0001280058-23-000036 | 10-Q | XBRL Viewer

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Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 2,105	$ (14,701)	$ (3,422)	$ (10,407)	$ (12,596)	$ (13,829)
Weighted average common shares	52,642,411		51,660,739		52,389,112	51,431,501
Stock-based awards	1,000,713		0		0	0
Weighted average common shares assuming dilution	53,643,124		51,660,739		52,389,112	51,431,501
Basic earnings per share	$ 0.04		$ (0.07)		$ (0.24)	$ (0.27)
Diluted earnings per share	$ 0.04		$ (0.07)		$ (0.24)	$ (0.27)
Anti-dilutive shares excluded from calculations of diluted earnings (loss) per share	9,487		1,167,368		1,151,974	2,090,267

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


8. Commitments and Contingencies

Leases

We have operating leases for corporate offices, subleased offices and certain equipment and furniture. As of June 30, 2023, we did not have any operating leases that had not yet commenced.

The following table summarizes the components of our lease expense:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022		2023		2022
Operating lease cost(1)	$	2,304	$	2,445	$	4,689	$	4,976
Variable lease cost	395		413		827		850
Sublease income	(854)		(766)		(1,665)		(1,197)
Net lease cost	$	1,845	$	2,092	$	3,851	$	4,629

(1)Includes short-term lease costs, which were immaterial.

Other commitments

The term loans under the 2020 Credit Facility require periodic principal payments. The balance of the term loans and any amounts drawn on the revolving credit loans are due upon maturity of the 2020 Credit Facility in October 2025. The Real Estate Loans also require periodic principal payments and the balance of the Real Estate Loans are due upon maturity in April 2038.

We have contractual obligations for third-party technology used in our solutions and for other services we purchase as part of our normal operations. In certain cases, these arrangements require a minimum annual purchase commitment by us. As of June 30, 2023, the remaining aggregate minimum purchase commitment under these arrangements was approximately $270.4 million through 2027.

Solution and service indemnifications

In the ordinary course of business, we provide certain indemnifications of varying scope to customers against claims of intellectual property infringement made by third parties arising from the use of our solutions or services. We have not identified any losses that might be covered by these indemnifications.

Legal proceedings

We are subject to legal proceedings and claims that arise in the ordinary course of business, as well as certain other non-ordinary course proceedings, claims and investigations, as described below. We make a provision for a loss contingency when it is both probable that a material liability has been incurred and the amount of the loss can be reasonably estimated. If only a range of estimated losses can be determined, we accrue an amount within the range that, in our judgment, reflects the most likely outcome; if none of the estimates within that range is a better estimate than any other amount, we accrue the low end of the range. For proceedings in which an unfavorable outcome is reasonably possible but not probable and an estimate of the loss or range of losses arising from the proceeding can be made, we disclose such an estimate, if material. If such a loss or range of losses is not reasonably estimable, we disclose that fact. We review any such loss contingency provisions at least quarterly and adjust them to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. We recognize insurance recoveries, if any, when they are probable of receipt. All associated costs due to third-party service providers and consultants, including legal fees, are expensed as incurred.

Legal proceedings are inherently unpredictable. However, we believe that we have valid defenses with respect to the legal matters pending or threatened against us and intend to defend ourselves vigorously against all claims asserted. It is possible that our consolidated financial position, results of operations or cash flows could be materially negatively affected in any particular period by an unfavorable resolution of one or more of such legal proceedings.

Security incident

As previously disclosed, we are subject to risks and uncertainties as a result of a ransomware attack against us in May 2020 in which a cybercriminal removed a copy of a subset of data from our self-hosted environment (the "Security Incident"). Based on the nature of the Security Incident, our research and third party (including law enforcement) investigation, we do not believe that any data went beyond the cybercriminal, has been misused, or has been disseminated or otherwise made available publicly. Our investigation into the Security Incident remains ongoing.

As a result of the Security Incident, we are currently subject to certain legal proceedings, claims and investigations, as discussed below, and could be the subject of additional legal proceedings, claims, inquiries and investigations in the future that might result in adverse judgments, settlements, fines, penalties or other resolution. To limit our exposure to losses related to claims against us, including data breaches such as the Security Incident, we maintain $50 million of insurance above a $250 thousand deductible payable by us. As noted below, this coverage has reduced our financial exposure related to the Security Incident.

We recorded expenses and offsetting insurance recoveries related to the Security Incident as follows:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022		2023		2022
Gross expense	$	26,777	$	8,435	$	44,560	$	17,440
Offsetting insurance recoveries	—		(87)		—		(1,891)
Net expense	$	26,777	$	8,348	$	44,560	$	15,549

The following summarizes our cumulative expenses, insurance recoveries recognized and insurance recoveries paid as of:


(dollars in thousands)	June 30, 2023		December 31, 2022
Cumulative gross expense	$	152,565	$	108,005
Cumulative offsetting insurance recoveries recognized	(50,000)		(50,000)
Cumulative net expense	$	102,565	$	58,005

Cumulative offsetting insurance recoveries paid	$	(50,000)	$	(50,000)

Recorded expenses have consisted primarily of payments to third-party service providers and consultants, including legal fees, as well as settlement of the previously disclosed SEC investigation (as discussed below), settlements of customer claims and accruals for certain loss contingencies. Not included in the expenses discussed above were costs associated with enhancements to our cybersecurity program. We present expenses and insurance recoveries related to the Security Incident in general and administrative expense on our consolidated statements of comprehensive income (loss) and as operating activities on our consolidated statements of cash flows. Total costs related to the Security Incident exceeded the limit of our insurance coverage during the first quarter of 2022. We expect to continue to experience significant expenses related to our response to the Security Incident, resolution of legal proceedings, claims and investigations, including those discussed below, and our efforts to further enhance our cybersecurity measures. For the three and six months ended June 30, 2023, we incurred net pre-tax expenses of $26.8 million and $44.6 million, respectively, related to the Security Incident, which included $7.0 million and $14.6 million, respectively, for ongoing legal fees and additional accruals for loss contingencies of $19.8 million and $30.0 million, respectively. During the six months ended June 30, 2023, we had net cash outlays of $15.8 million related to the Security Incident, which included ongoing legal fees and the $3.0 million civil penalty paid related to the SEC settlement (as discussed below). In line with our policy, legal fees are expensed as incurred. For full year 2023, we currently expect net pre-tax expense of approximately $20.0 million to $30.0 million and net cash outlays of approximately $25.0 million to $35.0 million for ongoing legal fees related to the Security Incident. Not included in these ranges are our previous settlements or current accruals for loss contingencies related to the matters discussed below.

As of June 30, 2023, we have recorded approximately $50.0 million in aggregate liabilities for loss contingencies based primarily on recent negotiations with certain governmental agencies related to the Security Incident that we believe we can reasonably estimate in accordance with our loss contingency procedures described above. Our liabilities for loss contingencies are recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. It is reasonably possible that our estimated or actual losses may change in the near term for those matters and be materially in excess of the amounts accrued, but we are unable at this time to reasonably estimate the possible additional loss.

There are other Security Incident-related matters, including customer claims, customer constituent class actions and governmental investigations, for which we have not recorded a liability for a loss contingency as of June 30, 2023 because we are unable at this time to reasonably estimate the possible loss or range of loss. Each of these matters could, separately or in the aggregate, result in an adverse judgment, settlement, fine, penalty or other resolution, the amount, scope and timing of which we are currently unable to predict, but could have a material adverse impact on our results of operations, cash flows or financial condition.

Customer claims. To date, we have received approximately 260 specific requests for reimbursement of expenses, approximately 210 (or 81%) have been fully resolved and closed. We have also received approximately 400 reservations of the right to seek expense recovery in the future from customers or their attorneys in the U.S., U.K. and Canada related to the Security Incident. We have also received notices of proposed claims on behalf of a number of U.K. data subjects, which we are reviewing. In addition, insurance companies representing various customers’ interests through subrogation claims have contacted us, and certain insurance companies have filed subrogation claims in court. Customer and insurer subrogation claims generally seek reimbursement of their costs and expenses associated with notifying their own customers of the Security Incident and taking steps to assure that personal information has not been compromised as a result of the Security Incident. Our review of customer and subrogation claims includes analyzing individual customer contracts into which we have entered, the specific claims made and applicable law.

Customer constituent class actions. Presently, we are a defendant in 19 putative consumer class action cases [17 in U.S. federal courts (which have been consolidated under multi district litigation to a single federal court) and 2 in Canadian courts] alleging harm from the Security Incident. The plaintiffs in these cases, who purport to represent various classes of individual constituents of our customers, generally claim to have been harmed by alleged actions and/or omissions by us in connection with the Security Incident and assert a variety of common law and statutory claims seeking monetary damages, injunctive relief, costs and attorneys’ fees and other related relief.

Lawsuits that are putative class actions require a plaintiff to satisfy a number of procedural requirements before proceeding to trial. These requirements include, among others, demonstration to a court that the law proscribes in some manner our activities, the making of factual allegations sufficient to suggest that our activities exceeded the limits of the law and a determination by the court—known as class certification—that the law permits a group of individuals to pursue the case together as a class. If these procedural requirements are not met, the lawsuit cannot proceed as a class action and the plaintiff may lose the financial incentive to proceed with the case. We are currently engaged in court proceedings to determine whether this will proceed as a class action. Frequently, a court’s determination as to these procedural requirements is subject to appeal to a higher court. As a result of these uncertainties, we may be unable to determine the probability of loss until, or after, a court has finally determined that a plaintiff has satisfied the applicable class action procedural requirements.

Furthermore, for putative class actions, it is often not possible to reasonably estimate the possible loss or a range of loss amounts, even where we have determined that a loss is reasonably possible. Generally, class actions involve a large number of people and raise complex legal and factual issues that result in uncertainty as to their outcome and, ultimately, making it difficult for us to estimate the amount of damages that a plaintiff might successfully prove. This analysis is further complicated by the fact that the plaintiffs lack contractual privity with us.

