diluted earnings per share decreased 29.4 % to $ 1.32 for the year ended december 31 , 2017 from $ 1.87 in 2016 . cash provided by operations increased $ 30.5 million , or 18.5 % , to $ 195.4 million during 2017 . the operating results in any period are not necessarily indicative of the results that may be expected for any future period . critical accounting policies we prepare our consolidated financial statements in accordance with u.s. generally accepted accounting principles ( “ gaap ” ) , which require us to make judgments , estimates and assumptions that affect : ( i ) the reported amounts of assets and liabilities , ( ii ) disclosure of contingent assets and liabilities at the end of each reporting period and ( iii ) the reported amounts of revenues and expenses during each reporting period . we evaluate these estimates and assumptions based on historical experience , knowledge and assessment of current business and other conditions , and expectations regarding the future based on available information and reasonable assumptions , which together form a basis for making judgments about matters not readily apparent from other sources . since the use of estimates is an integral component of the financial reporting process , actual results could differ from those estimates . some of our accounting policies require higher degrees of judgment than others in their application . when reviewing our audited consolidated financial statements , you should consider ( i ) our selection of critical accounting policies , ( ii ) the judgment and other uncertainties affecting the application of such policies and ( iii ) the sensitivity of reported results to changes in conditions and assumptions . we consider the policies discussed below to be critical to an understanding of our consolidated financial statements as their application places significant demands on the judgment of our management . an accounting policy is considered critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made , and if different estimates that reasonably could have been used , or changes in the accounting estimates that are reasonably likely to occur periodically , could materially impact the consolidated financial statements . we believe that the following critical accounting policies are the most sensitive and require more significant estimates and assumptions used in the preparation of our consolidated financial statements . you should read the following descriptions of critical accounting policies , judgments and estimates in conjunction with our audited consolidated financial statements and other disclosures included elsewhere in this annual report . revenues — we recognize revenue when realized or realizable and earned , which is when the following criteria are met : persuasive evidence of an arrangement exists ; delivery has occurred ; the sales price is fixed or determinable ; and collectability is reasonably assured . determining whether and when some of these criteria have been satisfied often involves assumptions and judgments that can have a significant impact on the timing and amount of revenue we report . if there is uncertainty about the project completion or receipt of payment for the services , revenues are deferred until the uncertainty is sufficiently resolved . at the time revenues are recognized , we provide for any contractual deductions and reduce revenues accordingly . we defer amounts billed to our clients for revenues not yet earned . such amounts are anticipated to be recorded as revenues as services are performed in subsequent periods . unbilled revenues represent services provided which are billed subsequent to the period end in accordance with the contract terms . we derive our revenues from a variety of service offerings , which represent specific competencies of our it professionals . contracts for these services have different terms and conditions based on the scope , deliverables , and complexity of the engagement , which require management to make judgments and estimates in determining appropriate revenue recognition . fees for these contracts may be in the form of time-and-materials or fixed-price arrangements . the majority of our revenues ( 90.3 % of revenues in 2017 , 88.2 % in 2016 and 85.8 % in 2015 ) are generated under time-and-material contracts whereby revenues are recognized as services are performed with the corresponding cost of providing those services reflected as cost of revenues . the majority of such revenues are billed using hourly , daily or monthly rates by which actual time incurred is charged directly to the client . we expect time-and-material arrangements to continue to comprise the majority of our revenues in the future . 