Blackbaud pulls FY20 guidance, and eliminates dividend

Blackbaud (NASDAQ:BLKB) has withdrawn its full year 2020 financial guidance, due to uncertainty related to COVID-19 pandemic. Company also eliminated the payment of quarterly cash dividends, effective immediately.

Company has temporary put a freeze on hiring efforts; and has temporarily suspended 401(k) match program for US-based employees.

Company’s president and CEO Mike Gianoni, to forgo his paycheck for the foreseeable future; and employee cash merit increases and 2020 cash bonus plans, replaced with one-time equity awards.

Company also announced additional financial support in the form of a one-time bonus of $1k (adjusted for local currency), for employees worldwide that have a base salary equal to or less than $75k.


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