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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 198,297 $ 184,558 $ 142,968
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 55,221 50,280 56,102
Stock-based compensation expense 72,658 58,437 49,366
Reduction in the carrying amount of operating lease right-of-use assets 21,764 20,188 21,783
Fair value mark-to-market on investments (1,514) 17,044 (1,209)
Unrealized foreign currency exchange gain, net (5,136) (1,363) (16,643)
Deferred income tax benefit (19,885) (31,742) (19,552)
Others, net (680) 5,301 9,443
Change in operating assets and liabilities:      
Accounts receivable 4,647 (49,242) (68,121)
Other current and non-current assets (48,373) (24,339) (18,432)
Income taxes payable, net (26,204) (18,282) 8,779
Accounts payable, accrued expenses and other liabilities 20,509 7,326 16,860
Deferred revenue 7,002 (877) 2,473
Accrued employee costs 21,708 14,090 5,551
Payment of contingent consideration (11,000) 0 0
Operating lease liabilities (20,489) (20,181) (23,227)
Net cash provided by operating activities 268,525 211,198 166,141
Cash flows from investing activities:      
Purchases of property and equipment (46,262) (52,803) (44,836)
Proceeds from sale of property and equipment 215 739 266
Business acquisition (net of cash acquired) (24,299) 0 (3,872)
Purchases of investments (289,012) (235,369) (212,607)
Proceeds from redemption of investments 240,859 276,036 164,503
Investment in equity affiliate (600) (600) 0
Net cash used for investing activities (119,099) (11,997) (96,546)
Cash flows from financing activities:      
Principal payments of finance lease liabilities (326) (169) (142)
Proceeds from borrowings 290,000 80,000 35,000
Repayments of borrowings (201,250) (130,000) (45,000)
Payment of contingent consideration (4,000) (5,000) 0
Acquisition of treasury stock (207,926) (131,847) (72,642)
Proceeds from issuance of common stock 5,023 5,566 1,060
Payment of debt issuance costs (622) 0 0
Net cash used for financing activities (119,101) (181,450) (81,724)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (4,328) 2,029 (6,060)
Net increase/(decrease) in cash, cash equivalents and restricted cash 25,997 19,780 (18,189)
Cash, cash equivalents and restricted cash at the beginning of the period 145,401 125,621 143,810
Cash, cash equivalents and restricted cash at the end of the period 171,398 145,401 125,621
Cash paid during the period for:      
Interest 19,604 13,895 8,189
Income taxes 106,414 104,882 57,058
Supplemental disclosure of non-cash investing and financing activities:      
Additions to property and equipment not yet paid 2,062 4,137 4,032
Assets acquired under finance lease $ 1,325 $ 461 $ 312