8 unchanged sentences
The graph assumes that the value of the investment in our common stock and each index was $100.00 at December 31, 2015, and that all dividends are reinvested.
+Added: December 31, 2015 2016 2017 2018 2019 2020
Blackbaud, Inc.
+Added: $ 100.00 $ 97.92 $ 145.40 $ 97.30 $ 123.87 $ 89.73
Nasdaq Composite Index 100.00 108.87 141.13 137.12 187.44 271.64
3 unchanged sentences
Common Stock Acquisitions and Repurchases
−Removed: The following table provides information about shares of common stock acquired or repurchased during the three months ended December 31, 2019 .
−Removed: All of these acquisitions were of common stock withheld by us to satisfy minimum tax obligations of employees due upon exercise of stock appreciation rights and vesting of restricted stock awards and units.
−Removed: The level of acquisition activity varies from period to period based upon the timing of grants and vesting as well as employee exercise decisions.
+Added: The following table provides information about shares of common stock acquired or repurchased during the three months ended December 31, 2020 under the stock repurchase program then in effect, as well as common stock withheld by us to satisfy the minimum tax obligations of employees due upon vesting of restricted stock awards and units.
+Added: purchased (1)
+Added: share Total number
plans or programs
4 unchanged sentences
December 1, 2020 through December 31, 2020 714,049 57.42 714,000 208,999
−Removed: In August 2010 , our Board of Directors approved a stock repurchase program that authorized us to purchase up to $50.0 million of our outstanding shares of common stock.
−Removed: We have not made any repurchases under the program to date, and the program does not have an expiration date.
−Removed: Dividend Policy
−Removed: Our Board of Directors has adopted a dividend policy which reflects an intention to distribute to our stockholders a portion of the cash generated by our business that exceeds our operating needs and capital expenditures as regular quarterly dividends.
−Removed: This policy reflects our judgment that we can provide greater value to our stockholders by distributing to them a portion of the cash generated by our business.
−Removed: In accordance with this dividend policy, we paid quarterly dividends at an annual rate of $0.48 per share in 2019 and 2018 , resulting in aggregate dividend payments to stockholders of $23.6 million and $23.3 million in 2019 and 2018 , respectively.
−Removed: In February 2020 , our Board of Directors approved an annual dividend rate of $0.48 per share for 2020 and we declared a first quarter dividend of $0.12 per share payable on March 13, 2020 , to stockholders of record on February 28, 2020 .
−Removed: Dividends on our common stock will not be cumulative.
−Removed: Consequently, if dividends on our common stock are not declared and/or paid at the targeted level, our stockholders will not be entitled to receive such payments in the future.
−Removed: We are not obligated to pay dividends, and as described more fully below, our stockholders might not receive any dividends as a result of the following factors:
−Removed: Our credit facility limits the amount of dividends we are permitted to pay;
−Removed: Our Board of Directors could decide to reduce dividends or not to pay dividends at all, at any time and for any reason;
−Removed: The amount of dividends distributed is subject to state law restrictions (as discussed below);
−Removed: We might not have enough cash to pay dividends due to changes to our operating earnings, working capital requirements and anticipated cash needs.
−Removed: Assumptions and Considerations
−Removed: We estimate that the cash necessary to fund dividends on our common stock for 2020 at an annual rate of $0.48 per share is approximately $24.0 million (assuming 50.0 million shares of common stock are outstanding, net of treasury stock).
−Removed: 2019 Form 10-K
−Removed: Blackbaud, Inc.
−Removed: We have a stock repurchase program that authorizes us to purchase up to $50.0 million of our outstanding shares of common stock.
+Added: Total 716,782 $ 57.40 714,000 $ 208,999
+Added: (1) Includes 2,782 shares (2,733 in November and 49 in December) withheld by us to satisfy the minimum tax obligations of employees due upon vesting of restricted stock awards and units.
+Added: The level of this acquisition activity varies from period to period based upon the timing of award grants and vesting.
+Added: (2) In November 2020, our Board of Directors reauthorized and expanded our stock repurchase program to authorize us to purchase up to $ 250.0 million of our outstanding shares of common stock.
The program does not have an expiration date.
−Removed: The shares could be purchased in a self-tender for our stock, from time to time on the open market or in privately negotiated transactions depending upon market conditions and other factors, all in accordance with the requirements of applicable law.
−Removed: Any open market purchases under the repurchase program will be made in compliance with Rule 10b-18 of the Exchange Act and all other applicable securities regulations.
−Removed: We might not purchase any shares of common stock and our Board of Directors may decide, in its absolute discretion, at any time and for any reason, to cancel the stock repurchase program.
−Removed: We believe that our cash on hand and the cash flows we expect to generate from operations will be sufficient to meet our liquidity requirements through 2020 , including dividends and purchases under our stock repurchase program.
−Removed: See “Management’s Discussion and Analysis of Financial Conditions and Results of Operations — Liquidity and Capital Resources” in Item 7 in this report.
−Removed: If our assumptions as to operating expenses, working capital requirements and capital expenditures are too low or if unexpected cash needs arise that we are not able to fund with cash on hand or with borrowings under our credit facility, we would need to either reduce or eliminate dividends.
