we sell our software and services to companies using a variety of sales and marketing tactics . we have teams of inside sales representatives organized by vertical market who engage directly with companies . we have enterprise sales teams which target the large named accounts in each of our vertical markets . these teams are supported by a variety of typical software marketing tactics , including both digital , in-person ( such as trade shows and other events ) and content marketing . for consumers , porch largely relies on our unique and proprietary relationships with the approximately 11,000 companies using porch 's software to provide the company with end customer access and introductions . porch then utilizes technology , lifecycle marketing and teams in lower cost locations to operate as a moving concierge to assist these consumers with services . porch has invested in limited direct-to-consumer ( “ d2c ” ) marketing capabilities , but expects to become more advanced over time with capabilities such as digital and social retargeting . 47 key performance measures and operating metrics in the management of our businesses , we identify , measure and evaluate a variety of operating metrics . the key performance measures and operating metrics we use in managing our businesses are set forth below . these key performance measures and operating metrics are not prepared in accordance with gaap , and may not be comparable to or calculated in the same way as other similarly titled measures and metrics used by other companies . the key performance measures presented have been adjusted for divested porch businesses in 2018 through 2020 . ● average number of companies in quarter — porch provides software and services to home services companies and , through these relationships , gains unique and early access to homebuyers and homeowners , assists homebuyers and homeowners with critical services such as insurance and moving . porch ' s customers include home services companies , such as home inspectors , for whom porch provides software and services and who provide introductions to homebuyers and homeowners . porch tracks the average number of home services companies from which it generates revenue each quarter in order to measure our ability to attract , retain and grow our relationships with home services companies . management defines average companies in a quarter as the number of home services companies across all of porch ' s home services verticals that ( i ) had revenue contracts with us and ( ii ) generated revenue each month , averaged across a quarterly period . ● average revenue per account per month — management views porch ' s ability to increase revenue generated from existing customers as a key component of porch ' s growth strategy . average revenue per account per month in quarter is defined as the average revenue per month generated across all our home services company customer accounts in a quarterly period . average revenue per account per month in quarter are derived from all customers and total revenue ; not only customers and revenues associated with porch ' s referral network , the following table summarizes our average companies in quarter and average revenue per account per month for each of the quarterly periods indicated : ​ replace_table_token_1_th ​ ● number of monetized services in quarter — porch connects consumers with home services companies nationwide and offers a full range of products and services where homeowners can , among other things : ( i ) compare and buy home insurance policies ( along with auto , flood and umbrella policies ) with competitive rates and coverage ; ( ii ) arrange for a variety of services in connection with their move , from labor to load or unload a truck to full-service , long-distance moving services ; ( iii ) discover and install home automation and security systems ; ( iv ) compare internet and television options for their new home ; ( v ) book small handyman jobs at fixed , upfront prices with guaranteed quality ; and ( vi ) compare bids from home improvement professionals who can complete bigger jobs . porch tracks the number of monetized services performed through its platform each quarter and the revenue generated per service performed in order to measure to measure market penetration with homebuyers and homeowners and porch ' s ability to deliver high-revenue services within those groups . monetized services per quarter is defined as the total number of unique services from which we generated revenue , including , but not limited to , new insurance customers , completed moving jobs , security installations , tv/internet installations or other home projects , measured over a quarterly period . ● average revenue per monetized service — management believes that shifting the mix of services delivered to homebuyers and home owners toward higher revenue services is a key component of porch ' s growth strategy . average revenue per monetized services in quarter is the average revenue generated per monetized service performed in a quarterly period . when calculating average revenue per monetized service in quarter , average revenue is defined as total quarterly service transaction revenues generated from monetized services divided by three months . 