Business
Blackbaud Announces 2023 Second Quarter Results
Company Shows Continued Strong Progress on Five-Point Operating Plan; Reiterates Increased 2023 Financial Guidance CHARLESTON, S.C., Aug. 1, 2023 /PRNewswire/
About this update from Blackbaud, Inc.
[{"type":"text","content":"Company Shows Continued Strong Progress on Five-Point Operating Plan; Reiterates Increased 2023 Financial Guidance\nCHARLESTON, S.C., Aug. 1, 2023 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, today announced financial results for its second quarter ended June 30, 2023.\n\"We had a solid second quarter, and I'm very pleased with the progress we are making on our five-point operating plan,\" said Mike Gianoni, president and CEO, Blackbaud. \"We released new product capabilities, launched our Intelligence for Good® vision for AI, brought on important new clients, continued to shift to modern contractual pricing and terms, and are delivering more value to our customers—all of which was enabled by our dedicated and passionate employees. Our business momentum is driving strong returns, and I'm optimistic about the future.\"\nSecond Quarter 2023 Results Compared to Second Quarter 2022 Results:\nGAAP total revenue was $271.0 million, up 2.3%, with $262.4 million in GAAP recurring revenue, up 3.9%.Non-GAAP organic recurring revenue increased 4.4%.GAAP income from operations was $0.3 million, inclusive of security incident-related costs of $26.8 million, with GAAP operating margin of 0.1%, an increase of 10 basis points.Non-GAAP income from operations was $74.1 million, with non-GAAP operating margin of 27.4%, an increase of 680 basis points.GAAP net income was $2.1 million, with GAAP diluted earnings per share of $0.04, up $0.11 per share.Non-GAAP net income was $52.6 million, with non-GAAP diluted earnings per share of $0.98, up $0.23 per share.Non-GAAP adjusted EBITDA was $88.8 million, up $18.2 million, with non-GAAP adjusted EBITDA margin of 32.8%, an increase of 620 basis points.GAAP net cash provided by operating activities was $53.2 million, a decrease of $4.1 million.Non-GAAP adjusted free cash flow was $43.6 million, a decrease of $0.3 million, with non-GAAP adjusted free cash flow margin of 16.1%, a decrease of 50 basis points.\"Second quarter financial results were solid and in line with the increased guidance we announced in Q1,\" said Tony Boor, executive vice president and CFO, Blackbaud. \"Total revenue of $271 million represented organic growth at constant currency of 3.2%. Organic recurring revenue at constant currency grew faster at 4.8%. Transactional revenue gr...