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 — as discussed in note 1 “ business and summary of significant accounting policies ” in the notes to our consolidated financial statements in this annual report on form 10-k , on january 1 , 2018 , we adopted the new accounting standard asu 2014-09 , “ revenue from contracts with customers ” ( topic 606 ) as amended using the modified retrospective method . this resulted in different revenue recognition accounting policies applied to the years presented in our consolidated financial statements . for the years ended december 31 , 2019 and 2018 we recognize revenues when control of goods or services is passed to a customer in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services . such control may be transferred over time or at a point in time depending on satisfaction of obligations stipulated by the contract . consideration expected to be received may consist of both fixed and variable components and is allocated to each separately identifiable performance obligation based on the performance obligation 's relative standalone selling price . variable consideration usually takes the form of volume-based discounts , service level credits , price concessions or incentives . determining the estimated amount of such variable consideration involves assumptions and judgment that can have an impact on the amount of revenues reported . we derive revenues from a variety of service arrangements , which have been evolving to provide more customized and integrated solutions to customers by combining software engineering with customer experience design , business consulting and technology innovation services . fees for these contracts may be in the form of time-and-materials or fixed-price arrangements . we generate the majority of our revenues under time-and-material contracts , which are billed using hourly , daily or monthly rates to determine the amounts to be charged directly to the customer . we apply a practical expedient and revenues related to time-and-material contracts are recognized based on the right to invoice for services performed . fixed-price contracts include maintenance and support arrangements , which may exceed one year in duration . maintenance and support arrangements generally relate to the provision of ongoing services and revenues for such contracts are recognized ratably over the expected service period . fixed-price contracts also include application development arrangements , where progress towards satisfaction of the performance obligation is measured using input or output methods and input methods are used only when there is a direct correlation between hours incurred and the end product delivered . assumptions , risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues , receivables and deferred revenues at each reporting period . revenues from licenses which have significant stand-alone functionality are recognized at a point in time when control of the license is transferred to the customer . revenues from licenses which do not have stand-alone functionality are recognized over time . if there is an uncertainty about the receipt of payment for the services , revenue recognition is deferred until the uncertainty is sufficiently resolved . we apply a practical expedient and do not assess the existence of a significant financing component if the period between transfer of the service to a customer and when the customer pays for that service is one year or less . 26 we report gross reimbursable “ out-of-pocket ” expenses incurred as both revenues and cost of revenues in the consolidated statements of income and comprehensive income . for the year ended december 31 , 2017 we recognized revenue when the following criteria were met : ( 1 ) persuasive evidence of an arrangement existed ; ( 2 ) delivery had occurred ; ( 3 ) the sales price was fixed or determinable ; and ( 4 ) collectability was reasonably assured . determining whether and when some of these criteria had been satisfied often involved assumptions and judgments that could have had a significant impact on the timing and amount of revenues reported . we derived our revenues from a variety of service offerings , which represent specific competencies of our delivery professionals . story_separator_special_tag item 7. management 's discussion and analysis of financial condition and results of operations — results of operations ” of our annual report on form 10-k for the year ended december 31 , 2018. selling , general and administrative expenses selling , general and administrative expenses represent expenses associated with promoting and selling our services and general and administrative functions of our business . these expenses include the costs of salaries , bonuses , fringe benefits , stock-based compensation , severance , bad debt , travel , legal and accounting services , insurance , facilities including operating leases , advertising and other promotional activities . in addition , we pay a membership fee of 1 % of revenues generated in belarus to the administrative organization of the belarus high-technologies park . we expect our selling , general and administrative expenses to continue to increase in absolute terms as our business expands but generally to remain steady as a percentage of our revenues in the foreseeable future . 