27 revenues from fixed-price contracts ( 8.3 % of revenues in 2017 , 10.4 % in 2016 and 12.8 % in 2015 ) include fixed-price maintenance and support arrangements , which may exceed one year in duration , as well as fixed-price application development arrangements . revenues from maintenance and support arrangements are generally recognized ratably over the expected service period . revenues from fixed-price application development arrangements are determined using the proportional performance method . in instances where final acceptance of the product , system , or solution is specified by the client , revenue is deferred until all acceptance criteria have been met . in the absence of a sufficient basis to measure progress towards completion , revenue is recognized upon receipt of final acceptance from the client . assumptions , risks and uncertainties inherent in the estimates used in the application of the proportional performance method of accounting could affect the amount of revenues , receivables and deferred revenues at each reporting period . business combinations — we account for our business combinations using the acquisition accounting method , which requires us to determine the fair value of net assets acquired and the related goodwill and other intangible assets in accordance with the fasb asc topic 805 , “ business combinations . story_separator_special_tag revenues in this geography benefited by $ 5.9 million from the appreciation of the russian ruble relative to the u.s. dollar . 2016 compared to 2015 during the year ended december 31 , 2016 , revenues in our largest geography , north america , closed at $ 670.6 million growing $ 180.3 million , or 36.8 % , from $ 490.3 million reported for the year ended december 31 , 2015. revenues from this geography accounted for 57.8 % of total revenues in 2016 , an increase of 4.2 % from 53.6 % reported in 2015. within north america , we experienced strong growth across all verticals despite considerable market , geo-political , and economic uncertainties : each of the two verticals , media and entertainment and life sciences and healthcare , grew above 40 % ; while emerging verticals and financial services grew 59.6 % and 94.9 % , respectively . in addition , our traditionally strong software & hi-tech portfolio grew 27.3 % , which allowed us to keep this important segment at our strategic target of 20 % of consolidated revenues . we saw continued traction with customers in the pharmaceutical segment of our life sciences and healthcare vertical , and significantly grew our portfolio of customers in emerging verticals with over 30 % growth in revenues there coming from customers who have been with us less than one year . combined growth in our software & hi-tech and media & entertainment verticals accounted for 48.6 % of the overall growth in the north america geography , of which $ 19.6 million , or 22.4 % , was attributable to the expansion of existing relationship with certain long-standing customers within our media and entertainment vertical . 33 revenues in our europe geography were $ 417.8 million , an increase of $ 61.3 million , or 17.2 % over $ 356.5 million reported in 2015. revenues in this geography accounted for 36.0 % of consolidated revenues in 2016 as compared to 39.0 % in 2015. the slowdown in revenue growth in 2016 was largely attributable to decelerated growth in revenues from our top customer in this geography , coupled with increased internal and external pressures on customers within our travel and consumer vertical , and currency headwinds , primarily due to the depreciation of the british pound relative to the u.s. dollar . consistent with results in our north america geography , europe experienced strong growth in the media and entertainment , life sciences and healthcare , and emerging verticals , each of which grew over 48 % during 2016. over 40 % of growth in life sciences and healthcare and emerging verticals came from customers who have been with us less than one year . financial services remained our largest vertical in this geography and accounted for 34.0 % of the overall growth in 2016. revenues in the cis geography showed an increase of $ 3.0 million , or 6.9 % , from 2015. the increase in cis revenues came predominantly from customers within the financial services and travel and consumer verticals . revenues by client concentration while we seek to grow revenues from our existing clients by continually expanding the scope and size of our engagements , we expect client concentration from our top clients to continue to decrease over the long-term . the following table sets forth revenues including reimbursable expenses contributed by our top one , top five , top ten and top twenty clients by amount and as a percentage of our revenues for the periods indicated : replace_table_token_15_th ( 1 ) no single client comprises more than 10 % of the company 's revenues including reimbursable expenses for the year ended december 31 , 2017 . during the year ended december 31 , 2017 , our revenue growth outside the top twenty accounts was $ 204,587 or 34.3 % . we have long-standing relationships with many of our customers , and revenues derived from these customers may fluctuate as these accounts mature or upon completion of multi-year projects . our focus on delivering quality to our clients is reflected by an average of 94.9 % and 85.7 % of our revenues in 2017 coming from clients that had used our services for at least one and two years , respectively . while we believe there 's a significant potential for future growth as we expand our capabilities and offerings within specific domains and verticals , we continue to focus on diversification of our client concentration and building up a portfolio of accounts that we believe have significant revenue potential . we anticipate the contribution of these accounts to our total revenues to increase in the mid- to long-term and offset the slower growth rate of some of our largest customers as those accounts mature . 