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Sep 30, 2022
Blackbaud Q3 2022 Earnings Report
Achieved strong financial results driven by product innovation, sales productivity, and customer success programs.
Key Takeaways
Blackbaud announced strong Q3 2022 results, with GAAP total revenue up 13.0% and GAAP recurring revenue up 14.1%. The company anticipates meeting or exceeding its 2022 financial guidance and expects to carry that momentum into 2023.
GAAP total revenue was $261.3 million, up 13.0%, with $249.4 million in GAAP recurring revenue, up 14.1%.
Non-GAAP income from operations was $49.8 million, with non-GAAP operating margin of 19.1%.
GAAP net loss was $10.3 million, with GAAP diluted loss per share of $0.20.
Non-GAAP adjusted free cash flow was $93.8 million, an increase of $35.2 million, with non-GAAP adjusted free cash flow margin of 35.9%.
Forward Guidance
Blackbaud reiterated 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
- Net cash outlays of $15 million to $25 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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