Exhibit 99.2
BLACKBAUD, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
Trailing Twelve Months Ended | Year Ended | |||||||||||
June 30, | December 31, | |||||||||||
2004 | 2003 | 2003 | ||||||||||
GAAP revenue | $ | 127,788 | $ | 111,027 | $ | 118,093 | ||||||
GAAP gross margin | $ | 87,437 | $ | 75,378 | $ | 78,719 | ||||||
Pro forma adjustments: | ||||||||||||
Amortization of deferred stock compensation | 2,868 | 1,608 | 3,847 | |||||||||
Pro forma gross profit | $ | 90,305 | $ | 76,986 | $ | 82,566 | ||||||
Pro forma gross margin | 71 | % | 69 | % | 70 | % | ||||||
GAAP income from operations | $ | 17,711 | $ | 17,590 | $ | 5,696 | ||||||
Pro forma adjustments: | ||||||||||||
Amortization of deferred stock compensation | 16,538 | 12,822 | 27,538 | |||||||||
Costs of initial public offering | 1,650 | — | — | |||||||||
Total pro forma adjustments | 18,188 | 12,822 | 27,538 | |||||||||
Pro forma income from operations | $ | 35,899 | $ | 30,412 | $ | 33,234 | ||||||
Pro forma operating margin | 28 | % | 27 | % | 28 | % | ||||||
GAAP net income(loss) | $ | 9,159 | $ | 7,177 | $ | (478 | ) | |||||
Pro forma adjustments: | ||||||||||||
Total pro forma adjustments affecting income from operations | 18,188 | 12,822 | 27,538 | |||||||||
Tax impact related to pro forma adjustments | (5,627 | ) | (3,180 | ) | (7,767 | ) | ||||||
Pro forma net income | $ | 21,720 | $ | 16,819 | $ | 19,293 | ||||||
BLACKBAUD, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In thousands, except per share amounts; unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
GAAP revenue | $ | 35,489 | $ | 29,840 | $ | 66,844 | $ | 57,148 | ||||||||
GAAP gross margin | $ | 25,070 | $ | 19,889 | $ | 46,798 | $ | 38,080 | ||||||||
Pro forma adjustments: | ||||||||||||||||
Amortization of deferred stock compensation | 298 | 893 | 629 | 1608 | ||||||||||||
Pro forma gross profit | $ | 25,368 | $ | 20,782 | $ | 47,427 | $ | 39,688 | ||||||||
Pro forma gross margin | 71 | % | 70 | % | 71 | % | 69 | % | ||||||||
GAAP income/(loss) from operations | $ | 9,062 | $ | 2,447 | $ | 15,654 | $ | 3,640 | ||||||||
Pro forma adjustments: | ||||||||||||||||
Amortization of deferred stock compensation | 824 | 6,661 | 1,822 | 12,822 | ||||||||||||
Costs of initial public offering | 700 | — | 1,650 | — | ||||||||||||
Total pro forma adjustments | 1,524 | 6,661 | 3,472 | 12,822 | ||||||||||||
Pro forma income from operations | $ | 10,586 | $ | 9,108 | $ | 19,126 | $ | 16,462 | ||||||||
Pro forma operating margin | 30 | % | 31 | % | 29 | % | 29 | % | ||||||||
GAAP net income(loss) | $ | 5,343 | $ | (246 | ) | $ | 9,340 | $ | (297 | ) | ||||||
Pro forma adjustments: | ||||||||||||||||
Total pro forma adjustments affecting income from operations | 1,524 | 6,661 | 3,472 | 12,822 | ||||||||||||
Tax impact related to pro forma adjustments | (419 | ) | (1,142 | ) | (1,056 | ) | (3,180 | ) | ||||||||
Pro forma net income | $ | 6,448 | $ | 5,273 | $ | 11,756 | $ | 9,345 | ||||||||
GAAP shares used in computing diluted income(loss) per share | 45,984 | 42,403 | 45,944 | 42,382 | ||||||||||||
Pro forma adjustments: | ||||||||||||||||
Incremental shares related to stock options | (198 | ) | 2,171 | (175 | ) | 1,764 | ||||||||||
Shares used in computing proforma earnings per diluted share | 45,786 | 44,574 | 45,769 | 44,146 | ||||||||||||
Pro forma earnings per diluted share | $ | 0.14 | $ | 0.12 | $ | 0.26 | $ | 0.21 | ||||||||