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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 114,758 $ 89,476 $ 67,659
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 49,656 50,513 52,193
Stock-based compensation expense 38,621 28,235 26,070
Amortization of operating lease right-of-use assets 26,326 27,146 27,335
Unrealized loss/(gain) on short term investments 5,139 (7,174) (10,116)
Unrealized foreign currency exchange (gain)/loss, net (3,821) 402 (206)
Deferred income tax (benefit)/expense (20,327) 2,697 (12,345)
Reversal/(allowance) for expected credit losses (464) 297 614
Loss on settlement of convertible notes 12,845 0 0
(Gain)/loss from equity-method investment (47) 227 269
Amortization of non-cash interest expense related to convertible senior notes 1,795 2,616 2,472
Impairment charges 0 0 3,627
Others, net 216 (542) (1,204)
Change in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (37,684) 24,696 (7,093)
Prepaid expenses and other current assets (1,179) (5,133) 1,385
Advance income tax, net (12,062) 696 7,194
Other assets 227 6,505 (2,204)
Accounts payable (614) 243 134
Deferred revenue (12,733) 18,222 6,679
Accrued employee costs 46,475 335 16,915
Accrued expenses and other liabilities 2,934 (9,895) 13,856
Operating lease liabilities (25,674) (26,589) (24,813)
Net cash provided by operating activities 184,387 202,973 168,421
Cash flows from investing activities:      
Purchase of property and equipment (37,248) (42,224) (40,545)
Proceeds from sale of property and equipment 1,300 916 407
Business acquisition (net of cash and cash equivalents acquired) (76,831) 0 0
Purchases of investments (96,011) (102,462) (187,974)
Proceeds from redemptions of investments 94,520 126,154 176,968
Investment in equity affiliate 0 (700) 0
Purchase of non-controlling interest 0 0 (241)
Net cash used for investing activities (114,270) (18,316) (51,385)
Cash flows from financing activities:      
Principal payments of finance lease liabilities (201) (249) (336)
Proceeds from borrowings 300,000 110,000 46,000
Repayments of borrowings (329,031) (120,867) (98,247)
Payment of debt issuance costs 0 0 (117)
Acquisition of treasury stock (118,357) (79,949) (41,364)
Proceeds from exercise of stock options 710 1,501 986
Net cash used for financing activities (146,879) (89,564) (93,078)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (4,947) 3,382 (1,045)
Net (decrease)/increase in cash, cash equivalents and restricted cash (81,709) 98,475 22,913
Cash, cash equivalents and restricted cash at the beginning of the year 225,519 127,044 104,131
Cash, cash equivalents and restricted cash at the end of the year 143,810 225,519 127,044
Cash paid during the year for:      
Interest 6,589 7,626 10,649
Income taxes, net of refunds 49,825 20,571 19,087
Supplemental disclosure of non-cash investing and financing activities:      
Settlement of portion of convertible notes through issuance of treasury stock 36,742 0 0
Assets acquired under finance lease $ 71 $ 45 $ 506