Blackbaud, Inc
(NASDAQ:BLKB)

Blackbaud, Inc. provides cloud software solutions to nonprofits, foundations, companies, education institutions, healthcare organizations, and other social good entities in the United States and internationally. The company offers fundraising and relationship management solutions, such as Blackbaud ...

Website: http://www.blackbaud.com

Founded: 1981

Full Time Employees: 3,611

Sector: Technology

Industry: Software-Application

Technology

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At a glance:

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Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30

revenue	295,256,000	281,143,000	281,382,000	270,661,000
yoy
qoq	5.02%	-0.08%	3.96%
cost of revenue	122,972,000	113,653,000	113,633,000	114,815,000
gross profit	172,284,000	167,490,000	167,749,000	155,846,000	164,363,000	159,210,000	162,586,000	153,044,000	159,176,000	155,860,000	149,567,000	138,641,000	139,274,000	140,360,000	139,320,000	133,762,000	123,832,000	123,537,000	121,370,000	115,806,000	123,030,000	116,316,000	127,052,000	118,756,000	121,302,000	119,323,000	124,827,000	116,547,000	117,922,000	114,295,000	118,500,000	116,147,000	114,555,000	108,508,000	105,200,000	98,139,000	105,903,000	99,746,000	96,648,000	89,340,000	90,661,000	84,638,000	82,829,000	75,181,000	75,549,000	76,450,000	74,692,000	64,292,000	68,514,000	71,740,000	68,855,000	62,045,000	64,299,000	67,344,000	59,685,000	53,631,000	52,502,000	55,862,000	54,276,000	51,034,000	50,750,000	49,951,000	48,985,000	45,593,000	49,352,000	48,664,000	45,919,000	44,463,000	48,246,000	48,792,000	46,348,000	42,693,000	44,070,000	43,792,000	41,449,000	35,250,000	34,338,000	35,559,000	34,677,000	30,114,000	29,145,000	30,582,000	30,317,000	25,975,000	24,341,000	27,067,000	25,070,000
yoy	4.82%	5.20%	3.18%	1.83%	3.26%	2.15%	8.70%	10.39%	14.29%	11.04%	7.36%	3.65%	12.47%	13.62%	14.79%	15.51%	0.65%	6.21%	-4.47%	-2.48%	1.42%	-2.52%	1.78%	1.90%	2.87%	4.40%	5.34%	0.34%	2.94%	5.33%	12.64%	18.35%	8.17%	8.78%	8.85%	9.85%	16.81%	17.85%	16.68%	18.83%	20.00%	10.71%	10.89%	16.94%	10.27%	6.57%	8.48%	3.62%	6.56%	6.53%	15.36%	15.69%	22.47%	20.55%	9.97%	5.09%	3.45%	11.83%	10.80%	11.93%	2.83%	2.64%	6.68%	2.54%	2.29%	-0.26%	-0.93%	4.15%	9.48%	11.42%	11.82%	21.11%	28.34%	23.15%	19.53%	17.06%	17.82%	16.27%	14.38%	15.93%	19.74%	12.99%	20.93%
qoq	2.86%	-0.15%	7.64%	-5.18%	3.24%	-2.08%	6.23%	-3.85%	2.13%	4.21%	7.88%	-0.45%	-0.77%	0.75%	4.16%	8.02%	0.24%	1.79%	4.80%	-5.87%	5.77%	-8.45%	6.99%	-2.10%	1.66%	-4.41%	7.10%	-1.17%	3.17%	-3.55%	2.03%	1.39%	5.57%	3.14%	7.19%	-7.33%	6.17%	3.21%	8.18%	-1.46%	7.12%	2.18%	10.17%	-0.49%	-1.18%	2.35%	16.18%	-6.16%	-4.50%	4.19%	10.98%	-3.51%	-4.52%	12.83%	11.29%	2.15%	-6.01%	2.92%	6.35%	0.56%	1.60%	1.97%	7.44%	-7.62%	1.41%	5.98%	3.27%	-7.84%	-1.12%	5.27%	8.56%	-3.12%	0.63%	5.65%	17.59%	2.66%	-3.43%	2.54%	15.15%	3.32%	-4.70%	0.87%	16.72%	6.71%	-10.07%	7.97%
gross margin %	58.35%	59.57%	59.62%	57.58%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
operating expenses
sales, marketing and customer success	44,769,000	44,105,000	44,046,000	44,644,000	50,099,000	49,454,000	47,081,000	50,865,000	52,120,000	52,462,000	53,191,000	54,385,000	57,088,000	56,414,000	52,737,000	55,216,000	47,366,000	44,703,000	45,452,000	48,793,000	50,613,000	48,460,000	51,954,000	58,735,000	58,189,000	55,499,000	55,009,000	55,455,000	49,801,000	49,077,000	48,493,000	45,477,000	44,131,000	44,193,000	42,961,000	42,240,000	40,047,000	40,690,000	39,308,000	35,614,000
research and development	33,778,000	37,198,000	33,595,000	33,559,000	39,348,000	39,368,000	39,068,000	42,802,000	38,602,000	37,965,000	36,146,000	40,591,000	38,177,000	40,451,000	38,333,000	39,952,000	33,606,000	31,566,000	30,222,000	29,179,000	27,491,000	22,783,000	24,895,000	24,977,000	25,860,000	25,941,000	25,902,000	28,461,000	23,338,000	24,218,000	25,297,000	25,958,000	22,264,000	22,071,000	22,870,000	22,706,000	21,897,000	22,510,000	22,578,000	22,779,000	22,633,000	20,561,000	20,166,000	21,276,000	22,914,000	19,707,000	18,064,000	16,494,000	16,186,000	16,547,000	16,483,000	16,429,000	17,327,000	19,205,000	14,856,000	13,304,000	11,449,000	12,224,000	12,033,000	11,966,000	11,132,000	11,776,000	11,710,000	10,909,000	11,511,000	11,389,000	11,301,000	11,461,000	10,731,000	10,568,000	8,642,000	8,767,000	7,519,000	7,253,000	6,926,000	6,827,000	5,466,000	5,742,000	5,886,000	6,024,000	5,359,000	5,309,000	5,284,000	5,047,000	4,630,000	4,541,000	4,428,000
general and administrative	34,031,000	31,044,000	32,856,000	56,679,000	35,881,000	25,645,000	33,443,000	47,754,000	35,356,000	42,596,000	59,148,000	52,838,000	58,895,000	49,860,000	47,391,000	43,762,000	48,934,000	34,733,000	32,008,000	30,587,000	45,023,000	34,132,000	29,842,000	25,855,000	28,857,000	28,897,000	28,543,000	27,117,000	27,962,000	24,894,000	28,447,000	25,051,000	27,520,000	23,545,000	21,882,000	21,923,000	19,242,000	22,319,000	19,857,000	19,756,000	22,840,000	18,446,000	17,955,000	16,843,000	16,159,000	15,519,000	13,781,000	12,818,000	12,101,000	12,628,000	12,849,000	12,742,000	12,069,000	14,985,000	21,753,000	14,501,000	9,582,000	8,975,000	9,176,000	9,202,000	9,272,000	7,901,000	6,901,000	8,397,000	8,508,000	7,420,000	8,513,000	8,939,000	9,685,000	9,848,000	7,273,000	7,266,000	6,972,000	6,436,000	6,592,000	6,144,000	4,953,000	5,716,000	5,627,000	5,461,000	3,893,000	4,405,000	4,006,000	3,705,000	3,147,000	3,181,000	3,061,000
amortization of intangible assets	564,000	570,000	566,000	534,000
total operating expenses	113,142,000	112,917,000	111,063,000	135,416,000	531,505,000	115,385,000	120,494,000	142,325,000	126,862,000	133,816,000	149,273,000	148,588,000	154,822,000	147,372,000	139,266,000	139,741,000	130,459,000	111,691,000	108,327,000	109,162,000	123,880,000	106,229,000	107,470,000	110,332,000	117,716,000	111,440,000	111,336,000	114,362,000	103,243,000	98,512,000	107,126,000	98,566,000	95,816,000	90,543,000	88,452,000	87,560,000	81,879,000	86,206,000	82,451,000	78,901,000	80,390,000	70,670,000	68,368,000	67,169,000	67,960,000	62,948,000	58,696,000	55,015,000	53,892,000	53,732,000	54,537,000	57,451,000	54,424,000	61,159,000	61,562,000	48,379,000	41,319,000	40,179,000	40,502,000	40,746,000	38,402,000	36,825,000	37,830,000	35,925,000	36,046,000	34,781,000	35,078,000	36,701,000	38,193,000	37,292,000	31,754,000	31,439,000	29,895,000	28,448,000	27,839,000	25,972,000	16,259,250	21,899,000	22,240,000	20,898,000	12,503,500	19,865,000	21,310,000	8,691,000	11,381,500	14,382,000	16,008,000
income from operations	59,142,000	54,573,000	56,686,000	20,430,000	-367,142,000	43,825,000	42,092,000	10,719,000	32,314,000	22,044,000	294,000	-9,947,000	-15,548,000	-7,012,000	54,000	-5,979,000	-6,627,000	11,846,000	13,043,000	6,644,000	-850,000	10,087,000	19,582,000	8,424,000	3,586,000	7,883,000	13,491,000	2,185,000	14,679,000	15,783,000	11,374,000	17,581,000	18,739,000	17,965,000	16,748,000	10,579,000	24,024,000	13,540,000	14,197,000	10,439,000	10,271,000	13,968,000	14,461,000	8,012,000	7,589,000	13,502,000	15,996,000	9,277,000	14,622,000	18,008,000	14,318,000	4,594,000	9,875,000	6,185,000		5,252,000	11,183,000	15,683,000	13,774,000	10,288,000	12,348,000	13,126,000	11,155,000	9,668,000	13,306,000	13,883,000	10,841,000	7,762,000	10,053,000	11,500,000	14,594,000	11,254,000	14,175,000	15,344,000	13,610,000	9,278,000	12,396,000	13,660,000	12,437,000	9,216,000	8,717,000	10,717,000	9,007,000	17,284,000	-9,182,000	12,685,000	9,062,000
yoy	-116.11%	24.52%	34.67%	90.60%	-1236.17%	98.81%	14217.01%	-207.76%	-307.83%	-414.38%	444.44%	66.37%	134.62%	-159.19%	-99.59%	-189.99%	679.65%	17.44%	-33.39%	-21.13%	-123.70%	27.96%	45.15%	285.54%	-75.57%	-50.05%	18.61%	-87.57%	-21.67%	-12.15%	-32.09%	66.19%	-22.00%	32.68%	17.97%	1.34%	133.90%	-3.06%	-1.83%	30.29%	35.34%	3.45%	-9.60%	-13.64%	-48.10%	-25.02%	11.72%	101.94%	48.07%	191.16%		-12.53%	-11.70%	-60.56%		-48.95%	-9.43%	19.48%	23.48%	6.41%	-7.20%	-5.45%	2.90%	24.56%	32.36%	20.72%	-25.72%	-31.03%	-29.08%	-25.05%	7.23%	21.30%	14.35%	12.33%	9.43%	0.67%	42.20%	27.46%	38.08%	-46.68%	-194.94%	-15.51%	-0.61%
qoq	8.37%	-3.73%	177.46%	-105.56%	-937.75%	4.12%	292.69%	-66.83%	46.59%	7397.96%	-102.96%	-36.02%	121.73%	-13085.19%	-100.90%	-9.78%	-155.94%	-9.18%	96.31%	-881.65%	-108.43%	-48.49%	132.45%	134.91%	-54.51%	-41.57%	517.44%	-85.11%	-6.99%	38.76%	-35.31%	-6.18%	4.31%	7.27%	58.31%	-55.96%	77.43%	-4.63%	36.00%	1.64%	-26.47%	-3.41%	80.49%	5.57%	-43.79%	-15.59%	72.43%	-36.55%	-18.80%	25.77%	211.67%	-53.48%	59.66%			-53.04%	-28.69%	13.86%	33.88%	-16.68%	-5.93%	17.67%	15.38%	-27.34%	-4.16%	28.06%	39.67%	-22.79%	-12.58%	-21.20%	29.68%	-20.61%	-7.62%	12.74%	46.69%	-25.15%	-9.25%	9.83%	34.95%	5.72%	-18.66%	18.99%	-47.89%	-288.24%	-172.38%	39.98%
operating margin %	20.03%	19.41%	20.15%	7.55%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%
interest expense	-15,840,000	-16,774,000	-18,411,000	-16,945,000	-15,503,000	-14,140,000	-15,715,000	-10,276,000	-8,473,000	-9,620,000	-11,167,000	-10,662,000	-9,891,000	-9,337,000	-8,976,000	-7,599,000	-3,832,000	-4,003,000	-5,054,000	-5,114,000	-5,238,000	-3,997,000																																		-191,000	-57,000	-59,000	-60,000	-24,000	96,000	-45,000	-79,000	-46,000	-86,000	-181,000	-270,000					-70,000	-98,000	-320,000	-379,000	-367,000	-12,000	-12,000	-12,000	-12,000	-12,000	-12,000	-12,000	-13,000	-4,000	-18,000	-37,000
other income	2,531,000	3,245,000	1,118,000	2,105,000	4,895,000	2,997,000	3,310,000	3,347,000	2,414,000	5,662,000	2,778,000	2,007,000	5,000	4,454,000	3,133,000	1,121,000	-159,000	862,000	487,000	-1,010,000	-584,000	542,000	630,000	1,070,000	-463,000	2,158,000	2,181,000	182,000	744,000		346,000	160,000	679,000	468,000	827,000	286,000					146,000	184,000	695,000		4,500	29,000	225,000					103,000		382,000		-308,000	168,000	-107,000	216,000	69,000	2,000	53,000	-185,000	3,000	124,000	226,000	31,000				49,000								-103,000		40,000	-32,000	109,000	-112,000	14,000	-4,000	-3,000
income before provision for income taxes	45,833,000	41,044,000	39,393,000	5,590,000	-377,750,000	32,682,000	29,687,000		26,255,000	18,086,000	-8,095,000	-18,602,000	-25,434,000	-11,895,000	-5,789,000	-12,457,000	-10,618,000	8,705,000	8,476,000	520,000	-6,672,000	6,632,000	16,319,000	5,335,000	-1,262,000	4,930,000	9,873,000		11,485,000	11,496,000	7,417,000	14,224,000	16,006,000	15,341,000	14,359,000	8,488,000	21,372,000	10,884,000	11,411,000	7,659,000	7,255,000	12,344,000	11,314,000	6,039,000	5,450,000	12,276,000	14,906,000	6,602,000	13,287,000	16,490,000	12,532,000	3,020,000	7,342,000	4,629,000		4,800,000	11,344,000	15,572,000	13,975,000	10,366,000	12,466,000	13,155,000	10,914,000	9,645,000	13,850,000	13,960,000	10,639,000	7,238,000	9,454,000	10,964,000	14,529,000	11,260,000	14,125,000	14,836,000	13,379,000	9,213,000	13,061,000	14,076,000	12,546,000	9,324,000	8,939,000	10,863,000	9,431,000	17,412,000	-8,974,000	12,742,000	9,051,000
