events provides it , supply chain , digital marketing and business professionals the opportunity to attend various symposia , conferences and exhibitions to learn , contribute and network with their peers . from our flagship symposium/itxpo series , to summits focused on specific technologies and industries , to experimental workshop-style seminars , our events distill the latest gartner research into applicable insight and advice . 17 business measurements we believe the following business measurements are important performance indicators for our business segments : business segment business measurements research contract value represents the value attributable to all of our subscription-related research products that recognize revenue on a ratable basis . contract value is calculated as the annualized value of all subscription research contracts in effect at a specific point in time , without regard to the duration of the contract . client retention rate represents a measure of client satisfaction and renewed business relationships at a specific point in time . client retention is calculated on a percentage basis by dividing our current clients , who were also clients a year ago , by all clients from a year ago . client retention is calculated at an enterprise level , which represents a single company or customer . wallet retention rate represents a measure of the amount of contract value we have retained with clients over a twelve-month period . wallet retention is calculated on a percentage basis by dividing the contract value of clients , who were clients one year ago , by the total contract value from a year ago , excluding the impact of foreign currency exchange . when wallet retention exceeds client retention , it is an indication of retention of higher-spending clients , or increased spending by retained clients , or both . wallet retention is calculated at an enterprise level , which represents a single company or customer . consulting consulting backlog represents future revenue to be derived from in-process consulting , measurement and strategic advisory services engagements . utilization rate represents a measure of productivity of our consultants . utilization rates are calculated for billable headcount on a percentage basis by dividing total hours billed by total hours available to bill . billing rate represents earned billable revenue divided by total billable hours . average annualized revenue per billable headcount represents a measure of the revenue generating ability of an average billable consultant and is calculated periodically by multiplying the average billing rate per hour times the utilization percentage times the billable hours available for one year . events number of events represents the total number of hosted events completed during the period . number of attendees represents the total number of people who attend events . 18 executive summary of operations and financial position we have executed a consistent growth strategy since 2005 to drive double-digit annual revenue and earnings growth . the fundamentals of our strategy include a focus on creating extraordinary research content , delivering innovative and highly differentiated product offerings , building a strong sales capability , providing world class client service with a focus on client engagement and retention , and continuously improving our operational effectiveness . we had total revenues of $ 2.163 billion in 2015 , an increase of 7 % over 2014 on a reported basis and 13 % adjusted for the impact of foreign currency exchange . diluted earnings per share increased to $ 2.06 per share in 2015 from $ 2.03 per share in 2014. research revenues rose 10 % year-over-year , to $ 1.583 billion in 2015 , and the contribution margin was 69 % , the same as 2014. at december 31 , 2015 , research contract value was $ 1.761 billion , an increase of 10 % over december 31 , 2014 on a reported basis and 14 % adjusted for the impact of foreign currency exchange . both client and wallet retention remained strong , at 84 % and 105 % , respectively , at december 31 , 2015. consulting revenues in 2015 decreased 6 % when compared to 2014 but were flat when adjusted for the foreign exchange impact . the gross contribution margin was 33 % in 2015 compared to 34 % in 2014. consultant utilization declined by 2 points in 2015 , to 66 % . we had 606 billable consultants at december 31 , 2015 compared to 535 at year-end 2014. backlog increased 15 % year-over-year , to $ 117.7 million at december 31 , 2015 , which is the highest in the company 's history . events revenues increased 11 % year-over-year , to $ 251.8 million . adjusted for the foreign currency impact , events revenues increased 18 % . the segment contribution margin was 52 % in 2015 , a 3 point increase over 2014. we held 65 events in 2015 compared to 61 in 2014 , while the number of attendees increased 7 % year-over-year , to 