Q2 2024 Blackbaud Inc Earnings Call Transcript
Key Points
- Blackbaud Inc (BLKB) reported strong organic revenue growth of approximately 7% for the quarter, significantly up from 2.8% in the same quarter of 2023.
- The company's adjusted EBITDA margin improved to 36%, up nearly 300 basis points year over year.
- Non-GAAP earnings per share increased by 10% year over year to $1.08.
- The social sector, which represents 88% of total revenue, grew by 8.5% year over year.
- Blackbaud Inc (BLKB) has a robust stock repurchase program, recently expanded to $800 million, indicating strong confidence in its valuation and future prospects.
- EVERFI, which represents 8% of total company revenues, continues to be a drag on overall growth, with the corporate sector declining by 9.2% year over year.
- The company faces potential headwinds from the lack of viral charitable giving events in 2024, which could impact revenue comparisons in the second half of the year.
- The annual employee-wide merit increase in the third quarter is expected to cause a slight dip in margins and cash flow.
- The transition to three-year contracts with annual price escalators is still ongoing, and there is some uncertainty regarding customer acceptance and renewal rates.
- Despite strong performance metrics, management believes that the company's success is undervalued by the investment community, indicating potential market perception issues.
Good day, and welcome to the Blackbaud, Inc. second quarter 2024 earnings conference call. Today's conference is being recorded.
I'll now turn the conference over to Tom Barth, Head of Investor Relations. Please go ahead, sir.
Good morning, everyone. Thank you for joining us on Blackbaud's second quarter 2024 earnings call. I'm Tom Barth, the new Head of Investor Relations here at Blackbaud. I'm very excited to have recently joined the Blackbaud team. I likely know a lot of you, but I look forward to working with all of you.
Joining me on the call today are Mike Gianoni, Blackbaud's CEO, President and Vice Chairman; and Tony Boor, Blackbaud's Executive Vice President and CFO. Mike and Tony will make prepared remarks and then we will open up the line for your questions. Please note that our comments today contain forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our most recent Form 10-K and other SEC
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
