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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.
Blackbaud (NASDAQ: BLKB) reported strong Q2 2024 results, with revenue growth of 6.0% year-over-year to $287.3 million. GAAP recurring revenue increased 7.2% to $281.4 million, representing 98% of total revenue. The company saw significant profitability improvements, with GAAP operating margin expanding 1,460 basis points to 14.7%. Non-GAAP adjusted EBITDA grew to $102.5 million, with margin increasing 290 basis points to 35.7%.
Notably, Blackbaud's board approved an expanded $800 million stock repurchase authorization. The company reiterated its full-year 2024 guidance, projecting revenue between $1.164-$1.194 billion and non-GAAP adjusted EBITDA margin of 32.5-33.5%.
Blackbaud (NASDAQ: BLKB) has announced the integration of Microsoft Azure OpenAI Service and Microsoft Power BI into its Blackbaud Impact Edge™ solution. This enhancement aims to improve performance, scalability, and reporting capabilities for corporate customers tracking their social impact initiatives. The integration includes:
1. Power BI Embedded for better data visualization and dashboard stability
2. Blackbaud Copilot, a generative-AI chatbot for content generation
3. Enhanced security features and AI capabilities
The availability of Blackbaud Impact Edge has begun with select customers, with general availability scheduled for Q4 2024. Future updates will include alignment with global standards like UN SDGs and Community Reinvestment Act.
Blackbaud Institute's new CSR Industry Review spotlight report reveals significant shifts in corporate social impact practices for 2023. Key findings include:
1. In-person volunteering increased to 87% of all hours, up 21% from 2021.
2. Small companies (1-1000 employees) led with a 40% volunteering engagement rate.
3. U.S.-based employees showed higher giving engagement (12%) compared to global employees (3%).
4. International grantmaking rose, with nearly 20% of grant dollars awarded to charities outside the U.S.
The report, based on data from 412 companies across 104 countries, highlights the growing importance of corporate social responsibility programs and employee engagement in philanthropic activities.
Blackbaud (NASDAQ: BLKB) has announced the July 2024 cohort for its Social Good Startup Program, a tech accelerator supporting early-stage software companies in the social impact sector. The program aims to extend Blackbaud's solutions and maximize impact for nonprofits, schools, and socially responsible companies.
The cohort includes six innovative startups:
- Arbor: AI-powered storytelling platform
- Chat2Impact: Digital assistant chatbot for charities
- Giving Compass: AI-powered donor education platform
- LifeWeb 360: Digital space for sharing memories and tributes
- Ribon: Employee engagement tool for corporate donations
- Your Mission Possible: Project management tool for nonprofit fundraising
These startups offer solutions ranging from AI-powered fundraising and content tools to digital assistant chatbots, aiming to bring innovative technology to the social impact sector.
Blackbaud (NASDAQ: BLKB), a leading software provider for social impact, has announced a significant expansion of its stock repurchase program. The board of directors has increased the total capacity from $500 million to $800 million for repurchasing the company's common stock. CEO Mike Gianoni emphasized that repurchasing shares at the current valuation is the best use of capital to enhance shareholder value.
In the first half of 2024, Blackbaud repurchased 2,954,211 shares for $262.6 million, representing about 5.5% of outstanding common stock as of December 31, 2023. The company's strong profitability, improving cash flows, and available debt capacity support this expanded repurchase strategy, which is expected to continue for the foreseeable future.
Blackbaud (NASDAQ: BLKB) has introduced new features to its Blackbaud Grantmaking software, aimed at streamlining the grant application process for both funders and applicants. The updates include:
1. A new applicant-centric portal allowing users to manage applications across multiple funders using Blackbaud ID.
2. An AI-powered form builder with conditional logic and translation capabilities for over 25 languages.
These enhancements are designed to improve accessibility, reduce administrative burdens, and facilitate better communication between funders and applicants. The new features are now available to existing Blackbaud Grantmaking customers as part of their subscription.
Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, has announced that it will release its second quarter 2024 financial results on Tuesday, July 30, after the U.S. financial markets close. The company will host a conference call to discuss these results on Wednesday, July 31, at 8:00 a.m. ET.
Investors and interested parties can access the live webcast of the conference call through Blackbaud's investor webpage. Additionally, a live dial-in option is available at 1-877-407-3088. The webcast will be archived on the company's investor webpage for future reference.
Blackbaud (NASDAQ: BLKB) has announced that Dale Strange will take over as head of its Corporate Impact business, joining the executive leadership team and reporting to CEO Mike Gianoni. Strange, a 10-year veteran at Blackbaud, has led both Social Impact and Corporate Impact businesses and played key roles in several acquisitions. He replaces Tom Davidson, founder of EVERFI, who will transition to a strategic advisor role.
This move is part of Blackbaud's strategy to grow its Corporate Impact business and empower companies to make a positive social impact. Strange's experience in driving growth and innovation is expected to take the Corporate Impact business to new heights, delivering more value to customers and stakeholders.
Blackbaud (NASDAQ: BLKB), a leading software provider for social impact, has been recognized on TIME's inaugural list of America's Best Mid-Sized Companies 2024. This prestigious award, presented by TIME and Statista Inc., is based on employee satisfaction, revenue growth, and sustainability transparency.
Maggie Driscoll, Blackbaud's chief people and culture officer, emphasized the company's commitment to fueling impact for customers, employees, and communities. The recognition highlights Blackbaud's remote-first workforce approach, which supports employee wellbeing, drives customer outcomes, and reduces environmental impact.
To qualify for the list, companies must operate in the United States and have generated between $100 million and $10 billion in revenue in 2022 or 2023. Blackbaud's inclusion underscores its strong performance across these criteria.
Blackbaud (NASDAQ: BLKB) announced that Emmy Award-winning actress and advocate Sheryl Lee Ralph will be a keynote speaker at bbcon 2024, taking place from September 24-26 in Seattle, Washington. Ralph, known for her roles in 'Abbott Elementary' and 'Dreamgirls,' will share insights on career, confidence, and advocacy.
Blackbaud's annual tech conference, bbcon, aims to bring together its community to share knowledge and innovation in social impact. The event will feature over 150 sessions and workshops for attendees to develop their skills and network within the Blackbaud ecosystem. For more information and to register, visit bbconference.com.
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