52,595. for a more detailed discussion of our results , see the segment results section below . cash flow from our operating activities was $ 345.6 million in 2015. we ended 2015 with $ 373.0 million in cash and cash equivalents while $ 656.0 million was available for borrowing under the revolving credit line . we believe that we have adequate liquidity to meet our currently anticipated needs . we continue to focus on maximizing shareholder value . during 2015 we repurchased 6.2 million of our outstanding common shares , and we also acquired nubera ebusiness s.l . , based in barcelona , spain ( `` nubera `` ) , and capterra , inc. , based in arlington , virginia ( `` capterra `` ) , both of which help organizations find the right business software to meet their needs . note 2 - acquisitions in the notes to the consolidated financial statements included in this annual report on form 10-k provides additional information regarding these acquisitions . story_separator_special_tag the following table presents total revenues by geographic region for the twelve months ended ( in thousands ) : replace_table_token_8_th the following table presents our revenues by segment for the twelve months ended ( in thousands ) : replace_table_token_9_th cost of services and product development ( “ cos ” ) expense increased 12 % in 2014 compared to 2013 , or $ 84.4 million , to $ 797.9 million compared to $ 713.5 million in 2013. the impact of foreign currency exchange for the full year was not significant . the increase was primarily due to higher payroll and related benefits costs from additional headcount , which increased 12 % . the headcount increase reflects our continued investment in our research business and includes the additional employees resulting from the 2014 acquisitions . cos as a percentage of revenues was 39 % in the 2014 period compared to 40 % in the 2013 period . 24 selling , general and administrative ( “ sg & a ” ) expense increased by $ 115.6 million in 2014 , or 15 % , to $ 876.1 million compared to $ 760.5 million in 2013. excluding the favorable impact of foreign currency exchange , sg & a expense increased 16 % year-over-year . the increase was primarily due to higher payroll and related benefits costs from additional headcount , higher sales commissions , and merit salary increases . the increased headcount includes our investment in additional quota-bearing sales associates , which increased to 1,881 at december 31 , 2014 , a 14 % increase over year-end 2013. depreciation expense increased 8 % in 2014 compared to 2013 , which reflects our additional investment in fixed assets . amortization of intangibles increased 51 % year-over-year due to the intangibles arising from the 2014 acquisitions . acquisition and integration charges was $ 21.9 million in 2014 compared to $ 0.3 million in 2013. these charges are directly-related to our acquisitions and primarily include amounts accrued for payments contingent on the achievement of certain employment conditions , legal , consulting , and severance costs . operating income increased $ 10.7 million year-over-year , or 4 % , to $ 286.2 million in 2014 from $ 275.5 million in 2013. the increased operating income was attributable to higher segment contributions from our research and events businesses . operating income as a percentage of revenues was 14 % in 2014 and 15 % in 2013. interest expense , net increased 23 % year-over-year due to additional borrowings in the 2014 period . other expense , net was $ 0.6 million in 2014 and $ 0.2 million in 2013. these expenses primarily consisted of net foreign currency exchange gains and losses . provision for income taxes was $ 90.9 million in 2014 compared to $ 83.6 million in 2013 and the effective tax rate was 33.1 % for 2014 compared to 31.4 % for 2013. the higher effective tax rate in 2014 was primarily due to the impact of certain favorable items in 2013 , as well as the unfavorable mix of pretax income by jurisdiction in 2014 which was partially offset by foreign tax credit benefits in 2014. the favorable items in 2013 included the enactment of certain beneficial legislation in 2013 , the release of tax reserves due to audit settlements , and increased tax exempt income . during 2014 , the internal revenue service closed its audit of the company 's 2011 and 2010 federal income tax returns . the resolution of the audit did not have a material adverse effect on the company 's consolidated financial position , cash flows , or results of operations . net income was $ 183.8 million in 2014 and $ 182.8 million in 2013 , an increase of 1 % , as the increased operating income in 2014 was substantially offset by additional income tax charges . diluted earnings per share increased 5 % year-over-year , to $ 2.03 in 2014 , primarily due to a lower number of weighted-average shares outstanding . 