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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Schedule of income before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2021 |  | 2022 |  | 2023 |
​ | ​ | (In US$ thousands, except percentage) |
Loss from non-China operations | ​ | $ | (232,830) | ​ | $ | (422,860) | ​ | $ | (145,244) | ​
Income from China operations | ​ | ​ | 783,548 | ​ | ​ | 550,946 | ​ | ​ | 648,026 | ​
Total income before income tax expenses | ​ | $ | 550,718 | ​ | $ | 128,086 | ​ | $ | 502,782 | ​
Income tax expense (benefits) applicable to non-China operations | ​ | $ | 1,355 | ​ | $ | (14,176) | ​ | $ | 45,441 | ​
Income tax expense applicable to China operations | ​ | ​ | 137,486 | ​ | ​ | 44,453 | ​ | ​ | 99,846 | ​
Total income tax expenses | ​ | $ | 138,841 | ​ | $ | 30,277 | ​ | $ | 145,287 | ​
Effective tax rate for China operations | ​ | ​ | 17.5 | % | ​ | 8.1 | % | ​ | 15.4 | %
Effective tax rate for the Group | ​ | ​ | 25.2 | % | ​ | 23.6 | % | ​ | 28.9 | %
Schedule of current and deferred portion of income tax expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | ​ | (In US$ thousands)
Current income tax expenses | ​ | $ | 151,319 |  | $ | 55,098 |  | $ | 121,249
Deferred tax expenses (benefits) | ​ | ​ | (12,478) | ​ | ​ | (24,821) | ​ | ​ | 24,038
Income tax expenses | ​ | $ | 138,841 |  | $ | 30,277 |  | $ | 145,287
Schedule of reconciliation between the statutory EIT rate and the effective tax rate for China operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2021 |  | 2022 |  | 2023 |
PRC Statutory EIT rate(1) |  | 25.0 | % | 25.0 | % | 25.0 | %
Effect on tax holiday and preferential tax treatment | ​ | (13.1) | % | (29.7) | % | (9.5) | %
Research and development super-deduction |  | (7.5) | % | (21.1) | % | (4.4) | %
Non-deductible expenses and non-taxable income and others (2) | ​ | 9.2 | % | (30.1) | % | (3.5) | %
Change in valuation allowance | ​ | 0.7 | % | 8.2 | % | 5.0 | %
Effect of PRC withholding tax | ​ | — | ​ | — | ​ | 8.7 | %
Tax rate difference from statutory rate in other jurisdictions |  | 10.9 | % | 71.3 | % | 7.6 | %
Effective tax rate for the Group |  | 25.2 | % | 23.6 | % | 28.9 | %
(1) | The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC.
(2) | The item included the impact of uncertain tax positions recognized in 2021 and the reversal of uncertain tax positions in 2022.
Schedule of significant components of deferred tax assets and liabilities for China operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2022 |  | 2023
​ | ​ | (In US$ thousands)
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carry forwards | ​ | $ | 18,289 | ​ | $ | 49,802
Investment-related impairment | ​ | ​ | 52,363 | ​ | ​ | 50,441
Depreciation, accounts receivable, accrued and other liabilities | ​ | ​ | 73,557 | ​ | ​ | 72,207
Valuation allowance | ​ | ​ | (104,220) | ​ | ​ | (129,188)
Net deferred tax assets | ​ | $ | 39,989 | ​ | $ | 43,262
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Acquired intangible assets | ​ | $ | 27,435 | ​ | $ | 28,528
Depreciation | ​ | ​ | 1,731 | ​ | ​ | 1,769
Unrealized investment-related gain | ​ | ​ | 12,414 | ​ | ​ | 12,282
Withholding tax | ​ | ​ | — | ​ | ​ | 23,365
Others | ​ | ​ | 114 | ​ | ​ | 207
Total deferred tax liabilities | ​ | $ | 41,694 | ​ | $ | 66,151

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