Blackbaud, a supplier of software program for powering social affect, introduced its board of administrators has approved the repurchase of as much as $500 million of the corporate’s widespread inventory. The brand new inventory repurchase authority considerably expands and replenishes the corporate’s earlier program that approved the repurchase of as much as $250 million in widespread inventory.
“The expanded authorization of our inventory repurchase program is reflective of our robust money movement era, our confidence within the enterprise, and our continued dedication to enhancing shareholder worth,” mentioned Tony Boor, chief monetary officer, Blackbaud. “As we proceed to execute towards our capital deployment technique, we’re centered on rising the enterprise by means of steadiness sheet administration, rigorous oversight of investments within the enterprise, and effectively returning extra capital to shareholders.”
Below this system, the corporate could repurchase shares of its widespread inventory within the open market or by means of personal transactions. Throughout December 2023 and January 2024, previous to the replenishment on January 17, 2024, the corporate repurchased $41.1 million of its inventory beneath the inventory repurchase program. Between January 18, 2024 and January 19, 2024, the corporate repurchased $0.6 million. As of January 19, 2024, the remaining quantity accessible to buy inventory beneath the corporate’s repurchase program was $499.4 million.
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