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Reporter Name | Relationship | Type | Amount | SEC Filing |
---|---|---|---|---|
Mcdearis Kevin | EVP & Chief Technology Officer | Sell | $393,480 | Form 4 |
Olson Jon W | SVP and General Counsel | Sell | $170,000 | Form 4 |
Kevin McDearis, EVP & Chief Technology Officer of Blackbaud, sold a total of 4,622 shares of common stock on September 16 and 17, 2024, under a Rule 10b5-1 trading plan. The transactions were carried out at weighted average prices of $85.1604 and $85.0675, respectively, amounting to a total of $393,480. Following these sales, McDearis directly owns 62,390 shares of the company.
Jon W Olson, SVP and General Counsel for Blackbaud, sold 2,000 shares of common stock on September 16, 2024, at a price of $85.0 per share, totaling $170,000. This sale was also conducted under a Rule 10b5-1 trading plan adopted on November 21, 2023. After this transaction, Olson directly owns 24,025 shares of Blackbaud.
Blackbaud, Inc. BLKB recently collaborated with its long-standing partner Microsoft to incorporate Microsoft AI and analytics into software, designed for the distinct operational needs of social impact organizations, eliminating the necessity for expensive customizations. The new product innovations will provide more value to nonprofits and education markets by helping them create a bigger impact, gain better insights and work more efficiently.
Supported by Microsoft technologies, Blackbaud's leading donor management solutions, Blackbaud CRM and Blackbaud Raiser's Edge NXT, will utilize the most comprehensive fundraising data model available. These robust tools enhance data clarity and consistency, allowing social impact organizations to navigate complex fundraising operations and boost donor engagement, gift amounts and overall funds raised. By incorporating Microsoft Fabric to consolidate data sources, Blackbaud can offer new features such as tailored productivity dashboards. These customized role-specific dashboards empower users to prioritize their next steps and critical tasks effectively.
Blackbaud's leading financial management tool, Blackbaud Financial Edge NXT, is set to incorporate the Microsoft Azure AI Document Intelligence service for automating the scanning of invoices and receipts. This partnership will streamline the entire payables process within Financial Edge NXT. Additionally, Blackbaud leverages Microsoft AI Services to implement its Intelligence for Good strategy, promoting effective and responsible AI for social impact, including the upcoming Blackbaud Impact Edge, a new data and storytelling solution.
Microsoft will serve as the presenting sponsor of bbcon 2024, Blackbaud's annual technology conference set for Sept. 24-26 in Seattle, where it will conduct sessions focused on how nonprofits can utilize AI and data to improve fundraising and campaign planning.
Blackbaud Aims to Enhance Product Offerings with AI Innovations
In July, Blackbaud enhanced its grants management platform, Blackbaud Grantmaking, by introducing AI-powered features to simplify the grantmaking process. The dynamic form builder allows users to create visually appealing application forms and can translate them into over 25 languages, including French, Spanish and Welsh.
In April, the company improved its flagship fundraising and donor management software, Raiser's Edge NXT, with an array of upgraded functionalities. The latest AI solutions automate customer journeys and “surface new donation opportunities” to increase valuable supporters. Based on BLKB’s Intelligence for Good strategy, the generative AI aids fundraisers in drafting constituent communications.
Blackbaud, Inc. Price and Consensus
Blackbaud, Inc. price-consensus-chart | Blackbaud, Inc. Quote
Blackbaud is a leading software provider focused on supporting social impact. Its software is designed to enhance impact in areas such as fundraising, financial management for nonprofits, digital giving, grantmaking, corporate social responsibility and education management.
Blackbaud is benefiting from healthy demand for its differentiated software solutions. The social sector (88% of total revenues in the second quarter) is identified as the major revenue-generating unit for the company, with 8.5% year-over-year growth in revenues for the recent quarter. These AI innovations can help Blackbaud generate revenues by optimizing fundraising strategies and thereby propel its financial performance in the future.
