| Summary of Fair Value of Foreign Currency Exchange Contracts |
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: | | June 30, 2026 | | December 31, 2025 | | Sell USD | | 244,088 | | | 217,040 | | | Sell GBP | | 27,880 | | | 35,962 | | | Sell EUR | | 7,376 | | | 7,722 | | | Sell AUD | | 4,619 | | | 4,917 | | | | | | | | Buy USD | | 3,176 | | | 1,837 | | | | | | |
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
relationships | | Derivatives not designated as hedging
instruments | | | As of | | As of | | | June 30, 2026 | | December 31, 2025 | | June 30, 2026 | | December 31, 2025 | | Assets: | | | | | | | | | | Other current assets | | $ | 3,419 | | | $ | 4,444 | | | $ | 14 | | | $ | 196 | | | Other assets | | $ | 1,050 | | | $ | 1,424 | | | $ | — | | | $ | — | | | Liabilities: | | | | | | | | | Accrued expenses and other
current liabilities | | $ | 31,723 | | | $ | 15,383 | | | $ | 433 | | | $ | 60 | | | Other non-current liabilities | | $ | 16,344 | | | $ | 9,765 | | | $ | — | | | $ | — | |
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| Summary of Effect of Foreign Currency Exchange Contracts on Consolidated Statements of Income |
The following table sets forth the effect of foreign currency forward contracts on AOCI and the unaudited consolidated statements of income:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | Derivative financial instruments: | | 2026 | | 2025 | | 2026 | | 2025 | | Unrealized gain/(loss) recognized in other comprehensive income (“OCI”) | | | | | | | | | | Derivatives in cash flow hedging relationships | | $ | 8,888 | | | $ | 5,955 | | | $ | (37,047) | | | $ | 15,424 | | | | | | | | | | | | Gain/(loss) recognized in unaudited consolidated statements of income | | | | | | | | | | Derivatives not designated as hedging instruments | | $ | 1,747 | | | $ | (1,766) | | | $ | (8,714) | | | $ | (1,286) | |
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 June 30, | | | 2026 | | 2025 | | | As per unaudited consolidated
statements of
income | | Gain/(loss) on derivative financial instruments | | As per unaudited consolidated
statements of
income | | Gain/(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 | | | | | | | | | | Revenues, net | | $ | 594,763 | | | $ | 319 | | | $ | 514,460 | | | $ | (1,028) | | | Cost of revenues | | $ | 368,800 | | | (7,043) | | | $ | 320,272 | | | 1,360 | | | General and administrative expenses | | $ | 74,436 | | | (841) | | | $ | 59,549 | | | 126 | | | Selling and marketing expenses | | $ | 49,628 | | | (115) | | | $ | 39,446 | | | 7 | | | Depreciation and amortization expense | | $ | 14,604 | | | (127) | | | $ | 14,055 | | | 89 | | | | | | | | | | | | Total before tax | | | | (7,807) | | | | | 554 | | | Income tax effects on above | | | | 1,575 | | | | | (165) | | | Net of tax | | | | $ | (6,232) | | | | | $ | 389 | | | | | | | | | | | | Derivatives not designated as hedging instruments | | | | | | | | | | Location in unaudited consolidated statements of income where gain/(loss) was recognized | | | | | | | | | | | | | | | | | | | Foreign exchange gain, net | | $ | 1,609 | | | $ | 1,747 | | | $ | 2,211 | | | $ | (1,766) | | | | | | | | | | |
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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, | | | 2026 | | 2025 | | | As per unaudited consolidated
statements of
income | | Gain/(loss) on derivative financial instruments | | As per unaudited consolidated
statements of
income | | Gain/(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 | | | | | | | | | | Revenues, net | | $ | 1,165,114 | | | 139 | | | $ | 1,015,479 | | | $ | (1,028) | | | Cost of revenues | | $ | 717,070 | | | (11,178) | | | $ | 627,977 | | | (53) | | | General and administrative expenses | | $ | 143,487 | | | (1,368) | | | $ | 118,966 | | | (28) | | | Selling and marketing expenses | | $ | 96,829 | | | (187) | | | $ | 81,371 | | | (9) | | | Depreciation and amortization expense | | $ | 28,607 | | | (135) | | | $ | 27,612 | | | 74 | | | | | | | | | | | | Total before tax | | | | (12,729) | | | | | (1,044) | | | Income tax effects on above | | | | 2,667 | | | | | 217 | | | Net of tax | | | | $ | (10,062) | | | | | $ | (827) | | | | | | | | | | | | Derivatives not designated as hedging instruments | | | | | | | | | | Location in unaudited consolidated statements of income where gain/(loss) was recognized | | | | | | | | | | | | | | | | | | | Foreign exchange gain, net | | $ | 2,744 | | | $ | (8,714) | | | $ | 3,403 | | | $ | (1,286) | | | | | | | | | | |
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