CHARLESTON, S.C., Dec. 12,
2024 /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the
leading provider of software for powering social impact, today
filed a Form 8-K with the United States Securities and Exchange
Commission (SEC) stating that the Company concluded a material
pre-tax noncash impairment charge, which may be up to approximately
$415 million, is required for its
EVERFI asset group and will be recorded during the fourth quarter
of 2024.
As previously disclosed, due to EVERFI performing below
expectations, Blackbaud is considering a range of alternatives for
EVERFI, one of which includes a potential divestiture of the
business. The impairment charge was determined to be necessary as
part of this process.
"To comply with generally accepted accounting principles, we're
planning to record this noncash charge in the fourth quarter," said
Mike Gianoni, president, CEO and
vice chairman of the board of directors. "We want to emphasize that
EVERFI remains well positioned to support its customers and
continue helping companies dedicated to social impact reach
communities through custom education and workplace solutions for
today's key issues. In addition, Blackbaud's core business remains
strong, and we are committed to helping customers around the world
use technology to drive meaningful social impact. As we determine
our long-term strategic approach to the EVERFI business, we will
continue to provide updates."
Additional details can be found in Blackbaud's Form 8-K filed
today with the SEC.
About Blackbaud
Blackbaud (NASDAQ: BLKB) is the
leading software provider exclusively dedicated to powering social
impact. Serving the nonprofit and education sectors, companies
committed to social responsibility and individual change makers,
Blackbaud's essential software is built to accelerate impact in
fundraising, nonprofit financial management, digital giving,
grantmaking, corporate social responsibility and education
management. With millions of users and over $100 billion raised, granted or managed through
Blackbaud platforms every year, Blackbaud's solutions are
unleashing the potential of the people and organizations who change
the world. Blackbaud has been named to Newsweek's list of America's
Most Responsible Companies, Quartz's list of Best Companies for
Remote Workers, and Forbes' list of America's Best Employers. A
remote-first company, Blackbaud has operations in the United States, Australia, Canada, Costa
Rica, India and the
United Kingdom, supporting users
in 100+ countries. Learn more at www.blackbaud.com or follow
us on X/Twitter, LinkedIn, Instagram and Facebook.
Media Inquiries
media@blackbaud.com
Forward-looking Statements
Except for historical
information, all of the statements, expectations and assumptions
contained in this Current Report on Form 8-K are forward- looking
statements that are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, including, but
not limited to, statements regarding the Company's estimates
regarding the impairment charge related to the EVERFI assets. These
statements involve a number of risks and uncertainties. Although we
attempt to be accurate in making these forward-looking statements,
it is possible that future circumstances might differ from the
assumptions on which such statements are based. In addition,
other important factors that could cause results to differ
materially include the risk factors set forth from time to time in
our filings with the Securities and Exchange Commission (the
"SEC"), copies of which are available free of charge at the SEC's
website at www.sec.gov or upon request from our investor relations
department. We assume no obligation and do not intend to update
these forward- looking statements, except as required by law.
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SOURCE Blackbaud