---
schema_version: "secwatch.filing_event.v1"
accession: "0001280058-23-000043"
form_type: "8-K"
ticker: "BLKB"
cik: "0001280058"
company_name: "BLACKBAUD INC"
filed_at: "2023-10-31T23:59:59+00:00"
generated_at: "2026-06-09T04:17:14.537413+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001280058-23-000043
- form_type: 8-K
- ticker: BLKB
- cik: 0001280058
- company_name: BLACKBAUD INC
- filed_at: 2023-10-31T23:59:59+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/1280058/000128005823000043/0001280058-23-000043-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1280058/000128005823000043/blkb-20231031.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001280058-23-000043
- JSON: https://secwatch.observer/filing/0001280058-23-000043.json
- Plain text: https://secwatch.observer/filing/0001280058-23-000043.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1280058/000128005823000043/0001280058-23-000043-index.htm

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