CHARLESTON, S.C., July 18,
2024 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB),
the leading provider of software for powering social impact, today
announced its board of directors has reauthorized, expanded and
replenished the company's existing stock repurchase program,
raising the total capacity from $500
million to $800 million
available for repurchases of the company's common stock.
"We believe there is no better use of capital at this time than
repurchasing shares at this valuation to improve shareholder
value," said Mike Gianoni,
president, CEO and vice chairman of the board of directors,
Blackbaud. "This new authorization, empowered by our strong and
improving profitability and cash flows and coupled with available
capacity under our new debt facility, demonstrates our commitment
to this strategy which will continue for the foreseeable
future."
Under the program, the company may repurchase shares of its
common stock in the open market, through private transactions, or
otherwise. During the first half of 2024, prior to the
replenishment on July 16, 2024, the
company repurchased 2,954,211 shares of its stock for $262.6 million under the stock repurchase
program, representing approximately 5.5% of the company's common
stock outstanding as of December 31,
2023. As of July 16, 2024, the
remaining amount available to purchase stock under the company's
repurchase program was $800
million.
Additional details can be found in Blackbaud's Form 8-K filed
today with the Securities and Exchange Commission.
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.
Media
Inquiries
media@blackbaud.com
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; technological changes that make
our products and services less competitive; 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.
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SOURCE Blackbaud