in addition to service providers that are looking for network architectures to respond to continued demand for bandwidth across their long-haul and subsea networks , service providers are now starting to build networks to support data center interconnections across metro cloud and campus environments . our recently introduced cloud 34 xpress platform is optimized to help service providers scale cloud networks with hyper-scale density , simplified operations and low power . we are headquartered in sunnyvale , california , with employees located throughout the americas , europe , and the asia pacific region . we expect to continue to add some personnel in the united states and internationally to develop our products and provide additional geographic sales and technical support coverage . we primarily sell our products through our direct sales force , with a small portion sold indirectly through resellers . we derived 95 % , 92 % and 98 % of our revenue from direct sales to customers for 2014 , 2013 and 2012 , respectively . we expect to continue generating a substantial majority of our revenue from direct sales in the future . 2014 financial and business performance our financial results for 2014 reflect a year of winning footprint , taking care of our customers and increasing profitability . we continued the momentum of gaining strong market acceptance of our intelligent transport network and the infinera dtn-x platform . we grew revenue by 23 % compared to 2013 , marking the second consecutive year where we have grown significantly faster than the overall dwdm market . we also continued to experience improved gross margin in 2014 , demonstrating the leverage we have achieved from our vertical integration and the value proposition of our intelligent transport network . throughout the year , we had a steady flow of customers adopting the infinera dtn-x platform to address their 100 gbps needs . since its introduction in mid-2012 , we have received purchase commitments for the infinera dtn-x platform from 59 customers , representing a broad array of service providers including tier 1 carriers , cable operators , icps and wholesale and enterprise carriers . we continued to sell the atn and infinera dtn platforms as customers leverage the full infinera product portfolio to best meet their needs . we also started to ship our cloud xpress platform in december 2014. in 2014 , we continued to be a technology innovator , as we successfully leveraged our solutions to influence service providers to accelerate architectural shifts in the way they build networks . these innovations continue to enable customers to use time as a weapon while simultaneously deploying new services and lowering operational costs . as of december 27 , 2014 , we have sold our products for deployment in the optical networks of 140 customers worldwide . we do not have long-term sales commitments from our customers . one individual customer accounted for over 10 % of our revenue in 2014. revenue from this customer was 19 % of total revenue in 2014. no individual customer accounted for over 10 % of our revenue in 2013 or 2012. future business and industry trends in 2015 , we intend to continue to leverage the infinera dtn-x platform to increase revenue and expand our market share as customers extend deployments of 100 gbps transport solutions in their networks . this focus on revenue growth will be complemented with overall prudent financial management and continued efforts to drive cost improvements across all of our products and services . we believe that with sustained revenue growth , we can leverage our vertically-integrated manufacturing model , which combined with selling bandwidth capacity into deployed networks , can result in improved future profitability and cash flow . we will continue to make significant investments in the business , and management currently believes that over time , research and development expenses , excluding stock-based compensation expenses , will be approximately 20 % of our total revenue , while other operating expenses will grow more slowly than our total revenue , driving additional financial leverage . our goal is to be the preeminent provider of optical transport networking systems to service providers around the world . in 2015 and beyond , we intend to increase our penetration with new and existing customers while leveraging our infinera dtn-x and cloud xpress platforms . our revenue growth will depend on the continued acceptance of our products , growth of communications traffic and the proliferation of next-generation bandwidth-intensive services , which are expected to drive the need for increased levels of bandwidth . our near-term quarter-over-quarter revenue will likely be volatile and may be impacted by several factors including general economic and market conditions , time-to-market development and market acceptance of new products , acquisitions of new customers and the timing of large product deployments . 