Blackbaud Announces 2025 Third Quarter Results
Blackbaud (NASDAQ: BLKB) reported results for the third quarter ended September 30, 2025, with GAAP revenue $281.1M (down 1.9% driven by the EVERFI divestiture) and non‑GAAP organic revenue +5.2%. GAAP operating income was $54.6M (19.4% margin); non‑GAAP operating income was $84.0M (29.9% margin). GAAP diluted EPS was $0.98; non‑GAAP diluted EPS was $1.10. Non‑GAAP adjusted EBITDA was $99.7M (35.4% margin). Operating cash flow was $139.2M; non‑GAAP adjusted free cash flow was $125.1M. The company reiterated 2025 guidance for revenue, adjusted EBITDA margin and EPS, and raised adjusted free cash flow to $195M–$205M. Blackbaud highlighted new embedded AI product updates announced at bbcon 2025 and disclosed a remaining $514M repurchase authorization as of Sept 30, 2025.
Blackbaud (NASDAQ: BLKB) ha riportato i risultati del terzo trimestre chiuso al 30 settembre 2025, con ricavi GAAP di $281,1 milioni (in calo dell'1,9% dovuto alla cessione di EVERFI) e ricavi organici non-GAAP +5,2%. Il reddito operativo GAAP è stato di $54,6M (margine del 19,4%); il reddito operativo non-GAAP è stato di $84,0M (margine del 29,9%). L'EPS diluito GAAP è stato di $0,98; l'EPS diluito non-GAAP è stato di $1,10. L'EBITDA rettificato non-GAAP è stato di $99,7M (margine del 35,4%). Il flusso di cassa operativo è stato di $139,2M; il flusso di cassa libero rettificato non-GAAP è stato di $125,1M. L'azienda ha ribadito le previsioni 2025 per ricavi, margine EBITDA rettificato e EPS, e ha aumentato il flusso di cassa libero rettificato a $195M–$205M. Blackbaud ha evidenziato i nuovi aggiornamenti sul prodotto AI integrato annunciati al bbcon 2025 e ha comunicato un'autorizzazione di riacquisto rimanente di $514M al 30 settembre 2025.
Blackbaud (NASDAQ: BLKB) reportó resultados para el tercer trimestre terminado el 30 de septiembre de 2025, con ingresos GAAP de $281,1M (bajaron 1,9% debido a la desinversión de EVERFI) y ingresos orgánicos no-GAAP +5,2%. El ingreso operativo GAAP fue de $54,6M (margen del 19,4%); el ingreso operativo no-GAAP fue de $84,0M (margen del 29,9%). El EPS diluido GAAP fue de $0,98; el EPS diluido no-GAAP fue de $1,10. El EBITDA ajustado no-GAAP fue de $99,7M (margen del 35,4%). El flujo de caja operativo fue de $139,2M; el flujo de caja libre ajustado no-GAAP fue de $125,1M. La compañía reiteró la guía de 2025 para ingresos, margen EBITDA ajustado y EPS, y elevó el flujo de caja libre ajustado a $195M–$205M. Blackbaud destacó las nuevas actualizaciones de producto con IA integradas anunciadas en bbcon 2025 y divulgó una autorización de recompras restante de $514M a 30 de septiembre de 2025.
Blackbaud (NASDAQ: BLKB)는 2025년 9월 30일 종료된 3분기 실적을 발표했고 GAAP 매출 281.1백만 달러 (EVERFI 매각으로 인한 1.9% 감소) 및 비GAAP 유기적 매출 +5.2%를 기록했습니다. GAAP 영업이익은 $54.6M(마진 19.4%); 비GAAP 영업이익은 $84.0M(마진 29.9%). GAAP 희석 EPS는 $0.98; 비GAAP 희석 EPS는 $1.10였습니다. 비GAAP 조정 EBITDA는 $99.7M(마진 35.4%). 영업현금흐름은 $139.2M; 비GAAP 조정 자유현금흐름은 $125.1M였습니다. 회사는 2025년 매출, 조정 EBITDA 마진 및 EPS 가이던스를 재확인했고, 조정된 자유현금흐름을 $195M–$205M로 상향했습니다. Blackbaud는 bbcon 2025에서 발표된 임베디드 AI 신제품 업데이트를 강조했고 2025년 9월 30일 기준 남은 $514M의 자사주 매입 승인을 공개했습니다.
Blackbaud (NYSEAMERICAN: BLKB) a publié les résultats du troisième trimestre clos au 30 septembre 2025, avec un chiffre d'affaires GAAP de 281,1 M$ (en baisse de 1,9 % dû à la cession d'EVERFI) et un chiffre d'affaires organique non-GAAP de +5,2%. Le résultat opérationnel GAAP était de 54,6 M$ (marge de 19,4 %); le résultat opérationnel non-GAAP était de 84,0 M$ (marge de 29,9 %). L'EPS dilué GAAP était de 1,00 $ ; l'EPS dilué non-GAAP était de 1,10 $. L'EBITDA ajusté non-GAAP était de 99,7 M$ (marge de 35,4 %). Le flux de trésorerie opérationnel était de 139,2 M$; le flux de trésorerie libre ajusté non-GAAP était de 125,1 M$. L'entreprise a réaffirmé ses prévisions 2025 pour le chiffre d'affaires, la marge EBITDA ajustée et l'EPS, et a relevé le flux de trésorerie libre ajusté à 195 M$ – 205 M$. Blackbaud a mis en évidence les nouvelles mises à jour de produit IA intégrée annoncées lors du bbcon 2025 et a divulgué une autorisation de rachat restante de 514 M$ au 30 septembre 2025.
