BLACKBAUD INC

For the period ended Dec 31, 2025. Filed Feb 18, 2026.

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.

FY2025 · Filed Feb 18, 2026

BLKB$54.92+0.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

	Years ended December 31,
(dollars in thousands)	2025	2024	2023
Cash flows from operating activities
Net income (loss)	$114,970	$(299,524)	$3,018
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	86,215	121,665	109,487
Net provision for credit losses and sales returns	4,382	4,932	4,500
Stock-based compensation expense	92,910	104,968	127,762
Deferred taxes	(181)	(69,530)	(24,368)
Amortization of deferred financing costs and discount	2,480	2,538	1,775
Loss on disposition of businesses	—	16,847	—
EVERFI impairment charges	—	390,204	—
Other non-cash adjustments	(5,177)	2,462	5,023
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
Accounts receivable	(938)	4,729	(3,237)
Prepaid expenses and other assets	(4,487)	3,193	16,713
Trade accounts payable	(23,535)	28,336	(18,576)
Accrued expenses and other liabilities	(10,826)	(12,990)	(29,672)
Deferred revenue	9,737	(1,861)	7,209
Net cash provided by operating activities	265,550	295,969	199,634
Cash flows from investing activities
Purchase of property and equipment	(7,767)	(7,443)	(4,685)
Capitalized software development costs	(54,236)	(59,757)	(59,443)
Purchase of net assets of acquired companies, net of cash and restricted cash acquired	(700)	—	(13)
Cash used in disposition of business	(12,235)	(1,179)	—
Other investing activities	—	(5,029)	(250)
Net cash used in investing activities	(74,938)	(73,408)	(64,391)
Cash flows from financing activities
Proceeds from issuance of debt	404,500	1,441,400	293,200
Payments on debt	(369,784)	(1,144,709)	(374,595)
Debt issuance costs	—	(6,458)	—
Employee taxes paid for withheld shares upon equity award settlement	(40,403)	(56,828)	(35,867)
Change in due to customers	(25,557)	46,957	(6,812)
Change in customer funds receivable	997	(1,679)	(60)
Purchase of treasury stock, including excise tax payments	(217,152)	(418,034)	(18,831)
Net cash used in financing activities	(247,399)	(139,351)	(142,965)
Effect of exchange rate on cash, cash equivalents and restricted cash	6,250	(1,955)	2,048
Net (decrease) increase in cash, cash equivalents and restricted cash	(50,537)	81,255	(5,674)
Cash, cash equivalents and restricted cash, beginning of year	809,512	728,257	733,931
Cash, cash equivalents and restricted cash, end of year	$758,975	$809,512	$728,257
Supplemental disclosure of cash flow information
Cash paid for interest	$(65,603)	$(51,881)	$(38,052)
Cash paid for taxes, net of refunds	(28,141)	(60,668)	(35,619)
Non-cash investing and financing activities:
Purchase of software and services by assuming directly related liabilities	—	(2,073)	(2,491)
Purchase of equipment and other assets included in accounts payable	(798)	(31)	(837)

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 31,2025	December 31,2024
Cash and cash equivalents	$38,914	$67,628
Restricted cash	720,061	741,884
Total cash, cash equivalents and restricted cash in the statement of cash flows	$758,975	$809,512
The accompanying notes are an integral part of these consolidated financial statements.

ContentsView on SEC.gov

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