35 results of operations revenue the following table sets forth , for periods presented , certain consolidated statements of operations information ( in thousands , except percentages ) : replace_table_token_3_th replace_table_token_4_th 2014 compared to 2013. total revenue increased by $ 124.0 million , or 23 % , in 2014 from 2013. total product revenue increased by $ 106.9 million , or 23 % , in 2014 from 2013. this increase was primarily driven by the continued strong market adoption of the infinera dtn-x platform as our customers continued to deploy our products to meet the growing bandwidth needs of their networks . the increase in infinera dtn-x platform revenue was partially offset by a reduction in sales of the infinera dtn platform . total services revenue increased by $ 17.1 million , or 22 % , in 2014 from 2013 due to higher levels of deployment services as customers built new networks utilizing our teams ' expertise as well as higher on-going support services as we continued to grow our installed base . 2013 compared to 2012. total revenue increased by $ 105.7 million , or 24 % , in 2013 from 2012. story_separator_special_tag leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset . an assumption of lease renewal where a renewal option exists is used only when the renewal has been determined to be reasonably assured . the estimated useful life of leasehold improvements is one to ten years . ( 3 ) tax liabilities of $ 2.2 million related to uncertain tax positions are not included in the table because we are unable to determine the timing of settlement if any , of these future payments with a reasonably reliable estimate . we had $ 5.0 million of standby letters of credit outstanding as of december 27 , 2014. these consisted of $ 3.0 million related to a customer proposal guarantee , $ 1.3 million related to a value added tax license and $ 0.7 million related to property leases . we had $ 3.5 million of standby letters of credit outstanding as of december 28 , 2013. these consisted of $ 1.4 million related to a value added tax license , $ 1.4 million related to a customer proposal guarantee and $ 0.7 million related to property leases . off-balance sheet arrangements as of december 27 , 2014 , we did not have any relationships with unconsolidated entities or financial partnerships , such as entities often referred to as structured finance or special purpose entities , which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes . critical accounting policies and estimates our consolidated financial statements are prepared in accordance with u.s. gaap . these accounting principles require us to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements , as well as the reported amounts of revenue and expenses during the periods presented . significant estimates , assumptions and judgments made by management include revenue recognition , stock-based compensation , accounting for income taxes , fair value measurement of investments , inventory valuation and accrued warranty . management believes that the estimates and judgments upon which they rely are reasonable based upon information available to them at the time that these estimates and judgments are made . to the extent there are material differences between these estimates and actual results , our consolidated financial statements will be affected . 43 revenue recognition substantially all of our product sales are sold in combination with installation , deployment and software support services . periodically , our product sales are also sold with spares management , on-site hardware replacement services or training . software support services , generally delivered over a one-year period , are comprised of software warranty or software subscription service . software warranty provides customers with maintenance releases during the warranty support period . software subscription service includes software warranty and additionally provides customers with rights to receive unspecified software product upgrades released during the support period . spares management and on-site hardware replacement services include the replacement of defective units at customer sites in accordance with specified service level agreements and are generally delivered over a one-year period . training services include the right to a specified number of instructor-led or web based training classes , and installation and deployment services may include customer site assessments , equipment installation and testing . these services are generally delivered over a 90-120 day period . we recognize product revenue when all of the following have occurred : ( 1 ) we have entered into a legally binding arrangement with the customer ; ( 2 ) delivery has occurred , which is when product title and risk of loss have transferred to the customer ; ( 3 ) customer payment is deemed fixed or determinable ; and ( 4 ) collectability is reasonably assured . we allocate revenue to each element in our multiple-element arrangements based upon their relative selling prices . we determine the selling price for each deliverable based on a selling price hierarchy . the selling price for a deliverable is based on its vendor specific objective evidence ( `` vsoe `` ) if available , third party evidence ( “ tpe ” ) if vsoe is not available , or estimated selling price ( “ esp ” ) if neither vsoe nor tpe is available . revenue allocated to each element is then recognized when the basic