Blackbaud (NASDAQ: BLKB) hat die Ergebnisse des dritten Quartals zum 30. September 2025 bekannt gegeben, mit GAAP-Umsatz von 281,1 Mio. USD (rückläufig um 1,9 % aufgrund der EVERFI-Veräußerung) und nicht-GAAP organischer Umsatz +5,2%. GAAP-Betriebsergebnis betrug 54,6 Mio. USD (Marge 19,4%); nicht-GAAP-Betriebsergebnis betrug 84,0 Mio. USD (Marge 29,9%). GAAP-diluted EPS betrug 0,98 USD; nicht-GAAP diluter EPS betrug 1,10 USD. Nicht-GAAP bereinigtes EBITDA betrug 99,7 Mio. USD (Marge 35,4%). Operativer Cashflow betrug 139,2 Mio. USD; nicht-GAAP bereinigter freier Cashflow betrug 125,1 Mio. USD. Das Unternehmen bestätigte die Guidance für 2025 bezogen auf Umsatz, bereinigte EBITDA-Marge und EPS und hob den bereinigten freien Cashflow auf 195 Mio. – 205 Mio. USD an. Blackbaud hob neue integrierte KI-Produktupdates hervor, die auf dem bbcon 2025 angekündigt wurden, und gab am 30. September 2025 eine verbleibende Rückkauf-Authorisierung in Höhe von 514 Mio. USD bekannt.
Blackbaud (نازداك: BLKB) أعلن عن نتائج الربع الثالث المنتهي في 30 سبتمبر 2025، مع إيرادات GAAP قدرها 281.1 مليون دولار (انخفاض 1.9% بسبب بيع EVERFI) وإيرادات عضوية غير GAAP غير-GAAP +5.2%. كان صافي الدخل التشغيلي GAAP 54.6 مليون دولار (هامش 19.4%)؛ كان صافي الدخل التشغيلي غير-GAAP 84.0 مليون دولار (هامش 29.9%). كان EPS المخفف GAAP 0.98 دولار؛ EPS المخفف غير-GAAP 1.10 دولار. EBITDA المعدلة غير-GAAP كانت 99.7 مليون دولار (هامش 35.4%). تدفق التشغيل النقدي كان 139.2 مليون دولار; التدفق النقدي الحر المعدل غير-GAAP كان 125.1 مليون دولار. أكدت الشركة التوجيه 2025 للإيرادات وهامش EBITDA المعدل وEPS، ورفعت التدفق النقدي الحر المعدل إلى 195 مليون – 205 مليون دولار. أبرت Blackbaud تحديثات منتج AI مدمجة جديدة أعلنت في bbcon 2025 وكشفت عن تفويض إعادة شراء متبقٍ قدره 514 مليون دولار حتى 30 سبتمبر 2025.
Blackbaud (NASDAQ: BLKB) 公布截至 2025 年 9 月 30 日的第三季度业绩，GAAP 收入为 2.811 亿美元（较上年同期下降 1.9%，原因是 EVERFI 的处置），以及 非 GAAP 有机收入增长 5.2%。GAAP 营业收入为 5,460 万美元（毛利率 19.4%）；非 GAAP 营业收入为 8,400 万美元（毛利率 29.9%）。GAAP 稀释后每股收益为 0.98 美元；非 GAAP 稀释后每股收益为 1.10 美元。非 GAAP 调整后 EBITDA 为 9,970 万美元（毛利率 35.4%）。经营现金流为 1.392 亿美元；非 GAAP 调整后自由现金流为 1.251 亿美元。公司重申 2025 年收入、调整后 EBITDA 利润率和 EPS 的指引，并将调整后自由现金流提高至 1.95 亿– 2.05 亿美元。Blackbaud 强调在 bbcon 2025 上宣布的嵌入式 AI 产品更新，并披露截至 2025 年 9 月 30 日尚未使用的回购授权金额为 5.14 亿美元。
- Non‑GAAP organic revenue growth of 5.2%
- Non‑GAAP adjusted EBITDA of $99.7M with margin 35.4%
- Operating cash flow of $139.2M; non‑GAAP adjusted free cash flow $125.1M
- Raised 2025 non‑GAAP adjusted free cash flow guidance to $195M–$205M
- GAAP total revenue declined 1.9% (driven by EVERFI divestiture)
- GAAP recurring revenue down 1.5% despite organic growth
- GAAP diluted EPS benefited from tax/one‑time items and differs from non‑GAAP EPS
Insights
Strong cash flow and margin expansion offset a small GAAP revenue decline tied to a divestiture; guidance largely reiterated and free cash flow raised.
Blackbaud’s results show operating leverage: GAAP revenue was
Key dependencies and risks remain explicit: the GAAP revenue decline reflects the divestiture of EVERFI, and prior‑period tax valuation corrections altered reported comparatives. Guidance was reiterated for full‑year revenue and EPS while free cash flow guidance rose; the firm discloses assumptions for interest (
Monitor near term: execution on the announced embedded AI capabilities from bbcon and uptake timing through Q4
Blackbaud launches new AI innovation at annual bbcon conference
"Innovation continues to drive our clear market leadership and a widening competitive moat," said Mike Gianoni, president, CEO and vice chairman of the board of directors, Blackbaud. "As demonstrated at our recent bbcon conference in October, we continue to make significant investments in AI, empowering our customers to deepen constituent relationships, raise more money and operate more efficiently. For investors, we believe Blackbaud is a sound investment choice that has the potential to create substantial shareholder value – a belief that is supported by our strong 2025 year to date financial results. I continue to be excited about the company's momentum in the near, mid- and long-term."
Third Quarter 2025 Results Compared to Third Quarter 2024 Results:
- GAAP total revenue was
$281.1 million 1.9% (driven by divestiture of EVERFI) and non-GAAP organic revenue increased5.2% . - GAAP recurring revenue was
$275.8 million 1.5% (driven by divestiture of EVERFI) and represented98.1% of total revenue. Non-GAAP organic recurring revenue increased5.5% . - GAAP income from operations was
$54.6 million 19.4% , an increase of 500 basis points. - Non-GAAP income from operations was
$84.0 million 29.9% , an increase of 240 basis points. - GAAP net income was
$47.5 million $0.98 $0.63 - Non-GAAP net income was
$53.2 million $1.10 $0.11 - Non-GAAP adjusted EBITDA was
$99.7 million $4.6 million 35.4% , an increase of 220 basis points. - Rule of 40 score of
40.6% . - GAAP net cash provided by operating activities was
$139.2 million $35.3 million 49.5% , an increase of 1,320 basis points. - Non-GAAP free cash flow was
$123.2 million $34.9 million 43.8% , an increase of 1,300 basis points. - Non-GAAP adjusted free cash flow was
$125.1 million $27.5 million 44.5% , an increase of 1,040 basis points.
