Blackbaud, Inc. Announces Fourth Quarter and Full Year 2008 Results
A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
The Company ended the quarter with $16.4 million in cash, with the increase in cash driven primarily by $12.3 million in cash from operations.
Timothy V. Williams, Chief Financial Officer of Blackbaud, stated, “We are proud of the Company’s accomplishments in 2008 considering the increasingly challenging economic environment. During 2008, Blackbaud generated top line growth organically and even more rapid growth including strategic acquisitions. In addition, the Company delivered close to 23% non-GAAP operating margins that drove approximately 13% growth in non-GAAP EPS, while $60 million in cash from operations were a primary enabler to the Company returning over $61 million to stockholders in the form of dividends and share repurchases.”
Full Year 2008 Results
For the year ended December 31, 2008, Blackbaud reported total revenue of $302.5 million, an increase of 18% compared with 2007. GAAP income from operations and net income were $47.4 million and $29.9 million, respectively, for the full year 2008. This compares with income from operations of $52.4 million and net income of $31.7 million in 2007. GAAP diluted earnings per share were $0.68 for the year ended December 31, 2008, compared with $0.71 in the same period last year.
For the year ended December 31, 2008, non-GAAP revenue, including a $4.0 million revenue adjustment related to Kintera purchase accounting, was $306.5 million, an increase of 19% compared with the full year 2007. Non-GAAP income from operations, which excludes stock-based compensation expense and amortization of intangibles arising from business combinations, was $69.5 million, an increase compared with $62.8 million in the full year 2007. Non-GAAP net income was $41.7 million for the year ended December 31, 2008, leading to non-GAAP diluted earnings per share of $0.95. This compares with non-GAAP net income of $37.8 million and diluted earnings per share of $0.84 in the full year 2007.