XML 31 R7.htm IDEA: XBRL DOCUMENT 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 $ 461,075 $ 310,105 $ 357,495
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 59,088 58,137 58,509
Stock-based compensation 42,067 69,714 101,131
Amortization of operating lease assets 14,135 13,539 13,792
Non-cash compensation cost to non-controlling interest shareholders 2,771 4,644 11,541
Provision (reversal) of allowance for credit losses (32,127) 12,343 19,092
Deferred income taxes 55,874 17,727 24,038
Foreign currency exchange (gain) loss (4,234) 8,294 9,142
(Income) loss from equity method investments (76,666) 12,170 (13,392)
Dividend received from equity method investments 8,513 1,708 771
(Gain) loss on sale of investments (506) (261) 766
Fair value changes through earnings on investments, net (21,258) (18,564) (43,002)
Investment-related impairment and provision 5,972 93,382 23,642
Gain on disposal of property and equipment (450) (461) (444)
Amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans 7,774 8,484 8,287
Changes in assets and liabilities:      
Prepaid expenses and other current assets 25,965 (10,944) 6,157
Other non-current assets (36,443) (23,225) (13,156)
Accounts payable 69,948 397 19,665
Accrued and other liabilities (28,388) 6,830 (197)
Deferred revenues 2,417 (613) (1,905)
Operating lease liabilities (10,853) (9,379) (9,612)
Income taxes payable (7,983) (27,130) 40,656
Net cash provided by operating activities 519,479 639,898 672,820
Cash flows from investing activities:      
Purchases of bank time deposits and wealth management products (1,760,226) (1,608,754) (755,315)
Maturities of bank time deposits and wealth management products 1,920,877 1,410,317 585,466
Investment in and prepayment on long-term investments (110,139) (79,804) (602,740)
Proceeds from disposal of/refund of prepayment on long-term investments 37,545 93,158 347,766
Proceeds from disposal of property and equipment 451 588 463
Purchases of property and equipment (42,368) (61,469) (36,772)
Cash paid for acquisitions, net of cash acquired   (5,250) (243,385)
Return of prepayment to agent for share repurchase     2,318
Net cash provided by (used in) investing activities 66,617 (246,900) (736,846)
Cash flows from financing activities:      
Proceeds from employee options exercised 844 444 1
Proceeds from long-term loans, net of issuance costs     4,982
Repayment of long-term loans (5,000)   (100,000)
Repayment of unsecured senior notes   (800,000)  
Proceeds from convertible senior notes, net of issuance costs   (1,750) 321,707
Proceeds from ADS lending arrangement in connection with issuance of convertible senior notes     2
Purchase of a subsidiary's shares from non-controlling shareholders (22,379) (33,376) (4,871)
Dividends paid to shareholders, net of dividends received from ADS borrower (195,644) (194,401) (200,131)
Cash paid to non-controlling interest shareholders due to dissolution of a subsidiary   (356)  
Distribution to non-controlling interest shareholders (5,114)    
Net cash provided by (used in) financing activities (227,293) (1,029,439) 21,690
Effect of exchange rate changes on cash and cash equivalents 49,506 (57,562) (63,797)
Net increase (decrease) in cash and cash equivalents 408,309 (694,003) (106,133)
Cash and cash equivalents at the beginning of the year 1,890,632 2,584,635 2,690,768
Cash and cash equivalents at the end of the year 2,298,941 1,890,632 2,584,635
Supplemental disclosures of cash flow information:      
Cash paid for interest expenses on convertible senior notes, unsecured senior notes and long-term loans (75,309) (111,637) (111,231)
Cash paid for income taxes (94,416) (119,701) (79,476)
Non-cash investing and financing activities      
Property and equipment in accounts payable 17,121 4,645 4,179
Unpaid consideration for other acquisitions     5,674
Third parties      
Changes in assets and liabilities:      
Accounts receivable due from (13,596) 70,767 7,291
Related party | Alibaba      
Changes in assets and liabilities:      
Accounts receivable due from (2,324) 16,114 12,321
Related party | SINA      
Changes in assets and liabilities:      
Amount due from SINA (2,840) 28,526 30,741
Cash flows from investing activities:      
Loans to SINA (753,042) (966,563) (1,105,747)
Repayment of loans by SINA 773,519 970,877 1,071,100
Other related parties      
Changes in assets and liabilities:      
Accounts receivable due from $ 1,548 $ (2,406) $ 9,491