BLACKBAUD INC (BLKB): restructuring charge — 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.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

BLACKBAUD INC announced a impairment with charges of approximately $415 million affecting EVERFI asset group (within Corporate Sector market group).

Type: impairment
Charge: approximately $415 million
Affected area: EVERFI asset group (within Corporate Sector market group)

Exact text from the filing

On December 9, 2024, the Company concluded that a material impairment charge is required related to its EVERFI asset group, which primarily includes finite-lived intangible assets and capitalized software and content development costs. The estimated pre-tax noncash charge may be up to approximately $415 million, which will be reflected in our consolidated financial statements for the fourth quarter of 2024.

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Source: SEC EDGAR

accession 0001280058-24-000070

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