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Consolidated Financial Statement Details (Tables)
6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Components of Restricted Cash
Restricted cash
(dollars in thousands)June 30,
2024
December 31,
2023
Restricted cash due to customers$799,429 $695,489 
Real estate escrow balances and other
1,241 1,517 
Total restricted cash$800,670 $697,006 
Components of Prepaid Expenses and Other Assets
Prepaid expenses and other assets
(dollars in thousands)June 30,
2024
December 31,
2023
Costs of obtaining contracts(1)(2)
$60,680 $62,377 
Prepaid software maintenance and subscriptions(3)
35,600 35,169 
Derivative instruments14,534 16,198 
Implementation costs for cloud computing arrangements, net(4)(5)
10,262 9,259 
Prepaid insurance7,078 3,940 
Unbilled accounts receivable5,789 5,615 
Equity method investment(6)
5,029 — 
Taxes, prepaid and receivable5,549 3,418 
Other assets16,554 14,346 
Total prepaid expenses and other assets161,075 150,322 
Less: Long-term portion68,785 51,037 
Prepaid expenses and other current assets$92,290 $99,285 
(1)Amortization expense from costs of obtaining contracts was $4.9 million and $9.7 million for the three and six months ended June 30, 2024, respectively, and $8.1 million and $16.4 million for the three and six months ended June 30, 2023, respectively.
(2)The current portion of costs of obtaining contracts as of June 30, 2024 and December 31, 2023 was $19.6 million and $25.3 million, respectively.
(3)The current portion of prepaid software maintenance and subscriptions as of June 30, 2024 and December 31, 2023 was $32.1 million and $32.4 million, respectively.
(4)These costs primarily relate to the multi-year implementations of our new global enterprise resource planning, customer relationship management systems and other cloud-based systems.
(5)Amortization expense from capitalized cloud computing implementation costs was $0.7 million and insignificant for the three months ended June 30, 2024 and 2023, respectively, and $1.4 million and $1.1 million for the six months ended June 30, 2024 and 2023, respectively. Accumulated amortization for these costs was $9.1 million and $7.7 million as of June 30, 2024 and December 31, 2023, 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)June 30,
2024
December 31,
2023
Accrued legal costs(1)
$10,473 $3,659 
Taxes payable
10,428 21,282 
Customer credit balances7,631 10,238 
Operating lease liabilities, current portion4,887 6,701 
Accrued commissions and salaries2,995 4,413 
Accrued vacation costs2,594 2,452 
Accrued health care costs2,230 3,865 
Accrued transaction-based costs related to payments services1,934 4,323 
Derivative instruments56 5,540 
Contingent consideration liability
— 1,403 
Other liabilities12,816 10,704 
Total accrued expenses and other liabilities56,044 74,580 
Less: Long-term portion4,362 10,258 
Accrued expenses and other current liabilities$51,682 $64,322 
(1)All accrued legal costs are classified as current. See Note 9 to these unaudited, condensed consolidated financial statements for additional information about our loss contingency accruals and other legal expenses.
Components of Other Income and Expense Other income, net
Three months ended
June 30,
Six months ended
June 30,
(dollars in thousands)
2024
2023
2024
2023
Interest income$2,815 $2,308 $4,863 $3,544 
Currency revaluation losses(380)(535)(97)(779)
Other income, net875 1,005 1,891 2,020 
Other income, net$3,310 $2,778 $6,657 $4,785