Revenue for the most recently ended period was $219.2 million, off 2 percent from $223.6 million a year earlier. But the company and expects business to pick up as vaccinations for the COVID-19 virus spread. “We're optimistic this pressure will abate as we progress through 2021,” CFO Anthony Boor said during the week’s earnings telecast. Overall, he said, “we're gaining confidence that we could see upside to our best estimate for the year based upon the solid start to the year, and thus, our downside scenario is looking very unlikely.“ Revenue was helped “by continued strength in online payments, particularly in the U.K.,” he said. The impact of foreign currency translation was also favorable for the quarter.. Boor said customer retention was holding at 93 percent and renewals are “tracking in line with 2020 performance.” The company is continuing to hand off its cloud infrastructure to third-party providers, which Boor said should help margins.
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BLACKBAUD: PANDEMIC LIMITED REVENUE Featured
A shortfall in bookings at the start of the pandemic in 2020 has held down revenue grown this year for Blackbaud. The nonprofit software vendor lost $164,000 in the first quarter ended March 31, compared to net income of $1.6 million a year ago.