income tax provision	9,144,000	-6,448,000	13,413,000	723,000	-46,986,000	12,140,000	7,883,000		20,856,000	9,069,000			-4,175,000	-1,576,000	-2,367,000	-2,050,000	-3,561,000	2,517,000	1,745,000	684,000	6,949,000	1,756,000	4,496,000	696,000	315,750	364,000	2,733,000			332,000	825,000		741,000	2,793,000	3,194,000		4,088,000	1,950,000	3,598,000	2,664,000	844,000	4,433,000	4,272,000	1,754,000	634,000	1,896,000	5,626,000	2,788,000	1,497,000	7,097,000	5,909,000	354,000	4,072,000	1,804,000		2,041,000	4,397,000	5,811,000	5,047,000	2,782,000	3,922,000	4,636,000	4,124,000	3,693,000	5,891,000	4,132,000	4,051,000	3,166,000	2,922,000	3,648,000	5,542,000	4,217,000	5,168,000	6,028,000	5,176,000	3,457,000	4,456,000	5,573,000	4,816,000	3,654,000	2,752,000	3,143,000	896,000	6,553,000	-4,688,000	5,155,000	3,708,000
net income	36,689,000	47,492,000	25,980,000	4,867,000	-330,764,000	20,542,000	21,804,000	5,246,000	5,399,000	9,017,000	2,105,000	-14,701,000	-21,259,000	-10,319,000	-3,422,000	-10,407,000	-7,057,000	6,188,000	6,731,000	-164,000	-13,621,000	4,876,000	11,823,000	4,639,000	1,324,000	4,566,000	7,140,000	-1,122,000	9,334,000	11,164,000	6,592,000	17,751,000	30,709,000	12,548,000	11,165,000	11,511,000	17,284,000	8,934,000	7,813,000	4,995,000	6,411,000	7,911,000	7,042,000	4,285,000	4,816,000	10,380,000	9,280,000	3,814,000	11,790,000	9,393,000	6,623,000	2,666,000	3,270,000	2,825,000	-2,271,000	2,759,000	6,947,000	9,761,000	8,928,000	7,584,000	8,544,000	8,519,000	6,790,000	5,952,000	7,959,000	9,828,000	6,588,000	4,072,000	6,532,000	7,316,000	8,987,000	7,043,000	8,957,000	8,808,000	8,203,000	5,756,000	8,605,000	8,503,000	7,730,000	5,670,000	6,187,000	7,720,000	8,535,000	10,859,000	-4,286,000	7,587,000	5,343,000
yoy	-111.09%	131.19%	19.15%	-7.22%	-6226.39%	127.81%	935.82%	-135.68%	-125.40%	-187.38%	-161.51%	41.26%	201.25%	-266.76%	-150.84%	6245.73%	-48.19%	26.91%	-43.07%	-103.54%	-1128.78%	6.79%	65.59%	-513.46%	-85.82%	-59.10%	8.31%	-106.32%	-69.61%	-11.03%	-40.96%	54.21%	77.67%	40.45%	42.90%	130.45%	169.60%	12.93%	10.95%	16.57%	33.12%	-23.79%	-24.12%	12.35%	-59.15%	10.51%	40.12%	43.06%	260.55%	232.50%	-391.63%	-3.37%	-52.93%	-71.06%	-125.44%	-63.62%	-18.69%	14.58%	31.49%	27.42%	7.35%	-13.32%	3.07%	46.17%	21.85%	34.34%	-26.69%	-42.18%	-27.07%	-16.94%	9.56%	22.36%	4.09%	3.59%	6.12%	1.52%	39.08%	10.14%	-9.43%	-47.79%	-244.35%	1.75%	59.74%
qoq	-22.75%	82.80%	433.80%	-101.47%	-1710.18%	-5.79%	315.63%	-2.83%	-40.12%	328.36%	-114.32%	-30.85%	106.02%	201.55%	-67.12%	47.47%	-214.04%	-8.07%	-4204.27%	-98.80%	-379.35%	-58.76%	154.86%	250.38%	-71.00%	-36.05%	-736.36%	-112.02%	-16.39%	69.36%	-62.86%	-42.20%	144.73%	12.39%	-3.01%	-33.40%	93.46%	14.35%	56.42%	-22.09%	-18.96%	12.34%	64.34%	-11.03%	-53.60%	11.85%	143.31%	-67.65%	25.52%	41.82%	148.42%	-18.47%	15.75%	-224.39%	-182.31%	-60.29%	-28.83%	9.33%	17.72%	-11.24%	0.29%	25.46%	14.08%	-25.22%	-19.02%	49.18%	61.79%	-37.66%	-10.72%	-18.59%	27.60%	-21.37%	1.69%	7.38%	42.51%	-33.11%	1.20%	10.00%	36.33%	-8.36%	-19.86%	-9.55%	-21.40%	-353.36%	-156.49%	42.00%
net income margin %	12.43%	16.89%	9.23%	1.80%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%
earnings per share
basic	0.78	1	0.54	0.1	-6.53	0.41	0.43	0.1	0.1	0.17	0.04		-0.41	-0.2	-0.07		-0.15	0.13	0.14		-0.28	0.1	0.25	0.1	0.03	0.1	0.15	-0.02	0.2	0.24	0.14	0.38	0.65	0.27	0.24	0.25	0.37	0.19	0.17	0.11	0.14	0.17	0.15	0.09	0.11	0.23	0.21	0.08	0.26	0.21	0.15	0.06	0.07	0.06	-0.05	0.06	0.16	0.22	0.21	0.17	0.2	0.2	0.16	0.14	0.19	0.23	0.15	0.1	0.16	0.17	0.21	0.16	0.21	0.2	0.19	0.13	0.19	0.2	0.18	0.13	0.14	0.18	0.19	0.25	-0.1	0.18	0.13
diluted	0.76	0.98	0.54	0.1	-6.51	0.4	0.42	0.1	0.1	0.17	0.04		-0.41	-0.2	-0.07		-0.14	0.13	0.14		-0.28	0.1	0.24	0.1	0.03	0.09	0.15	-0.02	0.19	0.23	0.14	0.37	0.64	0.26	0.23	0.24	0.37	0.19	0.17	0.11	0.14	0.17	0.15	0.09	0.11	0.23	0.2	0.08	0.26	0.21	0.15	0.06	0.08	0.06	-0.05	0.06	0.15	0.22	0.2	0.17	0.2	0.2	0.15	0.13	0.18	0.22	0.15	0.09	0.15	0.17	0.21	0.16	0.2	0.2	0.19	0.13	0.19	0.19	0.17	0.13	0.14	0.17	0.18	0.23	-0.09	0.16	0.12
common shares and equivalents outstanding
basic weighted-average shares	47,680,184	47,680,002	47,784,062	48,429,061	50,560,538	50,409,292	50,747,337	52,052,370	52,546,406	52,704,974	52,642,411	52,132,999	51,569,148	51,692,152	51,660,739	51,199,717	47,412,306	47,542,746	47,756,326	47,363,197	48,184,714	48,271,139	48,239,928	48,036,300	47,695,383	47,757,769	47,714,621	47,516,912	47,206,669	47,279,591	47,222,657	47,019,603	46,669,440	46,711,709	46,662,481	46,501,761	46,132,389	46,159,956	46,083,055	45,967,863	45,623,854	45,616,832	45,579,345	45,529,668	45,215,138	45,196,277	45,155,955	45,127,645	44,684,812	44,735,425	44,538,444	44,473,519	44,145,535	44,172,836	44,112,905	43,944,459	43,522,563	43,548,494	43,447,007	43,352,216	43,145,189	42,747,209	43,260,625	43,435,218	42,771,173	42,781,072	42,577,549	42,536,810	42,958,947	42,668,276	42,776,609	43,897,369	43,619,158	43,557,370	43,355,261	43,662,569	43,320	43,438,730	43,218,530	42,883,929	42,559,342	41,961,726	43,869,796	42,643,705	42,496,280	42,536,961	42,490,790
diluted weighted-average shares	48,469,961	48,498,285	48,248,057	49,445,079	50,560,538	51,632,569	51,677,418	53,414,495	53,721,342	54,089,897	53,643,124	52,132,999	51,569,148	51,692,152	51,660,739	51,199,717	48,230,438	48,274,072	48,444,874	47,363,197	48,696,341	48,859,707	48,418,378	48,455,751	48,312,271	48,464,529	48,160,684	47,516,912	48,045,084	48,160,146	48,053,094	48,009,395	47,775,702	47,846,997	47,691,340	47,482,840	47,316,538	47,394,106	46,927,626	46,757,458	46,498,704	46,596,714	46,402,707	46,168,096	45,799,874	45,883,570	45,660,910	45,552,451	45,421,140	45,569,275	45,349,666	45,009,213	44,691,845	44,718,101	44,112,905	44,613,256	44,149,054	44,147,911	44,098,046	43,916,657	43,876,155	43,472,822	44,027,307	44,226,074	43,600,048	43,826,550	43,333,871	43,043,777	43,958,557	43,409,941	43,457,710	44,662,620	44,595,483	44,526,524	44,338,741	44,833,093	44,668	44,679,274	44,650,455	44,600,235	46,210,099	45,017,221	48,675,998	47,555,533	46,540,790	46,515,156	45,983,687
other comprehensive loss
foreign currency translation adjustment	568	-2,284	7,324	3,259	-8,439	6,463	339	-1,185	4,630	-4,794	3,055	2,158	7,906	-11,536	-10,398	-2,132	-399	-3,234	1,783	2,511	6,525	4,661						4,590		1,047		6,437				100	63	289		403		168						555	-60	94		285				279
unrealized loss on derivative instruments, net of tax	2,682	-622
total other comprehensive loss	3,250	-2,906			-1,299.75	-7,062			-199.25	-701
comprehensive income	39,939	44,586	27,990	1,434	10,598.25	13,480	20,757	8,156	-4,430	8,316	10,543		-15,037	-15,058	-11,262	-1,634	-3,854	3,216	8,859	6,496	-7,246	10,480	11,487	-4,211	9,699	310	-817	2,536	3,622	12,777	-1,460	25,267	31,073	12,093	10,782	11,793	17,769	9,632	7,264	4,729	7,606	7,817	6,943	3,490	4,845	10,616	8,501	4,681	11,814	9,390	6,786	3,070	3,340	2,383	-3,003	3,038
the accompanying notes are an integral part of these condensed consolidated financial statements.
other comprehensive income
unrealized gain on derivative instruments, net of tax			-5,314	-6,692	10,457	-13,525	-1,386	4,095	-14,459	4,093	5,383	-10,692	-1,684	6,797	2,558	10,905	3,602	262	345	4,149	-150	943	551						-1,827	566	765	1,079				182		409					97		-294	468		312	84		429	119
total other comprehensive income			2,010	-3,433			-1,047	2,910			8,438	-8,534	6,222	-4,739	-7,840	8,773	3,203	-2,972	2,128	6,660	6,375	5,604						3,658	269.25	1,613		7,516				282		698							29	236		867	24		163	404
recurring					296,202,000	280,018,000	281,376,000	271,518,000	287,381,000	269,001,000	262,390,000	252,748,000	265,173,000	249,387,000	252,507,000	244,666,000	238,584,000	218,530,000	216,986,000	206,750,000	229,516,000	200,102,000	216,260,000	204,867,000	219,820,000	205,227,000	208,468,000	198,094,000	199,930,000	188,656,000	192,749,000	180,846,000
one-time services and other					6,030,000	6,709,000	5,910,000	7,732,000	7,630,000	8,625,000	8,652,000	9,005,000	9,584,000	11,910,000	12,420,000	12,458,000	9,307,000	12,688,000	12,454,000	12,441,000	13,090,000	14,899,000	15,731,000	18,754,000	18,019,000	15,893,000	17,166,000	17,736,000	21,288,000	20,876,000	20,923,000	23,338,000
total revenue					302,232,000	286,727,000	287,286,000	279,250,000	295,011,000	277,626,000	271,042,000	261,753,000	274,757,000	261,297,000	264,927,000	257,124,000	247,891,000	231,218,000	229,440,000	219,191,000	242,606,000	215,001,000	231,991,000	223,621,000	237,839,000	221,120,000	225,634,000	215,830,000	221,218,000	209,532,000	213,672,000	204,184,000	216,977,000	195,513,000	192,195,000	183,621,000	198,305,000	183,063,000	180,191,000	169,256,000	175,877,000	158,811,000	156,259,000	146,993,000	152,813,000	144,598,000	139,388,000	127,622,000	134,872,000	127,854,000	125,468,000	115,623,000	120,051,000	122,472,000	110,190,000	94,706,000	94,661,000	95,531,000	93,402,000	87,274,000	86,958,000	83,226,000	80,671,000	76,239,000	78,977,000	79,205,000	76,415,000	74,741,000	80,459,000	80,098,000	72,502,000	69,436,000	70,013,000	67,835,000	64,045,000	55,145,000	35,599,750	49,890,000	48,777,000	43,732,000	30,838,750	43,144,000	42,808,000	37,273,000	25,756,750	36,183,000	35,489,000
cost of recurring					132,944,000	122,646,000	119,810,000	119,188,000	127,897,000	114,132,000	113,926,000	114,500,000	125,300,000	111,488,000	114,487,000	112,174,000	111,680,000	95,823,000	94,435,000	88,865,000	104,509,000	84,251,000	91,370,000	89,551,000	98,975,000	87,645,000	86,657,000	84,711,000	83,517,000	76,535,000	76,350,000	69,079,000
cost of one-time services and other					4,925,000	4,871,000	4,890,000	7,018,000	7,938,000	7,634,000	7,549,000	8,612,000	10,183,000	9,449,000	11,120,000	11,188,000	12,379,000	11,858,000	13,635,000	14,520,000	15,067,000	14,434,000	13,569,000	15,314,000	17,562,000	14,152,000	14,150,000	14,572,000	19,779,000	18,702,000	18,822,000	18,958,000
total cost of revenue					137,869,000	127,517,000	124,700,000	126,206,000	135,835,000	121,766,000	121,475,000	123,112,000	135,483,000	120,937,000	125,607,000	123,362,000	124,059,000	107,681,000	108,070,000	103,385,000	119,576,000	98,685,000	104,939,000	104,865,000	116,537,000	101,797,000	100,807,000	99,283,000	103,296,000	95,237,000	95,172,000	88,037,000	102,422,000	87,005,000	86,995,000	85,482,000	92,402,000	83,317,000	83,543,000	79,916,000	85,216,000	74,173,000	73,430,000	71,812,000	77,264,000	68,148,000	64,696,000	63,330,000	66,358,000	56,114,000	56,613,000	53,578,000	55,752,000	55,128,000	50,505,000	41,075,000	42,159,000	39,669,000	39,126,000	36,240,000	36,208,000	33,275,000	31,686,000	30,646,000	29,625,000	30,541,000	30,496,000	30,278,000	32,213,000	31,306,000	26,154,000	26,743,000	25,943,000	24,043,000	22,596,000	19,895,000	10,512,250	14,331,000	14,100,000	13,618,000	9,083,500	12,562,000	12,491,000	11,298,000	7,290,500	9,116,000	10,419,000
