Item 8.01. Other Events.
On November 13, 2020, Blackbaud, Inc. (the “Company”) issued a press release announcing that the Company will release long-term financial goals on December 1, 2020 and host a conference call to discuss these goals and strategic outlook on December 2, 2020.
The press release also announced that the Company's Board of Directors has 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 when combined with the $50 million remaining under its prior authorization as of September 30, 2020. The program does not have an expiration date. 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.
Repurchases by the Company will be subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors. Share repurchases may be made from time to time in open market transactions, in private transactions or otherwise in accordance with applicable securities laws and regulations and other legal requirements, including compliance with the Company’s finance agreements. There is no minimum number of shares that the Company is required to repurchase and the repurchase program may be suspended or discontinued at any time without prior notice. All shares purchased will be held in the Company’s treasury for possible future use. The Company anticipates funding any share repurchases from its cash flow from operations.
A copy of the press release is attached hereto as Exhibit 99.1.
Forward- Looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in this Current Report on Form 8-K are forward- looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's ability to repurchase its common stock. These statements involve a number of risks and uncertainties. Although we attempt to be accurate in making these forward- looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the risk factors set forth from time to time in our filings with the Securities and Exchange Commission (the “SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. We assume no obligation and do not intend to update these forward- looking statements, except as required by law.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are filed with this current report:
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Exhibit No.
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Description
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Press release of Blackbaud, Inc. dated November 13, 2020.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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