32 our selling , general and administrative expenses have increased due to our continuously expanding operations , strategic business acquisitions , and the hiring of necessary personnel to support our growth . during the year ended december 31 , 2019 , selling , general and administrative expenses were $ 457.4 million , representing an increase of 22.4 % as compared to $ 373.6 million reported last year . the increase in selling , general and administrative expenses in 2019 was primarily driven by a $ 44.8 million increase in personnel-related costs including stock-based compensation expense and talent acquisition and development expenses , and a $ 28.0 million increase in facilities and infrastructure related expenses to support our growth . expressed as a percentage of revenues , selling , general and administrative expenses decreased 0.4 % to 19.9 % for the year ended december 31 , 2019 . the decrease was primarily driven by the slower growth of 19.7 % in personnel-related costs including stock-based compensation expense as compared to revenue growth of 24.5 % . discussion of selling , general and administrative expenses from 2018 as compared to 2017 is disclosed in “ part ii . item 7. management 's discussion and analysis of financial condition and results of operations — results of operations ” of our annual report on form 10-k for the year ended december 31 , 2018. depreciation and amortization expense during the year ended december 31 , 2019 , depreciation and amortization expense was $ 45.3 million , representing an increase of $ 8.7 million from $ 36.6 million reported last year . the increase in depreciation and amortization expense was primarily due to an increase in computer equipment to support headcount growth . depreciation and amortization expense includes amortization of acquired finite-lived intangible assets . expressed as a percentage of revenues , depreciation and amortization expense remained consistent at 2.0 % during the year ended december 31 , 2019 as compared to 2018. discussion of depreciation and amortization expense from 2018 as compared to 2017 is disclosed in “ part ii . item 7. management 's discussion and analysis of financial condition and results of operations — results of operations ” of our annual report on form 10-k for the year ended december 31 , 2018. interest and other income , net interest and other income , net includes interest earned on cash and cash equivalents and employee housing loans , gains and losses from certain financial instruments , interest expense related to our revolving credit facility and changes in the fair value of contingent consideration . there were no material changes in interest and other income , net in 2019 as compared to 2018 and 2017. provision for income taxes determining the consolidated provision for income tax expense , deferred income tax assets and liabilities and any potential related valuation allowances involves judgment . we consider factors that may contribute , favorably or unfavorably , to the overall annual effective tax rate in the current year as well as the future . these factors include statutory tax rates and tax law changes in the countries where we operate and excess tax benefits upon vesting or exercise of equity awards as well as consideration of any significant or unusual items . as a global company , we are required to calculate and provide for income taxes in each of the jurisdictions in which we operate . during 2019 , 2018 and 2017 , we had $ 234.2 million , $ 205.2 million and $ 180.9 million , respectively , in income before provision for income taxes attributed to our foreign jurisdictions . changes in the geographic mix or level of annual pre-tax income can also affect our overall effective income tax rate . our provision for income taxes also includes the impact of provisions established for uncertain income tax positions , as well as the related net interest and penalty expense . tax exposures can involve complex issues and may require an extended period to resolve . although we believe we have adequately reserved for our uncertain tax positions , we can not provide assurance that the final tax outcome of these matters will not be different from our current estimates . we adjust these reserves in light of changing facts and circumstances , such as the closing of a tax audit , statute of limitation lapse or the refinement of an estimate . to the extent that the final tax outcome of these matters differs from the amounts recorded , such differences will impact the provision for income taxes in the period in which such determination is made . 33 in belarus , member technology companies of high-technologies park , including our local subsidiary , have a full exemption from belarus income tax on qualifying income through january 2049. however , beginning february 1 , 2018 , the earnings of the company 's belarus local subsidiary became subject to u.s. income taxation due to the company 's

liquidity and capital resources capital resources our cash generated from operations has been our primary source of liquidity to fund operations and investments to support the growth of our business . as of december 31 , 2019 , our principal sources of liquidity were cash and cash equivalents totaling $ 936.6 million and $ 274.7 million of available borrowings under our revolving credit facility . we have cash in banks in belarus , russia , ukraine , kazakhstan , armenia and uzbekistan , where the banking sector remains subject to periodic instability . banking and other financial systems in these countries generally do not meet the banking standards of more developed markets and bank deposits made by corporate entities are not insured . as of december 31 , 2019 , the total amount of cash held in these countries was $ 206.5 million and of this amount , $ 123.4 million was located in belarus . as of december 31 , 2019 , we had $ 274.7 million available for borrowing under our revolving credit facility and had outstanding debt of $ 25.0 million . as of december 31 , 2019 , we were in compliance with all covenants specified under the credit facility and anticipate being in compliance for the foreseeable future . see note 8 “ long-term debt ” in the notes to our consolidated financial statements in this annual report on form 10-k for information regarding our long-term debt . our ability to expand and grow our business in accordance with current plans and to meet our long-term capital requirements will depend on many factors , including the rate at which our cash flows increase or decrease and the availability of public and private debt and equity financing . we may require additional cash resources due to changed business conditions or other future developments , including any investments or acquisitions we may decide to pursue . if our resources are insufficient to satisfy our cash requirements , we may seek to sell additional equity or debt securities or obtain another credit facility .