"Blackbaud continues to be well-positioned for long-term success," said Chad Anderson, executive vice president and CFO, Blackbaud. "These strong results reflect our execution discipline and ongoing productivity improvements. We remain committed to providing investors an attractive financial model balanced across growth in revenues, earnings, and cash flows along with a prudent and purposeful capital allocation strategy. Year to date we have repurchased more than
An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, is included below under the heading "Non-GAAP Financial Measures." A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Recent Company Highlights
- At bbcon 2025, Blackbaud announced a massive array of new embedded AI capabilities coming to its product portfolio and revealed its vision for a new era of intelligent action.
- Blackbaud announced major updates for Blackbaud Impact Edge, delivering smarter AI capabilities, enhanced analytics and measurement, and unparalleled data insights.
- Blackbaud hosted its annual showcase for its Social Good Startup Program at the
Charleston headquarters. - Blackbaud's was named #20 on Fast Company's 2025 Fast Company's list of the 2025 Best Workplaces for Innovators.
- Blackbaud launched its 2025 Ultimate End-of-Year Fundraising Toolkit, a comprehensive resource designed to help organizations power end-of-year fundraising success.
- Blackbaud Institute published a new report in partnership with GivingTuesday, which examines the unique long-term impact of GivingTuesday donors and provides strategies for nonprofits to strengthen year-round engagement.
Visit www.blackbaud.com/newsroom for more information about Blackbaud's recent highlights.
Financial Outlook
Blackbaud today reiterated its 2025 full year financial guidance for revenue, adjusted EBITDA margin and earnings per share and raised guidance for adjusted free cash flow:
- GAAP revenue of
$1.12 0 billion$1.13 0 billion - Non-GAAP adjusted EBITDA margin of
35.4% to36.2% - Non-GAAP diluted earnings per share of
$4.30 $4.50 - Non-GAAP adjusted free cash flow of
$195 million $205 million
Included in its 2025 full year financial guidance are the following updated assumptions:
- Non-GAAP annualized effective tax rate is expected to be approximately
24.5% - Interest expense for the year is expected to be approximately
$66 million $70 million - Fully diluted shares for the year are expected to be approximately 48.5 million to 49.5 million
- Capital expenditures for the year are expected to be approximately
$55 million $65 million $50 million $60 million
Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.
In order to provide a meaningful basis for comparison, Blackbaud uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, capital expenditures for property and equipment, plus cash outflows related to the previously disclosed Security Incident discovered in May 2020 (the "Security Incident"). Please refer to the section below titled "Non-GAAP Financial Measures" for more information on Blackbaud's use of non-GAAP financial measures.
Stock Repurchase Program
As of September 30, 2025, Blackbaud had approximately
Financial Statement Presentation
Reclassifications
Our revenue from "recurring" and "one-time services and other" have been combined within "revenue" beginning in 2025 due to the immateriality of our one-time services and other revenue. In order to provide comparability between periods presented, our "recurring" and "one-time services and other" revenue lines have been combined within "revenue" in the previously reported consolidated statements of comprehensive income to conform to the presentation of the current period. Similarly, "cost of recurring" and "cost of one-time services and other" have been combined within "cost of revenue" in the previously reported consolidated statements of comprehensive income to conform to the presentation of the current period.
Revision of Prior Period Financial Statements
The Company identified a prior period noncash error related to the previously recorded valuation allowance in accounting for income taxes. The correction of this error decreased our income tax benefit by
Conference Call Details
What: Blackbaud's 2025 Third Quarter Conference Call
When: October 29, 2025
Time: 8:00 a.m. (Eastern Time)
Live Call: 1-877-407-3088 (US/
Webcast: Blackbaud's Investor Relations Webpage
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the leading software provider exclusively dedicated to powering social impact. Serving the nonprofit and education sectors, companies committed to social responsibility and individual change makers, Blackbaud's essential software is built to accelerate impact in fundraising, nonprofit financial management, digital giving, grantmaking, corporate social responsibility and education management. With millions of users and over
Investor Contact
IR@blackbaud.com
Media Contact
media@blackbaud.com
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the predictability of our financial condition and results of operations. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; cybersecurity and data protection risks and related liabilities; potential litigation involving us; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from Blackbaud's investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Trademarks
All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.
Non-GAAP Financial Measures
Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. Blackbaud uses non-GAAP financial measures internally in analyzing its operational performance. Accordingly, Blackbaud believes these non-GAAP measures are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance and trends and in comparing its financial results from period-to-period with other companies in Blackbaud's industry, many of which present similar non-GAAP financial measures to investors. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies.
The non-GAAP financial measures discussed above exclude the impact of certain transactions that Blackbaud believes are not directly related to its operating performance in any particular period, but are for its long-term benefit over multiple periods. Blackbaud believes these non-GAAP financial measures reflect its ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.
While Blackbaud believes these non-GAAP measures provide useful supplemental information, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.
Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. In addition, and in order to provide a meaningful basis for comparison, Blackbaud also uses non-GAAP adjusted free cash flow in analyzing its operating performance. Non-GAAP adjusted free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment, plus cash outflows related to the Security Incident. Blackbaud believes non-GAAP free cash flow and non-GAAP adjusted free cash flow provide useful measures of the company's operating performance. Non-GAAP free cash flow and non-GAAP adjusted free cash flow are not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.
In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis, non-GAAP organic recurring revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies, if any, acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period. In addition, each of these measures excludes prior period revenue associated with divested businesses. The exclusion of the prior period revenue is to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of its current business' organic revenue growth and revenue run-rate.
Rule of 40 is defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision (benefit); depreciation; amortization of intangible assets from business combinations; amortization of software development costs; stock-based compensation; employee severance; acquisition and disposition-related costs; Security Incident-related costs; and impairment and disposition charges.
