---
schema_version: "secwatch.filing_event.v1"
accession: "0001280058-22-000053"
form_type: "8-K"
ticker: "BLKB"
cik: "0001280058"
company_name: "BLACKBAUD INC"
filed_at: "2022-11-01T23:59:59+00:00"
generated_at: "2026-06-22T17:19:47.659201+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Blackbaud Q3: GAAP net loss $0.20/sh, non-GAAP EPS $0.69; raises FY22 Rule of 40 to ~29%

## Summary
- GAAP revenue $261.3M (+13% YoY); recurring revenue $249.4M (+14.1%); organic recurring revenue +3.5%.
- GAAP operating loss $7.0M reflecting security incident costs; non-GAAP operating income $49.8M (19.1% margin).
- Non-GAAP adjusted EBITDA $66.9M (25.6% margin); adjusted free cash flow $93.8M (35.9% margin).
- Raises FY22 Rule of 40 expectation to ~29% constant currency; expects mid-single digit organic revenue growth in 2023.
- 2023 targets: adjusted EBITDA margin approaching 29%, Rule of 40 in mid-30s at constant currency.

## SEC filing metadata
- accession: 0001280058-22-000053
- form_type: 8-K
- ticker: BLKB
- cik: 0001280058
- company_name: BLACKBAUD INC
- filed_at: 2022-11-01T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1280058/000128005822000053/0001280058-22-000053-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1280058/000128005822000053/blkb-20221101.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001280058-22-000053
- JSON: https://secwatch.observer/filing/0001280058-22-000053.json
- Plain text: https://secwatch.observer/filing/0001280058-22-000053.txt

## Key facts
- Earnings Releases
  BLACKBAUD INC updated its full year 2022 guidance (reaffirmed).
  - Period: full year 2022
  - Guidance: reaffirmed
  - Result: guidance update
  source text: We now anticipate meeting or exceeding our 2022 financial guidance which increases our 28% Rule of 40 performance expectation to roughly 29% on a constant currency basis.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1280058/000128005822000053/0001280058-22-000053-index.htm
- Earnings Releases
  BLACKBAUD INC updated its full year 2023 guidance (initiated).
  - Period: full year 2023
  - Guidance: initiated
  - Result: guidance update
  source text: We plan to carry that momentum into 2023, targeting the mid-30s on Rule of 40 at constant currency, through a combination of mid-single digit organic revenue growth and an adjusted EBITDA margin approaching 29% next year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1280058/000128005822000053/0001280058-22-000053-index.htm
- Earnings Releases
  BLACKBAUD INC reported third quarter ended September 30, 2022 results: revenue GAAP total revenue was $261.3 million, net income GAAP net loss was $10.3 million, EPS GAAP diluted loss per share of $0.20.
  - Period: third quarter ended September 30, 2022
  - Revenue: GAAP total revenue was $261.3 million
  - Net income: GAAP net loss was $10.3 million
  - EPS: GAAP diluted loss per share of $0.20
  - Result: reported results
  source text: Third Quarter 2022 Results Compared to Third Quarter 2021 Results: • GAAP total revenue was $261.3 million, up 13.0%, with $249.4 million in GAAP recurring revenue, up 14.1%. • Non-GAAP organic recurring revenue increased 3.5%. • GAAP loss from operations was $7.0 million, inclusive of security incident-related costs, net of insurance recoveries of $13.7 million, with GAAP operating margin of (2.7)%, a decrease of 780 basis points • Non-GAAP income from operations was $49.8 million, with non-GAAP operating margin of 19.1%, a decrease of 270 basis points. • GAAP net loss was $10.3 million, with GAAP diluted loss per share of $0.20, down $0.33 per share. • Non-GAAP net income was $36.0 million, with non-GAAP diluted earnings per share of $0.69, down $0.09 per share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1280058/000128005822000053/0001280058-22-000053-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.