−Removed: If we were to use working capital or permanent borrowings to fund dividends, we would have less cash available for future dividends and other purposes, which could negatively impact our stock price, financial condition, results of operations and ability to maintain or expand our business.
−Removed: We have estimated our dividend only for 2020 , and we cannot assure our stockholders that during or following 2020 we will pay dividends at the estimated levels, or at all except with regard to dividends previously declared by the Board of Directors but not yet paid.
−Removed: We are not required to pay dividends and our Board of Directors may modify or revoke our dividend policy at any time.
−Removed: Dividend payments are within the absolute discretion of our Board of Directors and will be dependent upon many factors and future developments that could differ materially from our current expectations.
−Removed: Over time, our capital and other cash needs, including unexpected cash needs, will invariably change and remain subject to uncertainties, which could impact the level of any dividends we pay in the future.
−Removed: We believe that our dividend policy could limit, but not preclude, our ability to pursue growth as we intend to retain sufficient cash after the distribution of dividends to permit the pursuit of growth opportunities.
−Removed: In order to pay dividends at the level currently anticipated under our dividend policy and to fund any substantial portion of our stock repurchase program, we could require financing or borrowings to fund any significant acquisitions or to pursue growth opportunities requiring capital significantly beyond our anticipated levels.
−Removed: Management will evaluate potential growth opportunities as they arise and, if our Board of Directors determines that it is in our best interest to use cash that would otherwise be available for distribution as dividends to pursue an acquisition opportunity, to materially increase capital spending or for some other purpose, the Board would be free to depart from or change our dividend policy at any time.
−Removed: Restrictions on Payment of Dividends
−Removed: Under Delaware law, we can only pay dividends either out of “surplus” (which is defined as total assets at fair market value minus total liabilities, minus statutory capital) or out of current or the immediately preceding year’s earnings.
−Removed: As of December 31, 2019 , we had $31.8 million in cash and cash equivalents.
−Removed: In addition, we anticipate that we will have sufficient earnings in 2020 to pay dividends at the level described above.
−Removed: Although we believe we will have sufficient surplus and earnings to pay dividends at the anticipated levels for 2020 , our Board of Directors will seek periodically to assure itself of this sufficiency before actually declaring any dividends.
−Removed: Under our credit facility, we also have restrictions on our ability to declare and pay dividends and our ability to repurchase shares of our common stock.
−Removed: In order to pay any cash dividends and/or repurchase shares of stock:
−Removed: (1) no default or event of default shall have occurred and be continuing under the credit facility, and (2) our pro forma net leverage ratio, as set forth in the credit agreement, must be 0.25 less than the net leverage ratio requirement at the time of dividend declaration or share repurchase.
−Removed: See “Management’s Discussion and Analysis of Financial Conditions and Results of Operations — Liquidity and Capital Resources” in Item 7 in this report.
+Added: Our Board of Directors had previously adopted a dividend policy which reflected an intention to distribute to our stockholders a portion of the cash generated by our business that exceeds our operating needs and capital expenditures as regular quarterly dividends.
+Added: In accordance with our previous dividend policy, we paid quarterly dividends at an annual rate of $ 0.48 per share in 2019, resulting in aggregate dividend payments to stockholders of $23.6 million in 2019.
+Added: As a part of a series of measures to better enable us to weather the extraordinary business challenges occasioned by COVID-19 and further effect our long-term strategy to deliver the greatest value to our stockholders, we announced on April 6, 2020 that our Board of Directors had rescinded its previously announced policy to pay an annual dividend at a rate of $ 0.48 per share of common stock and discontinued the declaration and payment of all cash dividends beginning with the second quarter of 2020 and thereafter until such time, if any, as the Board of Directors may determine in its sole discretion.
+Added: As a result, we paid a first quarter dividend of $0.12 per share in 2020 resulting in aggregate dividend payments to stockholders of $6.0 million, but no further dividends were declared or paid in 2020.
+Added: We currently do not anticipate declaring or paying any cash dividends for the foreseeable future.
2020 Form 10-K
7 unchanged sentences
Total cost of revenue 428,065 418,424 381,742 361,904 339,220
+Added: Gross profit 485,154 481,999 466,864 426,583 392,422
Total operating expenses 447,911 454,854 407,447 358,405 324,198
Income from operations 37,243 27,145 59,417 68,178 68,224
+Added: Net income 7,717 11,908 44,841 73,633 45,404
PER SHARE DATA
10 unchanged sentences
(2) Reflects the impact of adopting ASU 2014-09, Revenue from Contracts with Customers (Topic 606) in 2018, on a retrospective basis.
−Removed: As previously disclosed, on January 1, 2016, we adopted ASU 2015-03, Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs, on a retrospective basis.
−Removed: Accordingly, we retrospectively adjusted other non-current assets and debt, net of current portion, which had the effect of reducing each of those respective line items in our consolidated balance sheets as of December 31, 2015 by approximately $0.5 million.
2020 Form 10-K
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.