Blackbaud Q3 revenue $277.6M (+6.2%); adj. EBITDA margin 35.0% (up 940bps); Rule of 40 achieved early

BLACKBAUD INC

2023-Q3 EPS reported -$0.07 revenue$810,421,000

GAAP revenue $277.6M, +6.2% YoY; recurring revenue $269.0M (97% of total), +7.9%.
Non-GAAP organic recurring revenue +8.3%; GAAP op. margin 7.9% (up 1,060bps); non-GAAP op. margin 28.7% (up 960bps).
GAAP net income $9.0M, diluted EPS $0.17 (up $0.37); non-GAAP net income $60.5M, EPS $1.12 (up $0.43).
Adjusted EBITDA $97.1M, margin 35.0% (up 940bps); adjusted free cash flow $117.9M, margin 42.5% (up 660bps).
Rule of 40 achieved a quarter early; CFO says on track to meet/exceed high end of adjusted FCF guidance.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BLACKBAUD INC reported the quarter ended September 30, 2023 results: revenue $277.6 million, net income $9.0 million, EPS $0.17. Guidance reaffirmed.

Period: the quarter ended September 30, 2023
Revenue: $277.6 million
Net income: $9.0 million
EPS: $0.17
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Third Quarter 2023 Results Compared to Third Quarter 2022 Results: • GAAP total revenue was $277.6 million, up 6.2%, with $269.0 million in GAAP recurring revenue, up 7.9%. GAAP recurring revenue was 97% of total revenue. • Non-GAAP organic recurring revenue increased 8.3%. • GAAP income from operations was $22.0 million, inclusive of security incident-related costs of $4.1 million, with GAAP operating margin of 7.9%, an increase of 1,060 basis points. • Non-GAAP income from operations was $79.6 million, with non-GAAP operating margin of 28.7%, an increase of 960 basis points. • GAAP net income was $9.0 million, with GAAP diluted earnings per share of $0.17, up $0.37 per share. • Non-GAAP net income was $60.5 million, with non-GAAP diluted earnings per share of $1.12, up $0.43 per share. • Non-GAAP adjusted EBITDA was $97.1 million, up $30.2 million, with non-GAAP adjusted EBITDA margin of 35.0%, an increase of 940 basis points. • GAAP net cash provided by operating activities was $128

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accession 0001280058-23-000043

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