Blackbaud Inc (BLKB, Financial), the leading provider of software for powering social impact, announced its financial results for the third quarter ended September 30, 2023, on October 31, 2023. The company reported strong results with further margin expansion and accelerating revenue growth, enabling it to exceed the Rule of 40 a quarter earlier than expected.
Financial Highlights
Blackbaud Inc (BLKB, Financial)'s GAAP total revenue was $277.6 million, up 6.2%, with $269.0 million in GAAP recurring revenue, up 7.9%. GAAP recurring revenue was 97% of total revenue. Non-GAAP organic recurring revenue increased by 8.3%. The GAAP income from operations was $22.0 million, with a GAAP operating margin of 7.9%, an increase of 1,060 basis points. The GAAP net income was $9.0 million, with GAAP diluted earnings per share of $0.17, up $0.37 per share.
Company Highlights
Blackbaud Inc (BLKB, Financial) appointed Todd Lant as Chief Customer Officer and announced major wave of technology innovation at bbcon 2023. The company also announced the development of Impact Edgeā¢, the first AI-powered social impact reporting and storytelling solution for companies. Blackbaud added generative AI capabilities to JustGivingĀ® to revolutionize fundraising and further strengthened its offerings in peer-to-peer fundraising with the next evolution of Good Moveā¢, its activity-tracking mobile app.
Financial Outlook
Blackbaud Inc (BLKB, Financial) reiterated its 2023 full year financial guidance, expecting non-GAAP revenue of $1.095 billion to $1.125 billion, non-GAAP adjusted EBITDA margin of 30.5% to 31.5%, non-GAAP earnings per share of $3.63 to $3.94, and non-GAAP adjusted free cash flow of $190 million to $210 million.
Stock Repurchase Program
As of September 30, 2023, Blackbaud had approximately $250 million remaining under its common stock repurchase program that was authorized in December 2021.
Explore the complete 8-K earnings release (here) from Blackbaud Inc for further details.
