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Dec 31, 2021
Blackbaud Q4 2021 Earnings Report
Blackbaud's Q4 2021 performance reflected a successful year with strong finish and strategic acquisition.
Key Takeaways
Blackbaud's Q4 2021 saw a 2.2% increase in GAAP total revenue, reaching $247.9 million, with recurring revenue up by 4.0%. The company's non-GAAP EPS was $0.75, and free cash flow was $29.7 million, demonstrating strong financial health and strategic execution.
GAAP total revenue increased by 2.2% to $247.9 million.
GAAP recurring revenue grew by 4.0% to $238.6 million.
Non-GAAP EPS was $0.75, reflecting a decrease of $0.10 per share.
Free cash flow increased to $29.7 million with a margin of 12.0%.
Blackbaud
Blackbaud
Forward Guidance
Blackbaud anticipates full year 2022 non-GAAP revenue between $1.075 billion and $1.095 billion, including approximately $120 million from EVERFI. They also project a non-GAAP adjusted EBITDA margin of 24.0% to 24.5%, non-GAAP EPS of $2.63 to $2.82, and non-GAAP adjusted free cash flow of $165.0 million to $175.0 million.
Positive Outlook
- Non-GAAP revenue is expected to be between $1.075 billion and $1.095 billion, including approximately $120 million from EVERFI.
- Non-GAAP adjusted EBITDA margin is projected to be 24.0% to 24.5%, which includes approximately $13 million from EVERFI.
- Non-GAAP earnings per share are estimated to be $2.63 to $2.82.
- Non-GAAP adjusted free cash flow is expected to range from $165.0 million to $175.0 million.
- The company anticipates an acceleration in organic revenue growth to approximately 5%.
Challenges Ahead
- Interest expense for the year is expected to be approximately $30.0 million to $33.0 million.
- Capital expenditures for the year are projected to be in the range of $60.0 million to $70.0 million, including $45.0 million to $55.0 million of capitalized software development costs.
- The non-GAAP annualized effective tax rate is expected to be 20%.
- Fully diluted shares for the year are expected to be in the range of 52.0 million to 53.5 million.
- Net cash outlays of $25 million to $35 million for ongoing legal fees related to the Security Incident.