48 the following table summarizes our monetized services and average revenue per monetized service for each of the quarterly periods indicated : ​ replace_table_token_2_th ​ in 2020 , the company shifted insurance monetization from getting paid per quote to earning multiyear insurance commissions , resulting in fewer monetized transactions with higher average revenue . in march 2020 , covid-19 impacted the service volumes during the period from march until june . the impact on service volumes , largely recovered by june 30 , 2020 and after adjusting for insurance monetization remains above prior year volumes . story_separator_special_tag 53 there are a variety of estimates in the black-scholes opinion pricing model , including the determination of the fair value of the company 's common stock , expected volatility , term , dividends and risk-free rate . prior to the close of the merger , we engaged an independent third-party valuation consultant to make periodic valuations of our class of common and preferred stock . the fair value of restricted stock awards is based on the value of the underlying stock , which is estimated periodically with assistance from the independent third-party valuation specialist using both market and income approaches . business combinations the company has engaged in mergers and acquisitions and intends to continue to make acquisitions a significant part of our growth strategy . the company made acquisitions with cash and non-cash consideration totaling $ 0.4 million in 2019 and $ 17.6 million in 2020. the company accounts for business acquisitions using the acquisition method of accounting and records any identifiable intangible assets separate from goodwill . intangible assets are recorded at their fair value based on estimates as of the date of acquisition . goodwill is recorded as the residual amount of the purchase price consideration less the fair value assigned to the individual identifiable assets acquired and liabilities assumed as of the date of acquisition . the accounting estimates associated with acquisitions are complex due to judgements and assumptions involved in determining ( 1 ) the total consideration paid because we have used cash , stock and earnouts and ( 2 ) the value of assets acquired and liabilities assumed . the company allocates the purchase price of the acquisition to the assets acquired and liabilities assumed based on estimates of the fair value at the dates of the acquisitions . contingent consideration , which represents an obligation of the company to make additional payments or equity interests to the former owner as part of the purchase price if specified future events occur or conditions are met , is accounted for at the acquisition date fair value either as a liability or as equity depending on the terms of the acquisition agreement . results of operations comparison of fiscal year ended december 31 , 2020 to fiscal year ended december 31 , 2019 the net loss in 2020 of $ 51.6 million compared with the net loss in 2019 of $ 103.3 million was impacted by a large , one-time stock-based compensation charge of $ 33.2 million related to the company 's ceo 2019 secondary stock sale transaction , 2019 losses on the remeasurement or extinguishment of debt and warrants that totaled $ 9.0 million , and a $ 5.0 million gain on a divestiture of a businesses in 2019 . 54 the following table sets forth our historical operating results for the periods indicated , with fiscal year 2019 incorporating operating results of since-divested businesses : ​ replace_table_token_3_th nm — percentage calculated is not meaningful . revenue total revenue decreased by $ 4.4 million , or 6 % from $ 77.6 million in the year ended december 31 , 2019 to $ 73.2 million in the year ended december 31 , 2020. revenue decreased by $ 17.7 million due to divested porch businesses , offset by increase in revenue in 2020 primarily driven by the growth in our moving services and insurance businesses , which contributed $ 13.8 million of the revenue increase in 2020. as porch has grown the number of companies that use our software and services , we have been able to grow our b2b2c ( “ business to business to consumer ” ) and move related services revenues . this includes revenues related to moving , insurance , tv/internet connections , and security . cost of revenue cost of revenue decreased by $ 3.9 million , or 18 % from $ 21.5 million in the year ended december 31 , 2019 to $ 17.6 million in the year ended december 31 , 2020. the decrease in the cost of revenue was mostly attributable to a $ 5.9 million of costs related to divested businesses , offset by growth in moving services . as a percentage of revenue , cost of revenue represented 24 % of revenue in 2020 compared to 28 % in 2019 . 