amortization					817,000	918,000	902,000	904,000	784,000	793,000	788,000	774,000	662,000	647,000	805,000	811,000	553,000	558,000	567,000	549,000	696,000	749,000	729,000	741,000	2,085,000	703,000	1,152,000	1,376,000	1,137,000	1,237,000	1,201,000	1,269,000	1,107,000	734,000	739,000	691,000	693,000	687,000	708,000	752,000	695,000	524,000	524,000	488,000	174,000	624,000	418,000	587,000	611,000	614,000	636,000	678,000	689,000	690,000	530,000	197,000	251,000	249,000	245,000	233,000	211,000	195,000	196,000	196,000	196,000	194,000	192,000	186,000	189,000	190,000	167,000	167,000	166,000	143,000	98,000	84,000	190,000	190,000	190,000	129,000	8,000	10,000
income before benefit for income taxes								3,790,000
income tax benefit								-1,456,000			-10,200,000	-3,901,000
loss per share
basic												-0.28				-0.2
diluted												-0.28				-0.2
comprehensive loss												-23,235
restructuring																		131,000	78,000	54,000	57,000	105,000	50,000	24,000	2,725,000	400,000	730,000	1,953,000	1,005,000		3,688,000	811,000																	28,000	110,000	146,000	3,210,000
the accompanying notes are an integral part of these consolidated financial statements.
dividends per share																													0.09	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.11	0.11	0.11	0.11	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.085	0.085	0.085	0.085	0.07	0.07	0.07	0.07	0.05	0.05	0.05	0.05
subscriptions																																	151,942,000	127,492,000	125,252,000	118,179,000	122,657,000	105,440,000	104,039,000	96,851,000	98,336,000	80,901,000	80,009,000	72,513,000	73,139,000	67,043,000	64,985,000	58,268,000	60,902,000	52,034,000	51,964,000	47,756,000	48,703,000	47,414,000	37,923,000	28,062,000	26,129,000	26,035,000	25,870,000	25,510,000	21,719,000	21,235,000	20,386,000	19,176,000	19,212,000	19,190,000	17,773,000	16,723,000	16,363,000	15,547,000	9,010,000	8,785,000	7,994,000	7,063,000	5,539,000	4,793,000	3,117,000	2,839,000	2,478,000	2,308,000
maintenance																																	29,982,000	31,486,000	32,917,000	33,781,000	35,927,000	36,410,000	37,449,000	37,160,000	38,069,000	38,209,000	38,627,000	38,896,000	38,418,000	36,821,000	36,527,000	35,652,000	35,753,000	34,722,000	34,122,000	34,148,000	34,156,000	34,499,000	33,880,000	33,566,000	33,275,000	32,895,000	32,601,000	31,833,000	31,592,000	31,416,000	30,957,000	30,597,000	29,902,000	29,742,000	28,821,000	28,011,000	28,092,000	27,411,000	26,371,000	25,430,000	24,987,000	24,015,000	23,164,000	22,436,000	21,256,000	20,838,000	20,042,000	19,199,000
services and other																																	35,053,000	36,535,000	34,026,000	31,661,000
cost of subscriptions																																	72,404,000	58,045,000	57,365,000	54,926,000	60,111,000	51,943,000	52,142,000	49,672,000	52,278,000	39,485,000	39,400,000	36,178,000	38,091,000	33,257,000	31,749,000	30,124,000	30,179,000	21,482,000	21,605,000	20,383,000	19,622,000	19,616,000	16,561,000	12,974,000	12,276,000	10,625,000	10,473,000	9,162,000	8,317,000	7,950,000	7,616,000	7,226,000	6,943,000	7,462,000	7,038,000	6,740,000	6,848,000	6,259,000	3,824,000	3,656,000	3,465,000	2,727,000	2,190,000	1,924,000	585,000	658,000	577,000	540,000
cost of maintenance																																	5,422,000	5,698,000	5,871,000	5,982,000	5,547,000	5,531,000	5,685,000	5,323,000	5,887,000	6,708,000	6,969,000	7,502,000	7,904,000	6,147,000	5,983,000	5,414,000	6,653,000	6,653,000	6,561,000	5,874,000	7,057,000	6,789,000	6,178,000	5,977,000	6,371,000	6,521,000	6,035,000	6,251,000	6,086,000	6,310,000	5,925,000	5,770,000	5,286,000	5,498,000	5,432,000	5,148,000	5,523,000	5,363,000	4,595,000	4,704,000	4,582,000	4,298,000	4,220,000	4,019,000	3,295,000	3,272,000	3,451,000	3,207,000
cost of services and other																																	24,596,000	23,262,000	23,759,000	24,574,000
services																																					35,247,000	36,610,000	35,419,000	32,414,000	32,100,000	35,905,000	33,667,000	31,306,000	32,603,000	35,843,000	31,795,000	28,130,000	30,931,000	35,411,000	31,368,000	28,838,000	29,415,000	34,463,000	31,790,000	23,958,000	26,991,000	29,782,000	27,976,000	24,032,000	24,618,000	23,992,000	20,886,000	20,089,000	21,422,000	22,818,000	22,465,000	21,129,000	24,836,000	27,076,000	25,336,000	23,576,000	24,503,000	26,341,000	22,218,000	18,314,000	14,819,000	17,014,000	15,695,000	13,714,000	12,536,000	14,486,000	14,112,000	11,429,000	9,877,000	12,062,000	11,071,000
license fees and other																																					4,474,000	4,603,000	3,284,000	2,831,000	7,372,000	3,796,000	3,956,000	4,278,000
cost of services																																					23,352,000	24,102,000	24,696,000	24,319,000	23,694,000	26,235,000	25,915,000	26,971,000	27,592,000	27,111,000	25,540,000	26,263,000	25,982,000	26,121,000	26,503,000	25,399,000	25,429,000	26,438,000	25,299,000	20,042,000	19,886,000	20,019,000	20,176,000	19,005,000	17,871,000	17,008,000	15,837,000	15,916,000	14,723,000	15,269,000	15,512,000	16,209,000	16,659,000	16,703,000	14,905,000	15,693,000	14,603,000	14,583,000	13,606,000	12,116,000	8,818,000	8,641,000	8,147,000	8,111,000	7,413,000	7,236,000	7,190,000	6,593,000	6,158,000	4,795,000	5,815,000
cost of license fees and other																																					3,392,000	1,741,000	1,020,000	602,000	3,357,000	1,745,000	1,146,000	1,161,000
other expense																																																																													-49,000	-64,000		-29,000
sales and marketing																																									34,222,000	31,139,000	29,723,000	28,562,000	28,713,000	27,098,000	26,433,000	25,116,000	24,966,000	23,833,000	24,423,000	24,392,000	24,339,000	26,279,000	24,223,000	20,377,000	18,237,000	18,731,000	19,048,000	19,345,000	17,787,000	16,953,000	19,023,000	16,423,000	15,831,000	15,778,000	15,072,000	16,115,000	17,588,000	16,686,000	15,672,000	15,239,000	15,238,000	14,616,000	14,223,000	12,917,000	7,518,000	10,251,000	10,537,000	9,284,000	6,272,000	8,595,000	8,794,000	7,681,000	5,161,500	6,993,000	7,293,000
interest income																																									5,750	8,000	7,000	8,000	13,000	17,000	13,000	16,000	14,000	16,000	20,000	17,000	28,000	38,000	33,000	47,000	50,000	55,000	45,000	33,000	20,000	21,000	23,000	20,000	506,000	32,000	37,000	62,000	108,000	219,000	34,000	165,000	131,000	155,000	156,000	371,000	719,000	492,000	224,000	149,000	194,000	190,000	327,000	253,000	198,000	79,000	29,000
loss on sale of business
loss on debt extinguishment and termination of derivative instruments
license fees																																													5,021,000	2,747,000	4,541,000	3,907,000	3,914,000	3,831,000	5,990,000	2,980,000	4,397,000	4,465,000	4,521,000	7,168,000	4,875,000	4,952,000	5,097,000	4,551,000	6,510,000	5,070,000	6,972,000	5,167,000	6,269,000	5,919,000	5,799,000	7,405,000	8,595,000	8,099,000	9,603,000	9,635,000	9,923,000	8,549,000	11,030,000	8,067,000	8,219,000	7,826,000	9,234,000	7,221,000	7,915,000	7,291,000	8,304,000	6,468,000	6,773,000	6,244,000	7,293,000
other revenue																																													3,632,000	2,144,000	1,540,000	1,665,000	3,372,000	1,856,000	2,024,000	1,901,000	3,380,000	1,631,000	2,076,000	1,952,000	3,391,000	1,867,000	1,858,000	1,348,000	2,519,000	1,513,000	1,470,000	1,210,000	2,172,000	1,536,000	1,557,000	1,473,000	2,573,000	1,965,000	2,182,000	2,010,000	2,606,000	1,867,000	2,094,000	1,535,000	2,149,000	1,373,000	1,328,000	1,290,000	1,794,000	1,362,000	1,242,000	934,000	1,467,000	921,000	974,000
cost of license fees																																													415,000	376,000	497,000	530,000	903,000	492,000	643,000	725,000	831,000	728,000	821,000	613,000	830,000	796,000	1,031,000	688,000	662,000	626,000	975,000	617,000	711,000	987,000	981,000	903,000	656,000	1,011,000	807,000	842,000	891,000	699,000	804,000	476,000	566,000	514,000	510,000	670,000	1,214,000	1,077,000	1,146,000	1,059,000	1,190,000	1,053,000	951,000
cost of other revenue																																													3,262,000	1,257,000	927,000	999,000	2,641,000	1,366,000	1,301,000	1,197,000	2,813,000	1,557,000	1,646,000	1,469,000	2,796,000	1,708,000	1,411,000	1,134,000	3,272,000	1,381,000	1,333,000	1,117,000	1,962,000	1,325,000	1,533,000	1,278,000	2,527,000	1,970,000	2,023,000	1,848,000	2,402,000	1,736,000	1,776,000	1,360,000	1,958,000	1,246,000	1,415,000	1,090,000	1,842,000	1,166,000	1,228,000	816,000	1,409,000	802,000	915,000
impairment of cost method investment																																																							200,000
other (expense)																																																																								-89,000	-105,000	-343,000	-8,000	-69,000
maintenance and subscriptions																																																																																	20,696,000	20,005,000	19,150,000	18,442,000	17,601,000	16,956,000	16,151,000
cost of maintenance and subscriptions																																																																																	3,327,000	3,083,000	2,927,000	2,830,000			2,738,000
costs of initial public offering																																																																																						805,000	700,000
stock based compensation expense																																																																																	-742,500	1,546,000
summary of stock-based compensation expense
cost of maintenance and subscription revenue																																																																																	7	6	11	11	-26.5	-168	25
total operating expense																																																																																	-742.5	1,546	3,226	-7,742	13.75	-1,138	526
total stock based compensation expense																																																																																	-678.25	1,607
stock option compensation expense																																																																																			3,226,000	-7,742,000	13,750	-1,138,000
summary of stock option compensation expense
total stock option compensation expense																																																																																			3,320	-7,640	-173.75	-2,517	824
cost of maintenance and subscriptions (of which (168), 135, (106) and 344 in the three months ended september 30, 2004 and 2003 and the nine months ended september 30, 2004 and 2003, respectively, was stock option compensation expense																																																																																					1,966,000	2,466,000
stock option compensation																																																																																							526,000
summary of stock option compensation

