| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||
Net income | |||||||||
261,057 | 240,256 | 72,760 | 99,266 | 84,456 | 69,641 | 61,994 | 54,484 | 44,353 | 28,308 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization expense | |||||||||
45,317 | 36,640 | 28,562 | 23,387 | 17,395 | 17,483 | 15,120 | 10,882 | 7,538 | 6,242 |
Operating lease right-of-use assets amortization expense | |||||||||
55,859 | 0 | 0 | - | - | - | - | - | - | - |
Bad debt expense | |||||||||
1,619 | 848 | 51 | 1,539 | 1,407 | 817 | 335 | 662 | 727 | 202 |
Deferred taxes | |||||||||
-7,764 | -48,000 | 12,561 | -3,304 | -15,328 | -3,270 | 41 | -3,933 | 497 | -2,704 |
Stock-based compensation expense | |||||||||
72,036 | 59,188 | 52,407 | 49,244 | 45,833 | 24,620 | 13,150 | 6,826 | 2,866 | 2,939 |
Impairment charges and acquisition related adjustments | |||||||||
- | - | - | - | -1,183 | 7,907 | 0 | 0 | 0 | - |
Excess tax benefit on stock-based compensation plans | |||||||||
- | - | - | 5,264 | 8,363 | 3,776 | 6,201 | 3,297 | 0 | - |
Non-cash stock charge | |||||||||
- | - | - | - | - | - | - | 640 | - | - |
Other | |||||||||
-4,764 | 1,712 | 4,010 | -6,228 | -3,883 | -735 | -1,199 | 66 | -777 | -335 |
Trade receivables and contract assets | |||||||||
87,174 | 46,902 | 81,488 | 30,612 | 47,694 | 30,410 | 17,302 | 12,664 | 19,030 | 13,791 |
Unbilled revenues | |||||||||
- | - | - | -34,777 | 38,076 | 11,134 | 9,833 | 6,905 | 1,004 | 10,653 |
Prepaid and other assets | |||||||||
7,155 | 8,432 | -1,061 | 2,391 | 574 | -565 | -587 | 1,339 | 1,694 | 2,253 |
Accounts payable | |||||||||
-1,685 | -772 | 1,221 | 741 | -2,781 | -2,603 | -2,900 | 1,407 | 254 | -2,646 |
Accrued expenses and other liabilities | |||||||||
27,125 | 51,953 | 47,803 | -13,926 | 25,694 | 9,978 | 501 | -5,825 | 9,474 | 10,065 |
Operating lease liabilities | |||||||||
-53,419 | 0 | 0 | - | - | - | - | - | - | - |
Income taxes payable | |||||||||
-23,127 | 9,151 | 61,892 | - | - | - | - | - | - | - |
Deferred revenues | |||||||||
- | - | - | - | - | - | -2,325 | -767 | 1,843 | 209 |
Due to employees | |||||||||
- | - | - | 5,261 | 2,752 | 7,453 | 785 | 2,896 | 2,796 | 2,545 |
Income taxes payable | |||||||||
- | - | - | 2,271 | 8,972 | 16,868 | 3,074 | 5,498 | 3,426 | 1,675 |
Net cash provided by/(used in) operating activities | |||||||||
287,453 | 292,218 | 192,820 | 167,217 | 76,393 | 104,874 | 58,225 | 48,499 | 54,520 | 20,473 |
Cash flows from investing activities: | |||||||||
Purchases of property and equipment | |||||||||
99,308 | 37,574 | 29,806 | 29,317 | 13,272 | 11,916 | 13,360 | 13,376 | 15,548 | 8,365 |
Payment for construction of corporate facilities | |||||||||
- | - | - | - | 4,692 | 3,924 | 2,560 | 13,701 | 1,545 | - |
Employee housing loans issued | |||||||||
- | - | - | - | 2,054 | 1,740 | - | - | - | - |
Proceeds from repayments of employee housing loans | |||||||||
- | - | - | - | 2,249 | 1,793 | 2,189 | 0 | 0 | - |
Decrease in time deposits, net | |||||||||
0 | 418 | 0 | 29,597 | 29,944 | -1,430 | -429 | -470 | 144 | 1,958 |
Increase in other long-term assets, net | |||||||||
- | - | - | - | - | 1,479 | 516 | 69 | 171 | 91 |
Payments for foreign currency derivatives | |||||||||
- | - | - | - | - | - | 0 | - | - | - |
Acquisition of business, net of cash acquired (Note 2) | |||||||||
39,322 | 74,268 | 6,810 | 5,500 | 76,908 | 37,093 | 20 | 32,951 | 0 | 412 |
Other investing activities, net | |||||||||
6,739 | 699 | -465 | 4,100 | 873 | 0 | 7,982 | 0 | 0 | - |
Net cash used in investing activities | |||||||||
