Blackbaud announced its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, GAAP total revenue was $280.9 million, a 2.2% decrease year-over-year, while non-GAAP organic revenue grew 5.5%. The company reported a GAAP net loss of $334.5 million, primarily due to the previously announced EVERFI impairment charge, but achieved a non-GAAP adjusted EBITDA margin of 35.1%.
For the full year 2024, Blackbaud's GAAP total revenue was $1.13 billion, a slight decrease of 0.2% year-over-year, with non-GAAP organic revenue growth reaching 5.3%. The non-GAAP adjusted EBITDA margin for the full year was 34.0%, and adjusted free cash flow totaled $235.6 million. A significant milestone was the completion of the EVERFI divestment on December 31, 2024, and the finalization of nearly all outstanding security litigation efforts.
Looking ahead, Blackbaud provided its full-year 2025 financial guidance, projecting revenue between $1.115 billion and $1.125 billion, representing organic growth of 4.5% to 5.4% on a constant currency basis. Non-GAAP adjusted EBITDA margin is anticipated to be between 34.9% and 35.9%, with non-GAAP EPS expected in the range of $4.16 to $4.35. Adjusted free cash flow is projected to be between $185 million and $195 million, and the company plans to repurchase 3% to 5% of its outstanding shares in 2025, with $645 million remaining under its stock repurchase program.
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