consequently , gross profit has become an increasingly important measure of evaluating growth in our business because , in contrast to our revenues , it is not affected by the mix between our name your own price ® travel services and our other travel services . over the last several years we have experienced strong growth in our accommodation reservation services . we believe this growth is the result of , among other things , the broader shift of travel purchases from offline to online , the widespread adoption of mobile devices , the high growth of travel overall in emerging markets such as asia-pacific and south america , and the continued innovation and execution by our teams around the world to build accommodation supply , content and distribution and to improve the customer experience on our websites and mobile apps . we experienced strong year-over-year growth in recent years , though that growth has generally decelerated . for example , for the year ended december 31 , 2013 , our accommodation room night reservation growth was 37 % , a deceleration from 40 % in 2012 and 53 % in 2011. given 40 the size of our hotel reservation business , we believe it is highly likely that our year-over-year growth rates will continue to decelerate , though the rate of deceleration may fluctuate . many governments around the world , including the u.s. government and certain european governments , are operating at large financial deficits , resulting in high levels of sovereign debt in such countries . failure to reach political consensus regarding workable solutions to these issues has resulted in a high level of uncertainty regarding the future economic outlook . this uncertainty , as well as concern over governmental austerity measures including higher taxes and reduced government spending , could impair consumer spending and adversely affect travel demand . at times , we have experienced volatility in transaction growth rates and weaker trends in hotel average daily rates ( `` adrs `` ) across many regions of the world , particularly in those european countries that appear to be most affected by economic uncertainties . we believe that these business trends are likely impacted by weak economic conditions and sovereign debt concerns . disruptions in the economies of such countries could cause , contribute to or be indicative of deteriorating macro-economic conditions . in addition , during periods of elevated uncertainty , the value of the u.s. dollar compared to other currencies , including the euro , has often increased , which adversely affects our gross bookings , gross profit , operating income and net income as expressed in u.s. dollars . the uncertainty of macro-economic factors and their impact on consumer behavior across regions , which may differ , makes it more difficult to forecast industry and consumer trends and the timing and degree of their impact on our markets and business , which in turn could adversely affect our ability to effectively manage our business and adversely affect our results of operations . we compete with both online and traditional travel reservation services . the market for the travel reservation services we offer is intensely competitive , and current and new competitors can launch new services at a relatively low cost . some of our current and potential competitors , such as google , apple and facebook , have access to significantly greater and more diversified resources than we do , and they may be able to leverage other aspects of their businesses ( e.g . , search or mobile device businesses ) to enable them to compete more effectively with us . we currently , or potentially will , compete with a variety of companies , including : online travel reservation services such as those owned by expedia , orbitz , travelocity , ctrip , rakuten , odigeo , jalan and wotif ; large online portal , social networking , group buying and search companies , such as google , facebook and groupon ; traditional travel agencies , wholesalers and tour operators , such as carlson wagonlit , american express , thomas cook and tui travel , as well as thousands of individual travel agencies around the world ; travel service providers such as accommodation providers , rental car companies and airlines ; and online travel search and price comparison services ( generally referred to as `` meta-search `` services ) , such as trivago ( in which expedia has acquired a majority ownership interest ) , tripadvisor , qunar and hotelscombined . tripadvisor , the world 's leading travel research and review website and the world 's largest online travel service with over 260 million unique monthly visitors across its websites , google , the world 's largest search engine , and other large , established companies with substantial resources and expertise in developing online commerce and facilitating internet traffic have launched meta-search services and may create additional inroads into online travel , both in the united states and internationally . meta-search services leverage their search technology to aggregate travel search results for the consumer 's specific itinerary across travel service provider ( e.g . hotels , rental car companies or airlines ) , ota and other travel websites and , in many instances , compete