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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 23,899 $ 14,714
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,102 4,200
Bad debt expense 552 514
Deferred taxes (482) 95
Stock-based compensation expense 10,964 9,134
Excess tax benefit on stock-based compensation plans (2,040) (436)
Other 50 4,964
(Increase)/decrease in operating assets:    
Accounts receivable 16,993 15,262
Unbilled revenues (18,559) (32,261)
Prepaid expenses and other assets (1,383) 48
Increase/(decrease) in operating liabilities:    
Accounts payable 671 9,669
Accrued expenses and other liabilities (34,098) (10,374)
Deferred revenues (55) (9)
Due to employees 12,420 3,224
Taxes payable (3,173) (11,873)
Net cash provided by operating activities 10,861 6,871
Cash flows from investing activities:    
Purchases of property and equipment (6,185) (1,873)
Payment for construction of corporate facilities 0 (1,591)
Employee housing loans issued 0 (266)
Proceeds from repayments of employee housing loans 470 518
Decrease/(increase) in restricted cash and time deposits, net 30,000 (29,959)
Increase in other long-term assets, net (774) (681)
Payments for foreign currency derivatives (91) 0
Acquisition of businesses, net of cash acquired (Note 2) 0 (30)
Net cash provided by/ (used in) investing activities 23,420 (33,882)
Cash flows from financing activities:    
Proceeds related to stock options exercises 3,108 3,855
Excess tax benefit on stock-based compensation plans 2,040 436
Proceeds from debt (Note 5) 20,000 0
Repayment of debt (Note 5) (15,031) 0
Proceeds from government grants 135 0
Acquisition of business, deferred consideration (Note 2) (463) (2,801)
Net cash provided by financing activities 9,789 1,490
Effect of exchange rate changes on cash and cash equivalents 1,358 (2,650)
Net increase/(decrease) in cash and cash equivalents 45,428 (28,171)
Cash and cash equivalents, beginning of period 199,449 220,534
Cash and cash equivalents, end of period $ 244,877 $ 192,363