v3.25.2
Derivative Instruments and Hedging (Tables)
 6 Months Ended
Jun. 30, 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):
June 30, 2025December 31, 2024
Foreign currency forward contracts designated as hedging instruments$194,706 $180,754 
Foreign currency forward contracts not designated as hedging instruments173,304 95,191 
Total derivative instruments$368,010 $275,945 
Schedule of Fair Value of Derivative Instruments The following table summarizes the fair value of the Company’s derivative instruments on the condensed consolidated balance sheets (in thousands):
Balance Sheet LocationJune 30, 2025December 31, 2024
Derivative Assets:
Foreign currency forward contracts designated as hedging instrumentsPrepaid expenses and other current assets$6,280 $205 
Foreign currency forward contracts not designated as hedging instrumentsPrepaid expenses and other current assets3,650 716 
Foreign currency forward contracts designated as hedging instrumentsOther assets, non-current1,883 141 
Total derivative assets$11,813 $1,062 
Derivative Liabilities:
Foreign currency forward contracts designated as hedging instrumentsAccrued expenses and other liabilities$125 $3,829 
Foreign currency forward contracts not designated as hedging instrumentsAccrued expenses and other liabilities1,451 1,368 
Foreign currency forward contracts designated as hedging instrumentsOther liabilities, non-current7 717 
Total derivative liabilities$1,583 $5,914 
Schedule of Impact of Derivative Contracts on Accumulated Other Comprehensive Income
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 June 30,Six Months Ended June 30,
2025202420252024
Beginning balance$559 $543 $(4,200)$2,280 
Net gain (loss) recognized in other comprehensive income (loss), net of tax8,692 675 12,489 (937)
Net gain reclassified from AOCI to earnings(1,220)(169)(258)(294)
Ending balance$8,031 $1,049 $8,031 $1,049 
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 InstrumentsDerivatives Not Designated as Hedging Instruments
Three Months Ended June 30,Six Months Ended June 30,Three Months Ended June 30,Six Months Ended June 30,
20252024202520242025202420252024
Cost of revenue - subscription$114 $30 $40 $54 $— $— $— $— 
Cost of revenue - services92 11 37 19 — — — — 
Research and development233 33 (121)64 — — — — 
Sales and marketing679 66 116 99 — — — — 
General and administrative102 29 25 58 — — — — 
Other income (expense), net— — — — 2,932 (242)4,190 (1,049)
Total gain (loss) recognized in earnings$1,220 $169 $97 $294 $2,932 $(242)$4,190 $(1,049)