Business
Blackbaud to Repurchase 7% to 10% of Outstanding Shares Under $500 Million Stock Repurchase Program
Initiates $200 Million Accelerated Share Repurchase Plan CHARLESTON, S.C., March 4, 2024 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the leading provider of
About this update from Blackbaud, Inc.
[{"type":"text","content":"Initiates $200 Million Accelerated Share Repurchase Plan\nCHARLESTON, S.C., March 4, 2024 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, today announced that it intends to repurchase 7% to 10% of the Company's common stock through the end of 2024. The repurchases will be made through a combination of accelerated share repurchase plans, block trades, and open market purchases as part of the Company's previously announced $500 million share repurchase authorization.\nConsistent with this commitment, the Company has entered into an Accelerated Share Repurchase (\"ASR\") agreement with Bank of America, N.A., to repurchase $200 million of the Company's common stock. Since December 2023, the Company has repurchased approximately $77 million of Blackbaud common stock, excluding the ASR announced today. Of this $77 million, $41 million was repurchased prior to the expansion and replenishment of the board authorization on January 17th, with the remaining $36 million counting against the current $500 million authorization.\n\"Our 5-point operating plan is driving meaningful improvements in our operating and financial results and fueling significant free cash flow. The execution on our increased share repurchase authorization reflects our confidence in Blackbaud and upside value creation ahead. We believe our stock is undervalued and does not represent Blackbaud's significant market opportunities. We are excited about Blackbaud's long-term growth prospects and committed to enhancing shareholder value,\" said Mike Gianoni, president, CEO and vice chairman of the board, Blackbaud. \nThe ASR and subsequent repurchases under the $500 million stock repurchase authorization will be funded through cash on hand, operating cash flow, and to the extent needed, borrowings under the Company's existing credit facility.\nIn connection with the Company's participation at investor conferences on March 4 and 5, presentation materials have been posted to Blackbaud's investor webpage and filed as a Form 8-K with the Securities and Exchange Commission. The associated webcasts can also be accessed on the investor relations section of Blackbaud's website.\nAbout BlackbaudBlackbaud (NASDAQ: BLKB) is the leading software provider exclusively dedicated to powering social impact. Serving the nonprofit and educ...