Revenue of $122.5 million was 28 percent higher than the $95.4 million in last year’s corresponding period. Although Blackbaud reported it is ahead of schedule in trimming costs, operating expenses for the most recently ended quarter of $61.2 million were 54.2-percent higher than the just under $40 million a year earlier. During this week’s webcast CEO Marc Chardon that subscription-based revenue continues to increase. He reported that the “Number of subscription-based units dwarfs that of perpetual license units.”