DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2024

DERIVATIVES [ABSTRACT]

Schedule of Cash Flow Hedges OCI Rollforward

	Three Months Ended March 31,
	2024		2023
Aggregate unrealized net gain/(loss) at beginning of period	$	6,315	$	89
Add: Net gain/(loss) from change in fair value of cash flow hedges		966		6,935
Less: Net (gain)/loss reclassified to earnings from effective hedges		(1,201)		(384)
Aggregate unrealized net gain/(loss) at end of period	$	6,080	$	6,640

Schedule of Notional Amounts of Outstanding Cash Flow Hedges

The Company’s foreign exchange cash flow hedging instruments as of March 31, 2024 and December 31, 2023 are summarized as follows (amounts in thousands). All hedging instruments are forward contracts.

	Local
	Currency	U.S. Dollar			% Maturing		Contracts
	Notional	Notional			in the next		Maturing
As of March 31, 2024	Amount	Amount			12 months		Through
Canadian Dollar	1,500	$	1,113		100	%	September 2024
Philippine Peso	7,647,000		135,128	(1)	61.8	%	December 2026
Mexican Peso	776,000		36,727		63.4	%	December 2026
		$	172,968

	Local
	Currency	U.S. Dollar
	Notional	Notional
As of December 31, 2023	Amount	Amount
Canadian Dollar	2,250	$	1,670
Philippine Peso	9,324,000		165,842	(1)
Mexican Peso	938,000		44,155
		$	211,667

(1) Includes contracts to purchase Philippine pesos in exchange for New Zealand dollars and Australian dollars, which are translated into equivalent U.S. dollars on March 31, 2024 and December 31, 2023.

Schedule of Derivatives Instruments on Balance Sheet

The Company’s derivatives as of March 31, 2024 and December 31, 2023 were as follows (in thousands):

	March 31, 2024
	Designated		Not Designated
	as Hedging		as Hedging
Designation:	Instruments		Instruments
	Foreign		Foreign
Derivative contract type:	Exchange		Exchange
Derivative classification:	Cash Flow		Fair Value
Fair value and location of derivative in the Consolidated Balance Sheet:
Prepaids and other current assets	$	7,418	$	178
Other long-term assets		2,125		—
Other current liabilities		(1,179)		(47)
Other long-term liabilities		(144)		—
Total fair value of derivatives, net	$	8,220	$	131

	December 31, 2023
	Designated		Not Designated
	as Hedging		as Hedging
Designation:	Instruments		Instruments
	Foreign		Foreign
Derivative contract type:	Exchange		Exchange
Derivative classification:	Cash Flow		Fair Value
Fair value and location of derivative in the Consolidated Balance Sheet:
Prepaids and other current assets	$	7,527	$	327
Other long-term assets		2,415		—
Other current liabilities		(1,214)		(120)
Other long-term liabilities		(197)		—
Total fair value of derivatives, net	$	8,531	$	207

Schedule of cash flow hedge impact on Statement of Comprehensive Income

The effects of derivative instruments on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
	Designated as Hedging
Designation:	Instruments
Derivative contract type:	Foreign Exchange
Derivative classification:	Cash Flow
Amount of (gain) or loss recognized in Other comprehensive income (loss) - effective portion, net of tax	$	(1,201)	$	(384)
Amount and location of net (gain) or loss reclassified from Accumulated OCI to income - effective portion:
Revenue	$	(1,624)	$	(518)

Schedule of fair value derivative impact on Statement of Comprehensive Income

	Three Months Ended March 31,
	2024		2023
Designation:	Not Designated as Hedging Instruments
Derivative contract type:	Foreign Exchange
Derivative classification:	Fair Value
Amount and location of net gain or (loss) recognized in the Consolidated Statement of Comprehensive Income (Loss):
Other income (expense), net	$	226	$	1,400