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30

assets
current assets:
cash and cash equivalents	38,914,000	38,255,000	41,566,000	37,243,000	67,628,000	34,633,000	30,438,000	26,376,000	31,251,000	31,091,000	29,041,000	24,083,000	31,691,000	31,413,000	29,029,000	33,786,000	55,146,000	27,591,000	28,288,000	27,753,000	35,750,000	30,563,000	30,531,000	24,972,000	31,810,000	29,084,000	32,654,000	25,187,000	30,866,000	25,352,000	29,194,000	25,013,000	29,830,000	17,050,000	17,268,000	13,872,000	16,902,000	16,462,000	15,263,000	12,084,000	15,362,000	17,555,000	13,227,000	13,286,000	14,735,000	53,960,000	24,847,000	32,550,000	11,889,000	16,679,000	7,300,000	8,449,000	13,491,000	25,582,000	21,192,000	45,967,000	52,520,000	51,999,000	33,397,000	24,126,000	27,974,000	26,253,000	13,264,000	23,281,000	22,769,000	22,238,000	18,537,000	23,027,000	16,361,000	12,303,000	9,979,000	12,142,000	14,775,000	16,182,000	17,663,000	15,982,000		54,261,000	30,921,000	16,490,000		20,703,000	50,444,000	43,269,000		33,382,000	16,851,000
restricted cash	720,061,000	419,185,000	870,248,000	419,400,000	741,884,000	428,095,000	800,670,000	356,493,000	697,006,000	359,596,000	761,289,000	364,071,000	702,240,000	343,928,000	449,491,000	279,594,000	596,616,000	216,122,000	434,567,000	255,158,000	609,219,000	203,660,000
accounts receivable	80,517,000	82,561,000	145,237,000	78,105,000	83,539,000	97,988,000	152,832,000	96,097,000	101,862,000	102,755,000	168,908,000	100,253,000	102,809,000	86,704,000	149,237,000	91,770,000	102,726,000	105,873,000	119,270,000	83,333,000	95,404,000	96,830,000	129,675,000	89,191,000	88,868,000	90,700,000	131,277,000	90,727,000	86,595,000	95,858,000	130,509,000	88,911,000	96,293,000	100,868,000	129,890,000	90,510,000	88,932,000	86,111,000	107,749,000	78,456,000	80,046,000	78,152,000	87,462,000	74,901,000	77,523,000	69,194,000	84,425,000	63,368,000	66,969,000	71,309,000	85,749,000	69,402,000	75,692,000	83,351,000	89,208,000	63,486,000	62,656,000	62,641,000	68,610,000	50,311,000	59,804,000	55,969,000	61,991,000	48,851,000	50,220,000	51,266,000	59,248,000	47,296,000	52,554,000	57,196,000	64,227,000	42,324,000	44,689,000	41,639,000	46,038,000	33,843,000		29,816,000	34,722,000	24,891,000		22,348,000	27,541,000	18,314,000		16,921,000	22,879,000
customer funds receivable	1,308,000	3,996,000	5,696,000	4,522,000	1,970,000	7,343,000	2,943,000	3,529,000	353,000	3,557,000	3,731,000	2,136,000	249,000	1,853,000	1,194,000	2,049,000	977,000	6,076,000	5,390,000	945,000	321,000	4,901,000	1,284,000	1,205,000	524,000	7,784,000	5,349,000	5,474,000	1,753,000	5,501,000	5,528,000	6,373,000	1,536,000
prepaid expenses and other current assets	89,290,000	94,838,000	91,222,000	88,182,000	81,287,000	87,499,000	92,290,000	94,589,000	99,285,000	82,407,000	81,597,000	88,779,000	81,654,000	83,639,000	98,041,000	99,913,000	95,506,000	102,319,000	103,493,000	98,095,000	78,366,000	76,761,000	83,699,000	81,004,000	67,852,000	75,321,000	76,728,000	73,099,000	59,788,000	68,842,000	75,816,000	68,474,000	56,099,000	50,082,000	51,285,000	49,172,000	48,314,000	52,145,000	53,797,000	48,435,000	48,666,000	39,557,000	41,628,000	39,074,000	40,392,000	30,800,000	28,271,000	29,940,000	30,115,000	30,286,000	32,205,000	27,528,000	40,589,000	37,549,000	44,229,000	32,401,000	31,016,000	30,724,000	29,770,000	26,796,000	33,847,000	19,988,000	17,698,000	15,785,000	18,155,000	21,978,000	16,839,000	16,946,000	17,281,000	13,010,000	10,287,000	12,184,000	11,279,000	9,854,000	8,074,000	7,613,000		8,608,000	7,550,000	9,677,000		11,945,000	4,735,000	2,084,000		3,049,000	3,003,000
total current assets	930,090,000	638,835,000	1,153,969,000	627,452,000	976,308,000	655,558,000	1,079,173,000	577,084,000	929,757,000	579,406,000	1,044,566,000	579,322,000	918,643,000	547,537,000	726,992,000	507,112,000	850,971,000	457,981,000	691,008,000	465,284,000	819,060,000	412,715,000	667,104,000	428,622,000	734,539,000	445,945,000	600,141,000	413,883,000	597,982,000	375,282,000	536,510,000	359,563,000	794,102,000	307,095,000	487,675,000	318,302,000	507,919,000	292,824,000	371,843,000	253,975,000	399,112,000	209,332,000	215,339,000	199,735,000	287,782,000	210,836,000	192,123,000	181,495,000	229,769,000	168,764,000	165,281,000	149,404,000	213,748,000	176,148,000	174,902,000	164,305,000	187,948,000	171,717,000	147,786,000	121,263,000	143,148,000	126,843,000	105,617,000	103,358,000	109,746,000	118,720,000	106,892,000	101,095,000	105,417,000	105,189,000	87,295,000	69,826,000	73,019,000	71,717,000	76,405,000	63,258,000		97,325,000	81,848,000	61,877,000		56,018,000	83,789,000	64,209,000		54,387,000	44,139,000
property and equipment	85,076,000	85,332,000	83,052,000	85,031,000	91,926,000	95,053,000	98,066,000	96,074,000	98,689,000	100,575,000	104,672,000	105,309,000	107,426,000	109,474,000	111,865,000	112,675,000	111,428,000	103,346,000	104,914,000	105,124,000	105,177,000	109,469,000	36,539,000	35,661,000	35,546,000	37,285,000	39,569,000	38,757,000	40,031,000	42,901,000	44,531,000	44,647,000	42,243,000	43,903,000	45,679,000	47,200,000	50,269,000	52,466,000	54,144,000	54,543,000	52,651,000	49,024,000	48,960,000	47,444,000	50,402,000	48,014,000	47,390,000	47,925,000	49,550,000	48,413,000	49,802,000	48,045,000	49,063,000	42,858,000	43,980,000	34,773,000	34,397,000	28,778,000	25,558,000	23,819,000	22,963,000	22,622,000	23,315,000	21,722,000	22,507,000	19,287,000	20,174,000	20,426,000	21,384,000	21,283,000	16,967,000	17,677,000	16,962,000	14,894,000	13,792,000	12,833,000	10,524,000	8,964,000	8,854,000	8,368,000	8,700,000	7,389,000	6,714,000	6,610,000	7,199,000	6,354,000	6,551,000
operating lease right-of-use assets	4,630,000	4,931,000	5,266,000	1,725,000	26,554,000	27,522,000	28,489,000	35,464,000	36,927,000	38,374,000	45,497,000	47,176,000	45,899,000	47,430,000	50,036,000	51,808,000	53,883,000	19,652,000	22,630,000	20,055,000	22,671,000	30,218,000	95,575,000	100,568,000	104,400,000	110,840,000	107,165,000	110,485,000
software development costs	155,842,000	154,074,000	153,604,000	150,113,000												126,766,000	121,377,000	118,860,000	116,562,000	113,624,000	111,827,000	108,891,000	106,044,000	105,594,000	101,302,000	94,055,000	87,880,000	81,231,000	75,099,000	68,289,000	62,023,000	57,062,000	54,098,000	48,618,000	44,962,000	41,139,000	37,582,000	32,539,000	27,793,000	23,021,000	19,551,000
goodwill	1,056,815,000	1,056,656,000	1,057,927,000	1,054,290,000	1,052,506,000	1,056,882,000	1,053,249,000	1,053,130,000	1,053,738,000	1,051,163,000	1,053,342,000	1,051,652,000	1,050,272,000	1,047,178,000	1,051,230,000	1,056,794,000	1,058,640,000	635,912,000	637,510,000	637,113,000	635,854,000	632,840,000	630,687,000	631,033,000	634,088,000	630,644,000	632,269,000	634,845,000	545,213,000	547,338,000	547,312,000	537,433,000	530,249,000	472,776,000	472,643,000	438,307,000	438,240,000	438,450,000	436,012,000	435,994,000	436,449,000	345,770,000	345,873,000	348,605,000	349,008,000	274,065,000	277,200,000	264,819,000	264,599,000	264,639,000	264,454,000	265,667,000	265,055,000	263,172,000	262,568,000	90,216,000	90,122,000	89,255,000	89,450,000	88,935,000	76,247,000	73,804,000	73,544,000	73,684,000	73,919,000	74,208,000	75,130,000	73,070,000	73,615,000	74,423,000	61,175,000	60,643,000	58,275,000	58,530,000	40,604,000	40,527,000	2,518,000	2,408,000	2,367,000	2,224,000	2,208,000	2,194,000	1,974,000	1,699,000	1,673,000	1,471,000	1,481,000
intangible assets	106,654,000	112,697,000	120,791,000	126,338,000	132,881,000	536,008,000	549,521,000	565,008,000	581,937,000	594,169,000	609,524,000	622,237,000	635,136,000	643,994,000	664,400,000	683,348,000	698,052,000	249,494,000	260,072,000	269,118,000	277,506,000	284,414,000	292,187,000	303,097,000	317,895,000	327,089,000	340,615,000	355,751,000	291,617,000	305,394,000	317,220,000	306,776,000	314,651,000	252,713,000	263,347,000	243,263,000	253,676,000	264,405,000	273,445,000	284,188,000	294,672,000	204,738,000	212,596,000	220,910,000	229,307,000	147,422,000	150,877,000	137,572,000	143,441,000	149,698,000	155,746,000	162,525,000	168,037,000	173,736,000	177,747,000	42,818,000	44,660,000	40,343,000	42,229,000	44,852,000	38,515,000	37,472,000	39,171,000	40,385,000	42,019,000	43,815,000	45,569,000	46,402,000	48,171,000	50,226,000	35,133,000	36,208,000	37,272,000	38,764,000	28,860,000	29,643,000	7,986,000	8,102,000	8,287,000	8,453,000	396,000	415,000	235,000
other assets	51,575,000	51,916,000	54,784,000	57,270,000	67,221,000	60,444,000	68,785,000	59,883,000	51,037,000	83,654,000	84,254,000	87,947,000	94,304,000	95,376,000	90,670,000	90,194,000	77,266,000	69,699,000	70,666,000	74,022,000	72,639,000	72,617,000	68,673,000	66,346,000	65,193,000	64,154,000	66,319,000	67,461,000	65,363,000	65,512,000	64,089,000	62,453,000	24,083,000	21,889,000	24,080,000	22,914,000	22,524,000	18,102,000	21,847,000	20,207,000	21,418,000	35,300,000	32,592,000	26,668,000	26,684,000	22,647,000	20,668,000	19,938,000	19,251,000	18,435,000	17,894,000	16,752,000	9,844,000	9,213,000	8,458,000	8,526,000	6,087,000	5,716,000	5,494,000	2,614,000	2,579,000	2,543,000	2,527,000	504,000	468,000	530,000	480,000	473,000	537,000	505,000	490,000	446,000	470,000	489,000	25,000	34,000	48,000	56,000	70,000	89,000	106,000	139,000	120,000	84,000	209,000	37,000	62,000
total assets	2,390,682,000	2,104,441,000	2,629,393,000	2,102,219,000	2,495,715,000	2,600,974,000	3,042,748,000	2,549,134,000	2,912,279,000	2,603,278,000	3,093,013,000	2,639,348,000	2,992,703,000	2,626,583,000	2,825,522,000	2,628,697,000	2,971,617,000	1,654,944,000	1,903,362,000	1,684,340,000	2,044,734,000	1,651,164,000	1,896,809,000	1,670,921,000	1,992,963,000	1,710,012,000	1,873,958,000	1,702,413,000	1,615,305,000	1,404,716,000	1,571,685,000	1,367,934,000	1,759,426,000	1,146,994,000	1,338,386,000	1,111,125,000	1,310,210,000	1,098,786,000	1,185,084,000	1,071,928,000	1,223,853,000	844,164,000	855,360,000	843,362,000	943,183,000	702,984,000	688,258,000	651,749,000	706,610,000	649,949,000	653,177,000	642,393,000	705,747,000	665,648,000	668,429,000	369,190,000	392,590,000	371,362,000	349,599,000	322,322,000	328,091,000	315,383,000	298,120,000	294,543,000	304,229,000	317,656,000	310,996,000	305,697,000	313,886,000	321,062,000	249,855,000	234,002,000	237,694,000	237,962,000	218,745,000	206,833,000		182,925,000	167,885,000	147,951,000		141,635,000	173,815,000	155,275,000		142,585,000	135,344,000
liabilities and stockholders’ equity
current liabilities:
