{"id":17781,"date":"2024-04-30T16:10:39","date_gmt":"2024-04-30T20:10:39","guid":{"rendered":"https:\/\/www.blackbaud.com\/?post_type=news&#038;p=17781"},"modified":"2024-04-30T16:10:39","modified_gmt":"2024-04-30T20:10:39","slug":"blackbaud-announces-2024-first-quarter-results","status":"publish","type":"news","link":"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-2024-first-quarter-results","title":{"rendered":"Blackbaud Announces 2024 First Quarter Results"},"content":{"rendered":"<p style=\"text-align: center;\"><span class=\"s1\"><i>Company Shows Continued Strong Progress on Five-Point Operating Plan; Blackbaud Repurchases Approximately 5.5% of Outstanding Common Stock in the First Quarter<\/i><\/span><\/p>\n<p class=\"p4\"><span class=\"s2\"><b>Charleston, S.C. (April\u00a030, 2024)<\/b><\/span><span class=\"s1\"> \u2014<\/span><b> <\/b><span class=\"s1\">Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, today announced financial results for its first quarter ended March 31, 2024.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">&#8220;We continue to execute our strategic initiatives to drive long-term profitable growth,&#8221; said Mike Gianoni, president, CEO and vice chairman of the board, Blackbaud. &#8220;The first quarter was another period of continuous improvement across the business. Financially, we grew the top line, while making substantial progress in our profitability and returning capital through stock repurchases. Blackbaud is a much stronger company than it was just one year ago and remains the clear market leader in the social impact software market. We believe that we are well positioned for the future and are confident in our ability to achieve the Rule of 40 for the full year.&#8221;<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\"><b>First Quarter 2024 Results Compared to First Quarter 2023 Results:<\/b><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li4\"><span class=\"s1\">GAAP total revenue was $279.3 million, up 6.7%, with $271.5 million in GAAP recurring revenue, up 7.4%. GAAP recurring revenue was 97% of total revenue.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP organic recurring revenue increased 7.4%.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP income from operations was $10.7 million, inclusive of security incident-related costs of $10.3 million, with GAAP operating margin of 3.8%, an increase of 760 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP income from operations was $72.4 million, with non-GAAP operating margin of 25.9%, an increase of 430 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP net income was $5.2 million, with GAAP diluted earnings per share of $0.10, up $0.38 per share.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP net income was $49.5 million, with non-GAAP diluted earnings per share of $0.93, up $0.21 per share.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP adjusted EBITDA was $88.9 million, up $17.6 million, with non-GAAP adjusted EBITDA margin of 31.8%, an increase of 460 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP net cash provided by operating activities was $64.6 million, inclusive of security incident-related payments of $2.0 million. GAAP net cash provided by operating activities increased $42.8 million and GAAP operating cash flow margin was 23.1%, an increase of 1,480 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP free cash flow was $51.3 million, inclusive of security incident-related payments of $2.0 million. Non-GAAP free cash flow increased $44.8 million and non-GAAP free cash flow margin was 18.4%, an increase of 1,590 basis points.<\/span><\/li>\n<li class=\"li6\"><span class=\"s1\">Non-GAAP adjusted free cash flow was $53.3 million, an increase of $37.6 million, with non-GAAP adjusted free cash flow margin of 19.1%, an increase of 1,310 basis points.<\/span><\/li>\n<\/ul>\n<p class=\"p4\"><span class=\"s1\">&#8220;Our business has undergone a significant transformation over the past year, and our five-point operating plan has enabled us to accelerate revenue growth, while dramatically improving our profitability,&#8221; said Tony Boor, executive vice president and CFO, Blackbaud. &#8220;In the first quarter, total revenue grew 6.7% with Social Sector revenue growth approaching 9%. The company generated $89\u00a0million of non-GAAP adjusted EBITDA in the quarter, representing a 31.8% margin and 25% growth year over year. We also made significant progress toward our stated goal of repurchasing 7% to 10% of outstanding stock in 2024, with approximately 3 million shares repurchased in the first quarter. We remain confident in our ability to deliver long-term profitable growth and shareholder value.&#8221;<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, is included below under the heading &#8220;Non-GAAP Financial Measures.&#8221; A reconciliation of the company&#8217;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.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\"><b>Recent Company Highlights<\/b><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li4\"><span class=\"s1\">As part of the company\u2019s previously announced $500 million share repurchase authorization, Blackbaud <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-to-repurchase-7-to-10-of-outstanding-shares-under-500-million-stock-repurchase-program\"><span class=\"s4\">announced<\/span><\/a> its intent to repurchase 7% to 10% of the company\u2019s common stock through the end of 2024 and repurchased approximately 5.5% toward that goal in the first quarter.