Initiates $200
Million Accelerated Share Repurchase Plan
CHARLESTON, S.C., March 4,
2024 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the
leading provider of software for powering social impact, today
announced that it intends to repurchase 7% to 10% of the Company's
common stock through the end of 2024. The repurchases will be made
through a combination of accelerated share repurchase plans, block
trades, and open market purchases as part of the
Company's previously announced $500
million share repurchase authorization.
Consistent with this commitment, the Company has entered into an
Accelerated Share Repurchase ("ASR") agreement with Bank of
America, N.A., to repurchase $200
million of the Company's common stock. Since December 2023, the Company has repurchased
approximately $77 million of
Blackbaud common stock, excluding the ASR announced today. Of this
$77 million, $41 million was repurchased prior to the
expansion and replenishment of the board authorization on
January 17th, with the
remaining $36 million counting
against the current $500 million
authorization.
"Our 5-point operating plan is driving meaningful improvements
in our operating and financial results and fueling significant free
cash flow. The execution on our increased share repurchase
authorization reflects our confidence in Blackbaud and upside value
creation ahead. We believe our stock is undervalued and does not
represent Blackbaud's significant market opportunities. We are
excited about Blackbaud's long-term growth prospects and committed
to enhancing shareholder value," said Mike
Gianoni, president, CEO and vice chairman of the board,
Blackbaud.
The ASR and subsequent repurchases under the $500 million stock repurchase authorization will
be funded through cash on hand, operating cash flow, and to the
extent needed, borrowings under the Company's existing credit
facility.
In connection with the Company's participation at investor
conferences on March 4 and 5,
presentation materials have been posted to Blackbaud's investor
webpage and filed as a Form 8-K with the Securities and Exchange
Commission. The associated webcasts can also be accessed on the
investor relations section of Blackbaud's website.
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the
leading software provider exclusively dedicated to powering social
impact. Serving the nonprofit and education sectors, companies
committed to social responsibility and individual change makers,
Blackbaud's essential software is built to accelerate impact in
fundraising, nonprofit financial management, digital giving,
grantmaking, corporate social responsibility and education
management. With millions of users and over $100 billion raised, granted or managed through
Blackbaud platforms every year, Blackbaud's solutions are
unleashing the potential of the people and organizations who change
the world. Blackbaud has been named to Newsweek's list of America's
Most Responsible Companies, Quartz's list of Best Companies for
Remote Workers, and Forbes' list of America's Best Employers. A
remote-first company, Blackbaud has operations in the United States, Australia, Canada, Costa
Rica and the United
Kingdom, supporting users in 100+ countries. Learn more
at www.blackbaud.com or follow us on X/Twitter, LinkedIn,
Instagram and Facebook.
Forward-looking Statements
Except for historical
information, all of the statements, expectations, and assumptions
contained in this news release are forward-looking statements that
involve a number of risks and uncertainties, including statements
regarding expected benefits of products and product features.
Although Blackbaud attempts to be accurate in making these
forward-looking statements, it is possible that future
circumstances might differ from the assumptions on which such
statements are based. In addition, other important factors that
could cause results to differ materially include the following:
general economic risks; uncertainty regarding increased business
and renewals from existing customers; continued success in sales
growth; management of integration of acquired companies and other
risks associated with acquisitions; risks associated with
successful implementation of multiple integrated software products;
the ability to attract and retain key personnel; risks associated
with management of growth; lengthy sales and implementation cycles,
particularly in larger organizations; technological changes that
make our products and services less competitive; risks related to
the implementation and ultimate success of our stock repurchase
program; and the other risk factors set forth from time to time in
the SEC filings for Blackbaud, copies of which are available free
of charge at the SEC's website at www.sec.gov or upon request from
Blackbaud's investor relations department. All Blackbaud product
names appearing herein are trademarks or registered trademarks of
Blackbaud, Inc.
Investor Contact
IR@blackbaud.com
Media Inquiries
media@blackbaud.com
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SOURCE Blackbaud