the decrease in deferred revenue and future invoicing was due to ( 1 ) the difference in foreign currency rates in 2014 compared to 2013 that resulted in a 2 % decrease , and ( 2 ) a shift in the timing of the contract renewal date of approximately $ 10 million of contracts from december 2014 to january 2015 that resulted in an approximate 4 % decrease . deferred revenue at december 31 , 2013 increased 2 % compared to the prior year . however when including the amount of future invoicing for contracts at december 31 , 2013 , the combined amount of deferred revenue and future invoicing was flat compared to the prior year . the change in deferred revenue plus future invoicing for both 2014 and 2013 is reflective of the fact that contract bookings and revenue have grown at essentially the same rates during 2014 and 2013. agreement value increased 7 % at december 31 , 2014 compared to the prior year and decreased 2 % at december 31 , 2013 compared to the prior year . the increase in the growth rate of agreement value in 2014 is due to increased demand for our products combined with an improvement in client and dollar retention rates during 2014. client retention and dollar retention rates have improved steadily during 2014 compared to 2013 levels . the 2013 rates were at multi-year lows due in part to the negative effects from the challenges associated with the implementation of a sales reorganization in early 2012 , high sales employee attrition during 2013 and 2012 , a difficult selling environment in europe and weaker demand for our data subscription products in 2013 , in part due to the phasing out of our standalone tech marketing navigator data product . critical accounting policies and estimates management 's discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states of america ( gaap ) . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses , and related disclosure of contingent assets and liabilities . on an ongoing basis , we evaluate our policies and estimates , including but not limited to , those related to our revenue recognition , stock-based compensation , non-marketable investments , goodwill and intangible assets , and income taxes . management bases its estimates on historical experience , data available at the time the estimates are made and various assumptions that are believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . we consider the following accounting policies to be those that require the most subjective judgment or that involve uncertainty that could have a material impact on our financial statements . if actual results differ significantly from management 's estimates and projections , there could be a material effect on our financial statements . this is not a comprehensive list of all of our accounting policies . in many cases , the accounting treatment of a particular transaction is specifically dictated by gaap , with no need for management 's judgment in its application . there are also areas in which management 's judgment in selecting any available alternative would not produce a materially different result . for a discussion of our other accounting policies , see note 1 of the notes to consolidated financial statements beginning on page f-7 . 17 revenue recognition . we generate revenues from licensing memberships to our research ( including our data subscription products ) , performing advisory services and consulting projects and hosting events . we execute contracts that govern the terms and conditions of each arrangement . revenues are recognized when persuasive evidence of an arrangement exists , the fee is fixed or determinable , services have been provided to the customer , and collectability is reasonably assured . our contracts may include either a single product or service or a combination of multiple products and services . revenues from contracts that contain multiple products or services are allocated among the separate units of accounting based on their relative selling prices ; however , the amount recognized is limited to the amount that is not contingent on future performance conditions . for example , when a discount off of list price is provided in a multiple element contract , the discount is applied ratably to the research and data products only ( which commence delivery on the first day of the contract ) , as the undelivered products in the contract ( advisory services or events ) would be refundable to the customer at list price if not delivered . we obtain the selling prices of our products and services based upon an analysis of standalone sales of these products and services during the year . research services revenues are recognized ratably over the term of the contract . advisory services revenues , such as workshops , speeches and advisory days , are recognized when the customer receives the agreed upon deliverable and consulting project revenues are recognized as the services are provided . reimbursed out-of-pocket expenses are recorded as advisory services revenue . event revenues are recognized upon completion of the event . annual subscriptions to our roleview research include access to all or a designated portion of our research , and depending on the type of license , membership in one or more of our forrester