Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, today announced its board of directors has authorized the repurchase of up to $500 million of the company's common stock. The new stock repurchase authority significantly expands and replenishes the company's previous program that authorized the repurchase of up to $250 million in common stock.

"The expanded authorization of our stock repurchase program is reflective of our strong cash flow generation, our confidence in the business, and our continued commitment to enhancing shareholder value," said Tony Boor, chief financial officer, Blackbaud. "As we continue to execute against our capital deployment strategy, we're focused on growing the business through balance sheet management, rigorous oversight of investments in the business, and efficiently returning excess capital to shareholders."

Under the program, the company may repurchase shares of its common stock in the open market or through private transactions. During December 2023 and January 2024, prior to the replenishment on January 17, 2024, the company repurchased $41.1 million of its stock under the stock repurchase program. Between January 18, 2024 and January 19, 2024, the company repurchased $0.6 million. As of January 19, 2024, the remaining amount available to purchase stock under the company's repurchase program was $499.4 million.