revenue recognition criteria for that element has been met . vsoe of selling price is used in the selling price allocation in all instances where it exists . vsoe of selling price for products and services is determined when a substantial majority of the selling prices fall within a reasonable range when sold separately . in certain instances , we are not able to establish vsoe for all deliverables in an arrangement with multiple elements . this mainly occurs where insufficient standalone sales transactions have occurred or where pricing for that element has not been consistent . tpe of selling price can be established by evaluating largely interchangeable competitor products or services in standalone sales to similarly situated customers . as our products contain a significant element of proprietary technology and the solution offered differs substantially from that of competitors , it is typically difficult to obtain the reliable standalone competitive pricing necessary to establish tpe . esp represents the best estimate of the price at which we would transact a sale if the product or service was sold on a standalone basis . we determine esp for a product or service by considering multiple factors including , but not limited to market conditions , competitive landscape , gross margin objectives and pricing practices . the determination of esp is made through formal approval by our management , taking into consideration the overall go-to-market pricing strategy . as our go-to-market strategies evolve , we may modify our pricing practices in the future ,

liquidity and capital resources replace_table_token_11_th replace_table_token_12_th cash , cash equivalents and short-term investments consist of highly-liquid investments in certificates of deposits , money market funds , commercial paper , corporate bonds and u.s. treasuries . long-term investments primarily consist of corporate bonds . the restricted cash balance amounts are primarily pledged as collateral for certain stand-by and commercial letters of credit related to customer proposal guarantees , value added tax licenses and property leases . operating activities net cash provided by operating activities for 2014 was $ 36.0 million as compared to net cash provided by operating activities of $ 35.2 million in 2013 and net cash used in operating activities of $ 49.5 million in 2012. net income for 2014 was $ 13.7 million , which included non-cash charges of $ 66.5 million , compared to a net loss of $ 32.1 million in 2013 , which included non-cash charges of $ 62.3 million . net loss for 2012 was $ 85.3 million , which included non-cash charges of $ 67.2 million . net cash used to fund working capital was $ 44.2 million for 2014. accounts receivables increased by $ 54.0 million primarily due to higher revenue levels and the timing of invoicing of network deployments and collections during the period . inventory levels increased by $ 25.5 million to support the higher expected demand . accounts payable increased by $ 18.8 million primarily reflecting increased inventory purchases and timing of payments during the period . accrued liabilities increased by $ 11.9 million primarily reflecting higher levels of compensation related accruals . net cash provided by working capital was $ 5.0 million for 2013. accounts receivables decreased by $ 6.3 million primarily due to improved linearity of invoicing .


 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_11_th replace_table_token_12_th cash , cash equivalents and short-term investments consist of highly-liquid investments in certificates of deposits , money market funds , commercial paper , corporate bonds and u.s. treasuries . long-term investments primarily consist of corporate bonds . the restricted cash balance amounts are primarily pledged as collateral for certain stand-by and commercial letters of credit related to customer proposal guarantees , value added tax licenses and property leases . operating activities net cash provided by operating activities for 2014 was $ 36.0 million as compared to net cash provided by operating activities of $ 35.2 million in 2013 and net cash used in operating activities of $ 49.5 million in 2012. net income for 2014 was $ 13.7 million , which included non-cash charges of $ 66.5 million , compared to a net loss of $ 32.1 million in 2013 , which included non-cash charges of $ 62.3 million . net loss for 2012 was $ 85.3 million , which included non-cash charges of $ 67.2 million . net cash used to fund working capital was $ 44.2 million for 2014. accounts receivables increased by $ 54.0 million primarily due to higher revenue levels and the timing of invoicing of network deployments and collections during the period . inventory levels increased by $ 25.5 million to support the higher expected demand . accounts payable increased by $ 18.8 million primarily reflecting increased inventory purchases and timing of payments during the period . accrued liabilities increased by $ 11.9 million primarily reflecting higher levels of compensation related accruals . net cash provided by working capital was $ 5.0 million for 2013. accounts receivables decreased by $ 6.3 million primarily due to improved linearity of invoicing .