55 selling and marketing selling and marketing expenses decreased by $ 14.4 million , or 26 % from $ 56.2 million in the year ended december 31 , 2019 to $ 41.8 million in the year ended december 31 , 2020. the decrease is due to $ 6.8 million related to divested businesses , $ 7.6 million mainly related to savings in third party data leads and marketing costs . the spend on data leads was optimized by focusing on the most productive lead sources that reduced overall spend and generated higher revenue . as a percentage of revenue , selling and marketing expenses represented 57 % of revenue in 2020 compared with 73 % in 2019 due to the economies of scale . product and technology product and technology expenses decreased by $ 2.7 million , or 9 % from $ 31 million in the year ended december 31 , 2019 to $ 28.3 million in the year ended december 31 , 2020. the $ 2.7 million decrease is due to divested businesses of $ 3.1 million , offset by growth in our moving group . as a percentage of revenue , product and technology expenses represented 39 % of revenue in 2020 compared with 40 % in 2019. general and administrative general and administrative expenses decreased by $ 23.6 million , or 45 % from $ 52 million in the year ended december 31 , 2019 to $ 28.4 million in the year ended december 31 , 2020 primarily due to a significantly higher stock-based compensation charge related to the 2019 secondary market transaction as indicated in the table below , offset by higher stock-based compensation related to employee awards in 2020. stock-based

liquidity and capital resources since inception , we have financed our operations primarily from the sales of redeemable convertible preferred stock and convertible promissory notes , and proceeds from senior secured loans . on december 23 , 2020 , the company received approximately $ 269.5 million of aggregate cash proceeds from recapitalization , net of transactions costs . as of 58 december 31 , 2020 , the company had cash and cash equivalents of $ 196 million and $ 11.4 million of restricted cash representing the minimum cash balance of $ 3.0 million required by our senior secured lenders and $ 8.4 million of loan proceeds related to the paycheck protection program loan . the company has incurred losses since its inception , and has an accumulated deficit at december 31 , 2020 and december 31 , 2019 totaling $ 315.1 million and $ 263.5 million , respectively . as of december 31 , 2020 , and december 31 , 2019 the company had $ 50.8 million and $ 65.7 million aggregate principal amount outstanding on term loans and promissory notes , respectively . during 2020 , the company refinanced the existing $ 40.0 million term loans and received additional loan proceeds of $ 7.0 million from new senior secured term loans and $ 8.3 million from the u.s. government pursuant to the paycheck protection program under the cares act . in august and october 2020 , the company received a total of $ 10.0 million in loan proceeds from a convertible loan agreement , which was repaid along with other subordinated notes payable in connection with the merger . the company has used debt proceeds principally to fund general operations and acquisitions . in 2020 , the company invested $ 7.8 million ( net of cash acquired ) to acquire four companies , in a transaction accounted for as a business combination .


 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 since inception , we have financed our operations primarily from the sales of redeemable convertible preferred stock and convertible promissory notes , and proceeds from senior secured loans . on december 23 , 2020 , the company received approximately $ 269.5 million of aggregate cash proceeds from recapitalization , net of transactions costs . as of 58 december 31 , 2020 , the company had cash and cash equivalents of $ 196 million and $ 11.4 million of restricted cash representing the minimum cash balance of $ 3.0 million required by our senior secured lenders and $ 8.4 million of loan proceeds related to the paycheck protection program loan . the company has incurred losses since its inception , and has an accumulated deficit at december 31 , 2020 and december 31 , 2019 totaling $ 315.1 million and $ 263.5 million , respectively . as of december 31 , 2020 , and december 31 , 2019 the company had $ 50.8 million and $ 65.7 million aggregate principal amount outstanding on term loans and promissory notes , respectively . during 2020 , the company refinanced the existing $ 40.0 million term loans and received additional loan proceeds of $ 7.0 million from new senior secured term loans and $ 8.3 million from the u.s. government pursuant to the paycheck protection program under the cares act . in august and october 2020 , the company received a total of $ 10.0 million in loan proceeds from a convertible loan agreement , which was repaid along with other subordinated notes payable in connection with the merger . the company has used debt proceeds principally to fund general operations and acquisitions . in 2020 , the company invested $ 7.8 million ( net of cash acquired ) to acquire four companies , in a transaction accounted for as a business combination .
