strategic acquisitions acquisition of decision resources group on february 28 , 2020 , we acquired 100 % of the assets , liabilities and equity interests of decision resources group ( `` drg `` ) , a premier provider of high-value data , analytics and insights products and services to the healthcare industry , from piramal enterprises limited ( `` pel `` ) , which is a part of global business conglomerate piramal group . the acquisition helps us expand our core businesses and provides us with the potential to grow in the life sciences product line . the aggregate consideration paid in connection with the closing of the drg acquisition was $ 964,997 , composed of $ 900,000 of base cash plus $ 6,100 of adjusted closing cash paid on the closing date and up to 2,895,638 of the company 's ordinary shares to be issued to pel following the one-year anniversary of closing . the contingent stock consideration was valued at $ 58,897 on the closing date and will be revalued at each period end and included in the accrued expenses and other current liabilities in the consolidated balance sheets . 36 acquisition of cpa global on october 1 , 2020 , we acquired 100 % of the assets , liabilities and equity interests of cpa global , a global leader in intellectual property software and tech-enabled services . clarivate acquired all of the outstanding shares of cpa global in a cash and stock transaction . the aggregate consideration in connection with the closing of the cpa global acquisition was $ 8,740,989 , net of $ 98,610 cash acquired , including an equity hold-back consideration of $ 46,485. the aggregate consideration was composed of ( i ) $ 6,761,515 from the issuance of up to 218,183,778 ordinary shares to redtop holdings limited , a portfolio company of leonard green & partners , l.p. , representing approximately 35 % pro forma fully diluted ownership of clarivate and ( ii ) approximately $ 2,078,084 in cash to fund the repayment of cpa global 's parent company outstanding debt of $ 2,055,822 and related interest swap termination fee of $ 22,262. of the 218,306,663 ordinary shares issuable in the acquisition , clarivate issued 216,683,778 ordinary shares on october 1 , 2020. in conjunction with the closing of the transaction , the company incurred an incremental $ 1,600,000 of term loans under our term loan facility and used the net proceeds from such borrowings , together with cash on hand , to fund the transaction . as a result of the additional term loan and the additional term loan associated with the drg acquisition , we had $ 2,847,400 outstanding on our term loan facility at december 31 , 2020. acquisition of beijing incopat technology co , ltd. on october 26 , 2020 , we acquired 100 % of the assets , liabilities and equity interests of beijing incopat technology co. , ltd. ( “ incopat ” ) , a leading patent information service provider in china via cash on hand for $ 52,133. incopat is complementary to clarivate 's intellectual property portfolio . acquisition of hanlim ips . co. , ltd. on november 23 , 2020 , we acquired 100 % of the assets , liabilities and equity interests of hanlim ips . co. , ltd. ( `` hanlim `` ) , a leading patent renewal and information service provider in south korea via cash on hand for $ 9,254. hanlim is complementary to clarivate 's intellectual property portfolio . dispositions markmonitor brand protection , antipiracy and antifraud disposition in november 2019 , we entered into an agreement with an unrelated third-party for the sale of certain assets and liabilities of our markmonitor product line within the ip group . the divestment closed in january 2020 for a consideration of approximately $ 3,751. an impairment charge of $ 18,431 was recognized in the statement of operations during the fourth quarter of 2019 to reduce the assets held for sale to their fair value . accordingly , we recorded an immaterial loss on the divestiture during the year ended december 31 , 2020. disposition of techstreet on november 6 , 2020 , the company completed the sale of certain assets and liabilities of certain non-core assets and liabilities within the ip segment for a total purchase price of $ 42,832. a gain of $ 28,140 was recognized in the consolidated statements of operations within other operating income , net during the year ended december 31 , 2020. public ordinary share offerings during 2020 , the company completed two underwritten public offerings of ordinary shares and used the proceeds it received to fund , in part , the acquisitions of the drg and cpa global businesses . february 2020 ordinary share offering in february 2020 , we completed an underwritten public offering of 27,600,000 of our ordinary shares , generating proceeds of $ 540,736 , which we used to fund a portion of the cash consideration for the drg acquisition . in addition , we incurred an incremental $ 360,000 of term loans under our term loan facility and used the net proceeds from such borrowings , together with cash on hand , to fund the remainder of the cash consideration for the drg acquisition and to pay related fees and expenses . 