Global macroeconomic conditions have a material adverse effect on our ability to retain and attract clients and our competitive position, which could in turn have a material adversesignificant effect on our business resultsas well as the businesses of operationsour customers. Volatile, negative or uncertain economic conditions could cause our customers to reduce, postpone or cancel spending on projects with us and financial condition.could make it more difficult for us to accurately forecast customer demand and have available the right resources to profitably address such customer demand. The short-term nature of contracts in our industry means that actions by customers may occur quickly and with little warning, which may cause us to incur extra costs where we have employed more professionals than customer demand supports.

Our business results of operationsis particularly susceptible to economic and financial condition may be affected by the rate of growthpolitical conditions in the use of technology in business and the type and level of technology spending by our clients.

Our success is dependent, in large part, on our ability to keep our supply of skilled professionals, including project managers, IT engineers and senior technical personnel, in balance with customer demand around the Indian rupeeworld and on our ability to attract and retain senior management with the knowledge and skills to lead our business globally. Each year, we must hire tens of thousands of new professionals and retrain, retain, and motivate our workforce of hundreds of thousands of professionals with diverse skills and expertise in order to serve customer demands across the globe, respond quickly to rapid and ongoing technological, industry and macroeconomic developments and grow and manage our business. We also must continue to maintain an effective senior leadership team. The loss of senior executives, or the failure to attract, integrate and retain new senior executives as the needs of our business require, could have a material adverse effect on our business and results of operations.

Achievement of our targeted growth rates requires continued significant organic growth of our business as well as inorganic growth through acquisitions. To achieve such growth, we must, among other foreign currency exchange rates, restrictions on the deployment of cash acrossthings, continue to significantly expand our global operations, increase our product and service offerings and scale our use of derivative financial instruments.

Our goals for profitability and capital return rely upon a number of assumptions, including our ability to improve the efficiency of our operations and make successful investments to grow and further develop our business. Our profitability depends on the efficiency with which we run our operations and the cost of our operations, especially the compensation and benefits costs of the professionals we employ. We may not be able to efficiently utilize our professionals if increased regulation, policy changes or administrative burdens of immigration, work visas or outsourcing prevents us from deploying our professionals globally on a timely basis, or at all, to fulfill the needs of our customers. Wage and other than the U.S. dollar.cost pressures may put pressure on our profitability. Fluctuations in foreign currency exchange rates can also have a number of adverse effects on us. Because our consolidated financial statements are presented in U.S. dollars, we must translate revenues, expenses and income, as well as assets and liabilities, into U.S. dollars at exchange rates in effect during or at the end of each reporting period. Therefore, changes in the value of the U.S. dollar against other currencies will affect our revenues, income from operations and net income and the value of balance sheetwhen items originally denominated in other currencies. There is no guarantee that our financial results will not be adversely affected by currency exchange rate fluctuations. In addition, in some countries we could be subject to strict restrictions on the movement of cash and the exchange of foreign currencies which could limit our ability to use these funds across our global operations. Further, as we continue to leverage our global delivery model, moreare translated or remeasured into U.S. dollars for presentation of our expenses are incurred in currencies other than those in which we bill for the related services. An increase in the value of certain currencies, such as the Indian rupee, against the U.S. dollar could increase costs for delivery of services at offshore sites by increasing labor and other costs that are denominated in local currency.

Our success depends on our ability to continue to develop and implement services and solutions that anticipate and respond to rapid and continuing changes in technology to serve the evolving needs of our customers. If we do not sufficiently invest in new technologies, successfully adapt to industry developments and changing demand, and evolve and expand our business at sufficient speed and scale to keep pace with the demands of the markets we serve, we may be unable to develop and maintain a competitive advantage and execute on our growth strategy, which would materially adversely affect our business, results of operations and financial condition.

