our global delivery network , comprising of highly trained industry and process specialists across the united states , europe and asia , is a key asset . we operate sixteen operations centers in india , six operations centers in the u.s. , three operations centers in the philippines and one operations center in each of bulgaria , romania , malaysia and the czech republic . revenues for the year ended december 31 , 2013 , we had total revenues of $ 478.5 million compared to total revenues of $ 442.9 million for the year ended december 31 , 2012 , an increase of $ 35.6 million or 8.0 % . revenues from outsourcing services increased from $ 366.8 million for the year ended december 31 , 2012 to $ 395.0 million for the year ended december 31 , 2013. revenues from transformation services increased from $ 76.1 million for the year ended december 31 , 2012 to $ 83.5 million for the year ended december 31 , 2013. we serve clients mainly in the u.s. and the u.k. , with these two regions generating approximately 73.8 % and 19.4 % , respectively , of our total revenues for the year ended december 31 , 2013 and approximately 72.3 % and 20.2 % , respectively , of our total revenues for the year ended december 31 , 2012. in the years ended december 31 , 2013 and 2012 , our total revenues from our top ten clients accounted for 57.9 % and 59.1 % of our total revenues , respectively . none of the clients accounted for more than 10 % of our total revenues in the year ended december 31 , 2013 , compared to one client in the year ended december 31 , 2012. although we are increasing and diversifying our customer base , we expect in the near future that a significant portion of our revenues will continue to be contributed by a limited number of large clients . we derived revenues from 22 and 38 new clients for our services in the years ended december 31 , 2013 and 2012 , respectively . in addition , another two clients acquired during the year 2013 did not generate revenues in 2013 but are expected to start generating revenues from 2014. on november 1 , 2013 , we received a termination notice from travelers under the services agreement . travelers represented 9.7 % of our total revenues for the year ended december 31 , 2013. while this termination did not have a material impact on our calendar year 2013 revenues , we do estimate a reduction in 2014 revenues of between $ 12 million and $ 20 million due to certain services we currently provide to travelers being transitioned away from us throughout 2014. in addition , we expect that we will reimburse travelers for certain of their expenses incurred in connection with the termination , which will further reduce our revenues in 2014. we also expect that we will provide certain disentanglement services to travelers at our expense during the transition period , which will increase our expenses in 2014. we are still discussing the termination process with travelers and , as a result , at this point can not reasonably estimate the total amount of reimbursements we may make to travelers or what internal costs we will incur as a result of the termination . 42 our business we break our business into two segments : outsourcing services and transformation services . we market our services to our existing and prospective clients through our sales and client management teams , which are aligned by key industry verticals and cross-industry domains such as finance and accounting . our sales and client management teams operate from the u.s. and europe . outsourcing services : we provide our clients with a range of outsourcing services principally in the insurance , healthcare , utilities , banking and financial services , and travel , transportation and logistics sectors , as well as cross-industry outsourcing services , such as finance and accounting services . we serve primarily the needs of global 1000 companies in these sectors . our outsourcing services involve the transfer to us of select business operations of a client , such as claims processing , policy administration and finance and accounting , after which we administer and manage the operations for our client on an ongoing basis . as part of this transfer , we hire and train employees to work at our operations centers on the relevant outsourcing services , implement a process migration to these operations centers and then provide services either to the client or directly to the client 's customers . each client contract has different terms based on the scope , deliverables and complexity of the engagement . the outsourcing services we provide to any of our clients ( particularly under our general framework agreements ) , and the revenues and income that we derive from those services , may decline or vary as the type and quantity of services we provide under those contracts change over time , including as a result of a shift in the mix of products and services we provide . for most outsourcing services , we enter into long-term agreements with our clients with typical initial terms ranging from three to eight years . these contracts also usually contain provisions permitting termination of the contract after a short notice period . although these agreements provide us with a relatively predictable revenue base for a substantial portion of our business , the long selling cycle for our outsourcing services and the budget and approval processes of prospective clients make it difficult to predict the timing of new client acquisitions . revenues under new client contracts also vary depending on when we complete the selling cycle and the implementation phase . story_separator_special_tag these policies include revenue recognition , estimating tax liabilities , stock-based compensation , goodwill , intangibles and long-lived assets , derivative instruments and assets and obligations related to employee benefit plans . these accounting policies and the associated risks are set out below . future events may not develop exactly as forecast and estimates routinely require adjustment . revenue recognition we derive our revenues from outsourcing and transformation services . revenues from outsourcing services are recognized primarily on a time-and-material , cost-plus or unit-priced basis ; revenues from transformation services are recognized primarily on a time-and-material , fixed price or contingent fee basis . the services provided within our outsourcing and transformation contracts generally contain one unit of accounting except the information technology contracts involving complex implementation services and post contract