Blackbaud to record up to $415M noncash impairment charge on EVERFI asset group

BLACKBAUD INC

EVERFI represented ~8% of total revenue for nine months ended September 30, 2024.
Estimated pre-tax noncash charge up to $415M, primarily finite-lived intangibles and capitalized software.
Company hired a strategic advisor to consider alternatives for EVERFI, including potential divestiture.
Charge will be reflected in Q4 2024 financial statements; no future cash expenditures.
Additional impairment charges possible upon completion of strategic alternatives evaluation.

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