leadership boards , unlimited phone or email analyst inquiry , unlimited participation in forrester webinars , and the right to attend one event . story_separator_special_tag provision for income taxes replace_table_token_11_th the increase in the effective tax rate during 2014 as compared to the prior year period is primarily due to the following : the inclusion in 2013 of foreign tax credits that did not recur in 2014 ; an immaterial out-of-period error recorded in 2014 that increased tax expense by $ 0.5 million ; a lower foreign tax rate benefit in 2014 compared to 2013 due to a smaller portion of our income being earned outside of the u.s. during 2014 , and higher state taxes due to an ongoing state audit that increased tax expense by $ 0.1 million in 2014. these increases were partially offset by a benefit from decreasing our valuation allowance on certain foreign net operating losses due to the utilization of a portion of these losses in 2014 . 23 2013 compared to 2012 revenues replace_table_token_12_th the 2 % increase in revenues during 2013 compared to 2012 was driven by a 5 % increase in advisory services and events revenues while research services revenues were essentially flat during the period . foreign exchange fluctuations had an insignificant effect on revenue growth during 2013. revenues from customers outside of the u.s. in 2013 declined by 2 % as a percentage of total revenues compared to the prior year period due primarily to a decline in revenues from the european region . the general economic conditions in europe as well as sales leadership challenges have contributed to a difficult selling environment in that region . research services revenues were flat during 2013 compared to the prior year as contract bookings during those periods were essentially flat . revenues from our data subscription products declined by approximately $ 2.4 million in 2013 compared to 2012 due primarily to the phasing out of our standalone tech marketing navigator data product in 2013. the decline in data subscription revenues was partially offset by an increase in research product revenue . revenues from advisory services and events increased 5 % during 2013 as compared to the prior year . the increase during 2013 is due entirely to increased advisory and project consulting revenues , as event revenues were flat in 2013 compared to the prior year . the increase in advisory and project consulting revenues in 2013 as compared to 2012 was generated in the second half of 2013 and was due primarily to both an increase in consulting headcount as we began to build out a dedicated consulting organization in 2013 as well as to increased productivity of our analyst personnel . cost of services and fulfillment replace_table_token_13_th the increase in cost of services and fulfillment expenses during 2013 compared to the prior year is primarily due to a $ 6.0 million increase in compensation and benefit costs resulting primarily from an increase in the number of employees , an increase in incentive bonus payments and annual merit increases . in addition , 2013 included an increase in facility costs due to new office space in the asia pacific region in the second half of 2012 and an increase in service fees for cloud-based information systems . these increases were partially offset by a decrease in professional services fees related to the amount of surveys performed and a decrease in travel and entertainment expenses . we hired additional consulting employees in 2013 in support of our decision to build a dedicated consulting organization to provide research-based project consulting services to our clients , allowing our analysts to spend additional timing on writing research and providing shorter-term advisory services . 24 selling and marketing replace_table_token_14_th the increase in selling and marketing expenses during 2013 compared to the prior year is primarily due to a $ 5.2 million increase in compensation and benefits costs resulting from both an increase in sales and marketing employees and annual merit increases . in addition , 2013 included an increase in facility costs due to new office space in the asia pacific region in the second half of 2012 and an increase in service fees for cloud-based information systems . these increases were partially offset by a decrease in travel and entertainment expenses . general and administrative replace_table_token_15_th the increase in general and administrative expenses during 2013 compared to the prior year is primarily due to a $ 0.8 million increase in compensation and benefits costs due to an increase in incentive bonus payments and annual merit increases . in addition , 2013 included an increase in recruiting costs to support company-wide hiring in 2013 as well as an increase in facility costs due to new office space in the asia pacific region in the second half of 2012 and an increase in service fees for cloud-based information systems . these increases were partially offset by a decrease in professional services fees primarily related to a decrease in information technology projects as 2012 included an update to our website and implementation of new customer relationship management software . depreciation depreciation expense increased $ 0.3 million during 2013 compared to the prior year primarily resulting from the initiation of depreciation for our new website in march 2012. amortization of intangible assets amortization expense remained essentially consistent during 2013 as compared to the prior year . reorganization costs during 2013 we incurred $ 1.9 million of severance and related costs for the elimination of 31 jobs or approximately 2.5 % of our workforce worldwide to streamline our operations . essentially all costs incurred for the reorganization were paid during 2013. we incurred $ 1.4 million of severance and related costs during 2012 for the termination of 17 employees related to the sales reorganization and other cost reduction initiatives . essentially all of these costs were paid during 2012 . 