Blackbaud announces 2018 fourth quarter and full year results

Blackbaud (NASDAQ: BLKB), the world’s leading cloud software company powering social good, announced financial results for its fourth quarter and full year ended December 31, 2018.

Fourth Quarter 2018 Results Compared to Fourth Quarter 2017 Results:

• Total GAAP revenue was $221.2 million, up 1.8%, with $199.9 million in GAAP recurring revenue, representing 90.4% of total GAAP revenue. GAAP recurring revenue was up 4.9%.
• Total non-GAAP revenue was $221.8 million, up 1.2%, with $200.5 million in non-GAAP recurring revenue, representing 90.4% of total non-GAAP revenue. Non-GAAP recurring revenue was up 4.2%.
• Non-GAAP organic recurring revenue increased 2.8%.
• GAAP income from operations decreased 26.5% to $14.7 million, with GAAP operating margin decreasing 260 basis points to 6.6%.
• Non-GAAP income from operations decreased 10.3% to $42.3 million, with non-GAAP operating margin decreasing 240 basis points to 19.1%.
• GAAP net income decreased 74.5% to $9.3 million, with GAAP diluted earnings per share of $0.19, down $0.57.
• Non-GAAP net income increased 3.5% to $31.3 million, with non-GAAP diluted earnings per share of $0.65, up $0.02.
• Non-GAAP free cash flow was $50.7 million, an increase of 17.0%.

Recent Company Highlights:

• The company introduced Blackbaud Purchase Cards and Expense Management in Blackbaud Financial Edge NXT^®, helping social good organizations streamline financial processes and maximize mission delivery.
• Blackbaud announced the results of a commissioned Total Economic Impact™ study conducted by Forrester Consulting, which examines the return on investment that arts and cultural organizations may experience by engaging Blackbaud Target Analytics.
• Blackbaud announced the acquisition of YourCause™, a market leader in enterprise philanthropy, corporate social responsibility and employee engagement software, effective January 2, 2019.
• Forbes recognized Blackbaud as one of America’s Best Employers for Diversity for the second consecutive year.
• Blackbaud reported a new #GivingTuesday record, announcing that its systems processed more than $62.6 millionfrom charitable organizations receiving donations in the United States on #GivingTuesday in the strongest year yet. Average gift sizes and mobile giving were up year over year, and online donations were also up again for the seventh year running.

Visit http://www.blackbaud.com/newsroom for more information about Blackbaud’s recent highlights.