10-K/A

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-K/A

Amendment No. 1

 

 

 

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year ended December 31, 2012

Or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             .

Commission file number: 000-50600

 

 

BLACKBAUD, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   11-2617163

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification No.)

2000 Daniel Island Drive

Charleston, South Carolina 29492

(Address of principal executive offices, including zip code)

(843) 216-6200

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of Each Class

  

Name of Each Exchange on which Registered

Common Stock, $0.001 Par Value  

The NASDAQ Stock Market LLC

(NASDAQ Global Select Market)

 

Securities Registered Pursuant to Section 12(g) of the Act: None

 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    YES  x    NO  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    YES  ¨    NO  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     YES  x    NO  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     YES  x    NO  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerate filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   x    Accelerated filer   ¨
Non-accelerated filer   ¨    Smaller reporting company   ¨

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     YES  ¨    NO  x

The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant on June 30, 2012 (based on the closing sale price of $25.67 on that date), was approximately $870,484,845. Common stock held by each officer and director and by each person known to the registrant who owned 10% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

The number of shares of the registrant’s Common Stock outstanding as of February 12, 2013 was 45,630,704.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive Proxy Statement for the 2013 Annual Meeting of Stockholders currently scheduled to be held June 19, 2013 are incorporated by reference into Part III hereof.

 

 

 

Explanatory Note

On February 27, 2013, Blackbaud, Inc. (“Blackbaud”) filed its Annual Report on Form 10-K (the “Original Report”) for the fiscal year ended December 31, 2012. This Amendment No. 1 on Form 10-K/A amends the Original Report in order to amend “Item 9A Controls and Procedures” to include Management’s report on internal control over financial reporting for the fiscal year ended December 31, 2012 which was inadvertently excluded from the Original Report. The Original Report is not being amended or updated in any other manner.

Item 9A. Controls and procedures

Evaluation of disclosure controls and procedures

Disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) are designed only to provide reasonable assurance that they will meet their objectives. As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e)) pursuant to Exchange Act Rule 13a-15(b). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective to provide the reasonable assurance discussed above.

Changes in internal control over financial reporting

In connection with the acquisition of Convio, we performed certain due diligence procedures related to Convio’s financial reporting and disclosure controls. As part of the ongoing integration, we will continue to assess the overall control environment of this business. No change in internal control over financial reporting occurred during the most recent fiscal quarter with respect to our operations, which has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Management’s report on internal control over financial reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2012, based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2012.

Item 15. Exhibits and financial statement schedules

(a) Financial statements

The following statements were filed as part of the Annual Report on Form 10-K amended by this report, and located at the pages in the Form 10-K indicated:

 

     Page No.  

Report of independent registered public accounting firm

      F-2   

Consolidated balance sheets as of December 31, 2012 and 2011

      F-3   

Consolidated statements of comprehensive income for the years ended December 31, 2012, 2011 and 2010

      F-4   

Consolidated statements of cash flows for the years ended December 31, 2012, 2011 and 2010

      F-5   

Consolidated statements of stockholders’ equity for the years ended December 31, 2012, 2011 and 2010

      F-6   

Notes to consolidated financial statements

      F-7   

Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements thereto.

(b) Exhibits

See the Index to Exhibits attached hereto.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Form 10-K/A to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  BLACKBAUD, INC
Signed: June 21, 2013  

 

/S/ MARC E. CHARDON

  President and Chief Executive Officer

EXHIBIT INDEX

 

       

  

            Filed In        
Exhibit
Number		      Description of Document    Registrant’s
Form		      Dated      Exhibit
Number		     

