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