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">The company <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-to-transform-the-future-of-fundraising-with-raisers-edge-nxt\"><span class=\"s4\">announced<\/span><\/a> a major wave of all-new innovation and powerful enhancements coming to its industry-leading fundraising software, Blackbaud Raiser\u2019s Edge NXT\u00ae\u2014including new fundraising AI tools, a reimagined user experience and more. In addition, Blackbaud <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-releases-optimized-donation-forms-for-raisers-edge-nxt\"><span class=\"s4\">announced<\/span><\/a> the general availability of its new Optimized Donation Forms for U.S. Raiser\u2019s Edge NXT customers in February, enabling social impact organizations to improve their conversion rates and raise more.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">On April\u00a030, 2024, Blackbaud entered into a 5-year $1.5 billion credit facility that amended and extended its existing credit facility.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">At this year\u2019s London Marathon, runners <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/london-marathon-runners-raise-more-than-50-million-for-charity-on-blackbauds-justgiving-platform\"><span class=\"s4\">raised<\/span><\/a> more than $50 million for charity on Blackbaud\u2019s JustGiving\u00ae platform\u201414% more than last year\u2014supporting over 1,700 nonprofits.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Marking four years as a remote-first workforce, Blackbaud <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbauds-remote-first-workforce-approach-propels-company-culture-and-success\"><span class=\"s4\">shared<\/span><\/a> the success the company and its employees have seen, from employee satisfaction, to greater access to talent and increased efficiency.\u00a0<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Blackbaud <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-names-chris-lindner-chief-information-officer\"><span class=\"s4\">named<\/span><\/a> Chris Lindner Chief Information Officer to oversee the strategic direction and delivery of the company\u2019s global IT infrastructure. Lindner brings more than 30 years of IT experience in the financial services, SaaS, e-commerce, and supply chain industries.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Blackbaud\u2019s board of directors unanimously voted to <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-termination-of-stockholder-rights-plan\"><span class=\"s4\">terminate<\/span><\/a> the company\u2019s stockholder rights plan, effective as of the close of business on March 18, 2024.<\/span><\/li>\n<\/ul>\n<p class=\"p7\"><span class=\"s1\">Visit <a href=\"https:\/\/www.blackbaud.com\/newsroom\"><span class=\"s4\">www.blackbaud.com\/newsroom<\/span><\/a> for more information about Blackbaud\u2019s recent highlights.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\"><b>Financial Outlook<\/b><\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Blackbaud today updated its 2024 full year financial guidance to reflect two specific transactions from the first quarter: 1) the divestiture of EVERFI&#8217;s nonrecurring creative services business and 2) recent stock repurchase activity:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li4\"><span class=\"s1\">Non-GAAP revenue of $1.164 billion to $1.194 billion<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP adjusted EBITDA margin of 32.5% to 33.5%<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP earnings per share of $4.12 to $4.38<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Non-GAAP adjusted free cash flow of $254 million to $274 million<\/span><\/li>\n<\/ul>\n<p class=\"p4\"><span class=\"s1\">Included in its 2024 full year financial guidance are the following updated assumptions:<\/span><\/p>\n<ul>\n<li class=\"p8\"><span class=\"s1\">Non-GAAP annualized effective tax rate is expected to be approximately 24.5%<\/span><\/li>\n<li class=\"p8\"><span class=\"s1\">Interest expense for the year is expected to be approximately $48 million to $52 million<\/span><\/li>\n<li class=\"p8\"><span class=\"s1\">Fully diluted shares for the year are expected to be approximately 52.0 million to 53.0 million<\/span><\/li>\n<li class=\"p8\"><span class=\"s1\">Capital expenditures for the year are expected to be approximately $65 million to $75 million, including approximately $60 million to $70 million of capitalized software and content development costs<\/span><\/li>\n<\/ul>\n<p class=\"p4\"><span class=\"s1\">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.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">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 and content development, capital expenditures for property and equipment, plus cash outflows related to the previously disclosed Security Incident discovered in May 2020 (the &#8220;Security Incident&#8221;). Total costs related to the Security Incident exceeded the limit of our insurance coverage during the first quarter of 2022. For full year 2024, Blackbaud currently expects net cash outlays of $8 million to $13 million for ongoing legal fees related to the Security Incident. In line with the company&#8217;s policy, all associated costs due to third-party service providers and consultants, including legal fees, are expensed as incurred. Please refer to the section below titled &#8220;Non-GAAP Financial Measures&#8221; for more information on Blackbaud&#8217;s use of non-GAAP financial measures.