25 income from operations income from operations declined $ 8.9 million during 2013 as compared to the prior year and declined to 7.3 % of total revenues in 2013 from 10.5 % in the prior year . the decrease in both dollars and as

liquidity and capital resources we have historically financed our operations primarily through funds generated from operations . research services revenues , which constituted approximately 66 % of our revenues during 2014 , are generally renewable annually and are typically payable in advance . we generated cash from operating activities of $ 28.8 million and $ 30.7 million during the years ended december 31 , 2014 and 2013 , respectively . the $ 1.9 million decrease in cash provided from operations during 2014 is primarily attributable to a $ 4.8 million increase in cash paid for income taxes during 2014 and a $ 2.2 million decrease in net income in 2014 compared to 2013. these decreases in cash were partially offset by a $ 4.2 million increase in cash generated from accounts receivable and deferred revenue in 2014 compared to 2013 , due in part to higher contract bookings during 2014. during 2014 we generated $ 24.8 million of cash from investing activities , consisting primarily of $ 24.7 million in net maturities of marketable investments and $ 1.5 million of distributions from our non-marketable investments , partially offset by $ 1.5 million of purchases of property and equipment . property and 28 equipment purchases during 2014 consisted primarily of software . during 2013 we generated $ 57.6 million of cash from investing activities , consisting primarily of $ 60.4 million in net maturities of marketable investments partially offset by $ 3.1 million of purchases of property and equipment . property and equipment purchases during 2013 consisted primarily of software and leasehold improvements . we regularly invest excess funds in short and intermediate-term interest-bearing obligations of investment grade . we used $ 75.9 million of cash from financing activities during 2014 primarily due to $ 73.2 million of purchases of our common stock . in addition , during 2014 we paid $ 12.0 million of quarterly dividends consisting of a $ 0.16 per share dividend each quarter and we received $ 9.0 million of proceeds from the exercise of stock options and our employee stock purchase plan .


 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 we have historically financed our operations primarily through funds generated from operations . research services revenues , which constituted approximately 66 % of our revenues during 2014 , are generally renewable annually and are typically payable in advance . we generated cash from operating activities of $ 28.8 million and $ 30.7 million during the years ended december 31 , 2014 and 2013 , respectively . the $ 1.9 million decrease in cash provided from operations during 2014 is primarily attributable to a $ 4.8 million increase in cash paid for income taxes during 2014 and a $ 2.2 million decrease in net income in 2014 compared to 2013. these decreases in cash were partially offset by a $ 4.2 million increase in cash generated from accounts receivable and deferred revenue in 2014 compared to 2013 , due in part to higher contract bookings during 2014. during 2014 we generated $ 24.8 million of cash from investing activities , consisting primarily of $ 24.7 million in net maturities of marketable investments and $ 1.5 million of distributions from our non-marketable investments , partially offset by $ 1.5 million of purchases of property and equipment . property and 28 equipment purchases during 2014 consisted primarily of software . during 2013 we generated $ 57.6 million of cash from investing activities , consisting primarily of $ 60.4 million in net maturities of marketable investments partially offset by $ 3.1 million of purchases of property and equipment . property and equipment purchases during 2013 consisted primarily of software and leasehold improvements . we regularly invest excess funds in short and intermediate-term interest-bearing obligations of investment grade . we used $ 75.9 million of cash from financing activities during 2014 primarily due to $ 73.2 million of purchases of our common stock . in addition , during 2014 we paid $ 12.0 million of quarterly dividends consisting of a $ 0.16 per share dividend each quarter and we received $ 9.0 million of proceeds from the exercise of stock options and our employee stock purchase plan .