BLKB’s Zacks Rank & Stock Price Performance
BLKB currently carries a Zacks Rank #3 (Hold). Shares of the company have gained 15% in the past year compared with the sub-industry's growth of 29.2%.
Stocks to Consider
Some better-ranked stocks from the broader technology space are Manhattan Associates, Inc. MANH, ANSYS, Inc. ANSS and American Software, Inc. AMSWA. MANH presently sports a Zacks Rank #1 (Strong Buy), whereas ANSS & AMSWA carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Manhattan Associates delivered an earnings surprise of 26.6%, on average, in the trailing four quarters. In the last reported quarter, MANH pulled off an earnings surprise of 22.9%. The Zacks Consensus Estimate for MANH has increased 9.2% to $4.26 in the past 60 days.
ANSYS delivered an earnings surprise of 4.8%, on average, in three of the trailing four quarters. In the last reported quarter, ANSS pulled off an earnings surprise of 28.9%. It has a long-term earnings growth expectation of 6.4%.
American Software delivered an earnings surprise of 84.5%, on average, in the trailing four quarters. In the last reported quarter, AMSWA pulled off an earnings surprise of 71.4%. The Zacks Consensus Estimate for AMSWA has increased 8.6% to 38 cents in the past 60 days.
Zacks Investment Research
It has been about a month since the last earnings report for Blackbaud . Shares have added about 3.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Blackbaud due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Blackbaud Q2 Earnings Top Estimates
Blackbaud reported second-quarter 2024 non-GAAP earnings per share (EPS) 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%.
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 with $43.6 million in the year-ago quarter.
Blackbaud repurchased approximately 3 million shares in the first half of 2024, representing 5.5% of the common stock outstanding at the end of 2023.
In July 2024, Blackbaud’s board of directors approved a replenished and expanded $800 million stock repurchase authorization. BLKB expects to buy back up to 10% of the common stock outstanding in 2024 to offset dilution from annual stock-based compensation.
Outlook
Blackbaud reiterated its 2024 financial guidance, factoring in a significant, one-time expense to expedite crucial security initiatives. These initiatives, designed to provide long-term benefits for customers, include enhancing cybersecurity talent (both employees and third-party resources) and upgrading systems and tools to improve identity and privilege access management, as well as data loss prevention. The company anticipates that this accelerated cybersecurity investment will not recur in 2025 and beyond.
BLKB now expects non-GAAP revenues between $1.164 billion and $1.194 billion.
The company continues to project non-GAAP adjusted EBITDA margin in the range of 32.5-33.5%.
Non-GAAP EPS is anticipated to be between $4.12 and $4.38.
Non-GAAP adjusted free cash flow for 2024 is forecasted to be in the range of $254-$274 million.
Non-GAAP annualized effective tax rate is the same as the prior estimation of approximately 24.5%.
Interest expense is now expected in the band of $52 million to $56 million, changed from earlier guidance of $48 million to $52 million.
Fully diluted shares are now anticipated to be 51.0 million to 52.0 million compared with the earlier guided range of 52-53 million.
Capital expenditures are expected to be in the range of $65 million to $75 million, which includes $60-$70 million of capitalized software and content development costs. This remains the same as the earlier outlook.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
VGM Scores
At this time, Blackbaud has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Blackbaud has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Zacks Investment Research
PR Newswire
LONDON, Aug. 22, 2024
Optimising Revenue Streams and Incorporating Modern Technology Drive Growth
LONDON, Aug. 22, 2024 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the leading provider of software for powering social impact, today released its 2024 Status of UK Fundraising Benchmark Report. This report provides essential data on current fundraising trends in the UK, helping social impact professionals understand the sector and benchmark their performance. With a research focus on emerging innovations and social impact technology ecosystems, the report also helps nonprofit organisations inform their digital fundraising strategies to maximise their impact.
