Consolidated Financial Statement Details

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Financial Statement Details


5. Consolidated Financial Statement Details

Restricted cash


(dollars in thousands)	March 31, 2025		December 31, 2024
Restricted cash due to customers	$	418,258	$	740,370

Real estate escrow balances and other	1,142		1,514
Total restricted cash	$	419,400	$	741,884

Prepaid expenses and other assets


(dollars in thousands)	March 31, 2025		December 31, 2024
Costs of obtaining contracts(1)(2)	$	56,945	$	57,911
Prepaid software maintenance and subscriptions(3)	36,321		36,277
Implementation costs for cloud computing arrangements, net(4)(5)	10,321		10,450
Unbilled accounts receivable	8,699		7,067
Prepaid insurance	5,754		3,027
Taxes, prepaid and receivable	5,434		4,257
Investment in equity securities(6)	4,943		4,943
Derivative instruments	3,517		10,550

Other assets	13,518		14,026
Total prepaid expenses and other assets	145,452		148,508
Less: Long-term portion	57,270		67,221
Prepaid expenses and other current assets	$	88,182	$	81,287

(1)Amortization expense from costs of obtaining contracts was $5.0 million and $4.8 million for the three months ended March 31, 2025 and 2024, respectively.

(2)The current portion of costs of obtaining contracts as of March 31, 2025 and December 31, 2024 was $18.4 million and $18.4 million, respectively.

(3)The current portion of prepaid software maintenance and subscriptions as of March 31, 2025 and December 31, 2024 was $34.7 million and $34.0 million, respectively.

(4)These costs primarily relate to the multi-year implementations of our global enterprise resource planning, customer relationship management systems and other cloud-based systems.

(5)Amortization expense from capitalized cloud computing implementation costs was insignificant for the three months ended March 31, 2025 and 2024. Accumulated amortization for these costs was $11.4 million and $10.6 million as of March 31, 2025 and December 31, 2024, respectively.

(6)Represents a strategic investment that did not result in Blackbaud having significant influence over the investee.

Accrued expenses and other liabilities


(dollars in thousands)	March 31, 2025		December 31, 2024
Taxes payable	$	15,820	$	15,844
Customer credit balances	8,621		8,779
Unrecognized tax benefit	4,348		4,285
Accrued legal costs(1)	2,864		2,504
Accrued health care costs	2,670		3,151
Accrued commissions and salaries	2,558		4,012
Accrued vacation costs	2,360		2,060
Accrued transaction-based costs related to payments services	1,652		3,903
Stock-based compensation liability	1,344		7,292
Operating lease liabilities, current portion	1,073		4,489


Accrued costs to sell EVERFI	—		13,985
Other liabilities	6,585		10,035
Total accrued expenses and other liabilities	49,895		80,339
Less: Long-term portion	4,771		4,796
Accrued expenses and other current liabilities	$	45,124	$	75,543

(1)All accrued legal costs are classified as current. See Note 8 to these unaudited, condensed consolidated financial statements for additional information about our loss contingency accruals and other legal expenses.

Other income, net


	Three months ended March 31,
(dollars in thousands)		2025		2024
Interest income		$	1,655	$	2,048
Currency revaluation (losses) gains		(877)		283
Other income, net		1,327		1,016
Other income, net		$	2,105	$	3,347