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Blackboard Inc. Reports Fourth Quarter and Full Year 2010 Results

WASHINGTON Feb. 3, 2011 December 31, 2010

Michael Chasen

$117.7 million $109.1 million $90.8 million $8.6 million

$1.5 million $7.7 million $0.04 $0.23 $11.8 million $0.34 $16.7 million $0.49

December 31, 2010 $447.3 million $16.6 million December 31, 2010 $7.9 million December 31, 2010 $0.48 $0.24 $55.8 million $1.60 $47.0 million $1.42

Additional Financial Highlights from the Fourth Quarter and Full Year 2010

  • $41.9 million $90.0 million

  • $70.3 million December 31, 2010

  • $218.0 million December 31, 2010

John Kinzer

Highlights from the Fourth Quarter of 2010

    • U.S. Higher Education: Cleveland State University East Carolina University Eastern Michigan University Georgetown University Jacksonville State University Northern Essex Community College Riverside Community College Sam Houston State University Tallahassee Community College University of Central Arkansas
    • International: Curtin University Liverpool University Saudi Arabia Western Sydney
    • K-12: Clark County
    • Professional Education Capella University Defense Language Institute Salem International University Schiller International University Walden University

  • Blackboard’s enterprise licenses totaled 12,458.
  • Blackboard ended 2010 with 9,350 total clients.
  • Blackboard’s annual renewal rate was approximately 91 percent during 2010.
  • Blackboard announced more than 1,200 clients are now on Blackboard’s next generation online teaching and learning platform, Blackboard Learn™ Release 9.1.
  • Blackboard announced support for the Common Core State Standards, which are now directly accessible for the K-12 community within the Blackboard Learn, Release 9.1 and ANGEL Edition platforms. The integration makes it easy for teachers and administrators to search the standards database from within the course environment to ensure that courses and content are aligned to the new standards.

Outlook for the First Quarter and Full Year of 2011

January 12, 2011

First Quarter of 2011:

  • $115.4 million
  • ($5.7) million
  • ($0.16)
  • $121.0 million
  • $9.7 million
  • $0.27

Full Year 2011:

  • $528.2 million
  • $21.5 million
  • $0.59
  • $540.0 million
  • $65.8 million
  • $1.82
  • $90.0 to $100.0 million

Blackboard Conference Call Information:

Domestic:

+1 (866) 700-7441

International:

+1 (617) 213-8839

Confirmation Code:

89447738

4:30 p.m. February 3, 2011 http://investor.blackboard.com

7:00 p.m. 4:00 p.m. Pacific 11:00 p.m. 8:00 p.m. Pacific February 10, 2011 Canada

BLACKBOARD INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

Three Months Ended

Year Ended

December 31

December 31

December 31

December 31

2009

2010

2009

2010

Revenues:

Product

$         90,775

$       109,130

$       342,144

$          412,641

Professional services

9,259

8,572

34,856

34,677

Total revenues

100,034

117,702

377,000

447,318

Operating expenses:

Cost of product revenues, excludes $2,497 and $2,489 for the three months ended December 31, 2009 and 2010, respectively, and $10,649 and $10,161 for the year ended December 31, 2009 and 2010, respectively, in amortization of acquired technology included in amortization of intangibles resulting from acquisitions shown below (1)

23,913

29,737

90,968

110,105

Cost of professional services revenues (1)

5,005

6,863

20,024

22,717

Research and development (1)

12,119

15,676

45,967

55,009

Sales and marketing (1)

24,742

35,382

98,751

121,190

General and administrative (1)

13,911

16,329

56,387

65,962

Patent-related impairment and other costs

10,984

Amortization of intangibles resulting from acquisitions

9,266

10,306

34,994

38,320

Total operating expenses

88,956

114,293

358,075

413,303

Income from operations

11,078

3,409

18,925

34,015

Other expense, net:

Interest expense

(3,122)

(3,228)

(11,999)

(12,206)

Interest income

28

21

230

126

Other income (expense), net

350

1,897

1,453

1,352

Income before provision for income taxes

8,334

2,099

8,609

23,287

Provision for income taxes

(620)

(584)

(697)

(6,643)

Net income

$           7,714

$           1,515

$           7,912

$            16,644

Net income per common share:

Basic

$             0.24

$             0.04

$             0.25

$                0.49

Diluted

$             0.23

$             0.04

$             0.24

$                0.48

Weighted average number of common shares:

Basic

32,707,631

34,508,139

32,065,700

34,082,992

Diluted

33,704,096

35,204,511

33,100,858

34,848,896

(1) Includes the following amounts related to stock-based compensation:

Cost of product revenues

$              302

$              288

$           1,225

1,205

Cost of professional services revenues

127

186

524

662

Research and development

250

278

1,018

1,177

Sales and marketing

1,476

2,219

6,101

8,067

General and administrative

1,823

2,078

7,091

8,870

Reconciliation of GAAP net income before provision for income taxes to non-GAAP adjusted net income (2):

GAAP Net income before provision for income taxes

$           8,334

$           2,099

$           8,609

$            23,287

Add: Non-cash patent related impairment

7,447

Add: Amortization of intangibles resulting from acquisitions

9,266

10,306

34,994

38,320

Add: Stock-based compensation

3,978

5,049

15,959

19,981

Add: Non-cash interest expense

1,565

1,695

6,254

6,406

Adjusted provision for income taxes (3)

(6,470)

(7,319)

(26,235)

(32,202)

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