we believe the epam brand name and our reputation are important corporate assets that help distinguish our services from those of our competitors and also contribute to our efforts to recruit and retain talented employees in cee and the cis . we seek to accurately manage our pricing and cost estimates when negotiating contract terms with our clients to ensure we are able to maintain appropriate levels of project profitability while providing a high quality of service . we also seek to maintain optimal resource utilization levels and productivity with the efficient allocation of our it professionals and facilities in our development centers in cee and the cis . we believe that the most significant factors affecting our results of operations include : market demand for software development services ; economic growth rates in the industries and countries in which our clients operate ; shortages of skilled it professionals in the united states and europe ; isvs and technology companies increasingly outsourcing work to it service professionals to more efficiently scale their operations with strong software engineering skills ; wage rates in countries where we operate , particularly in cee countries where most of our employees are based ; and changes in foreign exchange rates , especially relative changes in exchange rates between the u.s dollar and the british pound , euro , russian ruble and hungarian forint . our results of operations in any given period are also directly affected by company-specific factors , including : our ability to obtain new clients and generate repeat business from existing clients ; our ability to expand the quality , range and delivery of our portfolio of service offerings and our expertise relative to our competitors ; our ability to efficiently manage and utilize our it professionals ; and our ability to identify , integrate and effectively manage businesses that we acquire . certain income statement line items revenues revenues are derived primarily from providing software development services to our clients . during the third quarter of 2008 , we started to experience a decrease in demand for our services as a result of the global economic downturn , which also continued to adversely affect demand during 2009. however , in 2010 and 2011 we experienced rapid growth in demand for our services and significantly expanded our business . in 2010 , revenues increased by 47.9 % to $ 221.8 million from $ 149.9 million in 2009 , and increased by 50.8 % to $ 334.5 million in 2011 from $ 221.8 million in 2010. we discuss below the breakdown of our revenues by service offering , vertical , client location , contract type and client concentration . revenues consist of it services revenues and reimbursable expenses and other revenues , which primarily include travel and entertainment costs that are chargeable to clients . 53 revenues by service offering software development includes software product development , custom application development services and enterprise application platforms services , and has historically represented , and we expect to continue to represent , the 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_10_th revenues by vertical the foundation we have built with isvs and technology companies has enabled us to leverage our strong domain knowledge and industry-specific knowledge capabilities to become a premier it services provider to a range of additional verticals such as banking and financial services , business information and media , travel and hospitality and retail and consumer . the following table sets forth revenues by vertical by amount and as a percentage of our revenues for the periods indicated : replace_table_token_11_th 54 revenues by client location our revenues are sourced from three geographic markets : north america , europe and the cis . we present our revenues by client location based on the location of the specific client site that we serve , irrespective of the location of the headquarters of the client or the location of the delivery center where the work is performed . as such , revenues by client location differ from the segment information in our audited consolidated financial statements included elsewhere in this annual report , which is not solely based on the geographic location of the clients but rather is based on managerial responsibility for a particular client regardless of client location . the following table sets forth revenues by client location by amount and as a percentage of our revenues for the periods indicated : replace_table_token_12_th revenues by contract type our services are performed under both time-and-material and fixed-price arrangements . our engagement models depend 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 . historically , the majority of our revenues have been generated under time-and-material contracts . 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 pre-agreed intervals . we expect time-and-material arrangements to continue to comprise the majority of our revenues in the future . the following table sets forth revenues by contract type by amount and as a percentage of our revenues for the periods indicated : replace_table_token_13_th revenues by client concentration we have grown our revenues from our clients by continually expanding the scope and size of our engagements , and we have grown our key client base through internal business development efforts and several strategic acquisitions . 