{"id":26400,"date":"2025-02-18T07:00:42","date_gmt":"2025-02-18T12:00:42","guid":{"rendered":"https:\/\/www.blackbaud.com\/?post_type=news&#038;p=26400"},"modified":"2025-02-18T08:32:42","modified_gmt":"2025-02-18T13:32:42","slug":"blackbaud-announces-2024-fourth-quarter-and-full-year-results","status":"publish","type":"news","link":"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-2024-fourth-quarter-and-full-year-results","title":{"rendered":"Blackbaud Announces 2024 Fourth Quarter and Full Year Results"},"content":{"rendered":"<p class=\"p3\"><span class=\"s1\"><i>Explanatory Note: Certain financial information in this press release has been updated to correct for inaccuracies in the press release distributed early today, which inadvertently included certain preliminary, incorrect financial information.<\/i><i><\/i><\/span><\/p>\n<p class=\"p4\"><span class=\"s2\"><b>Charleston, S.C. (February\u00a018, 2025)<\/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 fourth quarter and full year ended December 31, 2024.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">&#8220;2024 is a reflection of our successful work in solidifying Blackbaud\u2019s attractive and improving financial model over the past five years where our revenue, cash flows and Rule of 40 metrics have all improved significantly,&#8221; said Mike Gianoni, president, CEO and vice chairman of the board of directors, Blackbaud. &#8220;This success is the result of a proven operating plan, continuous product innovation, refinement of our go-to-market programs, a focus on efficiencies and effectiveness, and a steadfast dedication to not only powering social impact but centering it in all we do with both our customers and employees. Blackbaud\u2019s multi-year trajectory will also be built on these tenets, and when combined with our future opportunities, we see a path to becoming a Rule of 45 company by 2030.&#8221;<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\"><b>Fourth Quarter 2024 Results Compared to Fourth Quarter 2023 Results:<\/b><b><\/b><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li4\"><span class=\"s1\">GAAP total revenue was $302.2 million, up 2.4% and non-GAAP organic revenue increased 3.2%.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP recurring revenue was $296.2 million, up 3.1% and represented 98% of total revenue. Non-GAAP organic recurring revenue increased 3.1%.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP loss from operations was $367.1 million, inclusive of aggregate pre-tax EVERFI impairment and disposition charges of $405.4 million, with GAAP operating margin of (121.5)%, a decrease of 13,250 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP income from operations was $82.7 million, with non-GAAP operating margin of 27.4%, a decrease of 100 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP net loss was $330.8 million, inclusive of aggregate pre-tax EVERFI impairment and disposition charges of $405.4 million, with GAAP diluted loss per share of $6.74, down $6.84 per share.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP net income was $54.4 million, with non-GAAP diluted earnings per share of $1.08, down $0.06 per share.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP adjusted EBITDA was $102.2 million, up $3.0 million, with non-GAAP adjusted EBITDA margin of 33.8%, an increase of 20 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP net cash provided by operating activities was $73.6 million, an increase of $76.9 million, with GAAP operating cash flow margin of 24.3%, an increase of 2,540 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP free cash flow was $56.5 million, an increase of $75.1 million, with non-GAAP free cash flow margin of 18.7%, an increase of 2,500 basis points.<\/span><\/li>\n<li class=\"li5\"><span class=\"s1\">Non-GAAP adjusted free cash flow was $57.3 million, an increase of $21.0 million, with non-GAAP adjusted free cash flow margin of 19.0%, an increase of 670 basis points.<\/span><\/li>\n<\/ul>\n<p class=\"p4\"><span class=\"s1\">&#8220;During 2024 we achieved several significant milestones, including the divestment of EVERFI and the finalization of nearly all of our outstanding security litigation efforts,&#8221; said Tony Boor, executive vice president and CFO, Blackbaud. \u201cBy putting these items behind us, the company is 100% focused on providing our customers and prospects powerful solutions to allow them to spend more time on what matters to them: making a concrete difference through their vital social impact work and easing their administrative burdens.\u201d <\/span><\/p>\n<p class=\"p6\"><span class=\"s1\">&#8220;To our existing and prospective shareholders, we remain committed to delivering an attractive financial investment balanced between top-line growth, profitability, and cash flow, all of which are supported by our proven operating plan. In 2024, we repurchased 10% of our outstanding stock and if you add back in net share settlement on employee stock compensation, the number moves to 11%. We plan to continue to be purposeful about buying back our stock in 2025, anticipating buying back 3% to 5% of our total outstanding shares as we look to deliver on Blackbaud\u2019s compelling investment thesis.