maintenance services . revenues are recognized under our contracts generally when persuasive evidence of an arrangement exists , the sales price is fixed or determinable , services have been performed and collection of amounts billed is reasonably assured . revenues under time-and-material contracts are recognized as the services are performed . revenues are recognized on cost-plus contracts on the basis of contractually agreed direct and indirect costs incurred on a client contract plus an agreed-upon profit markup . such revenues are recognized as the related services are provided in accordance with the client contract . when the terms of the client contract specify service level parameters that must be met ( such as turnaround time or accuracy ) , we monitor such service level parameters to determine if any service credits or penalties have been incurred . revenues are recognized net of any service credits that are due to a client . we have experienced minimal service credits and penalties to date . revenues for our fixed-price transformation services contracts are recognized using the proportional performance method when the pattern of performance under the contracts can be reasonably determined . we estimate the proportional performance of a contract by comparing the actual number of hours or days worked to 47 the estimated total number of hours or days required to complete each engagement . the use of the proportional performance method requires significant judgment relative to estimating the number of hours or days required to complete the contracted scope of work , including assumptions and estimates relative to the length of time to complete the project and the nature and complexity of the work to be performed . we regularly monitor our estimates for completion of a project and record changes in the period in which a change in an estimate is determined . if a change in an estimate results in a projected loss on a project , such loss is recognized in the period in which it is first identified . revenues from software licensing arrangements , which does not involve significant production , modification , or customization of software , are recognized at the later of time of delivery or expiration of significant termination rights as long as other revenue recognition criteria ( mentioned above ) are met . when there are significant production modifications or customization , installation , systems integration or related services , the professional services and license revenues are combined as a single unit of account and maintenance services , if any , as a separate unit of account and the total contract fees are allocated among the two based on a residual value method . revenues related to license fees and complex information technology application development services are recognized as the service is performed using the percentage of completion method of accounting , under which the total value of revenue is recognized on the basis of the percentage that each contract 's total labor hours to date bears to the total expected labor hours ( input method ) . revenues related to maintenance services contracts , whether entered into solely for providing such services or are segregated from a multiple-element contract , are recognized on a straight-line basis over the contract term unless revenues are earned and obligations are fulfilled in a different pattern . we make accruals for revenues and receivables for services rendered between the last billing date and the balance sheet date . accordingly , our accounts receivable include amounts for services that we have performed and for which an invoice has not yet been issued to the client . these are included in accounts receivable on our consolidated balance sheet and the amounts are disclosed in the notes to our consolidated financial statements . goodwill , intangible assets and long-lived assets the purchase method of accounting is used for all business combinations . we account for our business combinations by recognizing the identifiable tangible and intangible assets and liabilities assumed , and non-controlling interest in the acquired business , measured at their acquisition date fair values . all assets and liabilities of the acquired business including goodwill are assigned to reporting units . acquisition related costs are expensed as incurred under sg & a expenses . we evaluate goodwill for impairment at least annually , or as circumstances warrant . when determining the fair value of our reporting units , we utilize various assumptions , including projections of future cash flows . any adverse changes in key assumptions about our businesses and their prospects or an adverse change in market conditions may cause a change in the estimation of fair value and could result in an impairment charge . we review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable . in general , we will recognize an impairment loss when the sum of undiscounted expected future cash flows is less than the carrying amount of such asset . the estimate of undiscounted cash flows and the fair value of assets require several assumptions and estimates like the weighted average cost of capital , discount rates , risk-free rates ,

liquidity and capital resources replace_table_token_15_th as of december 31 , 2013 , we had $ 154.1 million in cash and cash equivalents and short-term investments ( including $ 67.2 million held by our foreign subsidiaries ) . we do not intend to repatriate our overseas funds since our future growth partially depends upon the continued infrastructure and technology investments , geographical expansions and acquisitions made outside of the u.s. therefore , we need to continuously and permanently reinvest the earnings generated outside of the u.s. if we were to repatriate our overseas funds , we would need to accrue and pay applicable taxes . 56 cash flow from operating activities : cash flows provided by operating activities increased by $ 17.0 million from $ 65.8 million in the year ended december 31 , 2012 to $ 82.8 million in the year ended december 31 , 2013. generally , factors that affect our earningsincluding pricing , volume of services , costs and productivityaffect our cash flows provided by operations in a similar manner . however , while management of working capital , including timing of collections and payments affects operating results only indirectly , the impact on the working capital and cash flows provided by operating activities can be significant .


 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.
