BLACKBAUD INC

For the period ended Dec 31, 2024. Filed Feb 21, 2025.

About this filing

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.

FY2024 · Filed Feb 21, 2025

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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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

	Years ended December 31,
(dollars in thousands)	2024	2023	2022
Cash flows from operating activities
Net (loss) income	$(283,172)	$1,820	$(45,407)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	121,665	109,487	102,369
Provision for credit losses and sales returns	4,932	4,500	6,066
Stock-based compensation expense	104,968	127,762	110,294
Deferred taxes	(85,011)	(24,368)	(26,644)
Amortization of deferred financing costs and discount	2,538	1,775	2,364
Loss on disposition of businesses	16,847	—	—
EVERFI impairment charges	390,204	—	—
Other non-cash adjustments	2,462	5,023	5,676
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
Accounts receivable	4,729	(3,237)	(7,340)
Prepaid expenses and other assets	3,339	16,851	26,235
Trade accounts payable	28,336	(18,576)	21,607
Accrued expenses and other liabilities	(13,328)	(30,275)	(2,386)
Deferred revenue	(2,541)	8,872	11,059
Net cash provided by operating activities	295,968	199,634	203,893
Cash flows from investing activities
Purchase of property and equipment	(7,443)	(4,685)	(12,289)
Capitalized software and content development costs	(59,757)	(59,443)	(58,774)
Purchase of net assets of acquired companies, net of cash and restricted cash acquired	—	(13)	(20,912)
Cash (used) received in disposition of business	(1,179)	—	6,426
Other investing activities	(5,029)	(250)	—
Net cash used in investing activities	(73,408)	(64,391)	(85,549)
Cash flows from financing activities
Proceeds from issuance of debt	1,441,400	293,200	211,000
Payments on debt	(1,144,709)	(374,595)	(310,740)
Debt issuance costs	(6,458)	—	—
Stock issuance costs	—	—	(1,339)
Employee taxes paid for withheld shares upon equity award settlement	(56,828)	(35,867)	(36,376)
Change in due to customers	46,957	(6,812)	111,386
Change in customer funds receivable	(1,679)	(60)	380
Purchase of treasury stock	(418,034)	(18,831)	—
Net cash used in financing activities	(139,351)	(142,965)	(25,689)
Effect of exchange rate on cash, cash equivalents and restricted cash	(1,954)	2,048	(10,486)
Net increase (decrease) in cash, cash equivalents and restricted cash	81,255	(5,674)	82,169
Cash, cash equivalents and restricted cash, beginning of year	728,257	733,931	651,762
Cash, cash equivalents and restricted cash, end of year	$809,512	$728,257	$733,931
Supplemental disclosure of cash flow information
Cash paid for interest	$(51,881)	$(38,052)	$(33,371)
Cash (paid) for taxes, net of refunds	(60,668)	(35,619)	(9,670)
Non-cash investing and financing activities:
Purchase of software and services by assuming directly related liabilities	(2,073)	(2,491)	(1,710)
Purchase of equipment and other assets included in accounts payable	(31)	(837)	(158)

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 31,2024	December 31,2023
Cash and cash equivalents	$67,628	$31,251
Restricted cash	741,884	697,006
Total cash, cash equivalents and restricted cash in the statement of cash flows	$809,512	$728,257
The accompanying notes are an integral part of these consolidated financial statements.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.