34 revenues by service offering our end-to-end service offerings are grouped into five main categories with software development representing our core competency and a substantial majority of our business . the following table sets forth revenues by service offering by amount and as a percentage of our revenues for the periods indicated : replace_table_token_16_th revenues by contract type our engagement models are based on the type of services provided to a client , the mix and locations of professionals involved and the business outcomes our clients are looking to achieve . our two types of service arrangements are time-and-material and fixed-price contracts . historically , the majority of our revenues have been generated under time-and-material contracts and we expect time-and-material arrangements to continue to comprise the majority of our revenues in the future . under time-and-material contracts , we are compensated for actual time incurred by our it professionals at negotiated hourly , daily or monthly rates . fixed-price contracts require us to perform services throughout the contractual period and we are paid in installments on agreed intervals . the following table sets forth revenues by contract type by amount and as a percentage of our revenues

cash flows the following table summarizes our cash flows for the periods indicated : replace_table_token_19_th operating activities 2017 compared to 2016 net cash provided by operating activities during the year ended december 31 , 2017 increased $ 30.5 million , or 18.5 % , to $ 195.4 million , as compared to 2016 primarily driven by the $ 39.3 million increase in income from operations . the $ 74.3 million increase in the provision for income taxes had minimal impact on cash flow as it was offset by a $ 70.5 million increase in taxes payable primarily attributable to the u.s. tax act which are expected to be paid over the next 8 years . 2016 compared to 2015 net cash provided by operating activities during the year ended december 31 , 2016 increased $ 88.4 million , or 115.7 % , to $ 164.8 million , as compared to 2015. the increase in operating cash flows was primarily attributable to higher customer collections as we made substantial progress in managing our billed and unbilled trade receivables , and decreased the ratio of billed and unbilled trade receivables to revenues over the course of 2016. investing activities 2017 compared to 2016 net cash used in investing activities during the year ended december 31 , 2017 was $ 36.2 million compared to $ 9.3 million used in the same period in 2016 . during 2017 , the investing cash outflow was primarily attributed to capital expenditures of $ 29.8 million and was consistent with capital expenditures of $ 29.3 million in 2016. our capital expenditures during 2017 were driven by our continuous investment in facilities and computer equipment to support our increased headcount .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows the following table summarizes our cash flows for the periods indicated : replace_table_token_19_th operating activities 2017 compared to 2016 net cash provided by operating activities during the year ended december 31 , 2017 increased $ 30.5 million , or 18.5 % , to $ 195.4 million , as compared to 2016 primarily driven by the $ 39.3 million increase in income from operations . the $ 74.3 million increase in the provision for income taxes had minimal impact on cash flow as it was offset by a $ 70.5 million increase in taxes payable primarily attributable to the u.s. tax act which are expected to be paid over the next 8 years . 2016 compared to 2015 net cash provided by operating activities during the year ended december 31 , 2016 increased $ 88.4 million , or 115.7 % , to $ 164.8 million , as compared to 2015. the increase in operating cash flows was primarily attributable to higher customer collections as we made substantial progress in managing our billed and unbilled trade receivables , and decreased the ratio of billed and unbilled trade receivables to revenues over the course of 2016. investing activities 2017 compared to 2016 net cash used in investing activities during the year ended december 31 , 2017 was $ 36.2 million compared to $ 9.3 million used in the same period in 2016 . during 2017 , the investing cash outflow was primarily attributed to capital expenditures of $ 29.8 million and was consistent with capital expenditures of $ 29.3 million in 2016. our capital expenditures during 2017 were driven by our continuous investment in facilities and computer equipment to support our increased headcount .