Filed

Herewith

  2.1       Agreement and Plan of Merger and Reincorporation dated
April 6, 2004		      S-1/A         4/6/2004         2.1      
  2.2       Stock Purchase Agreement dated January 16, 2007 by and among Target Software, Inc., Target Analysis Group, Inc., all of the stockholders of Target Software, Inc. and Target Analysis Group, Inc., Charles Longfield, as stockholder representative, and Blackbaud, Inc.      8-K         1/18/2007         2.2      
  2.3       Agreement and Plan of Merger dated as of May 29, 2008 by and among Blackbaud, Inc., Eucalyptus Acquisition Corporation and Kintera, Inc.      8-K         5/30/2008         2.3      
  2.4       Share Purchase Agreement dated as of April 29, 2009 between RLC Group B.V., as the Seller, and Blackbaud, Inc., as the Purchaser      10-Q         8/7/2009         10.42      
  2.5 *     Stock Purchase Agreement dated as of February 1, 2011 by and among Public Interest Data, Inc., all for the stockholders of Public Interest Data, Inc., Stephen W. Zautke, as stockholder representative and Blackbaud, Inc.      10-Q         5/10/2011         2.3      
  2.6       Agreement and Plan of Merger dated as of January 16, 2012 by and among Blackbaud, Inc., Caribou Acquisition Corporation and Convio, Inc.      8-K         1/17/2012         2.4      
  2.7       Stock Purchase Agreement dated as of October 6, 2011 by and among Everyday Hero Pty. Ltd., all of the stockholders of Everyday Hero Pty. Ltd., Nathan Betteridge as stockholder representative and Blackbaud Pacific Pty. Ltd.      10-K         2/29/2012         2.7      
  3.4       Amended and Restated Certificate of Incorporation of Blackbaud, Inc.      DEF 14A         4/30/2009         
  3.5       Amended and Restated Bylaws of Blackbaud, Inc.      8-K         3/22/2011         3.4      
  10.5       Trademark License and Promotional Agreement dated as of October 13, 1999 between Blackbaud, Inc. and Charleston Battery, Inc.      S-1         2/20/2004         10.5      
  10.6       Blackbaud, Inc. 1999 Stock Option Plan, as amended      S-1/A         4/6/2004         10.6      
  10.8       Blackbaud, Inc. 2001 Stock Option Plan, as amended      S-1/A         4/6/2004         10.8      
  10.20       Blackbaud, Inc. 2004 Stock Plan, as amended, together with Form of Notice of Stock Option Grant and Stock Option Agreement      8-K         6/20/2006         10.20      
  10.26       Form of Notice of Restricted Stock Grant and Restricted Stock Agreement under the Blackbaud, Inc. 2004 Stock Plan      10-K         2/28/2007         10.26      
  10.27       Form of Notice of Stock Appreciation Rights Grant and Stock Appreciation Rights Agreement under the Blackbaud, Inc. 2004 Stock Plan      10-K         2/28/2007         10.27      
  10.33       Blackbaud, Inc. 2008 Equity Incentive Plan      DEF 14A         4/29/2008         
  10.34       Form of Notice of Grant and Stock Option Agreement under Blackbaud, Inc. 2008 Equity Incentive Plan      S-8         8/4/2008         10.34      

