v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) from continuing operations $ 211,301 $ (242,638) $ 272,418
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property and equipment 29,088 25,388 46,576
Amortization of acquired intangible assets and land use rights 64,044 65,517 73,383
Operating lease expense 12,691 11,702 12,541
Expected credit loss of receivables 1,733 10,682 1,654
(Gains) losses on disposal of property and equipment, intangible assets and other long-term assets 1,171 (141) (274)
Impairment of investments 15,000 9,386 0
Impairment of property and equipment 8,580 0 0
Impairment of goodwill 0 454,935 0
Impairment of other assets 6,212 0 0
Share-based compensation 25,800 23,200 31,979
Share of (income) loss in equity method investments, net of income taxes (11,610) 1,637 (3,297)
Gain on disposal and deemed disposal of investments 0 0 (74,851)
Loss (gain) on deconsolidation and disposal of subsidiaries 0 (1,643) 6,177
Deferred income taxes, net 362 (7,982) (11,808)
Foreign currency exchange losses(gains), net 14,111 (764) 2,906
Interest expense 1,181 1,831 3,143
Gain on fair value changes of investments (12,320) (6,636) (12,425)
Accounts receivable (45,008) (13,651) (32,422)
Prepayments and other assets (74,075) (2,852) (30,660)
Amounts due from related parties 2,591 7,695 5,622
Lease liabilities (12,231) (11,712) (12,546)
Amounts due to related parties 8,549 (28,128) (1,783)
Accounts payable (3,480) (22,726) (5,563)
Deferred revenue (8,238) (7,151) (9,163)
Advances from customers 1,399 (1,914) 2,557
Income taxes payable (14,814) (7,813) 7,883
Accrued liabilities and other current liabilities 80,288 52,435 23,532
Net cash provided by operating activities 302,325 308,657 295,579
Cash flows from investing activities      
Placements of short-term and long-term deposits (2,170,967) (3,061,621) (3,046,581)
Maturities of short-term and long-term deposits 2,005,319 3,247,560 3,293,451
Placements of short-term investments (410,121) (369,904) (657,639)
Maturities of short-term investments 188,030 19,433 752,196
Purchase of property and equipment (143,111) (83,722) (81,567)
Purchase of intangible assets and land use right (284) (775) (445)
Cash paid for investments (29,141) (26,575) (66,014)
Cash received from disposal of investments 0 0 222,097
Proceeds from disposal of a subsidiary 0 70,715 0
Loans to employees and third parties 0 (18) (650)
Repayments of loans from employees, related parties and third parties 274 785 1,048
Proceeds from disposal of property and equipment 7,510 721 3,830
Others 8,796 (6,848) 647
Net cash provided (used in) by continuing investing activities (543,695) (210,249) 420,373
Net cash provided by discontinued investing activities 87,598 0 0
Net cash provided by (used in) investing activities (456,097) (210,249) 420,373
Cash flows from financing activities      
Proceeds from exercise of vested share options 87 113 180
Dividends paid to shareholders (155,527) 0 (84,197)
Purchase of non-controlling interests and redeemable non-controlling interests 0 0 (22,000)
Purchase of capped call option in relation to repurchase of common shares 0 0 (50,000)
Proceeds from bank borrowings 10,537 42,168 95,169
Repayment of bank borrowings (10,633) (84,646) (82,544)
Repurchase of shares (132,779) (259,428) (273,896)
Cash paid on extinguishment of convertible bonds 0 (406,038) (432,232)
Settlement of capped call options 0 0 7,775
Net cash used in financing activities (288,315) (707,831) (841,745)
Net decrease in cash, cash equivalents and restricted cash (442,087) (609,423) (125,793)
Cash, cash equivalents and restricted cash at the beginning of the year 836,815 1,440,449 1,565,560
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,113 5,789 682
Cash, cash equivalents and restricted cash at the end of the year 395,841 836,815 1,440,449
Supplemental disclosure of cash flows information of continuing operation:      
-Cash paid for interest, net of amounts capitalized (516) (3,016) (7,829)
-Income taxes paid (33,744) (29,052) (22,084)
Supplemental disclosures of non-cash investing and financing activities of continuing operation:      
-Accrued capital expenditure 62,108 95,049 47,109
-Disposal of investments and business $ 0 $ 0 $ 0