55 our focus on delivering quality to our clients is reflected by an average of 86.0 % and 70.5 % of our revenues in 2011 coming from clients that had used our services for at least two and three years , respectively . story_separator_special_tag there is no assurance that we would be able to raise additional funds on favorable terms or at all . off-balance sheet commitments and arrangements we do not have any investments in special purpose entities or undisclosed borrowings or debt . accordingly , our results of operations , financial condition and cash flows are not subject to off-balance sheet risks . critical accounting policies we prepare our audited 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 audited consolidated financial statements as their application places significant demands on the judgment of our management . an accounting policy is considered to be 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 audited 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 audited 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 in this annual report . revenue recognition we generate revenues primarily from software development services . we recognize revenues 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 . if there is an uncertainty about the project completion or receipt of payment for the consulting services , revenues are deferred until the uncertainty is sufficiently resolved . at the time revenues are recognized , we provide for client incentive programs 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 . all such amounts are anticipated to be realized in subsequent periods . 63 our services are performed under both time-and-material and fixed-price contracts arrangements . for revenues generated under time-and-material contracts , revenues are recognized as services are performed with the corresponding cost of providing those services reflected as cost of revenues when incurred . the majority of such revenues are billed on an hourly , daily or monthly basis whereby actual time is charged directly to the client . we recognize revenues from fixed-price contracts based on the proportional performance method . in instances where final acceptance of the product , system or solution is specified by the client , revenues are deferred until all acceptance criteria have been met . in absence of a sufficient basis to measure progress towards completion , revenues are recognized upon receipt of final acceptance from the client . the complexity of the estimation process and factors relating to the assumptions , risks and uncertainties inherent with the application of the proportional performance method of accounting affects the amounts of revenues and related expenses reported in our audited consolidated financial statements . a number of internal and external factors can affect our estimates , including labor hours and specification and testing requirement changes . the cumulative impact of any revision in estimates is reflected in the financial reporting period in which the change in estimate becomes known . our fixed price contracts are generally recognized over a period of twelve months or less . we enter into multiple element arrangements with our clients under time-and-material and fixed-fee contracts . in october 2009 , the fasb issued a new accounting standard which provides guidance for arrangements with multiple deliverables . we adopted this standard effective january 1 , 2010 for all new or amended contracts , and it did not have a material effect on our financial condition or consolidated results of operations , or change our units of accounting and how we allocate the arrangement consideration to various units of accounting . these arrangements consist of development services and other service deliverables that qualify for separate units of accounting . these other services include maintenance and support services for our time-and-material contracts and separately priced warranties for our fixed-fee contracts . these deliverables qualify for multiple units of accounting and therefore arrangement consideration is allocated among the units of accounting based on their relative selling price . the relative selling price is

capital resources at december 31 , 2011 , our principal sources of liquidity were cash and cash equivalents totaling $ 88.8 million and $ 30.0 million of available borrowings under our revolving line of credit . at december 31 , 2011 , we had cash and cash equivalents of $ 88.8 million , of which $ 55.5 million was held outside the united states , including $ 24.2 million held in u.s. dollar denominated accounts in belarus , which accrued at an average interest rate of 6.5 % during 2010 and 2011. we have a $ 30.0 million revolving line of credit with pnc bank , national association . advances under our revolving line of credit accrue interest at an annual rate equal to the london interbank offer rate , or libor , plus 1.25 % . our revolving line of credit is secured by the grant of a security interest in all of our u.s. trade receivables and cash on hand in favor of the bank and contains customary financial and reporting covenants and limitations . we are currently in compliance with all covenants contained in our revolving line of credit and believe that our revolving line of credit provides sufficient flexibility so that we will remain in compliance with its terms in the foreseeable future . our revolving line of credit expires on october 15 , 2013. at december 31 , 2011 , we had no borrowings outstanding under our revolving line of credit . the cash and cash equivalents held at locations outside of the united states are for future operating expenses and we have no intention of repatriating those funds . we are not , however , restricted in repatriating those funds back to the united states , if necessary . if we decide to remit funds to the united states in the form of dividends , $ 55.1 million would be subject to foreign withholding taxes , of which $ 46 million would also be 60 subject to u.s. corporate income tax .


 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.
