LEASES

12 Months Ended

Dec. 31, 2025

The Group has entered into various non-cancellable operating agreements for land use rights, certain offices, warehouses, retail and service locations, parking lots and vehicles worldwide. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor.

The components of lease cost were as follows:


		Year ended December 31,
		2025		2024		2023
		US$		US$		US$
Operating lease cost		14,061		25,198		27,815
Short-term lease cost		15,058		10,020		4,288
Variable lease cost		—		—		141
Total		29,119		35,218		32,244

Certain leases have annual rent escalations based on subsequent year-to-year changes in the consumer price index (“CPI”). While operating lease liabilities are not remeasured as a result of changes to the CPI, the year-to-year changes to the CPI are treated as variable lease payments and recognized in the period in which they are incurred.

The above lease costs are recognized as cost of revenues, research and development expenses, selling and marketing expenses and general and administrative expenses.

Supplemental cash flows information related to leases was as follows:


		Year Ended December 31,
		2025		2024		2023
		US$		US$		US$
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases*		17,420		22,260		34,752
Right-of-use assets obtained in exchange for lease obligations
Operating leases		3,245		8,013		42,707

*For the years ended December 31, 2025, 2024 and 2023, this amount includes prepayments for land use rights of nil, nil and US$10,900, respectively, with lease terms of 40 years to 50 years.

Supplemental balance sheet information related to leases was as follows:


		As of December 31,
		2025		2024
		US$		US$
Operating Leases
Operating lease right-of-use assets		118,845		144,029
Operating lease liabilities, current
− Operating lease liabilities-third parties		11,598		14,094
− Operating lease liabilities-related parties*		1,636		1,028
Operating lease liabilities, non-current
− Operating lease liabilities-third parties		57,576		68,331
− Operating lease liabilities-related parties		3,105		10,729
Total operating lease liabilities		73,915		94,182

*This item is included in accrued expenses and other current liabilities – related parties in the consolidated balance sheets as of December 31, 2025 and 2024, respectively.

Weighted average remaining lease term and weighted average discount rate for leases, excluding prepaid land use rights, were as follows:


		Year ended December 31,
		2025		2024		2023
Weighted-average remaining lease term
Operating leases		6.32 years		7.33 years		8.01 years
Weighted-average discount rate
Operating leases		6.27	%	6.80	%	6.60	%

Because the leases do not provide an implicit rate of return, the Group used the incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments.

Maturities of operating lease liabilities were as follows:


		As of
		December 31, 2025
		US$
2026		15,876
2027		15,666
2028		14,486
2029		11,617
2030		11,278
Thereafter		19,350
Total undiscounted lease payments		88,273
Less: imputed interest		(14,358)
Total lease liabilities		73,915

As of December 31, 2025, the Group had future minimum lease payments for non-cancelable short-term operating leases of US$426.