Blackbaud announces 2016 third quarter results
November 2, 2016
Blackbaud (NASDAQ: BLKB), the world’s leading cloud software company powering social good, announced financial results for its third quarter ended September 30, 2016.
Third Quarter 2016 Results Compared to Third Quarter 2015 Results:
- Total GAAP revenue was $183.1 million, up 15.3%, with $141.9 million in GAAP recurring revenue, representing 77.5% of total revenue.
- Total non-GAAP revenue was $183.1 million, up 14.5%, with $141.9 million in non-GAAP recurring revenue, representing 77.5% of total non-GAAP revenue.
- Non-GAAP organic revenue increased 8.1% and non-GAAP organic recurring revenue increased 9.6%.
- GAAP income from operations decreased 3.1% to $13.5 million, with GAAP operating margin decreasing 140 basis points to 7.4%.
- Non-GAAP income from operations increased 11.3% to $34.0 million, with non-GAAP operating margin decreasing 50 basis points to 18.6%.
- GAAP net income increased 12.9% to $8.9 million, with GAAP diluted earnings per share up $0.02 to $0.19.
- Non-GAAP net income increased 20.8% to $21.3 million, with non-GAAP diluted earnings per share up $0.07 to $0.45.
- Cash flow from operations was $51.4 million, up from $38.8 million.
“We are maintaining our non-GAAP financial guidance, while increasing cash flow from operations to account for the early adoption of ASU 2016-09,” said Tony Boor, Blackbaud’s executive vice president and CFO. “Our updated guidance indicates organic revenue growth acceleration, improves profitability, and increases cash flow for the full year when compared to 2015.”
Company Highlights:
- Shared the latest insights, trends and innovation to approximately 3,000 change-makers at bbcon 2016
- Appointed Jerry Needle as president of everydayhero®, Tim Hill as president of Higher Education Solutions group, and Russ Cobb as president of Healthcare Solutions group
- One of the first companies certified under the EU-U.S. Privacy Shield
- Adoption of Blackbaud’s intuitive cloud accounting solution, Financial Edge NXT™, continues to surge
Dividend
Blackbaud announced that its Board of Directors has declared a fourth quarter 2016 dividend of $0.12 per share payable on December 15, 2016 to stockholders of record on November 23, 2016.