\u201d<\/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><b><\/b><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li4\"><span class=\"s1\">Blackbaud <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-sale-of-everfi\"><span class=\"s4\">announced the sale<\/span><\/a> of its EVERFI Inc. business to a private investment firm unaffiliated with Blackbaud.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Blackbaud <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-appoints-bradley-pyburn-former-chief-of-staff-of-u-s-cyber-command-to-board-of-directors\"><span class=\"s4\">appointed<\/span><\/a> Bradley Pyburn, former chief of staff of U.S. Cyber Command, to its board of directors.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">At its semi-annual <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-dives-deeper-into-product-roadmaps-and-innovation-at-semi-annual-product-update-briefings\"><span class=\"s4\">Product Update Briefings<\/span><\/a> in November, Blackbaud showcased recent innovation and future roadmap direction across its suite of solutions, diving further into the six waves of innovation the company announced at bbcon 2024.\u00a0 <\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Blackbaud celebrated <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-kicks-off-givingtuesday-at-nasdaq\"><span class=\"s4\">GivingTuesday<\/span><\/a>, kicking off the global giving holiday at Nasdaq and also supporting customers through a <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/announcing-the-winners-of-blackbauds-giving-glow-up-giveaway\"><span class=\"s4\">Giving Glow-Up Giveaway contest<\/span><\/a> for Blackbaud Donation Form users.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">For the fourth consecutive year, Blackbaud was named to <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-recognized-on-newsweeks-americas-most-responsible-companies-2025-list\"><span class=\"s4\">Newsweek\u2019s list of America\u2019s Most Responsible Companies<\/span><\/a>, which recognizes U.S.-based companies for their commitment to making a positive global impact.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">The company announced that its <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-supports-center-for-disaster-philanthropy-to-foster-disaster-response-and-resilience-in-global-communities\"><span class=\"s4\">2025 annual major gift<\/span><\/a><\/span> <span class=\"s1\">will support the Center for Disaster Philanthropy (CDP), a nonprofit organization that helps individuals, foundations and corporations increase the effectiveness of their philanthropic response to disasters and humanitarian crises.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Blackbaud <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/celebrating-five-years-of-blackbauds-social-good-startup-program\"><span class=\"s4\">marked five years<\/span><\/a> of its Social Good Startup Program, which has now supported 77 startups with a 92% success rate, providing cutting edge social impact technology to the sector. The program welcomed its <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/nine-startups-join-blackbauds-tech-accelerator-program-for-social-impact-solutions\"><span class=\"s4\">10<\/span><span class=\"s6\"><sup>th<\/sup><\/span><\/a><\/span> <span class=\"s7\">cohort<\/span> <span class=\"s1\">in January.\u00a0 <\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Blackbaud announced an <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/yourcause-from-blackbaud-and-true-impact-to-offer-companies-advanced-ai-driven-insights-and-storytelling-for-social-impact-reporting\"><span class=\"s4\">industry-leading partnership<\/span><\/a> with True Impact\u00ae to bring predictive, outcome-based impact data into Blackbaud Impact Edge\u2122, the company\u2019s AI-powered social impact reporting and storytelling solution for YourCause\u00ae from Blackbaud\u00ae corporate customers.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">The company rolled out Blackbaud Donation Forms in <a href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-releases-new-donation-forms-for-australia-and-new-zealand-customers-to-help-social-impact-organisations-raise-more\"><span class=\"s8\">A<\/span><span class=\"s4\">ustralia and New Zealand<\/span><\/a>, with its Optimized Donation Forms now available for Raiser\u2019s Edge NXT\u00ae users and its Standard and Optimized Donation Forms now available for Blackbaud CRM\u2122 users in the region.