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Mar 31, 2022
Blackbaud Q1 2022 Earnings Report
Reported a stronger than expected start to the year with total revenue increasing 17.3% year-over-year and organic recurring revenue growth of 6.6%.
Key Takeaways
Blackbaud announced its Q1 2022 financial results, showing a 17.3% increase in total revenue year-over-year. The company reiterated its full-year 2022 financial guidance and outlook, expressing confidence in achieving its goals.
GAAP total revenue was $257.1 million, up 17.3%, with GAAP recurring revenue of $244.7 million, up 18.3%.
Non-GAAP organic recurring revenue increased 6.6%.
GAAP net loss was $10.4 million, with GAAP diluted loss per share of $0.20.
Non-GAAP net income was $29.5 million, with non-GAAP diluted earnings per share of $0.57.
Forward Guidance
Blackbaud reiterated its 2022 full year financial guidance.
Positive Outlook
- Non-GAAP revenue of $1.075 billion to $1.095 billion
- Non-GAAP adjusted EBITDA margin of 24.0% to 24.5%
- Non-GAAP earnings per share of $2.63 to $2.82
- Non-GAAP adjusted free cash flow of $165.0 million to $175.0 million
- Non-GAAP annualized effective tax rate is expected to be 20%
Challenges Ahead
- Interest expense for the year is expected to be approximately $30.0 million to $33.0 million
- Fully diluted shares for the year are expected to be in the range of 52.0 million to 53.5 million
- Capital expenditures for the year are expected to be in the range of $60.0 million to $70.0 million, including approximately $45.0 million to $55.0 million of capitalized software development costs
- Net cash outlays of $25 million to $35 million for ongoing legal fees related to the Security Incident.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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