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Blackbaud, Inc. Announces Second Quarter 2013 Results

Stocks in this article: BLKB

Blackbaud, Inc. (NASDAQ: BLKB), a leading global provider of software and services for nonprofits, today announced financial results for its second quarter ended June 30, 2013.

“Blackbaud generated strong second quarter results, with both revenue and profitability above the high-end of our guidance range,” stated Marc Chardon, Chief Executive Officer of Blackbaud. “We saw strong performance across each of our business units and we are seeing positive signs that our integrated product strategy is resonating with customers and having a positive impact on our pipeline of opportunities.”

Chardon added, “We see nonprofits across all sectors looking for ways to improve and increase their fundraising, and they are looking for powerful, easy-to-use technology that can help them meet their needs. We believe our best-of-breed offerings in both online fundraising and CRM position Blackbaud well to gain share in the multi-billion dollar nonprofit software market.”

Second Quarter 2013 GAAP Financial Results

Blackbaud reported total revenue of $125.5 million for the second quarter of 2013, an increase of 14% compared to $110.2 million for the second quarter of 2012. GAAP income from operations and net income were $14.3 million and $6.6 million, respectively, compared to a loss of $1.9 million and $2.3 million, respectively, for the second quarter of 2012. Diluted earnings per share were $0.15 for the second quarter of 2013, compared to a loss of $0.05 in the same period last year.

Second Quarter 2013 Non-GAAP Financial Results

Total non-GAAP revenue, including $0.3 million of deferred revenue write-down associated with the Convio acquisition, was $125.7 million for the second quarter of 2013, which exceeded the high-end of the company’s guidance. Non-GAAP income from operations, which excludes the write-down of Convio deferred revenue, stock-based compensation expense, amortization of intangibles arising from business combinations, integration and restructuring costs, and CEO severance costs, was $26.4 million for the second quarter of 2013, up from $19.3 million in the same period last year and above the high-end of the company’s guidance. Non-GAAP net income was $15.0 million for the second quarter of 2013, up from $10.8 million in the same period last year. Non-GAAP diluted earnings per share were $0.33 for the second quarter of 2013, up from $0.25 in the same period last year and also above the high-end of the company’s guidance.

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