{"id":24417,"date":"2024-12-12T16:28:45","date_gmt":"2024-12-12T21:28:45","guid":{"rendered":"https:\/\/www.blackbaud.com\/?post_type=news&p=24417"},"modified":"2024-12-12T16:28:45","modified_gmt":"2024-12-12T21:28:45","slug":"blackbaud-announces-impairment-charge-related-to-everfi-assets","status":"publish","type":"news","link":"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-impairment-charge-related-to-everfi-assets","title":{"rendered":"Blackbaud Announces Impairment Charge Related to EVERFI Assets"},"content":{"rendered":"

<\/i>Charleston, S.C. (December 12, 2024)<\/b> <\/span>\u2014 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. <\/span><\/p>\n

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. <\/span>The impairment charge was determined to be necessary as part of this process.<\/span><\/p>\n

\u201cTo comply with generally accepted accounting principles, we\u2019re planning to record this noncash charge in the fourth quarter,\u201d said Mike Gianoni, president, CEO and vice chairman of the board of directors. \u201cWe 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\u2019s 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.\u201d<\/span><\/p>\n

Additional details can be found in Blackbaud\u2019s Form 8-K filed today with the SEC.<\/span><\/p>\n

About Blackbaud
\n<\/b><\/b><\/span>Blackbaud<\/a><\/span> (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\u2019s 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\u2019s solutions are unleashing the potential of the people and organizations who change the world. Blackbaud has been named to Newsweek\u2019s list of America\u2019s Most Responsible Companies, Quartz\u2019s list of Best Companies for Remote Workers, and Forbes\u2019 list of America\u2019s 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<\/span><\/a> or follow us on X\/Twitter<\/span><\/a>, LinkedIn<\/span><\/a>, Instagram<\/span><\/a> and Facebook<\/span><\/a>.<\/span><\/p>\n

Media Inquiries
\n<\/b><\/b><\/span>media@blackbaud.com<\/a><\/span><\/p>\n

Forward-looking Statements
\n<\/b><\/b><\/span>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<\/span> 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 \u201cSEC\u201d), copies of which are available free of charge at the SEC\u2019s 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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":9,"featured_media":14817,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"news-category":[480],"news-topic":[],"class_list":["post-24417","news","type-news","status-publish","has-post-thumbnail","hentry","news-category-press-releases"],"acf":[],"yoast_head":"\nBlackbaud Announces Impairment Charge Related to EVERFI Assets - Blackbaud<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-impairment-charge-related-to-everfi-assets\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackbaud Announces Impairment Charge Related to EVERFI Assets\" \/>\n<meta property=\"og:description\" content=\"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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-impairment-charge-related-to-everfi-assets\" \/>\n<meta property=\"og:site_name\" content=\"Blackbaud\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/blackbaud\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.blackbaud.com\/wp-content\/uploads\/2023\/11\/Newsroom-Header.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2792\" \/>\n\t<meta property=\"og:image:height\" content=\"1136\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@blackbaud\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-impairment-charge-related-to-everfi-assets\",\"url\":\"https:\/\/www.blackbaud.com\/newsroom\/article\/blackbaud-announces-impairment-charge-related-to-everfi-assets\",\"name\":\"Blackbaud Announces Impairment Charge Related to EVERFI Assets - 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