     ```liquidity and capital resources replace_table_token_15_th as of december 31 , 2013 , we had $ 154.1 million in cash and cash equivalents and short-term investments ( including $ 67.2 million held by our foreign subsidiaries ) . we do not intend to repatriate our overseas funds since our future growth partially depends upon the continued infrastructure and technology investments , geographical expansions and acquisitions made outside of the u.s. therefore , we need to continuously and permanently reinvest the earnings generated outside of the u.s. if we were to repatriate our overseas funds , we would need to accrue and pay applicable taxes . 56 cash flow from operating activities : cash flows provided by operating activities increased by $ 17.0 million from $ 65.8 million in the year ended december 31 , 2012 to $ 82.8 million in the year ended december 31 , 2013. generally , factors that affect our earningsincluding pricing , volume of services , costs and productivityaffect our cash flows provided by operations in a similar manner . however , while management of working capital , including timing of collections and payments affects operating results only indirectly , the impact on the working capital and cash flows provided by operating activities can be significant .
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 Suspicious Activity Report : our global delivery network , comprising of highly trained industry and process specialists across the united states , europe and asia , is a key asset . we operate sixteen operations centers in india , six operations centers in the u.s. , three operations centers in the philippines and one operations center in each of bulgaria , romania , malaysia and the czech republic . revenues for the year ended december 31 , 2013 , we had total revenues of $ 478.5 million compared to total revenues of $ 442.9 million for the year ended december 31 , 2012 , an increase of $ 35.6 million or 8.0 % . revenues from outsourcing services increased from $ 366.8 million for the year ended december 31 , 2012 to $ 395.0 million for the year ended december 31 , 2013. revenues from transformation services increased from $ 76.1 million for the year ended december 31 , 2012 to $ 83.5 million for the year ended december 31 , 2013. we serve clients mainly in the u.s. and the u.k. , with these two regions generating approximately 73.8 % and 19.4 % , respectively , of our total revenues for the year ended december 31 , 2013 and approximately 72.3 % and 20.2 % , respectively , of our total revenues for the year ended december 31 , 2012. in the years ended december 31 , 2013 and 2012 , our total revenues from our top ten clients accounted for 57.9 % and 59.1 % of our total revenues , respectively . none of the clients accounted for more than 10 % of our total revenues in the year ended december 31 , 2013 , compared to one client in the year ended december 31 , 2012. although we are increasing and diversifying our customer base , we expect in the near future that a significant portion of our revenues will continue to be contributed by a limited number of large clients . we derived revenues from 22 and 38 new clients for our services in the years ended december 31 , 2013 and 2012 , respectively . in addition , another two clients acquired during the year 2013 did not generate revenues in 2013 but are expected to start generating revenues from 2014. on november 1 , 2013 , we received a termination notice from travelers under the services agreement . travelers represented 9.7 % of our total revenues for the year ended december 31 , 2013. while this termination did not have a material impact on our calendar year 2013 revenues , we do estimate a reduction in 2014 revenues of between $ 12 million and $ 20 million due to certain services we currently provide to travelers being transitioned away from us throughout 2014. in addition , we expect that we will reimburse travelers for certain of their expenses incurred in connection with the termination , which will further reduce our revenues in 2014. we also expect that we will provide certain disentanglement services to travelers at our expense during the transition period , which will increase our expenses in 2014. we are still discussing the termination process with travelers and , as a result , at this point can not reasonably estimate the total amount of reimbursements we may make to travelers or what internal costs we will incur as a result of the termination . 42 our business we break our business into two segments : outsourcing services and transformation services . we market our services to our existing and prospective clients through our sales and client management teams , which are aligned by key industry verticals and cross-industry domains such as finance and accounting . our sales and client management teams operate from the u.s. and europe . outsourcing services : we provide our clients with a range of outsourcing services principally in the insurance , healthcare , utilities , banking and financial services , and travel , transportation and logistics sectors , as well as cross-industry outsourcing services , such as finance and accounting services . we serve primarily the needs of global 1000 companies in these sectors . our outsourcing services involve the transfer to us of select business operations of a client , such as claims processing , policy administration and finance and accounting , after which we administer and manage the operations for our client on an ongoing basis . as part of this transfer , we hire and train employees to work at our operations centers on the relevant outsourcing services , implement a process migration to these operations centers and then provide services either to the client or directly to the client 's customers . each client contract has different terms based on the scope , deliverables and complexity of the engagement . the outsourcing services we provide to any of our clients ( particularly under our general framework agreements ) , and the revenues and income that we derive from those services , may decline or vary as the type and quantity of services we provide under those contracts change over time , including as a result of a shift in the mix of products and services we provide . for most outsourcing services , we enter into long-term agreements with our clients with typical initial terms ranging from three to eight years . these contracts also usually contain provisions permitting termination of the contract after a short notice period . although these agreements provide us with a