v3.25.1
Derivative Instruments and Hedging (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of the Company's Derivative Instruments

The following table summarizes the notional amounts of the Company’s derivative instruments (in thousands):

 

 

 

March 31, 2025

 

 

December 31, 2024

 

Foreign currency forward contracts designated as hedging instruments

 

$

181,874

 

 

$

180,754

 

Foreign currency forward contracts not designated as hedging instruments

 

 

135,833

 

 

 

95,191

 

Total derivative instruments

 

$

317,707

 

 

$

275,945

 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The following table summarizes the fair value of the Company’s derivative instruments on the condensed consolidated balance sheets (in thousands):

 

 

Balance Sheet Location

 

March 31, 2025

 

 

December 31, 2024

 

Derivative Assets:

 

 

 

 

 

 

 

 

Foreign currency forward contracts designated as hedging instruments

 

Prepaid expenses and other current assets

 

$

704

 

 

$

205

 

Foreign currency forward contracts not designated as hedging instruments

 

Prepaid expenses and other current assets

 

 

470

 

 

 

716

 

Foreign currency forward contracts designated as hedging instruments

 

Other assets, non-current

 

 

1,020

 

 

 

141

 

Total derivative assets

 

 

 

$

2,194

 

 

$

1,062

 

Derivative Liabilities:

 

 

 

 

 

 

 

 

Foreign currency forward contracts designated as hedging instruments

 

Accrued expenses and other liabilities

 

$

1,166

 

 

$

3,829

 

Foreign currency forward contracts not designated as hedging instruments

 

Accrued expenses and other liabilities

 

 

1,422

 

 

 

1,368

 

Foreign currency forward contracts designated as hedging instruments

 

Other liabilities, non-current

 

 

-

 

 

 

717

 

Total derivative liabilities

 

 

 

$

2,588

 

 

$

5,914

 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the activity of foreign currency forward contracts designated as hedging instruments and the impact of these derivatives on AOCI (in thousands):

 

 

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

Beginning balance

 

$

(4,200

)

 

$

2,280

 

Net gain (loss) recognized in other comprehensive income (loss)

 

 

3,797

 

 

 

(1,612

)

Net loss (gain) reclassified from AOCI to earnings

 

 

962

 

 

 

(125

)

Ending balance

 

$

559

 

 

$

543

 
Schedule of foreign currency forward contracts on the condensed consolidated statements of operations

The following table summarizes the effect of foreign currency forward contracts on the condensed consolidated statements of operations (in thousands):

 

 

 

Derivatives Designated as Hedging Instruments

 

 

Derivatives Not Designated as Hedging Instruments

 

 

 

Three Months Ended March 31,

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of revenue - subscription

 

$

(74

)

 

$

24

 

 

$

-

 

 

$

-

 

Cost of revenue - services

 

 

(55

)

 

 

8

 

 

 

-

 

 

 

-

 

Research and development

 

 

(354

)

 

 

31

 

 

 

-

 

 

 

-

 

Sales and marketing

 

 

(563

)

 

 

33

 

 

 

-

 

 

 

-

 

General and administrative

 

 

(77

)

 

 

29

 

 

 

-

 

 

 

-

 

Other income (expense), net

 

 

-

 

 

 

-

 

 

 

1,258

 

 

 

(807

)

Total (losses) gains recognized in earnings

 

$

(1,123

)

 

$

125

 

 

$

1,258

 

 

$

(807

)