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Jun 30, 2024
Blackbaud Q2 2024 Earnings Report
Revenue growth more than doubled year over year with significantly improved profitability.
Key Takeaways
Blackbaud announced its Q2 2024 financial results, reporting a 6.0% increase in GAAP total revenue and a 6.7% increase in non-GAAP organic revenue. The company's profitability also improved significantly, with GAAP operating margin increasing by 1,460 basis points and non-GAAP adjusted EBITDA margin increasing by 290 basis points. Blackbaud's board of directors approved an expanded $800 million stock repurchase authorization.
GAAP total revenue was $287.3 million, up 6.0% year over year.
GAAP recurring revenue was $281.4 million, up 7.2% year over year, representing 98% of total revenue.
GAAP income from operations was $42.1 million, with a GAAP operating margin of 14.7%.
Non-GAAP adjusted EBITDA was $102.5 million, up $13.7 million, with a non-GAAP adjusted EBITDA margin of 35.7%.
Revenue by Segment
Forward Guidance
Blackbaud reiterated its 2024 full year financial guidance:
Positive Outlook
- 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 $52 million to $56 million
- Fully diluted shares for the year are expected to be approximately 51.0 million to 52.0 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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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