Governmental investigations. To date, we have received a consolidated, multi-state Civil Investigative Demand issued on behalf of 49 state Attorneys General and the District of Columbia, a separate Civil Investigative Demand from the office of the Indiana Attorney General and a separate Civil Investigative Demand from the office of the California Attorney General relating to the Security Incident. We have been in discussions, directly with certain Attorneys General or indirectly through an executive committee of the multi-state group of Attorneys General, about potential resolution of issues arising from these investigations. Although we are hopeful that we can resolve these matters on acceptable terms, there is no assurance that we will be able to do so on terms acceptable to us and to any or all such states.

We also are subject to the following pending governmental actions:

•an investigation by the U.S. Federal Trade Commission;

•an investigation by the U.S. Department of Health and Human Services;

•an investigation by the Office of the Australian Information Commissioner; and

•an investigation by the Office of the Privacy Commissioner of Canada.

As previously disclosed, on March 9, 2023, the Company reached a settlement with the SEC in connection with the Security Incident. This settlement fully resolves the previously disclosed SEC investigation of the Security Incident and is further described in an SEC cease-and-desist order (the “SEC Order”). Under the terms of the SEC Order, the Company has agreed to cease-and-desist from committing or causing any violations or any future violations of Sections 17(a)(2) and (3) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rules 12b-20, 13a-13 and 13a-15(a) thereunder. No other violations of the securities laws are alleged in the SEC Order. As part of the SEC Order, the Company also agreed to pay, and has paid, a civil penalty in the amount of $3.0 million. The Company consented to the entry of the SEC Order without admitting or denying the findings of the SEC Order, other than with respect to the SEC’s jurisdiction over the Company and the subject matter of the SEC Order. The SEC Order describing the settlement was furnished as Exhibit 99.1 and the SEC’s press release announcing this resolution is furnished as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the SEC on March 9, 2023.

On September 28, 2021, the Information Commissioner’s Office in the United Kingdom under the U.K. Data Protection Act 2018 (the "ICO") notified us that it has closed its investigation of the Security Incident. Based on its investigation and having considered our actions before, during and after the Security Incident, the ICO issued our European subsidiary a reprimand in accordance with Article 58(2)(b) of the U.K. General Data Protection Regulation ("U.K. GDPR") due to our non-compliance, in the ICO's view, with the requirements set out in Article 32 of the U.K. GDPR regarding the processing of personal data. The ICO did not impose a penalty related to the Security Incident, nor did it impose any requirements for further action by us.

On September 24, 2021, we received notice from the Spanish Data Protection Authority that it has concluded its investigation of the Security Incident, pursuant to which our European subsidiary paid a penalty of €60,000 in relation to the alleged late notification of two Spanish data controllers regarding the Security Incident.

On January 15, 2021, we were notified by the Data Protection Commission of Ireland that it has concluded its investigation of the Security Incident without taking any action against us.

We continue to cooperate with all ongoing investigations, which include various requests for documents, policies, narratives and communications, as well as requests to interview or depose various Company-related personnel. As noted above, each of these separate governmental investigations could result in adverse judgments, settlements, fines, penalties or other resolution, the amount, scope and timing of which we are currently unable to predict, but could have a material adverse impact on our results of operations, cash flows or financial condition.

Organization

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization


1. Organization

We are the leading software provider exclusively dedicated to powering social impact. Serving the nonprofit and education sectors, companies committed to social responsibility and individual change makers, our essential software is built to accelerate impact in fundraising, nonprofit financial management, digital giving, grantmaking, corporate social responsibility and education management. A remote-first company, we have operations in the United States, Australia, Canada, Costa Rica and the United Kingdom, supporting users in 100+ countries.

Derivative Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets	Prepaid expenses and other current assets
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Designated as hedging instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 26,978	$ 32,117
Derivative liabilities, fair value	2,467	323
Designated as hedging instrument [Member] \| Foreign currency forward contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, foreign currency forward contracts, current	0	247
Derivative liability, foreign currency forward contracts, current	693	323
Designated as hedging instrument [Member] \| Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, interest rate swaps, long-term	26,978	31,870
Derivative liability, interest rate swaps, long-term	$ 1,774	$ 0

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligations	$ 1,379	$ 2,710
Fair value measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, derivative assets	26,978	31,870
Foreign currency forward contracts, derivative assets		247
Total financial assets	26,978	32,117
Interest rate swaps, derivative liabilities	1,774
Foreign currency forward contracts, derivative liabilities	693	323
Contingent consideration obligations	1,379	2,710
Total financial liabilities	3,846	3,033
Fair value measurements, recurring [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, derivative assets	0	0
Foreign currency forward contracts, derivative assets		0
Total financial assets	0	0
Interest rate swaps, derivative liabilities	0
Foreign currency forward contracts, derivative liabilities	0	0
Contingent consideration obligations	0	0
Total financial liabilities	0	0
Fair value measurements, recurring [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, derivative assets	26,978	31,870
Foreign currency forward contracts, derivative assets		247
Total financial assets	26,978	32,117
Interest rate swaps, derivative liabilities	1,774
Foreign currency forward contracts, derivative liabilities	693	323
Contingent consideration obligations	0	0
Total financial liabilities	2,467	323
Fair value measurements, recurring [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, derivative assets	0	0
Foreign currency forward contracts, derivative assets		0
Total financial assets	0	0
Interest rate swaps, derivative liabilities	0
Foreign currency forward contracts, derivative liabilities	0	0
Contingent consideration obligations	1,379	2,710
Total financial liabilities	$ 1,379	$ 2,710

Debt (Details) - USD ($) $ in Millions	Oct. 30, 2020	Aug. 31, 2020
Business Acquisition [Line Items]
Credit facility, maximum borrowing capacity	$ 900.0
Global HQ [Member]
Business Acquisition [Line Items]
Debt, face amount		$ 61.1

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders' Equity


10. Stockholders' Equity

Changes in accumulated other comprehensive income (loss) by component

The changes in accumulated other comprehensive income (loss) by component, consisted of the following:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2023		2022		2023		2022
Accumulated other comprehensive income, beginning of period	$	404	$	15,295	$	8,938	$	6,522
By component:
Gains and losses on cash flow hedges:
Accumulated other comprehensive income balance, beginning of period	$	13,141	$	16,162	$	23,833	$	5,257
Other comprehensive income before reclassifications, net of tax effects of $(3,238), $(993) $(672) and $(4,782)	9,231		2,796		1,942		13,437
Amounts reclassified from accumulated other comprehensive income	(5,192)		(323)		(9,816)		35
Tax expense (benefit) included in provision for income taxes	1,344		85		2,565		(9)
Total amounts reclassified from accumulated other comprehensive income	(3,848)		(238)		(7,251)		26
Net current-period other comprehensive income (loss)	5,383		2,558		(5,309)		13,463
Accumulated other comprehensive income balance, end of period	$	18,524	$	18,720	$	18,524	$	18,720
Foreign currency translation adjustment:
Accumulated other comprehensive (loss) income balance, beginning of period	$	(12,737)	$	(867)	$	(14,895)	$	1,265
Translation adjustment	3,055		(10,398)		5,213		(12,530)
Accumulated other comprehensive loss balance, end of period	(9,682)		(11,265)		(9,682)		(11,265)
Accumulated other comprehensive income, end of period	$	8,842	$	7,455	$	8,842	$	7,455

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands, except per share amounts)	2023		2022		2023		2022
Numerator:
Net income (loss)	$	2,105	$	(3,422)	$	(12,596)	$	(13,829)
Denominator:
Weighted average common shares	52,642,411		51,660,739		52,389,112		51,431,501
Add effect of dilutive securities:
Stock-based awards	1,000,713		—		—		—
Weighted average common shares assuming dilution	53,643,124		51,660,739		52,389,112		51,431,501
Earnings (loss) per share
Basic	$	0.04	$	(0.07)	$	(0.24)	$	(0.27)
Diluted	$	0.04	$	(0.07)	$	(0.24)	$	(0.27)

Anti-dilutive shares excluded from calculations of diluted earnings (loss) per share	9,487		1,167,368		1,151,974		2,090,267

Consolidated Financial Statement Details

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Financial Statement Details


5. Consolidated Financial Statement Details

Restricted cash


(dollars in thousands)	June 30, 2023		December 31, 2022
Restricted cash due to customers	$	760,114	$	700,611

Real estate escrow balances and other	1,175		1,629
Total restricted cash	$	761,289	$	702,240

Prepaid expenses and other assets


(dollars in thousands)	June 30, 2023		December 31, 2022
Costs of obtaining contracts(1)(2)	$	68,366	$	74,272
Prepaid software maintenance and subscriptions(3)	31,587		34,766
Derivative instruments	26,978		32,117
Implementation costs for cloud computing arrangements, net(4)(5)	10,237		10,189
Prepaid insurance	8,340		4,902
Unbilled accounts receivable	5,082		5,775
Taxes, prepaid and receivable	1,389		1,855
Deferred tax assets	1,156		1,153
Other assets	12,716		10,929
Total prepaid expenses and other assets	165,851		175,958
Less: Long-term portion	84,254		94,304
Prepaid expenses and other current assets	$	81,597	$	81,654

(1)Amortization expense from costs of obtaining contracts was $8.1 million and $16.4 million for the three and six months ended June 30, 2023, respectively, and $8.5 million and $17.0 million for the three and six months ended June 30, 2022, respectively.

(2)The current portion of costs of obtaining contracts as of June 30, 2023 and December 31, 2022 was $27.3 million and $29.1 million, respectively.

(3)The current portion of prepaid software maintenance and subscriptions as of June 30, 2023 and December 31, 2022 was $28.0 million and $31.7 million, respectively.

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

(5)Amortization expense from capitalized cloud computing implementation costs was insignificant for the three months ended June 30, 2023 and 2022, respectively, and $1.1 million and $1.1 million for the six months ended June 30, 2023 and 2022, respectively. Accumulated amortization for these costs was $6.3 million and $5.2 million as of June 30, 2023 and December 31, 2022, respectively.

