Revenue estimates for the year at Blackbaud will miss by as much as $36 million causing the stock, already under pressure, to drop yesterday to a 52-week low.

Executives blamed a slowing in the transition to subscription services and its associated recurring revenue, as well as softness in the United Kingdom and how students pay their tuition.

Blackbaud’s stock opened today at $78 per share (BLKB-NASDAQ), up slightly from its low of $69.62, which is down 30 percent for the past three months. The slide continued, down to $74.54 by 10:15 a.m.

The stock’s 52-week high was $120.35.

The Charleston, S.C.-based software and technology firm announced non-GAAP revenue of between $844 million and $854 million for the year, compared to previous guidance of between $870 million and $890 million. The non-GAAP operating margin dropped to between 19.3 percent and 19.6 percent from 20.6 percent to 21 percent. Earnings per share was reassessed to between $2.46 and $2.52 per share from $2.75 and $2.88 per share.

In a call with analysts, Blackbaud officials said the reasons for the reductions were three-fold:

* Reduction in one-time services revenue resulting from the business model transformation toward subscriptions-based recurring revenues. It represents roughly half of the updated change in outlook;

* Reduction in transaction-based revenue associated with recent shift in trends in consumer behavior within the United Kingdom; and,

* A shift in the mix of payment methods within the company’s Tuition Management business, and fewer, major one time-events during 2018.