Blackbaud Inc. Reports Operating Results (10-Q)
Blackbaud Inc. has a market cap of $980.5 million; its shares were traded at around $22.01 with a P/E ratio of 28.3 and P/S ratio of 3.1. The dividend yield of Blackbaud Inc. stocks is 2%. Blackbaud Inc. had an annual average earning growth of 11.4% over the past 5 years.BLKB is in the portfolios of Richard Aster Jr of Meridian Fund, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations: Net cash used in financing activities for the first quarter of 2010 was $1.5 million compared to $4.6 million in the same period in 2009. The decrease in cash used in financing activities is primarily due to an increase in proceeds from stock option exercises and related tax benefits, partially offset by an increase in dividend payments.
As of March 31, 2010, we had $1.1 million of outstanding debt and future minimum lease commitments of $68.7 million. There were no material changes outside the ordinary course of business in our contractual obligations since December 31, 2009.
We utilize third-party relationships in conjunction with our products. The contractual arrangements vary in length from one to three years. In certain cases, these arrangements require a minimum annual purchase commitment. The total minimum purchase commitments under these arrangements at March 31, 2010 are $4.1 million through 2012. We incurred expense under these arrangements of $1.2 million and $1.0 million for the three months ended March 31, 2010 and 2009, respectively. In May 2010, we entered into a contractual arrangement with total minimum purchase commitments of approximately $1.8 million through 2012.
In February 2010, our Board of Directors approved our annual dividend of $0.44 per share for 2010. Dividends at the annual rate would aggregate to $19.4 million assuming 44 million shares of common stock are outstanding. Our ability to continue to declare and pay dividends may be restricted by, among other things, the terms of our credit facility, general economic conditions and our ability to generate operating cash flow.
Approximately 14% of our total net revenue for the three-month period ended March 31, 2010 was derived from operations outside the United States. We do not have significant operations in countries in which the economy is considered to be highly inflationary. Our consolidated financial statements are denominated in U.S. dollars and, accordingly, changes in the exchange rate between foreign currencies and the U.S. dollar will affect the translation of our subsidiaries financial results into U.S. dollars for purposes of reporting our consolidated financial results. The accumulated currency translation adjustment, recorded as a separate component of stockholders equity, was $0.5 million and $0.2 million at March 31, 2010 and at December 31, 2009, respectively.
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