Accrued expenses and other liabilities


(dollars in thousands)	June 30, 2023		December 31, 2022
Accrued legal costs(1)	$	55,888	$	28,448
Taxes payable	14,305		16,667
Customer credit balances	7,588		8,257
Operating lease liabilities, current portion	7,330		7,723
Accrued commissions and salaries	4,329		6,944
Accrued health care costs	2,932		2,467
Derivative instruments	2,467		323
Accrued vacation costs	2,004		2,156
Accrued transaction-based costs related to payments services	1,545		5,059
Contingent consideration liability	1,379		2,710


Other liabilities	7,736		9,542
Total accrued expenses and other liabilities	107,503		90,296
Less: Long-term portion	4,756		4,294
Accrued expenses and other current liabilities	$	102,747	$	86,002

(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 June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022		2023		2022
Interest income	$	2,308	$	114	$	3,544	$	237
Currency revaluation (losses) gains	(535)		2,271		(779)		2,853
Other income, net	1,005		748		2,020		1,164
Other income, net	$	2,778	$	3,133	$	4,785	$	4,254

Revenue Recognition (Details) $ in Millions	6 Months Ended
Revenue Recognition (Details) $ in Millions	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized that was included in deferred revenue at beginning of period	$ 252.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1,200.0
Revenue, remaining performance obligation, percentage to be recognized	50.00%
Revenue, remaining performance obligation, expected timing of satisfaction	12 months

Commitments and Contingencies (Schedule of Security Incident Expense and Probable Insurance Recoveries) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Security Incident, gross expense	$ 26,777	$ 8,435	$ 44,560	$ 17,440
Security Incident, offsetting probable insurance recoveries	0	(87)	0	(1,891)
Security Incident, net expense	26,777	$ 8,348	44,560	15,549
Security Incident, cumulative gross expense	152,565		152,565		$ 108,005
Security Incident, cumulative offsetting probable insurance recoveries	(50,000)		(50,000)		(50,000)
Security Incident, cumulative net expense	$ 102,565		102,565		$ 58,005
Security Incident, cumulative offsetting insurance recoveries paid			$ (50,000)	$ (50,000)

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements


4. Fair Value Measurements

We use a three-tier fair value hierarchy to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows:

•Level 1 - Quoted prices for identical assets or liabilities in active markets;

•Level 2 - Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

•Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

Recurring fair value measurements

Financial assets and liabilities that are measured at fair value on a recurring basis consisted of the following, as of the dates indicated below:


	Fair value measurement using
(dollars in thousands)	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fair value as of June 30, 2023
Financial assets:
Interest rate swaps	$	—	$	26,978	$	—	$	26,978

Total financial assets	$	—	$	26,978	$	—	$	26,978

Fair value as of June 30, 2023
Financial liabilities:
Interest rate swaps	$	—	$	1,774	$	—	$	1,774
Foreign currency forward contracts	—		693		—		693
Contingent consideration obligations	—		—		1,379		1,379
Total financial liabilities	$	—	$	2,467	$	1,379	$	3,846

Fair value as of December 31, 2022
Financial assets:
Interest rate swaps	$	—	$	31,870	$	—	$	31,870
Foreign currency forward contracts	—		247		—		247
Total financial assets	$	—	$	32,117	$	—	$	32,117

Fair value as of December 31, 2022
Financial liabilities:

Foreign currency forward contracts	$	—	$	323	$	—	$	323
Contingent consideration obligations	—		—		2,710		2,710
Total financial liabilities	$	—	$	323	$	2,710	$	3,033

Our derivative instruments within the scope of Accounting Standards Codification ("ASC") 815, Derivatives and Hedging, are required to be recorded at fair value. Our derivative instruments that are recorded at fair value include interest rate swaps and foreign currency forward contracts. See Note 7 to these condensed consolidated financial statements for additional information about our derivative instruments.

The fair value of our interest rate swaps and foreign currency forward contracts are based on model-driven valuations using Secured Overnight Financing Rate ("SOFR") rates and foreign currency forward rates, respectively, which are observable at commonly quoted intervals. Accordingly, our interest rate swaps and foreign currency forward contracts are classified within Level 2 of the fair value hierarchy. Our financial contracts that were indexed to LIBOR were modified to reference SOFR during the three months ended September 30, 2022. These modifications did not have a significant financial impact.

Contingent consideration obligations arise from business acquisitions. The fair values are based on discounted cash flow analyses reflecting a probability-weighted assessment approach derived from the likelihood of possible achievement of specified performance measures or events and captures the contractual nature of the contingencies, commercial risk, and the time value of money. As the fair value measurements for our contingent consideration obligations contain significant unobservable inputs, they are classified within Level 3 of the fair value hierarchy.

We believe the carrying amounts of our cash and cash equivalents, restricted cash, accounts receivable, trade accounts payable, accrued expenses and other current liabilities and due to customers approximate their fair values at June 30, 2023 and December 31, 2022, due to the immediate or short-term maturity of these instruments.

We believe the carrying amount of our debt approximates its fair value at June 30, 2023 and December 31, 2022, as the debt bears interest rates that approximate market value. As SOFR rates are observable at commonly quoted intervals, our debt under the 2020 Credit Facility (as defined below) is classified within Level 2 of the fair value hierarchy. Our fixed rate debt is also classified within Level 2 of the fair value hierarchy.

We did not transfer any assets or liabilities among the levels within the fair value hierarchy during the six months ended June 30, 2023.

Non-recurring fair value measurements

Assets and liabilities that are measured at fair value on a non-recurring basis include long-lived assets, intangible assets, goodwill and operating lease right-of-use ("ROU") assets. These assets are recognized at fair value during the period in which an acquisition is completed or at lease commencement, from updated estimates and assumptions during the measurement period, or when they are considered to be impaired. These non-recurring fair value measurements, primarily for long-lived assets, intangible assets acquired and operating lease ROU assets, are based on Level 3 unobservable inputs. In the event of an impairment, we determine the fair value of these assets other than goodwill using a discounted cash flow approach, which contains significant unobservable inputs and, therefore, is considered a Level 3 fair value measurement. The unobservable inputs in the analysis generally include future cash flow projections and a discount rate. For goodwill impairment testing, we estimate fair value using market-based methods including the use of market capitalization and consideration of a control premium.

There were no material non-recurring fair value adjustments to our long-lived assets, intangible assets, goodwill and operating lease ROU assets during the six months ended June 30, 2023.

Revenue Recognition (Disaggregation of Revenue by Market Group) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Disaggregation of Revenue [Line Items]

Revenue

$ 271,042

$ 264,927

$ 532,795

$ 522,051

Social Sector

Disaggregation of Revenue [Line Items]

Revenue

232,381

227,756

^[1]

457,278

447,751

^[1]

Corporate Sector

Disaggregation of Revenue [Line Items]

Revenue

$ 38,661

$ 37,171

^[1]

$ 75,517

$ 74,300

^[1]

[1]	Due to the market group change discussed above, we have recast our revenue by market group for the three and six months ended June 30, 2022 to present them on a consistent basis with the current year.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Changes in Accumulated Other Comprehensive Income (Loss) by Component

The changes in accumulated other comprehensive income (loss) by component, consisted of the following:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2023		2022		2023		2022
Accumulated other comprehensive income, beginning of period	$	404	$	15,295	$	8,938	$	6,522
By component:
Gains and losses on cash flow hedges:
Accumulated other comprehensive income balance, beginning of period	$	13,141	$	16,162	$	23,833	$	5,257
Other comprehensive income before reclassifications, net of tax effects of $(3,238), $(993) $(672) and $(4,782)	9,231		2,796		1,942		13,437
Amounts reclassified from accumulated other comprehensive income	(5,192)		(323)		(9,816)		35
Tax expense (benefit) included in provision for income taxes	1,344		85		2,565		(9)
Total amounts reclassified from accumulated other comprehensive income	(3,848)		(238)		(7,251)		26
Net current-period other comprehensive income (loss)	5,383		2,558		(5,309)		13,463
Accumulated other comprehensive income balance, end of period	$	18,524	$	18,720	$	18,524	$	18,720
Foreign currency translation adjustment:
Accumulated other comprehensive (loss) income balance, beginning of period	$	(12,737)	$	(867)	$	(14,895)	$	1,265
Translation adjustment	3,055		(10,398)		5,213		(12,530)
Accumulated other comprehensive loss balance, end of period	(9,682)		(11,265)		(9,682)		(11,265)
Accumulated other comprehensive income, end of period	$	8,842	$	7,455	$	8,842	$	7,455

Basis of Presentation

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation


2. Basis of Presentation

Unaudited condensed consolidated interim financial statements

The accompanying condensed consolidated interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC") for interim financial reporting. These consolidated statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to state fairly the consolidated balance sheets, consolidated statements of comprehensive income, consolidated statements of cash flows and consolidated statements of stockholders’ equity, for the periods presented in accordance with accounting principles generally accepted in the United States ("U.S.") ("GAAP"). The consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date. Operating results and cash flows for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023, or any other future period. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations for interim reporting of the SEC. These condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, and other forms filed with the SEC from time to time.

Basis of consolidation

The condensed consolidated financial statements include the accounts of Blackbaud, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Reportable segment

We report our operating results and financial information in one operating and reportable segment. Our chief operating decision maker uses consolidated financial information to make operating decisions, assess financial performance and allocate resources. Our chief operating decision maker is our chief executive officer.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, we reconsider and evaluate our estimates and assumptions, including those that impact revenue recognition, long-lived and intangible assets, income taxes, business combinations, stock-based compensation, capitalization of software and content development costs, our allowances for credit losses and sales returns, costs of obtaining contracts, valuation of derivative instruments, loss contingencies and insurance recoveries, among others. Changes in the facts or circumstances underlying these estimates could result in material changes and actual results could materially differ from these estimates.

Recently adopted accounting pronouncements

In September 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ("ASU 2022-04"). This update requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement, or financial statement presentation of supplier finance programs. We adopted ASU 2022-04 on January 1, 2023 and the adoption did not have a material impact on our condensed consolidated financial statements.

Recently issued accounting pronouncements

There are no recently issued accounting pronouncements that we expect to have a material impact on our consolidated financial statements when adopted in the future.

Summary of significant accounting policies

There have been no material changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 24, 2023.

Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands

Total

Common stock [Member]

Additional paid-in capital [Member]

Treasury Stock, Common

Accumulated other comprehensive income (loss) [Member]

Retained earnings [Member]

Balance (in shares) at Dec. 31, 2021

66,165,666

Balance at Dec. 31, 2021

$ 717,060

$ 66

$ 968,927

$ (500,911)

$ 6,522

$ 242,456

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(10,407)

Vesting of restricted stock units (in shares)

976,312

Vesting of restricted stock units

$ 0

Employee taxes paid for withheld shares upon equity award settlement (in shares)

533,139

Employee taxes paid for withheld shares upon equity award settlement

$ (34,674)

(34,674)

Stock-based compensation

27,860

Restricted stock grants (in shares)

580,209

Restricted stock grants

$ 2

Restricted stock cancellations (in shares)

(30,940)

Other comprehensive income

8,773

Balance (in shares) at Mar. 31, 2022

67,658,172

Balance at Mar. 31, 2022

705,050

$ 68

993,223

(535,585)

15,295

232,049

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issuance costs related to purchase of EVERFI

(983)

Retirements of common stock (in shares)

^[1]

(33,075)

Retirements of common stock

(2,581)

Balance (in shares) at Dec. 31, 2021

66,165,666

Balance at Dec. 31, 2021

717,060

$ 66

968,927

(500,911)

6,522

242,456

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(13,829)

Balance (in shares) at Jun. 30, 2022

67,755,374

Balance at Jun. 30, 2022

720,474

$ 68

1,020,835

(536,511)

7,455

228,627

Balance (in shares) at Mar. 31, 2022

67,658,172

Balance at Mar. 31, 2022

705,050

$ 68

993,223

(535,585)

15,295

232,049

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(3,422)

Vesting of restricted stock units (in shares)

23,549

Vesting of restricted stock units

$ 0

Employee taxes paid for withheld shares upon equity award settlement (in shares)

15,540

Employee taxes paid for withheld shares upon equity award settlement

$ (926)

(926)

Stock-based compensation

27,854

Restricted stock grants (in shares)

136,598

Restricted stock grants

$ 0

Restricted stock cancellations (in shares)

(62,550)

Other comprehensive income

(7,840)

Balance (in shares) at Jun. 30, 2022

67,755,374

Balance at Jun. 30, 2022

720,474

$ 68

1,020,835

(536,511)

7,455

228,627

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stock issuance costs related to purchase of EVERFI

(223)

Retirements of common stock (in shares)

^[1]

(395)

Retirements of common stock

(19)

Balance (in shares) at Dec. 31, 2022

67,814,044

Balance at Dec. 31, 2022

744,032

$ 68

1,075,264

(537,287)

8,938

197,049

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(14,701)

Vesting of restricted stock units (in shares)

954,147

Vesting of restricted stock units

$ 0

Employee taxes paid for withheld shares upon equity award settlement (in shares)

533,597

Employee taxes paid for withheld shares upon equity award settlement

$ (30,990)

(30,990)

Stock-based compensation

29,925

Restricted stock grants (in shares)

427,941

Restricted stock grants

$ 1

Restricted stock cancellations (in shares)

(41,269)

Other comprehensive income

(8,534)

Balance (in shares) at Mar. 31, 2023

69,154,863

Balance at Mar. 31, 2023

719,733

$ 69

1,105,189

(568,277)

404

182,348

Balance (in shares) at Dec. 31, 2022

67,814,044

Balance at Dec. 31, 2022

744,032

$ 68

1,075,264

(537,287)

8,938

197,049

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(12,596)

Balance (in shares) at Jun. 30, 2023

69,164,244

Balance at Jun. 30, 2023

761,370

$ 69

1,138,553

(570,547)

8,842

184,453

Balance (in shares) at Mar. 31, 2023

69,154,863

Balance at Mar. 31, 2023

719,733

$ 69

1,105,189

(568,277)

404

182,348

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

2,105

Vesting of restricted stock units (in shares)

23,550

Vesting of restricted stock units

$ 0

Employee taxes paid for withheld shares upon equity award settlement (in shares)

32,540

Employee taxes paid for withheld shares upon equity award settlement

$ (2,270)

(2,270)

Stock-based compensation

33,364

Restricted stock grants (in shares)

6,031

Restricted stock grants

$ 0

Restricted stock cancellations (in shares)

(20,200)

Other comprehensive income

8,438

Balance (in shares) at Jun. 30, 2023

69,164,244

Balance at Jun. 30, 2023

$ 761,370

$ 69

$ 1,138,553

$ (570,547)

$ 8,842

$ 184,453

[1]

Represents shares retired after determining certain EVERFI's selling shareholders would be paid in cash, rather than shares of our common stock. For more information regarding our acquisition of EVERFI on December 31, 2021, please see Note 3 of the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 22, 2023.

Revenue Recognition (Disaggregation of Revenue by Geography) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 271,042	$ 264,927	$ 532,795	$ 522,051
United States [Member]
Disaggregation of Revenue [Line Items]
Revenue	228,744	223,128	450,413	437,522
United Kingdom [Member]
Disaggregation of Revenue [Line Items]
Revenue	28,234	26,831	54,282	54,491
Other countries [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 14,064	$ 14,968	$ 28,100	$ 30,038

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events


12. Subsequent Events

Fixed Asset Impairment

On July 31, 2023, we entered into a sublease for a portion of our Washington, DC office location, which we previously closed in February 2023 to align with our remote-first workforce strategy. We considered our entry into the sublease an impairment indicator. As a result, we currently expect to incur pre-tax costs between $6.0 million and $8.0 million in the third quarter of 2023, consisting of noncash impairment charges against certain operating lease right-of-use assets and property and equipment assets.

Subsequent Events (Details) - Subsequent event [Member] $ in Millions	Jul. 31, 2023 USD ($)
Minimum [Member]
Subsequent Event [Line Items]
Operating lease, ROU assets impairment	$ 6.0
Maximum [Member]
Subsequent Event [Line Items]
Operating lease, ROU assets impairment	$ 8.0

Debt (Changes in Supplier Financing Obligations) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Balance at December 31, 2022	$ 2,247
Additions	2,491
Settlements	(1,938)
Balance at June 30, 2023	$ 2,800
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Debt, current portion, Debt, net of current portion	Debt, current portion, Debt, net of current portion

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Financial assets and liabilities that are measured at fair value on a recurring basis consisted of the following, as of the dates indicated below:


	Fair value measurement using
(dollars in thousands)	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fair value as of June 30, 2023
Financial assets:
Interest rate swaps	$	—	$	26,978	$	—	$	26,978

Total financial assets	$	—	$	26,978	$	—	$	26,978

Fair value as of June 30, 2023
Financial liabilities:
Interest rate swaps	$	—	$	1,774	$	—	$	1,774
Foreign currency forward contracts	—		693		—		693
Contingent consideration obligations	—		—		1,379		1,379
Total financial liabilities	$	—	$	2,467	$	1,379	$	3,846

Fair value as of December 31, 2022
Financial assets:
Interest rate swaps	$	—	$	31,870	$	—	$	31,870
Foreign currency forward contracts	—		247		—		247
Total financial assets	$	—	$	32,117	$	—	$	32,117

Fair value as of December 31, 2022
Financial liabilities:

Foreign currency forward contracts	$	—	$	323	$	—	$	323
Contingent consideration obligations	—		—		2,710		2,710
Total financial liabilities	$	—	$	323	$	2,710	$	3,033

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt


6. Debt

The following table summarizes our debt balances and the related weighted average effective interest rates, which includes the effect of interest rate swap agreements.


	Debt balance at				Weighted average effective interest rate at
(dollars in thousands)	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Credit facility:
Revolving credit loans	$	172,800	$	177,800	5.38	%	5.18	%
Term loans	615,625		623,750		4.30	%	4.26	%
Real estate loans	57,490		58,189		5.22	%	5.22	%
Other debt	2,800		2,247		8.42	%	7.38	%
Total debt	848,715		861,986		4.60	%	4.52	%
Less: Unamortized discount and debt issuance costs	2,136		2,943
Less: Debt, current portion	19,176		18,802		7.03	%	6.45	%
Debt, net of current portion	$	827,403	$	840,241	4.54	%	4.48	%

2020 credit facility

In October 2020, we entered into a five-year $900.0 million senior credit facility (the "2020 Credit Facility"). At June 30, 2023, we were in compliance with our debt covenants under the 2020 Credit Facility.

Real estate loans

In August 2020, we completed the purchase of our global headquarters facility. As part of the purchase price, we assumed the seller’s obligations under two senior secured notes with a then-aggregate outstanding principal amount of $61.1 million (collectively, the “Real Estate Loans”). At June 30, 2023, we were in compliance with our debt covenants under the Real Estate Loans.

Other debt

From time to time, we enter into third-party financing agreements for purchases of software and related services for our internal use. Generally, the agreements are non-interest-bearing notes requiring annual payments. Interest associated with the notes is imputed at the rate we would incur for amounts borrowed under our then-existing credit facility at the inception of the notes.

The following table summarizes our currently effective supplier financing agreements as of June 30, 2023:


(dollars in thousands)	Term in Months	Number of Annual Payments	First Annual Payment Due	Original Loan Value
Effective dates of agreements (1):
December 2022	39	3	January 2023	$	1,710
January 2023	36	3	April 2023	$	2,491

(1)Represent noncash investing and financing transactions during the periods indicated as we purchased software and services by assuming directly related liabilities.