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 Suspicious Activity Report : the decrease in deferred revenue and future invoicing was due to ( 1 ) the difference in foreign currency rates in 2014 compared to 2013 that resulted in a 2 % decrease , and ( 2 ) a shift in the timing of the contract renewal date of approximately $ 10 million of contracts from december 2014 to january 2015 that resulted in an approximate 4 % decrease . deferred revenue at december 31 , 2013 increased 2 % compared to the prior year . however when including the amount of future invoicing for contracts at december 31 , 2013 , the combined amount of deferred revenue and future invoicing was flat compared to the prior year . the change in deferred revenue plus future invoicing for both 2014 and 2013 is reflective of the fact that contract bookings and revenue have grown at essentially the same rates during 2014 and 2013. agreement value increased 7 % at december 31 , 2014 compared to the prior year and decreased 2 % at december 31 , 2013 compared to the prior year . the increase in the growth rate of agreement value in 2014 is due to increased demand for our products combined with an improvement in client and dollar retention rates during 2014. client retention and dollar retention rates have improved steadily during 2014 compared to 2013 levels . the 2013 rates were at multi-year lows due in part to the negative effects from the challenges associated with the implementation of a sales reorganization in early 2012 , high sales employee attrition during 2013 and 2012 , a difficult selling environment in europe and weaker demand for our data subscription products in 2013 , in part due to the phasing out of our standalone tech marketing navigator data product . critical accounting policies and estimates management 's discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states of america ( gaap ) . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses , and related disclosure of contingent assets and liabilities . on an ongoing basis , we evaluate our policies and estimates , including but not limited to , those related to our revenue recognition , stock-based compensation , non-marketable investments , goodwill and intangible assets , and income taxes . management bases its estimates on historical experience , data available at the time the estimates are made and various assumptions that are believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . we consider the following accounting policies to be those that require the most subjective judgment or that involve uncertainty that could have a material impact on our financial statements . if actual results differ significantly from management 's estimates and projections , there could be a material effect on our financial statements . this is not a comprehensive list of all of our accounting policies . in many cases , the accounting treatment of a particular transaction is specifically dictated by gaap , with no need for management 's judgment in its application . there are also areas in which management 's judgment in selecting any available alternative would not produce a materially different result . for a discussion of our other accounting policies , see note 1 of the notes to consolidated financial statements beginning on page f-7 . 17 revenue recognition . we generate revenues from licensing memberships to our research ( including our data subscription products ) , performing advisory services and consulting projects and hosting events . we execute contracts that govern the terms and conditions of each arrangement . revenues are recognized when persuasive evidence of an arrangement exists , the fee is fixed or determinable , services have been provided to the customer , and collectability is reasonably assured . our contracts may include either a single product or service or a combination of multiple products and services . revenues from contracts that contain multiple products or services are allocated among the separate units of accounting based on their relative selling prices ; however , the amount recognized is limited to the amount that is not contingent on future performance conditions . for example , when a discount off of list price is provided in a multiple element contract , the discount is applied ratably to the research and data products only ( which commence delivery on the first day of the contract ) , as the undelivered products in the contract ( advisory services or events ) would be refundable to the customer at list price if not delivered . we obtain the selling prices of our products and services based upon an analysis of standalone sales of these products and services during the year . research services revenues are recognized ratably over the term of the contract . advisory services revenues , such as workshops , speeches and advisory days , are recognized when the customer receives the agreed upon deliverable and consulting project revenues are recognized as the services are provided . reimbursed out-of-pocket expenses are recorded as advisory services revenue . event revenues are recognized upon completion of the event . annual subscriptions to our roleview research include access to all or a designated portion of our research , and depending on the type of license , membership in one or more of our forrester leadership boards , unlimited phone or email analyst inquiry , unlimited participation in forrester webinars , and the right to attend one event . story_separator_special_tag provision for income taxes replace_table_token_11_th the increase in the effective tax rate during 2014 as compared to the prior year period is primarily due to the following : the inclusion in 2013 of foreign tax credits that did not recur in 2014 ; an immaterial out-of-period error recorded in 2014 that increased tax expense by $ 0.5 million ; a lower foreign tax rate benefit in 2014 compared to 2013 due to a smaller portion of our income being earned outside of the u.s. during 2014 , and higher state taxes due to an ongoing state audit that increased tax expense by $ 0.1 million in 2014. these increases were partially offset by a benefit from decreasing our valuation allowance on certain foreign net operating losses due to the utilization of a portion of these losses in 2014 . 