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Blackbaud, Inc. |
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Consolidated Balance Sheets |
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(Unaudited) |
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(dollars in thousands, except per share amounts) |
September 30,
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December 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ 38,255 |
$ 67,628 |
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Restricted cash |
419,185 |
741,884 |
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Accounts receivable, net of allowance of |
82,561 |
83,539 |
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Customer funds receivable |
3,996 |
1,970 |
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Prepaid expenses and other current assets |
94,838 |
81,572 |
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Total current assets |
638,835 |
976,593 |
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Property and equipment, net |
85,332 |
91,926 |
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Operating lease right-of-use assets |
4,931 |
26,554 |
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Software development costs, net |
154,074 |
148,319 |
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Goodwill |
1,056,656 |
1,052,506 |
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Intangible assets, net |
112,697 |
132,881 |
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Other assets |
51,916 |
67,221 |
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Total assets |
$ 2,104,441 |
$ 2,496,000 |
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Liabilities and stockholders' equity |
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Current liabilities: |
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Trade accounts payable |
$ 48,761 |
$ 50,810 |
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Accrued expenses and other current liabilities |
53,049 |
76,484 |
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Due to customers |
421,820 |
742,340 |
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Debt, current portion |
22,613 |
23,875 |
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Deferred revenue, current portion |
383,138 |
358,546 |
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Total current liabilities |
929,381 |
1,252,055 |
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Debt, net of current portion |
1,042,005 |
1,051,110 |
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Deferred tax liability |
9,246 |
24,999 |
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Deferred revenue, net of current portion |
1,773 |
2,015 |
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Operating lease liabilities, net of current portion |
5,030 |
34,186 |
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Other liabilities |
8,816 |
4,796 |
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Total liabilities |
1,996,251 |
2,369,161 |
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Commitments and contingencies |
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Stockholders' equity: |
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Preferred stock; 20,000,000 shares authorized, none outstanding |
— |
— |
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Common stock, |
72 |
71 |
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Additional paid-in capital |
1,369,807 |
1,291,442 |
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Treasury stock, at cost; 24,237,522 and 21,697,785 shares at September 30, 2025 and December 31, 2024, respectively |
(1,231,316) |
(1,060,348) |
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Accumulated other comprehensive loss |
(9,198) |
(4,869) |
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Accumulated deficit |
(21,175) |
(99,457) |
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Total stockholders' equity |
108,190 |
126,839 |
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Total liabilities and stockholders' equity |
$ 2,104,441 |
$ 2,496,000 |
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(1) |
We have revised certain amounts in the December 31, 2024 unaudited condensed consolidated balance sheet. See Revision of Prior Period Financial Statements in this press release. |
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Blackbaud, Inc. |
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Consolidated Statements of Comprehensive Income |
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(Unaudited) |
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(dollars in thousands, except per share amounts) |
Three months ended
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Nine months ended
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2025 |
2024(1) |
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2025(1) |
2024(1) |
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Revenue |
$ 281,143 |
$ 286,598 |
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$ 833,109 |
$ 852,511 |
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Cost of revenue |
113,653 |
129,290 |
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342,101 |
383,615 |
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Gross profit |
167,490 |
157,308 |
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491,008 |
468,896 |
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Operating expenses |