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 Suspicious Activity Report : diluted earnings per share decreased 29.4 % to $ 1.32 for the year ended december 31 , 2017 from $ 1.87 in 2016 . cash provided by operations increased $ 30.5 million , or 18.5 % , to $ 195.4 million during 2017 . the operating results in any period are not necessarily indicative of the results that may be expected for any future period . critical accounting policies we prepare our consolidated financial statements in accordance with u.s. generally accepted accounting principles ( “ gaap ” ) , which require us to make judgments , estimates and assumptions that affect : ( i ) the reported amounts of assets and liabilities , ( ii ) disclosure of contingent assets and liabilities at the end of each reporting period and ( iii ) the reported amounts of revenues and expenses during each reporting period . we evaluate these estimates and assumptions based on historical experience , knowledge and assessment of current business and other conditions , and expectations regarding the future based on available information and reasonable assumptions , which together form a basis for making judgments about matters not readily apparent from other sources . since the use of estimates is an integral component of the financial reporting process , actual results could differ from those estimates . some of our accounting policies require higher degrees of judgment than others in their application . when reviewing our audited consolidated financial statements , you should consider ( i ) our selection of critical accounting policies , ( ii ) the judgment and other uncertainties affecting the application of such policies and ( iii ) the sensitivity of reported results to changes in conditions and assumptions . we consider the policies discussed below to be critical to an understanding of our consolidated financial statements as their application places significant demands on the judgment of our management . an accounting policy is considered critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made , and if different estimates that reasonably could have been used , or changes in the accounting estimates that are reasonably likely to occur periodically , could materially impact the consolidated financial statements . we believe that the following critical accounting policies are the most sensitive and require more significant estimates and assumptions used in the preparation of our consolidated financial statements . you should read the following descriptions of critical accounting policies , judgments and estimates in conjunction with our audited consolidated financial statements and other disclosures included elsewhere in this annual report . revenues — we recognize revenue when realized or realizable and earned , which is when the following criteria are met : persuasive evidence of an arrangement exists ; delivery has occurred ; the sales price is fixed or determinable ; and collectability is reasonably assured . determining whether and when some of these criteria have been satisfied often involves assumptions and judgments that can have a significant impact on the timing and amount of revenue we report . if there is uncertainty about the project completion or receipt of payment for the services , revenues are deferred until the uncertainty is sufficiently resolved . at the time revenues are recognized , we provide for any contractual deductions and reduce revenues accordingly . we defer amounts billed to our clients for revenues not yet earned . such amounts are anticipated to be recorded as revenues as services are performed in subsequent periods . unbilled revenues represent services provided which are billed subsequent to the period end in accordance with the contract terms . we derive our revenues from a variety of service offerings , which represent specific competencies of our it professionals . contracts for these services have different terms and conditions based on the scope , deliverables , and complexity of the engagement , which require management to make judgments and estimates in determining appropriate revenue recognition . fees for these contracts may be in the form of time-and-materials or fixed-price arrangements . the majority of our revenues ( 90.3 % of revenues in 2017 , 88.2 % in 2016 and 85.8 % in 2015 ) are generated under time-and-material contracts whereby revenues are recognized as services are performed with the corresponding cost of providing those services reflected as cost of revenues . the majority of such revenues are billed using hourly , daily or monthly rates by which actual time incurred is charged directly to the client . we expect time-and-material arrangements to continue to comprise the majority of our revenues in the future . 27 revenues from fixed-price contracts ( 8.3 % of revenues in 2017 , 10.4 % in 2016 and 12.8 % in 2015 ) include fixed-price maintenance and support arrangements , which may exceed one year in duration , as well as fixed-price application development arrangements . revenues from maintenance and support arrangements are generally recognized ratably over the expected service period . revenues from fixed-price application development arrangements are determined using the proportional performance method . in instances where final acceptance of the product , system , or solution is specified by the client , revenue is deferred until all acceptance criteria have been met . in the absence of a sufficient basis to measure progress towards completion , revenue is recognized upon receipt of final acceptance from the client . assumptions , risks and uncertainties inherent in the estimates used in the application of the proportional performance method of accounting could affect the amount of revenues , receivables and deferred revenues at each reporting period . business combinations — we account for our business combinations using the acquisition accounting method , which requires us to determine the fair value of net assets acquired and the related goodwill and other intangible assets in accordance with the fasb asc topic 805 , “ business combinations . story_separator_special_tag revenues in this geography benefited by $ 5.9 million from the appreciation of the russian ruble relative to the u.s. dollar . 