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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 184,558 $ 142,968 $ 114,758
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 50,280 56,102 49,656
Stock-based compensation expense 58,437 49,366 38,621
Reduction in the carrying amount of operating lease right-of-use assets 20,188 21,783 26,326
Fair value mark-to-market of short-term investments 17,044 (1,209) 5,139
Unrealized foreign currency exchange gain, net (1,363) (16,643) (3,821)
Deferred income tax benefit (31,742) (19,552) (20,326)
Allowance/(reversal) for expected credit losses 2,453 683 (464)
Loss on settlement of convertible notes 0 0 12,845
Fair value changes in contingent consideration 1,900 8,250 0
Amortization of non-cash interest expense related to convertible notes 0 0 1,795
Others, net 948 510 168
Change in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (49,242) (68,121) (37,684)
Other current assets (9,506) (7,709) (1,179)
Income taxes payable, net (18,282) 8,779 (12,062)
Other assets (14,833) (10,723) 227
Accounts payable (2,757) 2,385 (614)
Deferred revenue (877) 2,473 (12,733)
Accrued employee costs 14,090 5,551 46,475
Accrued expenses and other liabilities 10,083 14,475 2,934
Operating lease liabilities (20,181) (23,227) (25,674)
Net cash provided by operating activities 211,198 166,141 184,387
Cash flows from investing activities:      
Purchases of property and equipment (52,803) (44,836) (37,248)
Proceeds from sale of property and equipment 739 266 1,300
Business acquisition (net of cash and cash equivalents acquired) 0 (3,872) (76,831)
Purchases of investments (235,369) (212,607) (96,011)
Proceeds from redemption of investments 276,036 164,503 94,520
Investment in equity affiliate (600) 0 0
Net cash used for investing activities (11,997) (96,546) (114,270)
Cash flows from financing activities:      
Principal payments of finance lease liabilities (169) (142) (201)
Proceeds from borrowings 80,000 35,000 300,000
Repayments of borrowings (130,000) (45,000) (329,031)
Payment of contingent consideration (5,000) 0 0
Acquisition of treasury stock (131,847) (72,642) (118,357)
Proceeds from issuance of common stock 5,566 1,060 710
Net cash used for financing activities (181,450) (81,724) (146,879)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,029 (6,060) (4,947)
Net increase/(decrease) in cash, cash equivalents and restricted cash 19,780 (18,189) (81,709)
Cash, cash equivalents and restricted cash at the beginning of the period 125,621 143,810 225,519
Cash, cash equivalents and restricted cash at the end of the period 145,401 125,621 143,810
Cash paid during the period for:      
Interest 13,895 8,189 6,589
Income taxes 104,882 57,058 49,997
Supplemental disclosure of non-cash investing and financing activities:      
Settlement of portion of convertible notes through issuance of treasury stock 0 0 36,742
Assets acquired under finance lease $ 461 $ 312 $ 71