trade accounts payable	27,344,000	48,761,000	42,664,000	46,435,000	50,810,000	43,983,000	44,038,000	48,863,000	25,184,000	39,357,000	40,730,000	46,528,000	42,559,000	36,374,000	36,640,000	39,490,000	22,067,000	38,388,000	30,605,000	35,274,000	27,836,000	31,775,000	41,029,000	44,510,000	47,676,000	34,169,000	35,749,000	32,640,000	34,538,000	25,453,000	31,141,000	23,619,000	24,693,000	17,830,000	17,660,000	20,666,000	23,274,000	19,601,000	27,817,000	18,286,000	19,208,000	13,137,000	18,100,000	11,203,000	11,436,000	13,346,000	8,904,000	9,469,000	10,244,000	8,449,000	5,725,000	9,746,000	13,623,000	10,115,000	17,594,000	12,194,000	13,464,000	9,908,000	13,344,000	9,858,000	9,883,000	6,266,000	10,616,000	7,033,000	10,683,000	7,085,000	6,787,000	7,552,000	7,023,000	7,686,000	6,341,000	5,822,000	5,802,000	5,611,000	5,103,000	5,091,000		4,105,000	3,230,000	3,330,000		2,742,000	2,675,000	2,484,000		2,362,000	2,937,000
accrued expenses and other current liabilities	43,272,000	53,050,000	40,863,000	45,124,000	75,543,000	48,745,000	51,682,000	75,271,000	64,322,000	101,379,000	102,747,000	72,799,000	86,002,000	78,471,000	77,411,000	72,195,000	100,096,000	58,579,000	55,808,000	53,013,000	52,228,000	48,380,000	52,893,000	45,781,000	73,317,000	63,947,000	60,514,000	54,983,000	46,893,000	44,391,000	46,182,000	40,113,000	54,399,000	45,650,000	46,508,000	39,072,000	54,196,000	44,441,000	44,739,000	37,577,000	57,461,000	45,576,000	45,357,000	35,270,000	52,201,000	42,938,000	45,160,000	36,775,000	40,443,000	39,551,000	47,046,000	37,512,000	45,996,000	39,668,000	37,506,000	27,840,000	32,707,000	30,405,000	27,831,000	23,518,000	28,322,000	23,371,000	22,077,000	19,368,000	25,974,000	26,371,000	23,248,000	18,167,000	21,758,000	23,805,000	18,180,000	19,813,000	20,575,000	20,137,000	14,870,000	16,631,000		16,135,000	14,169,000	12,664,000		14,736,000	13,559,000	10,814,000		12,096,000	9,867,000
due to customers	719,833,000	421,820,000	874,757,000	422,780,000	742,340,000	434,093,000	802,372,000	358,836,000	695,842,000	361,837,000	763,845,000	364,397,000	700,860,000	344,305,000	449,402,000	278,179,000	594,273,000	220,785,000	438,633,000	254,947,000	608,264,000	207,356,000	423,199,000	233,455,000	546,009,000	250,840,000	359,482,000	224,870,000	420,733,000	185,230,000	300,991,000	177,165,000	611,880,000	139,095,000	289,232,000	164,748,000	353,771,000	138,106,000	195,034,000	115,000,000	255,038,000
debt, current portion	22,660,000	22,613,000	22,566,000	23,350,000	23,875,000	23,830,000	23,786,000	19,302,000	19,259,000	19,217,000	19,176,000	19,136,000	18,802,000	18,193,000	18,154,000	18,116,000	18,697,000	12,948,000	12,911,000	12,875,000	12,840,000	10,305,000	9,194,000	10,351,000	7,500,000	7,500,000	7,500,000	7,500,000	7,500,000	8,576,000	8,576,000	8,576,000	8,576,000	8,576,000	7,500,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,375,000	4,372,000	4,375,000	4,375,000	17,158,000	12,500,000	11,250,000	10,000,000	10,000,000	10,000,000	165,000,000							420,000	4,217,000	1,101,000	1,288,000	18,642,000	41,610,000	60,079,000	60,049,000	21,020,000
deferred revenue, current portion	368,986,000	383,138,000	399,207,000	326,209,000	359,529,000	411,554,000	427,098,000	360,355,000	392,530,000	415,810,000	434,631,000	361,003,000	382,419,000	393,679,000	412,712,000	350,952,000	374,499,000	329,426,000	339,670,000	290,025,000	312,236,000	322,452,000	332,570,000	288,682,000	314,335,000	320,982,000	327,299,000	281,082,000	295,991,000	302,840,000	306,365,000	254,877,000	276,456,000	277,008,000	280,816,000	237,101,000	244,500,000	248,152,000	250,449,000	222,415,000	230,216,000	227,161,000	225,076,000	205,876,000	212,283,000	195,319,000	190,228,000	173,155,000	181,475,000	185,406,000	180,932,000	166,986,000	173,899,000	177,218,000	175,076,000	152,708,000			146,895,000	135,489,000
total current liabilities	1,182,095,000	929,382,000	1,380,057,000	863,898,000	1,252,097,000	962,205,000	1,348,976,000	862,627,000	1,197,137,000	937,600,000	1,361,129,000	863,863,000	1,230,642,000	871,022,000	994,319,000	758,932,000	1,109,632,000	660,126,000	877,627,000	646,134,000	1,013,404,000	620,268,000	858,885,000	622,779,000	988,837,000	677,438,000	790,544,000	601,075,000	805,655,000	566,490,000	693,255,000	504,350,000	976,004,000	488,159,000	641,716,000	465,962,000	680,116,000	454,675,000	522,414,000	397,653,000	566,298,000	353,709,000	353,963,000	315,079,000	421,004,000	306,050,000	293,006,000	267,308,000	356,682,000	287,664,000	272,007,000	250,524,000	311,695,000	262,994,000	413,490,000	213,633,000	240,041,000	216,508,000	198,905,000	183,735,000	195,713,000	192,048,000	182,021,000	163,120,000	180,231,000	196,989,000	204,341,000	205,301,000	215,379,000	187,472,000	156,491,000	132,527,000	119,996,000	131,789,000	121,599,000	117,338,000		92,326,000	85,862,000	75,391,000		77,214,000	74,029,000	64,223,000		66,266,000	64,107,000
debt, net of current portion	1,087,037,000	1,042,005,000	1,136,112,000	1,182,343,000	1,051,110,000	977,019,000	998,071,000	1,020,520,000	760,405,000	723,376,000	827,403,000	858,912,000	840,241,000	835,881,000	921,619,000	963,109,000	937,483,000	514,418,000	531,973,000	537,924,000	518,193,000	497,953,000	478,919,000	520,576,000	459,600,000	495,556,000	553,812,000	576,068,000	379,624,000	416,680,000	471,236,000	458,592,000	429,648,000	329,380,000	380,162,000	351,995,000	338,018,000	370,642,000	398,865,000	417,989,000	404,229,000	237,293,000	253,130,000	281,413,000	276,196,000	166,771,000	167,770,000	168,770,000	135,750,000	161,200,000	184,250,000	201,000,000	205,500,000	235,000,000
deferred tax liability	21,981,000	9,246,000	9,773,000	9,604,000	9,518,000	68,196,000	75,397,000	82,446,000	93,292,000	94,322,000	91,306,000	131,460,000	125,759,000	131,773,000	135,393,000	144,590,000	148,465,000	56,144,000	56,227,000	54,444,000	54,086,000	46,989,000	45,108,000	43,286,000	44,594,000	47,237,000	48,658,000	48,050,000	44,291,000	47,405,000	48,055,000	48,080,000	37,597,000	39,352,000	40,780,000	29,636,000	29,558,000	26,688,000	27,823,000	28,546,000	27,996,000	34,800,000	37,469,000	42,443,000	43,639,000	30,447,000	36,323,000	36,532,000	36,880,000	29,944,000	27,291,000	26,758,000	24,468,000	5,052,000	1,348,000
deferred revenue, net of current portion	2,778,000	1,773,000	2,179,000	6,033,000	2,015,000	1,705,000	2,315,000	6,832,000	2,397,000	3,022,000	3,520,000	6,956,000	2,817,000	2,920,000	3,547,000	4,725,000	4,247,000	4,528,000	5,749,000	4,495,000	4,678,000	5,803,000	4,626,000	1,715,000	1,802,000	2,014,000	2,324,000	4,290,000	2,564,000	3,429,000	3,442,000	5,075,000	3,643,000	5,412,000	6,067,000	7,681,000	6,440,000	6,594,000	6,212,000	6,583,000	7,119,000	7,369,000	8,796,000	9,102,000	8,991,000	9,440,000	10,187,000	8,405,000	9,099,000	8,619,000	10,608,000	10,060,000	11,119,000	10,425,000	9,177,000
operating lease liabilities, net of current portion	4,605,000	5,030,000	5,526,000	2,395,000	34,186,000	35,218,000	36,290,000	38,492,000	40,085,000	41,811,000	43,529,000	45,190,000	44,918,000	46,400,000	48,542,000	50,785,000	53,386,000	13,470,000	17,173,000	15,744,000	17,357,000	25,706,000	86,586,000	91,235,000	95,624,000	100,133,000	100,116,000	102,880,000
other liabilities	7,132,000	8,816,000	7,796,000	4,771,000	4,796,000	12,304,000	4,362,000	4,163,000	10,258,000	2,976,000	4,756,000	13,234,000	4,294,000	5,775,000	1,628,000	1,506,000	1,344,000	9,421,000	9,339,000	9,439,000	10,866,000	12,610,000	11,883,000	10,937,000	5,742,000	6,177,000	5,802,000	4,302,000	9,388,000	7,027,000	7,474,000	7,516,000	5,632,000	7,799,000	7,572,000	7,801,000	8,533,000	7,467,000	8,102,000	8,000,000	7,623,000	7,025,000	6,747,000	7,445,000	7,437,000	6,140,000	7,994,000	6,298,000	6,655,000	5,850,000	5,632,000	4,366,000	5,281,000	4,518,000	3,137,000	2,357,000			2,605,000	3,288,000
total liabilities	2,305,628,000	1,996,252,000	2,541,443,000	2,069,044,000	2,353,722,000	2,056,647,000	2,465,411,000	2,015,080,000	2,103,574,000	1,803,107,000	2,331,643,000	1,919,615,000	2,248,671,000	1,893,771,000	2,105,048,000	1,923,647,000	2,254,557,000	1,258,107,000	1,498,088,000	1,268,180,000	1,618,584,000	1,209,329,000	1,486,007,000	1,290,528,000	1,596,199,000	1,328,555,000	1,501,256,000	1,336,665,000	1,241,522,000	1,041,031,000	1,223,462,000	1,023,613,000	1,452,524,000	870,102,000	1,076,297,000	863,075,000	1,062,665,000	866,066,000	963,416,000	858,771,000	1,013,265,000	640,196,000	660,105,000	655,482,000	757,267,000	518,848,000	515,280,000	487,313,000	545,066,000	493,277,000	499,788,000	492,708,000	558,063,000	517,989,000	521,752,000	225,433,000	252,588,000	226,354,000	212,103,000	193,149,000	205,032,000	200,737,000	190,830,000	170,794,000	188,123,000	204,301,000	211,528,000	212,062,000	223,378,000	232,283,000	160,549,000	138,117,000	124,591,000	136,215,000	126,285,000	121,346,000		94,160,000	88,010,000	77,140,000	81,227,000	78,423,000	74,919,000	65,016,000	71,019,000	66,266,000	64,107,000
commitments and contingencies
stockholders’ equity:
preferred stock; 20,000,000 shares authorized; none outstanding
common stock, 0.001 par value...	72,000	72,000	72,000	72,000	71,000	71,000	71,000	71,000	69,000	69,000	69,000	69,000	68,000	68,000	68,000	68,000	66,000	62,000	62,000	62,000	61,000	61,000	61,000	61,000	60,000	60,000	60,000	60,000	59,000	59,000	59,000	59,000	59,000	59,000	58,000	58,000	58,000	58,000	58,000	57,000	57,000	57,000	57,000	57,000	56,000	56,000	56,000	56,000	56,000	55,000	55,000	55,000	55,000	54,000	54,000	54,000	54,000	54,000	54,000	53,000	53,000	53,000	52,000	52,000	52,000	52,000	51,000	51,000	51,000	51,000	50,000	50,000										46,000	44,000	43,000
additional paid-in capital	1,391,641,000	1,369,807,000	1,347,234,000	1,319,562,000	1,291,442,000	1,227,198,000	1,208,624,000	1,184,338,000	1,203,012,000	1,170,919,000	1,138,553,000	1,105,189,000	1,075,264,000	1,048,688,000	1,020,835,000	993,223,000	968,927,000	634,406,000	605,486,000	574,958,000	544,963,000	512,269,000	491,450,000	471,344,000	457,804,000	442,803,000	427,950,000	412,937,000	399,241,000	386,657,000	375,949,000	362,113,000	351,042,000	341,476,000	330,559,000	319,731,000	310,452,000	302,837,000	294,810,000	285,376,000	276,340,000	265,024,000	257,996,000	251,340,000	245,674,000	237,152,000	230,944,000	225,075,000	220,763,000	216,827,000	213,707,000	208,853,000	203,638,000	198,825,000	194,254,000	182,498,000	175,401,000	171,025,000	167,402,000	162,320,000	158,419,000	149,770,000	144,767,000	141,525,000	134,726,000	132,324,000	123,470,000	120,116,000	116,846,000	113,671,000	110,771,000	108,551,000	105,687,000	97,949,000	93,441,000	90,995,000		84,597,000	80,231,000	75,250,000		63,816,000	59,727,000	54,781,000		38,056,000
treasury stock	-1,316,224,000	-1,231,316,000	-1,199,608,000	-1,198,721,000	-1,060,348,000	-922,516,000	-857,452,000	-855,692,000	-591,557,000	-572,428,000	-570,547,000	-568,277,000	-537,287,000	-536,968,000	-536,511,000	-535,585,000	-500,911,000	-490,456,000	-449,877,000	-399,583,000	-353,091,000	-311,951,000																																		-167,205,000	-166,226,000	-161,966,000	-161,596,000	-161,288,000	-161,186,000	-157,455,000			-134,382,000	-131,265,000	-130,804,000	-130,793,000	-130,594,000	-127,751,000	-121,514,000	-108,130,000	-85,487,000		-83,736,000	-83,734,000		-68,738,000	-67,893,000	-67,156,000		-56,229,000	-10,630,000	-7,969,000