     ```capital resources at december 31 , 2011 , our principal sources of liquidity were cash and cash equivalents totaling $ 88.8 million and $ 30.0 million of available borrowings under our revolving line of credit . at december 31 , 2011 , we had cash and cash equivalents of $ 88.8 million , of which $ 55.5 million was held outside the united states , including $ 24.2 million held in u.s. dollar denominated accounts in belarus , which accrued at an average interest rate of 6.5 % during 2010 and 2011. we have a $ 30.0 million revolving line of credit with pnc bank , national association . advances under our revolving line of credit accrue interest at an annual rate equal to the london interbank offer rate , or libor , plus 1.25 % . our revolving line of credit is secured by the grant of a security interest in all of our u.s. trade receivables and cash on hand in favor of the bank and contains customary financial and reporting covenants and limitations . we are currently in compliance with all covenants contained in our revolving line of credit and believe that our revolving line of credit provides sufficient flexibility so that we will remain in compliance with its terms in the foreseeable future . our revolving line of credit expires on october 15 , 2013. at december 31 , 2011 , we had no borrowings outstanding under our revolving line of credit . the cash and cash equivalents held at locations outside of the united states are for future operating expenses and we have no intention of repatriating those funds . we are not , however , restricted in repatriating those funds back to the united states , if necessary . if we decide to remit funds to the united states in the form of dividends , $ 55.1 million would be subject to foreign withholding taxes , of which $ 46 million would also be 60 subject to u.s. corporate income tax .
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 Suspicious Activity Report : we believe the epam brand name and our reputation are important corporate assets that help distinguish our services from those of our competitors and also contribute to our efforts to recruit and retain talented employees in cee and the cis . we seek to accurately manage our pricing and cost estimates when negotiating contract terms with our clients to ensure we are able to maintain appropriate levels of project profitability while providing a high quality of service . we also seek to maintain optimal resource utilization levels and productivity with the efficient allocation of our it professionals and facilities in our development centers in cee and the cis . we believe that the most significant factors affecting our results of operations include : market demand for software development services ; economic growth rates in the industries and countries in which our clients operate ; shortages of skilled it professionals in the united states and europe ; isvs and technology companies increasingly outsourcing work to it service professionals to more efficiently scale their operations with strong software engineering skills ; wage rates in countries where we operate , particularly in cee countries where most of our employees are based ; and changes in foreign exchange rates , especially relative changes in exchange rates between the u.s dollar and the british pound , euro , russian ruble and hungarian forint . our results of operations in any given period are also directly affected by company-specific factors , including : our ability to obtain new clients and generate repeat business from existing clients ; our ability to expand the quality , range and delivery of our portfolio of service offerings and our expertise relative to our competitors ; our ability to efficiently manage and utilize our it professionals ; and our ability to identify , integrate and effectively manage businesses that we acquire . certain income statement line items revenues revenues are derived primarily from providing software development services to our clients . during the third quarter of 2008 , we started to experience a decrease in demand for our services as a result of the global economic downturn , which also continued to adversely affect demand during 2009. however , in 2010 and 2011 we experienced rapid growth in demand for our services and significantly expanded our business . in 2010 , revenues increased by 47.9 % to $ 221.8 million from $ 149.9 million in 2009 , and increased by 50.8 % to $ 334.5 million in 2011 from $ 221.8 million in 2010. we discuss below the breakdown of our revenues by service offering , vertical , client location , contract type and client concentration . revenues consist of it services revenues and reimbursable expenses and other revenues , which primarily include travel and entertainment costs that are chargeable to clients . 53 revenues by service offering software development includes software product development , custom application development services and enterprise application platforms services , and has historically represented , and we expect to continue to represent , the 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_10_th revenues by vertical the foundation we have built with isvs and technology companies has enabled us to leverage our strong domain knowledge and industry-specific knowledge capabilities to become a premier it services provider to a range of additional verticals such as banking and financial services , business information and media , travel and hospitality and retail and consumer . the following table sets forth revenues by vertical by amount and as a percentage of our revenues for the periods indicated : replace_table_token_11_th 54 revenues by client location our revenues are sourced from three geographic markets : north america , europe and the cis . we present our revenues by client