```    
 Suspicious Activity Report : in addition to service providers that are looking for network architectures to respond to continued demand for bandwidth across their long-haul and subsea networks , service providers are now starting to build networks to support data center interconnections across metro cloud and campus environments . our recently introduced cloud 34 xpress platform is optimized to help service providers scale cloud networks with hyper-scale density , simplified operations and low power . we are headquartered in sunnyvale , california , with employees located throughout the americas , europe , and the asia pacific region . we expect to continue to add some personnel in the united states and internationally to develop our products and provide additional geographic sales and technical support coverage . we primarily sell our products through our direct sales force , with a small portion sold indirectly through resellers . we derived 95 % , 92 % and 98 % of our revenue from direct sales to customers for 2014 , 2013 and 2012 , respectively . we expect to continue generating a substantial majority of our revenue from direct sales in the future . 2014 financial and business performance our financial results for 2014 reflect a year of winning footprint , taking care of our customers and increasing profitability . we continued the momentum of gaining strong market acceptance of our intelligent transport network and the infinera dtn-x platform . we grew revenue by 23 % compared to 2013 , marking the second consecutive year where we have grown significantly faster than the overall dwdm market . we also continued to experience improved gross margin in 2014 , demonstrating the leverage we have achieved from our vertical integration and the value proposition of our intelligent transport network . throughout the year , we had a steady flow of customers adopting the infinera dtn-x platform to address their 100 gbps needs . since its introduction in mid-2012 , we have received purchase commitments for the infinera dtn-x platform from 59 customers , representing a broad array of service providers including tier 1 carriers , cable operators , icps and wholesale and enterprise carriers . we continued to sell the atn and infinera dtn platforms as customers leverage the full infinera product portfolio to best meet their needs . we also started to ship our cloud xpress platform in december 2014. in 2014 , we continued to be a technology innovator , as we successfully leveraged our solutions to influence service providers to accelerate architectural shifts in the way they build networks . these innovations continue to enable customers to use time as a weapon while simultaneously deploying new services and lowering operational costs . as of december 27 , 2014 , we have sold our products for deployment in the optical networks of 140 customers worldwide . we do not have long-term sales commitments from our customers . one individual customer accounted for over 10 % of our revenue in 2014. revenue from this customer was 19 % of total revenue in 2014. no individual customer accounted for over 10 % of our revenue in 2013 or 2012. future business and industry trends in 2015 , we intend to continue to leverage the infinera dtn-x platform to increase revenue and expand our market share as customers extend deployments of 100 gbps transport solutions in their networks . this focus on revenue growth will be complemented with overall prudent financial management and continued efforts to drive cost improvements across all of our products and services . we believe that with sustained revenue growth , we can leverage our vertically-integrated manufacturing model , which combined with selling bandwidth capacity into deployed networks , can result in improved future profitability and cash flow . we will continue to make significant investments in the business , and management currently believes that over time , research and development expenses , excluding stock-based compensation expenses , will be approximately 20 % of our total revenue , while other operating expenses will grow more slowly than our total revenue , driving additional financial leverage . our goal is to be the preeminent provider of optical transport networking systems to service providers around the world . in 2015 and beyond , we intend to increase our penetration with new and existing customers while leveraging our infinera dtn-x and cloud xpress platforms . our revenue growth will depend on the continued acceptance of our products , growth of communications traffic and the proliferation of next-generation bandwidth-intensive services , which are expected to drive the need for increased levels of bandwidth . our near-term quarter-over-quarter revenue will likely be volatile and may be impacted by several factors including general economic and market conditions , time-to-market development and market acceptance of new products , acquisitions of new customers and the timing of large product deployments . 35 results of operations revenue the following table sets forth , for periods presented , certain consolidated statements of operations information ( in thousands , except percentages ) : replace_table_token_3_th replace_table_token_4_th 2014 compared to 2013. total revenue increased by $ 124.0 million , or 23 % , in 2014 from 2013. total product revenue increased by $ 106.9 million , or 23 % , in 2014 from 2013. this increase was primarily driven by the continued strong market adoption of the infinera dtn-x platform as our customers continued to deploy our products to meet the growing bandwidth needs of their networks . the increase in infinera dtn-x platform revenue was partially offset by a reduction in sales of the infinera dtn platform . total services revenue increased by $ 17.1 million , or 22 % , in 2014 from 2013 due to higher levels of deployment services as customers built new networks utilizing our teams ' expertise as well as higher on-going support services as we continued to grow our installed base . 