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Sales, marketing and customer success |
44,105 |
49,808 |
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132,795 |
147,400 |
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Research and development |
37,198 |
37,916 |
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104,352 |
116,045 |
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General and administrative |
31,044 |
27,519 |
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120,579 |
106,842 |
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Amortization of intangible assets |
570 |
918 |
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1,670 |
2,724 |
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Total operating expenses |
112,917 |
116,161 |
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359,396 |
373,011 |
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Income from operations |
54,573 |
41,147 |
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131,612 |
95,885 |
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Interest expense |
(16,774) |
(14,140) |
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(52,130) |
(40,131) |
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Other income, net |
3,245 |
2,997 |
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6,468 |
9,654 |
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Income before (benefit) provision for income taxes |
41,044 |
30,004 |
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85,950 |
65,408 |
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Income tax (benefit) provision |
(6,448) |
11,714 |
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7,668 |
18,568 |
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Net income |
$ 47,492 |
$ 18,290 |
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$ 78,282 |
$ 46,840 |
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Earnings per share |
|
|
|
|
|
|
Basic |
$ 1.00 |
$ 0.36 |
|
$ 1.63 |
$ 0.92 |
|
Diluted |
$ 0.98 |
$ 0.35 |
|
$ 1.61 |
$ 0.90 |
|
Common shares and equivalents outstanding |
|
|
|
|
|
|
Basic weighted average shares |
47,680,002 |
50,409,292 |
|
47,961,631 |
51,067,255 |
|
Diluted weighted average shares |
48,498,285 |
51,632,569 |
|
48,634,027 |
52,107,147 |
|
Other comprehensive loss |
|
|
|
|
|
|
Foreign currency translation adjustment |
$ (2,285) |
$ 6,463 |
|
$ 8,298 |
$ 5,617 |
|
Unrealized loss on derivative instruments, net of tax |
(622) |
(13,525) |
|
(12,628) |
(10,816) |
|
Total other comprehensive loss |
(2,907) |
(7,062) |
|
(4,330) |
(5,199) |
|
Comprehensive income |
$ 44,585 |
$ 11,228 |
|
$ 73,952 |
$ 41,641 |
|
|
|
|
(1) |
We have revised certain amounts in the unaudited condensed consolidated statements of comprehensive income for the nine months ended September 30, 2025, and the three and nine months ended September 30, 2024. See Revision of Prior Period Financial Statements in this press release. |
|
Blackbaud, Inc. |
||
|
Consolidated Statements of Cash Flows |
||
|
(Unaudited) |
||
|
|
||
|
|
Nine months ended
|
|
|
(dollars in thousands) |
2025(1) |
2024(1) |
|
Cash flows from operating activities |
|
|
|
Net income |
$ 78,282 |
$ 46,840 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
64,652 |
91,618 |
|
Provision for credit losses and sales returns |
3,788 |
1,721 |
|
Stock-based compensation expense |
71,079 |
76,430 |
|
Deferred taxes |
(16,682) |
(21,776) |
|
Amortization of deferred financing costs and discount |
1,940 |
1,786 |
|
Loss on disposition of businesses |
— |
1,561 |
|
Other non-cash adjustments |
(5,180) |
2,462 |
|
Changes in operating assets and liabilities, net of acquisition and disposal of businesses: |
|
|
|
Accounts receivable |
(2,422) |
918 |
|
Prepaid expenses and other assets |
(9,708) |
(934) |
|
Trade accounts payable |
(3,233) |
18,322 |
|
Accrued expenses and other liabilities |
2,033 |
(16,089) |
|
Deferred revenue |
22,991 |
19,527 |
|
Net cash provided by operating activities |
207,540 |
222,386 |
|
Cash flows from investing activities |
|
|
|
Purchase of property and equipment |
(4,805) |
(7,235) |
|
Capitalized software development costs |
(40,268) |
(42,882) |
|
Cash used in disposition of business |
(12,235) |
(1,179) |
|
Other investing activities |
— |
(5,029) |
|
Net cash used in investing activities |
(57,308) |
(56,325) |
|
Cash flows from financing activities |
|
|
|
Proceeds from issuance of debt |
307,000 |
1,303,400 |
|
Payments on debt |
(316,922) |
(1,080,192) |
|
Debt issuance costs |
— |
(6,458) |
|
Employee taxes paid for withheld shares upon equity award settlement |
(39,669) |
(55,950) |
|
Change in due to customers |
(323,467) |
(263,732) |
|
Change in customer funds receivable |
(1,676) |
(6,777) |
|
Purchase of treasury stock, including excise tax payments |
(133,338) |
(325,408) |
|
Net cash used in financing activities |
(508,072) |
(435,117) |
|
Effect of exchange rate on cash, cash equivalents and restricted cash |
5,768 |
3,527 |
|
Net decrease in cash, cash equivalents and restricted cash |
(352,072) |
(265,529) |
|
Cash, cash equivalents and restricted cash, beginning of period |
809,512 |
728,257 |
|
Cash, cash equivalents and restricted cash, end of period |
$ 457,440 |
$ 462,728 |
|
|
|
|
(1) |
We have revised certain amounts in the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024. See Revision of Prior Period Financial Statements in this press release. |
|
|
|
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown above in the consolidated statements of cash flows:
