cbiz management will determine the timing and amount of the transaction based on its evaluation of market conditions and other factors . pursuant to previously authorized share repurchase programs , we repurchased 2.3 million shares of our common stock at a total cost of approximately $ 57.6 million in 2020 , 1.2 million shares at a total cost of approximately $ 25.3 million in 2019 and 0.8 million shares at a total cost of approximately $ 15.6 million in 2018. refer to note 13 , common stock , to the accompanying consolidated financial statements for further discussion on the share repurchase program . recent accomplishments and other events workplace awards - in 2020 , we were honored and recognized for 68 various national and local market awards . a sample of the awards won include : best workplace in consulting and professional services - we were named one of the “ 2020 best workplaces in consulting and professional services ” by great place to work . alliance for workplace excellence - we were recognized for three awards in 2020 by the alliance for workplace excellence ; ( i ) workplace excellence seal of approval , ( ii ) health & wellness seal of approval and ( iii ) certificate of recognition – best practices for supporting works 50+ . 21 best places to work - we were selected and honored for the sixth consecutive year as a “ best places to work in insurance ” by business insurance magazine based on our commitment to attracting , developing and retaining great talent through employee benefits and other programs . we were recognized for this award based on core focus areas such as leadership and planning , corporate culture , communications , work environment and overall engagement . 2020 healthiest 100 workplaces in america – springbuk evaluated over 1,000 applicants across six key categories : culture and leadership commitment , foundational components , strategic planning , marketing and communications , programming and interventions , and reporting and analytics . we were honored to be named one of the top 100 winners for the third time . 2020 best and brightest companies in the nation top 101 - for the fifth year in a row , we were honored as a “ best and brightest company ” by nabr based on our commitment to human resource practices and employee enrichment . 2020 best and brightness in wellness – we were honored by nabr , for the fourth consecutive time , as an organization that promotes a culture of wellness . results of operations - continuing operations we provide professional business services that help clients manage their finances and employees . we deliver our integrated services through the following three practice groups : financial services , benefits and insurance services and national practices . a description of these groups ' operating results and factors affecting their businesses is provided below . same-unit revenue represents total revenue adjusted to reflect comparable periods of activity for acquisitions and divestitures . for example , for a business acquired on july 1 , 2019 , revenue for the period january 1 , 2020 through june 30 , 2020 would be reported as revenue from acquired businesses ; same-unit revenue would include revenue for the periods july 1 through december 31 of both years . divested operations represent operations that did not meet the criteria for treatment as discontinued operations . those businesses that have met the requirements to be treated as a discontinued operation are eliminated from continuing operations for all periods presented below . revenue the following table summarizes total revenue for the years ended december 31 , 2020 , 2019 and 2018 : replace_table_token_5_th a detailed discussion of same-unit revenue by practice group is included under “ operating practice groups . ” non-qualified deferred compensation plan - we sponsor a non-qualified deferred compensation plan , under which a cbiz employee 's compensation deferral is held in a rabbi trust and invested accordingly as directed by the employee . income and expenses related to the deferred compensation plan are included in “ operating expenses , ” “ gross margin ” and “ corporate general & administrative expenses ” and are directly offset by deferred compensation gains or losses in “ other income ( expense ) , net ” in the accompanying consolidated statements of comprehensive income . the deferred compensation plan has no impact on “ income from continuing operations before income tax expense ” or diluted earnings per share from continuing operations . 