{"id":21080,"date":"2024-07-30T16:10:55","date_gmt":"2024-07-30T20:10:55","guid":{"rendered":"https:\/\/www.blackbaud.com\/?post_type=news&#038;p=21080"},"modified":"2024-07-30T16:10:55","modified_gmt":"2024-07-30T20:10:55","slug":"blackbaud-announces-2024-second-quarter-results","status":"publish","type":"news","link":"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-2024-second-quarter-results","title":{"rendered":"Blackbaud Announces 2024 Second Quarter Results"},"content":{"rendered":"<p class=\"p2\" style=\"text-align: center;\"><span class=\"s1\"><i>Revenue Growth More than Doubles Year over Year with Significantly Improved Profitability; Blackbaud Board of Directors Approve Expanded $800 Million Stock Repurchase Authorization<\/i><\/span><\/p>\n<p class=\"p3\"><span class=\"s2\"><b>Charleston, S.C. (July\u00a030, 2024)<\/b><\/span> <span class=\"s4\">\u2014 <\/span><span class=\"s1\">Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, today announced financial results for its second quarter ended June 30, 2024.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">&#8220;We continue to execute on our strategic initiatives, and I am optimistic about the opportunities ahead in the near, mid and long-term,&#8221; said Mike Gianoni, president, CEO and vice chairman of the board of directors, Blackbaud. &#8220;Blackbaud is a clear market leader with a path to penetrate even further into a rich market opportunity. The leverage of our financial model allows us to aggressively invest in innovation, which provides great value to our existing customers and increases our ability to attract new prospects. And our strong cash flow enables us to execute on a purposeful and prudent stock repurchase program to improve shareholder value.&#8221;<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\"><b>Second Quarter 2024 Results Compared to Second Quarter 2023 Results:<\/b><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s1\">GAAP total revenue was $287.3 million, up 6.0% and non-GAAP organic revenue increased 6.7%.<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">GAAP recurring revenue was $281.4 million, up 7.2% and represented 98% of total revenue. Non-GAAP organic recurring revenue increased 7.2%.<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">GAAP income from operations was $42.1 million, with GAAP operating margin of 14.7%, an increase of 1,460 basis points.<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">Non-GAAP income from operations was $86.1 million, with non-GAAP operating margin of 30.0%, an increase of 260 basis points.<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">GAAP net income was $21.8 million, with GAAP diluted earnings per share of $0.42, up $0.38 per share.<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">Non-GAAP net income was $55.7 million, with non-GAAP diluted earnings per share of $1.08, up $0.10 per share.<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">Non-GAAP adjusted EBITDA was $102.5 million, up $13.7 million, with non-GAAP adjusted EBITDA margin of 35.7%, an increase of 290 basis points.<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">GAAP net cash provided by operating activities was $53.8 million, an increase of $0.6 million, with GAAP operating cash flow margin of 18.7%, a decrease of 90 basis points.<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">Non-GAAP free cash flow was $32.6 million, a decrease of $4.4 million, with non-GAAP free cash flow margin of 11.4%, a decrease of 220 basis points.<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">Non-GAAP adjusted free cash flow was $36.4 million, a decrease of $7.2 million, with non-GAAP adjusted free cash flow margin of 12.7%, a decrease of 340 basis points.<\/span><\/li>\n<\/ul>\n<p class=\"p3\"><span class=\"s1\">&#8220;I&#8217;m pleased with our financial performance in the second quarter as our operating plan continues to deliver greatly improved profitable growth,&#8221; said Tony Boor, executive vice president and CFO, Blackbaud. &#8220;In the second quarter, total revenue grew 6.0%, while non-GAAP organic revenue growth was 6.7%. Our Social Sector, representing 88% of total revenue in the quarter, grew even faster at 8.5%. Non-GAAP adjusted EBITDA performance in the quarter was strong with a margin of 35.7%, a 290 basis points increase year over year. With our new $800 million repurchase authorization and ample debt capacity, we plan to be very purposeful about buying back our stock and believe there is no better use of capital than investing back into our business through product innovation and returning money to shareholders at this valuation.&#8221;<\/span><\/p>\n<p class=\"p3\"><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=\"p3\"><span class=\"s1\"><b>Recent Company Highlights<\/b><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li4\"><span class=\"s1\">Blackbaud&#8217;s board of directors <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-reauthorized-expanded-and-replenished-800-million-stock-repurchase-program\"><span class=\"s5\">reauthorized, expanded and replenished<\/span><\/a> the company\u2019s existing stock repurchase program, raising the total capacity from $500 million to $800 million available for repurchases of the company&#8217;s common stock.