Blackbaud, the cloud software company responsible for the Blackbaud Index that tracks charitable giving throughout the nation announced first quarter financial results at the beginning of the month. Blackbaud, which is listed on the NASDAQ, reported both GAAP and non-GAAP revenue increases during the period.
“Solid growth in subscriptions revenue continues to fuel recurring revenue growth, adding stability and predictability to our already strong business. Our non-GAAP organic subscriptions revenue grew 20 percent this quarter, and represented 64 percent of total revenue. And, our non-GAAP organic recurring revenue grew 12 percent, representing 83 percent of total revenue, a new all-time high for Blackbaud,” said Mike Gianoni, president and CEO, in a statement released by the company.
While GAAP income from operations decreased slightly, 0.3 percent to $10.6 million. Non-GAAP income from operations increased 7.6 percent to $34 million. Net income increased in both reports with GAAP net showing an increase of 84.6 percent and non-GAAP income increasing 10.8 percent.
Additionally Blackbaud announced the board of directors had declared that a second quarter 2017 dividend would be paid to stockholders in June.
“We had a very solid start to the year,” said Tony Boor, Blackbaud’s executive vice president and CFO in a statement. “Execution against our strategic plan allowed us to post solid results for the quarter, and positions us well to achieve our full year financial guidance and long term aspirational goals”
Total GAAP revenue was up 8.5 percent, while non-GAAP revenue was reported an increase of 7.4 percent. GAAP reporting included write-downs of deferred revenue, whereas non-GAAP reporting reversed the fair-value adjustment. The company offered a full explanation of GAAP and non-GAAP reporting to accompany the first quarter results.
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