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Mar 31, 2024
Blackbaud Q1 2024 Earnings Report
Showed continued strong progress on five-point operating plan and repurchased approximately 5.5% of outstanding common stock.
Key Takeaways
Blackbaud's first quarter results for 2024 showed a 6.7% increase in GAAP total revenue to $279.3 million, with recurring revenue up 7.4%. The company made substantial progress in profitability, with GAAP operating margin increasing by 760 basis points and non-GAAP operating margin increasing by 430 basis points. Blackbaud also repurchased approximately 5.5% of its outstanding common stock during the quarter.
GAAP total revenue increased by 6.7% to $279.3 million, with recurring revenue up 7.4%.
GAAP operating margin improved by 760 basis points, while non-GAAP operating margin increased by 430 basis points.
Non-GAAP adjusted EBITDA was $88.9 million, up $17.6 million, with a margin of 31.8%.
Approximately 5.5% of outstanding common stock was repurchased during the first quarter.
Blackbaud
Blackbaud
Blackbaud Revenue by Segment
Revenue by Segment
GAAP Recurring Revenue
CapyFin.com Forward Guidance
Blackbaud updated its 2024 full year financial guidance to reflect the divestiture of EVERFI's nonrecurring creative services business and recent stock repurchase activity.
Positive Outlook
- Non-GAAP revenue of $1.164 billion to $1.194 billion
- Non-GAAP adjusted EBITDA margin of 32.5% to 33.5%
- Non-GAAP earnings per share of $4.12 to $4.38
- Non-GAAP adjusted free cash flow of $254 million to $274 million
- Non-GAAP annualized effective tax rate is expected to be approximately 24.5%
Challenges Ahead
- Interest expense for the year is expected to be approximately $48 million to $52 million
- Fully diluted shares for the year are expected to be approximately 52.0 million to 53.0 million
- Capital expenditures for the year are expected to be approximately $65 million to $75 million, including approximately $60 million to $70 million of capitalized software and content development costs
- Net cash outlays of $8 million to $13 million for ongoing legal fees related to the Security Incident
- It is reasonably possible that estimated or actual losses may change in the near term for those matters and be materially in excess of the amounts accrued, but we are unable at this time to reasonably estimate the possible additional loss.