accumulated other comprehensive loss	-5,948,000	-9,198,000	-6,292,000	-8,302,000	-4,869,000	-6,887,000															-2,497,000	-8,872,000																																		-869,000	-1,148,000	-687,000	-516,000	-463,000	-512,000	-337,000	-485,000	-475,000	-201,000	-164,000	-218,000
retained earnings	15,513,000					246,461,000	225,919,000	204,115,000	198,869,000	193,470,000	184,453,000	182,348,000	197,049,000	218,308,000	228,627,000	232,049,000	242,456,000	249,506,000	243,312,000	236,560,000	236,714,000	250,328,000	245,428,000	233,575,000	234,855,000	239,422,000	240,745,000	239,487,000	246,477,000	242,964,000	237,609,000	236,818,000	195,649,000	170,699,000	163,911,000	158,501,000	152,729,000	141,124,000	136,338,000	134,192,000	134,877,000	134,075,000	131,793,000	130,348,000	131,658,000	132,288,000	127,448,000	123,705,000	125,398,000	119,200,000	115,239,000	114,079,000	116,862,000	119,062,000	121,616,000	129,279,000	131,921,000	136,582,000	132,152,000	128,551,000	126,285,000	122,615,000	118,853,000	116,974,000	115,911,000	112,408,000	106,969,000	104,830,000	105,104,000	102,871,000	99,908,000	95,269,000	92,716,000	87,570,000	82,501,000	78,017,000		72,676,000	67,244,000	62,583,000		55,897,000	50,260,000	43,871,000		39,449,000	31,862,000
total stockholders’ equity	85,054,000	108,189,000	87,950,000	33,175,000	141,993,000	544,327,000	577,337,000	534,054,000	808,705,000	800,171,000	761,370,000	719,733,000	744,032,000	732,812,000	720,474,000	705,050,000	717,060,000	396,837,000	405,274,000	416,160,000	426,150,000	441,835,000	410,802,000	380,393,000	396,764,000	381,457,000	372,702,000	365,748,000	373,783,000	363,685,000	348,223,000	344,321,000	306,902,000	276,892,000	262,089,000	248,050,000	247,545,000	232,720,000	221,668,000	213,157,000	210,588,000	203,968,000	195,255,000	187,880,000	185,916,000	184,136,000	172,978,000	164,436,000	161,544,000	156,672,000	153,389,000	149,685,000	147,684,000	147,659,000	146,677,000	143,757,000	140,002,000	145,008,000	137,496,000	129,173,000	123,059,000	114,646,000	107,290,000	123,749,000	116,106,000	113,355,000	99,468,000	93,635,000	90,508,000	88,779,000	89,306,000	95,885,000	113,103,000	101,747,000	92,460,000	85,487,000		88,765,000	79,875,000	70,811,000		63,212,000	98,896,000	90,259,000		76,319,000
total liabilities and stockholders’ equity	2,390,682,000	2,104,441,000	2,629,393,000	2,102,219,000	2,495,715,000	2,600,974,000	3,042,748,000	2,549,134,000	2,912,279,000	2,603,278,000	3,093,013,000	2,639,348,000	2,992,703,000	2,626,583,000	2,825,522,000	2,628,697,000	2,971,617,000	1,654,944,000	1,903,362,000	1,684,340,000	2,044,734,000	1,651,164,000	1,896,809,000	1,670,921,000	1,992,963,000	1,710,012,000	1,873,958,000	1,702,413,000	1,615,305,000	1,404,716,000	1,571,685,000	1,367,934,000	1,759,426,000	1,146,994,000	1,338,386,000	1,111,125,000	1,310,210,000	1,098,786,000	1,185,084,000	1,071,928,000	1,223,853,000	844,164,000	855,360,000	843,362,000	943,183,000	702,984,000	688,258,000	651,749,000	706,610,000	649,949,000	653,177,000	642,393,000	705,747,000	665,648,000	668,429,000	369,190,000	392,590,000	371,362,000	349,599,000	322,322,000	328,091,000	315,383,000	298,120,000	294,543,000	304,229,000	317,656,000	310,996,000	305,697,000	313,886,000	321,062,000	249,855,000	234,002,000	237,694,000	237,962,000	218,745,000	206,833,000		182,925,000	167,885,000	147,951,000		141,635,000	173,815,000	155,275,000		142,585,000
the accompanying notes are an integral part of these consolidated financial statements.
preferred stock; 20,000,000 shares authorized, none outstanding
accumulated deficit		-21,176,000	-53,456,000	-79,436,000
the accompanying notes are an integral part of these condensed consolidated financial statements.
software and content development costs					148,319,000	169,507,000	165,465,000	162,491,000	160,194,000	155,937,000	151,158,000	145,705,000	141,023,000	135,594,000	130,329,000
(accumulated deficit) retained earnings					-84,303,000
accumulated other comprehensive income							175,000	1,222,000	-1,688,000	8,141,000	8,842,000	404,000	8,938,000	2,716,000	7,455,000	15,295,000	6,522,000	3,319,000	6,291,000	4,163,000										602,000		7,041,000																																				-569,000	-899,000	-63,000	91,000	145,000		262,000	205,000	160,000		181,000	245,000	86,000		167,000	195,000	322,000		176,000	255,000
restricted cash due to customers																							421,915,000	232,250,000	545,485,000	243,056,000	354,133,000	219,396,000	418,980,000	179,729,000	295,463,000	170,792,000	610,344,000	139,095,000	289,232,000	164,748,000	353,771,000	138,106,000	195,034,000	115,000,000	255,038,000
deferred tax asset, current portion																																										10,608,000	11,967,000	14,119,000	14,423,000	6,807,000	10,241,000	12,103,000	13,434,000	8,732,000	12,973,000	17,745,000	15,799,000	3,673,000	1,959,000	1,560,000	1,551,000	5,173,000	5,173,000	5,160,000	5,164,000	5,728,000	5,728,000	5,728,000	5,728,000	6,745,000	6,754,000	6,779,000	6,858,000	6,166,000	2,802,000	3,176,000	2,276,000	4,042,000	4,630,000	5,820,000		4,127,000	8,149,000	10,315,000		1,022,000	1,069,000	542,000		1,035,000	1,406,000
donor restricted cash																																										63,460,000	61,055,000	58,355,000	140,709,000	50,075,000	44,339,000	43,534,000	107,362,000	41,758,000	27,054,000	26,280,000	68,177,000	25,993,000	18,314,000	20,891,000	40,205,000	21,180,000	10,836,000	14,870,000	16,359,000	18,905,000	6,936,000	9,713,000	12,874,000	16,493,000	5,514,000	7,047,000	12,363,000	14,942,000
donations payable																																										63,460,000	61,055,000	58,355,000	140,709,000	50,075,000	44,339,000	43,534,000	107,362,000	41,758,000	27,054,000	26,280,000	68,177,000	25,993,000	18,314,000	20,891,000	40,205,000	21,180,000	10,835,000	14,870,000	16,359,000	18,905,000	6,936,000	9,713,000	12,874,000	16,493,000	5,514,000	7,047,000	12,363,000	14,942,000
deferred tax asset																																																						521,000	774,000	28,552,000	29,376,000	35,553,000	39,082,000	40,839,000	44,639,000	52,099,000	53,946,000	54,890,000	55,570,000	61,096,000	62,751,000	64,231,000	64,762,000	69,436,000	48,795,000	49,202,000	51,696,000	53,568,000	59,059,000	60,538,000	62,302,000	66,070,000	66,459,000	66,940,000	71,487,000	75,480,000	80,983,000	82,552,000	87,522,000	80,175,000	83,111,000
long-term debt																																																							94,600,000											420,000	717,000	1,007,000	1,288,000	40,562,000
deferred revenue																																																								9,443,000	153,665,000	155,015,000	10,593,000	6,126,000	141,149,000	143,086,000	138,175,000	125,905,000	129,412,000	128,168,000	126,892,000	112,110,000	113,802,000	119,600,000	107,000,000	94,879,000	93,106,000	93,975,000	86,109,000	75,103,000		71,573,000	67,957,000	58,893,000		59,736,000	57,795,000	50,918,000		51,727,000	51,187,000
deferred revenue, noncurrent																																																									9,772,000	6,992,000			6,900,000	7,077,000	7,316,000	6,189,000	6,172,000	5,449,000	5,597,000	4,946,000	5,838,000	3,344,000	3,093,000	4,061,000	2,994,000	2,718,000	2,921,000
other noncurrent liabilities																																																									2,775,000	2,854,000			2,419,000	1,612,000	1,493,000	1,485,000	1,720,000	1,386,000	792,000	681,000	670,000	624,000	613,000	1,080,000	1,015,000	1,015,000	975,000
debt
june 30, 2010 and december 31, 2009, respectively																																																															-155,897,000
march 31, 2010 and december 31, 2009, respectively																																																																-134,327,000
capital lease obligations, current portion																																																																		230,000	290,000	346,000	384,000	419,000	470,000	513,000	513,000	551,000	517,000	488,000
capital lease obligations, noncurrent																																																																		57,000	81,000	127,000	203,000	281,000	352,000	449,000	586,000	693,000	790,000
marketable securities																																																																						1,572,000
short-term debt																																																																							24,500,000	11,500,000		11,515,000	15,000,000	20,000,000
cash, restricted																																																																														513,000	506,000	504,000
deferred acquisition costs, current portion																																																																												25,000		513,000	506,000	504,000
deferred acquisition costs, noncurrent
common stock, .001 par value...																																																																									50,000	50,000	49,000	49,000		49,000	48,000	48,000
accumulated other comprehensive income, net of tax																																																																									137,000
september 30, 2007 and december 31, 2006, respectively																																																																										-84,084,000
deferred acquisition costs, long-term portion																																																																													271,000	270,000	265,000	267,000
capital lease obligations, long-term portion																																																																												930,000
deferred revenue, long-term portion																																																																												2,102,000
other liabilities, long-term																																																																												976,000
long-term deferred revenue																																																																													1,874,000	1,564,000	1,883,000	1,482,000	1,279,000	1,209,000	890,000	793,000
deferred compensation																																																																																		-485,000	-700,000	-789,000		-1,405,000	-2,973,000
current portion of capital lease obligations																																																																																				7,000
deferred financing fees																																																																																				121,000	133,000	161,000
long-term debt and capital lease obligations
current portion of long-term debt and capital lease obligations																																																																																						81,000	116,000
common stock																																																																																						43,000	42,093,000
liabilities and shareholders’ equity
shareholders’ equity:
preferred stock; 5,000,000 shares authorized
total shareholders’ equity																																																																																							71,237,000
total liabilities and shareholders’ equity																																																																																							135,344,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30