22 operating expenses the following table presents our operating expenses for the years ended december 31 , 2020 , 2019 and 2018 : replace_table_token_6_th 2020 compared to 2019 - our operating expenses increased by $ 1.9 million . operating expense as a percentage of revenue decreased to 85.6 % of revenue from 86.8 % of revenue for the prior year . the deferred compensation plan increased operating expenses by $ 13.8 million and $ 17.2 million in 2020 and 2019 , respectively . excluding the impact of the deferred compensation plan , operating expenses would have been $ 811.5 million , or 84.2 % of revenue , in 2020 compared to $ 806.3 million , or 85.0 % of revenue , in 2019. the majority of our operating expenses relate to personnel costs , which includes ( i ) salaries and benefits , ( ii ) commissions paid to producers ( iii ) incentive compensation and ( iv ) share-based compensation . personnel costs increased $ 24.2 million , or 3.8 % . acquisitions contributed approximately $ 12.1 million to personnel costs . the increase in personnel costs was offset by approximately $ 20.1 million lower travel and entertainment and other discretionary spending in 2020 due to covid-19 . personnel costs and other operating expenses are discussed in further detail under “ operating practice groups . story_separator_special_tag we repurchased 2.4 million shares of our common stock at a total cost of approximately $ 59.6 million in 2020 , 1.3 million shares at a total cost of approximately $ 27.2 million in 2019 and 0.9 million shares at a total cost of approximately $ 17.5 million in 2018. refer to note 13 , common stock , to the accompanying consolidated financial statements for further discussion on the share repurchase program . cash requirements for 2021 - cash requirements for 2021 will include acquisitions , interest payments on debt , seasonal working capital requirements , contingent earnout payments for previous acquisitions , share repurchases and capital expenditures . we believe that cash provided by operations , as well as available funds under our credit facility will be sufficient to meet cash requirements for the next 12 months . 29 obligations and commitments our aggregate amount of future obligations for the next five years and thereafter is set forth below ( in thousands ) : replace_table_token_18_th ( 1 ) our credit facility matures on april 3 , 2023. interest on the credit facility is not determinable due to the revolving nature of the credit facility and the variability of the related interest rate . dollar amounts are estimates based on applying the 2.45 % weighted average rate of the credit facility at december 31 , 2020 to the $ 108.0 million outstanding balance of the credit facility at december 31 , 2020 . ( 2 ) operating leases include the minimum rent commitments under non-cancelable operating leases . amount excludes cash expected to be received under subleases and impact of future renewals . ( 3 ) represents the contingent purchase price liability that is expected to be paid over the next five years resulting from business acquisitions . for the years ended december 31 , 2021 , 2022 , 2023 , 2024 , and 2025 , the cash portions of the contingent purchase price liability are $ 12.2 million , $ 15.4 million , $ 9.0 million , $ 13.0 million , and $ 0.8 million , respectively , with the remaining balance representing the stock portions . ( 4 ) other liabilities include letters of credit and license bonds , contingencies related to the purchase of client lists and federal and state income taxes . for further discussion regarding commitments and contingencies , refer to note 11 , commitments and contingencies , to the accompanying consolidated financial statements . the liability for unrecognized tax benefits of $ 1.5 million under fasb asc topic 740 , income taxes , is excluded , since we are unable to reasonably estimate the timing of cash settlements with the respective tax authorities . off-balance sheet arrangements - we maintain asas with independent cpa firms ( as described more fully under “ business - financial services ” and in note 1 , basis of presentation and significant accounting policies , to the accompanying consolidated financial statements ) , which qualify as variable interest entities . the accompanying consolidated financial statements do not reflect the operations or accounts of variable interest entities as the impact is not material to the consolidated financial condition , results of operations , or cash flows of cbiz . we provide letters of credit for insurance needs as well as to landlords ( lessors ) of our leased premises in lieu of cash security deposits . letters of credit totaled $ 1.7 million and $ 1.3 million at december 31 , 2020 and 2019. in addition , we provide license bonds to various state agencies to meet certain licensing requirements . the amount of license bonds outstanding was $ 2.2 million and $ 2.3 million at december 31 , 2020 and 2019 , respectively . we have various agreements under which we may be obligated to indemnify the other party with respect to certain matters . generally , these indemnification clauses are included in contracts arising in the normal course of business under which we customarily agree to hold the other party harmless against losses arising from a breach of representations , warranties , covenants or agreements , related to matters such as title to assets sold and certain tax matters . payment by us under such indemnification clauses are generally conditioned upon the other party making a claim . such claims are typically subject to challenge by us and to dispute resolution procedures specified in the particular contract . further , our obligations under these agreements may be limited in terms of time and or amount and , in some instances , we may have recourse against third parties for certain payments made by us . it is not possible to predict the maximum potential amount of future payments under these indemnification agreements due to the conditional nature of our obligations and the unique facts of each particular agreement . historically , we have not made any payments under these agreements that have been material individually or in the aggregate . as of december 31 , 2020 , we were not aware of any obligations arising under indemnification agreements that would require material payments . interest rate risk management - we do not purchase or hold any derivative instruments for trading or speculative purposes . we utilize interest rate swaps to manage interest rate risk exposure associated with our floating-rate debt under the credit facility . under these interest rate swap contracts , we receive cash flows from counterparties at variable rates based on the london interbank offered rate ( “ libor ” ) and pay the counterparties a fixed rate . to mitigate counterparty credit risk , we only enter into contracts with selected major financial institutions with investment grade ratings and continually assess their creditworthiness . there are no credit risk-related contingent features in our interest rate swaps nor do the swaps contain provisions under which we would be required to post collateral . 30 as of december 31 , 2020 , the notional value of all

cash provided by operating activities 2020 compared to 2019 - operating activities generated cash of $ 146.8 million during 2020 and consisted of net income of $ 78.3 million , adjusted for certain non-cash items , such as depreciation and amortization expense of $ 23.1 million , share-based compensation expense of $ 8.9 million , bad debt expense of $ 4.4 million , as well as $ 35.0 million of cash generated from working capital management . the $ 48.7 million increase in cash provided by operating activities in 2020 as compared to 2019 was primarily due to a net increase of $ 46.4 million in cash generated from working capital of which approximately $ 16.3 million related to the deferral of payroll tax deposit and payment , as well as an increase of $ 7.6 million in net income , offset by $ 5.3 million decrease in non-cash items . 2019 compared to 2018 - cash flow from operating activities generated cash of $ 98.2 million during 2019 and consisted of net income of $ 70.7 million , adjusted for certain non-cash items , such as depreciation and amortization expense of $ 22.3 million , deferred income taxes of $ 9.7 million , and share-based compensation expense of $ 7.3 million , as well as a working capital use of cash of $ 11.4 million . the $ 7.1 million decrease in cash provided by operating activities in 2019 compared to 2018 was primarily due to a net decrease in cash from working capital of $ 16.5 million , which was offset by the increase in net income of $ 9.1 million . investing activities the majority of our investing activities relate to acquisitions , capital expenditures and net activity related to funds held for clients .


 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 provided by operating activities 2020 compared to 2019 - operating activities generated cash of $ 146.8 million during 2020 and consisted of net income of $ 78.3 million , adjusted for certain non-cash items , such as depreciation and amortization expense of $ 23.1 million , share-based compensation expense of $ 8.9 million , bad debt expense of $ 4.4 million , as well as $ 35.0 million of cash generated from working capital management . the $ 48.7 million increase in cash provided by operating activities in 2020 as compared to 2019 was primarily due to a net increase of $ 46.4 million in cash generated from working capital of which approximately $ 16.3 million related to the deferral of payroll tax deposit and payment , as well as an increase of $ 7.6 million in net income , offset by $ 5.3 million decrease in non-cash items . 2019 compared to 2018 - cash flow from operating activities generated cash of $ 98.2 million during 2019 and consisted of net income of $ 70.7 million , adjusted for certain non-cash items , such as depreciation and amortization expense of $ 22.3 million , deferred income taxes of $ 9.7 million , and share-based compensation expense of $ 7.3 million , as well as a working capital use of cash of $ 11.4 million . the $ 7.1 million decrease in cash provided by operating activities in 2019 compared to 2018 was primarily due to a net decrease in cash from working capital of $ 16.5 million , which was offset by the increase in net income of $ 9.1 million . investing activities the majority of our investing activities relate to acquisitions , capital expenditures and net activity related to funds held for clients .