 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 capital resources our cash generated from operations has been our primary source of liquidity to fund operations and investments to support the growth of our business . as of december 31 , 2019 , our principal sources of liquidity were cash and cash equivalents totaling $ 936.6 million and $ 274.7 million of available borrowings under our revolving credit facility . we have cash in banks in belarus , russia , ukraine , kazakhstan , armenia and uzbekistan , where the banking sector remains subject to periodic instability . banking and other financial systems in these countries generally do not meet the banking standards of more developed markets and bank deposits made by corporate entities are not insured . as of december 31 , 2019 , the total amount of cash held in these countries was $ 206.5 million and of this amount , $ 123.4 million was located in belarus . as of december 31 , 2019 , we had $ 274.7 million available for borrowing under our revolving credit facility and had outstanding debt of $ 25.0 million . as of december 31 , 2019 , we were in compliance with all covenants specified under the credit facility and anticipate being in compliance for the foreseeable future . see note 8 “ long-term debt ” in the notes to our consolidated financial statements in this annual report on form 10-k for information regarding our long-term debt . our ability to expand and grow our business in accordance with current plans and to meet our long-term capital requirements will depend on many factors , including the rate at which our cash flows increase or decrease and the availability of public and private debt and equity financing . we may require additional cash resources due to changed business conditions or other future developments , including any investments or acquisitions we may decide to pursue . if our resources are insufficient to satisfy our cash requirements , we may seek to sell additional equity or debt securities or obtain another credit facility .
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 Suspicious Activity Report : 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 — as discussed in note 1 “ business and summary of significant accounting policies ” in the notes to our consolidated financial statements in this annual report on form 10-k , on january 1 , 2018 , we adopted the new accounting standard asu 2014-09 , “ revenue from contracts with customers ” ( topic 606 ) as amended using the modified retrospective method . this resulted in different revenue recognition accounting policies applied to the years presented in our consolidated financial statements . for the years ended december 31 , 2019 and 2018 we recognize revenues when control of goods or services is passed to a customer in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services . such control may be transferred over time or at a point in time depending on satisfaction of obligations stipulated by the contract . consideration expected to be received may consist of both fixed and variable components and is allocated to each separately identifiable performance obligation based on the performance obligation 's relative standalone selling price . variable consideration usually takes the form of volume-based discounts , service level credits , price concessions or incentives . determining the estimated amount of such variable consideration involves assumptions and judgment that can have an impact on the amount of revenues reported . we derive revenues from a variety of service arrangements , which have been evolving to provide more customized and integrated solutions to customers by combining software engineering with customer experience design , business consulting and technology innovation services . fees for these contracts may be in the form of time-and-materials or fixed-price arrangements . we generate the majority of our revenues under time-and-material contracts , which are billed using hourly , daily or monthly rates to determine the amounts to be charged directly to the customer . we apply a practical expedient and revenues related to time-and-material contracts are recognized based on the right to invoice for services performed . fixed-price contracts include maintenance and support arrangements , which may exceed one year in duration . maintenance and support arrangements generally relate to the provision of ongoing services and revenues for such contracts are recognized ratably over the expected service period . fixed-price contracts also include application development arrangements , where progress towards satisfaction of the performance obligation is measured using input or output methods and input methods are used only when there is a direct correlation between hours incurred and the end product delivered . assumptions , risks and uncertainties inherent in the estimates used to measure progress could affect the amount of revenues , receivables and deferred revenues at each reporting period . revenues from licenses which have significant stand-alone functionality are recognized at a point in time when control of the license is transferred to the customer . revenues from licenses which do not have stand-alone functionality are recognized over time . if there is an uncertainty about the receipt of payment for the services , revenue recognition is deferred until the uncertainty is sufficiently resolved . we apply a practical expedient and do not assess the existence of a significant financing component if the period between transfer of the service to a customer and when the customer pays for that service is one year or less . 