Blackbaud(US:BLKB) Prnewswireยท2024-07-30 20:10Core Insights - Blackbaud reported a significant year-over-year revenue growth of 6.0% in Q2 2024, with non-GAAP organic revenue increasing by 6.7% [2][3] - The company has expanded its stock repurchase program from $500 million to $800 million, indicating strong cash flow and a commitment to enhancing shareholder value [4][9] - Blackbaud's Social Sector, which constitutes 88% of total revenue, experienced even higher growth at 8.5% [3] Financial Performance - GAAP total revenue for Q2 2024 was $287.3 million, up from $271.0 million in Q2 2023, while GAAP recurring revenue reached $281.4 million, representing 98% of total revenue [2][21] - GAAP net income was reported at $21.8 million, with diluted earnings per share increasing to $0.42, up from $0.04 in the same quarter last year [2][24] - Non-GAAP adjusted EBITDA for the quarter was $102.5 million, reflecting a margin of 35.7%, an increase of 290 basis points year-over-year [2][3] Strategic Initiatives - The company announced a strategic investment in UBIQ Education to enhance its Total School Solution, integrating advanced marketing and admissions tools [4] - Blackbaud has been recognized as one of America's Best Mid-Size Companies 2024 by TIME, ranking 195 out of 500 based on employee satisfaction and revenue growth [4] - The company is set to host its bbcon 2024 tech conference from September 24-26 in Seattle, showcasing its commitment to innovation and community engagement [5] Market Position - Blackbaud is positioned as a market leader in software solutions for social impact, serving the nonprofit and education sectors [7] - The company has a strong operational footprint, with millions of users and over $100 billion raised or managed through its platforms annually [7]