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 Suspicious Activity Report : we sell our software and services to companies using a variety of sales and marketing tactics . we have teams of inside sales representatives organized by vertical market who engage directly with companies . we have enterprise sales teams which target the large named accounts in each of our vertical markets . these teams are supported by a variety of typical software marketing tactics , including both digital , in-person ( such as trade shows and other events ) and content marketing . for consumers , porch largely relies on our unique and proprietary relationships with the approximately 11,000 companies using porch 's software to provide the company with end customer access and introductions . porch then utilizes technology , lifecycle marketing and teams in lower cost locations to operate as a moving concierge to assist these consumers with services . porch has invested in limited direct-to-consumer ( “ d2c ” ) marketing capabilities , but expects to become more advanced over time with capabilities such as digital and social retargeting . 47 key performance measures and operating metrics in the management of our businesses , we identify , measure and evaluate a variety of operating metrics . the key performance measures and operating metrics we use in managing our businesses are set forth below . these key performance measures and operating metrics are not prepared in accordance with gaap , and may not be comparable to or calculated in the same way as other similarly titled measures and metrics used by other companies . the key performance measures presented have been adjusted for divested porch businesses in 2018 through 2020 . ● average number of companies in quarter — porch provides software and services to home services companies and , through these relationships , gains unique and early access to homebuyers and homeowners , assists homebuyers and homeowners with critical services such as insurance and moving . porch ' s customers include home services companies , such as home inspectors , for whom porch provides software and services and who provide introductions to homebuyers and homeowners . porch tracks the average number of home services companies from which it generates revenue each quarter in order to measure our ability to attract , retain and grow our relationships with home services companies . management defines average companies in a quarter as the number of home services companies across all of porch ' s home services verticals that ( i ) had revenue contracts with us and ( ii ) generated revenue each month , averaged across a quarterly period . ● average revenue per account per month — management views porch ' s ability to increase revenue generated from existing customers as a key component of porch ' s growth strategy . average revenue per account per month in quarter is defined as the average revenue per month generated across all our home services company customer accounts in a quarterly period . average revenue per account per month in quarter are derived from all customers and total revenue ; not only customers and revenues associated with porch ' s referral network , the following table summarizes our average companies in quarter and average revenue per account per month for each of the quarterly periods indicated : ​ replace_table_token_1_th ​ ● number of monetized services in quarter — porch connects consumers with home services companies nationwide and offers a full range of products and services where homeowners can , among other things : ( i ) compare and buy home insurance policies ( along with auto , flood and umbrella policies ) with competitive rates and coverage ; ( ii ) arrange for a variety of services in connection with their move , from labor to load or unload a truck to full-service , long-distance moving services ; ( iii ) discover and install home automation and security systems ; ( iv ) compare internet and television options for their new home ; ( v ) book small handyman jobs at fixed , upfront prices with guaranteed quality ; and ( vi ) compare bids from home improvement professionals who can complete bigger jobs . porch tracks the number of monetized services performed through its platform each quarter and the revenue generated per service performed in order to measure to measure market penetration with homebuyers and homeowners and porch ' s ability to deliver high-revenue services within those groups . monetized services per quarter is defined as the total number of unique services from which we generated revenue , including , but not limited to , new insurance customers , completed moving jobs , security installations , tv/internet installations or other home projects , measured over a quarterly period . ● average revenue per monetized service — management believes that shifting the mix of services delivered to homebuyers and home owners toward higher revenue services is a key component of porch ' s growth strategy . average revenue per monetized services in quarter is the average revenue generated per monetized service performed in a quarterly period . when calculating average revenue per monetized service in quarter , average revenue is defined as total quarterly service transaction revenues generated from monetized services divided by three months . 