Blackbaud Inc

Latest Results (20.08.2024):

Revenue Growth

Blackbaud Inc. reported GAAP total revenue of $287.3 million for the second quarter of 2024, marking a 6.0% increase compared to the same period in 2023. Non-GAAP organic revenue also saw a rise, increasing by 6.7% year over year. This growth underscores the company's strong market position and effective execution of strategic initiatives.

Profitability

In the second quarter of 2024, Blackbaud Inc. achieved GAAP income from operations of $42.1 million, with a GAAP operating margin of 14.7%, an increase of 1,460 basis points from the previous year. Non-GAAP income from operations was $86.1 million, with a non-GAAP operating margin of 30.0%, reflecting a 260 basis points improvement.

Earnings Per Share

Blackbaud Inc. reported GAAP net income of $21.8 million for Q2 2024, translating to GAAP diluted earnings per share of $0.42, up $0.38 per share from the previous year. Non-GAAP net income was $55.7 million, with non-GAAP diluted earnings per share of $1.08, an increase of $0.10 per share year over year.

Cash Flow

For the second quarter of 2024, Blackbaud Inc. generated GAAP net cash provided by operating activities of $53.8 million, a slight increase of $0.6 million from the same period in 2023. However, non-GAAP free cash flow decreased by $4.4 million to $32.6 million, with a non-GAAP free cash flow margin of 11.4%, down 220 basis points.

Stock Repurchase Program

Blackbaud Inc.'s board of directors approved an expansion of the company's stock repurchase program, increasing the total capacity from $500 million to $800 million. This move reflects the company's strong cash flow and commitment to returning value to shareholders through strategic buybacks.