37 june 2020 ordinary share offering in june 2020 , we completed an underwritten public offering of 50,400,000 of our ordinary shares ( including 2,400,000 ordinary shares pursuant to the underwriters ' option to purchase up to an additional 7,200,000 ordinary shares from certain selling shareholders ) at a share price of $ 22.50. of the 50,400,000 ordinary shares , 14,000,000 ordinary shares were offered by clarivate and 36,400,000 ordinary shares were offered by selling shareholders , including 20,821,765 ordinary shares from onex , 8,097,354 ordinary shares from baring and 7,480,881 ordinary shares from directors , executive officers and other shareholders . story_separator_special_tag also included within these costs are : 1 ) transaction expenses including costs incurred to complete business combination transactions , including acquisitions , dispositions and capital market activities and include advisory , legal , and other professional and consulting costs ; and 2 ) transition , integration and other related expenses , including transformation expenses , mainly reflect the costs of transitioning certain activities performed under the transition services agreement by thomson reuters and certain consulting costs related to standing up our back-office systems to enable our operation on a stand-alone basis . depreciation depreciation expense relates to our fixed assets , including mainly computer hardware and leasehold improvements , furniture and fixtures . these assets are depreciated over their expected useful lives , and in the case of leasehold improvements over the shorter of their useful life or the duration of the related lease . 42 amortization amortization expense relates to our finite-lived intangible assets , including mainly databases and content , customer relationships , internally generated computer software and trade names . these assets are amortized over periods of between two and twenty three years . definite-lived intangible assets are tested for impairment when indicators are present , and , if impaired , are written down to fair value based on discounted cash flows . impairment on assets held for sale impairment on assets held for sale represents an impairment charge recorded for certain assets classified as assets held for sale . restructuring and impairment restructuring and impairment expense includes costs associated with involuntary termination benefits provided to employees under the terms of a one-time benefit arrangement , certain contract termination costs , and other costs associated with an exit or disposal activity . other operating income , net other operating income , net consists of gains or losses related to the disposal of our assets , asset impairments or write-downs and the consolidated impact of re-measurement of the assets and liabilities of our company , sublease income , gain recognized on foreign exchange contract settlement and our subsidiaries that are denominated in currencies other than each relevant entity 's functional currency . legal settlement legal settlement represents a net gain recorded for cash received in relation to closure of a confidential legal matter . interest expense and amortization of debt discount , net interest expense , net consists of expense related to interest on our borrowings under our term loan facility and our secured notes due 2026 , the amortization and write off of debt issuance costs and original discount , and interest related to certain derivative instruments . provision for income taxes a provision for income tax is calculated for each of the jurisdictions in which we operate . the benefit or provision for income taxes is determined using the asset and liability approach of accounting for income taxes . under this approach , deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid . the benefit or provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year . deferred taxes result from differences between the book and tax bases of assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted . valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized . interest accrued related to unrecognized tax benefits and income tax related penalties are included in the provision for income taxes . 43 results of operations the following table presents the results of operations for the years ended december 31 , 2020 , 2019 and 2018 : replace_table_token_6_th 44 revenues , net total revenue revenues , net of $ 1,254,047 in 2020 increased by $ 279,702 , or 28.7 % , from $ 974,345 in 2019. on a constant currency basis , revenues , net increased by $ 276,176 , or 28.3 % . adjusted revenues of $ 1,277,148 , which excludes the impact of the deferred revenues adjustment , in 2020 increased by $ 302,365 , or 31.0 % , from $ 974,783 in 2019. on a constant currency basis , adjusted revenues increased by $ 298,839 , or 30.7 % . revenues , net of $ 974,345 in 2019 increased by $ 5,877 , or 0.6 % , from $ 968,468 in 2018. on a constant currency basis , revenues , net increased by $ 11,806 , or 1.2 % . adjusted revenues of $ 951,170 , which excludes the impact of the deferred revenues adjustment , in 2019 increased by $ 23,613 , or 2.5 % , from $ 951,170 in 2018. on a constant currency basis , adjusted revenues increased by $ 29,542 , or 3.1 % . the comparability of our revenues , net between periods was impacted by several factors described under “ factors affecting the comparability of our results of operations ” above . the tables below presents the items that impacted the change in our revenues , net between periods . replace_table_token_7_th replace_table_token_8_th revenues , net from our ongoing business improved for both our segments , led by science , reflecting a trend consistent with the increase in our acv between periods , mainly due to product price increases and new business . the evolution of our recurring business is discussed further below . 