Blackbaud Inc (BLKB)

Solvency ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Debt-to-assets ratio	0.26	0.28	0.27	0.33	0.28	0.32	0.33	0.37	0.32	0.31	0.28	0.32	0.25	0.30	0.25	0.31	0.23	0.29	0.30	0.34
Debt-to-capital ratio	0.48	0.47	0.52	0.54	0.53	0.53	0.56	0.58	0.57	0.56	0.57	0.56	0.55	0.53	0.54	0.58	0.54	0.57	0.60	0.61
Debt-to-equity ratio	0.94	0.90	1.09	1.19	1.13	1.14	1.28	1.37	1.31	1.30	1.31	1.29	1.22	1.13	1.17	1.37	1.16	1.30	1.49	1.58
Financial leverage ratio	3.60	3.25	4.06	3.67	4.02	3.58	3.92	3.73	4.14	4.17	4.70	4.05	4.80	3.74	4.62	4.39	5.02	4.48	5.03	4.65

The solvency ratios of Blackbaud Inc indicate the company's ability to meet its long-term financial obligations. Over the past eight quarters, the Debt-to-assets ratio has shown a relatively stable trend, ranging between 0.27 and 0.33. This ratio signifies that Blackbaud's total debt represents around 27% to 33% of its total assets, indicating a healthy level of asset coverage for the company's debt.

The Debt-to-capital ratio has also been fairly consistent, hovering between 0.48 and 0.58. This ratio suggests that Blackbaud finances approximately 49% to 58% of its capital structure through debt, indicating a moderate reliance on debt financing.

The Debt-to-equity ratio has shown some fluctuation, ranging from 0.93 to 1.39 over the past quarters. This ratio indicates that for every dollar of equity, Blackbaud has between $0.93 and $1.39 of debt, highlighting a moderate to high level of financial leverage.

The Financial leverage ratio has displayed variability, with values ranging from 3.25 to 4.06. This ratio measures the extent to which the company uses debt to finance its assets. The fluctuations in this ratio suggest changes in Blackbaud's capital structure and the impact of debt on its overall financial leverage.

Overall, the solvency ratios reflect Blackbaud's ability to manage its debt levels and meet its long-term financial obligations, with a relatively stable Debt-to-assets ratio and moderate levels of debt relative to capital and equity. Investors and stakeholders should continue to monitor these ratios to assess the company's financial health and risk profile.

Coverage ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Interest coverage	1.44	0.18	-0.56	-0.59	-0.55	-0.37	0.17	0.71	1.39	1.57	1.46	1.92	2.25	2.64	2.44	1.97	1.51	2.16	2.56	2.55

Interest coverage measures a company's ability to pay its interest expenses on outstanding debt. A higher interest coverage ratio indicates a stronger ability to cover interest payments. Blackbaud Inc's interest coverage ratio has fluctuated significantly over the past eight quarters, ranging from -0.90 to 1.44.

In Q4 2023, the interest coverage ratio improved to 1.44, indicating that Blackbaud's operating profit is sufficient to cover its interest expenses. This is a positive sign for the company's financial health.

However, in the preceding quarters, Blackbaud experienced negative interest coverage ratios, indicating that its operating profit was insufficient to cover its interest expenses. This could suggest a potential liquidity risk and a need for improved operational performance or debt management strategies.

Overall, Blackbaud Inc's interest coverage ratios have shown volatility, with some quarters exhibiting strong coverage and others indicating potential financial strain. Monitoring this ratio closely will be crucial for assessing the company's ability to meet its debt obligations in the future.