Blackbaud Announces 2019 Second Quarter Results
Staff Report From South Carolina CEO
Wednesday, July 31st, 2019
Blackbaud, the world's leading cloud software company powering social good, announced financial results for its second quarter ended June 30, 2019.
"This year marks our 15th year as a Nasdaq listed public company, which is a testament to the incredible team we have and their dedication to drive powerful social impact and create shareholder value," said Mike Gianoni, Blackbaud's president and CEO. "We continued to drive market-specific innovation across our vertical markets. Soon we will be announcing general availability of Blackbaud Church Management™, part of the Cloud Solution for Faith Communities, and we continue to see strong market traction with our new Education Management portfolio, part of the Cloud Solution for Higher Education™."
Second Quarter 2019 Results Compared to Second Quarter 2018 Results:
Total GAAP revenue was $225.6 million, up 5.6%, with $208.5 million in GAAP recurring revenue, representing 92.4% of total GAAP revenue. GAAP recurring revenue was up 8.2%.
Total non-GAAP revenue was $226.4 million, up 5.5%, with $209.2 million in non-GAAP recurring revenue, representing 92.4% of total non-GAAP revenue. Non-GAAP recurring revenue was up 8.0%.
Non-GAAP organic recurring revenue increased 5.0%.
GAAP income from operations was $13.5 million, with GAAP operating margin of 6.0%, an increase of 70 basis points.
Non-GAAP income from operations was $43.5 million, with non-GAAP operating margin of 19.2%, a decrease of 190 basis points.
GAAP net income was $7.1 million, with GAAP diluted earnings per share of $0.15, up $0.01.
Non-GAAP net income was $31.9 million, with non-GAAP diluted earnings per share of $0.66, down $0.03.
Non-GAAP free cash flow was $38.0 million, a decrease of $3.6 million.
"Execution against our strategic plan drove solid results for the second quarter as we continue investing to further expand our selling footprint, drive cloud innovation for our customers and ensure scalability in our business," said Tony Boor, Blackbaud's executive vice president and CFO. "We're pleased with the progress of the new sales hires added to date as they ramp to targeted productivity, and we expect to continue hiring as we look to grow our full year sales headcount at an accelerated rate relative to our historical average."