The changes in supplier financing obligations during the six months ended June 30, 2023, consisted of the following:


(dollars in thousands)	Total
Balance at December 31, 2022	$	2,247
Additions	2,491
Settlements	(1,938)
Balance at June 30, 2023	$	2,800

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Revenue	$ 271,042	$ 264,927	$ 532,795	$ 522,051
Cost of revenue
Cost of revenue	121,475	125,607	244,587	248,969
Gross profit	149,567	139,320	288,208	273,082
Operating expenses
Sales, marketing and customer success	53,191	52,737	107,576	107,953
Research and development	36,146	38,333	76,737	78,285
General and administrative	59,148	47,391	111,986	91,153
Amortization	788	805	1,562	1,616
Total operating expenses	149,273	139,266	297,861	279,007
Income (loss) from operations	294	54	(9,653)	(5,925)
Interest expense	(11,167)	(8,976)	(21,829)	(16,575)
Other income, net	2,778	3,133	4,785	4,254
Loss before provision for income taxes	(8,095)	(5,789)	(26,697)	(18,246)
Income tax benefit	(10,200)	(2,367)	(14,101)	(4,417)
Net income (loss)	$ 2,105	$ (3,422)	$ (12,596)	$ (13,829)
Earnings (loss) per share
Basic earnings per share	$ 0.04	$ (0.07)	$ (0.24)	$ (0.27)
Diluted earnings per share	$ 0.04	$ (0.07)	$ (0.24)	$ (0.27)
Common shares and equivalents outstanding
Basic weighted average shares	52,642,411	51,660,739	52,389,112	51,431,501
Diluted weighted average shares outstanding	53,643,124	51,660,739	52,389,112	51,431,501
Other comprehensive income (loss)
Foreign currency translation adjustment	$ 3,055	$ (10,398)	$ 5,213	$ (12,530)
Unrealized gain (loss) on derivative instruments, net of tax	5,383	2,558	(5,309)	13,463
Total other comprehensive income (loss)	8,438	(7,840)	(96)	933
Comprehensive income (loss)	10,543	(11,262)	(12,692)	(12,896)
Recurring [Member]
Revenue
Revenue	262,390	252,507	515,138	497,173
Cost of revenue
Cost of revenue	113,926	114,487	228,426	226,661
One-time services and other [Member]
Revenue
Revenue	8,652	12,420	17,657	24,878
Cost of revenue
Cost of revenue	$ 7,549	$ 11,120	$ 16,161	$ 22,308

Derivative Instruments (Details) £ in Millions, $ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 CAD ($)	Jun. 30, 2023 GBP (£)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 GBP (£)
Derivative [Line Items]
Accumulated other comprehensive loss expected to be reclassified into earnings within next 12 months	$ (20.9)
Ineffective portion of interest rate swap(s)	0.0	$ 0.0
Interest rate swap [Member]
Derivative [Line Items]
Derivative, notional amount	$ 935.0				$ 435.0
Foreign currency forward contracts [Member]
Derivative [Line Items]
Derivative, notional amount			$ 27.1	£ 11.5		$ 22.6	£ 11.2

Consolidated Financial Statement Details (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Restricted Cash

Restricted cash


(dollars in thousands)	June 30, 2023		December 31, 2022
Restricted cash due to customers	$	760,114	$	700,611

Real estate escrow balances and other	1,175		1,629
Total restricted cash	$	761,289	$	702,240

Components of Prepaid Expenses and Other Assets

Prepaid expenses and other assets


(dollars in thousands)	June 30, 2023		December 31, 2022
Costs of obtaining contracts(1)(2)	$	68,366	$	74,272
Prepaid software maintenance and subscriptions(3)	31,587		34,766
Derivative instruments	26,978		32,117
Implementation costs for cloud computing arrangements, net(4)(5)	10,237		10,189
Prepaid insurance	8,340		4,902
Unbilled accounts receivable	5,082		5,775
Taxes, prepaid and receivable	1,389		1,855
Deferred tax assets	1,156		1,153
Other assets	12,716		10,929
Total prepaid expenses and other assets	165,851		175,958
Less: Long-term portion	84,254		94,304
Prepaid expenses and other current assets	$	81,597	$	81,654

(2)The current portion of costs of obtaining contracts as of June 30, 2023 and December 31, 2022 was $27.3 million and $29.1 million, respectively.

(3)The current portion of prepaid software maintenance and subscriptions as of June 30, 2023 and December 31, 2022 was $28.0 million and $31.7 million, respectively.

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

Components of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities


(dollars in thousands)	June 30, 2023		December 31, 2022
Accrued legal costs(1)	$	55,888	$	28,448
Taxes payable	14,305		16,667
Customer credit balances	7,588		8,257
Operating lease liabilities, current portion	7,330		7,723
Accrued commissions and salaries	4,329		6,944
Accrued health care costs	2,932		2,467
Derivative instruments	2,467		323
Accrued vacation costs	2,004		2,156
Accrued transaction-based costs related to payments services	1,545		5,059
Contingent consideration liability	1,379		2,710


Other liabilities	7,736		9,542
Total accrued expenses and other liabilities	107,503		90,296
Less: Long-term portion	4,756		4,294
Accrued expenses and other current liabilities	$	102,747	$	86,002

Components of Other Income and Expense

Other income, net


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022		2023		2022
Interest income	$	2,308	$	114	$	3,544	$	237
Currency revaluation (losses) gains	(535)		2,271		(779)		2,853
Other income, net	1,005		748		2,020		1,164
Other income, net	$	2,778	$	3,133	$	4,785	$	4,254

Income Taxes (Schedule of Effective Income Tax Rates) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax benefit	$ (10,200)	$ (2,367)	$ (14,101)	$ (4,417)
Effective income tax rate	126.00%	40.90%	52.80%	24.20%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Debt (Summary of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Debt, gross	$ 848,715	$ 861,986
Other debt	2,800	2,247
Less: Unamortized discount and debt issuance costs	2,136	2,943
Less: Debt, current portion	19,176	18,802
Debt, net of current portion	$ 827,403	$ 840,241
Weighted average effective interest rate	4.60%	4.52%
Revolving credit loans [Member]
Line of Credit Facility [Line Items]
Debt, gross	$ 172,800	$ 177,800
Weighted average effective interest rate	5.38%	5.18%
Term loans [Member]
Line of Credit Facility [Line Items]
Debt, gross	$ 615,625	$ 623,750
Weighted average effective interest rate	4.30%	4.26%
Mortgages [Member]
Line of Credit Facility [Line Items]
Debt, gross	$ 57,490	$ 58,189
Weighted average effective interest rate	5.22%	5.22%
Loans payable [Member]
Line of Credit Facility [Line Items]
Weighted average effective interest rate	8.42%	7.38%
Short-term debt [Member]
Line of Credit Facility [Line Items]
Weighted average effective interest rate	7.03%	6.45%
Long-term debt [Member]
Line of Credit Facility [Line Items]
Weighted average effective interest rate	4.54%	4.48%

Debt (Summary of Currently Effective Third-Party Financing Agreements) (Details) - USD ($)
$ in Thousands

Jan. 31, 2023

Dec. 31, 2022

Loans payable [Member]

Debt Instrument [Line Items]

Original Loan Value

^[1]

$ 2,491

$ 1,710

[1]	Represent noncash investing and financing transactions during the periods indicated as we purchased software and services by assuming directly related liabilities.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Contract Balances

Our closing balances of deferred revenue were as follows:


(in thousands)	June 30, 2023		December 31, 2022
Total deferred revenue	$	438,151	$	385,236

Disaggregation of Revenue

The following table presents our revenue by geographic area based on the address of our customers:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022		2023		2022
United States	$	228,744	$	223,128	$	450,413	$	437,522
United Kingdom	28,234		26,831		54,282		54,491
Other countries	14,064		14,968		28,100		30,038
Total revenue	$	271,042	$	264,927	$	532,795	$	522,051

The following table presents our revenue by market group:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022(1)		2023		2022(1)
Social Sector	$	232,381	$	227,756	$	457,278	$	447,751
Corporate Sector	38,661		37,171		75,517		74,300

Total revenue	$	271,042	$	264,927	$	532,795	$	522,051

(1)Due to the market group change discussed above, we have recast our revenue by market group for the three and six months ended June 30, 2022 to present them on a consistent basis with the current year.

Disaggregation Of Revenue, Recurring

The following table presents our recurring revenue by type:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022		2023		2022
Contractual recurring	$	181,235	$	177,350	$	358,838	$	351,882
Transactional recurring	81,155		75,157		156,300		145,291
Total recurring revenue	$	262,390	$	252,507	$	515,138	$	497,173

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense

The following table summarizes the components of our lease expense:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022		2023		2022
Operating lease cost(1)	$	2,304	$	2,445	$	4,689	$	4,976
Variable lease cost	395		413		827		850
Sublease income	(854)		(766)		(1,665)		(1,197)
Net lease cost	$	1,845	$	2,092	$	3,851	$	4,629

(1)Includes short-term lease costs, which were immaterial.

Schedule of Security Incident Expense and Probable Insurance Recoveries

We recorded expenses and offsetting insurance recoveries related to the Security Incident as follows:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022		2023		2022
Gross expense	$	26,777	$	8,435	$	44,560	$	17,440
Offsetting insurance recoveries	—		(87)		—		(1,891)
Net expense	$	26,777	$	8,348	$	44,560	$	15,549

The following summarizes our cumulative expenses, insurance recoveries recognized and insurance recoveries paid as of:


(dollars in thousands)	June 30, 2023		December 31, 2022
Cumulative gross expense	$	152,565	$	108,005
Cumulative offsetting insurance recoveries recognized	(50,000)		(50,000)
Cumulative net expense	$	102,565	$	58,005

Cumulative offsetting insurance recoveries paid	$	(50,000)	$	(50,000)

Consolidated Financial Statement Details (Components of Prepaid Expenses and Other Assets) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Costs of obtaining contracts

^[1],[2]

$ 68,366

$ 74,272

Prepaid software maintenance and subscriptions, current and long-term

^[3]

31,587

34,766

Derivative instruments

26,978

32,117

Implementation costs for cloud computing arrangements

^[4],[5]

