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.
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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.