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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 22,411 $ 14,695
Adjustments to reconcile net income to net cash (used for)/provided by operating activities:    
Depreciation and amortization expense 12,472 13,724
Stock-based compensation expense 4,778 6,956
Amortization of operating lease right-of-use assets 6,853 7,017
Unrealized gain on short term investments 267 (3,185)
Unrealized foreign exchange (gain)/loss, net (5,112) 127
Deferred income tax expense 3,539 1,049
Allowance for expected credit losses 195 298
Loss from equity-method investment 55 67
Amortization of non-cash interest expense related to convertible senior notes 635 600
Impairment charges 0 1,227
Others, net (26) (1,401)
Change in operating assets and liabilities:    
Accounts receivable (17,518) (12,016)
Prepaid expenses and other current assets (3,249) 591
Advance income tax, net (1,109) (2,099)
Other assets 925 388
Accounts payable 1,400 (1,159)
Deferred revenue 2,579 3,262
Accrued employee costs (37,046) (22,436)
Accrued expenses and other liabilities 972 5,837
Operating lease liabilities (6,576) (5,199)
Net cash (used for)/provided by operating activities (13,555) 8,343
Cash flows from investing activities:    
Purchases of property and equipment (12,274) (10,878)
Investment in equity affiliate (700) 0
Purchase of investments (23,830) (47,683)
Proceeds from redemption of investments 72,844 21,361
Net cash provided by/(used for) investing activities 36,040 (37,200)
Cash flows from financing activities:    
Principal payments of finance lease liabilities (67) (137)
Proceeds from borrowings 110,000 46,000
Repayments of borrowings (10,201) (10,572)
Payment of debt issuance costs 0 (97)
Acquisition of treasury stock (13,995) (15,408)
Proceeds from exercise of stock options 921 22
Net cash provided by financing activities 86,658 19,808
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,653) (455)
Net increase/(decrease) in cash, cash equivalents and restricted cash 106,490 (9,504)
Cash, cash equivalents and restricted cash at the beginning of the period 127,044 104,131
Cash, cash equivalents and restricted cash at the end of the period $ 233,534 $ 94,627