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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 100,399 $ 72,024
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 26,464 27,739
Stock-based compensation expense 25,918 24,564
Amortization of operating lease right-of-use assets 10,332 12,005
Unrealized (gain)/loss on investments 7,222 (275)
Unrealized foreign currency exchange (gain)/loss, net 1,288 (10,280)
Deferred income tax benefit (18,283) (1,462)
Allowance for expected credit losses 479 170
Fair value changes in contingent consideration 0 1,000
Others, net 1,202 526
Change in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (28,375) (46,385)
Other current assets (4,387) 2,861
Income taxes payable, net (10,610) 8,684
Other assets (12,772) (6,584)
Accounts payable (4,796) (1,107)
Deferred revenue 5,380 4,276
Accrued employee costs (24,331) (34,016)
Accrued expenses and other liabilities (742) 11,190
Operating lease liabilities (10,829) (11,922)
Net cash provided by operating activities 63,559 53,008
Cash flows from investing activities:    
Purchases of property and equipment (26,113) (25,054)
Proceeds from sale of property and equipment 547 154
Business acquisition (net of cash and cash equivalents acquired) 0 (2,572)
Purchases of investments (113,823) (96,082)
Proceeds from redemption of investments 151,178 82,567
Net cash provided by/(used for) investing activities 11,789 (40,987)
Cash flows from financing activities:    
Principal payments of finance lease liabilities (80) (75)
Proceeds from borrowings 70,000 35,000
Repayments of borrowings (100,000) (10,000)
Acquisition of treasury stock (70,638) (60,191)
Payment of contingent consideration (5,000) 0
Proceeds from ESPP contribution 3,800 0
Proceeds from exercise of stock options 85 0
Net cash used for financing activities (101,833) (35,266)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,524 (5,365)
Net decrease in cash, cash equivalents and restricted cash (24,961) (28,610)
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 100,660 115,200
Cash paid during the period for:    
Interest 6,914 2,694
Income taxes, net of refunds 53,299 14,301
Supplemental disclosure of non-cash investing and financing activities:    
Assets acquired under finance lease $ 91 $ 118