location based on the location of the specific client site that we serve , irrespective of the location of the headquarters of the client or the location of the delivery center where the work is performed . as such , revenues by client location differ from the segment information in our audited consolidated financial statements included elsewhere in this annual report , which is not solely based on the geographic location of the clients but rather is based on managerial responsibility for a particular client regardless of client location . the following table sets forth revenues by client location by amount and as a percentage of our revenues for the periods indicated : replace_table_token_12_th revenues by contract type our services are performed under both time-and-material and fixed-price arrangements . our engagement models depend 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 . historically , the majority of our revenues have been generated under time-and-material contracts . 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 pre-agreed intervals . we expect time-and-material arrangements to continue to comprise the majority of our revenues in the future . the following table sets forth revenues by contract type by amount and as a percentage of our revenues for the periods indicated : replace_table_token_13_th revenues by client concentration we have grown our revenues from our clients by continually expanding the scope and size of our engagements , and we have grown our key client base through internal business development efforts and several strategic acquisitions . 55 our focus on delivering quality to our clients is reflected by an average of 86.0 % and 70.5 % of our revenues in 2011 coming from clients that had used our services for at least two and three years , respectively . story_separator_special_tag there is no assurance that we would be able to raise additional funds on favorable terms or at all . off-balance sheet commitments and arrangements we do not have any investments in special purpose entities or undisclosed borrowings or debt . accordingly , our results of operations , financial condition and cash flows are not subject to off-balance sheet risks . critical accounting policies we prepare our audited 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 audited consolidated financial statements as their application places significant demands on the judgment of our management . an accounting policy is considered to be 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 audited 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 audited 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 in this annual report . revenue recognition we generate revenues primarily from software development services . we recognize revenues 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 . if there is an uncertainty about the project completion or receipt of payment for the consulting services , revenues are deferred until the uncertainty is sufficiently resolved . at the time revenues are recognized , we provide for client incentive programs 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 . all such amounts are anticipated to be realized in subsequent periods . 63 our services are performed under both time-and-material and fixed-price contracts arrangements . for revenues generated under time-and-material contracts , revenues are recognized as services are performed with the corresponding cost of providing those services reflected as cost of revenues when incurred . the majority of such revenues are billed on an hourly , daily or monthly basis whereby actual time is charged directly to the client . we recognize revenues from fixed-price contracts based on the proportional performance method . in instances where final acceptance of the product , system or solution is specified by the client , revenues are deferred until all acceptance criteria have been met . in absence of a sufficient basis to measure progress towards completion , revenues are recognized upon receipt of final acceptance from the client . the complexity of the estimation process and factors relating to the assumptions , risks and uncertainties inherent with the application of the proportional performance method of accounting affects the amounts of revenues and related expenses reported in our audited consolidated financial statements . a number of internal and external factors can affect our estimates , including labor hours and specification and testing requirement changes . the cumulative impact of any revision in estimates is reflected in the financial reporting period in which the change in estimate becomes known . our fixed price contracts are generally recognized over a period of twelve months or less . we enter into multiple element arrangements with our clients under time-and-material and fixed-fee contracts . in october 2009 , the fasb issued a new accounting standard which provides guidance for arrangements with multiple deliverables . we adopted this standard effective january 1 , 2010 for all new or amended contracts , and it did not have a material effect on our financial condition or consolidated results of operations , or change our units of accounting and how we allocate the arrangement consideration to various units of accounting . these arrangements consist of development services and other service deliverables that qualify for separate units of accounting . these other services include maintenance and support services for our time-and-material contracts and separately priced warranties for our fixed-fee contracts . these deliverables qualify for multiple units of accounting and therefore arrangement consideration is allocated among the units of accounting based on their relative selling price . the relative selling price is

