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Mar 31
Blackbaud Q1 2025 Earnings Report
Blackbaud Announces 2025 First Quarter Results
Key Takeaways
Blackbaud reported strong first quarter 2025 results with non-GAAP organic revenue growth of 5.8%. The company also made substantial progress towards improved profitability, with increases in both GAAP and non-GAAP operating margins, and reiterated its full-year 2025 financial guidance.
GAAP total revenue was $270.7 million, a decrease of 3.1% year-over-year, primarily due to the divestiture of EVERFI.
Non-GAAP organic revenue increased by 5.8% compared to the first quarter of 2024.
GAAP income from operations increased significantly by 370 basis points to 7.5% of revenue.
Non-GAAP operating margin improved by 270 basis points to 28.6%.
Blackbaud
Blackbaud
Blackbaud Revenue by Segment
Revenue by Segment
GAAP Recurring Revenue
CapyFin.com Forward Guidance
Blackbaud reiterated its full year 2025 financial guidance, projecting GAAP revenue between $1.115 billion and $1.125 billion, non-GAAP adjusted EBITDA margin of 34.9% to 35.9%, and non-GAAP earnings per share of $4.16 to $4.35.
Positive Outlook
- GAAP revenue guidance of $1.115 billion to $1.125 billion.
- Organic revenue growth at constant currency projected at 4.5% to 5.4%.
- Non-GAAP adjusted EBITDA margin expected to be between 34.9% and 35.9%.
- Non-GAAP earnings per share anticipated in the range of $4.16 to $4.35.
- Non-GAAP adjusted free cash flow guidance of $185 million to $195 million.
Challenges Ahead
- Anticipated interest expense for the year is approximately $65 million to $69 million.
- Expected capital expenditures for the year are approximately $55 million to $65 million.
- Capitalized software development costs are expected to be approximately $50 million to $60 million.
- GAAP measures for forward-looking guidance were not reconciled due to unreasonable efforts required.
- Guidance relies on certain assumptions that could change.