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Blackbaud, Inc. Announces Third 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 third quarter ended September 30, 2013.

“Blackbaud’s third quarter results were highlighted by profitability that exceeded the high end of our guidance,” stated Tony Boor, Interim Chief Executive Officer and Chief Financial Officer of Blackbaud. “Each of our business units delivered a solid performance in the third quarter, and we continue to see nonprofit organizations turning to Blackbaud and our broad suite of leading product offerings to help drive their fundraising initiatives.”

Boor added, “We continue to make progress improving the operational efficiency of the company, and we believe there are still many gains to be captured as we look ahead. At the same time, we are beginning to increase investments in our product portfolio and go-to-market organization to ensure we are properly positioned to benefit from exciting shifts in the market, including SaaS, online fundraising and mobile. We believe this is the right strategy to generate increased revenue growth and optimize shareholder value from a long-term perspective.”

Third Quarter 2013 GAAP Financial Results

Blackbaud reported total revenue of $127.9 million for the third quarter of 2013, an increase of 4% compared to $122.5 million for the third quarter of 2012. GAAP income from operations and net income were $18.0 million and $9.4 million, respectively, compared to $6.2 million and $2.8 million, respectively, for the third quarter of 2012. Diluted earnings per share were $0.21 for the third quarter of 2013, compared to $0.06 in the same period last year.

Third Quarter 2013 Non-GAAP Financial Results

Total non-GAAP revenue was $128.0 million for the third quarter of 2013. Non-GAAP revenue excludes the impact of a $0.1 million write-down of deferred revenue associated with the acquisition of Convio. Non-GAAP income from operations, which also excludes stock-based compensation expense, amortization of intangibles arising from business combinations, integration and restructuring costs, CEO severance costs and employee severance costs, was $28.9 million for the third quarter of 2013, up from $20.7 million in the same period last year and above the high-end of the company’s guidance. Non-GAAP net income was $16.7 million for the third quarter of 2013, up from $11.7 million in the same period last year. Non-GAAP diluted earnings per share were $0.37 for the third quarter of 2013, up from $0.26 in the same period last year and also above the high-end of the company’s guidance.

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