
| Deferred taxes | (21,776) | (31,163) |
| Amortization of deferred financing costs and discount | 1,786 | 1,388 |
| Loss on disposition of business | 1,561 | — |
| Other non-cash adjustments | 2,462 | 5,106 |
| Changes in operating assets and liabilities, net of acquisition and disposal of businesses: | ||
| Accounts receivable | 918 | (4,757) |
| Prepaid expenses and other assets | (873) | 14,488 |
| Trade accounts payable | 18,322 | (3,362) |
| Accrued expenses and other liabilities | (16,373) | 9,073 |
| Deferred revenue | 18,998 | 33,679 |
| Net cash provided by operating activities | 222,386 | 202,983 |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (7,235) | (4,243) |
| Capitalized software and content development costs | (42,882) | (44,664) |
| Purchase of net assets of acquired companies, net of cash and restricted cash acquired | — | (13) |
| Net cash used in disposition of business | (1,179) | — |
| Other investing activities | (5,029) | (250) |
| Net cash used in investing activities | (56,325) | (49,170) |
| Cash flows from financing activities | ||
| Proceeds from issuance of debt | 1,303,400 | 175,800 |
| Payments on debt | (1,080,192) | (293,957) |
| Debt issuance costs | (6,458) | — |
| Employee taxes paid for withheld shares upon equity award settlement | (55,950) | (35,568) |
| Change in due to customers | (263,732) | (339,735) |
| Change in customer funds receivable | (6,777) | (3,286) |
| Purchase of treasury stock | (325,408) | — |
| Net cash used in financing activities | (435,117) | (496,746) |
| Effect of exchange rate on cash, cash equivalents and restricted cash | 3,527 | (311) |
| Net decrease in cash, cash equivalents and restricted cash | (265,529) | (343,244) |
| Cash, cash equivalents and restricted cash, beginning of period | 728,257 | 733,931 |
| Cash, cash equivalents and restricted cash, end of period | $462,728 | $390,687 |
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 condensed consolidated statements of cash flows:
| (dollars in thousands) | September 30,2024 | December 31,2023 |
|---|---|---|
| Cash and cash equivalents | $34,633 | $31,251 |
| Restricted cash | 428,095 | 697,006 |
| Total cash, cash equivalents and restricted cash in the statement of cash flows | $462,728 | $728,257 |
| The accompanying notes are an integral part of these condensed consolidated financial statements. | ||
| Third Quarter 2024 Form 10-Q | 5 |
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