directly with us for customers . meta-search services intend to appeal to consumers by showing broader travel search results than may be available through otas or other travel websites , which could lead to travel service providers or others gaining a larger share of search traffic . tripadvisor has begun supporting its meta-search service with offline advertising , and trivago , a leading meta-search service in europe , recently expanded its offline advertising campaign into the united states . google offers `` hotel finder `` , a meta-search service that google has at times placed at or near the top of hotel-related search results . story_separator_special_tag for example , our size and market share may negatively affect our ability to obtain regulatory approval of proposed acquisitions or our ability to expand into complementary businesses , any of which could adversely affect our ability to grow and compete . domestic trends . competition in u.s. online travel remains intense and online travel companies are creating new promotions and consumer value features in an effort to gain competitive advantages . in particular , the competition to provide `` opaque `` hotel reservation services to consumers , an area in which our priceline.com u.s. business has been a leader , has become more intense . for example , expedia makes opaque hotel reservations available on its principal website under the name `` expedia unpublished rates `` and has , we believe , supported this initiative with steeper discounts through lower margins . as with our opaque name your own price ® and express deals ® hotel reservation services , the name of the hotel is not disclosed until after booking the reservation . we believe these offerings , in particular `` expedia unpublished rates , `` have adversely impacted the market share and year-over-year room night reservations growth rate for our name your own price ® opaque hotel reservation service , which began to experience a decline in the third quarter of 2011. in addition , some hotels offer discounted room reservations through `` daily deal `` websites such as groupon and living social . if expedia or others are successful in growing their opaque hotel reservation services , and or `` daily deal `` websites are successful in garnering a sizable share of discounted hotel bookings , we may have less consumer demand for our opaque hotel reservation services over time , and we would face more competition for access to the limited supply of discounted hotel room rates . in an effort to compete more effectively against these new offerings , in 2012 we launched express deals ® , a semi-opaque price-disclosed hotel reservation service . while express deals ® has been a significant contributor to the improved performance of our opaque hotel reservation service , the offering may not ultimately be successful at recovering or growing u.s. hotel reservation service market share . as a result of this increased competition , our share of the discount hotel reservation market in the united states could further decrease . 44 while demand for online travel services in the united states continues to experience growth , we believe that the u.s. market share of third-party distributors is impacted in part by a concerted initiative by travel service providers to direct customers to their own websites in an effort to reduce distribution expenses and establish more direct control over their pricing . u.s. airlines have , at times , reduced capacity and increased fares . decreases in capacity reduce the amount of airline tickets available , while significant increases in average airfares have adversely impacted leisure travel demand . generally , reduced airline capacity and demand negatively impact our priceline.com air ticket reservation service , which in turn can have negative repercussions on our priceline.com hotel and rental car services . we expect continued variability in the breadth and depth of discounted airline tickets and rental car rates made available to us in the future , depending on market conditions from time to time . seasonality . a meaningful amount of gross bookings are generated early in the year , as customers plan and reserve their spring and summer vacations in europe and north america . from a cost perspective , we expense the substantial majority of our advertising activities as they are incurred , which is typically in the quarter in which reservations are booked . however , we generally do not recognize associated revenue until future quarters when the travel occurs . as a result , we typically experience our highest levels of profitability in the second and third quarters of the year , which is when we experience the highest levels of accommodation checkouts for the year for our north american and european businesses . in addition , the date on which certain holidays fall can have an impact on our quarterly results . for example , in 2013 our first quarter year-over-year growth rates in revenue , gross profit , operating income , and operating margins were favorably affected by easter falling in the first quarter instead of the second quarter in 2012. conversely , those year-over-year growth rates were negatively impacted in our second quarter 2013. the impact of seasonality can be exaggerated