Business
Blackbaud Announces 2021 Third Quarter Results
Third Quarter Recurring Revenue Increases 9% Year-Over-Year; Drives 30% Growth in Earnings Per Share CHARLESTON, S.C., Nov. 3, 2021 /PRNewswire/ -- Blackbaud
About this update from Blackbaud, Inc.
[{"type":"text","content":"Third Quarter Recurring Revenue Increases 9% Year-Over-Year; Drives 30% Growth in Earnings Per Share\n\n\nCHARLESTON, S.C., Nov. 3, 2021 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the world's leading cloud software company powering social good, today announced financial results for its third quarter ended September 30, 2021.\n\"Third quarter results reflected a fantastic quarter of execution for Blackbaud, exceeding our expectations on a much-improved market backdrop,\" said Mike Gianoni, president and CEO, Blackbaud. \"We achieved near double-digit recurring revenue growth, a roughly ten-point improvement on the Rule of 40 year-over-year, and we're on pace to potentially have one of our best years in the company's history in terms of free cash flow generation. I firmly believe our market and our company is in the midst of an inflection point as the shift to a digital-first world continues to accelerate. Our vision for the SKY platform is becoming a reality, and we're fueling future growth opportunities through additional investment in innovation, customer success, security, cloud infrastructure and a higher velocity go-to-market motion. We are raising our financial outlook for full-year 2021 revenue, profitability and free cash flow, and we expect to see further acceleration in our full-year recurring revenue growth rate into 2022.\"\nThird Quarter 2021 Results Compared to Third Quarter 2020 Results:\nTotal GAAP revenue was $231.2 million, up 7.5%, with $218.5 million in GAAP recurring revenue, up 9.2%. Non-GAAP organic recurring revenue increased 9.2%. GAAP income from operations was $11.8 million, with GAAP operating margin of 5.1%, an increase of 40 basis points. Non-GAAP income from operations was $50.5 million, with non-GAAP operating margin of 21.8%, a decrease of 60 basis points. 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 adjusted EBITDA was $62.4 million, up $3.0 million, with non-GAAP adjusted EBITDA margin of 27.0%. GAAP net cash provided by operating activities was $69.9 million, a decrease of $1.8 million. Non-GAAP free cash flow was $57.9 million, an increase of $16.5 million.\"We expected an acceleration of revenue performance in the second ...