---
schema_version: "secwatch.filing_event.v1"
accession: "0001280058-23-000020"
form_type: "8-K"
ticker: "BLKB"
cik: "0001280058"
company_name: "BLACKBAUD INC"
filed_at: "2023-05-03T23:59:59+00:00"
generated_at: "2026-06-16T00:24:45.623132+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Blackbaud Q1: GAAP rev $261.8M, adj EPS $0.72; raises FY guidance, Rule of 40 accelerated

## Summary
- GAAP revenue $261.8M, up 1.8% YoY; recurring revenue $252.7M, up 3.3%.
- Non-GAAP adjusted EBITDA $71.3M (+$14.1M), margin 27.2% (+500 bps).
- GAAP net loss $14.7M ($0.28 diluted loss); non-GAAP diluted EPS $0.72 (+$0.15).
- Raised FY2023 guidance: organic rev growth ~5.5% (cc), adj EBITDA margin ~31%, Rule of 40 ~36.5%.
- Accelerates Rule of 40 to cross 40% in Q4 2023 (prior target 2025); expects sustained Rule of 40 in 2024.

## SEC filing metadata
- accession: 0001280058-23-000020
- form_type: 8-K
- ticker: BLKB
- cik: 0001280058
- company_name: BLACKBAUD INC
- filed_at: 2023-05-03T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1280058/000128005823000020/0001280058-23-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1280058/000128005823000020/blkb-20230503.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001280058-23-000020
- JSON: https://secwatch.observer/filing/0001280058-23-000020.json
- Plain text: https://secwatch.observer/filing/0001280058-23-000020.txt

## Key facts
- Earnings Releases
  BLACKBAUD INC reported first quarter ended March 31, 2023 results: revenue $261.8 million, net income GAAP net loss was $14.7 million, with GAAP diluted loss per share of $0.28, EPS GAAP diluted loss per share of $0.28. Guidance raised.
  - Period: first quarter ended March 31, 2023
  - Revenue: $261.8 million
  - Net income: GAAP net loss was $14.7 million, with GAAP diluted loss per share of $0.28
  - EPS: GAAP diluted loss per share of $0.28
  - Guidance: raised
  - Result: reported results
  source text: growth and margin expansion that supports a sustained Rule of 40 for the full year." First Quarter 2023 Results Compared to First Quarter 2022 Results: • GAAP total revenue was $261.8 million, up 1.8%, with $252.7 million in GAAP recurring revenue, up 3.3%. • Non-GAAP organic recurring revenue increased 3.8%. • GAAP loss from operations was $9.9 million, inclusive of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1280058/000128005823000020/0001280058-23-000020-index.htm

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