relatively predictable revenue base for a substantial portion of our business , the long selling cycle for our outsourcing services and the budget and approval processes of prospective clients make it difficult to predict the timing of new client acquisitions . revenues under new client contracts also vary depending on when we complete the selling cycle and the implementation phase . story_separator_special_tag these policies include revenue recognition , estimating tax liabilities , stock-based compensation , goodwill , intangibles and long-lived assets , derivative instruments and assets and obligations related to employee benefit plans . these accounting policies and the associated risks are set out below . future events may not develop exactly as forecast and estimates routinely require adjustment . revenue recognition we derive our revenues from outsourcing and transformation services . revenues from outsourcing services are recognized primarily on a time-and-material , cost-plus or unit-priced basis ; revenues from transformation services are recognized primarily on a time-and-material , fixed price or contingent fee basis . the services provided within our outsourcing and transformation contracts generally contain one unit of accounting except the information technology contracts involving complex implementation services and post contract maintenance services . revenues are recognized under our contracts generally when persuasive evidence of an arrangement exists , the sales price is fixed or determinable , services have been performed and collection of amounts billed is reasonably assured . revenues under time-and-material contracts are recognized as the services are performed . revenues are recognized on cost-plus contracts on the basis of contractually agreed direct and indirect costs incurred on a client contract plus an agreed-upon profit markup . such revenues are recognized as the related services are provided in accordance with the client contract . when the terms of the client contract specify service level parameters that must be met ( such as turnaround time or accuracy ) , we monitor such service level parameters to determine if any service credits or penalties have been incurred . revenues are recognized net of any service credits that are due to a client . we have experienced minimal service credits and penalties to date . revenues for our fixed-price transformation services contracts are recognized using the proportional performance method when the pattern of performance under the contracts can be reasonably determined . we estimate the proportional performance of a contract by comparing the actual number of hours or days worked to 47 the estimated total number of hours or days required to complete each engagement . the use of the proportional performance method requires significant judgment relative to estimating the number of hours or days required to complete the contracted scope of work , including assumptions and estimates relative to the length of time to complete the project and the nature and complexity of the work to be performed . we regularly monitor our estimates for completion of a project and record changes in the period in which a change in an estimate is determined . if a change in an estimate results in a projected loss on a project , such loss is recognized in the period in which it is first identified . revenues from software licensing arrangements , which does not involve significant production , modification , or customization of software , are recognized at the later of time of delivery or expiration of significant termination rights as long as other revenue recognition criteria ( mentioned above ) are met . when there are significant production modifications or customization , installation , systems integration or related services , the professional services and license revenues are combined as a single unit of account and maintenance services , if any , as a separate unit of account and the total contract fees are allocated among the two based on a residual value method . revenues related to license fees and complex information technology application development services are recognized as the service is performed using the percentage of completion method of accounting , under which the total value of revenue is recognized on the basis of the percentage that each contract 's total labor hours to date bears to the total expected labor hours ( input method ) . revenues related to maintenance services contracts , whether entered into solely for providing such services or are segregated from a multiple-element contract , are recognized on a straight-line basis over the contract term unless revenues are earned and obligations are fulfilled in a different pattern . we make accruals for revenues and receivables for services rendered between the last billing date and the balance sheet date . accordingly , our accounts receivable include amounts for services that we have performed and for which an invoice has not yet been issued to the client . these are included in accounts receivable on our consolidated balance sheet and the amounts are disclosed in the notes to our consolidated financial statements . goodwill , intangible assets and long-lived assets the purchase method of accounting is used for all business combinations . we account for our business combinations by recognizing the identifiable tangible and intangible assets and liabilities assumed , and non-controlling interest in the acquired business , measured at their acquisition date fair values . all assets and liabilities of the acquired business including goodwill are assigned to reporting units . acquisition related costs are expensed as incurred under sg & a expenses . we evaluate goodwill for impairment at least annually , or as circumstances warrant . when determining the fair value of our reporting units , we utilize various assumptions , including projections of future cash flows . any adverse changes in key assumptions about our businesses and their prospects or an adverse change in market conditions may cause a change in the estimation of fair value and could result in an impairment charge . we review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable . in general , we will recognize an impairment loss when the sum of undiscounted expected future cash flows is less than the carrying amount of such asset . the estimate of undiscounted cash flows and the fair value of assets require several assumptions and estimates like the weighted average cost of capital , discount rates , risk-free rates ,

