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DERIVATIVES AND HEDGING | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVES AND HEDGING | NOTE 6: DERIVATIVES AND HEDGING The Company enters into forward, put and call option contracts to hedge certain forecasted payroll costs denominated in new Israeli shekel ("NIS") against exchange rate fluctuations of the U.S. dollar for a period of up to twelve months. The Company recorded the cash flows associated with these derivatives under operating activities. The Company does not use derivative instruments for trading or speculative purposes. Notional Amount of Foreign Currency Contracts The Company had outstanding contracts designated as hedging instruments in the aggregate notional amount of $32,021 and $35,718 as of March 31, 2025, and December 31, 2024, respectively. The fair value of the Company’s outstanding contracts amounted to an asset of $265 and $960, and a liability of $253 and $24 as of March 31, 2025 and December 31, 2024, respectively. These assets and liabilities were recorded under prepaid expenses and other current assets and accrued expenses and other current liabilities, respectively. Gains of $326 and $666 were reclassified from accumulated other comprehensive income during the three months ended March 31, 2025 and 2024, respectively. Such gains were reclassified from accumulated other comprehensive income when the related expenses were incurred. Effect of Foreign Currency Contracts on the Condensed Consolidated Statements of Operations The effect of foreign currency contracts on the condensed consolidated statements of operations during the three months ended March 31, 2025 and 2024 were as follows:
Condensed Statement of Operations Location: |  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
Cost of revenue |  | $ | (38) |  |  | $ | (101) |
Research and development |  | (172) |  |  | (343) |
Sales and marketing |  | (47) |  |  | (87) |
General and administrative |  | (69) |  |  | (135) |
Total |  | $ | (326) |  |  | $ | (666) |

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