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Dec 31, 2022
Blackbaud Q4 2022 Earnings Report
Blackbaud's Q4 2022 financial results were announced, revealing a year of substantial progress with revenue surpassing $1 billion for the first time. The company met or exceeded full year financial guidance across revenue, profitability and adjusted free cash flow.
Key Takeaways
Blackbaud's Q4 2022 showed a revenue increase of 10.8% to $274.8 million, with recurring revenue up 11.1% to $265.2 million. The company experienced a GAAP net loss of $21.3 million, or $0.41 per share, but a non-GAAP net income of $36.0 million, or $0.68 per share. The company's full year revenue exceeded $1 billion with 14% growth.
GAAP total revenue increased by 10.8% to $274.8 million, with GAAP recurring revenue up 11.1% to $265.2 million.
GAAP net loss was $21.3 million, with a GAAP diluted loss per share of $0.41.
Non-GAAP net income reached $36.0 million, with non-GAAP diluted earnings per share at $0.68.
Non-GAAP adjusted EBITDA was $67.9 million, reflecting a 24.7% margin.
Blackbaud
Blackbaud
Blackbaud Revenue by Segment
Revenue by Segment
GAAP Recurring Revenue
CapyFin.com Forward Guidance
Blackbaud announced its 2023 full year financial guidance, expecting non-GAAP revenue of $1.08 billion to $1.11 billion, non-GAAP adjusted EBITDA margin of 29.5% to 30.5%, non-GAAP earnings per share of $3.30 to $3.60, and non-GAAP adjusted free cash flow of $170 million to $190 million.
Positive Outlook
- Non-GAAP revenue of $1.08 billion to $1.11 billion
- Non-GAAP adjusted EBITDA margin of 29.5% to 30.5%
- Non-GAAP earnings per share of $3.30 to $3.60
- Non-GAAP adjusted free cash flow of $170 million to $190 million
- Non-GAAP annualized effective tax rate is expected to be approximately 20%
Challenges Ahead
- Interest expense for the year is expected to be approximately $40 million to $44 million
- Fully diluted shares for the year are expected to be in the range of approximately 53 million to 54 million
- Capital expenditures for the year are expected to be in the range of approximately $65 million to $75 million, including approximately $55 million to $65 million of capitalized software and content development costs
- Net cash outlays of $25 million to $35 million for ongoing legal fees related to the Security Incident
- Unreasonable efforts to estimate and quantify with a reasonable degree of certainty various necessary GAAP components