<\/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=\"p8\"><span class=\"s1\"><b>Full-Year 2024 Results Compared to Full-Year 2023 Results:<\/b><b><\/b><\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li4\"><span class=\"s1\">GAAP total revenue was $1.2 billion, up 4.5% and non-GAAP organic revenue increased 5.2%.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP recurring revenue was $1.1 billion, up 5.4% and represented 98% of total revenue. Non-GAAP organic recurring revenue increased 5.4%.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP loss from operations was $270.5 million, inclusive of aggregate pre-tax EVERFI impairment and disposition charges of $405.4 million, with GAAP operating margin of (23.4)%, a decrease of 2,740 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP income from operations was $320.1 million, with non-GAAP operating margin of 27.7%, an increase of 110 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP net loss was $283.2 million, inclusive of aggregate pre-tax EVERFI impairment and disposition charges of $405.4 million, with GAAP diluted loss per share of $5.60, down $5.63 per share.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP net income was $210.7 million, with non-GAAP diluted earnings per share of $4.07, up $0.09 per share.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP adjusted EBITDA was $388.9 million, up $32.4 million, with non-GAAP adjusted EBITDA margin of 33.7%, an increase of 150 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">GAAP net cash provided by operating activities was $296.0 million, an increase of $96.3 million, with GAAP operating cash flow margin of 25.6%, an increase of 750 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP free cash flow was $228.8 million, an increase $93.3 million, with non-GAAP free cash flow margin of 19.8%, an increase of 750 basis points.<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP adjusted free cash flow was $244.7 million, an increase of $31.2 million, with non-GAAP adjusted free cash flow margin of 21.2%, an increase of 190 basis points.<\/span><\/li>\n<\/ul>\n<p class=\"p4\"><span class=\"s1\"><b>Financial Outlook<\/b><b><\/b><\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Blackbaud today announced its 2025 full year financial guidance:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li4\"><span class=\"s1\">GAAP revenue of $1.115 billion to $1.125 billion<\/span>\n<ul class=\"ul2\">\n<li class=\"li4\"><span class=\"s1\">Organic revenue growth at constant currency of 4.5% to 5.4%<\/span><\/li>\n<\/ul>\n<\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP adjusted EBITDA margin of 34.9% to 35.9%<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Non-GAAP earnings per share of $4.16 to $4.35<\/span><\/li>\n<li class=\"li9\"><span class=\"s1\">Non-GAAP adjusted free cash flow of $185 million to $195 million<\/span><\/li>\n<\/ul>\n<p class=\"p4\"><span class=\"s1\">Included in its 2025 full year financial guidance are the following updated assumptions:<\/span><\/p>\n<ul class=\"ul1\">\n<li class=\"li4\"><span class=\"s1\">Non-GAAP annualized effective tax rate is expected to be approximately 24.5%<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Interest expense for the year is expected to be approximately $65 million to $69 million<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Fully diluted shares for the year are expected to be approximately 48.5 million to 49.5 million<\/span><\/li>\n<li class=\"li4\"><span class=\"s1\">Capital expenditures for the year are expected to be approximately $55 million to $65 million, including approximately $50 million to $60 million of capitalized software 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=\"p10\"><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 2025, Blackbaud currently expects net cash outlays of $3 million to $4 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<\/b><b><\/b><\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">As of December\u00a031, 2024, Blackbaud had approximately $645 million remaining under its common stock repurchase program that was expanded, replenished and reauthorized in July 2024.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\"><b>Conference Call Details<\/b><b><\/b><\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">What:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Blackbaud&#8217;s Fourth Quarter and Full Year 2024 Conference Call<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">When:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 February\u00a018, 2025 <\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Time: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8:00 a.m. (Eastern Time)<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">Live Call:<\/span><span class=\"s9\"> \u00a0 <\/span><span class=\"s1\">1-877-407-3088 (US\/Canada)<\/span><\/p>\n<p class=\"p11\"><span class=\"s10\">Webcast:\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<\/b><b><\/b><\/span><\/p>\n<p class=\"p12\"><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, India and the United Kingdom, supporting users in 100+ countries. Learn more at <a href=\"https:\/\/www.blackbaud.com\/\"><span class=\"s4\">www.blackbaud.com<\/span><\/a>, or follow us on<\/span><span class=\"s5\"> <a href=\"https:\/\/twitter.com\/blackbaud\"><span class=\"s11\">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=\"s12\">.