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Jun 30, 2022
Blackbaud Q2 2022 Earnings Report
Blackbaud's Q2 2022 results were announced with total revenue increasing 15% year-over-year.
Key Takeaways
Blackbaud reported strong Q2 2022 results, with double-digit total revenue growth and mid single-digit organic recurring revenue growth. The company is monitoring the macro environment and balancing operating discipline with strategic investments.
GAAP total revenue was $264.9 million, up 15.5%, with $252.5 million in GAAP recurring revenue, up 16.4%.
Non-GAAP organic recurring revenue increased 5.1%.
GAAP net loss was $3.4 million, with GAAP diluted loss per share of $0.07, down $0.21 per share.
Non-GAAP net income was $38.9 million, with non-GAAP diluted earnings per share of $0.75, down $0.07 per share.
Blackbaud
Blackbaud
Blackbaud Revenue by Segment
Revenue by Segment
GAAP Recurring Revenue
CapyFin.com Forward Guidance
Blackbaud revised its 2022 full year financial guidance:
Positive Outlook
- Non-GAAP revenue of $1.05 billion to $1.07 billion
- Non-GAAP adjusted EBITDA margin of 23.7% to 24.2%
- Non-GAAP earnings per share of $2.43 to $2.63
- Non-GAAP adjusted free cash flow of $140 million to $150 million
- Non-GAAP annualized effective tax rate is expected to be 20%
Challenges Ahead
- Interest expense for the year is expected to be approximately $34 million to $37 million
- Fully diluted shares for the year are expected to be in the range of 52 million to 53.5 million
- Capital expenditures for the year are expected to be in the range of $60 million to $70 million, including approximately $50 million to $60 million of capitalized software and content development costs
- Unfavorable foreign exchange rate movement
- Higher interest rates