Blackbaud(US:BLKB)2025-04-30 11:13Company Overview - Blackbaud is a market leader in software for powering social impact, serving over 40,000 customers in 100+ countries[13, 15] - The company facilitates over $100 billion in donations, grants, and investments through its platforms annually and has approximately 2,600 employees[15] - Blackbaud's annual recurring revenue is $11 billion[15] Market Opportunity and Financial Performance - Blackbaud operates in a large and underpenetrated total addressable market (TAM) exceeding $10 billion across various segments[30] - The company has demonstrated improved financial performance with organic revenue growth increasing from 12% in 2020 to 52% in 2024[32] - Non-GAAP gross margin has risen from 590% in 2020 to 615% in 2024[32] - The Rule of 40, defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin, improved from 277% in 2020 to 337% in 2024[6, 32] Q1 2025 Performance and 2025 Guidance - Q1 2025 organic revenue growth was 58%[60] - The Rule of 40 for Q1 2025 was 401% as reported and 402% on a constant currency basis[63] - The company projects total revenue between $1115 million and $1125 million for 2025, implying organic growth at constant currency of 45% to 54%[68] - Adjusted EBITDA margin is expected to be between 349% and 359% for 2025, a 170 bps improvement over FY24[68] - Adjusted free cash flow is projected to be between $185 million and $195 million for 2025[68]