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SUB REVS LIFT BLACKBAUD
The switch from license fees to subscription revenue continued at nonprofit specialist Blackbaud during the third quarter ended September 30. That came as the company reported a 14.5-percent increase in net income on a 15-percent rise in revenue. The bottom line was $9.8 million, up from $8.5 million in net income a year earlier while revenue rose to $95.5 million for the most recently ended period, up from $83.2 million.
CEO Marc Chardon pointed to a number of strengths for the period, including record bookings for the company’s CRM package. Chardon noted that organic revenue rose by 12 percent. License fees continued on a downward path, reaching just under $5 million in the quarter from just over $5 million last year. Meanwhile, subscription revenue hit $26 million, a nearly 23-percent jump from $21.2 million a year earlier. The company also had growth in services revenue which reached $29.8 million, a 24-percent increase from $21.2 million in last year’s corresponding period.
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