45 revenue by transaction type the following tables present the amounts of our subscription , transactional and re-occurring revenues for the periods indicated . replace_table_token_9_th ( 1 ) reflects the deferred revenues adjustment made as a result of purchase accounting subscription revenues of $ 867,731 in 2020 increased by $ 62,213 , or 7.7 % from $ 805,518 in 2019. on a constant currency basis , subscription revenues increased by $ 59,411 , or 7.4 % . acquisitive subscription growth was generated from the darts-ip

cash flows the following table discloses our consolidated cash flows provided by ( used in ) operating , investing and financing activities for the periods presented : replace_table_token_17_th cash flows provided by ( used in ) operating activities net cash provided by operating activities consists of net loss adjusted for non-cash items , such as : depreciation and amortization of property and equipment and intangible assets , deferred income taxes , share-based compensation , deferred finance charges and for changes in net working capital assets and liabilities . net cash provided by operating activities was $ 263,500 for the year ended december 31 , 2020 compared to net cash provided by operating activities of $ 117,580 for the year ended december 31 , 2019. the $ 263,500 of net cash provided by operating activities for the year ended december 31 , 2020 includes net loss of $ 106,310 offset with $ 302,573 of non-cash adjustments and changes in operating assets and liabilities of $ 67,237. the increase in operating cash flows was driven by year over year increases in earnings driven by increases in revenue , lower operating expenses and cash provided by acquired businesses related to drg and cpa global in 2020. net cash provided by operating activities was $ 117,580 for the year ended december 31 , 2019 compared to net cash used in operating activities of $ 26,100 for the year ended december 31 , 2018. the $ 117,580 of net cash provided by operating activities for the year ended december 31 , 2019 includes net loss of $ 210,977 offset with $ 324,842 of non-cash adjustments and changes in operating assets and liabilities of $ 3,715. the improvement in operating cash flows was driven by : ( 1 ) continual increase in deferred revenue illustrating an increase in sales year over year ; ( 2 ) lower operating loss , which included the impact of a $ 39,399 gain on legal settlement and ( 3 ) a decrease of $ 47,043 in transition , integration and other related expenses as a result of establishing a standalone company infrastructure .


 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.
     ```cash flows the following table discloses our consolidated cash flows provided by ( used in ) operating , investing and financing activities for the periods presented : replace_table_token_17_th cash flows provided by ( used in ) operating activities net cash provided by operating activities consists of net loss adjusted for non-cash items , such as : depreciation and amortization of property and equipment and intangible assets , deferred income taxes , share-based compensation , deferred finance charges and for changes in net working capital assets and liabilities . net cash provided by operating activities was $ 263,500 for the year ended december 31 , 2020 compared to net cash provided by operating activities of $ 117,580 for the year ended december 31 , 2019. the $ 263,500 of net cash provided by operating activities for the year ended december 31 , 2020 includes net loss of $ 106,310 offset with $ 302,573 of non-cash adjustments and changes in operating assets and liabilities of $ 67,237. the increase in operating cash flows was driven by year over year increases in earnings driven by increases in revenue , lower operating expenses and cash provided by acquired businesses related to drg and cpa global in 2020. net cash provided by operating activities was $ 117,580 for the year ended december 31 , 2019 compared to net cash used in operating activities of $ 26,100 for the year ended december 31 , 2018. the $ 117,580 of net cash provided by operating activities for the year ended december 31 , 2019 includes net loss of $ 210,977 offset with $ 324,842 of non-cash adjustments and changes in operating assets and liabilities of $ 3,715. the improvement in operating cash flows was driven by : ( 1 ) continual increase in deferred revenue illustrating an increase in sales year over year ; ( 2 ) lower operating loss , which included the impact of a $ 39,399 gain on legal settlement and ( 3 ) a decrease of $ 47,043 in transition , integration and other related expenses as a result of establishing a standalone company infrastructure .