cash flows from operating activities
net income	36,689,000	47,434,000	25,980,000	4,867,000	-330,764,000	20,542,000	21,804,000	5,246,000					-21,259,000	-10,319,000			-7,057,000	6,188,000	6,731,000	-164,000	-13,621,000	4,876,000	11,823,000	4,639,000	1,324,000	4,566,000	7,140,000	-1,122,000	9,334,000	11,164,000	6,592,000	17,751,000	30,709,000	12,548,000	11,165,000	11,511,000	17,284,000	11,423,000	7,813,000	4,995,000	6,411,000	7,911,000	7,042,000	4,285,000	4,816,000	10,380,000	9,280,000	3,814,000	11,790,000	9,393,000	6,623,000	2,666,000	3,270,000	2,825,000	-2,271,000	2,759,000	6,947,000	9,761,000	8,928,000	7,584,000	8,544,000	8,519,000	6,790,000	5,952,000	7,959,000	9,828,000	6,588,000	4,072,000	6,532,000	7,316,000	8,987,000	7,043,000	8,957,000	8,808,000	8,203,000	5,756,000	8,605,000	8,503,000	7,730,000	5,670,000	6,187,000	7,720,000	8,535,000	10,859,000	-4,286,000	7,587,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	21,563,000	21,306,000	21,699,000	21,647,000	30,047,000	31,065,000	30,458,000	30,095,000	27,860,000	28,005,000	26,350,000	27,272,000	25,763,000	25,323,000	25,738,000	25,545,000	21,926,000	19,742,000	20,281,000	20,461,000	23,980,000	22,667,000	24,284,000	21,804,000	21,695,000	20,885,000	21,389,000	21,724,000	19,573,000	20,146,000	20,027,000	19,820,000	19,183,000	18,284,000	18,390,000	18,091,000	17,382,000	17,560,000	17,940,000	17,609,000	14,657,000	14,068,000	13,594,000	13,678,000	12,831,000	11,392,000	10,520,000	10,674,000	11,539,000	10,490,000	10,727,000	10,408,000	10,446,000	9,210,000	7,407,000	4,816,000	4,714,000	4,174,000	4,090,000	4,017,000	4,113,000	4,111,000	4,025,000	3,819,000	3,946,000	3,869,000	3,868,000	3,826,000	3,766,000	3,992,000	2,615,000	2,492,000	2,378,000	2,201,000	1,922,000	1,648,000	1,016,000	948,000	899,000	846,000		667,000
net provision for credit losses and sales returns
stock-based compensation expense	21,831,000	21,657,000	27,252,000	22,170,000	28,538,000	18,574,000	24,286,000	33,570,000	32,094,000	32,379,000	33,364,000	29,925,000	26,635,000	27,945,000	27,854,000	27,860,000	30,899,000	28,926,000	30,549,000	30,005,000	32,701,000	20,843,000	20,133,000	13,580,000	15,012,000	14,866,000	15,029,000	13,726,000	12,591,000	10,730,000	13,861,000	11,092,000	9,576,000	10,926,000	10,835,000	9,294,000	7,633,000	9,218,000	7,871,000	7,916,000	7,347,000	6,486,000	6,311,000	5,102,000	4,853,000	4,448,000	4,330,000	3,714,000	3,942,000	3,073,000	4,717,000	5,178,000	4,785,000	4,831,000	5,788,000	3,836,000	3,971,000	3,587,000	3,530,000	3,796,000	3,819,000	3,180,000	2,908,000	3,152,000	3,225,000	2,817,000	3,025,000	3,220,000	4,173,000	3,234,000	2,319,000	2,359,000	2,066,000	1,357,000	1,799,000	1,712,000	1,500,000	1,924,000
deferred taxes	16,501,000	-16,029,000	-432,000	-221,000	-63,235,000	-2,966,000	-6,571,000	-12,239,000	6,795,000	1,938,000	-42,346,000	9,245,000	-4,972,000	-5,016,000	-9,225,000	-7,431,000	-2,829,000	124,000	1,418,000	-1,142,000	6,958,000	-66,000	991,000	954,000						309,000	219,000	902,000								558,000					2,964,000	-1,671,000	1,141,000	616,000	4,681,000	4,259,000			4,915,000	2,206,000	-503,000	967,000	7,445,000	3,635,000	2,071,000	382,000	7,721,000	1,743,000	942,000	795,000	6,455,000	2,551,000	1,632,000	1,713,000	4,570,000	-526,000	784,000	1,579,000	4,530,000	3,933,000	2,016,000	2,012,000	3,720,000	4,412,000	2,694,000	1,339,000		5,601,000	1,042,000	4,970,000		3,307,000
amortization of deferred financing costs and discount	540,000	594,000	647,000	699,000	752,000	802,000	635,000	349,000	387,000	425,000	463,000	500,000	537,000	573,000	609,000	645,000	336,000	355,000	373,000	506,000	212,000	193,000	188,000	188,000	188,000	188,000	188,000	188,000	188,000	188,000	188,000	188,000	188,000	182,000	229,000	239,000	240,000	240,000	239,000	239,000	239,000	240,000	210,000	210,000	210,000	181,000	181,000	162,000
loss on disposition of businesses
everfi impairment charges
other non-cash adjustments	3,000	227,000	-23,000	-5,384,000	0	0			-83,000	6,675,000	-1,354,000	-215,000	-1,000	1,452,000	4,375,000	-150,000	11,017,000	-682,000	187,000	-32,000	755,000	1,726,000	375,000	102,000	2,859,000	65,000	162,000	1,820,000					-68,000										-235,000	524,000	-509,000	184,000	1,320,000	168,000	-129,000	552,000	485,000	353,000	303,000	267,000	732,000	-555,000	-175,000	-86,000	-56,000	-561,000	92,000	26,000	20,000	-160,000	22,000	25,000	34,000	35,000	30,000	43,000	16,000	21,000
changes in operating assets and liabilities, net of acquisition and disposal of businesses:
accounts receivable	1,484,000	62,562,000	-69,754,000	4,770,000	3,811,000	53,980,000	-56,906,000	3,844,000	1,520,000	64,867,000	-70,763,000	1,139,000	-17,338,000	60,816,000	-59,828,000	9,010,000	12,254,000	8,355,000	-37,541,000	10,407,000	-95,000											5,088,000								817,000				555,000				2,676,000	-42,000			5,404,000				-1,686,000	-2,828,000	4,757,000	-19,734,000	9,113,000	-5,502,000	4,991,000	-13,236,000	696,000	-14,000	7,044,000	-9,406,000	3,751,000	2,323,000	8,370,000	-22,526,000	1,640,000	-3,156,000	5,305,000	-12,248,000	351,000		4,405,000	-9,687,000	411,000			-9,626,000	780,000		5,990,000
prepaid expenses and other assets	5,220,000	-797,000	-3,580,000	-5,330,000	4,212,000	1,600,000	792,000	-3,265,000	2,363,000	5,018,000	12,220,000	-2,750,000	3,989,000	18,561,000	5,752,000	-2,067,000	12,121,000	3,993,000	-736,000	-17,426,000	18,276,000																			1,846,000				3,633,000			2,632,000	309,000	-7,115,000	1,773,000	1,903,000	6,416,000				-1,754,000	-3,431,000	-4,717,000	-1,913,000	7,146,000	-8,820,000	-2,097,000	-1,956,000	3,274,000	1,675,000	-761,000	882,000	326,000	-4,615,000	-2,014,000	1,878,000	-884,000	-1,443,000	-1,812,000	-445,000	1,695,000		-1,063,000	2,153,000	-929,000		-7,240,000	-2,565,000	-158,000		11,000
trade accounts payable	-20,302,000	5,175,000	-3,757,000	-4,651,000	10,014,000	-824,000	-3,940,000	23,086,000	-15,214,000	69,000	-6,793,000	3,362,000	7,172,000	1,666,000	-3,150,000	15,919,000	-20,398,000	8,372,000	-5,194,000	7,550,000	-2,794,000																3,422,000	-8,590,000	8,718,000	139,000	2,849,000	-1,951,000						2,789,000							-1,096,000	1,739,000	805,000	-446,000	2,902,000	-1,547,000	979,000	-2,182,000	1,350,000	61,000	-114,000	269,000	-1,033,000	566,000	-290,000	385,000	517,000	2,000	205,000	353,000	-1,000	-1,387,000		874,000	-113,000	-1,354,000		68,000	196,000	-168,000		-574,000
accrued expenses and other liabilities	-12,859,000	12,241,000	-2,001,000	-8,207,000	3,045,000	-2,794,000	-21,491,000	7,912,000	-39,348,000	-2,875,000	27,879,000	-15,931,000	4,642,000	1,711,000	4,691,000	-13,430,000	-10,980,000	1,347,000	894,000	549,000	-17,637,000																								1,112,000	-1,517,000										-5,253,000	-840,000												-2,448,000
deferred revenue	-13,254,000	-15,167,000	67,918,000	-29,760,000	-21,539,000	-17,230,000	62,073,000	-25,845,000	-24,807,000	-18,554,000	69,795,000	-17,562,000	-12,773,000	-15,406,000	62,103,000	-22,865,000	-6,874,000	-10,428,000	50,580,000	-22,752,000	-13,019,000	-9,955,000			-7,899,000	-5,965,000			-6,704,000	-3,657,000			-2,444,000	-5,543,000			-2,730,000	-2,065,000			-3,361,000	2,181,000			6,524,000	4,899,000			-3,172,000	1,755,000			-2,616,000	2,474,000	14,745,000	-1,691,000	-1,480,000	5,234,000	15,979,000	-6,976,000	-1,271,000	4,032,000	13,457,000	-3,348,000	1,524,000	843,000	13,107,000	-2,237,000	-559,000	6,745,000	10,759,000	2,459,000	-445,000	3,982,000	11,054,000	-1,694,000		3,252,000	8,990,000	-1,814,000		2,087,000	6,902,000	-537,000		557,000
net cash from operating activities	58,010,000	139,211,000	66,941,000	1,388,000	73,582,000	103,951,000	53,816,000	64,619,000	-3,349,000	127,981,000	53,196,000	21,806,000	14,087,000	108,027,000	57,275,000	24,504,000	43,873,000	69,866,000	69,819,000	30,103,000	38,790,000	71,677,000			60,353,000	77,035,000			63,554,000	71,437,000	54,641,000	11,753,000	52,905,000	68,834,000	41,787,000	12,764,000	53,484,000	62,157,000	37,883,000	104,000	29,049,000	37,727,000	43,333,000	4,231,000	16,785,000	40,388,000	31,840,000	13,264,000	29,274,000	40,498,000	24,532,000	12,940,000	29,022,000	28,720,000	6,964,000	3,985,000	17,808,000	29,873,000	20,334,000	17,512,000	7,045,000	24,177,000	17,358,000	7,328,000	26,442,000	25,827,000	22,103,000	12,425,000	12,314,000	26,528,000	7,090,000	14,378,000	13,025,000	30,452,000	11,843,000	7,547,000		25,725,000	16,375,000	3,260,000		19,756,000	11,971,000	7,357,000		17,106,000
capital expenditures	-16,930,000	-15,975,000	-15,440,000	-13,658,000	-17,083,000	-15,607,000	-21,179,000	-13,331,000	-15,221,000	-17,372,000	-16,204,000	-15,331,000	-17,794,000	-18,568,000	-3,252,000	-16,949,000	-14,160,000	-12,003,000	-13,218,000	-12,772,000	-13,983,000	0			0	0			0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-6,297,000	-5,218,000	-5,294,000	-6,630,000	-1,073,000	-163,000	-3,836,000	-1,692,000	-5,069,000	-1,669,000	-1,200,000	-1,551,000	-1,114,000	-2,115,000	-2,620,000	-834,000	-2,123,000	-3,392,000	-1,603,000	-2,078,000	-1,050,000		-860,000	-1,170,000	-264,000		-1,333,000	-805,000	-85,000		-428,000
free cash flows	41,080,000	123,236,000	51,501,000	-12,270,000	56,499,000	88,344,000	32,637,000	51,288,000	-18,570,000	110,609,000	36,992,000	6,475,000	-3,707,000	89,459,000	54,023,000	7,555,000	29,713,000	57,863,000	56,601,000	17,331,000	24,807,000	71,677,000			60,353,000	77,035,000			63,554,000	71,437,000	54,641,000	11,753,000	52,905,000	68,834,000	41,787,000	12,764,000	53,484,000	62,157,000	37,883,000	104,000	29,049,000	37,727,000	43,333,000	4,231,000	16,785,000	40,388,000	31,840,000	13,264,000	29,274,000	40,498,000	24,532,000	12,940,000	29,022,000	28,720,000	6,964,000	-2,312,000	12,590,000	24,579,000	13,704,000	16,439,000	6,882,000	20,341,000	15,666,000	2,259,000	24,773,000	24,627,000	20,552,000	11,311,000	10,199,000	23,908,000	6,256,000	12,255,000	9,633,000	28,849,000	9,765,000	6,497,000		24,865,000	15,205,000	2,996,000		18,423,000	11,166,000	7,272,000		16,678,000
cash flows from investing activities
purchase of property and equipment	-2,962,000	-3,494,000	-623,000	-688,000	-208,000	-1,117,000	-5,857,000	-261,000	-442,000	-1,464,000	-1,415,000	-1,364,000	-1,777,000	-2,994,000	-3,252,000	-4,266,000	-3,332,000	-2,204,000	-2,658,000	-3,470,000	-3,854,000																																			-6,297,000	-5,218,000	-5,294,000	-6,630,000	-1,073,000	-163,000	-3,836,000	-1,692,000	-5,069,000	-1,669,000	-1,200,000	-1,551,000	-1,114,000	-2,115,000	-2,620,000	-834,000	-2,123,000	-3,392,000	-1,603,000	-2,078,000	-1,050,000	-2,360,000	-860,000	-1,170,000	-264,000		-1,333,000	-805,000	-85,000		-428,000
capitalized software development costs	-13,968,000	-12,481,000	-14,817,000	-12,970,000												-12,683,000	-10,828,000	-9,799,000	-10,560,000	-9,302,000	-10,129,000
purchase of net assets of acquired companies, net of cash and restricted cash acquired									0				33,000	-1,929,000	969,000	-19,985,000
cash from disposition of business	0	0	0	-12,235,000
other investing activities					0	0			0																0	0
net cash from investing activities	-17,630,000	-15,975,000	-15,440,000	-25,893,000	-17,083,000	-15,607,000	-26,208,000	-14,510,000	-15,221,000	-17,635,000	-16,204,000	-15,331,000	-17,761,000	-14,071,000	-16,783,000	-36,934,000	-433,280,000	-12,003,000	-13,218,000	-12,772,000	-13,983,000																																			-6,297,000	-13,140,000	-5,139,000	-6,511,000	-16,948,000	-5,107,000	-3,836,000	-4,082,000	-5,199,000	-1,669,000	-1,200,000	-3,809,000	-1,114,000	-529,000	-49,652,000	-1,402,000	-4,450,000	-3,363,000	-26,794,000	-2,105,000	-60,266,000		-872,000	-1,172,000	-6,345,000		-1,774,000	-1,253,000	-134,000		-459,000
cash flows from financing activities
proceeds from issuance of debt	97,500,000	34,700,000	56,100,000	216,200,000	138,000,000	91,800,000	871,800,000	339,800,000	117,400,000	17,800,000	65,400,000	92,600,000	84,100,000	13,700,000	53,800,000	59,400,000	453,900,000	0	47,600,000	80,700,000	481,100,000	65,300,000	57,400,000	144,700,000	52,800,000	42,100,000	57,600,000	271,500,000	51,000,000	46,400,000	91,800,000	81,700,000	186,200,000	12,600,000	508,100,000	67,600,000	48,200,000	58,100,000	46,300,000	74,600,000	228,700,000	13,500,000	28,300,000	41,800,000	164,100,000	0	5,000,000	196,000,000	39,908,000	35,200,000	11,200,000	16,700,000	0	3,000,000							0	0							0	58,800,000	15,700,000	11,500,000	0	18,000,000	0	30,000,000
payments on debt	-52,862,000	-129,256,000	-102,143,000	-85,523,000	-64,517,000	-113,512,000	-887,337,000	-79,343,000	-80,638,000	-122,133,000	-96,421,000	-75,403,000	-81,298,000	-99,894,000	-95,783,000	-33,765,000	-21,699,000	-17,795,000	-53,810,000	-59,667,000	-456,564,000																																								-307,000	-3,797,000	-884,000	-187,000	-17,774,000	-23,265,000	-18,759,000	-251,000	-244,000	-24,575,000	-2,700,000	-8,000	-11,512,000	-23,422,000	-5,000,000	-10,000,000
debt issuance costs					0	0															-3,993,000
employee taxes paid for withheld shares upon equity award settlement	-734,000	-1,014,000	-707,000	-37,948,000	-878,000	-1,467,000	-1,760,000	-52,723,000	-299,000	-1,881,000	-2,270,000	-31,417,000	-319,000	-457,000	-926,000	-34,674,000	-392,000	-300,000	-20,286,000	-18,426,000	-139,000
change in due to customers	297,910,000	-452,049,000	448,830,000	-320,248,000	310,689,000	-370,583,000	443,429,000	-336,578,000	332,923,000	-401,048,000	398,472,000	-337,159,000	354,495,000	-102,108,000	174,293,000	-315,294,000	373,509,000	-216,912,000	183,536,000	-353,597,000	399,035,000
change in customer funds receivable	2,673,000	1,586,000	-779,000	-2,483,000	5,098,000	-4,200,000	620,000	-3,197,000	3,226,000	73,000	-1,500,000	-1,859,000	1,671,000	-745,000	569,000	-1,115,000	5,107,000	-824,000	-4,451,000	-563,000	4,633,000
purchase of treasury stock, including excise tax payments	-83,814,000	-30,133,000
net cash from financing activities	260,673,000	-576,166,000	398,126,000	-330,032,000	295,766,000	-460,774,000	420,294,000	-394,637,000	353,781,000	-507,189,000	363,681,000	-353,238,000	358,515,000	-190,152,000	131,396,000	-325,448,000	797,256,000	-276,110,000	122,581,000	-379,619,000	383,071,000																			9,546,000				75,000	107,310,000	-4,873,000	-5,092,000	14,699,000					-34,942,000	-20,156,000	254,234,000	-4,580,000	-4,823,000	-5,113,000	-4,486,000	-4,841,000	-379,000	-7,825,000	-23,034,000	-1,510,000	-24,344,000	-21,533,000	-22,717,000	-4,598,000	-6,531,000	25,863,000	-7,824,000	-12,466,000	-11,196,000	-4,984,000	-8,186,000	988,000		-1,473,000	-825,000	-3,100,000		-47,618,000	-3,482,000	-6,078,000		-36,000
