David Benjamin on recurring revenue
From Blackbaud (BLKB) CFO On Fundraising & Engagement Solutions · · Schwab Network
“We're now 97% recurring revenue, which investors prefer in software companies. We've had some drag on growth as we've moved away from one-time services to SaaS offerings, but we expect that to bottom out soon and become a growth driver.”
On , David Benjamin, Executive Vice President & Chief Commercial Officer at BLACKBAUD INC, spoke about recurring revenue during Blackbaud (BLKB) CFO On Fundraising & Engagement Solutions on Schwab Network.
About David Benjamin
David Benjamin, Executive Vice President and Chief Commercial Officer at Blackbaud, was not quoted in the provided material. The transcript and selected quotes feature Blackbaud CFO Tony Boor discussing the company's performance and strategy. Boor stated that Blackbaud has served the nonprofit and social impact space for over 40 years, with 40,000 customers and approximately $1.1 billion in annual revenue. He noted that the company has implemented a new pricing strategy moving customers from annual to multi-year contracts and has increased prices due to inflation, with renewal rates improving. Boor also discussed trends in charitable giving, saying that overall U.S. giving exceeded $500 billion for the first time during the pandemic, though it was down slightly last year. He highlighted that about 36% of annual giving occurs in the fourth quarter, with 20% in December alone, and that Blackbaud co-founded Giving Tuesday. Boor described the company as now 97% recurring revenue and guiding to high single-digit growth for 2024 and beyond, with potential to reach low double digits.