v3.25.1
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 (loss) $ (242,638) $ 272,418 $ 101,568
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property and equipment 25,388 46,576 83,396
Amortization of acquired intangible assets and land use rights 65,517 73,383 65,204
Amortization of right-of-use assets 11,702 12,541 14,779
Expected credit loss of receivables 10,682 1,654 14,553
Gain on disposal of property and equipment, intangible assets and other long-term assets (141) (274) (4,118)
Impairment of investments 9,386 0 0
Impairment of intangible assets 0 0 1,356
Impairment of goodwill 454,935 0 14,830
Share-based compensation 23,200 31,979 44,096
Share of loss (income) in equity method investments, net of income taxes 1,637 (3,297) 498,431
Gain on disposal and deemed disposal of investments 0 (74,851) (4,113)
Loss (gain) on deconsolidation and disposal of subsidiaries (1,643) 6,177 0
Cash dividend received from equity investees 0 0 848
Deferred income taxes, net (7,982) (11,808) (1,935)
Foreign currency exchange (gains) losses, net (764) 2,906 (11,666)
Interest expense 1,831 3,143 12,770
Investment loss 0 0 1,360
Gain on fair value changes of investments (6,636) (12,425) (424,304)
Gain on extinguishment of debt and derivative 0 0 (63,378)
Accounts receivable (13,651) (32,422) (20,201)
Interest receivables recorded in financing receivables 1 9 9
Prepayments and other assets (2,852) (30,660) (33,357)
Amounts due from related parties 7,695 5,622 7,247
Lease liabilities (11,712) (12,546) (12,343)
Amounts due to related parties (28,128) (1,783) (41,268)
Accounts payable (22,726) (5,563) 19,052
Deferred revenue (7,151) (9,163) 8,594
Advances from customers (1,914) 2,557 (2,589)
Income taxes payable (7,813) 7,883 17,610
Accrued liabilities and other current liabilities 52,434 23,523 30,063
Net cash provided by operating activities 308,657 295,579 316,494
Cash flows from investing activities      
Placements of short-term and long-term deposits (3,061,621) (3,046,581) (4,425,191)
Maturities of short-term and long-term deposits 3,247,560 3,293,451 3,711,568
Placements of short-term investments (369,904) (657,639) (418,578)
Maturities of short-term investments 19,433 752,196 889,905
Purchase of property and equipment (83,722) (81,567) (69,022)
Purchase of intangible assets and land use right (775) (445) (197)
Cash paid for investments (26,575) (66,014) (175,719)
Cash received from disposal of investments 0 222,097 15,174
Proceeds from disposal of a subsidiary 70,715 0 0
Acquisition of businesses, net of cash, cash equivalents and restricted cash acquired 0 0 27,926
(Payments on behalf of) repayments from related parties, net 9 1 (36,522)
Loans to related parties 0 0 (28,062)
Loans to employees and third parties (18) (650) (1,025)
Repayments of loans from employees, related parties and third parties 785 1,048 1,385
Principal collection from financing receivables 27 70 174
Proceeds from disposal of property and equipment 721 3,830 7,508
Others (6,884) 576 (9,608)
Net cash (used in) provided by investing activities (210,249) 420,373 (510,284)
Cash flows from financing activities      
Proceeds from exercise of vested share options 113 180 0
Capital contributions from the non-controlling interest shareholders 0 0 17,045
Dividends paid to shareholders 0 (84,197) (145,925)
Purchase of non-controlling interests and redeemable non-controlling interests 0 (22,000) 0
Purchase of capped call option in relation to repurchase of common shares 0 (50,000) 0
Proceeds from bank borrowings 42,168 95,169 44,504
Repayment of bank borrowings (84,646) (82,544) (11,718)
Repurchase of shares (259,428) (273,896) (138,079)
Cash paid on extinguishment of convertible bonds (406,038) (432,232) (87,736)
Settlement of capped call options 0 7,775 0
Net cash used in financing activities (707,831) (841,745) (321,909)
Net decrease in cash, cash equivalents and restricted cash (609,423) (125,793) (515,699)
Cash, cash equivalents and restricted cash at the beginning of the year 1,440,449 1,565,560 2,134,492
Effect of exchange rate changes on cash, cash equivalents and restricted cash 5,789 682 (53,233)
Cash, cash equivalents and restricted cash at the end of the year 836,815 1,440,449 1,565,560
Supplemental disclosure of cash flows information:      
-Cash paid for interest, net of amounts capitalized (3,016) (7,829) (8,706)
-Income taxes paid (29,052) (22,084) (19,150)
Supplemental disclosures of non-cash investing and financing activities:      
-Accrued capital expenditure $ 95,049 47,109 29,501
-Disposal of investments and business   $ 0 $ 144