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BLACKBAUD - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

BLACKBAUD INC. (ISIN: US09227Q1004, WKN: A0B9Q0) Kursdatum: 21.07.2017 Kurs: 89,560 USD
Beschreibung Daten
Symbol BLKB
Marktkapitalisierung 4.237.665.792,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Software
Rohdaten nach US GAAP in Millionen USD
Aktiensplits
Internet
Letztes Bilanz Update 22.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
38,67 27,58 0,54% 3,18 18,89 101,77 5,80 17,12

Firmenbeschreibung

Quarterly results (unaudited) (in thousands, except per share data)December 31, 2015September 30, 2015June 30, 2015March 31, 2015Total revenue$175,877$158,811$156,259$146,993Gross profit90,66184,63882,82975,181Income from operations10,27113,96814,4618,012Income before provision for income taxes7,25512,34411,3146,039Net income6,4117,9117,0424,285Earnings per share    Basic(1)$0.14$0.17$0.15$0.09Diluted$0.14$0.17$0.15$0.09      (in thousands, except per share data)December 31, 2014September 30, 2014June 30, 2014March 31, 2014Total revenue$152,813$144,598$139,388$127,622Gross profit75,54976,45074,69264,292Income from operations7,58913,50215,9969,277Income before provision for income taxes5,45012,27614,9066,602Net income4,81610,3809,2803,814Earnings per share    Basic$0.11$0.23$0.21$0.08Diluted(1)$0.10$0.23$0.20$0.08(1)The individual amounts for each quarter may not sum to full year totals due to rounding.The results of operations of acquired companies are included in the consolidated results of operations from the date of their respective acquisition as described in Note 3 of these consolidated financial statements. In addition, we completed the sale of a business in 2015 as discussed in Note 18 of these consolidated financial statements.

Firmenstrategie

Basis of consolidationThe consolidated financial statements include the accounts of Blackbaud, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

RevenueRecognitionPolicyTextBlock

Revenue recognition

Our revenue is primarily generated from the following sources: (i) charging for the use of our software solutions in cloud-based and hosted environments; (ii) providing software maintenance and support services; (iii) providing professional services including implementation, training, consulting, analytic, hosting and other services; (iv) providing transaction and payment processing services; and (v) selling perpetual licenses of our software solutions.

We recognize revenue when all of the following conditions are met:

Persuasive evidence of an arrangement exists;

The solutions or services have been delivered;

The fee is fixed or determinable; and

Collection of the resulting receivable is probable.

Determining whether and when these criteria have been met can require significant judgment and estimates. We deem acceptance of a contract to be evidence of an arrangement. Delivery of our services occurs when the services have been performed. Delivery of our solutions occurs when the solution is shipped or transmitted, and title and risk of loss have transferred to the customers. Our typical arrangements do not include customer acceptance provisions; however, if acceptance provisions are provided, delivery is deemed to occur upon acceptance. We consider the fee to be fixed or determinable unless the fee is subject to refund or adjustment or is not payable within our standard payment terms. Payment terms greater than 90 days are considered to be beyond our customary payment terms. Collection is deemed probable if we expect that the customer will be able to pay amounts under the arrangement as they become due. If we determine that collection is not probable, we defer revenue recognition until collection. Revenue is recognized net of actual and estimated sales returns and allowances.

We follow guidance provided in ASC 605-45, Principal Agent Considerations, which states that determining whether a company should recognize revenue based on the gross amount billed to a customer or the net amount retained is a matter of judgment that depends on the facts and circumstances of the arrangement and that certain factors should be considered in the evaluation.

Subscriptions

We provide cloud-based subscription solutions to customers which are available for use in hosted application arrangements without licensing perpetual rights to the software (“hosted applications”). Revenue from hosted applications is recognized ratably beginning on the activation date over the term of the arrangement, which generally ranges from one to three years. Any revenue related to upfront activation or set-up fees is deferred and recognized ratably over the estimated period that the customer benefits from the related hosted application. Direct and incremental costs related to upfront activation or set-up activities for hosted applications are capitalized until the hosted application is deployed and in use, and then expensed ratably over the estimated period that the customer benefits from the related hosted application.