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 Suspicious Activity Report : strategic acquisitions acquisition of decision resources group on february 28 , 2020 , we acquired 100 % of the assets , liabilities and equity interests of decision resources group ( `` drg `` ) , a premier provider of high-value data , analytics and insights products and services to the healthcare industry , from piramal enterprises limited ( `` pel `` ) , which is a part of global business conglomerate piramal group . the acquisition helps us expand our core businesses and provides us with the potential to grow in the life sciences product line . the aggregate consideration paid in connection with the closing of the drg acquisition was $ 964,997 , composed of $ 900,000 of base cash plus $ 6,100 of adjusted closing cash paid on the closing date and up to 2,895,638 of the company 's ordinary shares to be issued to pel following the one-year anniversary of closing . the contingent stock consideration was valued at $ 58,897 on the closing date and will be revalued at each period end and included in the accrued expenses and other current liabilities in the consolidated balance sheets . 36 acquisition of cpa global on october 1 , 2020 , we acquired 100 % of the assets , liabilities and equity interests of cpa global , a global leader in intellectual property software and tech-enabled services . clarivate acquired all of the outstanding shares of cpa global in a cash and stock transaction . the aggregate consideration in connection with the closing of the cpa global acquisition was $ 8,740,989 , net of $ 98,610 cash acquired , including an equity hold-back consideration of $ 46,485. the aggregate consideration was composed of ( i ) $ 6,761,515 from the issuance of up to 218,183,778 ordinary shares to redtop holdings limited , a portfolio company of leonard green & partners , l.p. , representing approximately 35 % pro forma fully diluted ownership of clarivate and ( ii ) approximately $ 2,078,084 in cash to fund the repayment of cpa global 's parent company outstanding debt of $ 2,055,822 and related interest swap termination fee of $ 22,262. of the 218,306,663 ordinary shares issuable in the acquisition , clarivate issued 216,683,778 ordinary shares on october 1 , 2020. in conjunction with the closing of the transaction , the company incurred an incremental $ 1,600,000 of term loans under our term loan facility and used the net proceeds from such borrowings , together with cash on hand , to fund the transaction . as a result of the additional term loan and the additional term loan associated with the drg acquisition , we had $ 2,847,400 outstanding on our term loan facility at december 31 , 2020. acquisition of beijing incopat technology co , ltd. on october 26 , 2020 , we acquired 100 % of the assets , liabilities and equity interests of beijing incopat technology co. , ltd. ( “ incopat ” ) , a leading patent information service provider in china via cash on hand for $ 52,133. incopat is complementary to clarivate 's intellectual property portfolio . acquisition of hanlim ips . co. , ltd. on november 23 , 2020 , we acquired 100 % of the assets , liabilities and equity interests of hanlim ips . co. , ltd. ( `` hanlim `` ) , a leading patent renewal and information service provider in south korea via cash on hand for $ 9,254. hanlim is complementary to clarivate 's intellectual property portfolio . dispositions markmonitor brand protection , antipiracy and antifraud disposition in november 2019 , we entered into an agreement with an unrelated third-party for the sale of certain assets and liabilities of our markmonitor product line within the ip group . the divestment closed in january 2020 for a consideration of approximately $ 3,751. an impairment charge of $ 18,431 was recognized in the statement of operations during the fourth quarter of 2019 to reduce the assets held for sale to their fair value . accordingly , we recorded an immaterial loss on the divestiture during the year ended december 31 , 2020. disposition of techstreet on november 6 , 2020 , the company completed the sale of certain assets and liabilities of certain non-core assets and liabilities within the ip segment for a total purchase price of $ 42,832. a gain of $ 28,140 was recognized in the consolidated statements of operations within other operating income , net during the year ended december 31 , 2020. public ordinary share offerings during 2020 , the company completed two underwritten public offerings of ordinary shares and used the proceeds it received to fund , in part , the acquisitions of the drg and cpa global businesses . february 2020 ordinary share offering in february 2020 , we completed an underwritten public offering of 27,600,000 of our ordinary shares , generating proceeds of $ 540,736 , which we used to fund a portion of the cash consideration for the drg acquisition . in addition , we incurred an incremental $ 360,000 of term loans under our term loan facility and used the net proceeds from such borrowings , together with cash on hand , to fund the remainder of the cash consideration for the drg acquisition and to pay related fees and expenses . 