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\"><b>Stock Repurchase Program<br \/>\n<\/b><\/span><span class=\"s1\">As of March\u00a031, 2024, Blackbaud had approximately $259.7 million remaining under its approved common stock repurchase program that was authorized in January 2024.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\"><b>Conference Call Details<\/b><\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">What:\u00a0 \u00a0 \u00a0 \u00a0 Blackbaud&#8217;s 2024 First Quarter Conference Call<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">When:\u00a0 \u00a0 \u00a0 \u00a0May 1, 2024<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Time:\u00a0 \u00a0 \u00a0 \u00a0 \u00a08:00 a.m. (Eastern Time)<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Live Call:\u00a0 \u00a0 1-877-407-3088 (US\/Canada)<\/span><\/p>\n<p class=\"p9\"><span class=\"s6\">Webcast:\u00a0 \u00a0<a href=\"https:\/\/investor.blackbaud.com\/\"><span class=\"s7\">Blackbaud&#8217;s Investor Relations Webpage<\/span><\/a><\/span><\/p>\n<p class=\"p4\"><span class=\"s1\"><b>About Blackbaud<br \/>\n<\/b><\/span><span class=\"s1\">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&#8217;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 $100 billion raised, granted or managed through Blackbaud platforms every year, Blackbaud&#8217;s solutions are unleashing the potential of the people and organizations who change the world. Blackbaud has been named to Newsweek\u2019s list of America\u2019s Most Responsible Companies, Quartz\u2019s list of Best Companies for Remote Workers and Forbes\u2019 list of America\u2019s Best Employers. A remote-first company, Blackbaud has operations in the United States, Australia, Canada, Costa Rica and the United Kingdom, supporting users in 100+ countries. Learn more at <a href=\"http:\/\/www.blackbaud.com\/\"><span class=\"s4\">www.blackbaud.com<\/span><\/a>, or follow us on<\/span><span class=\"s8\"> <a href=\"https:\/\/twitter.com\/blackbaud\"><span class=\"s7\">X\/Twitter<\/span><\/a><\/span><span class=\"s1\">, <a href=\"https:\/\/www.linkedin.com\/company\/blackbaud\/\"><span class=\"s4\">LinkedIn<\/span><\/a>, <a href=\"https:\/\/www.instagram.com\/blackbaud\/\"><span class=\"s4\">Instagram<\/span><\/a>, and <a href=\"https:\/\/www.facebook.com\/blackbaud\/\"><span class=\"s4\">Facebook<\/span><\/a><\/span><span class=\"s9\">.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\"><b>Investor Contact<br \/>\n<\/b><span class=\"s10\"><a href=\"mailto:IR@blackbaud.com\">IR@blackbaud.com<\/a><\/span><b><br \/>\n<\/b><\/span><\/p>\n<p><span class=\"s1\"><b>Media Contact<br \/>\n<\/b><span class=\"s10\"><a href=\"mailto:media@blackbaud.com\">media@blackbaud.com<\/a><\/span><b><\/b><\/span><\/p>\n<p class=\"p5\"><span class=\"s2\"><b>Forward-Looking Statements<\/b><br \/>\n<\/span><span class=\"s1\">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\u2019s website at www.sec.gov or upon request from Blackbaud&#8217;s investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.<\/span><\/p>\n<p class=\"p4\"><span class=\"s2\"><b>Trademarks<br \/>\n<\/b><\/span><span class=\"s1\">All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.<\/span><\/p>\n<p class=\"p10\"><span class=\"s1\"><b>Non-GAAP Financial Measures<br \/>\n<\/b><\/span><span class=\"s1\">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&#8217;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.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">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.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">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.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">As previously disclosed, beginning in 2024, we apply a non-GAAP effective tax rate of 24.5% when calculating non-GAAP net income and non-GAAP diluted earnings per share. The non-GAAP tax rate utilized in future periods will be reviewed annually to determine whether it remains appropriate in consideration of our financial results including our periodic effective tax rate calculated in accordance with GAAP, our operating environment and related tax legislation in effect and other factors deemed necessary. All first quarter 2023 measures of non-GAAP net income and non-GAAP diluted earnings per share included in this news release are calculated under Blackbaud&#8217;s historical non-GAAP effective tax rate of 20.0%.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software and content 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 and content 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&#8217;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.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">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 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\u2019 organic revenue growth and revenue run-rate.