BLKBBLACKBAUD INC
Services-Prepackaged Software
- Revenue
- $1.1B
- 2.3% YoY
- Operating margin
- 16.9%
- 172% YoY
- EBITDA
- $277M
- 285% YoY
- Market cap
- $2.4B
- Employees
- —
- Net debt / EBITDA
- 3.9×
- $1.1B net debt
- AI in 10-K
- 19.2
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$10M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo231% of net incomeCash flow under 80% of net income
- Dilutive SBCNo8% of revenueOver 10% of revenue
- Payouts exceed cash flowNo82% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes50% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo19.2 per 10K words · 98th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.4B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $928M | $1.1B | $1.1B | $1.2B | $1.1B | 2.3% |
| Operating income | $25M | −$28M | $46M | −$271M | $191M | 170% |
| Net income | $6M | −$45M | $2M | −$283M | $115M | 141% |
| Operating cash flow | $214M | $204M | $200M | $296M | $266M | 10% |
| Capex | $12M | $12M | $5M | $7M | $8M | 4.4% |
| Stock-based comp | $120M | $110M | $128M | $105M | $93M | 11% |
| Buybacks | $108M | $0 | $19M | $418M | $217M | 48% |
| Dividends | $0 | $0 | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 15, 2024 | CLEARLAKE CAPITAL GROUP, L.P. | SC 13D/A | 18.2% | Active |
| Mar 29, 2023 | CLEARLAKE CAPITAL GROUP, L.P. | SC 13D/A | 18.3% | Active |
| Mar 27, 2023 | CLEARLAKE CAPITAL GROUP, L.P. | SC 13D/A | 18.3% | Active |
| Feb 14, 2023 | CLEARLAKE CAPITAL GROUP, L.P. | SC 13D/A | 18.4% | Passive |
| Oct 3, 2022 | CLEARLAKE CAPITAL GROUP, L.P. | SC 13D | 18.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $6M · 22
- Net
- −$6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | $4M | 110 | 149 |
| FY2024 | $10M | $7M | 93 | 211 |
| FY2023 | $10M | $18M | 109 | 154 |
| FY2022 | $9M | $3M | 74 | 120 |
| FY2021 | $12M | $18M | 99 | 145 |