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Blackbaud, Inc. (NASDAQ: BLKB) is a pioneering leader in providing cloud software designed to power social good. This innovative company serves a diverse range of sectors, including nonprofits, foundations, corporations, educational institutions, healthcare organizations, and individual change agents. Founded in 1981 and headquartered in Charleston, South Carolina, Blackbaud has a global footprint with operations in the United States, Australia, Canada, and the United Kingdom.
Blackbaud's comprehensive portfolio includes solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility, school management, ticketing, grantmaking, financial management, payment processing, and analytics. These tools are designed to enhance the impact and efficiency of organizations dedicated to social good. With over 40,000 customers spread across more than 100 countries, the company facilitates the donation of over $100 billion annually.
Recently, Blackbaud has achieved notable milestones. It continues its strategic partnership with the Association of Fundraising Professionals (AFP), sponsoring the AFP ICON conference and launching new AI capabilities for Blackbaud Raiser's Edge NXT®. Other recent news includes an unsolicited acquisition proposal from Clearlake Capital Group and the release of its first-quarter 2024 financial results, showcasing growth in revenue and profitability.
Blackbaud is also investing in technological advancements and partnerships. It recently invested $5 million in UBIQ Education to enhance digital experience ecosystems for K-12 schools. Moreover, Blackbaud's subsidiary, EVERFI, received certification for its Prescription Drug Safety program under the Every Student Succeeds Act (ESSA).
As a testament to its commitment to social impact, Blackbaud's 2023 Impact Report highlights significant progress in its environmental, social, and governance priorities. The company has been recognized on Newsweek's list of America's Most Responsible Companies, Quartz's list of Best Companies for Remote Workers, and Forbes' list of America's Best Employers. Learn more about Blackbaud's solutions and impact at www.blackbaud.com.
Corebridge Financial and EVERFI have conducted a survey involving over 16,000 college students, revealing heightened financial anxiety among students. Key findings indicate that 57% are worried about post-graduation employment and 44% about student loans. Confidence in timely loan repayments has dropped to 69%, while 45% expect family support post-graduation. In credit card management, 83% reported on-time payments. The survey, representative of 371 institutions from 42 states, aims to highlight financial concerns facing students today.
Blackbaud (NASDAQ: BLKB) reported strong financial results for Q3 2022, with total revenue of $261.3 million, up 13% year-over-year. The company expects to meet or exceed its full year 2022 financial guidance, projecting a 29% Rule of 40 performance on a constant currency basis. Non-GAAP adjusted EBITDA increased to $66.9 million. Blackbaud aims for mid-single digit organic growth and an EBITDA margin of around 29% for 2023. The acquisition of Kilter and divestiture of certain products are strategic moves to enhance focus and innovation.
Blackbaud (NASDAQ: BLKB), a leader in cloud software for social good, will release its third quarter 2022 financial results on November 1, 2022, after market close. A conference call to discuss these results is scheduled for November 2, 2022, at 8:00 a.m. ET. Investors can join the call via live dial-in or a webcast available on its investor webpage. This financial update aims to provide insights into the company's performance and outlook for the future.
The 23rd Annual Tech Conference for Good, hosted by Blackbaud (NASDAQ: BLKB), began today, offering a free online platform for social good practitioners worldwide. Notable speakers, including CEO Mike Gianoni and celebrity activists, will share insights to enhance organizational impact. Blackbaud highlights product innovations, such as expanded SKY APIs and AI-driven insights in its fundraising software, aiming to optimize revenue and engagement for nonprofits. The conference will run until December 9, 2022, with on-demand access available after broadcasts.
Healthy Blue, in partnership with EVERFI, launched a health and wellness initiative providing free digital courses for middle and high school students in Kansas. The courses cover vital topics like mental wellness, prescription drug safety, and underage drinking prevention. Since May, over 1,600 students across nine schools have benefitted from this program, which aims to tackle rising issues related to student mental health and risky behaviors.
The initiative employs interactive, age-appropriate content designed to engage students effectively, thereby promoting healthy decision-making.
On October 11, 2022, Blackbaud (NASDAQ: BLKB) announced a limited duration stockholder rights plan aimed at protecting shareholder interests and ensuring fair value during potential acquisitions. The plan prevents any entity from acquiring 20% or more of Blackbaud's shares without board approval, allowing shareholders to purchase additional shares at a favorable price if this threshold is surpassed. The rights will expire on October 2, 2023. More detailed information will be provided in a Form 8-K filing with the SEC.
On October 11, 2022, EVERFI and Fortune Media announced the 2022 Fortune Impact Initiative, aimed at uniting senior executives from Fortune 500 companies to discuss ESG and CSR practices. This initiative highlights the growing pressure on businesses to address societal issues, including diversity and sustainability. Key events will take place in Atlanta, Georgia, featuring discussions on climate disclosures and employee activism. The program is supported by notable partners, including Coca-Cola Company and TriNet, emphasizing the importance of corporate responsibility in today's business landscape.
Blackbaud (NASDAQ: BLKB) has extended the contract of President and CEO Mike Gianoni for three additional years, through December 2025. Gianoni has been with the company since 2014 and has significantly contributed to its growth, including the integration of its product portfolio and expansion into new markets through strategic acquisitions. The company aims to achieve the Rule of 40 financial framework by the end of 2025, targeting a score of at least 33 in 2023. Under Gianoni's leadership, Blackbaud is positioned for accelerated revenue growth and improved shareholder value.
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