23 2013 compared to 2012 revenues replace_table_token_12_th the 2 % increase in revenues during 2013 compared to 2012 was driven by a 5 % increase in advisory services and events revenues while research services revenues were essentially flat during the period . foreign exchange fluctuations had an insignificant effect on revenue growth during 2013. revenues from customers outside of the u.s. in 2013 declined by 2 % as a percentage of total revenues compared to the prior year period due primarily to a decline in revenues from the european region . the general economic conditions in europe as well as sales leadership challenges have contributed to a difficult selling environment in that region . research services revenues were flat during 2013 compared to the prior year as contract bookings during those periods were essentially flat . revenues from our data subscription products declined by approximately $ 2.4 million in 2013 compared to 2012 due primarily to the phasing out of our standalone tech marketing navigator data product in 2013. the decline in data subscription revenues was partially offset by an increase in research product revenue . revenues from advisory services and events increased 5 % during 2013 as compared to the prior year . the increase during 2013 is due entirely to increased advisory and project consulting revenues , as event revenues were flat in 2013 compared to the prior year . the increase in advisory and project consulting revenues in 2013 as compared to 2012 was generated in the second half of 2013 and was due primarily to both an increase in consulting headcount as we began to build out a dedicated consulting organization in 2013 as well as to increased productivity of our analyst personnel . cost of services and fulfillment replace_table_token_13_th the increase in cost of services and fulfillment expenses during 2013 compared to the prior year is primarily due to a $ 6.0 million increase in compensation and benefit costs resulting primarily from an increase in the number of employees , an increase in incentive bonus payments and annual merit increases . in addition , 2013 included an increase in facility costs due to new office space in the asia pacific region in the second half of 2012 and an increase in service fees for cloud-based information systems . these increases were partially offset by a decrease in professional services fees related to the amount of surveys performed and a decrease in travel and entertainment expenses . we hired additional consulting employees in 2013 in support of our decision to build a dedicated consulting organization to provide research-based project consulting services to our clients , allowing our analysts to spend additional timing on writing research and providing shorter-term advisory services . 24 selling and marketing replace_table_token_14_th the increase in selling and marketing expenses during 2013 compared to the prior year is primarily due to a $ 5.2 million increase in compensation and benefits costs resulting from both an increase in sales and marketing employees and annual merit increases . in addition , 2013 included an increase in facility costs due to new office space in the asia pacific region in the second half of 2012 and an increase in service fees for cloud-based information systems . these increases were partially offset by a decrease in travel and entertainment expenses . general and administrative replace_table_token_15_th the increase in general and administrative expenses during 2013 compared to the prior year is primarily due to a $ 0.8 million increase in compensation and benefits costs due to an increase in incentive bonus payments and annual merit increases . in addition , 2013 included an increase in recruiting costs to support company-wide hiring in 2013 as well as an increase in facility costs due to new office space in the asia pacific region in the second half of 2012 and an increase in service fees for cloud-based information systems . these increases were partially offset by a decrease in professional services fees primarily related to a decrease in information technology projects as 2012 included an update to our website and implementation of new customer relationship management software . depreciation depreciation expense increased $ 0.3 million during 2013 compared to the prior year primarily resulting from the initiation of depreciation for our new website in march 2012. amortization of intangible assets amortization expense remained essentially consistent during 2013 as compared to the prior year . reorganization costs during 2013 we incurred $ 1.9 million of severance and related costs for the elimination of 31 jobs or approximately 2.5 % of our workforce worldwide to streamline our operations . essentially all costs incurred for the reorganization were paid during 2013. we incurred $ 1.4 million of severance and related costs during 2012 for the termination of 17 employees related to the sales reorganization and other cost reduction initiatives . essentially all of these costs were paid during 2012 . 25 income from operations income from operations declined $ 8.9 million during 2013 as compared to the prior year and declined to 7.3 % of total revenues in 2013 from 10.5 % in the prior year . the decrease in both dollars and as