effect of exchange rate on cash, cash equivalents and restricted cash	482,000	-1,444,000	5,544,000	1,668,000	-5,481,000	4,050,000	337,000	-860,000	2,359,000	-2,800,000	1,503,000	986,000	3,749,000	-6,983,000	-6,748,000	-504,000	200,000	-895,000	762,000	230,000	2,868,000
net increase in cash, cash equivalents and restricted cash
cash, cash equivalents and restricted cash, beginning of year
cash, cash equivalents and restricted cash, end of year
supplemental disclosure of cash flow information
cash paid for interest
cash paid for taxes, net of refunds
non-cash investing and financing activities:
purchase of software and services by assuming directly related liabilities
purchase of equipment and other assets included in accounts payable
provision for credit losses and sales returns		8,000	2,992,000	788,000	3,211,000	1,202,000	214,000	305,000	-315,000	1,017,000	2,276,000	1,522,000	1,692,000	721,000	1,778,000	1,875,000	3,458,000	3,574,000	2,277,000	2,141,000	3,074,000	3,479,000	4,189,000	2,488,000
net decrease in cash, cash equivalents and restricted cash				-352,869,000				-345,388,000				-345,777,000		-103,179,000	165,140,000	-338,382,000		-219,142,000	179,944,000	-362,058,000
cash, cash equivalents and restricted cash, beginning of period		0	0	809,512,000		0	0	728,257,000		0	0	733,931,000		0	0	651,762,000		0	0	644,969,000		0	0	577,295,000		0
cash, cash equivalents and restricted cash, end of period		-454,374,000	455,171,000	456,643,000		-368,380,000	448,239,000	382,869,000		-399,643,000	402,176,000	388,154,000		-103,179,000	165,140,000	313,380,000		-219,142,000	179,944,000	282,911,000		-218,223,000	195,224,000	257,222,000		-114,647,000
purchase of treasury stock				-100,030,000	-92,626,000	-62,812,000	0	-262,596,000									-10,063,000	-40,279,000	-30,008,000	-28,066,000																																									0	-1,071,000							-3,389,000	-4,311,000	-16,190,000	-19,837,000	-1,403,000	-348,000	-2,000	-14,104,000	-892,000	-845,000	-737,000	-6,254,000		-45,599,000	-2,661,000	-7,969,000
capitalized software and content development costs					-16,875,000	-14,490,000	-15,322,000	-13,070,000	-14,779,000	-15,908,000	-14,789,000	-13,967,000	-16,017,000	-15,574,000
cash (used) received in disposition of business
stock issuance costs													-134,000	-648,000
cash (paid) for taxes, net of refunds
loss on disposition of business						0	0	1,561,000
net cash from disposition of business						0	0	-1,179,000
cash received in sale of business													0
purchase of everfi through the issuance of stock
net loss										9,017,000	2,105,000	-14,701,000				-10,407,000
adjustments to reconcile net loss to net cash from operating activities:
proceeds from exercise of stock options																					0	0	3,000	1,000	0	1,000	3,000	3,000	0	0	2,000	9,000	1,000	0	3,000	11,000	6,000	5,000	2,000	3,000	9,000	5,000	7,000	11,000	6,000	75,000	82,000	25,000	50,000	114,000	154,000	67,000	41,000	121,000	25,000	2,959,000	68,000	48,000	1,609,000	316,000	3,370,000	1,715,000	326,000	2,654,000	382,000	1,872,000	204,000	51,000	187,000	303,000	106,000	287,000	3,049,000	1,574,000	400,000	428,000	1,839,000	1,278,000	1,500,000	3,266,000		64,000	1,332,000	4,079,000		162,000
dividend payments to stockholders																					0																																			-5,409,000	-5,395,000	-5,348,000	-5,350,000	-5,336,000	-4,881,000	-4,770,000	-4,929,000	-4,910,000	-4,467,000	-4,399,000	-4,458,000	-4,349,000	-4,301,000	-4,353,000	-4,350,000	-4,493,000	-3,815,000	-3,756,000	-3,735,000	-3,768,000	-3,109,000	-3,071,000	-3,069,000	-3,034,000		-2,083,000	-2,146,000	-2,151,000
cash paid during the year for:
interest																																																																																				1,000
taxes, net of refunds
purchase of property and equipment by assuming directly related liabilities
cash received during the year for:
acquired restricted cash liabilities due to customers
provision for doubtful accounts and sales returns																									2,533,000	1,546,000	2,614,000	2,032,000	2,130,000	1,063,000	1,923,000	1,774,000	4,440,000	1,777,000	2,731,000	2,738,000	591,000	875,000	1,247,000	1,017,000	2,252,000	1,639,000	1,576,000	1,358,000	1,411,000	871,000	1,892,000	1,074,000	4,331,000	-174,000	576,000	670,000	5,379,000	1,701,000	1,394,000	1,117,000	1,938,000	1,342,000	1,242,000	1,124,000	813,000	1,258,000	245,000	457,000	1,376,000	797,000	380,000	905,000	161,000	1,819,000	1,037,000	1,162,000	-233,000	1,004,000	780,000	491,000	593,000	508,000	316,000	256,000		17,000	265,000	429,000
purchase of derivative instruments
proceeds from settlement of derivative instruments																																	0
effect of exchange rate on cash, cash equivalents, and restricted cash																												1,036,000				713,000
net decrease in cash, cash equivalents, and restricted cash
cash, cash equivalents, and restricted cash, beginning of period																												449,846,000		0	0	640,174,000
cash, cash equivalents, and restricted cash, end of period																												244,583,000		-119,576,000	128,852,000	195,805,000
net increase in cash, cash equivalents, and restricted cash
cash, cash equivalents, and restricted cash, beginning of year
cash, cash equivalents, and restricted cash, end of year
loss on sale of business																																									0	0
impairment of capitalized software development costs
net cash from sale of business
restricted cash due to customers																																		149,956,000	-124,536,000	188,824,000		57,253,000	-79,017,000	141,055,000
due to customers
purchase of net assets of acquired companies, net of cash acquired																																																									-6,910,000	0	0	-16,475,000	-4,944,000	0			0	0			11,000
effect of exchange rate on cash and cash equivalents																																		252,000	-171,000	225,000				707,000							158,000	105,000					-368,000			339,000	646,000	-1,019,000	-66,000	429,000	162,000	473,000	-259,000	-107,000	102,000	607,000	-67,000	-47,000	-1,196,000	-415,000	-27,000	-95,000	127,000	-155,000	129,000	-70,000	27,000	-40,000	53,000	-8,000	-112,000	-105,000	-61,000	-20,000	106,000	-80,000
net increase in cash and cash equivalents																																		-218,000			440,000				-2,193,000				-39,225,000	29,113,000	-7,703,000	20,661,000									491,000	18,602,000	9,271,000	-3,848,000	1,721,000	12,989,000	-10,017,000	512,000	531,000	3,701,000	-4,490,000	6,666,000					-1,407,000	-1,481,000			13,522,000	23,340,000	14,431,000	-6,193,000	1,980,000	-29,741,000	7,175,000	1,125,000	8,762,000	16,531,000
cash and cash equivalents, beginning of period																																		0	0	16,902,000		0	0	15,362,000		0	0	14,735,000		0	0	11,889,000		0	0	13,491,000		0	0	52,520,000		0	0	27,974,000		0	0	22,769,000		0	0	16,361,000		0	0	14,775,000		0	0	67,783,000		0	0	22,683,000		0	0	42,144,000	0
cash and cash equivalents, end of period																																		-218,000	3,396,000	13,872,000		1,199,000	3,179,000	12,084,000		4,328,000	-59,000	13,286,000		29,113,000	-7,703,000	32,550,000		9,379,000	-1,149,000	8,449,000		4,390,000	-24,775,000	45,967,000		18,602,000	9,271,000	24,126,000		12,989,000	-10,017,000	23,281,000		3,701,000	-4,490,000	23,027,000		2,324,000	-2,163,000	12,142,000		-1,481,000	1,681,000	15,982,000		23,340,000	14,431,000	16,490,000		-29,741,000	7,175,000	43,269,000	8,762,000
the accompanying notes are an integral part of these consolidated financial statements.
purchase of net assets of acquired companies, net of cash																																				59,000
net decrease in cash and cash equivalents																																																								-6,553,000														2,324,000	-2,163,000	-2,633,000				-51,801,000
loss on debt extinguishment and termination of derivative instruments																																													0	0	0	996,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
excess tax benefits from exercise and vesting of stock-based compensation																																							1,592,000	1,137,000	3,976,000	536,000
changes in operating assets and liabilities, net of acquisition of businesses:
donor restricted cash																																										-2,627,000	-3,422,000	82,140,000		-5,550,000	-1,071,000	63,680,000		-14,879,000	-1,083,000	42,588,000		-7,595,000	2,507,000	19,361,000	-15,264,000	-13,138,000	4,013,000	1,527,000	2,574,000	-11,949,000	2,782,000	3,147,000	3,618,000	-10,978,000	1,534,000	5,315,000	2,580,000
donations payable																																																								-19,361,000	15,264,000	13,138,000	-4,013,000	-1,527,000	-2,574,000	11,949,000	-2,782,000	-3,147,000	-3,618,000	10,978,000	-1,534,000	-5,315,000	-2,580,000
excess tax benefits from from exercise and vesting of stock-based compensation																																												584,000
excess tax benefits from stock based compensation																																																										-197,000	-33,000	-193,000	-1,468,000	-121,000	-26,000	-1,014,000
impairment of cost method investment																																																					0	0
excess tax benefits from stock-based compensation																																														1,695,000	1,464,000	603,000					0	-259,000	650,000	-310,000
impairment of capitalized software development costs due to business combination																																														5,000
gain on sale of assets
amortization of deferred financing costs
proceeds from sale of assets																																																									0	155,000	119,000	600,000
payments of deferred financing costs																																																								-2,440,000		0
payments on capital lease obligations																																																									-5,000	-10,000	-11,000	-14,000	-29,000	-23,000	-31,000	-81,000	-84,000	-83,000	-103,000	-114,000	-113,000	-151,000	-140,000	-136,000	-142,000	-131,000	-112,000	-92,000
purchase of equipment included in accounts payable
purchase of investment																																																													0	0
purchase of intangible assets																																																													0	0	0	-130,000
changes in assets and liabilities, net of acquisition of businesses:
payments on deferred financing costs
accrued expenses and other current liabilities																																																											3,328,000	-6,373,000	-1,975,000	717,000	2,839,000	-6,356,000	-2,013,000	2,887,000	3,425,000	-3,687,000			501,000	-3,274,000	5,082,000	5,295,000	-1,249,000	-3,049,000		1,950,000	1,379,000	-3,151,000		1,164,000	2,815,000	-5,182,000		2,121,000
proceeds from sale and maturity of marketable securities
payments of deferred financing fees																																																																					0	0			0
changes in assets and liabilities:
excess tax benefit on exercise of stock options																																																																	2,401,000	-4,342,000	-399,000	-65,000	-1,329,000	-150,000	203,000	-221,000	-7,235,000	1,595,000	263,000	446,000
payments on deferred financing fees
purchase of net assets of acquired companies																																																																							-568,000	-2,327,000				-59,216,000	-51,000	-12,000
changes in assets and liabilities, net of acquisition:
supplemental disclosures of cash flow information
taxes																																																																																				1,134,000
non-cash financing activities:
increase in share repurchase payable																																																																								2,806,000
changes in assets and liabilities, net of acquisitions:
amortization of deferred financing fees																																																																										26,000	12,000	12,000	12,000	12,000	12,000	12,000		12,000	12,000	12,000		0
payments on debt acquired																																																																											0	-1,922,000
changes in assets and liabilities, net of acquisition
repayments on long-term debt and capital lease obligations																																																																																		0	-7,000	-37,000		-37,000
payment of deferred financing fees
adjustments to reconcile net income to net provided by operating activities
total adjustments																																																																															8,645,000	-2,410,000		12,036,000	3,436,000	-3,502,000		9,519,000
stock-based compensation																																																																																1,974,000
purchase of net assets of acquired company																																																																																-6,081,000			-448,000	-49,000		-31,000
adjustments to reconcile net income to net cash provided by operating activities
cash paid during the year for
noncash activities
change in fair value of derivative instruments
adjustments to reconcile net income to net cash from operating activities
stock based compensation benefit
benefit on exercise of stock options																																																																																		2,764,000	663,000	2,606,000
changes in assets and liabilities accounts receivable
stock option compensation expense																																																																																			3,041,000	-6,922,000
changes in assets and liabilities
depreciation																																																																																				668,000		624,000
amortization of intangibles																																																																																						0
cash paid during the period for
stock option compensation

Blackbaud, Inc(NASDAQ:BLKB)

Blackbaud, Inc
(NASDAQ:BLKB)