Blackbaud announced its financial results for the first quarter ended March 31, 2025, reporting GAAP total revenue of $270.7 million, a 3.1% decrease year-over-year primarily due to the EVERFI divestiture. However, non-GAAP organic revenue grew by a robust 5.8%, demonstrating the strength of its core business.
The company achieved a non-GAAP adjusted EBITDA margin of 34.3% in the quarter, marking a 250 basis point increase year-over-year. While GAAP net income was $4.9 million, non-GAAP diluted earnings per share increased to $0.96. Non-GAAP adjusted free cash flow was $(11.4) million, attributed to a Washington D.C. lease cash release payment, increased interest expense, and timing fluctuations in vendor payments.
Blackbaud reaffirmed its full-year 2025 financial guidance, projecting revenue between $1.115 billion and $1.125 billion, with organic growth of 4.5% to 5.4% on a constant currency basis. Adjusted EBITDA margin is expected to be 34.9% to 35.9%, and non-GAAP EPS is anticipated between $4.16 and $4.35. The company repurchased approximately 4% of its common stock outstanding in the quarter, with $545 million remaining under its repurchase program.
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