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Consolidated Financial Statement Details | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Consolidated Financial Statement Details |
5. Consolidated Financial Statement Details
Restricted cash
(dollars in thousands) | June 30, 2025 | December 31, 2024
Restricted cash due to customers | $ | 869,061 |  | $ | 740,370 |
Real estate escrow balances and other | 1,187 |  | 1,514 |
Total restricted cash | $ | 870,248 |  | $ | 741,884 |
Prepaid expenses and other assets
(dollars in thousands) | June 30, 2025 | December 31, 2024
Costs of obtaining contracts(1)(2) | $ | 56,515 |  | $ | 57,911 |
Prepaid software maintenance and subscriptions(3) | 34,883 |  | 36,277 |
Implementation costs for cloud computing arrangements, net(4)(5) | 10,476 |  | 10,450 |
Taxes, prepaid and receivable | 9,741 |  | 4,257 |
Unbilled accounts receivable | 7,450 |  | 7,067 |
Investment in equity securities(6) | 4,943 |  | 4,943 |
Prepaid insurance | 4,789 |  | 3,027 |
Derivative instruments | 1,321 |  | 10,550 |
Other assets | 15,888 |  | 14,026 |
Total prepaid expenses and other assets | 146,006 |  | 148,508 |
Less: Long-term portion | 54,784 |  | 67,221 |
Prepaid expenses and other current assets | $ | 91,222 |  | $ | 81,287 |
(1)Amortization expense from costs of obtaining contracts was $5.1 million and $10.1 million for the three and six months ended June 30, 2025, respectively, and $4.9 million and $9.7 million for the three and six months ended June 30, 2024, respectively. (2)The current portion of costs of obtaining contracts as of June 30, 2025 and December 31, 2024 was $18.5 million and $18.4 million, respectively. (3)The current portion of prepaid software maintenance and subscriptions as of June 30, 2025 and December 31, 2024 was $33.4 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 June 30, 2025 and 2024, and $1.6 million and $1.4 million for the six months ended June 30, 2025 and 2024, respectively. Accumulated amortization for these costs was $12.3 million and $10.6 million as of June 30, 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) | June 30, 2025 | December 31, 2024
Taxes payable | $ | 10,643 |  | $ | 15,844 |
Customer credit balances | 7,628 |  | 8,779 |
Unrecognized tax benefit | 4,967 |  | 4,285 |
Derivative instruments | 3,856 |  | — |
Accrued health care costs | 2,766 |  | 3,151 |
Accrued commissions and salaries | 2,700 |  | 4,012 |
Accrued vacation costs | 2,455 |  | 2,060 |
Accrued legal costs(1) | 2,064 |  | 2,504 |
Operating lease liabilities, current portion | 1,443 |  | 4,489 |
Accrued transaction-based costs related to payments services | 1,260 |  | 3,903 |
Stock-based compensation liability | 919 |  | 7,292 |
Accrued costs to sell EVERFI(2) | — |  | 13,985 |
Other liabilities | 7,958 |  | 10,035 |
Total accrued expenses and other liabilities | 48,659 |  | 80,339 |
Less: Long-term portion | 7,796 |  | 4,796 |
Accrued expenses and other current liabilities | $ | 40,863 |  | $ | 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. (2)As previously disclosed, on December 31, 2024, we disposed of our EVERFI business, formerly a wholly-owned subsidiary of Blackbaud, Inc, to a private investment firm that is unaffiliated with Blackbaud for nominal cash consideration. The results of operations of EVERFI are not included in our consolidated results of operations subsequent to the date of disposition. Other income, net
| Three months ended June 30, |  | Six months ended June 30,
(dollars in thousands) | 2025 | 2024 |  | 2025 | 2024
Interest income | $ | 1,968 |  | $ | 2,815 |  |  | $ | 3,623 |  | $ | 4,863 |
Currency revaluation losses | (2,022) |  | (380) |  |  | (2,899) |  | (97) |
Other income, net | 1,172 |  | 875 |  |  | 2,499 |  | 1,891 |
Other income, net | $ | 1,118 |  | $ | 3,310 |  |  | $ | 3,223 |  | $ | 6,657 |

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