BLACKBOARD INC (BBBB) [Rocket]

In millions, except per share items	Dec-31-10	Dec-31-09	Dec-31-08	Dec-31-07	Dec-31-06	Dec-31-05	Dec-31-04	Dec-31-03
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Product	412.6	342.1	283.3	213.6	160.4	120.4	98.6	83.3
Professional services	34.7	34.9	28.9	25.8	22.7	15.3	12.8	9.1
Total revenues [+]	447.3	377.0	312.1	239.4	183.1	135.7	111.4	92.5
Products	412.6	342.1	283.3	213.6	160.4	120.4	98.6	83.3
Services	34.7	34.9	28.9	25.8	22.7	15.3	12.8	9.1
Technology services	34.7	34.9	28.9
Revenue growth [+]	18.7%	20.8%	30.4%	30.8%	34.9%	21.8%	20.5%	32.2%
Product	20.6%	20.8%	32.6%	33.2%	33.2%	22.1%	18.4%	33.6%
Professional services	-0.5%	20.7%	11.8%	13.9%	48.4%	19.6%	39.6%	21.0%
Cost of goods sold [+]	132.8	111.0	94.8	65.1	56.0	39.8	8.0	29.7
Cost of product sales	110.1	91.0	75.2	48.1	40.0	29.6		23.1
Cost of services	22.7	20.0	19.6	16.9	16.0	10.2		6.6
Cost of technology services	22.7	20.0	19.6
Gross profit	314.5	266.0	217.3	174.4	127.1	95.8	103.4	62.8
Gross margin	70.3%	70.6%	69.6%	72.8%	69.4%	70.6%	92.9%	67.9%
Selling, general and administrative [+]	187.2	155.1	141.8	110.6	97.6	57.3	50.4	45.6
Sales and marketing	121.2	98.8	91.1	66.0	58.3	37.9	35.2	30.9
General and administrative	66.0	56.4	50.8	44.6	39.3	19.4	15.2	14.7
Research and development	55.0	46.0	40.6	28.7	27.9	13.9	13.7	11.4
Other operating expenses	38.3	46.0	34.6	15.1	13.4	0.2	29.2	6.1
EBITDA [+]	92.4	72.8	53.9	30.6	-2.8	31.3	16.3	3.6
EBITDA growth	26.9%	35.0%	76.0%	-1176.7%	-109.1%	92.0%	356.8%	-136.6%
EBITDA margin	20.7%	19.3%	17.3%	12.8%	-1.6%	23.1%	14.6%	3.9%
Depreciation	20.1	18.9	15.7	-11.4	-9.0	6.6	2.8	-1.8
EBITA	72.3	53.9	38.2	42.1	6.1	24.7	13.6	5.4
EBITA margin	16.2%	14.3%	12.3%	17.6%	3.4%	18.2%	12.2%	5.9%
Amortization of intangibles	38.3	35.0	37.9	22.1	18.0	0.3	3.5	5.8
EBIT [+]	34.0	18.9	0.4	20.0	-11.8	24.4	10.0	-0.3
EBIT growth	79.7%	4933.2%	-98.1%	-268.8%	-148.4%	143.7%	-3042.2%	-97.6%
EBIT margin	7.6%	5.0%	0.1%	8.3%	-6.5%	18.0%	9.0%	-0.4%
Interest expense, net [+]	12.1	11.8	10.2	2.5	3.0	-3.1	-0.3	0.5
Interest expense	12.2	12.0	12.1	8.2	5.4	0.0	0.2	0.6
Interest income	0.1	0.2	1.9	5.7	2.4	3.1	0.5	0.1
Other income (expense), net	1.4	1.5	4.1	0.6	-0.5
Pre-tax income	23.3	8.6	-5.7	18.1	-15.3	27.5	10.3	-0.8
Income taxes	6.6	0.7	-3.7	7.6	-4.6	-14.3	0.3	0.6
Tax rate	28.5%	8.1%	65.8%	42.0%	29.9%		2.9%
Net income	16.6	7.9	-1.9	10.5	-10.7	41.9	0.0	0.0
Net margin	3.7%	2.1%	-0.6%	4.4%	-5.9%	30.9%	0.0%	0.0%

Basic EPS [+]	$0.49	$0.25	($0.06)	$0.36	($0.39)	$1.57	$0.23	($2.09)
Growth	97.9%	-493.6%	-117.2%	-194.4%	-124.6%	579.6%	-111.1%	-77.8%
Diluted EPS [+]	$0.48	$0.24	($0.06)	$0.35	($0.39)	$1.47	$0.21	($2.09)
Growth	99.8%	-481.3%	-118.0%	-190.3%	-126.3%	607.8%	-109.9%	-77.8%

Shares outstanding (basic) [+]	34.1	32.1	30.9	28.8	27.9	26.7	0.0	0.0
Growth	6.3%	3.8%	7.3%	3.3%	4.3%	166123.3%	191.3%	1.0%
Shares outstanding (diluted) [+]	34.8	33.1	30.9	30.1	27.9	28.5	0.0	0.0
Growth	5.3%	7.2%	2.6%	8.1%	-2.3%	159492.2%	223.8%	1.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.