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Blackbaud Q2 Earnings Beat Estimates, Revenues Up Y/Y

Blackbaud (NASDAQ: BLKB) reported second-quarter 2024 non-GAAP earnings per share of $1.08, which surpassed the Zacks Consensus Estimate by 3.9%. The bottom line increased 10.2% year over year. Total revenues jumped 6% year over year to $287.3 million, driven by growth in recurring revenues. Revenues missed the Zacks Consensus Estimate by 0.5%. Total recurring revenues (contributed 98% to total revenues) in the reported quarter amounted to $281.4 million, up 7.2% year over year. One-time services and other revenues (2% of total revenues) totaled $5.9 million, down 31.7%. Blackbaud, Inc. Price, Consensus and EPS Surprise Blackbaud, Inc. price-consensus-eps-surprise-chart | Blackbaud, Inc. Quote Non-GAAP organic revenues were up 6.7% on a reported basis and 6.6% on a constant-currency basis, year over year. Non-GAAP organic recurring revenues rose 7.2%. Margin Details Non-GAAP gross margin was 62.9% compared with 61.6% a year ago. Total operating expenses declined 19.3% on a year-over-year basis to $120.5 million. Non-GAAP operating margin jumped 260 basis points (bps) to 30%. Non-GAAP adjusted EBITDA margin was 35.7%, up 290 bps year over year. Balance Sheet & Cash Flow As of Jun 30, 2024, Blackbaud had total cash, cash equivalents and restricted cash of $831.1 million compared with $382.9 million as of Mar 31, 2024. Total debt (including the current portion) as of Jun 30, 2024, was $1021.9 million compared with  $1039.8 million as of Mar 31, 2024. For the second quarter, cash provided by operating activities was $53.8 million compared with $53.2 million in the prior-year quarter. Non-GAAP adjusted free cash flow was $36.4 million compared ...