-145,369 | -112,123 | -36,151 | -9,320 | -125,494 | -52,929 | -21,820 | -59,627 | -17,408 | -10,826 |
Cash flows from financing activities: | |||||||||
Proceeds from stock option exercises | |||||||||
37,003 | 34,845 | 53,984 | 17,996 | 20,675 | 10,571 | 9,300 | 4,951 | 72 | 26 |
Excess tax benefit on stock-based compensation plans | |||||||||
- | - | - | 5,264 | 8,363 | 3,776 | 6,201 | 3,297 | 0 | - |
Payments of withholding taxes related to net share settlements of restricted stock units | |||||||||
15,503 | 7,747 | 3,194 | 539 | 0 | 0 | - | - | - | - |
Proceeds from debt (Note 8) | |||||||||
0 | 0 | 25,000 | 20,000 | 35,000 | 0 | 0 | - | - | - |
Repayment of debt (Note 8) | |||||||||
9 | 3,494 | 25,103 | 30,129 | 0 | 0 | - | - | - | - |
Payment of contingent consideration for previously acquired business | |||||||||
1,104 | 0 | 0 | - | - | - | - | - | - | - |
Net proceeds from issuance of common stock in initial public offering | |||||||||
- | - | - | - | - | - | - | 32,364 | 0 | - |
Costs related to stock issue | |||||||||
- | - | - | - | - | - | - | 1,765 | 1,630 | - |
Payments To Acquire Businesses, Deferred | |||||||||
- | - | - | 2,260 | 30,274 | 4,000 | 0 | 0 | - | - |
Other financing activities, net | |||||||||
-24 | -603 | -941 | 135 | 0 | 0 | - | - | - | - |
Purchase of treasury stock | |||||||||
- | - | - | - | - | - | - | - | - | 7,324 |
Proceeds from sale of treasury stock, net of costs | |||||||||
- | - | - | - | - | - | - | - | - | 6,334 |
Repurchase of Series A-2 convertible redeemable preferred stock | |||||||||
- | - | - | - | - | - | - | - | - | 15,050 |
Proceeds from issue of Series A-3 convertible preferred stock, net of costs | |||||||||
- | - | - | - | - | - | - | - | - | 14,971 |
Proceeds related to line of credit | |||||||||
- | - | - | - | - | - | - | - | 5,000 | - |
Repayment related to line of credit | |||||||||
- | - | - | - | - | - | - | - | 5,000 | 7,000 |
Net cash (used in)/provided by financing activities | |||||||||
20,363 | 23,001 | 49,746 | 10,467 | 33,764 | 10,347 | 15,501 | 38,847 | -1,558 | -8,043 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | |||||||||
3,530 | -14,240 | 11,776 | -3,387 | -5,748 | -10,965 | -811 | 1,597 | -762 | -527 |
Net decrease in cash, cash equivalents and restricted cash | |||||||||
165,977 | 188,856 | 218,191 | 164,977 | -21,085 | 51,327 | 51,095 | 29,316 | 34,792 | 1,077 |
Supplemental disclosures of cash flow information: | |||||||||
Cash paid during the year for: | |||||||||
Income taxes, net of refunds | |||||||||
65,306 | 40,437 | 26,669 | 37,488 | 25,071 | 11,756 | 10,207 | 13,065 | 7,007 | 5,577 |
Interest | |||||||||
832 | 777 | 548 | 566 | 124 | 7 | 26 | 14 | 37 | 101 |
Supplemental disclosure of non-cash operating activities | |||||||||
Goodwill impairment loss | |||||||||
- | - | - | - | - | 2,241 | 0 | - | 1,697 | - |
Contingent consideration fair value adjustment | |||||||||
- | - | - | - | - | 1,924 | 0 | - | - | - |
Write off related to the construction of a building in Minsk, Belarus | |||||||||
- | - | - | - | - | 3,742 | - | - | - | - |
Prepaid and other current assets write-off related to vendor advance | |||||||||
- | - | - | - | 741 | 0 | - | - | - | - |
Noncash financing activities: | |||||||||
Deferred consideration payable | |||||||||
- | - | - | - | 603 | 1,022 | 0 | 0 | - | - |
Contingent consideration payable | |||||||||
- | - | - | - | - | 36,322 | 0 | 0 | - | - |
Capital expenditures incurred but not yet paid | |||||||||
16,921 | 2,140 | 1,042 | - | - | - | - | 96 | - | - |