  10.35       Form of Notice of Grant and Restricted Stock Agreement under Blackbaud, Inc. 2008 Equity Incentive Plan      S-8         8/4/2008         10.35      
  10.36       Form of Notice of Grant and Stock Appreciation Rights Agreement under Blackbaud, Inc. 2008 Equity Incentive Plan      S-8         8/4/2008         10.36      
  10.37       Kintera, Inc. 2000 Stock Option Plan, as amended, and form of Stock Option Agreement thereunder      10-K/A         3/26/2008         10.2      
  10.38       Kintera, Inc. Amended and Restated 2003 Equity Incentive Plan, as amended, and form of Stock Option Agreement thereunder      10-K/A         3/26/2008         10.3      
  10.39       Form of Retention Agreement      10-Q         11/10/2008         10.37      
  10.40       Triple Net Lease Agreement dated as of October 1, 2008 between Blackbaud, Inc. and Duck Pond Creek-SPE, LLC      8-K         12/11/2008         10.37      
  10.41       Blackbaud, Inc. 2009 Equity Compensation Plan for Employees from Acquired Companies      S-8         7/2/2009         10.41      
  10.43       Amended and Restated Employment and Noncompetition Agreement dated January 28, 2010 between Blackbaud, Inc. and Marc Chardon      8-K         2/1/2010         10.43      
  10.44       Credit Agreement dated as of June 17, 2011 by and among Blackbaud, Inc., as Borrower, the lenders referred to therein, and Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and Issuing Lender, with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, and SunTrust Robinson Humphrey, Inc. as Joint Lead Arrangers and Joint Book Managers      8-K         6/23/2011         10.44      
  10.45       Guaranty Agreement dated as of June 17, 2011, by certain subsidiaries of Blackbaud, Inc., as Guarantors, in favor of Wells Fargo Bank, National Association, as Administrative Agent      8-K         6/23/2011         10.45      
  10.46       Pledge Agreement dated as of June 17, 2011 by Blackbaud, Inc. and certain subsidiaries of Blackbaud, Inc. in favor of Wells Fargo Bank, National Association, as Administrative Agent for the ratable benefit of itself and the lenders referred to therein      8-K         6/23/2011         10.46      
  10.47       Employment Agreement dated November 7, 2008 between Blackbaud, Inc. and Tim Williams      10-Q         11/8/2011         10.47      
  10.48       Employment Agreement dated November 7, 2008 between Blackbaud, Inc. and Louis Attanasi      10-Q         11/8/2011         10.48      
  10.49       Employment Agreement dated November 7, 2008 between Blackbaud, Inc. and Charlie Cumbaa      10-Q         11/8/2011         10.49      
  10.50       Employment Agreement dated June 25, 2008 between Blackbaud, Inc. and Kevin Mooney      10-Q         11/8/2011         10.50      
  10.51       Amendment No. 1 to the Amended and Restated Employment and Noncompetition Agreement dated December 13, 2011 between Blackbaud, Inc. and Marc Chardon      8-K         12/16/2011         10.51      
  10.52       Form of Tender and Support Agreement by and among Blackbaud, Inc. and certain stockholders of Convio, Inc.      8-K         1/17/2012         10.52      

  10.53     

Amended and Restated Credit Agreement dated as of

February 9, 2012 by and among Blackbaud, Inc., as

Borrower, the lenders referred to therein, JPMorgan

Chase Bank, N.A., as Administrative Agent,

Swingline Lender and an Issuing Lender, SunTrust

Bank, as Syndication Agent, and Bank of America,

N.A. and Regions Bank, as Co-Documentation

Agents, with J.P. Morgan Securities LLC and

SunTrust Robinson Humphrey, Inc., as Joint Lead

Arrangers and Joint Bookrunners

      8-K        2/15/2012        10.53     
  10.54     

Amended and Restated Pledge Agreement dated as of

February 9, 2012 by Blackbaud, Inc. in favor of

JPMorgan Chase Bank, N.A., as Administrative

Agent for the ratable benefit of itself and the lenders

referred to therein

      8-K        2/15/2012        10.54     
  10.55     

Employment Agreement dated November 14, 2011

between Blackbaud, Inc. and Anthony W. Boor

      10-K        2/29/2012        10.55     
  10.56     

Services Agreement dated November 11, 2011

between Blackbaud, Inc. and Timothy V. Williams

      10-K        2/29/2012        10.56     
  10.57     

Employment Agreement dated November 16, 2010

between Blackbaud, Inc. and Jana B. Eggers

      10-K        2/29/2012        10.57     
  10.58     

Guaranty Agreement dated as of May 4, 2012, by

certain subsidiaries of Blackbaud, Inc., as Guarantors,

in favor of JP Morgan Chase Bank, N.A., as

Administrative Agent

      8-K        5/7/2012        10.58     
  10.59  ***   

Convio, Inc. 2009 Amended and Restated Stock

Incentive Plan, as amended, and forms of stock

option agreements

      S-1/A        3/19/2010        10.1     
  10.60  ***   

Convio, Inc. Form of Nonstatutory Stock Option

Notice (Double Trigger)

      8-K        2/28/2011        10.1     
  10.61  ***   

Convio, Inc. Form of Restricted Stock Unit Notice

(Double Trigger) and Agreement

      8-K        2/28/2011        10.2     
  10.62  ***   

Convio, Inc. 1999 Stock Option/Stock Issuance Plan,

as amended, and forms of stock option agreements

      S-1        1/22/2010        10.2     
  10.63     

Blackbaud, Inc. 2008 Equity Incentive Plan, as

amended

      8-K        6/26/2012        10.59     
  10.64     

Amendment to the Blackbaud, Inc. 2008 Equity

Incentive Plan

      8-K        6/26/2012        10.60     
  10.65     

Form of Employment Agreement between

Blackbaud, Inc. and each of Anthony W. Boor,

Charles T. Cumbaa, Jana B. Eggers, Kevin W.