10,237

10,189

Prepaid insurance

8,340

4,902

Unbilled accounts receivable

5,082

5,775

Taxes, prepaid and receivable

1,389

1,855

Deferred tax assets

1,156

1,153

Other assets

12,716

10,929

Total prepaid expenses and other assets

165,851

175,958

Less: Long-term portion

84,254

94,304

Prepaid expenses and other current assets

81,597

81,654

Amortization expense from costs of obtaining contracts

8,100

$ 8,500

16,400

$ 17,000

Current portion of costs of obtaining contracts

27,300

29,100

Prepaid software maintenance and subscriptions, current

28,000

31,700

Implementation costs for cloud computing arrangements, amortization

1,100

$ 1,100

Implementation costs for cloud computing arrangements, accumulated amortization

$ 6,300

$ 5,200

[1]	Amortization expense from costs of obtaining contracts was $8.1 million and $16.4 million for the three and six months ended June 30, 2023, respectively, and $8.5 million and $17.0 million for the three and six months ended June 30, 2022, respectively.
[2]	The current portion of costs of obtaining contracts as of June 30, 2023 and December 31, 2022 was $27.3 million and $29.1 million, respectively.
[3]	The current portion of prepaid software maintenance and subscriptions as of June 30, 2023 and December 31, 2022 was $28.0 million and $31.7 million, respectively.
[4]	Amortization expense from capitalized cloud computing implementation costs was insignificant for the three months ended June 30, 2023 and 2022, respectively, and $1.1 million and $1.1 million for the six months ended June 30, 2023 and 2022, respectively. Accumulated amortization for these costs was $6.3 million and $5.2 million as of June 30, 2023 and December 31, 2022, respectively.
[5]	These costs primarily relate to the multi-year implementations of our new global enterprise resource planning and customer relationship management systems.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 29,041	$ 31,691
Total restricted cash	761,289	702,240
Accounts receivable, net of allowance of $8,081 and $7,318 at June 30, 2023 and December 31, 2022, respectively	168,908	102,809
Customer funds receivable	3,731	249
Prepaid expenses and other current assets	81,597	81,654
Total current assets	1,044,566	918,643
Property and equipment, net	104,672	107,426
Operating lease right-of-use assets	45,497	45,899
Software and content development costs, net	151,158	141,023
Goodwill	1,053,342	1,050,272
Intangible assets, net	609,524	635,136
Other assets	84,254	94,304
Total assets	3,093,013	2,992,703
Current liabilities:
Trade accounts payable	40,730	42,559
Accrued expenses and other current liabilities	102,747	86,002
Due to customers	763,845	700,860
Debt, current portion	19,176	18,802
Deferred revenue, current portion	434,631	382,419
Total current liabilities	1,361,129	1,230,642
Debt, net of current portion	827,403	840,241
Deferred tax liability	91,306	125,759
Deferred revenue, net of current portion	3,520	2,817
Operating lease liabilities, net of current portion	43,529	44,918
Other liabilities	4,756	4,294
Total liabilities	2,331,643	2,248,671
Commitments and contingencies (see Note 8)
Stockholders' equity:
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares outstanding	0	0
Preferred stock; 20,000,000 shares authorized, none outstanding	$ 0	$ 0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	69,164,244	67,814,044
Common stock, $0.001 par value; 180,000,000 shares authorized, 69,164,244 and 67,814,044 shares issued at June 30, 2023 and December 31, 2022, respectively	$ 69	$ 68
Additional paid-in capital	$ 1,138,553	$ 1,075,264
Treasury stock, shares	15,311,367	14,745,230
Treasury stock, at cost; 15,311,367 and 14,745,230 shares at June 30, 2023 and December 31, 2022, respectively	$ (570,547)	$ (537,287)
Accumulated other comprehensive income	8,842	8,938
Retained earnings	184,453	197,049
Total stockholders' equity	761,370	744,032
Total liabilities and stockholders' equity	$ 3,093,013	$ 2,992,703

Derivative Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Instruments


7. Derivative Instruments

We generally use derivative instruments to manage our interest rate and foreign currency exchange risk. We currently have derivatives classified as cash flow hedges and net investment hedges. We do not enter into any derivatives for trading or speculative purposes.

All of our derivative instruments are governed by International Swap Dealers Association, Inc. master agreements with our counterparties. As of June 30, 2023 and December 31, 2022, we have presented the fair value of our derivative instruments at the gross amounts in the condensed consolidated balance sheets as the gross fair values of our derivative instruments equaled their net fair values.

Cash flow hedges

We have entered into interest rate swap agreements, which effectively convert portions of our variable rate debt under the 2020 Credit Facility to a fixed rate for the term of the swap agreements. We designated each of the interest rate swaps as cash flow hedges at the inception of the contracts. As of June 30, 2023 and December 31, 2022, the aggregate notional values of the interest rate swaps were $935.0 million and $435.0 million, respectively. All of the contracts have maturities on or before October 2028.

We have entered into foreign currency forward contracts to hedge revenues denominated in the Canadian Dollar ("CAD") against changes in the exchange rate with the United States Dollar ("USD"). We designated each of these foreign currency forward contracts as cash flow hedges at the inception of the contracts. As of June 30, 2023 and December 31, 2022, the aggregate notional values of the foreign currency forward contracts designated as cash flow hedges that we held to buy USD in exchange for Canadian Dollars were $27.1 million CAD and $22.6 million CAD, respectively. All of the contracts have maturities of 12 months or less.

Net investment hedges

We have entered into foreign currency forward contracts to hedge a portion of the foreign currency exposure that arises on translation of our investments denominated in British Pounds ("GBP") into USD. We designated each of these foreign currency forward contracts as net investment hedges at the inception of the contracts. As of June 30, 2023 and December 31, 2022, the aggregate notional values of the foreign currency forward contracts designated as net investment hedges to reduce the volatility of the U.S. dollar value of a portion of our GBP-denominated investments was £11.5 million and £11.2 million, respectively.

The fair values of our derivative instruments were as follows as of:


		Asset derivatives					Liability derivatives
(dollars in thousands)	Balance sheet location	June 30, 2023		December 31, 2022		Balance sheet location	June 30, 2023		December 31, 2022
Derivative instruments designated as hedging instruments:
Foreign currency forward contracts, current portion	Prepaid expenses and other current assets	$	—	$	247	Accrued expenses and other current liabilities	$	693	$	323
Interest rate swaps, long-term	Other assets	26,978		31,870		Other liabilities	1,774		—
Total derivative instruments designated as hedging instruments		$	26,978	$	32,117		$	2,467	$	323

The effects of derivative instruments in cash flow and net investment hedging relationships were as follows:


	Gain (loss) recognized in accumulated other comprehensive income as of		Location of gain (loss) reclassified from accumulated other comprehensive income into income (loss)	Gain (loss) reclassified from accumulated other comprehensive income into income (loss)
(dollars in thousands)	June 30, 2023			Three months ended June 30, 2023		Six months ended June 30, 2023
Cash Flow Hedges
Interest rate swaps	$	25,204	Interest expense	$	5,083	$	9,582
Foreign currency forward contracts	$	(292)	Revenue	$	109	$	234
Net Investment Hedges
Foreign currency forward contracts	$	(401)		$	—	$	—

	June 30, 2022			Three months ended June 30, 2022		Six months ended June 30, 2022
Cash Flow Hedges
Interest rate swaps	$	25,412	Interest expense	$	323	$	(35)

Our policy requires that derivatives used for hedging purposes be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accumulated other comprehensive income (loss) includes unrealized gains or losses from the change in fair value measurement of our derivative instruments each reporting period and the related income tax expense or benefit. Excluding net investment hedges, changes in the fair value measurements of the derivative instruments and the related income tax expense or benefit are reflected as adjustments to accumulated other comprehensive income (loss) until the actual hedged expense is incurred or until the hedge is terminated at which point the unrealized gain (loss) and related tax effects are reclassified from accumulated other comprehensive income (loss) to current earnings. For net investment hedges, changes in the fair value measurements of the derivative instruments and the related income tax expense or benefit are reflected as adjustments to translation adjustment, a component of accumulated other comprehensive income (loss), and recognized in earnings only when the hedged GBP investment is liquidated. The estimated accumulated other

comprehensive income as of June 30, 2023 that is expected to be reclassified into earnings within the next twelve months is $20.9 million. There were no ineffective portions of our interest rate swap or foreign currency forward derivatives during the six months ended June 30, 2023 and 2022. See Note 10 to these condensed consolidated financial statements for a summary of the changes in accumulated other comprehensive income (loss) by component. We classify cash flows related to derivative instruments as operating activities in the condensed consolidated statements of cash flows.

Revenue Recognition (Contract Balances) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Total deferred revenue	$ 438,151	$ 385,236

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table provides information about trading arrangements adopted or terminated by certain of our officers and directors during the three months ended June 30, 2023.

Trading arrangement(1)

Aggregate
number of
securities to
be sold
under plan

Name and Title

Action

Date of Adoption

Plan
effective
date

Plan
end
date

Plan
duration
(months)

Rule 10b5-1

Non-Rule 10b5-1

Jon W. Olson

Senior Vice President and General Counsel

Adoption

5/08/23

8/15/23

2/23/24

Six

7,000

David J. Benjamin

Executive Vice President and Chief Commercial Officer

Adoption

5/23/23

8/21/23

2/23/24

Six

20,000

(1)An SEC "Rule 10b5-1(c) trading arrangement" is a trading arrangement made by a person through entering into a binding contract, verbal instruction or adoption of a written plan prior to becoming aware of material non-public information. The contract, instruction or written plan must specify the amount, price and date of securities to be sold; include the means for determining the amount, price and date of the sale or sales; and not permit the person to have subsequent influence over the sale or sales. The compliant plan must be entered into and operated in good faith, include a specified cooling off period, be certified by an authorized officer and is restricted from having multiple or overlapping plans. A non-compliant trading arrangement, or a "non-Rule 10b5-1 trading arrangement," is a trading arrangement that has similar requirements to a Rule 10b5-1(c) trading arrangement except that it must be in written form and does not require a cooling off period or certification of an authorized officer and there is no restriction from having multiple or overlapping plans.

None of our officers or directors adopted or terminated a non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2023.

