Estimated reading time: 0 minutes, 58 seconds

2021 COSTS DENT B'BAUD’S FIRST QUARTER Featured

 Costs pushed into 2022 from last year contributed to a drop in non-GAAP earnings for Blackbaud.  The nonprofit software vendor has reported a GAAP loss of $10.4 million for the first quarter ended March 31, compared to $164,000 in earnings for last year’s corresponding period.

Non-GAAP earnings were $29.5 million, off 10 percent from $32.8 million a year ago and represented a miss on consensus earnings from.Wall Street analysts. Still, the company was happy with the quarter’s revenue of $257.1 million, which rose 17.3 percent from $219.2 million a year earlier. "The first quarter was a stronger than expected start to the year," CEO Mike Gianoni said in a prepared statement. There was some benefit from the January purchase of educational vendor Everfi for $750 million. The acquired company is expected to add about $120 million to Blackbaud’s 2022 revenue, but in its earnings press release company did not state how much was added for the first quarter. Factors impacting earnings were cited by CFO Tony Boor during this week’s earnings webcast. “Our profitability to start the year reflects the addition of EVERFI and incremental spend in areas like innovation, security and go-to-market that was pushed from 2021 into 2022,” Boor said.

Read 146 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.