Welcome to our dedicated page for Blackbaud news (Ticker: BLKB), a resource for investors and traders seeking the latest updates and insights on Blackbaud stock.
Blackbaud reports developments in social impact software for nonprofits, foundations, corporations, schools, higher education institutions, healthcare organizations and other mission-driven customers. Company news commonly covers AI-powered fundraising, fund accounting, award management, payments and billing, customer outcomes, product launches and partnerships across its social impact platform.
Recurring updates also include quarterly financial results, guidance, sector research from the Blackbaud Institute, education-market initiatives, and company events such as bbcon. Product and platform themes include Intelligence for Good, Agent for Good, the Development Agent, Raiser's Edge NXT and related tools designed for fundraising, donor engagement, financial management and social impact operations.
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Corebridge Financial and EVERFI have conducted a survey involving over 16,000 college students, revealing heightened financial anxiety among students. Key findings indicate that 57% are worried about post-graduation employment and 44% about student loans. Confidence in timely loan repayments has dropped to 69%, while 45% expect family support post-graduation. In credit card management, 83% reported on-time payments. The survey, representative of 371 institutions from 42 states, aims to highlight financial concerns facing students today.
Blackbaud (NASDAQ: BLKB) reported strong financial results for Q3 2022, with total revenue of $261.3 million, up 13% year-over-year. The company expects to meet or exceed its full year 2022 financial guidance, projecting a 29% Rule of 40 performance on a constant currency basis. Non-GAAP adjusted EBITDA increased to $66.9 million. Blackbaud aims for mid-single digit organic growth and an EBITDA margin of around 29% for 2023. The acquisition of Kilter and divestiture of certain products are strategic moves to enhance focus and innovation.
Blackbaud (NASDAQ: BLKB), a leader in cloud software for social good, will release its third quarter 2022 financial results on November 1, 2022, after market close. A conference call to discuss these results is scheduled for November 2, 2022, at 8:00 a.m. ET. Investors can join the call via live dial-in or a webcast available on its investor webpage. This financial update aims to provide insights into the company's performance and outlook for the future.
The 23rd Annual Tech Conference for Good, hosted by Blackbaud (NASDAQ: BLKB), began today, offering a free online platform for social good practitioners worldwide. Notable speakers, including CEO Mike Gianoni and celebrity activists, will share insights to enhance organizational impact. Blackbaud highlights product innovations, such as expanded SKY APIs and AI-driven insights in its fundraising software, aiming to optimize revenue and engagement for nonprofits. The conference will run until December 9, 2022, with on-demand access available after broadcasts.
Healthy Blue, in partnership with EVERFI, launched a health and wellness initiative providing free digital courses for middle and high school students in Kansas. The courses cover vital topics like mental wellness, prescription drug safety, and underage drinking prevention. Since May, over 1,600 students across nine schools have benefitted from this program, which aims to tackle rising issues related to student mental health and risky behaviors.
The initiative employs interactive, age-appropriate content designed to engage students effectively, thereby promoting healthy decision-making.
On October 11, 2022, Blackbaud (NASDAQ: BLKB) announced a limited duration stockholder rights plan aimed at protecting shareholder interests and ensuring fair value during potential acquisitions. The plan prevents any entity from acquiring 20% or more of Blackbaud's shares without board approval, allowing shareholders to purchase additional shares at a favorable price if this threshold is surpassed. The rights will expire on October 2, 2023. More detailed information will be provided in a Form 8-K filing with the SEC.
On October 11, 2022, EVERFI and Fortune Media announced the 2022 Fortune Impact Initiative, aimed at uniting senior executives from Fortune 500 companies to discuss ESG and CSR practices. This initiative highlights the growing pressure on businesses to address societal issues, including diversity and sustainability. Key events will take place in Atlanta, Georgia, featuring discussions on climate disclosures and employee activism. The program is supported by notable partners, including Coca-Cola Company and TriNet, emphasizing the importance of corporate responsibility in today's business landscape.
Blackbaud (NASDAQ: BLKB) has extended the contract of President and CEO Mike Gianoni for three additional years, through December 2025. Gianoni has been with the company since 2014 and has significantly contributed to its growth, including the integration of its product portfolio and expansion into new markets through strategic acquisitions. The company aims to achieve the Rule of 40 financial framework by the end of 2025, targeting a score of at least 33 in 2023. Under Gianoni's leadership, Blackbaud is positioned for accelerated revenue growth and improved shareholder value.
Blackbaud (NASDAQ: BLKB) has launched two new fee-cover models, Complete Cover™ and Donor Cover, for its Raiser's Edge NXT® and eTapestry® platforms in the U.S. and Canada. These features aim to reduce processing costs for charitable organizations during online transactions. Complete Cover allows organizations to receive 100% of eligible donations, while Donor Cover lets supporters choose whether to cover transaction fees. Both options are now available as standard features for eligible customers, enhancing financial sustainability in fundraising.