<\/span><\/p>\n<p><strong>Investor Contact<\/strong><\/p>\n<p><a href=\"mailto:IR@blackbaud.com\">IR@blackbaud.com\u00a0<\/a><\/p>\n<p><strong>Media Contact<\/strong><\/p>\n<p><a href=\"mailto:media@blackbaud.com\">media@blackbaud.com<\/a><\/p>\n<p class=\"p9\"><span class=\"s1\"><b>Forward-Looking Statements<\/b><b><\/b><\/span><\/p>\n<p class=\"p4\"><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=\"s13\">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=\"p4\"><span class=\"s1\"><b>Trademarks<\/b><b><\/b><\/span><\/p>\n<p class=\"p4\"><span class=\"s1\">All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.<\/span><\/p>\n<p class=\"p4\"><span class=\"s1\"><b>Non-GAAP Financial Measures <\/b><b><\/b><\/span><\/p>\n<p class=\"p4\"><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 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, if any, 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; Security Incident-related costs; and impairment and disposition charges.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-26418 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_06.jpg\" alt=\"\" width=\"1700\" height=\"1803\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_06.jpg 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_06-283x300.jpg 283w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_06-966x1024.jpg 966w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_06-768x815.jpg 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_06-1448x1536.jpg 1448w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-26419 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_07.jpg\" alt=\"\" width=\"1700\" height=\"1505\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_07.jpg 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_07-300x266.jpg 300w, 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https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_09-826x1024.jpg 826w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_09-768x952.jpg 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_09-1239x1536.jpg 1239w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_09-1652x2048.jpg 1652w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-26422 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_10.jpg\" alt=\"\" width=\"1700\" height=\"1405\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_10.jpg 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_10-300x248.jpg 300w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_10-1024x846.jpg 1024w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_10-768x635.jpg 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_10-1536x1269.jpg 1536w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-26423 size-full\" src=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_11.jpg\" alt=\"\" width=\"1700\" height=\"2104\" srcset=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_11.jpg 1700w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_11-242x300.jpg 242w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_11-827x1024.jpg 827w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_11-768x951.jpg 768w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_11-1241x1536.jpg 1241w, https:\/\/www.blackbaud.com\/wp-content\/uploads\/2025\/02\/BLKB-Q4-2024-Earnings-Press-Release-filed-2-18-25_Page_11-1655x2048.jpg 1655w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Explanatory Note: Certain financial information in this press release has been updated to correct for inaccuracies in the press release distributed early today, which inadvertently included certain preliminary, incorrect financial information. Charleston, S.C. (February\u00a018, 2025) \u2014 Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, today announced financial results for its fourth<\/p>\n","protected":false},"author":9,"featured_media":13362,"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-26400","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 Fourth Quarter and Full Year Results - Blackbaud<\/title>\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-fourth-quarter-and-full-year-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 Fourth Quarter and Full Year Results\" \/>\n<meta property=\"og:description\" content=\"Explanatory Note: Certain financial information in this press release has been updated to correct for inaccuracies in the press release distributed early today, which inadvertently included certain preliminary, incorrect financial information. 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