The issuepractice of companies outsourcing services to organizations operating in other countries is a topic of political discussion in the United States, which is our largest market, as well as in Europe, the Asia Pacific and other regions in which we have clients.customers. For example, measures aimed at limiting or restricting outsourcing by United StatesU.S. companies are periodically considered inhave been put forward for consideration by the U.S. Congress and in numerous state legislatures to address concerns over the perceived association between offshore outsourcing and the loss of jobs domestically. If enacted,any such measures may broaden existing restrictions on outsourcing by federal and state government agencies and on government contracts with firms that outsource

In addition, from time to time there has been publicity about purported negative experiences associated with offshore outsourcing, such as alleged domestic job loss and theft and misappropriation of sensitive clientcustomer data, particularly involving service providers in India. Current or prospective clientscustomers may elect to perform certain services themselves or may be discouraged from utilizing global service delivery providers like us due to negative perceptions that may be associated with using global service delivery models or firms. Any slowdown or reversal of existing industry trends toward global service delivery would seriously harm our ability to compete effectively with competitors that provide the majority of their services from within the country in which our clientscustomers operate.

We provide services to clients, which could hamper our growthcustomers and cause our revenuehave operations in many parts of the world and in a wide variety of different industries, subjecting us to decline.numerous, and sometimes conflicting, laws and regulations on matters as diverse as import and export controls,

We face significant regulatory compliance costs and risks as a result of the size and breadth of our business. For example, we commit significant financial and managerial resources to comply with our internal control over financial reporting requirements, but we have in the past and may in the future identify material weaknesses or deficiencies in our internal control over financial reporting that causes us to continueincur incremental remediation costs in order to provide servicesmaintain adequate controls. As another example, we had to spend significant resources on a timelyconducting an internal investigation and cost-effective basis, receive revenues as early as expected or manage our delivery centers as efficiently as we otherwise could, anycooperating with investigations by the U.S. Department of Justice ("DOJ") and the SEC, each of which is now concluded, focused on whether certain payments relating to Company-owned facilities in India were made in violation of the FCPA and other applicable laws.

The industriesinterpretation of tax laws and regulations in which our clients are concentrated, such as the financial services industry and the healthcare industry, are, or may be, increasingly subject to governmental regulation and intervention. For instance, the financial services industry is subject to extensive and complex federal and state regulation. As a provider of services to financial institutions, portions of our operations are examined by a number of regulatory agencies. These agencies regulate the services we provide and mannermany jurisdictions in which we operate. For example, some financial services regulators have imposed guidelines for use of cloud computing services that mandate specific controls oroperate and the related tax accounting principles are complex and require financial services enterprisesconsiderable judgment to obtain regulatory approval prior to outsourcing certain functions. If we are unable to comply with these guidelines or controls, or ifdetermine our income taxes and other tax liabilities worldwide. Tax laws and regulations affecting us and our customers, are unable to obtain regulatory approval to use our services where required, our business may be harmed. In addition, clients inincluding applicable tax rates, and the financial services sector have beeninterpretation and enforcement of such laws and regulations are subject to increased regulation following the enactmentchange as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States. New or changing regulations under Dodd-Frank, as well as other regulations or legislation affecting our customers in the financial services industry, may reduce demand for our services or cause us to incur costly changes in our processes or personnel, thereby negatively affecting our business, results of operations and financial condition.

We are subject to, and may become a party to, a variety of litigation or increased government interventionother claims and suits that arise from time to time in the conduct of our business. Our business is subject to the risk of litigation involving current and former employees, clients, alliance partners, subcontractors, suppliers, competitors, shareholders, government agencies or others through private actions, class actions, whistleblower claims, administrative proceedings, regulatory actions or other industries in which our clients operate also may adversely affect the growthlitigation. While we maintain insurance for certain potential liabilities, such insurance does not cover all types and amounts of their respective businessespotential liabilities and therefore negatively impact our business, results of operations and financial condition.is subject to various exclusions as well as caps on amounts recoverable.

Our stock price continuescustomer engagements expose us to be volatile.

The classificationA significant portion of our boardaccumulated earnings are held and ongoing earnings are derived from our operations in India.  We consider our Indian accumulated undistributed earnings to be indefinitely reinvested in India. While we have no plans to do so, we may change our intent not to repatriate such earnings, including as a result of directors until the 2016 annual meeting of stockholders, at which point the board of directors will be declassified and each director will be elected on an annual basis. While our board of directors remains classified, a change of controlcapital requirements in other parts of our boardbusiness that may necessitate such repatriation. As of directors cannot occurDecember 31, 2018, the amount of unrepatriated Indian earnings was estimated at a single meeting of stockholders;