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.”