v3.25.4

Derivative Instruments and Hedging | 12 Months Ended
--- | ---
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging | Derivative Instruments and Hedging The following table summarizes the notional amounts of the Company’s derivative instruments (in thousands):
| December 31, 2025 |  | December 31, 2024
Foreign currency forward contracts designated as hedging instruments | $ | 170,944 |  |  | $ | 180,754 |
Foreign currency forward contracts not designated as hedging instruments | 205,780 |  |  | 95,191 |
Total derivative instruments | $ | 376,724 |  |  | $ | 275,945 |
The following table summarizes the fair value of the Company’s derivative instruments on the consolidated balance sheets (in thousands):
|  | Balance Sheet Location |  | December 31, 2025 |  | December 31, 2024
Derivative Assets: |  |  |  |  |  |
Foreign currency forward contracts designated as hedging instruments |  | Prepaid expenses and other current assets |  | $ | 3,194 |  |  | $ | 205 |
Foreign currency forward contracts not designated as hedging instruments |  | Prepaid expenses and other current assets |  | 2,939 |  |  | 716 |
Foreign currency forward contracts designated as hedging instruments |  | Other assets, non-current |  | 65 |  |  | 141 |
Total derivative assets |  |  |  | $ | 6,198 |  |  | $ | 1,062 |
Derivative Liabilities: |  |  |  |  |  |
Foreign currency forward contracts designated as hedging instruments |  | Accrued expenses and other liabilities |  | $ | 1,294 |  |  | $ | 3,829 |
Foreign currency forward contracts not designated as hedging instruments |  | Accrued expenses and other liabilities |  | 1,235 |  |  | 1,368 |
Foreign currency forward contracts designated as hedging instruments |  | Other liabilities, non-current |  | 51 |  |  | 717 |
Total derivative liabilities |  |  |  | $ | 2,580 |  |  | $ | 5,914 |
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):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Beginning balance | $ | (4,200) |  |  | $ | 2,280 |  |  | $ | 653 |
Net gain (loss) recognized in other comprehensive income (loss), net of tax | 8,412 |  |  | (4,995) |  |  | 3,035 |
Net gain reclassified from AOCI to earnings | (2,310) |  |  | (1,485) |  |  | (1,408) |
Ending balance | $ | 1,902 |  |  | $ | (4,200) |  |  | $ | 2,280 |
As of December 31, 2025, $1.9 million of net unrealized gains were included in the balance of accumulated other comprehensive income (loss) related to foreign currency forward contracts designated as hedging instruments. The Company expects to reclassify $1.9 million of net unrealized gains from accumulated other comprehensive income (loss) into earnings over the next 12 months. The following table summarizes the effect of foreign currency forward contracts on the consolidated statements of operations (in thousands):
| Derivatives Designated as Hedging Instruments |  | Derivatives Not Designated as Hedging Instruments
| Year Ended December 31, |  | Year Ended December 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue - subscription | $ | 217 |  |  | $ | 213 |  |  | $ | — |  |  | $ | — |
Cost of revenue - services | 221 |  |  | 118 |  |  | — |  |  | — |
Research and development | 146 |  |  | 219 |  |  | — |  |  | — |
Sales and marketing | 1,433 |  |  | 690 |  |  | — |  |  | — |
General and administrative | 133 |  |  | 245 |  |  | — |  |  | — |
Other income (expense), net | — |  |  | — |  |  | 4,337 |  |  | (1,964) |
Total gain (loss) recognized in earnings | $ | 2,150 |  |  | $ | 1,485 |  |  | $ | 4,337 |  |  | $ | (1,964) |

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