Mooney and Joseph D. Moye

      10-K        2/27/2013        10.65     
  21.1        Subsidiaries of Blackbaud, Inc.      10-K        2/27/2013        21.1     
  23.1        Consent of Independent Registered Public Accounting Firm      10-K        2/27/2013        23.1     
  31.1       

Certification by the Chief Executive Officer pursuant

to Section 302 of the Sarbanes-Oxley Act of 2002

            X   

  31.2   

Certification by the Chief Financial Officer pursuant

to Section 302 of the Sarbanes-Oxley Act of 2002

               X   
  32.1   

Certification by the Chief Executive Officer pursuant

to 18 U.S.C. 1350 as adopted pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

               X   
  32.2   

Certification by the Chief Financial Officer pursuant

to 18 U.S.C. 1350 as adopted pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

               X   
101.INS****    XBRL Instance Document      10-K         2/27/2013         101.INS      
101.SCH****    XBRL Taxonomy Extension Schema Document      10-K         2/27/2013         101.SCH      
101.CAL****    XBRL Taxonomy Extension Calculation Linkbase Document      10-K         2/27/2013         101.CAL      
101.DEF****    XBRL Taxonomy Extension Definition Linkbase Document      10-K         2/27/2013         101.DEF      
101.LAB****    XBRL Taxonomy Extension Label Linkbase Document      10-K         2/27/2013         101.LAB      
101.PRE****    XBRL Taxonomy Extension Presentation Linkbase Document      10-K         2/27/2013         101.PRE      

 

* The registrant has applied for an extension of the confidential treatment it was previously granted with respect to portions of this exhibit. Those portions have been omitted from the exhibit and filed separately with the U.S. Securities and Exchange Commission.
** The Kintera, Inc. 2000 Stock Option Plan, as amended, and form of Stock Option Agreement thereunder (“Kintera 2000 Plan Documents”) and the Kintera, Inc. Amended and Restated 2003 Equity Incentive Plan, as amended, and form of Stock Option Agreement thereunder (“Kintera 2003 Plan Documents”) were filed by Kintera in its Form 10-K/A on March 26, 2008 as Exhibits 10.2 and 10.3, respectively. We assumed the Kintera 2000 Plan Documents and Kintera 2003 Plan Documents when we acquired Kintera in July 2008. We filed the Kintera 2000 Plan Documents and Kintera 2003 Plan Documents by incorporation by reference as exhibits 10.37 and 10.38, respectively, in our Form S-8 on August 4, 2008.
*** The Convio, Inc. 2009 Amended and Restated Stock Incentive Plan, as amended, and forms of stock option agreements thereunder (“Convio 2009 Original Plan Documents”) and the Convio, Inc. 1999 Stock Option/Stock Issuance Plan, as amended, and forms of stock option agreements thereunder (“Convio 1999 Plan Documents”) were filed by Convio in its Forms S-1/A and S-1, filed March 19, 2010 and January 22, 2010 as exhibits 10.1 and 10.2, respectively. The Convio, Inc. Form of Nonstatutory Stock Option Notice (Double Trigger) and Convio, Inc. Form of Restricted Stock Unit Notice (Double Trigger) and Agreement were filed by Convio in its Form 8-K on February 28, 2011 as exhibits 10.1 and 10.2 (together with the Convio 2009 Original Plan Documents, the “Convio 2009 Plan Documents”). We assumed the Convio 2009 Plan Documents and Convio 1999 Plan Documents when we acquired Convio in May 2012. We filed the Convio 2009 Plan Documents and Convio 1999 Plan Documents by incorporation by reference as exhibits 10.59, 10.60, 10.61 and 10.62 in our Form S-8 on May 7, 2012.
**** Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Annual Report on Form 10-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to liability of that Section, and shall not be part of any registration statement or other document filed under the Securities Act of the Exchange Act, except as shall be expressly set forth by specific reference in such filing.