v3.25.1
Derivatives and Hedge Accounting (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Foreign Currency Exchange Contracts
The following table sets forth the aggregate notional amount of derivatives in cash flow hedging relationship:
As of
March 31, 2025December 31, 2024
Foreign currency forward contracts denominated in:
Sell U.S. dollar (USD)903,000 984,300 
Buy U.S. dollar (USD)31,500 — 
The following table sets forth the aggregate notional principal amounts of outstanding foreign currency forward contracts for derivatives not designated as hedging instruments:
As of
Foreign currency forward contracts denominated in:March 31, 2025December 31, 2024
Sell USD215,904 179,491 
Sell GBP28,253 20,956 
Sell EUR9,549 9,008 
Sell AUD4,818 4,770 
Sell ZAR8,945 10,006 
Buy USD953 588 
The following table sets forth the fair value of the foreign currency forward contracts and their location on the consolidated balance sheets:
Derivatives in cash flow hedging relationshipsDerivatives not designated as hedging instruments
As ofAs of
March 31, 2025December 31, 2024March 31, 2025December 31, 2024
Assets:
Other current assets$4,316 $1,711 $430 $262 
Other assets$1,603 $852 $— $— 
Liabilities:
Accrued expenses and other current liabilities$3,333 $7,404 $52 $50 
Other non-current liabilities$723 $4,363 $— $— 
Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income/(Loss)
The following table sets forth the effect of foreign currency forward contracts and interest rate swaps on AOCI and the unaudited consolidated statements of income:
Three months ended March 31,
Derivative financial instruments:20252024
Unrealized gain/(loss) recognized in other comprehensive income (“OCI”)
Derivatives in cash flow hedging relationships$9,469 $(62)
Gain/(loss) recognized in unaudited consolidated statements of income
Derivatives not designated as hedging instruments$480 $40 
The following table sets forth the location and amount of gain/(loss) recognized in unaudited consolidated statements of income for derivatives in cash flow hedging relationships and derivatives not designated as hedging instruments:
Three months ended March 31,
20252024
As per unaudited consolidated statements of incomeGain/(loss) on derivative financial instrumentsAs per unaudited consolidated statements of incomeGain/(loss) on derivative financial instruments
Derivatives in cash flow hedging relationships
Location in unaudited consolidated statements of income where gain/(loss) was reclassified from AOCI
Cost of revenues$307,705 (1,413)$273,424 150 
General and administrative expenses$59,417 (154)$53,243 39 
Selling and marketing expenses$41,925 (16)$35,970 4 
Depreciation and amortization expense$13,557 (15)$12,346 8 
Interest expense$4,144 — $3,291 242 
Total before tax(1,598)443 
Income tax effects on above382 (102)
Net of tax$(1,216)$341 
Derivatives not designated as hedging instruments
Location in unaudited consolidated statements of income where gain/(loss) was recognized
Foreign exchange gain/(loss), net$1,192 $480 $359 $40