- The stock price of Blackbaud, Inc. (NASDAQ: BLKB) surged today after it reported the second-quarter results ended June 30, 2020. After reporting the earnings, the stock price of Blackbaud increased by 14.80%.
The stock price of Blackbaud, Inc. (NASDAQ: BLKB) surged today after it reported the second-quarter results ended June 30, 2020. Blackbaud’s total GAAP revenue was up 2.8% at $232 million. And it hit $216.3 million in GAAP recurring revenue, which represents 93.2% of total GAAP revenue. The total GAAP recurring revenue was up 3.7%.
Blackbaud is known as the world’s leading cloud software company powering social good as it serves the entire social good community: nonprofits, higher education institutions, K–12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, companies, and individual change agents. And Blackbaud connects and empowers organizations to increase their impact through cloud software, services, expertise and data intelligence.
And the Blackbaud portfolio is tailored to the unique needs of vertical markets with solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility, school management, ticketing, grantmaking, financial management, payment processing, and analytics.
The total non-GAAP revenue was $232 million, up 2.5%. And the company saw $216.3 million in non-GAAP recurring revenue, which represents 93.2% of total non-GAAP revenue. The non-GAAP recurring revenue was up 3.4%.
The GAAP income from operations was $19.6 million and non-GAAP income from operations was $54.5 million. And GAAP net income was $11.8 million while non-GAAP net income was $41 million with non-GAAP diluted earnings per share of $0.85, up $0.19 per share. The non-GAAP free cash flow was $48.2 million, an increase of $10.2 million.
“We continue to prioritize the well-being of our employees as we think about the future of work at Blackbaud and building on our strong, customer-centric culture,” said Blackbaud’s president and CEO Mike Gianoni. Our customers are once more proving the often under-appreciated resilience of our market and finding creative ways to ensure they deliver on their missions despite the challenges presented by the current environment. This pandemic will be a catalyst for the industry to move even faster towards modern, purpose-built cloud solutions, and we remain very well-positioned as a leader in this market and the best long-term partner for social good organizations. While we continue to be optimistic over the long-term opportunity, the uncertainty of today’s environment is likely to put pressure on near-term revenue growth.”
Blackbaud recently announced technology innovations designed to support the unique needs of social good organizations during COVID-19. And during its eighth annual Industry Review, Blackbaud showcased key learnings and trends in employee philanthropic behavior and companies’ corporate social responsibility (CSR) programs.
Blackbaud’s annual tech conference for K-12 private school leaders boasted record attendance with over 5,000 registrants. And the Blackbaud’s bbcon 2020 Virtual event will be held October 6-8 with a re-imagined global format and free to all attendees.
“We executed very well in the second quarter while remaining critically focused on the success of our customers and the health and economic stability of our employees,” explained Blackbaud executive vice president and CFO Tony Boor. “The second-quarter results clearly show the stability in our customer base, durability of the market we serve, as well as our ability to drive increased profitability and cash flow. The early actions taken to bolster our liquidity and increase related borrowing capacity generated a significant cost reduction for the quarter and are planned through the remainder of the year, with some of these temporary actions expected to reverse heading into 2021.”