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Derivative Instruments and Hedging (Tables)

6 Months Ended

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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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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