Blackbaud Q3 revenue $286.7M (+3.3%); EVERFI woes prompt FY24 guide revision; ~8% of stock repurchased

BLACKBAUD INC

2024-Q3 EPS reported $0.91 revenue$853,263,000

GAAP revenue $286.7M (+3.3% YoY); GAAP diluted EPS $0.40 vs $0.17; non-GAAP EPS $0.99 vs $1.12.
Non-GAAP organic revenue +4.3%; Social Sector (89% of revenue) grew 6.6%; EVERFI weakness drives FY24 guidance cut.
Hired strategic advisor to evaluate EVERFI options; rightsized business to align costs with revenues.
Repurchased ~8% of shares outstanding since year-end 2023; committed to buyback and product innovation.
Non-GAAP adjusted EBITDA margin 33.2% (down 180bps); adjusted free cash flow $97.6M (down $20.3M).

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