Fair Value Measurement (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Summary of Fair Values of Our Derivative Assets and Liabilities |
The fair values of our financial instruments measured on a recurring basis are categorized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | | | | | | | | | | Foreign exchange contract designated as hedging instruments | | $ | 2,304 | | | $ | — | | | $ | 2,304 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Foreign exchange contract not designated as hedging instruments | | $ | 89 | | | $ | — | | | $ | 89 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Interest rate swap agreement settled in 2025 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,069 | | | $ | — | | | $ | 1,069 | | | $ | — | | | Liabilities: | | | | | | | | | | | | | | | | | | Foreign exchange contract designated as hedging instruments | | $ | 62 | | | $ | — | | | $ | 62 | | | $ | — | | | $ | 5,698 | | | $ | — | | | $ | 5,698 | | | $ | — | | | Foreign exchange contract not designated as hedging instruments | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 53 | | | $ | — | | | $ | 53 | | | $ | — | | | Warrants | | $ | 2,636 | | | $ | — | | | $ | 2,636 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Summary of Notional Amount of Foreign Exchange Contracts |
The following table summarizes the notional amount of our open foreign exchange contracts: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | U.S. $
Equivalent | | U.S. $
Equivalent
Fair Value | | U.S. $
Equivalent | | U.S. $
Equivalent
Fair Value | | Commitments to buy or sell currencies - Foreign exchange contract designated as hedging instruments | $ | 33,353 | | | $ | 33,714 | | | $ | 54,359 | | | $ | 55,251 | | | Commitments to buy or sell currencies - Foreign exchange contract not designated as hedging instruments | $ | 6,753 | | | $ | 6,108 | | | $ | 4,697 | | | $ | 5,023 | |
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| Summary of Fair Value and Presentation in Consolidated Balance Sheets for Derivatives none of which are Designated as Accounting Hedges |
The following table summarizes the fair value and presentation of financial instruments in the Condensed Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | Derivative Asset | | Balance Sheet
Location | | Fair Value | | | June 30, 2025 | | December 31, 2024 | | | | | | | | Foreign exchange contract designated as hedging instruments | Other current assets | | $ | 2,304 | | | $ | — | | | Foreign exchange contract not designated as hedging instruments | Other current assets | | $ | 89 | | | $ | — | | | Interest rate swap agreement settled in 2025 | Other assets, net | | $ | — | | | $ | 1,069 | | | | | | | |
| | | | | | | | | | | | | | | | | | | Derivative Liability | | Balance Sheet
Location | | Fair Value | | | June 30, 2025 | | December 31, 2024 | | Foreign exchange contract designated as hedging instruments | Accrued liabilities and other | | $ | — | | | $ | 5,648 | | | Foreign exchange contract designated as hedging instruments | Other long-term liabilities | | $ | — | | | $ | 50 | | | Foreign exchange contracts not designated as hedging instruments | Accrued liabilities and other | | $ | 62 | | | $ | 53 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | Derivative Equity | | Balance Sheet
Location | | Fair Value | | | June 30, 2025 | | December 31, 2024 | | Foreign exchange contracts designated as hedging instruments | Accumulated other comprehensive income (loss) | | $ | 2,596 | | | $ | (2,119) | | | Interest rate swap agreements | Accumulated other comprehensive income | | $ | 2,157 | | | $ | 897 | |
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| Summary of Effect of Derivative Instruments on Consolidated Statements of Operations for Derivatives not Designated as Hedging Instruments |
The following table summarizes the effect of financial instruments on the Condensed Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | 2024 | | 2025 | | 2024 | | Location of Gain (Loss) on Derivatives
Recognized in Income (Loss) | | Amount of Gain (Loss) on Derivatives
Recognized in Income (Loss) | | Amount of Gain (Loss) on Derivatives
Recognized in Income (Loss) | | Foreign exchange contracts designated as hedging instruments | Cost of revenues | | $ | (627) | | | $ | 513 | | | $ | (2,609) | | | $ | 602 | | | Interest rate swap agreement settled in 2025 | Interest expense | | $ | — | | | $ | 403 | | | $ | 127 | | | $ | 819 | | | Interest rate swap agreement settled in 2022 | Interest expense | | $ | 451 | | | $ | 188 | | | $ | 681 | | | $ | 377 | | | Foreign exchange contracts not designated as hedging instruments | Other (income) expense | | $ | 96 | | | $ | 304 | | | $ | 139 | | | $ | 98 | |
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| Summary of Carrying Amounts and Fair Values of Our Long-Term Debt Obligations |
The carrying amounts and fair values of our long-term debt obligations are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | | Carrying
Amount | | Fair Value | | Carrying
Amount | | Fair Value | Term Loan due 2030 1 | $ | 87,850 | | | $ | 87,850 | | | $ | — | | | $ | — | | Prior Term Loan due 2027 1 | $ | — | | | $ | — | | | $ | 85,000 | | | $ | 84,363 | | | Revolving credit facility | $ | 30,300 | | | $ | 30,300 | | | $ | 50,500 | | | $ | 50,500 | |
1.Presented in the Condensed Consolidated Balance Sheets as the current portion of long-term debt of $0.9 million and long-term debt of $86.9 million as of June 30, 2025 and current portion of long-term debt of $8.4 million and long-term debt of $76.6 million as of December 31, 2024.
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