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Blackbaud recently <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/seasoned-executive-dale-strange-takes-reins-of-blackbauds-corporate-impact-business\"><span class=\"s5\">announced<\/span><\/a> that Dale Strange has taken the reins of the Corporate Impact business and been appointed to the company\u2019s executive leadership team as Tom Davidson, founder of EVERFI, moves to a strategic advisory role.\u00a0<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Blackbaud was <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-named-one-of-americas-best-mid-size-companies-2024-by-time\"><span class=\"s5\">named<\/span><\/a> one of America\u2019s Best Mid-Size Companies 2024 by TIME, ranking 195 out of 500 companies based on employee satisfaction, revenue growth and sustainability transparency.\u00a0<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">At its recent spring Product Update Briefings, Blackbaud <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-hundreds-of-product-updates-and-shares-product-roadmaps-for-social-impact-innovation?\"><span class=\"s5\">announced<\/span><\/a> hundreds of product updates and rolled out new roadmaps, sharing how the company is more deeply connecting customers\u2019 business offices, incorporating AI for greater impact, and delivering a unified view for Raiser\u2019s Edge NXT\u00ae.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Blackbaud made a <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-makes-a-strategic-investment-in-ubiq-education\"><span class=\"s5\">strategic investment<\/span><\/a> in UBIQ Education, innovators in school websites, to extend Blackbaud\u2019s Total School Solution and offer a native integration with UBIQ\u2019s AMAIS platform, giving customers direct access to a cutting-edge suite of marketing and admissions tools with seamless data integration across the platform.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Six companies are <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/six-new-startups-join-blackbauds-tech-accelerator-program\"><span class=\"s5\">participating<\/span><\/a> in the July 2024 cohort of Blackbaud\u2019s Social Good Startup Program, bringing innovative solutions to Blackbaud customers\u2014from AI-powered fundraising and content tools to digital assistant chatbots.\u00a0<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Blackbaud announced its <a href=\"https:\/\/www.bbconference.com\/\"><span class=\"s5\">bbcon 2024 tech conference<\/span><\/a>, happening Sept. 24-26 in Seattle.<\/span><\/li>\n<\/ul>\n<p class=\"p5\"><span class=\"s1\">Visit <a href=\"https:\/\/www.blackbaud.com\/newsroom\"><span class=\"s5\">www.blackbaud.com\/newsroom<\/span><\/a> for more information about Blackbaud\u2019s recent highlights.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\"><b>Financial Outlook<\/b><\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Blackbaud today reiterated its 2024 full year financial guidance:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s1\">GAAP revenue of $1.164 billion to $1.194 billion<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">Non-GAAP adjusted EBITDA margin of 32.5% to 33.5%<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">Non-GAAP earnings per share of $4.12 to $4.38<\/span><\/li>\n<li class=\"li6\"><span class=\"s1\">Non-GAAP adjusted free cash flow of $254 million to $274 million<\/span><\/li>\n<\/ul>\n<p class=\"p3\"><span class=\"s1\">Included in its 2024 full year financial guidance are the following updated assumptions:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li3\"><span class=\"s1\">Non-GAAP annualized effective tax rate is expected to be approximately 24.5%<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">Interest expense for the year is expected to be approximately $52 million to $56 million<\/span><\/li>\n<li class=\"li3\"><span class=\"s1\">Fully diluted shares for the year are expected to be approximately 51.0 million to 52.0 million<\/span><\/li>\n<li class=\"li3\"><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=\"p3\"><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=\"p3\"><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=\"p3\"><span class=\"s1\"><b>Stock Repurchase Program<\/b><\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">As of July 16, 2024, Blackbaud had approximately $800.0 million remaining under its common stock repurchase program that was expanded, replenished and reauthorized in July 2024.