in the short-term by the gross bookings growth rate of the business . for example , in periods where our growth rate substantially decelerates , our operating margins typically benefit from relatively less variable advertising expense . in addition , gross profit growth is typically less impacted in the near term due to the benefit of revenue related to reservations booked in previous quarters . we experience the highest levels of booking and travel consumption for our asia-pacific and south american businesses in the first and fourth quarters . therefore , if these businesses continue to grow faster than our north american and european businesses , our operating results for the first and fourth quarters of the year may become more significant over time as a percentage of full year operating results . other factors . we believe that our success will depend in large part on our ability to continue to profitably grow our brands worldwide , and , over time , to offer other travel services and further expand into other international markets . factors beyond our control , such as worldwide recession , higher oil prices , terrorist attacks , unusual weather patterns , natural disasters such as earthquakes , hurricanes , tsunamis , floods , volcanic eruptions ( such as the april 2010 eruption of a volcano in iceland ) , travel related health concerns including pandemics and

liquidity and capital resources as of december 31 , 2013 , we had $ 6.8 billion in cash , cash equivalents and short-term investments . approximately $ 4.9 billion of our cash , cash equivalents and short-term investments are held by our international subsidiaries and are denominated primarily in euros and , to a lesser extent , in british pound sterling and other currencies . we currently intend to permanently reinvest this cash in our international operations . if we repatriate this cash to the united states , we would utilize our net operating loss carryforwards and beyond that amount incur additional tax payments in the united states . cash equivalents and short-term investments are primarily comprised of foreign and u.s. government securities and bank deposits . in may 2013 , we issued in a private placement $ 1.0 billion aggregate principal amount of convertible senior notes due 2020 , with an interest rate of 0.35 % . we used approximately $ 144.6 million of the net proceeds to repurchase outstanding common stock in privately negotiated , off-market transactions concurrent with the issuance of the convertible notes . interest on the notes is payable in june and december of each year . see note 11 to the consolidated financial statements for further details on these notes . in march 2012 , we issued in a private placement $ 1.0 billion aggregate principal amount of convertible senior notes due 2018 , with an interest rate of 1.0 % . we used approximately $ 166.2 million of the net proceeds to repurchase outstanding common stock in privately negotiated , off-market transactions concurrent with the issuance of the convertible notes . interest on the notes is payable in march and september of each year . see note 11 to the consolidated financial statements for further details on these notes . in october 2011 , we entered into a $ 1.0 billion five-year unsecured revolving credit facility with a group of lenders .


 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 as of december 31 , 2013 , we had $ 6.8 billion in cash , cash equivalents and short-term investments . approximately $ 4.9 billion of our cash , cash equivalents and short-term investments are held by our international subsidiaries and are denominated primarily in euros and , to a lesser extent , in british pound sterling and other currencies . we currently intend to permanently reinvest this cash in our international operations . if we repatriate this cash to the united states , we would utilize our net operating loss carryforwards and beyond that amount incur additional tax payments in the united states . cash equivalents and short-term investments are primarily comprised of foreign and u.s. government securities and bank deposits . in may 2013 , we issued in a private placement $ 1.0 billion aggregate principal amount of convertible senior notes due 2020 , with an interest rate of 0.35 % . we used approximately $ 144.6 million of the net proceeds to repurchase outstanding common stock in privately negotiated , off-market transactions concurrent with the issuance of the convertible notes . interest on the notes is payable in june and december of each year . see note 11 to the consolidated financial statements for further details on these notes . in march 2012 , we issued in a private placement $ 1.0 billion aggregate principal amount of convertible senior notes due 2018 , with an interest rate of 1.0 % . we used approximately $ 166.2 million of the net proceeds to repurchase outstanding common stock in privately negotiated , off-market transactions concurrent with the issuance of the convertible notes . interest on the notes is payable in march and september of each year . see note 11 to the consolidated financial statements for further details on these notes . in october 2011 , we entered into a $ 1.0 billion five-year unsecured revolving credit facility with a group of lenders .