26 we report gross reimbursable “ out-of-pocket ” expenses incurred as both revenues and cost of revenues in the consolidated statements of income and comprehensive income . for the year ended december 31 , 2017 we recognized revenue when the following criteria were met : ( 1 ) persuasive evidence of an arrangement existed ; ( 2 ) delivery had occurred ; ( 3 ) the sales price was fixed or determinable ; and ( 4 ) collectability was reasonably assured . determining whether and when some of these criteria had been satisfied often involved assumptions and judgments that could have had a significant impact on the timing and amount of revenues reported . we derived our revenues from a variety of service offerings , which represent specific competencies of our delivery professionals . story_separator_special_tag item 7. management 's discussion and analysis of financial condition and results of operations — results of operations ” of our annual report on form 10-k for the year ended december 31 , 2018. selling , general and administrative expenses selling , general and administrative expenses represent expenses associated with promoting and selling our services and general and administrative functions of our business . these expenses include the costs of salaries , bonuses , fringe benefits , stock-based compensation , severance , bad debt , travel , legal and accounting services , insurance , facilities including operating leases , advertising and other promotional activities . in addition , we pay a membership fee of 1 % of revenues generated in belarus to the administrative organization of the belarus high-technologies park . we expect our selling , general and administrative expenses to continue to increase in absolute terms as our business expands but generally to remain steady as a percentage of our revenues in the foreseeable future . 32 our selling , general and administrative expenses have increased due to our continuously expanding operations , strategic business acquisitions , and the hiring of necessary personnel to support our growth . during the year ended december 31 , 2019 , selling , general and administrative expenses were $ 457.4 million , representing an increase of 22.4 % as compared to $ 373.6 million reported last year . the increase in selling , general and administrative expenses in 2019 was primarily driven by a $ 44.8 million increase in personnel-related costs including stock-based compensation expense and talent acquisition and development expenses , and a $ 28.0 million increase in facilities and infrastructure related expenses to support our growth . expressed as a percentage of revenues , selling , general and administrative expenses decreased 0.4 % to 19.9 % for the year ended december 31 , 2019 . the decrease was primarily driven by the slower growth of 19.7 % in personnel-related costs including stock-based compensation expense as compared to revenue growth of 24.5 % . discussion of selling , general and administrative expenses from 2018 as compared to 2017 is disclosed in “ part ii . item 7. management 's discussion and analysis of financial condition and results of operations — results of operations ” of our annual report on form 10-k for the year ended december 31 , 2018. depreciation and amortization expense during the year ended december 31 , 2019 , depreciation and amortization expense was $ 45.3 million , representing an increase of $ 8.7 million from $ 36.6 million reported last year . the increase in depreciation and amortization expense was primarily due to an increase in computer equipment to support headcount growth . depreciation and amortization expense includes amortization of acquired finite-lived intangible assets . expressed as a percentage of revenues , depreciation and amortization expense remained consistent at 2.0 % during the year ended december 31 , 2019 as compared to 2018. discussion of depreciation and amortization expense from 2018 as compared to 2017 is disclosed in “ part ii . item 7. management 's discussion and analysis of financial condition and results of operations — results of operations ” of our annual report on form 10-k for the year ended december 31 , 2018. interest and other income , net interest and other income , net includes interest earned on cash and cash equivalents and employee housing loans , gains and losses from certain financial instruments , interest expense related to our revolving credit facility and changes in the fair value of contingent consideration . there were no material changes in interest and other income , net in 2019 as compared to 2018 and 2017. provision for income taxes determining the consolidated provision for income tax expense , deferred income tax assets and liabilities and any potential related valuation allowances involves judgment . we consider factors that may contribute , favorably or unfavorably , to the overall annual effective tax rate in the current year as well as the future . these factors include statutory tax rates and tax law changes in the countries where we operate and excess tax benefits upon vesting or exercise of equity awards as well as consideration of any significant or unusual items . as a global company , we are required to calculate and provide for income taxes in each of the jurisdictions in which we operate . during 2019 , 2018 and 2017 , we had $ 234.2 million , $ 205.2 million and $ 180.9 million , respectively , in income before provision for income taxes attributed to our foreign jurisdictions . changes in the geographic mix or level of annual pre-tax income can also affect our overall effective income tax rate . our provision for income taxes also includes the impact of provisions established for uncertain income tax positions , as well as the related net interest and penalty expense . tax exposures can involve complex issues and may require an extended period to resolve . although we believe we have adequately reserved for our uncertain tax positions , we can not provide assurance that the final tax outcome of these matters will not be different from our current estimates . we adjust these reserves in light of changing facts and circumstances , such as the closing of a tax audit , statute of limitation lapse or the refinement of an estimate . to the extent that the final tax outcome of these matters differs from the amounts recorded , such differences will impact the provision for income taxes in the period in which such determination is made . 33 in belarus , member technology companies of high-technologies park , including our local subsidiary , have a full exemption from belarus income tax on qualifying income through january 2049. however , beginning february 1 , 2018 , the earnings of the company 's belarus local subsidiary became subject to u.s. income taxation due to the company 's

