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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 74,503 $ 56,818
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,150 12,496
Bad debt expense 1,690 910
Deferred taxes (11) 535
Stock-based compensation expense 37,520 33,350
Excess tax benefit on stock-based compensation plans (4,769) (3,118)
Other 1,834 2,358
(Increase)/decrease in operating assets:    
Accounts receivable (14,801) (3,575)
Unbilled revenues 15,633 (49,110)
Prepaid expenses and other assets (630) 29
Increase/(decrease) in operating liabilities:    
Accounts payable 2,011 8,128
Accrued expenses and other liabilities (26,942) 10,844
Deferred revenues 540 (607)
Due to employees 8,047 4,295
Taxes payable (609) (8,799)
Net cash provided by operating activities 111,166 64,554
Cash flows from investing activities:    
Purchases of property and equipment (19,981) (9,533)
Payment for construction of corporate facilities 0 (4,671)
Employee housing loans issued (1,361) (1,993)
Proceeds from repayments of employee housing loans 1,597 1,611
Decrease/(increase) in restricted cash and time deposits, net 30,001 (29,947)
Increase in other long-term assets, net (2,660) (988)
Proceeds from foreign currency derivatives 104 0
Payments for foreign currency derivatives (91) 0
Acquisition of businesses, net of cash acquired (4,499) (27,654)
Net cash provided by/(used in) investing activities 3,110 (73,175)
Cash flows from financing activities:    
Proceeds from stock option exercises 15,850 17,607
Excess tax benefit on stock-based compensation plans 4,769 3,118
Proceeds from debt (Note 5) 20,000 15,000
Repayment of debt (Note 5) (22,096) 0
Proceeds from government grants 135 0
Acquisition of business, deferred consideration (2,260) (30,274)
Net cash provided by/(used in) financing activities 16,398 5,451
Effect of exchange rate changes on cash and cash equivalents 504 (2,921)
Net increase/(decrease) in cash and cash equivalents 131,178 (6,091)
Cash and cash equivalents, beginning of period 199,449 220,534
Cash and cash equivalents, end of period $ 330,627 $ 214,443