Blackbaud Inc. (NASDAQ:BLKB) Q4 2018 Earnings Conference Call Transcript

Feb 07, 2019 • 08:00 am ET

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Blackbaud Inc. (NASDAQ:BLKB) Q4 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Blackbaud Inc Q4 2018 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mark Furlong. Please go ahead.

Executive
Mark Furlong

Good morning, everyone. Thanks for joining us on Blackbaud's fourth quarter and full-year 2018 earnings call. Today, we will review our financial and operational results and provide commentary on our performance in the context of our four-point growth strategy. Joining me on the call today are Mike Gianoni, Blackbaud's President and CEO; and Tony Boor, Blackbaud's Executive Vice President and CFO. Mike and Tony will make prepared comments and then we will open up the call for your questions.

Please note that our comments today contain forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our most recent Form 10-K and other SEC filings for more information on those risks.

We believe that a combination of both GAAP and non-GAAP measures are more representative of how we internally measure our business. Unless otherwise specified, we will refer only to non-GAAP financial measures on this call.

Please note that non-GAAP financial measures should not be considered in isolation from or as a substitution for GAAP measures. A reconciliation of GAAP and non-GAAP results is available in the press release we issued last night and a more detailed supplemental schedule is available in our presentation on our investor relations website.

Please also note that unless otherwise specified, we will refer to 2018 results and comparable 2017 results as adjusted to reflect our adoption on January 1st 2018 of ASC 606 related to Revenue From Contracts With Customers.

Before I turn the call over to Mike, I'll briefly cover our upcoming Investor marketing activity which is available on our Investor Relations website.

During the first quarter, our team will be attending the Raymond James Institutional Investor Conference in Orlando and Stifel Executive Summit in Streamsong. We will also be holding meetings with investors in New York, Chicago, Milwaukee, Houston, and Kansas City.

With that, I'll turn the call over to Mike.

Executive
Michael Gianoni

Thanks, Mark. Good morning everyone and thanks for joining our call today.

I'm pleased to report a solid finish to 2018 as we furthered our strategic initiatives and positioned the Company for long term success. We've continued to shift towards the recurring revenue model with our recurring revenue mix comprising 90% of total revenue in 2018 and we continue to accelerate our pace of innovation and digitally transform the markets that we serve.

There's no question that 2018 was a banner year for Blackbaud innovation. The Blackbaud SKY platform has reached a level of maturity that enables us to build rapidly advance our existing applications and bring new solutions to market such as our entirely new Cloud Solution for Faith Based Communities, expanded Cloud Solution for Higher Education Institutions, and Nonprofit Resource Management, which is a joint development partnership with Microsoft. And our Blackbaud SKY powered solutions