CHARLESTON, S.C., Nov. 13, 2020 /PRNewswire/
-- Blackbaud (NASDAQ: BLKB), the world's leading
cloud software company powering social good, announced today
that the company will release long-term financial goals on
December 1 after U.S. financial
markets close for trading. Blackbaud will also host a conference
call Wednesday, December 2 at
8:00 a.m. ET to discuss the company's
goals and strategic outlook.
"As we refresh our long-term strategic plans, it's clear we have
significant opportunities in front of us, and we're well positioned
to elevate our status as a leader in this market," said
Mike Gianoni, Blackbaud's president
and CEO. "We're confident in our ability to navigate the near-term
challenges caused by the pandemic while executing against our
long-term strategy, which puts a greater focus on profitability and
cash flow. Given our completion of the current long-range planning
cycle, we will share our long-term financial goals and strategic
outlook with the investment community."
In conjunction with this announcement, the board of directors of
Blackbaud reauthorized and expanded the company's existing share
repurchase program for up to an additional $200 million of repurchases of its common stock.
The expansion brings the total capacity under the company's share
repurchase program to $250 million.
Under the expanded authorization, the company could repurchase
approximately 5 million additional shares, or approximately 10% of
the company's outstanding shares as of October 28, 2020, based on the November 12, 2020 closing price.
"Our long-term plans include continued execution against our
capital deployment strategy, which calls for ensuring access to
adequate levels of capital to grow the business through balance
sheet management, rigorous oversight of investments in the
business, and identifying and efficiently returning excess capital
to shareholders," said Tony Boor,
Blackbaud's chief financial officer. "In line with our strategy, we
recently amended, expanded and extended our credit facility to
provide us additional capacity and flexibility for the future. The
expanded authorization of our share repurchase program reflects our
confidence in our expected future free cash flow generation and our
continued commitment to deploying capital in a manner that can
enhance shareholder value."
Event:
|
Blackbaud Hosts
Conference Call to Discuss Long-Term Financial Goals
|
Date:
|
December 2,
2020
|
Time:
|
8:00 a.m.
ET
|
Live
Webcast:
|
Investor.blackbaud.com
|
Live
Dial-In:
|
1-833-665-0686
|
Conference
ID:
|
3047949
|
The webcast will be archived on Blackbaud's investor
webpage following the call.
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the
world's leading cloud software company powering social good.
Serving the entire social good community—nonprofits, higher
education institutions, K–12 schools, healthcare organizations,
faith communities, arts and cultural organizations, foundations,
companies and individual change agents—Blackbaud connects and
empowers organizations to increase their impact through cloud
software, services, expertise and data intelligence. The Blackbaud
portfolio is tailored to the unique needs of vertical markets, with
solutions for fundraising and CRM, marketing, advocacy,
peer-to-peer fundraising, corporate social responsibility, school
management, ticketing, grantmaking, financial management, payment
processing and analytics. Serving the industry for more than three
decades, Blackbaud is headquartered in Charleston, South Carolina, and has operations
in the United States, Australia, Canada, Costa
Rica and the United
Kingdom. For more information, visit
www.blackbaud.com or follow us on Twitter, LinkedIn,
Instagram and Facebook.
Blackbaud Investor Contact
Steve Hufford
Director, Investor Relations
843.654.2655
steve.hufford@blackbaud.com
Forward-looking Statements
Except for historical
information, all of the statements, expectations and assumptions
contained in this press release are forward- looking statements
that are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements involve
a number of risks and uncertainties. Although we attempt 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 risk factors set forth from time to time in our filings
with the Securities and Exchange Commission (the "SEC"), copies of
which are available free of charge at the SEC's website at
www.sec.gov or upon request from our investor relations department.
We assume no obligation and do not intend to update these forward-
looking statements, except as required by law.
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SOURCE Blackbaud, Inc.