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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 48,329 $ 33,945
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,225 8,103
Bad debt expense 1,730 701
Deferred taxes 69 372
Stock-based compensation expense 23,694 21,387
Excess tax benefit on stock-based compensation plans (4,350) (2,382)
Other 1,003 2,085
(Increase)/decrease in operating assets:    
Accounts receivable (5,466) (13,209)
Unbilled revenues 1,623 (35,935)
Prepaid expenses and other assets 194 (7,935)
Increase/(decrease) in operating liabilities:    
Accounts payable 461 7,743
Accrued expenses and other liabilities (31,982) (4,160)
Deferred revenues 67 (459)
Due to employees 6,597 3,602
Taxes payable (3,840) (4,824)
Net cash provided by operating activities 49,354 9,034
Cash flows from investing activities:    
Purchases of property and equipment (13,589) (5,342)
Payment for construction of corporate facilities 0 (3,512)
Employee housing loans issued (941) (919)
Proceeds from repayments of employee housing loans 1,028 1,090
Decrease/(increase) in restricted cash and time deposits, net 29,991 (29,955)
Increase in other long-term assets, net (2,115) (811)
Payments for foreign currency derivatives (41) 0
Acquisition of businesses, net of cash acquired (2,515) (30)
Net cash provided by/ (used in) investing activities 11,818 (39,479)
Cash flows from financing activities:    
Proceeds related to stock options exercises 12,578 13,955
Excess tax benefit on stock-based compensation plans 4,350 2,382
Proceeds from debt (Note 5) 20,000 0
Repayment of debt (Note 5) (15,060) 0
Proceeds from government grants 135 0
Acquisition of business, deferred consideration (Note 2) (2,260) (30,274)
Net cash provided by/ (used in) financing activities 19,743 (13,937)
Effect of exchange rate changes on cash and cash equivalents 360 (435)
Net increase/(decrease) in cash and cash equivalents 81,275 (44,817)
Cash and cash equivalents, beginning of period 199,449 220,534
Cash and cash equivalents, end of period $ 280,724 $ 175,717