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Derivative Instruments and Hedging (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 |  |  | December 31, 2023 |
Foreign currency forward contracts designated as hedging instruments |  | $ | 112,867 |  |  | $ | 125,617 |
Foreign currency forward contracts not designated as hedging instruments |  |  | 84,359 |  |  |  | 99,918 |
Total derivative instruments |  | $ | 197,226 |  |  | $ | 225,535 |
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 |  | June 30, 2024 |  |  | December 31, 2023 |
Derivative Assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts designated as hedging instruments |  | Prepaid expenses and other current assets |  | $ | 1,109 |  |  | $ | 1,789 |
Foreign currency forward contracts not designated as hedging instruments |  | Prepaid expenses and other current assets |  |  | 385 |  |  |  | 906 |
Foreign currency forward contracts designated as hedging instruments |  | Other assets, non-current |  |  | 165 |  |  |  | 524 |
Total derivative assets |  |  |  | $ | 1,659 |  |  | $ | 3,219 |
Derivative Liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts designated as hedging instruments |  | Accrued expenses and other liabilities |  | $ | 225 |  |  | $ | 18 |
Foreign currency forward contracts not designated as hedging instruments |  | Accrued expenses and other liabilities |  |  | 617 |  |  |  | 1,239 |
Foreign currency forward contracts designated as hedging instruments |  | Other liabilities, non-current |  |  | - |  |  |  | 15 |
Total derivative liabilities |  |  |  | $ | 842 |  |  | $ | 1,272 |
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 June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Beginning balance |  | $ | 543 |  |  | $ | 1,024 |  |  | $ | 2,280 |  |  | $ | 653 |
Net gain (loss) recognized in other comprehensive income (loss) |  |  | 675 |  |  |  | 222 |  |  |  | (937 | ) |  |  | 1,065 |
Net gain reclassified from AOCI to earnings |  |  | (169 | ) |  |  | (706 | ) |  |  | (294 | ) |  |  | (1,178 | )
Ending balance |  | $ | 1,049 |  |  | $ | 540 |  |  | $ | 1,049 |  |  | $ | 540 |
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 June 30, |  |  | Six Months Ended June 30, |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of revenue - subscription |  | $ | 30 |  |  | $ | 89 |  |  | $ | 54 |  |  | $ | 133 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Cost of revenue - services |  |  | 11 |  |  |  | 60 |  |  |  | 19 |  |  |  | 108 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Research and development |  |  | 33 |  |  |  | 140 |  |  |  | 64 |  |  |  | 199 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sales and marketing |  |  | 66 |  |  |  | 318 |  |  |  | 99 |  |  |  | 581 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
General and administrative |  |  | 29 |  |  |  | 99 |  |  |  | 58 |  |  |  | 157 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other (expense) income, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (242 | ) |  |  | 11 |  |  |  | (1,049 | ) |  |  | 87 |
Total gains (losses) recognized in earnings |  | $ | 169 |  |  | $ | 706 |  |  | $ | 294 |  |  | $ | 1,178 |  |  | $ | (242 | ) |  | $ | 11 |  |  | $ | (1,049 | ) |  | $ | 87 |

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