Blackbaud Inc. reported significant financial improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The company achieved a net income of $20.5 million for the third quarter of 2024, a substantial increase from $9.0 million in the prior year. For the nine-month period, Blackbaud recorded a net income of $47.6 million, a notable turnaround from a loss of $3.6 million in 2023.
Total revenue for the third quarter of 2024 reached $286.7 million, up from $277.6 million in 2023. For the nine months ended September 30, 2024, total revenue was $853.3 million, compared to $810.4 million in the same period last year. Recurring revenue also saw growth, with $280.0 million for the third quarter of 2024, an increase from $269.0 million in 2023, and $832.9 million for the nine months, up from $784.1 million in the previous year.
Gross profit for the third quarter was $159.2 million, slightly higher than $155.9 million in 2023. For the nine-month period, gross profit increased to $474.8 million from $444.1 million in the prior year. Operating cash flow for the nine months ended September 30, 2024, was $222.4 million, an increase from $203.0 million in 2023.
Despite these positive financial results, Blackbaud's total assets decreased to $2.6 billion as of September 30, 2024, down from $2.9 billion at the end of 2023. Total stockholders' equity also declined to $544.3 million from $808.7 million during the same timeframe. However, total current liabilities decreased to $962.2 million from $1.2 billion, while net debt rose to $977.0 million from $760.4 million.
The company continues to classify itself as a large accelerated filer and has complied with all reporting requirements under the Securities Exchange Act of 1934. As of October 28, 2024, Blackbaud had 50,717,678 shares of common stock outstanding.
About BLACKBAUD INC
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