|
(dollars in thousands) |
September 30,
|
December 31,
|
|
Cash and cash equivalents |
$ 38,255 |
$ 67,628 |
|
Restricted cash |
419,185 |
741,884 |
|
Total cash, cash equivalents and restricted cash in the statement of cash flows |
$ 457,440 |
$ 809,512 |
|
Blackbaud, Inc. |
|||||
|
Reconciliation of GAAP to Non-GAAP Financial Measures |
|||||
|
(Unaudited) |
|||||
|
|
|||||
|
(dollars in thousands, except per share amounts) |
Three months ended
|
|
Nine months ended
|
||
|
2025 |
2024(1) |
|
2025(1) |
2024(1) |
|
|
GAAP Revenue |
$ 281,143 |
$ 286,598 |
|
$ 833,109 |
$ 852,511 |
|
|
|
|
|
|
|
|
GAAP gross profit |
$ 167,490 |
$ 157,308 |
|
$ 491,008 |
$ 468,896 |
|
GAAP gross margin |
59.6 % |
54.9 % |
|
58.9 % |
55.0 % |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
Add: Stock-based compensation expense |
2,850 |
2,948 |
|
8,798 |
10,066 |
|
Add: Amortization of intangibles from business combinations |
6,811 |
14,667 |
|
20,883 |
43,969 |
|
Add: Employee severance |
(18) |
— |
|
284 |
— |
|
Subtotal |
9,643 |
17,615 |
|
29,965 |
54,035 |
|
Non-GAAP gross profit |
$ 177,133 |
$ 174,923 |
|
$ 520,973 |
$ 522,931 |
|
Non-GAAP gross margin |
63.0 % |
61.0 % |
|
62.5 % |
61.3 % |
|
|
|
|
|
|
|
|
GAAP income from operations |
$ 54,573 |
$ 41,147 |
|
$ 131,612 |
$ 95,885 |
|
GAAP operating margin |
19.4 % |
14.4 % |
|
15.8 % |
11.2 % |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
Add: Stock-based compensation expense |
21,657 |
21,125 |
|
71,079 |
76,430 |
|
Add: Amortization of intangibles from business combinations |
7,381 |
15,585 |
|
22,553 |
46,693 |
|
Add: Employee severance |
(242) |
— |
|
1,905 |
— |
|
Add: Acquisition and disposition-related costs(2) |
383 |
246 |
|
25,779 |
4,899 |
|
Add: Security Incident-related costs(3) |
247 |
637 |
|
2,822 |
12,782 |
|
Subtotal |
29,426 |
37,593 |
|
124,138 |
140,804 |
|
Non-GAAP income from operations |
$ 83,999 |
$ 78,740 |
|
$ 255,750 |
$ 236,689 |
|
Non-GAAP operating margin |
29.9 % |
27.5 % |
|
30.7 % |
27.8 % |
|
|
|
|
|
|
|
|
GAAP income before (benefit) provision for income taxes |
$ 41,044 |
$ 30,004 |
|
$ 85,950 |
$ 65,408 |
|
GAAP net income |
$ 47,492 |
$ 18,290 |
|
$ 78,282 |
$ 46,840 |
|
|
|
|
|
|
|
|
Shares used in computing GAAP diluted earnings per share |
48,498,285 |
51,632,569 |
|
48,634,027 |
52,107,147 |
|
GAAP diluted earnings per share |
$ 0.98 |
$ 0.35 |
|
$ 1.61 |
$ 0.90 |
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
Add: GAAP income tax (benefit) provision |
(6,448) |
11,714 |
|
7,668 |
18,568 |
|
Add: Total non-GAAP adjustments affecting income from operations |
29,426 |
37,593 |
|
124,138 |
140,804 |
|
Non-GAAP income before provision for income taxes |
70,470 |
67,597 |
|
210,088 |
206,212 |
|
Assumed non-GAAP income tax provision(4) |
17,265 |
16,561 |
|
51,472 |
50,522 |
|
Non-GAAP net income |
$ 53,205 |
$ 51,036 |
|
$ 158,616 |
$ 155,690 |
|
|
|
|
|
|
|
|
Shares used in computing non-GAAP diluted earnings per share |
48,498,285 |
51,632,569 |
|
48,634,027 |
52,107,147 |
|
Non-GAAP diluted earnings per share |
$ 1.10 |
$ 0.99 |
|
$ 3.26 |
$ 2.99 |
|
|
|
|
(1) |
We have revised certain amounts in the unaudited reconciliation of GAAP to non-GAAP financial measures for the nine months ended September 30, 2025, and the three and nine months ended September 30, 2024. See Revision of Prior Period Financial Statements in this press release. |
|
(2) |
Includes charges of |
|
(3) |
Includes Security Incident-related costs incurred during the three months ended September 30, 2025 and 2024 which were insignificant for on-going legal fees, during the nine months ended September 30, 2025 of |
|
(4) |
We apply a non-GAAP effective tax rate of |
|
Blackbaud, Inc. |
|||||
|
Reconciliation of GAAP to Non-GAAP Financial Measures |
|||||
|
(Unaudited) |
|||||
|
|
|||||
|
(dollars in thousands) |
Three months ended
|
|
Nine months ended
|
||
|
2025 |
2024(1) |
|
2025 |
2024(1) |
|
|
GAAP revenue |
$ 281,143 |
$ 286,598 |
|
$ 833,109 |
$ 852,511 |
|
GAAP revenue growth |
(1.9) % |
|
|
(2.3) % |
|
|
Less: Non-GAAP revenue from divested businesses(2) |
— |
(19,304) |
|
— |
(66,469) |
|
Non-GAAP organic revenue(3) |
$ 281,143 |
$ 267,294 |
|
$ 833,109 |
$ 786,042 |
|
Non-GAAP organic revenue growth |
5.2 % |
|
|
6.0 % |
|
|
|
|
|
|
|
|
|
Non-GAAP organic revenue(3) |
$ 281,143 |
$ 267,294 |
|
$ 833,109 |
$ 786,042 |
|
Foreign currency impact on non-GAAP organic revenue(4) |
(964) |
— |
|
(2,576) |
— |
|
Non-GAAP organic revenue on constant currency basis(4) |
$ 280,179 |
$ 267,294 |
|
$ 830,533 |
$ 786,042 |
|
Non-GAAP organic revenue growth on constant currency basis |
4.8 % |
|
|
5.7 % |
|
|
|
|
|
|
|
|
|
GAAP recurring revenue |
$ 275,802 |
$ 279,889 |
|
$ 815,406 |
$ 832,160 |
|
GAAP recurring revenue growth |
(1.5) % |
|
|
(2.0) % |
|
|
Less: Non-GAAP recurring revenue from divested businesses(2) |
— |
(18,435) |
|
— |
(63,907) |
|
Non-GAAP organic recurring revenue(3) |
$ 275,802 |
$ 261,454 |
|
$ 815,406 |
$ 768,253 |
|
Non-GAAP organic recurring revenue growth |
5.5 % |
|
|
6.1 % |
|
|
|
|
|
|
|
|
|
Non-GAAP organic recurring revenue(2) |
$ 275,802 |
$ 261,454 |
|
$ 815,406 |
$ 768,253 |
|
Foreign currency impact on non-GAAP organic recurring revenue(4) |
(955) |
— |
|
(2,572) |
— |
|
Non-GAAP organic recurring revenue on constant currency basis(4) |
$ 274,847 |
$ 261,454 |
|
$ 812,834 |
$ 768,253 |
|
Non-GAAP organic recurring revenue growth on constant currency basis |
5.1 % |
|
|
5.8 % |
|
|
|
|
|
(1) |
