Consolidated Financial Statement Details (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Restricted cash


(dollars in thousands)	September 30, 2025		December 31, 2024
Restricted cash due to customers	$	417,824	$	740,370
Real estate escrow balances and other	1,361		1,514
Total restricted cash	$	419,185	$	741,884

Components of Prepaid Expenses and Other Assets

Prepaid expenses and other assets


(dollars in thousands)	September 30, 2025		December 31, 2024
Costs of obtaining contracts(1)(2)	$	55,325	$	57,911
Prepaid software maintenance and subscriptions(3)	30,723		36,277
Taxes, prepaid and receivable	15,303		4,257
Implementation costs for cloud computing arrangements, net(4)(5)	11,098		10,450
Unbilled accounts receivable	8,824		7,352
Investment in equity securities(6)	4,943		4,943
Prepaid insurance	3,403		3,027
Derivative instruments	926		10,550

Other assets	16,209		14,026
Total prepaid expenses and other assets	146,754		148,793
Less: Long-term portion	51,916		67,221
Prepaid expenses and other current assets	$	94,838	$	81,572

(1)Amortization expense from costs of obtaining contracts was $5.1 million and $15.2 million for the three and nine months ended September 30, 2025, respectively, and $5.1 million and $14.8 million for the three and nine months ended September 30, 2024, respectively.

(2)The current portion of costs of obtaining contracts as of September 30, 2025 and December 31, 2024 was $18.3 million and $18.4 million, respectively.

(3)The current portion of prepaid software maintenance and subscriptions as of September 30, 2025 and December 31, 2024 was $29.8 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 September 30, 2025 and 2024, and $2.5 million and $2.1 million for the nine months ended September 30, 2025 and 2024, respectively. Accumulated amortization for these costs was $13.1 million and $10.6 million as of September 30, 2025 and December 31, 2024, respectively.

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

Components of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities


(dollars in thousands)	September 30, 2025		December 31, 2024
Taxes payable	$	21,681	$	16,295
Customer credit balances	9,629		9,269
Unrecognized tax benefit	5,120		4,285
Derivative instruments	3,286		—
Accrued health care costs	3,149		3,151
Accrued vacation costs	2,654		2,060
Accrued commissions and salaries	2,291		4,012
Operating lease liabilities, current portion	1,587		4,489
Accrued transaction-based costs related to payments services	608		3,903
Accrued legal costs(1)	539		2,504
Stock-based compensation liability	3		7,292
Accrued costs to sell EVERFI(2)	—		13,985
Other liabilities	11,319		10,035
Total accrued expenses and other liabilities	61,866		81,280
Less: Long-term portion	8,816		4,796
Accrued expenses and other current liabilities	$	53,050	$	76,484

(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.

Components of Other Income and Expense

Other income, net


	Three months ended September 30,				Nine months ended September 30,
(dollars in thousands)	2025		2024		2025		2024
Interest income	$	2,371	$	3,118	$	5,994	$	7,981
Currency revaluation gains (losses)	264		(1,315)		(2,635)		(1,412)
Other income, net	610		1,194		3,109		3,085
Other income, net	$	3,245	$	2,997	$	6,468	$	9,654