2016 compared to 2015 during the year ended december 31 , 2016 , revenues in our largest geography , north america , closed at $ 670.6 million growing $ 180.3 million , or 36.8 % , from $ 490.3 million reported for the year ended december 31 , 2015. revenues from this geography accounted for 57.8 % of total revenues in 2016 , an increase of 4.2 % from 53.6 % reported in 2015. within north america , we experienced strong growth across all verticals despite considerable market , geo-political , and economic uncertainties : each of the two verticals , media and entertainment and life sciences and healthcare , grew above 40 % ; while emerging verticals and financial services grew 59.6 % and 94.9 % , respectively . in addition , our traditionally strong software & hi-tech portfolio grew 27.3 % , which allowed us to keep this important segment at our strategic target of 20 % of consolidated revenues . we saw continued traction with customers in the pharmaceutical segment of our life sciences and healthcare vertical , and significantly grew our portfolio of customers in emerging verticals with over 30 % growth in revenues there coming from customers who have been with us less than one year . combined growth in our software & hi-tech and media & entertainment verticals accounted for 48.6 % of the overall growth in the north america geography , of which $ 19.6 million , or 22.4 % , was attributable to the expansion of existing relationship with certain long-standing customers within our media and entertainment vertical . 33 revenues in our europe geography were $ 417.8 million , an increase of $ 61.3 million , or 17.2 % over $ 356.5 million reported in 2015. revenues in this geography accounted for 36.0 % of consolidated revenues in 2016 as compared to 39.0 % in 2015. the slowdown in revenue growth in 2016 was largely attributable to decelerated growth in revenues from our top customer in this geography , coupled with increased internal and external pressures on customers within our travel and consumer vertical , and currency headwinds , primarily due to the depreciation of the british pound relative to the u.s. dollar . consistent with results in our north america geography , europe experienced strong growth in the media and entertainment , life sciences and healthcare , and emerging verticals , each of which grew over 48 % during 2016. over 40 % of growth in life sciences and healthcare and emerging verticals came from customers who have been with us less than one year . financial services remained our largest vertical in this geography and accounted for 34.0 % of the overall growth in 2016. revenues in the cis geography showed an increase of $ 3.0 million , or 6.9 % , from 2015. the increase in cis revenues came predominantly from customers within the financial services and travel and consumer verticals . revenues by client concentration while we seek to grow revenues from our existing clients by continually expanding the scope and size of our engagements , we expect client concentration from our top clients to continue to decrease over the long-term . the following table sets forth revenues including reimbursable expenses contributed by our top one , top five , top ten and top twenty clients by amount and as a percentage of our revenues for the periods indicated : replace_table_token_15_th ( 1 ) no single client comprises more than 10 % of the company 's revenues including reimbursable expenses for the year ended december 31 , 2017 . during the year ended december 31 , 2017 , our revenue growth outside the top twenty accounts was $ 204,587 or 34.3 % . we have long-standing relationships with many of our customers , and revenues derived from these customers may fluctuate as these accounts mature or upon completion of multi-year projects . our focus on delivering quality to our clients is reflected by an average of 94.9 % and 85.7 % of our revenues in 2017 coming from clients that had used our services for at least one and two years , respectively . while we believe there 's a significant potential for future growth as we expand our capabilities and offerings within specific domains and verticals , we continue to focus on diversification of our client concentration and building up a portfolio of accounts that we believe have significant revenue potential . we anticipate the contribution of these accounts to our total revenues to increase in the mid- to long-term and offset the slower growth rate of some of our largest customers as those accounts mature . 34 revenues by service offering our end-to-end service offerings are grouped into five main categories with software development representing our core competency and a substantial majority of our business . the following table sets forth revenues by service offering by amount and as a percentage of our revenues for the periods indicated : replace_table_token_16_th revenues by contract type our engagement models are based on the type of services provided to a client , the mix and locations of professionals involved and the business outcomes our clients are looking to achieve . our two types of service arrangements are time-and-material and fixed-price contracts . historically , the majority of our revenues have been generated under time-and-material contracts and we expect time-and-material arrangements to continue to comprise the majority of our revenues in the future . under time-and-material contracts , we are compensated for actual time incurred by our it professionals at negotiated hourly , daily or monthly rates . fixed-price contracts require us to perform services throughout the contractual period and we are paid in installments on agreed intervals . the following table sets forth revenues by contract type by amount and as a percentage of our revenues