```    
 Suspicious Activity Report : consequently , gross profit has become an increasingly important measure of evaluating growth in our business because , in contrast to our revenues , it is not affected by the mix between our name your own price ® travel services and our other travel services . over the last several years we have experienced strong growth in our accommodation reservation services . we believe this growth is the result of , among other things , the broader shift of travel purchases from offline to online , the widespread adoption of mobile devices , the high growth of travel overall in emerging markets such as asia-pacific and south america , and the continued innovation and execution by our teams around the world to build accommodation supply , content and distribution and to improve the customer experience on our websites and mobile apps . we experienced strong year-over-year growth in recent years , though that growth has generally decelerated . for example , for the year ended december 31 , 2013 , our accommodation room night reservation growth was 37 % , a deceleration from 40 % in 2012 and 53 % in 2011. given 40 the size of our hotel reservation business , we believe it is highly likely that our year-over-year growth rates will continue to decelerate , though the rate of deceleration may fluctuate . many governments around the world , including the u.s. government and certain european governments , are operating at large financial deficits , resulting in high levels of sovereign debt in such countries . failure to reach political consensus regarding workable solutions to these issues has resulted in a high level of uncertainty regarding the future economic outlook . this uncertainty , as well as concern over governmental austerity measures including higher taxes and reduced government spending , could impair consumer spending and adversely affect travel demand . at times , we have experienced volatility in transaction growth rates and weaker trends in hotel average daily rates ( `` adrs `` ) across many regions of the world , particularly in those european countries that appear to be most affected by economic uncertainties . we believe that these business trends are likely impacted by weak economic conditions and sovereign debt concerns . disruptions in the economies of such countries could cause , contribute to or be indicative of deteriorating macro-economic conditions . in addition , during periods of elevated uncertainty , the value of the u.s. dollar compared to other currencies , including the euro , has often increased , which adversely affects our gross bookings , gross profit , operating income and net income as expressed in u.s. dollars . the uncertainty of macro-economic factors and their impact on consumer behavior across regions , which may differ , makes it more difficult to forecast industry and consumer trends and the timing and degree of their impact on our markets and business , which in turn could adversely affect our ability to effectively manage our business and adversely affect our results of operations . we compete with both online and traditional travel reservation services . the market for the travel reservation services we offer is intensely competitive , and current and new competitors can launch new services at a relatively low cost . some of our current and potential competitors , such as google , apple and facebook , have access to significantly greater and more diversified resources than we do , and they may be able to leverage other aspects of their businesses ( e.g . , search or mobile device businesses ) to enable them to compete more effectively with us . we currently , or potentially will , compete with a variety of companies , including : online travel reservation services such as those owned by expedia , orbitz , travelocity , ctrip , rakuten , odigeo , jalan and wotif ; large online portal , social networking , group buying and search companies , such as google , facebook and groupon ; traditional travel agencies , wholesalers and tour operators , such as carlson wagonlit , american express , thomas cook and tui travel , as well as thousands of individual travel agencies around the world ; travel service providers such as accommodation providers , rental car companies and airlines ; and online travel search and price comparison services ( generally referred to as `` meta-search `` services ) , such as trivago ( in which expedia has acquired a majority ownership interest ) , tripadvisor , qunar and hotelscombined . tripadvisor , the world 's leading travel research and review website and the world 's largest online travel service with over 260 million unique monthly visitors across its websites , google , the world 's largest search engine , and other large , established companies with substantial resources and expertise in developing online commerce and facilitating internet traffic have launched meta-search services and may create additional inroads into online travel , both in the united states and internationally . meta-search services leverage their search technology to aggregate travel search results for the consumer 's specific itinerary across travel service provider ( e.g . hotels , rental car companies or airlines ) , ota and other travel websites and , in many instances , compete directly with us for customers . meta-search services intend to appeal to consumers by showing broader travel search results than may be available through otas or other travel websites , which could lead to travel service providers or others gaining a larger share of search traffic . tripadvisor has begun supporting its meta-search service with offline advertising , and trivago , a leading meta-search service in europe , recently expanded its offline advertising campaign into the united states . google offers `` hotel finder `` , a meta-search service that google has at times placed at or near the top of hotel-related search results . story_separator_special_tag for example , our size and market share may negatively affect our ability to obtain regulatory approval of proposed acquisitions or our ability to expand into complementary businesses , any of which could adversely affect our ability to grow and compete . domestic trends . competition in u.s. online travel remains intense and online travel companies are creating new promotions and consumer value features in an effort to gain competitive advantages . in particular , the competition to provide `` opaque `` hotel reservation services to consumers , an area in which our priceline.com u.s. business has been a leader , has become more intense . for example , expedia makes opaque hotel reservations available on its principal website under the name `` expedia unpublished rates `` and has , we believe , supported this initiative with steeper discounts through lower margins . as with our opaque name your own price ® and express deals ® hotel reservation services , the name of the hotel is not disclosed until after booking the reservation . we believe these offerings , in particular `` expedia unpublished rates , `` have adversely impacted the market share and year-over-year room night reservations growth rate for our name your own price ® opaque hotel reservation service , which began to experience a decline in the third quarter of 2011. in addition , some hotels offer discounted room reservations through `` daily deal `` websites such as groupon and living social . if expedia or others are successful in growing their opaque hotel reservation services , and or `` daily deal `` websites are successful in garnering a sizable share of discounted hotel bookings , we may have less consumer demand for our opaque hotel reservation services over time , and we would face more competition for access to the limited supply of discounted hotel room rates . in an effort to compete more effectively against these new offerings , in 2012 we launched express deals ® , a semi-opaque price-disclosed hotel reservation service . while express deals ® has been a significant contributor to the improved performance of our opaque hotel reservation service , the offering may not ultimately be successful at recovering or growing u.s. hotel reservation service market share . as a result of this increased competition , our share of the discount hotel reservation market in the united states could further decrease . 44 while demand for online travel services in the united states continues to experience growth , we believe that the u.s. market share of third-party distributors is impacted in part by a concerted initiative by travel service providers to direct customers to their own websites in an effort to reduce distribution expenses and establish more direct control over their pricing . u.s. airlines have , at times , reduced capacity and increased fares . decreases in capacity reduce the amount of airline tickets available , while significant increases in average airfares have adversely impacted leisure travel demand . generally , reduced airline capacity and demand negatively impact our priceline.com air ticket reservation service , which in turn can have negative repercussions on our priceline.com hotel and rental car services . we expect continued variability in the breadth and depth of discounted airline tickets and rental car rates made available to us in the future , depending on market conditions from time to time . seasonality . a meaningful amount of gross bookings are generated early in the year , as customers plan and reserve their spring and summer vacations in europe and north america . from a cost perspective , we expense the substantial majority of our advertising activities as they are incurred , which is typically in the quarter in which reservations are booked . however , we generally do not recognize associated revenue until future quarters when the travel occurs . as a result , we typically experience our highest levels of profitability in the second and third quarters of the year , which is when we experience the highest levels of accommodation checkouts for the year for our north american and european businesses . in addition , the date on which certain holidays fall can have an impact on our quarterly results . for example , in 2013 our first quarter year-over-year growth rates in revenue , gross profit , operating income , and operating margins were favorably affected by easter falling in the first quarter instead of the second quarter in 2012. conversely , those year-over-year growth rates were negatively impacted in our second quarter 2013. the impact of seasonality can be exaggerated in the short-term by the gross bookings growth rate of the business . for example , in periods where our growth rate substantially decelerates , our operating margins typically benefit from relatively less variable advertising expense . in addition , gross profit growth is typically less impacted in the near term due to the benefit of revenue related to reservations booked in previous quarters . we experience the highest levels of booking and travel consumption for our asia-pacific and south american businesses in the first and fourth quarters . therefore , if these businesses continue to grow faster than our north american and european businesses , our operating results for the first and fourth quarters of the year may become more significant over time as a percentage of full year operating results . other factors . we believe that our success will depend in large part on our ability to continue to profitably grow our brands worldwide , and , over time , to offer other travel services and further expand into other international markets . factors beyond our control , such as worldwide recession , higher oil prices , terrorist attacks , unusual weather patterns , natural disasters such as earthquakes , hurricanes , tsunamis , floods , volcanic eruptions ( such as the april 2010 eruption of a volcano in iceland ) , travel related health concerns including pandemics and