We provide hosting services to customers who have purchased perpetual rights to certain of our software solutions (“hosting services”). Revenue from hosting services, online training programs as well as subscription-based analytic services such as data enrichment and data management services, is recognized ratably beginning on the activation date over the term of the arrangement, which generally ranges from one to three years. Any related set-up fees are recognized ratably over the estimated period that the customer benefits from the related hosting service. The estimated period of benefit is evaluated on an annual basis using historical customer retention information by solution or service.

For arrangements that have multiple elements and do not include software licenses, we allocate arrangement consideration at the inception of the arrangement to those elements that qualify as separate units of accounting. The arrangement consideration is allocated to the separate units of accounting based on relative selling price method in accordance with the selling price hierarchy, which includes: (i) vendor specific objective evidence (“VSOE”) of fair value if available; (ii) third-party evidence (“TPE”) if VSOE is not available; and (iii) best estimate of selling price (“BESP”) if neither VSOE nor TPE is available. In general, we use VSOE to allocate the selling price to subscription and service deliverables.

We offer certain payment processing services with the assistance of third-party vendors. In general, when we are the principal in a transaction based on the predominant weighting of factors identified in ASC 605-45, we record the revenue and related costs on a gross basis. Otherwise, we net the cost of revenue associated with the service against the gross amount billed to the customer and record the net amount as revenue.

Revenue from transaction processing services is recognized when the service is provided and the amounts are determinable. Revenue directly associated with processing donations for customers are included in subscriptions revenue.

Maintenance

We recognize revenue from maintenance services ratably over the term of the arrangement, generally one year at contract inception with annual renewals thereafter. Maintenance contracts are at rates that vary according to the level of the maintenance program associated with the software solution and are generally renewable annually. Maintenance contracts may also include the right to unspecified solution upgrades on an if-and-when available basis. Certain incremental support services are sold in prepaid units of time and recognized as revenue upon their usage.

Services

We generally bill consulting, installation and implementation services based on hourly rates plus reimbursable travel-related expenses. Revenue is recognized for these services over the period the services are delivered.

We recognize analytic services revenue from donor prospect research engagements, the sale of lists of potential donors, benchmarking studies and data modeling service engagements upon delivery. In arrangements where we provide customers the right to updates to the lists during the contract period, revenue is recognized ratably over the contract period.

We sell fixed-rate programs, which permit customers to attend unlimited training over a specified contract period, typically one year, subject to certain restrictions, and revenue in those cases is recognized ratably over the contract period. Additionally, we sell training at a fixed rate for each specific class at a per attendee price or at a packaged price for several attendees, and recognize the related revenue upon the customer attending and completing training.

License fees

We sell perpetual software licenses with maintenance, varying levels of professional services and, in certain instances, with hosting services. We allocate revenue to each of the elements in these arrangements using the residual method under which we first allocate revenue to the undelivered elements, typically the non-software license components, based on VSOE of fair value of the various elements. We determine VSOE of fair value of the various elements using different methods. VSOE of fair value for maintenance services associated with software licenses is based upon renewal rates stated in the arrangements with customers, which demonstrate a consistent relationship of maintenance pricing as a percentage of the contractual license fee. VSOE of fair value of professional services and other solutions and services is based on the average selling price of these same solutions and services to other customers when sold on a stand-alone basis. Any remaining revenue is allocated to the delivered element, which is normally the software license in the arrangement. In general, revenue is recognized for software licenses upon delivery to our customers.

When a software license is sold with software customization services, generally the services are to provide the customer assistance in creating special reports and other enhancements that will improve operational efficiency and/or help to support business process improvements. These services are generally not essential to the functionality of the software and the related revenues are recognized either as the services are delivered or upon completion. However, when software customization services are considered essential to the functionality of the software, we recognize revenue for both the software license and the services using the percentage-of-completion method.

Deferred revenue

To the extent that our customers are billed for the above described solutions and services in advance of delivery, we record such amounts in deferred revenue. For example, our subscription and maintenance customers are generally billed one year in advance.

