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Forward Contracts (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Settled and Outstanding Forward Contracts | The following table presents the Company's settled forward contracts and realized and unrealized losses (gains) associated with derivative contracts:
|  | Three months ended June 30, |  | Six months ended June 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Notional amount of settled forward contracts in Philippine pesos |  | $ | 41,690 |  |  | $ | 68,825 |  |  | $ | 87,654 |  |  | $ | 128,250 |
Notional amount of settled forward contracts in Indian rupees |  | 10,488 |  |  | 7,098 |  |  | 22,893 |  |  | 7,098 |
Total notional amount of settled forward contracts |  | $ | 52,178 |  |  | $ | 75,923 |  |  | $ | 110,547 |  |  | $ | 135,348 |
Realized losses (gains) from settlement of forward contracts |  | $ | 2,076 |  |  | $ | (1,793) |  |  | $ | 2,769 |  |  | $ | (175) |
Unrealized losses (gains) on forward contracts |  | $ | 1,966 |  |  | $ | 4,661 |  |  | $ | 3,463 |  |  | $ | (1,675) |
The following table presents the Company's outstanding forward contracts:
(in thousands) | June 30, 2024 |  | December 31, 2023
Notional amount of outstanding forward contracts in Philippine pesos | $ | 81,376 |  |  | $ | 169,029 |
Notional amount of outstanding forward contracts in Indian rupees | 22,300 |  |  | 45,193 |
Total notional amount of outstanding forward contracts | $ | 103,676 |  |  | $ | 214,222 |
Schedule of Fair Value of Assets Measured on a Recurring Basis | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value, at June 30, 2024 and December 31, 2023:
| June 30, 2024
| Fair value measurements using |  | Total Gross Fair Value |  | Effect of Counter-party Netting |  | Net Amounts on Balance Sheet |  | Effect of Master Netting Arrangements |  | Net Amounts
(in thousands) | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 14,957 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,957 |  |  | $ | — |  |  | $ | 14,957 |  |  | $ | — |  |  | $ | 14,957 |
Forward contracts receivable | $ | — |  |  | $ | 173 |  |  | $ | — |  |  | $ | 173 |  |  | $ | — |  |  | $ | 173 |  |  | $ | — |  |  | $ | 173 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts payable | $ | — |  |  | $ | 4,325 |  |  | $ | — |  |  | $ | 4,325 |  |  | $ | — |  |  | $ | 4,325 |  |  | $ | — |  |  | $ | 4,325 |
| December 31, 2023
| Fair value measurements using |  | Total Gross Fair Value |  | Effect of Counter-party Netting |  | Net Amounts on Balance Sheet |  | Effect of Master Netting Arrangements |  | Net Amounts
(in thousands) | Level 1 inputs |  | Level 2 inputs |  | Level 3 inputs |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts receivable | $ | — |  |  | $ | 95 |  |  | $ | — |  |  | $ | 95 |  |  | $ | — |  |  | $ | 95 |  |  | $ | (95) |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts payable | $ | — |  |  | $ | 784 |  |  | $ | — |  |  | $ | 784 |  |  | $ | — |  |  | $ | 784 |  |  | $ | (95) |  |  | $ | 689 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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