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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 51,331 $ 36,178
Adjustments to reconcile net income to net cash provided by/(used for) operating activities:    
Depreciation and amortization expense 13,408 13,669
Stock-based compensation expense 14,407 11,224
Amortization of operating lease right-of-use assets 4,883 6,043
Unrealized loss/(gain) on investments 8,186 (384)
Unrealized foreign currency exchange loss/(gain), net 2,814 (3,165)
Deferred income tax benefit (9,444) (193)
Allowance for expected credit losses 342 34
Others, net 1,160 705
Change in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (30,896) (45,659)
Other current assets (6,046) (1,116)
Income taxes payable, net 7,883 6,185
Other assets (4,172) (2,924)
Accounts payable (4,445) (808)
Deferred revenue 2,451 3,707
Accrued employee costs (57,315) (60,008)
Accrued expenses and other liabilities 26,931 15,647
Operating lease liabilities (5,453) (6,005)
Net cash provided by/(used for) operating activities 16,025 (26,870)
Cash flows from investing activities:    
Purchases of property and equipment (12,479) (16,101)
Proceeds from sale of property and equipment 565 63
Business acquisition (net of cash and cash equivalents acquired) 0 (1,367)
Purchases of investments (51,495) (36,804)
Proceeds from redemption of investments 106,750 49,515
Net cash provided by/(used for) investing activities 43,341 (4,694)
Cash flows from financing activities:    
Principal payments of finance lease liabilities (43) (39)
Proceeds from borrowings 50,000 35,000
Repayments of borrowings (100,000) 0
Acquisition of treasury stock (42,363) (31,385)
Proceeds from ESPP contribution 1,102 0
Net cash (used for)/provided by financing activities (91,304) 3,576
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,282 (753)
Net decrease in cash, cash equivalents and restricted cash (30,656) (28,741)
Cash, cash equivalents and restricted cash at the beginning of the period 125,621 143,810
Cash, cash equivalents and restricted cash at the end of the period 94,965 115,069
Cash paid during the period for:    
Interest 3,325 1,277
Income taxes, net of refunds 6,525 5,404
Supplemental disclosure of non-cash investing and financing activities:    
Assets acquired under finance lease $ 99 $ 50