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Segment information

In March 2015, we implemented a new internal reporting structure in which Target Analytics is no longer being viewed as a stand-alone business unit, but rather as a suite of solutions being sold by the General Markets Business Unit (the “GMBU”), the Enterprise Customer Business Unit (the “ECBU”), and the International Business Unit (the “IBU”). As a result of the change in our internal reporting structure, which became effective in March 2015, the operating results of Target Analytics are no longer regularly reviewed by our chief operating decision maker ("CODM") to make decisions about resources to be allocated nor to assess performance, and, therefore, Target Analytics no longer meets the definition of an operating segment. In addition, Target Analytics did not meet any of the quantitative thresholds set forth in ASC 280, Segment Reporting, during the years ended December 31, 2014 and 2013 and had been previously disclosed for informational purposes. The change in reportable segments had no effect on our consolidated financial position, results of operations or cash flows for the periods presented.

As of December 31, 2015, our reportable segments were the GMBU, the ECBU, and the IBU. Following is a description of each reportable segment:

The GMBU is focused on marketing, sales, delivery and support to all emerging and mid-sized prospects and customers in North America;
The ECBU is focused on marketing, sales, delivery and support to all large and/or strategic prospects and customers in North America; and


The IBU is focused on marketing, sales, delivery and support to all prospects and customers outside of North America.

Our CODM is our chief executive officer ("CEO"). The CEO reviews financial information presented on an operating segment basis for the purposes of making certain operating decisions and assessing financial performance. The CEO uses internal financial reports that provide segment revenues and operating income, excluding stock-based compensation expense, amortization expense, depreciation expense, research and development expense and certain corporate sales, marketing, general and administrative expenses. Currently, the CEO believes that the exclusion of these costs allows for a better understanding of the operating performance of the operating units and management of other operating expenses and cash needs. The CEO does not review any segment balance sheet information.

We have recast our segment disclosures for the years ended December 31, 2014 and 2013 in order to present them on a consistent basis with our change in reportable segments in the current year. Summarized reportable segment financial results, were as follows:

 
Years ended December 31,
 
(in thousands)
2015

2014

2013

Revenue by segment:
 
 
 
GMBU
$
313,935

$
270,637

$
240,413

ECBU
279,897

245,119

219,695

IBU
41,997

47,068

42,148

Other(1)
2,111

1,597

1,561

Total revenue
$
637,940

$
564,421

$
503,817

Segment operating income(2):
 
 
 
GMBU
$
156,876

$
139,310

$
137,962

ECBU
137,162

121,285

111,745

IBU
5,404

4,291

8,760

Other(1)
(120
)
1,585

1,642

 
299,322

266,471

260,109

Less:
 
 
 
Corporate unallocated costs(3)
(195,146
)
(176,614
)
(167,059
)
Stock based compensation costs
(25,246
)
(17,345
)
(16,910
)
Amortization expense
(32,218
)
(26,148
)
(24,598
)
Interest expense
(8,073
)
(6,011
)
(5,818
)
Other expense, net
(1,687
)
(1,119
)
(395
)
Income before provision for income taxes
$
36,952

$
39,234

$
45,329

(1)
Other includes revenue and the related costs from the sale of solutions and services not directly attributable to a reportable segment.
(2)
Segment operating income includes direct, controllable costs related to the sale of solutions and services by the reportable segment.
(3)
Corporate unallocated costs include research and development, depreciation expense, and certain corporate sales, marketing, general and administrative expenses.


Revenue by solution and service group for each of our reportable segments were as follows:

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Earnings per share

We compute basic earnings per share by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Diluted earnings per share reflect the assumed exercise, settlement and vesting of all dilutive securities using the “treasury stock method” except when the effect is anti-dilutive. Potentially dilutive securities consist of shares issuable upon the exercise of stock options and stock appreciation rights and vesting of restricted stock awards and units.

 
Years ended December 31,
 
(in thousands)
2015

2014

2013

GMBU revenue:
 
 
 
Subscriptions
167,010

125,223

96,931

Maintenance
83,974

86,840

85,028

Services
56,294

48,814

47,769

License fees and other
6,657

9,760

10,685

Total GMBU revenue
$
313,935

$
270,637

$
240,413