Wed, Oct 30, 8:31 PM (63 days ago)
**Blackbaud, Inc. (BLKB) Q3 2024 Financial Summary** For Q3 2024, Blackbaud, Inc. reported total revenue of $286.7 million, a 3.3% increase year-over-year, driven by a rise in recurring revenue, particularly from contractual and transactional sources. The company's net income was $20.5 million, up from $9.0 million in Q3 2023, reflecting improved operational efficiency and a significant decrease in stock-based compensation costs. Operating income rose to $43.8 million, aided by lower general and administrative expenses, despite challenges in the Corporate Sector, particularly from the underperformance of EVERFI following its divestiture. Cash flow from operations was robust at $222.4 million year-to-date, with $325.4 million allocated to stock repurchases, reinforcing Blackbaud's commitment to shareholder returns. The company maintained a net leverage ratio of 2.42, adhering to its debt covenants under the 2024 Credit Facilities. Future operations may be impacted by ongoing costs related to a past security incident, with estimated expenses of $5 million to $10 million for 2024. Despite these challenges, Blackbaud remains focused on growth opportunities in the social sector and continues to invest in innovation and cybersecurity enhancements.