The following is a summary of the Blackbaud, Inc. (BLKB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Blackbaud reported 25% adjusted EBITDA growth, high non-GAAP EPS growth at 28%, and a 240% surge YoY in adjusted free cash flow for Q1 2024.

• They grew their top line with expanding adjusted EBITDA margins, generating significant free cash flow.

• The company repurchased about 5.5% of its outstanding common stock as of the end of 2023.

• Blackbaud invested in a new 5-year credit facility with a total commitment of $1.5 billion, up from $1.1 billion.

Business Progress:

• Blackbaud is focusing on a five-point operating plan, new product innovations particularly in generative AI and suite connectivity, and expanding its cloud infrastructure.

• Progress has been made in the modernization of contract renewals, supported by a strong adjusted cash flow.

• The company divested from EVERFI's creative agency services business in the UK as it did not align with their strategic fit.

• Their growth strategy includes opportunities to cross-sell various platforms to existing customers and the development of generative AI features for its core solutions.

More details: Blackbaud IR

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