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 Suspicious Activity Report : cbiz management will determine the timing and amount of the transaction based on its evaluation of market conditions and other factors . pursuant to previously authorized share repurchase programs , we repurchased 2.3 million shares of our common stock at a total cost of approximately $ 57.6 million in 2020 , 1.2 million shares at a total cost of approximately $ 25.3 million in 2019 and 0.8 million shares at a total cost of approximately $ 15.6 million in 2018. refer to note 13 , common stock , to the accompanying consolidated financial statements for further discussion on the share repurchase program . recent accomplishments and other events workplace awards - in 2020 , we were honored and recognized for 68 various national and local market awards . a sample of the awards won include : best workplace in consulting and professional services - we were named one of the “ 2020 best workplaces in consulting and professional services ” by great place to work . alliance for workplace excellence - we were recognized for three awards in 2020 by the alliance for workplace excellence ; ( i ) workplace excellence seal of approval , ( ii ) health & wellness seal of approval and ( iii ) certificate of recognition – best practices for supporting works 50+ . 21 best places to work - we were selected and honored for the sixth consecutive year as a “ best places to work in insurance ” by business insurance magazine based on our commitment to attracting , developing and retaining great talent through employee benefits and other programs . we were recognized for this award based on core focus areas such as leadership and planning , corporate culture , communications , work environment and overall engagement . 2020 healthiest 100 workplaces in america – springbuk evaluated over 1,000 applicants across six key categories : culture and leadership commitment , foundational components , strategic planning , marketing and communications , programming and interventions , and reporting and analytics . we were honored to be named one of the top 100 winners for the third time . 2020 best and brightest companies in the nation top 101 - for the fifth year in a row , we were honored as a “ best and brightest company ” by nabr based on our commitment to human resource practices and employee enrichment . 2020 best and brightness in wellness – we were honored by nabr , for the fourth consecutive time , as an organization that promotes a culture of wellness . results of operations - continuing operations we provide professional business services that help clients manage their finances and employees . we deliver our integrated services through the following three practice groups : financial services , benefits and insurance services and national practices . a description of these groups ' operating results and factors affecting their businesses is provided below . same-unit revenue represents total revenue adjusted to reflect comparable periods of activity for acquisitions and divestitures . for example , for a business acquired on july 1 , 2019 , revenue for the period january 1 , 2020 through june 30 , 2020 would be reported as revenue from acquired businesses ; same-unit revenue would include revenue for the periods july 1 through december 31 of both years . divested operations represent operations that did not meet the criteria for treatment as discontinued operations . those businesses that have met the requirements to be treated as a discontinued operation are eliminated from continuing operations for all periods presented below . revenue the following table summarizes total revenue for the years ended december 31 , 2020 , 2019 and 2018 : replace_table_token_5_th a detailed discussion of same-unit revenue by practice group is included under “ operating practice groups . ” non-qualified deferred compensation plan - we sponsor a non-qualified deferred compensation plan , under which a cbiz employee 's compensation deferral is held in a rabbi trust and invested accordingly as directed by the employee . income and expenses related to the deferred compensation plan are included in “ operating expenses , ” “ gross margin ” and “ corporate general & administrative expenses ” and are directly offset by deferred compensation gains or losses in “ other income ( expense ) , net ” in the accompanying consolidated statements of comprehensive income . the deferred compensation plan has no impact on “ income from continuing operations before income tax expense ” or diluted earnings per share from continuing operations . 22 operating expenses the following table presents our operating expenses for the years ended december 31 , 2020 , 2019 and 2018 : replace_table_token_6_th 2020 compared to 2019 - our operating expenses increased by $ 1.9 million . operating expense as a percentage of revenue decreased to 85.6 % of revenue from 86.8 % of revenue for the prior year . the deferred compensation plan increased operating expenses by $ 13.8 million and $ 17.2 million in 2020 and 2019 , respectively . excluding the impact of the deferred compensation plan , operating expenses would have been $ 811.5 million , or 84.2 % of revenue , in 2020 compared to $ 806.3 million , or 85.0 % of revenue , in 2019. the majority of our operating expenses relate to personnel costs , which includes ( i ) salaries and benefits , ( ii ) commissions paid to producers ( iii ) incentive compensation and ( iv ) share-based compensation . personnel costs increased $ 24.2 million , or 3.8 % . acquisitions contributed approximately $ 12.1 million to personnel costs . the increase in personnel costs was offset by approximately $ 20.1 million lower travel and entertainment and other discretionary spending in 2020 due to covid-19 . personnel costs and other operating expenses are discussed in further detail under “ operating practice groups . story_separator_special_tag we repurchased 2.4 million shares of our common stock at a total cost of approximately $ 59.6 million in 2020 , 1.3 million shares at a total cost of approximately $ 27.2 million in 2019 and 0.9 million shares at a total cost of approximately $ 17.5 million in 2018. refer to note 13 , common stock , to the accompanying consolidated financial statements for further discussion on the share repurchase program . cash requirements for 2021 - cash requirements for 2021 will include acquisitions , interest payments on debt , seasonal working capital requirements , contingent earnout payments for previous acquisitions , share repurchases and capital expenditures . we believe that cash provided by operations , as well as available funds under our credit facility will be sufficient to meet cash requirements for the next 12 months . 