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Sep 30, 2021
Blackbaud Q3 2021 Earnings Report
Blackbaud's Q3 2021 results reflected a fantastic quarter of execution, exceeding expectations with near double-digit recurring revenue growth and improved free cash flow generation.
Key Takeaways
Blackbaud announced strong Q3 2021 results, exceeding expectations with significant recurring revenue growth and improved free cash flow. The company is raising its financial outlook for full-year 2021 revenue, profitability, and free cash flow, expecting further acceleration in recurring revenue growth into 2022.
Total GAAP revenue was $231.2 million, up 7.5%, with GAAP recurring revenue of $218.5 million, up 9.2%.
GAAP net income was $6.2 million, with GAAP diluted earnings per share of $0.13, up $0.03 per share.
Non-GAAP net income was $37.9 million, with non-GAAP diluted earnings per share of $0.78, up $0.05 per share.
Non-GAAP free cash flow was $57.9 million, an increase of $16.5 million.
Forward Guidance
Blackbaud is raising its financial outlook for full-year 2021 revenue, profitability and free cash flow, and expects to see further acceleration in its full-year recurring revenue growth rate into 2022.
Positive Outlook
- The company expects to exceed the $920 million high end of its upside revenue scenario for 2021.
- Blackbaud expects to achieve an adjusted EBITDA margin of at least 26% for full year 2021.
- The company anticipates generating at least $150 million in free cash flow.
- Return to at least mid-single digit revenue growth is likely to happen faster than expected.
- Focused on fueling future growth through additional investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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