Non-Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Terminated

false

Jon W. Olson [Member]

Trading Arrangements, by Individual

Name

Jon W. Olson

Title

Senior Vice President and General Counsel

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

5/08/23

Arrangement Duration

6 months 9 days

Aggregate Available

7,000

David J. Benjamin [Member]

Trading Arrangements, by Individual

Name

David J. Benjamin

Title

Executive Vice President and Chief Commercial Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

5/23/23

Arrangement Duration

6 months 3 days

Aggregate Available

20,000

Commitments and Contingencies (Components of Lease Expense) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Operating lease cost

^[1]

$ 2,304

$ 2,445

$ 4,689

$ 4,976

Variable lease cost

395

413

827

850

Sublease income

(854)

(766)

(1,665)

(1,197)

Net lease cost

$ 1,845

$ 2,092

$ 3,851

$ 4,629

[1]	Includes short-term lease costs, which were immaterial.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rates

Our income tax benefit and effective income tax rates, including the effects of period-specific events, were:


	Three months ended June 30,						Six months ended June 30,
(dollars in thousands)	2023			2022			2023			2022
Income tax benefit	$	(10,200)		$	(2,367)		$	(14,101)		$	(4,417)
Effective income tax rate	126.0		%	40.9		%	52.8		%	24.2		%

Derivative Instruments (Effects of Derivative Instruments in Cash Flow Hedging Relationships) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Revenue	Interest Expense, Revenue	Interest Expense, Revenue	Interest Expense, Revenue
Interest rate swap [Member] \| Cash flow hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in accumulated other comprehensive income as of			$ 25,204	$ 25,412
Gain (loss) reclassified from accumulated other comprehensive income into income (loss)	$ 5,083	$ 323	9,582	$ (35)
Foreign currency forward contracts [Member] \| Cash flow hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in accumulated other comprehensive income as of			(292)
Gain (loss) reclassified from accumulated other comprehensive income into income (loss)	109		234
Foreign currency forward contracts [Member] \| Net investment hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in accumulated other comprehensive income as of			(401)
Gain (loss) reclassified from accumulated other comprehensive income into income (loss)	$ 0		$ 0

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes


9. Income Taxes

Our income tax benefit and effective income tax rates, including the effects of period-specific events, were:


	Three months ended June 30,						Six months ended June 30,
(dollars in thousands)	2023			2022			2023			2022
Income tax benefit	$	(10,200)		$	(2,367)		$	(14,101)		$	(4,417)
Effective income tax rate	126.0		%	40.9		%	52.8		%	24.2		%

The increases in our effective income tax rate for the three and six months ended June 30, 2023, when compared to the same periods in 2022 were primarily attributable to unfavorable impact of non-deductible Security Incident accruals. See Note 8 to these unaudited, condensed consolidated financial statements for additional information about our loss contingency accruals related to the Security Incident.

For the three and six months ended June 30, 2022, we utilized the discrete effective tax rate method, as allowed by ASC 740-270-30-18, Income Taxes—Interim Reporting, to calculate our interim income tax provision. The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The discrete method treats the year-to-date period as if it was the annual period and determines the income tax expense or benefit on that basis. For the three and six months ended June 30, 2023 we have utilized the annual effective tax rate method, as we believe it can now be reliably estimated. This methodology requires us to apply our estimated annual effective tax rate to year-to-date pre-tax earnings. During the second quarter of 2023, our estimated annual effective tax rate increased due to the unfavorable impacts of non-deductible Security Incident accruals and its impact on pre-tax earnings. This increase, when applied to quarter-to-date and year-to-date date pre-tax losses, resulted in recognition of income tax benefits at 126.0% and 52.8%, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingencies (Details) € in Thousands, $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 09, 2023 USD ($)	Sep. 30, 2021 EUR (€)	Jun. 30, 2023 USD ($) cases	Jun. 30, 2023 USD ($) cases
Loss Contingencies [Line Items]
Liability insurance, amount, total			$ 50,000	$ 50,000
Liability insurance, amount, deductible			250	250
Security Incident, net pre-tax expense			26,800	44,600
Security Incident, ongoing legal fees			7,000	14,600
Loss contingency accrual, period increase (decrease)			19,800	30,000
Security Incident, net cash outlays			15,800	15,800
Loss contingency accrual			$ 50,000	$ 50,000
Plaintiffs, number \| cases				260
Claims settled, number \| cases				210
Claims settled, percent				81.00%
Pending claims, number \| cases			400	400
Security incident, number of state Attorneys General \| cases				49
Spain [Member]
Loss Contingencies [Line Items]
Security Incident, penalty paid \| €		€ 60
US SEC
Loss Contingencies [Line Items]
Security Incident, penalty paid	$ 3,000
Minimum [Member]
Loss Contingencies [Line Items]
Security Incident, expected cost			$ 20,000	$ 20,000
Expected net cash outlays for ongoing legal fees			25,000	25,000
Maximum [Member]
Loss Contingencies [Line Items]
Security Incident, expected cost			30,000	30,000
Expected net cash outlays for ongoing legal fees			35,000	$ 35,000
Putative Consumer Class Action Cases
Loss Contingencies [Line Items]
Plaintiffs, number \| cases				19
Putative Consumer Class Action Cases - Canadian Courts
Loss Contingencies [Line Items]
Plaintiffs, number \| cases				2
Putative Consumer Class Action Cases - US Federal Courts
Loss Contingencies [Line Items]
Plaintiffs, number \| cases				17
Third-party technology [Member]
Long-term Purchase Commitment [Line Items]
Remaining aggregate minimum purchase commitment			$ 270,400	$ 270,400

Consolidated Financial Statement Details (Components of Other Income and Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest income	$ 2,308	$ 114	$ 3,544	$ 237
Currency revaluation (losses) gains	(535)	2,271	(779)	2,853
Other income, net	1,005	748	2,020	1,164
Other income, net	$ 2,778	$ 3,133	$ 4,785	$ 4,254

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share


3. Earnings (Loss) Per Share

We compute basic earnings (loss) per share by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. Diluted earnings (loss) per share reflects the assumed exercise, settlement and vesting of all dilutive securities using the “treasury stock method” except when the effect is anti-dilutive. Potentially dilutive securities consist of shares issuable upon the exercise of stock options, settlement of stock appreciation rights and vesting of restricted stock awards and units. Diluted loss per share for the three months ended June 30, 2022 and six months ended June 30, 2023 and 2022 was the same as basic loss per share as there were net losses each of those periods and inclusion of potentially dilutive securities was anti-dilutive.

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands, except per share amounts)	2023		2022		2023		2022
Numerator:
Net income (loss)	$	2,105	$	(3,422)	$	(12,596)	$	(13,829)
Denominator:
Weighted average common shares	52,642,411		51,660,739		52,389,112		51,431,501
Add effect of dilutive securities:
Stock-based awards	1,000,713		—		—		—
Weighted average common shares assuming dilution	53,643,124		51,660,739		52,389,112		51,431,501
Earnings (loss) per share
Basic	$	0.04	$	(0.07)	$	(0.24)	$	(0.27)
Diluted	$	0.04	$	(0.07)	$	(0.24)	$	(0.27)

Anti-dilutive shares excluded from calculations of diluted earnings (loss) per share	9,487		1,167,368		1,151,974		2,090,267

Basis of Presentation (Policy)	6 Months Ended
Basis of Presentation (Policy)	Jun. 30, 2023
Accounting Policies [Abstract]
Unaudited interim consolidated financial statements	Unaudited condensed consolidated interim financial statements The accompanying condensed consolidated interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC") for interim financial reporting. These consolidated statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to state fairly the consolidated balance sheets, consolidated statements of comprehensive income, consolidated statements of cash flows and consolidated statements of stockholders’ equity, for the periods presented in accordance with accounting principles generally accepted in the United States ("U.S.") ("GAAP"). The consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date. Operating results and cash flows for the six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023, or any other future period. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations for interim reporting of the SEC. These condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, and other forms filed with the SEC from time to time.
Basis of consolidation	Basis of consolidation The condensed consolidated financial statements include the accounts of Blackbaud, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reportable segment	Reportable segment We report our operating results and financial information in one operating and reportable segment. Our chief operating decision maker uses consolidated financial information to make operating decisions, assess financial performance and allocate resources. Our chief operating decision maker is our chief executive officer.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, we reconsider and evaluate our estimates and assumptions, including those that impact revenue recognition, long-lived and intangible assets, income taxes, business combinations, stock-based compensation, capitalization of software and content development costs, our allowances for credit losses and sales returns, costs of obtaining contracts, valuation of derivative instruments, loss contingencies and insurance recoveries, among others. Changes in the facts or circumstances underlying these estimates could result in material changes and actual results could materially differ from these estimates.
Recently adopted accounting pronouncements	Recently adopted accounting pronouncementsIn September 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ("ASU 2022-04"). This update requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement, or financial statement presentation of supplier finance programs. We adopted ASU 2022-04 on January 1, 2023 and the adoption did not have a material impact on our condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Consolidated Financial Statement Details (Components of Accrued Expenses and Other Liabilities) (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accrued legal costs

^[1]

$ 55,888

$ 28,448

Taxes payable

14,305

16,667

Customer credit balances

7,588

8,257

Operating lease liabilities, current portion

7,330

7,723

Accrued commissions and salaries

4,329

6,944

Accrued health care costs

2,932

2,467

Derivative instruments

2,467

323

Accrued vacation costs

2,004

2,156

Accrued transaction-based costs related to payments services

1,545

5,059

Contingent consideration obligations

1,379

2,710

Other liabilities

7,736

9,542

Total accrued expenses and other liabilities

107,503

90,296

Less: Long-term portion

4,756

4,294

Accrued expenses and other current liabilities

$ 102,747

$ 86,002

Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

Accrued expenses and other current liabilities

[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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 2,105	$ (14,701)	$ (3,422)	$ (10,407)	$ (12,596)	$ (13,829)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Instruments

The fair values of our derivative instruments were as follows as of:


		Asset derivatives					Liability derivatives
(dollars in thousands)	Balance sheet location	June 30, 2023		December 31, 2022		Balance sheet location	June 30, 2023		December 31, 2022
Derivative instruments designated as hedging instruments:
Foreign currency forward contracts, current portion	Prepaid expenses and other current assets	$	—	$	247	Accrued expenses and other current liabilities	$	693	$	323
Interest rate swaps, long-term	Other assets	26,978		31,870		Other liabilities	1,774		—
Total derivative instruments designated as hedging instruments		$	26,978	$	32,117		$	2,467	$	323

Effects of Derivative Instruments in Cash Flow Hedging Relationships

The effects of derivative instruments in cash flow and net investment hedging relationships were as follows:


	Gain (loss) recognized in accumulated other comprehensive income as of		Location of gain (loss) reclassified from accumulated other comprehensive income into income (loss)	Gain (loss) reclassified from accumulated other comprehensive income into income (loss)
(dollars in thousands)	June 30, 2023			Three months ended June 30, 2023		Six months ended June 30, 2023
Cash Flow Hedges
Interest rate swaps	$	25,204	Interest expense	$	5,083	$	9,582
Foreign currency forward contracts	$	(292)	Revenue	$	109	$	234
Net Investment Hedges
Foreign currency forward contracts	$	(401)		$	—	$	—