29 obligations and commitments our aggregate amount of future obligations for the next five years and thereafter is set forth below ( in thousands ) : replace_table_token_18_th ( 1 ) our credit facility matures on april 3 , 2023. interest on the credit facility is not determinable due to the revolving nature of the credit facility and the variability of the related interest rate . dollar amounts are estimates based on applying the 2.45 % weighted average rate of the credit facility at december 31 , 2020 to the $ 108.0 million outstanding balance of the credit facility at december 31 , 2020 . ( 2 ) operating leases include the minimum rent commitments under non-cancelable operating leases . amount excludes cash expected to be received under subleases and impact of future renewals . ( 3 ) represents the contingent purchase price liability that is expected to be paid over the next five years resulting from business acquisitions . for the years ended december 31 , 2021 , 2022 , 2023 , 2024 , and 2025 , the cash portions of the contingent purchase price liability are $ 12.2 million , $ 15.4 million , $ 9.0 million , $ 13.0 million , and $ 0.8 million , respectively , with the remaining balance representing the stock portions . ( 4 ) other liabilities include letters of credit and license bonds , contingencies related to the purchase of client lists and federal and state income taxes . for further discussion regarding commitments and contingencies , refer to note 11 , commitments and contingencies , to the accompanying consolidated financial statements . the liability for unrecognized tax benefits of $ 1.5 million under fasb asc topic 740 , income taxes , is excluded , since we are unable to reasonably estimate the timing of cash settlements with the respective tax authorities . off-balance sheet arrangements - we maintain asas with independent cpa firms ( as described more fully under “ business - financial services ” and in note 1 , basis of presentation and significant accounting policies , to the accompanying consolidated financial statements ) , which qualify as variable interest entities . the accompanying consolidated financial statements do not reflect the operations or accounts of variable interest entities as the impact is not material to the consolidated financial condition , results of operations , or cash flows of cbiz . we provide letters of credit for insurance needs as well as to landlords ( lessors ) of our leased premises in lieu of cash security deposits . letters of credit totaled $ 1.7 million and $ 1.3 million at december 31 , 2020 and 2019. in addition , we provide license bonds to various state agencies to meet certain licensing requirements . the amount of license bonds outstanding was $ 2.2 million and $ 2.3 million at december 31 , 2020 and 2019 , respectively . we have various agreements under which we may be obligated to indemnify the other party with respect to certain matters . generally , these indemnification clauses are included in contracts arising in the normal course of business under which we customarily agree to hold the other party harmless against losses arising from a breach of representations , warranties , covenants or agreements , related to matters such as title to assets sold and certain tax matters . payment by us under such indemnification clauses are generally conditioned upon the other party making a claim . such claims are typically subject to challenge by us and to dispute resolution procedures specified in the particular contract . further , our obligations under these agreements may be limited in terms of time and or amount and , in some instances , we may have recourse against third parties for certain payments made by us . it is not possible to predict the maximum potential amount of future payments under these indemnification agreements due to the conditional nature of our obligations and the unique facts of each particular agreement . historically , we have not made any payments under these agreements that have been material individually or in the aggregate . as of december 31 , 2020 , we were not aware of any obligations arising under indemnification agreements that would require material payments . interest rate risk management - we do not purchase or hold any derivative instruments for trading or speculative purposes . we utilize interest rate swaps to manage interest rate risk exposure associated with our floating-rate debt under the credit facility . under these interest rate swap contracts , we receive cash flows from counterparties at variable rates based on the london interbank offered rate ( “ libor ” ) and pay the counterparties a fixed rate . to mitigate counterparty credit risk , we only enter into contracts with selected major financial institutions with investment grade ratings and continually assess their creditworthiness . there are no credit risk-related contingent features in our interest rate swaps nor do the swaps contain provisions under which we would be required to post collateral . 30 as of december 31 , 2020 , the notional value of all

