CFO Tony Boor said during the webcast last year’s shortfall in bookings stemming from the impact of the COVID-19 pandemic. Gianoni noted the environment “has put a greater emphasis on investing in digital and cloud based solutions. And we're optimistic that this will materialize in improving pipeline bookings as we progress through 2021.” Hurting revenue this year will be an anticipated drop of $15 million to 420 million in one-services and other revenue. Blackbaud had net income of $7.7 million for 2020, a drop of 35.2 percent from $11.9 million the prior year. Revenue last year reached $913.2 million, an increase of 14 percent from $900.4 million for 2019. The fourth quarter took a toll on the bottom line with a loss of $13.6 million for last year’s most recently ended period, compared to net income of $1.3 million for the last quarter of 2019. Fourth quarter revenue was $242.6 million, a rise of 2.1 percent from $237.8 million. The company reported an operating loss of $850,000, compared to operating in company in the prior year’s corresponding period, $3.6 million. The fourth quarter was impacted by an income tax provision of slightly less than $7 million, compared to a tax benefit of $2.6 million.
Estimated reading time: 1 minute, 13 seconds
BLACKBAUD REVS TO STAY SOFT Featured
Blackbaud expects that a combination of modest growth in recurring growth and a drop in one-time services will hold down sales for 2021. The nonprofit software company said during its recent webcast for earnings for the year ended December that it expects 2021 revenue of about $900 million, down from last year and about even with 2019.