"The annual Status of UK Fundraising Report gives a comprehensive view of the social impact community in 2024, helping nonprofits understand and benchmark their performance," said Philip Hunt, Senior Manager, Marketing, Blackbaud International Markets. "The nonprofit sector is in a constant state of change with economic and political uncertainties, and the global pandemic aftermath. Despite this, we are seeing success in more intentional strategies that focus on maximising the potential of technology and driving sustainable growth through income stream diversification. AI, too, is shaping the nonprofit sector. These modern innovations propose exciting new opportunities, but also underline the need for accelerated policy making to ensure responsible and ethical use of AI."
For this research, over 850 industry professionals completed an online survey, and additional virtual interviews with participants gave more in-depth insight into some of the key findings.
Key Findings
Diversified income stream portfolio helps nonprofits grow.
The current economic situation continues to challenge the sector.
Tech-savvy and innovative organisations are more likely to experience income growth.
Most organisations use AI, but many wish they had more resources to explore fundraising use cases.
Improved data management would bring the biggest value to fundraising strategies.
More research results can be found in the full Status of UK Fundraising report. This resource is offered for free as part of Blackbaud's commitment to accelerating social impact.
About BlackbaudBlackbaud (NASDAQ: BLKB) is the leading software provider exclusively dedicated to powering social impact. Serving the nonprofit and education sectors, companies committed to social responsibility and individual change makers, Blackbaud's essential software is built to accelerate impact in fundraising, nonprofit financial management, digital giving, grantmaking, corporate social responsibility and education management. With millions of users and over $100 billion raised, granted or managed through Blackbaud platforms every year, Blackbaud's solutions are unleashing the potential of the people and organizations who change the world. Blackbaud has been named to Newsweek's list of America's Most Responsible Companies, Quartz's list of Best Companies for Remote Workers, and Forbes' list of America's Best Employers. A remote-first company, Blackbaud has operations in the United States, Australia, Canada, Costa Rica and the United Kingdom, supporting users in 100+ countries. Learn more at www.blackbaud.co.uk or follow us on X/Twitter, LinkedIn, Instagram and Facebook.
Media Inquiriesmedia@blackbaud.com
Forward-looking StatementsExcept for historical information, all of the statements, expectations and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties, including statements regarding expected benefits of products and product features. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: general economic risks; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; management of integration of acquired companies and other risks associated with acquisitions; risks associated with successful implementation of multiple integrated software products; the ability to attract and retain key personnel; risks associated with management of growth; lengthy sales and implementation cycles; technological changes that make our products and services less competitive; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from Blackbaud's investor relations department. All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.
Logo - https://mma.prnewswire.com/media/404305/Blackbaud_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/blackbauds-annual-status-of-fundraising-report-reveals-positive-nonprofit-income-trends-despite-a-challenging-economic-backdrop-302227848.htmlReporter Name | Relationship | Type | Amount | SEC Filing |
---|---|---|---|---|
Gianoni Michael P | President and CEO | Sell | $15,080 | Form 4 |
Gregoire Kevin P. | EVP, Chief Operating Officer | Sell | $569,440 | Form 4 |
Benjamin David J | EVP, Chief Commercial Officer | Sell | $436,227 | Form 4 |
Olson Jon W | SVP and General Counsel | Sell | $280,671 | Form 4 |
Several executives at Blackbaud have recently sold shares of the company's common stock, according to SEC Form 4 filings.
Gianoni Michael P, the President and CEO of Blackbaud, sold 196 shares at a price of $76.94 per share, totaling $15,080. Following this sale, Gianoni directly owns 401,864 shares of the company.
Kevin P. Gregoire, EVP and Chief Operating Officer, sold 7,333 shares at a weighted average price of $77.6545, totaling $569,440. Post-transaction, Gregoire directly owns 110,715 shares.
Benjamin David J, EVP and Chief Commercial Officer, sold 5,590 shares at a weighted average price of $78.0371 per share, totaling $436,227. After the sale, Benjamin directly owns 51,108 shares.
Jon W Olson, SVP and General Counsel, sold 3,603 shares at a weighted average price of $77.8993 per share, totaling $280,671. Olson directly owns 26,025 shares following this transaction.
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