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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 147,625 $ 144,275
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 39,068 38,010
Stock-based compensation expense 57,179 42,985
Reduction in the carrying amount of operating lease right-of-use assets 16,070 15,171
Fair value mark-to-market of investments (1,233) 6,003
Unrealized foreign currency exchange (gain)/loss, net (3,064) (862)
Deferred income tax benefit (25,423) (26,555)
Others, net (341) 6,328
Change in operating assets and liabilities:    
Accounts receivable (28,900) (46,488)
Other current and non-current assets (6,961) (19,204)
Income taxes payable, net (8,438) (12,022)
Deferred revenue 35 2,319
Accrued employee costs (6,435) (1,853)
Accounts payable, accrued expenses and other liabilities 10,177 (325)
Operating lease liabilities (15,180) (15,622)
Payment of contingent consideration (11,000) 0
Net cash provided by operating activities 163,179 132,160
Cash flows from investing activities:    
Purchases of property and equipment (36,188) (41,106)
Proceeds from sale of property and equipment 172 640
Investment in equity affiliate (600) (600)
Business acquisition (net of cash acquired) (24,466) 0
Purchases of investments (225,555) (165,021)
Proceeds from redemption of investments 192,162 217,525
Net cash (used for)/provided by investing activities (94,475) 11,438
Cash flows from financing activities:    
Principal payments of finance lease liabilities (222) (120)
Proceeds from borrowings 290,000 70,000
Repayments of borrowings (145,000) (110,000)
Acquisition of treasury stock (195,880) (100,542)
Payment of contingent consideration (4,000) (5,000)
Proceeds from issuance of common stock 3,524 4,690
Payment of debt issuance costs (593) 0
Net cash used for financing activities (52,171) (140,972)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,330 (288)
Net increase in cash, cash equivalents and restricted cash 17,863 2,338
Cash, cash equivalents and restricted cash at the beginning of the period 145,401 125,621
Cash, cash equivalents and restricted cash at the end of the period 163,264 127,959
Cash paid during the period for:    
Interest 14,346 10,580
Income taxes 78,069 76,743
Supplemental disclosure of non-cash investing and financing activities:    
Additions to property and equipment not yet paid 2,756 3,975
Assets acquired under finance lease $ 972 $ 285