	June 30, 2022			Three months ended June 30, 2022		Six months ended June 30, 2022
Cash Flow Hedges
Interest rate swaps	$	25,412	Interest expense	$	323	$	(35)

Condensed Consolidated Statements of Cash Flows $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Cash flows from operating activities
Net income (loss)	$ (12,596)	$ (13,829)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	53,622	51,283
Provision for doubtful accounts and sales returns	3,798	3,653
Stock-based compensation expense	63,289	55,714
Deferred taxes	(33,101)	(16,656)
Amortization of deferred financing costs and discount	963	1,254
Other non-cash adjustments	(1,569)	4,225
Changes in operating assets and liabilities, net of acquisition and disposal of businesses:
Accounts receivable	(69,624)	(50,818)
Prepaid expenses and other assets	9,470	3,685
Trade accounts payable	(3,431)	12,769
Accrued expenses and other liabilities	11,948	(8,739)
Deferred revenue	52,233	39,238
Net cash provided by operating activities	75,002	81,779
Cash flows from investing activities
Purchase of property and equipment	(2,779)	(7,518)
Capitalized software and content development costs	(28,756)	(27,183)
Purchase of net assets of acquired companies, net of cash and restricted cash acquired	0	(19,016)
Net cash used in investing activities	(31,535)	(53,717)
Cash flows from financing activities
Proceeds from issuance of debt	158,000	113,200
Payments on debt	(171,824)	(129,548)
Stock issuance costs	0	(557)
Employee taxes paid for withheld shares upon equity award settlement	(33,687)	(35,600)
Change in due to customers	61,313	(141,001)
Change in customer funds receivable	(3,359)	(546)
Net cash provided by (used in) financing activities	10,443	(194,052)
Effect of exchange rate on cash, cash equivalents and restricted cash	2,489	(7,252)
Net increase (decrease) in cash, cash equivalents and restricted cash	56,399	(173,242)
Cash, cash equivalents and restricted cash, beginning of period	733,931	651,762
Cash, cash equivalents and restricted cash, end of period	790,330	$ 478,520
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	29,041
Total restricted cash	761,289
Total cash, cash equivalents and restricted cash in the statement of cash flows	$ 790,330

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 733,931,000

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Debt

The following table summarizes our debt balances and the related weighted average effective interest rates, which includes the effect of interest rate swap agreements.


	Debt balance at				Weighted average effective interest rate at
(dollars in thousands)	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Credit facility:
Revolving credit loans	$	172,800	$	177,800	5.38	%	5.18	%
Term loans	615,625		623,750		4.30	%	4.26	%
Real estate loans	57,490		58,189		5.22	%	5.22	%
Other debt	2,800		2,247		8.42	%	7.38	%
Total debt	848,715		861,986		4.60	%	4.52	%
Less: Unamortized discount and debt issuance costs	2,136		2,943
Less: Debt, current portion	19,176		18,802		7.03	%	6.45	%
Debt, net of current portion	$	827,403	$	840,241	4.54	%	4.48	%

Summary of Currently Effective Supplier Financing Agreements

The following table summarizes our currently effective supplier financing agreements as of June 30, 2023:


(dollars in thousands)	Term in Months	Number of Annual Payments	First Annual Payment Due	Original Loan Value
Effective dates of agreements (1):
December 2022	39	3	January 2023	$	1,710
January 2023	36	3	April 2023	$	2,491

(1)Represent noncash investing and financing transactions during the periods indicated as we purchased software and services by assuming directly related liabilities.

Changes in Supplier Financing Obligations

The changes in supplier financing obligations during the six months ended June 30, 2023, consisted of the following:


(dollars in thousands)	Total
Balance at December 31, 2022	$	2,247
Additions	2,491
Settlements	(1,938)
Balance at June 30, 2023	$	2,800

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Document - shares	6 Months Ended
Document - shares	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document type	10-Q
Document quarterly report	true
Document period end date	Jun. 30, 2023
Document transition report	false
Entity file number	000-50600
Entity registrant name	Blackbaud, Inc.
Entity incorporation, state or country code	DE
Entity tax identification number	11-2617163
Entity address, address line one	65 Fairchild Street
Entity address, city	Charleston
Entity address, state	SC
Entity address, postal zip code	29492
City area code	843
Local phone number	216-6200
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		53,854,802
Amendment flag	false
Document fiscal year focus	2023
Document fiscal period focus	Q2
Entity central index key	0001280058
Current fiscal year end date	--12-31
Common stock [Member]
Document Information [Line Items]
Title of 12(b) security	Common Stock, $0.001 Par Value
Trading symbol	BLKB
Security exchange name	NASDAQ
Preferred stock purchase rights [Member]
Document Information [Line Items]
Title of 12(b) security	Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security exchange name	NASDAQ

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 8,081	$ 7,318

Consolidated Financial Statement Details (Components of Restricted Cash) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash due to customers	$ 760,114	$ 700,611
Real estate escrow balances and other	1,175	1,629
Total restricted cash	$ 761,289	$ 702,240

Stockholders' Equity (Changes in Accumulated Other Comprehensive Loss by Component) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive (loss) income, beginning of period	$ 404	$ 15,295	$ 8,938	$ 6,522
Other comprehensive income before reclassifications, net of tax effects of $(3,238), $(993) $(672) and $(4,782)	(3,238)	(993)	(672)	(4,782)
Tax expense (benefit) included in provision for income taxes	(10,200)	(2,367)	(14,101)	(4,417)
Net current-period other comprehensive income (loss)	(8,438)	7,840	96	(933)
Translation adjustment	3,055	(10,398)	5,213	(12,530)
Accumulated other comprehensive income (loss), end of period	8,842	7,455	8,842	7,455
Gains and losses on cash flow hedges [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive (loss) income, beginning of period	13,141	16,162	23,833	5,257
Other comprehensive income (loss) before reclassifications, net of tax effects	(9,231)	(2,796)	(1,942)	(13,437)
Amounts reclassified from accumulated other comprehensive income	(5,192)	(323)	(9,816)	35
Tax expense (benefit) included in provision for income taxes	1,344	85	2,565	(9)
Total amounts reclassified from accumulated other comprehensive income	(3,848)	(238)	(7,251)	26
Net current-period other comprehensive income (loss)	5,383	2,558	(5,309)	13,463
Accumulated other comprehensive income (loss), end of period	18,524	18,720	18,524	18,720
Foreign currency translation adjustment [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive (loss) income, beginning of period	(12,737)	(867)	(14,895)	1,265
Translation adjustment	3,055	(10,398)	5,213	(12,530)
Accumulated other comprehensive income (loss), end of period	$ (9,682)	$ (11,265)	$ (9,682)	$ (11,265)

Revenue Recognition (Disaggregation of Recurring Revenue by Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 271,042	$ 264,927	$ 532,795	$ 522,051
Contractual recurring [Member]
Disaggregation of Revenue [Line Items]
Revenue	181,235	177,350	358,838	351,882
Transactional recurring [Member]
Disaggregation of Revenue [Line Items]
Revenue	81,155	75,157	156,300	145,291
Recurring [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 262,390	$ 252,507	$ 515,138	$ 497,173

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition


11. Revenue Recognition

Transaction price allocated to the remaining performance obligations

As of June 30, 2023, approximately $1.2 billion of revenue is expected to be recognized from remaining performance obligations. We expect to recognize revenue on approximately 50% of these remaining performance obligations over the next 12 months, with the remainder recognized thereafter.

We applied the practical expedient in ASC 606-10-50-14 and have excluded the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less (one-time services); and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed (transactional revenue).

Contract balances

Our contract assets as of June 30, 2023 and December 31, 2022 were insignificant. Our closing balances of deferred revenue were as follows:


(in thousands)	June 30, 2023		December 31, 2022
Total deferred revenue	$	438,151	$	385,236

The increase in deferred revenue during the six months ended June 30, 2023 was primarily due to a seasonal increase in customer contract renewals. Historically, due to the timing of customer budget cycles, we have an increase in customer contract renewals at or near the beginning of our third quarter. Generally, our lowest balance of deferred revenue during the year is at the end of our first quarter. The amount of revenue recognized during the six months ended June 30, 2023 that was included in the deferred revenue balance at the beginning of the period was approximately $252 million. The amount of revenue recognized during the six months ended June 30, 2023 from performance obligations satisfied in prior periods was insignificant.

Disaggregation of revenue

We sell our cloud solutions and related services in three primary geographical markets: to customers in the United States, to customers in the United Kingdom and to customers located in other countries. The following table presents our revenue by geographic area based on the address of our customers:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022		2023		2022
United States	$	228,744	$	223,128	$	450,413	$	437,522
United Kingdom	28,234		26,831		54,282		54,491
Other countries	14,064		14,968		28,100		30,038
Total revenue	$	271,042	$	264,927	$	532,795	$	522,051

During the third quarter of 2022, we reorganized our market groups. The Social Sector and Corporate Sector market groups comprised our go-to-market organizations as of June 30, 2023. The following is a description of each market group as of that date:

•The Social Sector market group focuses on sales to customers and prospects in the social sector, such as nonprofits, foundations, education institutions, healthcare organizations and other not-for-profit entities globally, and includes JustGiving; and

•The Corporate Sector market group focuses on sales to customers and prospects in the corporate sector globally, and includes EVERFI and YourCause.

The following table presents our revenue by market group:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022(1)		2023		2022(1)
Social Sector	$	232,381	$	227,756	$	457,278	$	447,751
Corporate Sector	38,661		37,171		75,517		74,300

Total revenue	$	271,042	$	264,927	$	532,795	$	522,051

The following table presents our recurring revenue by type:


	Three months ended June 30,				Six months ended June 30,
(dollars in thousands)	2023		2022		2023		2022
Contractual recurring	$	181,235	$	177,350	$	358,838	$	351,882
Transactional recurring	81,155		75,157		156,300		145,291
Total recurring revenue	$	262,390	$	252,507	$	515,138	$	497,173

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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