XML 18 R7.htm IDEA: XBRL DOCUMENT v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 132,612 $ 94,588
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 27,689 25,230
Stock-based compensation expense 35,579 35,947
Reduction in the carrying amount of operating lease right-of-use assets 12,489 10,349
Fair value mark-to-market of investments (1,304) (301)
Unrealized foreign currency exchange (gain)/loss, net (3,314) (2,919)
Deferred income tax benefit (15,605) (17,076)
Others, net 1,581 (70)
Change in operating assets and liabilities:    
Accounts receivable (38,312) (20,008)
Other current and non-current assets (10,434) (14,507)
Income taxes payable, net 4,202 (4,922)
Deferred revenue 2,426 3,138
Accrued employee costs (31,278) (35,128)
Accounts payable, accrued expenses and other liabilities 8,539 (639)
Operating lease liabilities (12,250) (9,645)
Payment of contingent consideration 0 (11,000)
Net cash provided by operating activities 112,620 53,037
Cash flows from investing activities:    
Purchases of property and equipment (27,366) (23,329)
Proceeds from sale of property and equipment 180 90
Investment in equity affiliate (600) 0
Purchases of investments (144,935) (159,854)
Proceeds from redemption of investments 136,434 139,844
Net cash used for investing activities (36,287) (43,249)
Cash flows from financing activities:    
Principal payments of finance lease liabilities (247) (132)
Proceeds from borrowings 50,000 180,000
Repayments of borrowings (78,500) (45,000)
Acquisition of treasury stock (59,673) (160,647)
Payment of contingent consideration 0 (4,000)
Proceeds from issuance of common stock 3,868 2,474
Net cash used for financing activities (84,552) (27,305)
Effect of exchange rate changes 7,346 (1,844)
Net decrease in cash, cash equivalents and restricted cash (873) (19,361)
Cash, cash equivalents and restricted cash at the beginning of the period 171,398 141,015
Cash, cash equivalents and restricted cash at the end of the period 170,525 121,654
Cash paid during the period for:    
Interest 8,216 8,940
Income taxes 42,965 50,161
Supplemental disclosure of non-cash investing and financing activities:    
Additions to property and equipment not yet paid 6,186 3,140
Assets acquired under finance lease $ 633 $ 581