37 june 2020 ordinary share offering in june 2020 , we completed an underwritten public offering of 50,400,000 of our ordinary shares ( including 2,400,000 ordinary shares pursuant to the underwriters ' option to purchase up to an additional 7,200,000 ordinary shares from certain selling shareholders ) at a share price of $ 22.50. of the 50,400,000 ordinary shares , 14,000,000 ordinary shares were offered by clarivate and 36,400,000 ordinary shares were offered by selling shareholders , including 20,821,765 ordinary shares from onex , 8,097,354 ordinary shares from baring and 7,480,881 ordinary shares from directors , executive officers and other shareholders . story_separator_special_tag also included within these costs are : 1 ) transaction expenses including costs incurred to complete business combination transactions , including acquisitions , dispositions and capital market activities and include advisory , legal , and other professional and consulting costs ; and 2 ) transition , integration and other related expenses , including transformation expenses , mainly reflect the costs of transitioning certain activities performed under the transition services agreement by thomson reuters and certain consulting costs related to standing up our back-office systems to enable our operation on a stand-alone basis . depreciation depreciation expense relates to our fixed assets , including mainly computer hardware and leasehold improvements , furniture and fixtures . these assets are depreciated over their expected useful lives , and in the case of leasehold improvements over the shorter of their useful life or the duration of the related lease . 42 amortization amortization expense relates to our finite-lived intangible assets , including mainly databases and content , customer relationships , internally generated computer software and trade names . these assets are amortized over periods of between two and twenty three years . definite-lived intangible assets are tested for impairment when indicators are present , and , if impaired , are written down to fair value based on discounted cash flows . impairment on assets held for sale impairment on assets held for sale represents an impairment charge recorded for certain assets classified as assets held for sale . restructuring and impairment restructuring and impairment expense includes costs associated with involuntary termination benefits provided to employees under the terms of a one-time benefit arrangement , certain contract termination costs , and other costs associated with an exit or disposal activity . other operating income , net other operating income , net consists of gains or losses related to the disposal of our assets , asset impairments or write-downs and the consolidated impact of re-measurement of the assets and liabilities of our company , sublease income , gain recognized on foreign exchange contract settlement and our subsidiaries that are denominated in currencies other than each relevant entity 's functional currency . legal settlement legal settlement represents a net gain recorded for cash received in relation to closure of a confidential legal matter . interest expense and amortization of debt discount , net interest expense , net consists of expense related to interest on our borrowings under our term loan facility and our secured notes due 2026 , the amortization and write off of debt issuance costs and original discount , and interest related to certain derivative instruments . provision for income taxes a provision for income tax is calculated for each of the jurisdictions in which we operate . the benefit or provision for income taxes is determined using the asset and liability approach of accounting for income taxes . under this approach , deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid . the benefit or provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year . deferred taxes result from differences between the book and tax bases of assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted . valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized . interest accrued related to unrecognized tax benefits and income tax related penalties are included in the provision for income taxes . 43 results of operations the following table presents the results of operations for the years ended december 31 , 2020 , 2019 and 2018 : replace_table_token_6_th 44 revenues , net total revenue revenues , net of $ 1,254,047 in 2020 increased by $ 279,702 , or 28.7 % , from $ 974,345 in 2019. on a constant currency basis , revenues , net increased by $ 276,176 , or 28.3 % . adjusted revenues of $ 1,277,148 , which excludes the impact of the deferred revenues adjustment , in 2020 increased by $ 302,365 , or 31.0 % , from $ 974,783 in 2019. on a constant currency basis , adjusted revenues increased by $ 298,839 , or 30.7 % . revenues , net of $ 974,345 in 2019 increased by $ 5,877 , or 0.6 % , from $ 968,468 in 2018. on a constant currency basis , revenues , net increased by $ 11,806 , or 1.2 % . adjusted revenues of $ 951,170 , which excludes the impact of the deferred revenues adjustment , in 2019 increased by $ 23,613 , or 2.5 % , from $ 951,170 in 2018. on a constant currency basis , adjusted revenues increased by $ 29,542 , or 3.1 % . the comparability of our revenues , net between periods was impacted by several factors described under “ factors affecting the comparability of our results of operations ” above . the tables below presents the items that impacted the change in our revenues , net between periods . replace_table_token_7_th replace_table_token_8_th revenues , net from our ongoing business improved for both our segments , led by science , reflecting a trend consistent with the increase in our acv between periods , mainly due to product price increases and new business . the evolution of our recurring business is discussed further below . 45 revenue by transaction type the following tables present the amounts of our subscription , transactional and re-occurring revenues for the periods indicated . replace_table_token_9_th ( 1 ) reflects the deferred revenues adjustment made as a result of purchase accounting subscription revenues of $ 867,731 in 2020 increased by $ 62,213 , or 7.7 % from $ 805,518 in 2019. on a constant currency basis , subscription revenues increased by $ 59,411 , or 7.4 % . acquisitive subscription growth was generated from the darts-ip