2013 compared to 2012. total revenue increased by $ 105.7 million , or 24 % , in 2013 from 2012. story_separator_special_tag leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset . an assumption of lease renewal where a renewal option exists is used only when the renewal has been determined to be reasonably assured . the estimated useful life of leasehold improvements is one to ten years . ( 3 ) tax liabilities of $ 2.2 million related to uncertain tax positions are not included in the table because we are unable to determine the timing of settlement if any , of these future payments with a reasonably reliable estimate . we had $ 5.0 million of standby letters of credit outstanding as of december 27 , 2014. these consisted of $ 3.0 million related to a customer proposal guarantee , $ 1.3 million related to a value added tax license and $ 0.7 million related to property leases . we had $ 3.5 million of standby letters of credit outstanding as of december 28 , 2013. these consisted of $ 1.4 million related to a value added tax license , $ 1.4 million related to a customer proposal guarantee and $ 0.7 million related to property leases . off-balance sheet arrangements as of december 27 , 2014 , we did not have any relationships with unconsolidated entities or financial partnerships , such as entities often referred to as structured finance or special purpose entities , which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes . critical accounting policies and estimates our consolidated financial statements are prepared in accordance with u.s. gaap . these accounting principles require us to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements , as well as the reported amounts of revenue and expenses during the periods presented . significant estimates , assumptions and judgments made by management include revenue recognition , stock-based compensation , accounting for income taxes , fair value measurement of investments , inventory valuation and accrued warranty . management believes that the estimates and judgments upon which they rely are reasonable based upon information available to them at the time that these estimates and judgments are made . to the extent there are material differences between these estimates and actual results , our consolidated financial statements will be affected . 43 revenue recognition substantially all of our product sales are sold in combination with installation , deployment and software support services . periodically , our product sales are also sold with spares management , on-site hardware replacement services or training . software support services , generally delivered over a one-year period , are comprised of software warranty or software subscription service . software warranty provides customers with maintenance releases during the warranty support period . software subscription service includes software warranty and additionally provides customers with rights to receive unspecified software product upgrades released during the support period . spares management and on-site hardware replacement services include the replacement of defective units at customer sites in accordance with specified service level agreements and are generally delivered over a one-year period . training services include the right to a specified number of instructor-led or web based training classes , and installation and deployment services may include customer site assessments , equipment installation and testing . these services are generally delivered over a 90-120 day period . we recognize product revenue when all of the following have occurred : ( 1 ) we have entered into a legally binding arrangement with the customer ; ( 2 ) delivery has occurred , which is when product title and risk of loss have transferred to the customer ; ( 3 ) customer payment is deemed fixed or determinable ; and ( 4 ) collectability is reasonably assured . we allocate revenue to each element in our multiple-element arrangements based upon their relative selling prices . we determine the selling price for each deliverable based on a selling price hierarchy . the selling price for a deliverable is based on its vendor specific objective evidence ( `` vsoe `` ) if available , third party evidence ( “ tpe ” ) if vsoe is not available , or estimated selling price ( “ esp ” ) if neither vsoe nor tpe is available . revenue allocated to each element is then recognized when the basic revenue recognition criteria for that element has been met . vsoe of selling price is used in the selling price allocation in all instances where it exists . vsoe of selling price for products and services is determined when a substantial majority of the selling prices fall within a reasonable range when sold separately . in certain instances , we are not able to establish vsoe for all deliverables in an arrangement with multiple elements . this mainly occurs where insufficient standalone sales transactions have occurred or where pricing for that element has not been consistent . tpe of selling price can be established by evaluating largely interchangeable competitor products or services in standalone sales to similarly situated customers . as our products contain a significant element of proprietary technology and the solution offered differs substantially from that of competitors , it is typically difficult to obtain the reliable standalone competitive pricing necessary to establish tpe . esp represents the best estimate of the price at which we would transact a sale if the product or service was sold on a standalone basis . we determine esp for a product or service by considering multiple factors including , but not limited to market conditions , competitive landscape , gross margin objectives and pricing practices . the determination of esp is made through formal approval by our management , taking into consideration the overall go-to-market pricing strategy . as our go-to-market strategies evolve , we may modify our pricing practices in the future ,