48 the following table summarizes our monetized services and average revenue per monetized service for each of the quarterly periods indicated : ​ replace_table_token_2_th ​ in 2020 , the company shifted insurance monetization from getting paid per quote to earning multiyear insurance commissions , resulting in fewer monetized transactions with higher average revenue . in march 2020 , covid-19 impacted the service volumes during the period from march until june . the impact on service volumes , largely recovered by june 30 , 2020 and after adjusting for insurance monetization remains above prior year volumes . story_separator_special_tag 53 there are a variety of estimates in the black-scholes opinion pricing model , including the determination of the fair value of the company 's common stock , expected volatility , term , dividends and risk-free rate . prior to the close of the merger , we engaged an independent third-party valuation consultant to make periodic valuations of our class of common and preferred stock . the fair value of restricted stock awards is based on the value of the underlying stock , which is estimated periodically with assistance from the independent third-party valuation specialist using both market and income approaches . business combinations the company has engaged in mergers and acquisitions and intends to continue to make acquisitions a significant part of our growth strategy . the company made acquisitions with cash and non-cash consideration totaling $ 0.4 million in 2019 and $ 17.6 million in 2020. the company accounts for business acquisitions using the acquisition method of accounting and records any identifiable intangible assets separate from goodwill . intangible assets are recorded at their fair value based on estimates as of the date of acquisition . goodwill is recorded as the residual amount of the purchase price consideration less the fair value assigned to the individual identifiable assets acquired and liabilities assumed as of the date of acquisition . the accounting estimates associated with acquisitions are complex due to judgements and assumptions involved in determining ( 1 ) the total consideration paid because we have used cash , stock and earnouts and ( 2 ) the value of assets acquired and liabilities assumed . the company allocates the purchase price of the acquisition to the assets acquired and liabilities assumed based on estimates of the fair value at the dates of the acquisitions . contingent consideration , which represents an obligation of the company to make additional payments or equity interests to the former owner as part of the purchase price if specified future events occur or conditions are met , is accounted for at the acquisition date fair value either as a liability or as equity depending on the terms of the acquisition agreement . results of operations comparison of fiscal year ended december 31 , 2020 to fiscal year ended december 31 , 2019 the net loss in 2020 of $ 51.6 million compared with the net loss in 2019 of $ 103.3 million was impacted by a large , one-time stock-based compensation charge of $ 33.2 million related to the company 's ceo 2019 secondary stock sale transaction , 2019 losses on the remeasurement or extinguishment of debt and warrants that totaled $ 9.0 million , and a $ 5.0 million gain on a divestiture of a businesses in 2019 . 54 the following table sets forth our historical operating results for the periods indicated , with fiscal year 2019 incorporating operating results of since-divested businesses : ​ replace_table_token_3_th nm — percentage calculated is not meaningful . revenue total revenue decreased by $ 4.4 million , or 6 % from $ 77.6 million in the year ended december 31 , 2019 to $ 73.2 million in the year ended december 31 , 2020. revenue decreased by $ 17.7 million due to divested porch businesses , offset by increase in revenue in 2020 primarily driven by the growth in our moving services and insurance businesses , which contributed $ 13.8 million of the revenue increase in 2020. as porch has grown the number of companies that use our software and services , we have been able to grow our b2b2c ( “ business to business to consumer ” ) and move related services revenues . this includes revenues related to moving , insurance , tv/internet connections , and security . cost of revenue cost of revenue decreased by $ 3.9 million , or 18 % from $ 21.5 million in the year ended december 31 , 2019 to $ 17.6 million in the year ended december 31 , 2020. the decrease in the cost of revenue was mostly attributable to a $ 5.9 million of costs related to divested businesses , offset by growth in moving services . as a percentage of revenue , cost of revenue represented 24 % of revenue in 2020 compared to 28 % in 2019 . 55 selling and marketing selling and marketing expenses decreased by $ 14.4 million , or 26 % from $ 56.2 million in the year ended december 31 , 2019 to $ 41.8 million in the year ended december 31 , 2020. the decrease is due to $ 6.8 million related to divested businesses , $ 7.6 million mainly related to savings in third party data leads and marketing costs . the spend on data leads was optimized by focusing on the most productive lead sources that reduced overall spend and generated higher revenue . as a percentage of revenue , selling and marketing expenses represented 57 % of revenue in 2020 compared with 73 % in 2019 due to the economies of scale . product and technology product and technology expenses decreased by $ 2.7 million , or 9 % from $ 31 million in the year ended december 31 , 2019 to $ 28.3 million in the year ended december 31 , 2020. the $ 2.7 million decrease is due to divested businesses of $ 3.1 million , offset by growth in our moving group . as a percentage of revenue , product and technology expenses represented 39 % of revenue in 2020 compared with 40 % in 2019. general and administrative general and administrative expenses decreased by $ 23.6 million , or 45 % from $ 52 million in the year ended december 31 , 2019 to $ 28.4 million in the year ended december 31 , 2020 primarily due to a significantly higher stock-based compensation charge related to the 2019 secondary market transaction as indicated in the table below , offset by higher stock-based compensation related to employee awards in 2020. stock-based