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">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 and content development costs; stock-based compensation; employee severance; acquisition and disposition-related costs; restructuring and other real estate activities; Security Incident-related costs; and impairment of capitalized software development costs.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17784\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_06.png\" alt=\"\" width=\"1700\" height=\"1786\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_06.png 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_06-286x300.png 286w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_06-975x1024.png 975w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_06-768x807.png 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_06-1462x1536.png 1462w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17785\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_07.png\" alt=\"\" width=\"1700\" height=\"1484\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_07.png 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_07-300x262.png 300w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_07-1024x894.png 1024w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_07-768x670.png 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_07-1536x1341.png 1536w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17786\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_08.png\" alt=\"\" width=\"1700\" height=\"1825\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_08.png 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_08-279x300.png 279w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_08-954x1024.png 954w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_08-768x824.png 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_08-1431x1536.png 1431w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17787\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_09.png\" alt=\"\" width=\"1700\" height=\"2059\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_09.png 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_09-248x300.png 248w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_09-845x1024.png 845w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_09-768x930.png 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_09-1268x1536.png 1268w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_09-1691x2048.png 1691w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17788\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_10.png\" alt=\"\" width=\"1700\" height=\"1350\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_10.png 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_10-300x238.png 300w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_10-1024x813.png 1024w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_10-768x610.png 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_10-1536x1220.png 1536w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17789\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_11.png\" alt=\"\" width=\"1700\" height=\"2081\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_11.png 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_11-245x300.png 245w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_11-837x1024.png 837w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_11-768x940.png 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_11-1255x1536.png 1255w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/04\/04.30.24_BlackbaudQ124Earnings_Page_11-1673x2048.png 1673w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blackbaud today announced financial results for its first quarter ended March 31, 2024. The company shows continued strong progress on its five-point operating plan.<\/p>\n","protected":false},"author":9,"featured_media":14817,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"news-category":[480],"news-topic":[],"class_list":["post-17781","news","type-news","status-publish","has-post-thumbnail","hentry","news-category-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.9 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blackbaud Announces 2024 First Quarter Results - Blackbaud<\/title>\n<meta name=\"description\" content=\"The company shows continued strong progress on its five-point operating plan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-2024-first-quarter-results\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackbaud Announces 2024 First Quarter Results\" \/>\n<meta property=\"og:description\" content=\"The company shows continued strong progress on its five-point operating plan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-2024-first-quarter-results\" \/>\n<meta property=\"og:site_name\" content=\"Blackbaud\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/blackbaud\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2023\/11\/Newsroom-Header.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2792\" \/>\n\t<meta property=\"og:image:height\" content=\"1136\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@blackbaud\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-2024-first-quarter-results\",\"url\":\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-2024-first-quarter-results\",\"name\":\"Blackbaud Announces 2024 First Quarter Results - 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