25 segment results we evaluate reportable segment performance and allocate resources based on gross contribution margin . gross contribution is defined as operating income excluding certain cost of services and product development charges , sg & a , depreciation , acquisition and integration charges , and amortization of intangibles . gross contribution margin is defined as gross contribution as a percentage of revenues . the following sections present the results of our three business segments as of and for the three years-ended december 31 , 2015. research the following table presents the financial results and business measurements of our research segment for the twelve months ended december 31 : replace_table_token_10_th ( 1 ) dollars in thousands . 2015 versus 2014 research segment revenues increased 10 % in 2015 compared to 2014. excluding the unfavorable impact of foreign currency , research revenues increased 16 % in 2015. the segment gross contribution margin was 69 % in both annual periods . the contribution margin remained at 69 % in spite of a 12 % increase in segment headcount , mostly driven by new hires but also to a lesser extent the additional employees resulting from our acquisitions . the overall headcount increase reflects our continuing investment in this business . research contract value increased 10 % in 2015 to $ 1.761 billion , and increased 14 % year-over-year adjusted for the impact of foreign currency exchange . the growth in contract value was broad-based , with every region , client size , and industry sector growing at double-digit rates , with the exception of the energy and utilities sector , which still increased year-over-year but at a slower rate . the number of our research client enterprises increased by 8 % in 2015 , to 10,796. both client retention and wallet retention remained strong , at 84 % and 105 % respectively , as of december 31 , 2015 . 2014 versus 2013 research segment revenues in 2014

liquidity and capital resources we had $ 373.0 million of cash and cash equivalents at december 31 , 2015 and $ 656.0 million of available borrowing capacity under our 2014 credit agreement . in addition , the 2014 credit agreement contains an expansion feature by which the company may borrow up to an additional $ 500.0 million in the aggregate under certain conditions . we believe that our consistently strong operating cash flow , as well as our existing cash balances and our available borrowing capacity under our 2014 credit agreement , provide us with adequate liquidity to meet our currently anticipated needs . however , should we need to borrow additional amounts , we believe we would be able to do so on reasonable terms . we had operating cash flow of $ 345.6 million in 2015. in addition , we also borrowed an additional $ 420.0 million on a net basis under our 2014 credit agreement . during 2015 we used $ 196.2 million in cash to acquire other businesses and we also used $ 509.0 million in cash to repurchase our common shares . we currently have a $ 1.2 billion board approved authorization to repurchase the company 's common stock , and as of december 31 , 2015 , approximately $ 1.1 billion of this authorization remains . we have historically generated significant cash flows from our operating activities . our operating cash flow has been continuously enhanced by the leverage characteristics of our subscription-based business model as well as our focus on operational efficiencies .


 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 had $ 373.0 million of cash and cash equivalents at december 31 , 2015 and $ 656.0 million of available borrowing capacity under our 2014 credit agreement . in addition , the 2014 credit agreement contains an expansion feature by which the company may borrow up to an additional $ 500.0 million in the aggregate under certain conditions . we believe that our consistently strong operating cash flow , as well as our existing cash balances and our available borrowing capacity under our 2014 credit agreement , provide us with adequate liquidity to meet our currently anticipated needs . however , should we need to borrow additional amounts , we believe we would be able to do so on reasonable terms . we had operating cash flow of $ 345.6 million in 2015. in addition , we also borrowed an additional $ 420.0 million on a net basis under our 2014 credit agreement . during 2015 we used $ 196.2 million in cash to acquire other businesses and we also used $ 509.0 million in cash to repurchase our common shares . we currently have a $ 1.2 billion board approved authorization to repurchase the company 's common stock , and as of december 31 , 2015 , approximately $ 1.1 billion of this authorization remains . we have historically generated significant cash flows from our operating activities . our operating cash flow has been continuously enhanced by the leverage characteristics of our subscription-based business model as well as our focus on operational efficiencies .