We have revised certain amounts in the unaudited reconciliation of GAAP to non-GAAP financial measures for the nine months ended September 30, 2025, and the three and nine months ended September 30, 2024. See Revision of Prior Period Financial Statements in this press release. |
|
(2) |
Non-GAAP revenue from divested businesses excludes revenue associated with divested businesses in the prior period. The exclusion of the prior period revenue is to present the results of the divested business with the results of the combined company for the same period of time in both the prior and current periods. |
|
(3) |
Non-GAAP organic revenue and non-GAAP organic recurring revenue for the prior year periods presented herein may not agree to non-GAAP organic revenue and non-GAAP organic recurring revenue presented in the respective prior period quarterly financial information solely due to the manner in which non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth are calculated. |
|
(4) |
To determine non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, revenues from entities reporting in foreign currencies were translated to |
|
(dollars in thousands) |
Nine months ended
|
|
|
2025 |
2024 |
|
|
GAAP net cash provided by operating activities |
$ 207,540 |
$ 222,386 |
|
GAAP operating cash flow margin |
24.9 % |
26.1 % |
|
Non-GAAP adjustments: |
|
|
|
Less: purchase of property and equipment |
(4,805) |
(7,235) |
|
Less: capitalized software development costs |
(40,268) |
(42,882) |
|
Non-GAAP free cash flow |
$ 162,467 |
$ 172,269 |
|
Non-GAAP free cash flow margin |
19.5 % |
20.2 % |
|
Non-GAAP adjustments: |
|
|
|
Add: Security Incident-related cash flows |
4,300 |
15,081 |
|
Non-GAAP adjusted free cash flow |
$ 166,767 |
$ 187,350 |
|
Non-GAAP adjusted free cash flow margin |
20.0 % |
22.0 % |
|
Blackbaud, Inc. |
|||||
|
Reconciliation of GAAP to Non-GAAP Financial Measures |
|||||
|
(Unaudited) |
|||||
|
|
|||||
|
(dollars in thousands) |
Three months ended
|
|
Nine months ended
|
||
|
2025 |
2024(1) |
|
2025(1) |
2024(1) |
|
|
GAAP net income |
$ 47,492 |
$ 18,290 |
|
$ 78,282 |
$ 46,840 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
Add: Interest, net |
14,403 |
11,022 |
|
46,136 |
32,150 |
|
Add: GAAP income tax (benefit) provision |
(6,448) |
11,714 |
|
7,668 |
18,568 |
|
Add: Depreciation |
2,181 |
3,293 |
|
7,823 |
9,621 |
|
Add: Amortization of intangibles from business combinations |
7,381 |
15,585 |
|
22,553 |
46,693 |
|
Add: Amortization of software development costs(2) |
12,605 |
13,186 |
|
36,781 |
37,915 |
|
Subtotal |
30,122 |
54,800 |
|
120,961 |
144,947 |
|
Non-GAAP EBITDA |
$ 77,614 |
$ 73,090 |
|
$ 199,243 |
$ 191,787 |
|
Non-GAAP EBITDA margin(3) |
27.6 % |
|
|
23.9 % |
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
Add: Stock-based compensation expense |
$ 21,657 |
$ 21,125 |
|
$ 71,079 |
$ 76,430 |
|
Add: Employee severance |
(242) |
— |
|
1,905 |
— |
|
Add: Acquisition and disposition-related costs(4) |
383 |
246 |
|
25,779 |
4,899 |
|
Add: Security Incident-related costs(4) |
247 |
637 |
|
2,822 |
12,782 |
|
Subtotal |
22,045 |
22,008 |
|
101,585 |
94,111 |
|
Non-GAAP adjusted EBITDA |
$ 99,659 |
$ 95,098 |
|
$ 300,828 |
$ 285,898 |
|
Non-GAAP adjusted EBITDA margin(5) |
35.4 % |
|
|
36.1 % |
|
|
|
|
|
|
|
|
|
Rule of 40(6) |
40.6 % |
|
|
42.1 % |
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted EBITDA |
$ 99,659 |
$ 95,098 |
|
$ 300,828 |
$ 285,898 |
|
Foreign currency impact on Non-GAAP adjusted EBITDA(7) |
(512) |
(556) |
|
(1,403) |
(1,059) |
|
Non-GAAP adjusted EBITDA on constant currency basis(7) |
$ 99,147 |
$ 94,542 |
|
$ 299,425 |
$ 284,839 |
|
Non-GAAP adjusted EBITDA margin on constant currency basis |
35.4 % |
|
|
36.1 % |
|
|
|
|
|
|
|
|
|
Rule of 40 on constant currency basis(8) |
40.2 % |
|
|
41.8 % |
|
|
|
|
|
(1) |
We have revised certain amounts in the unaudited reconciliation of GAAP to non-GAAP financial measures for the nine months ended September 30, 2025, and the three and nine months ended September 30, 2024. See Revision of Prior Period Financial Statements in this press release. |
|
(2) |
Includes amortization expense related to software development costs, and amortization expense from capitalized cloud computing implementation costs. |
|
(3) |
Measured by GAAP revenue divided by non-GAAP EBITDA. |
|
(4) |
See additional details in the reconciliation of GAAP to Non-GAAP operating income above. |
|
(5) |
Measured by non-GAAP organic revenue divided by non-GAAP adjusted EBITDA. |
|
(6) |
Measured by non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. See Non-GAAP organic revenue growth table above. |
|
(7) |
To determine non-GAAP adjusted EBITDA on a constant currency basis, non-GAAP adjusted EBITDA from entities reporting in foreign currencies were translated to |
|
(8) |
Measured by non-GAAP organic revenue growth on constant currency basis plus non-GAAP adjusted EBITDA margin on constant currency basis. |
|
Blackbaud, Inc. |
|||
|
Revised Historical Financial Information |
|||
|
(Unaudited) |
|||
|
Revised consolidated balance sheet |
|||
|
(dollars in millions) |
As of December 31, 2024 |
||
|
As
|
Adjustment |
As
|
|
|
Prepaid expenses and other current assets |
$ 81.3 |
$ 0.3 |
$ 81.6 |
|
Total current assets |
976.3 |
0.3 |
976.6 |
|
Total assets |
2,495.7 |
0.3 |
2,496.0 |
|
Accrued expenses and other current liabilities |
75.5 |
0.9 |
76.5 |
|
Deferred revenue, current portion |
359.5 |
(1.0) |
358.5 |
|
Total current liabilities |
1,252.1 |
— |
1,252.1 |
|
Deferred tax liability |