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\"><b>Conference Call Details<\/b><\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">What:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Blackbaud&#8217;s 2024 Second Quarter Conference Call<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">When:\u00a0\u00a0\u00a0\u00a0\u00a0 July\u00a031, 2024<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Time: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8:00 a.m. (Eastern Time)<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Live Call:<\/span> <span class=\"s1\">1-877-407-3088 (US\/Canada)<\/span><\/p>\n<p class=\"p7\"><span class=\"s7\">Webcast:\u00a0 <a href=\"https:\/\/investor.blackbaud.com\/\"><span class=\"s8\">Blackbaud&#8217;s Investor Relations Webpage<\/span><\/a><\/span><\/p>\n<p class=\"p3\"><span class=\"s1\"><b>About Blackbaud<\/b><\/span><\/p>\n<p class=\"p8\"><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=\"https:\/\/www.blackbaud.com\/\"><span class=\"s5\">www.blackbaud.com<\/span><\/a>, or follow us on<\/span><span class=\"s9\"> <a href=\"https:\/\/twitter.com\/blackbaud\"><span class=\"s10\">X\/Twitter<\/span><\/a><\/span><span class=\"s1\">, <a href=\"https:\/\/www.linkedin.com\/company\/blackbaud\/\"><span class=\"s5\">LinkedIn<\/span><\/a>, <a href=\"https:\/\/www.instagram.com\/blackbaud\/\"><span class=\"s5\">Instagram<\/span><\/a>, and <a href=\"https:\/\/www.facebook.com\/blackbaud\/\"><span class=\"s5\">Facebook<\/span><\/a><\/span><span class=\"s11\">.<\/span><\/p>\n<p><strong>Investor Contact<\/strong><\/p>\n<p><span class=\"s10\"><a href=\"mailto:IR@blackbaud.com\">IR@blackbaud.com\u00a0<\/a><\/span><\/p>\n<p><span class=\"s1\"><b>Media Contact <\/b><\/span><\/p>\n<p><span class=\"s1\"><span class=\"s10\"><a href=\"mailto:media@blackbaud.com\">media@blackbaud.com<\/a><\/span><\/span><\/p>\n<p class=\"p12\"><span class=\"s1\"><b>Forward-Looking Statements<\/b><\/span><\/p>\n<p class=\"p13\"><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 <\/span><span class=\"s12\">www.sec.gov<\/span><span class=\"s1\"> 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=\"p13\"><span class=\"s1\"><b>Trademarks<\/b><\/span><\/p>\n<p class=\"p13\"><span class=\"s1\">All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.<\/span><\/p>\n<p class=\"p13\"><span class=\"s1\"><b>Non-GAAP Financial Measures<\/b><\/span><\/p>\n<p class=\"p13\"><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=\"p13\"><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=\"p13\"><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=\"p13\"><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 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=\"p13\"><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=\"p13\"><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=\"p13\"><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 wp-image-21083 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_06.png\" alt=\"\" width=\"1700\" height=\"1816\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_06.png 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_06-281x300.png 281w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_06-959x1024.png 959w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_06-768x820.png 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_06-1438x1536.png 1438w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-21084 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_07.png\" alt=\"\" width=\"1700\" height=\"1496\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_07.png 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_07-300x264.png 300w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_07-1024x901.png 1024w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_07-768x676.png 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_07-1536x1352.png 1536w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-21085 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_08.png\" alt=\"\" width=\"1700\" height=\"1931\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_08.png 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_08-264x300.png 264w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_08-902x1024.png 902w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_08-768x872.png 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_08-1352x1536.png 1352w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-21086 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_09.png\" alt=\"\" width=\"1700\" height=\"2100\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_09.png 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_09-243x300.png 243w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_09-829x1024.png 829w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_09-768x949.png 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2024\/07\/07.30.24_BlackbaudQ2Earnings_Page_09-1243x1536.png 1243w, 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sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blackbaud has announced financial results for its second quarter ended June 30, 2024. <\/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-21080","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 Second Quarter Results - Blackbaud<\/title>\n<meta name=\"description\" content=\"Blackbaud today announced financial results for its second quarter ended June 30, 2024. 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