9.5 |
15.5 |
25.0 |
|
Total noncurrent liabilities |
1,101.6 |
15.5 |
1,117.1 |
|
Total liabilities |
2,353.7 |
15.4 |
2,369.2 |
|
Accumulated deficit |
(84.3) |
(15.2) |
(99.5) |
|
Total stockholders' equity |
142.0 |
(15.2) |
126.8 |
|
Total liabilities and stockholders' equity |
2,495.7 |
0.3 |
2,496.0 |
|
Revised consolidated statements of comprehensive (loss) income |
|||||||||
|
(dollars in millions, except per share |
Three months ended March 31, 2024 |
Three months ended June 30, 2024 |
Three months ended September 30, 2024 |
||||||
|
As
|
Adjustment |
As
|
As
|
Adjustment |
As
|
As
|
Adjustment |
As
|
|
|
Revenue |
$ 279.3 |
$ (0.7) |
$ 278.6 |
$ 287.3 |
$ 0.1 |
$ 287.3 |
$ 286.7 |
$ (0.1) |
$ 286.6 |
|
Cost of revenue |
126.2 |
1.7 |
127.9 |
124.7 |
1.7 |
126.4 |
127.5 |
1.8 |
129.3 |
|
Gross profit |
153.0 |
(2.3) |
150.7 |
162.6 |
(1.7) |
160.9 |
159.2 |
(1.9) |
157.3 |
|
Sales, marketing and customer success |
50.9 |
(0.5) |
50.4 |
47.1 |
0.1 |
47.2 |
49.5 |
0.4 |
49.8 |
|
Research and development |
42.8 |
(2.1) |
40.7 |
39.1 |
(1.7) |
37.4 |
39.4 |
(1.5) |
37.9 |
|
General and administrative |
47.8 |
(2.4) |
45.4 |
33.4 |
0.5 |
34.0 |
25.6 |
1.9 |
27.5 |
|
Total operating expenses |
142.3 |
(5.0) |
137.4 |
120.5 |
(1.0) |
119.5 |
115.4 |
0.8 |
116.2 |
|
Income from operations |
10.7 |
2.6 |
13.3 |
42.1 |
(0.7) |
41.4 |
43.8 |
(2.7) |
41.1 |
|
Income before provision (benefit) for income taxes |
3.8 |
2.6 |
6.4 |
29.7 |
(0.7) |
29.0 |
32.7 |
(2.7) |
30.0 |
|
Income tax (benefit) provision |
(1.5) |
0.6 |
(0.9) |
7.9 |
(0.1) |
7.8 |
12.1 |
(0.4) |
11.7 |
|
Net income |
5.2 |
2.1 |
7.3 |
21.8 |
(0.6) |
21.2 |
20.5 |
(2.3) |
18.3 |
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
Basic |
0.10 |
0.04 |
0.14 |
0.43 |
(0.01) |
0.42 |
0.41 |
(0.05) |
0.36 |
|
Diluted |
0.10 |
0.04 |
0.14 |
0.42 |
(0.01) |
0.41 |
0.40 |
(0.05) |
0.35 |
|
Comprehensive (loss) income |
8.2 |
2.1 |
10.2 |
20.8 |
(0.6) |
20.2 |
13.5 |
(2.3) |
11.2 |
|
(dollars in millions, except per share amounts) |
Three months ended March 31, 2025 |
Three months ended June 30, 2025 |
||||
|
As
|
Adjustment |
As
|
As
|
Adjustment |
As
|
|
|
Revenue |
$ 270.7 |
$ (0.7) |
$ 269.9 |
$ 281.4 |
$ 0.6 |
$ 282.0 |
|
Gross profit |
155.8 |
(0.7) |
155.1 |
167.7 |
0.6 |
168.4 |
|
Income from operations |
20.4 |
(0.7) |
19.7 |
56.7 |
0.6 |
57.3 |
|
Income before provision for income taxes |
5.6 |
(0.7) |
4.9 |
39.4 |
0.6 |
40.0 |
|
Income tax provision |
0.7 |
(0.2) |
0.5 |
13.4 |
0.2 |
13.6 |
|
Net income |
4.9 |
(0.5) |
4.3 |
26.0 |
0.5 |
26.5 |
|
Earnings per share |
|
|
|
|
|
|
|
Basic |
0.10 |
(0.01) |
0.09 |
0.54 |
0.01 |
0.55 |
|
Diluted |
0.10 |
(0.01) |
0.09 |
0.54 |
0.01 |
0.55 |
|
Comprehensive income |
1.4 |
(0.5) |
0.9 |
28.0 |
0.5 |
28.5 |
|
Blackbaud, Inc. |
|||||||||
|
Revised Historical Financial Information |
|||||||||
|
(Unaudited) |
|||||||||
|
|
|||||||||
|
Revised consolidated statements of cash flows |
|||||||||
|
(dollars in millions) |
Three months ended March 31, 2024 |
Six months ended June 30, 2024 |
Nine months ended September 30, 2024 |
||||||
|
As
|
Adjustment |
As
|
As
|
Adjustment |
As
|
As
|
Adjustment |
As
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
Net income |
$ 5.2 |
$ 2.1 |
$ 7.3 |
$ 27.1 |
$ 1.5 |
$ 28.6 |
$ 47.6 |
$ (0.8) |
$ 46.8 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
33.6 |
(3.3) |
30.3 |
57.9 |
(2.6) |
55.3 |
76.4 |
— |
76.4 |
|
Deferred taxes |
(12.2) |
0.6 |
(11.7) |
(18.8) |
0.4 |
(18.4) |
(21.8) |
— |
(21.8) |
|
Changes in operating assets and liabilities, net of acquisition and disposal of businesses: |
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
(3.3) |
— |
(3.2) |
(2.5) |
— |
(2.5) |
(0.9) |
(0.1) |
(0.9) |
|
Trade accounts payable |
23.1 |
0.7 |
23.8 |
19.1 |
— |
19.1 |
18.3 |
— |
18.3 |
|
Accrued expenses and other liabilities |
7.9 |
0.2 |
8.1 |
(13.6) |
0.2 |
(13.4) |
(16.4) |
0.3 |
(16.1) |
|
Deferred revenue |
(25.8) |
0.5 |
(25.4) |
36.2 |
0.4 |
36.6 |
19.0 |
0.5 |
19.5 |
|
Net cash provided by operating activities |
64.6 |
0.7 |
65.3 |
118.4 |
— |
118.4 |
222.4 |
— |
222.4 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
(0.3) |
(0.7) |
(1.0) |
(6.1) |
— |
(6.1) |
(7.2) |
— |
(7.2) |
|
Net cash used in investing activities |
(14.5) |
(0.7) |
(15.2) |
(40.7) |
— |
(40.7) |
(56.3) |
— |
(56.3 |
|
(dollars in millions) |
Three months ended March 31, 2025 |
Six months ended June 30, 2025 |
||||
|
As
|
Adjustment |
As
|
As
|
Adjustment |
As
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Net income |
$ 4.9 |
$ (0.5) |
$ 4.3 |
$ 30.8 |
$ (0.1) |
$ 30.8 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Provision for credit losses and sales returns |
0.8 |
— |
0.8 |
3.8 |
(0.8) |
3.0 |
|
Changes in operating assets and liabilities, net of acquisition and disposal of businesses: |
|
|
|
|
|
|
|
Prepaid expenses and other assets |
(5.3) |
0.1 |
(5.2) |
(8.9) |
— |
(9.0) |
|
Accrued expenses and other liabilities |
(8.2) |
0.1 |
(8.1) |
(10.2) |
0.3 |
(9.9) |
|
Deferred revenue |
(29.8) |
0.3 |
(29.4) |
38.2 |
0.6 |
38.8 |
|
Net cash provided by operating activities |
1.4 |
— |
1.4 |
68.3 |
— |
68.3 |
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SOURCE Blackbaud
FAQ
What were Blackbaud's GAAP and non‑GAAP revenues for Q3 2025 (BLKB)?
How did Blackbaud report earnings per share for Q3 2025 (BLKB)?
What cash flow and free cash flow did Blackbaud report in Q3 2025 (BLKB)?
Did Blackbaud change its 2025 guidance after Q3 results (BLKB)?
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