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 Suspicious Activity Report : events provides it , supply chain , digital marketing and business professionals the opportunity to attend various symposia , conferences and exhibitions to learn , contribute and network with their peers . from our flagship symposium/itxpo series , to summits focused on specific technologies and industries , to experimental workshop-style seminars , our events distill the latest gartner research into applicable insight and advice . 17 business measurements we believe the following business measurements are important performance indicators for our business segments : business segment business measurements research contract value represents the value attributable to all of our subscription-related research products that recognize revenue on a ratable basis . contract value is calculated as the annualized value of all subscription research contracts in effect at a specific point in time , without regard to the duration of the contract . client retention rate represents a measure of client satisfaction and renewed business relationships at a specific point in time . client retention is calculated on a percentage basis by dividing our current clients , who were also clients a year ago , by all clients from a year ago . client retention is calculated at an enterprise level , which represents a single company or customer . wallet retention rate represents a measure of the amount of contract value we have retained with clients over a twelve-month period . wallet retention is calculated on a percentage basis by dividing the contract value of clients , who were clients one year ago , by the total contract value from a year ago , excluding the impact of foreign currency exchange . when wallet retention exceeds client retention , it is an indication of retention of higher-spending clients , or increased spending by retained clients , or both . wallet retention is calculated at an enterprise level , which represents a single company or customer . consulting consulting backlog represents future revenue to be derived from in-process consulting , measurement and strategic advisory services engagements . utilization rate represents a measure of productivity of our consultants . utilization rates are calculated for billable headcount on a percentage basis by dividing total hours billed by total hours available to bill . billing rate represents earned billable revenue divided by total billable hours . average annualized revenue per billable headcount represents a measure of the revenue generating ability of an average billable consultant and is calculated periodically by multiplying the average billing rate per hour times the utilization percentage times the billable hours available for one year . events number of events represents the total number of hosted events completed during the period . number of attendees represents the total number of people who attend events . 18 executive summary of operations and financial position we have executed a consistent growth strategy since 2005 to drive double-digit annual revenue and earnings growth . the fundamentals of our strategy include a focus on creating extraordinary research content , delivering innovative and highly differentiated product offerings , building a strong sales capability , providing world class client service with a focus on client engagement and retention , and continuously improving our operational effectiveness . we had total revenues of $ 2.163 billion in 2015 , an increase of 7 % over 2014 on a reported basis and 13 % adjusted for the impact of foreign currency exchange . diluted earnings per share increased to $ 2.06 per share in 2015 from $ 2.03 per share in 2014. research revenues rose 10 % year-over-year , to $ 1.583 billion in 2015 , and the contribution margin was 69 % , the same as 2014. at december 31 , 2015 , research contract value was $ 1.761 billion , an increase of 10 % over december 31 , 2014 on a reported basis and 14 % adjusted for the impact of foreign currency exchange . both client and wallet retention remained strong , at 84 % and 105 % , respectively , at december 31 , 2015. consulting revenues in 2015 decreased 6 % when compared to 2014 but were flat when adjusted for the foreign exchange impact . the gross contribution margin was 33 % in 2015 compared to 34 % in 2014. consultant utilization declined by 2 points in 2015 , to 66 % . we had 606 billable consultants at december 31 , 2015 compared to 535 at year-end 2014. backlog increased 15 % year-over-year , to $ 117.7 million at december 31 , 2015 , which is the highest in the company 's history . events revenues increased 11 % year-over-year , to $ 251.8 million . adjusted for the foreign currency impact , events revenues increased 18 % . the segment contribution margin was 52 % in 2015 , a 3 point increase over 2014. we held 65 events in 2015 compared to 61 in 2014 , while the number of attendees increased 7 % year-over-year , to 52,595. for a more detailed discussion of our results , see the segment results section below . cash flow from our operating activities was $ 345.6 million in 2015. we ended 2015 with $ 373.0 million in cash and cash equivalents while $ 656.0 million was available for borrowing under the revolving credit line . we believe that we have adequate liquidity to meet our currently anticipated needs . we continue to focus on maximizing shareholder value . during 2015 we repurchased 6.2 million of our outstanding common shares , and we also acquired nubera ebusiness s.l . , based in barcelona , spain ( `` nubera `` ) , and capterra , inc. , based in arlington , virginia ( `` capterra `` ) , both of which help organizations find the right business software to meet their needs . note 2 - acquisitions in the notes to the consolidated financial statements included in this annual report on form 10-k provides additional information regarding these acquisitions . story_separator_special_tag the following table presents total revenues by geographic region for the twelve months ended ( in thousands ) : replace_table_token_8_th the following table presents our revenues by segment for the twelve months ended ( in thousands ) : replace_table_token_9_th cost of services and product development ( “ cos ” ) expense increased 12 % in 2014 compared to 2013 , or $ 84.4 million , to $ 797.9 million compared to $ 713.5 million in 2013. the impact of foreign currency exchange for the full year was not significant . the increase was primarily due to higher payroll and related benefits costs from additional headcount , which increased 12 % . the headcount increase reflects our continued investment in our research business and includes the additional employees resulting from the 2014 acquisitions . cos as a percentage of revenues was 39 % in the 2014 period compared to 40 % in the 2013 period . 24 selling , general and administrative ( “ sg & a ” ) expense increased by $ 115.6 million in 2014 , or 15 % , to $ 876.1 million compared to $ 760.5 million in 2013. excluding the favorable impact of foreign currency exchange , sg & a expense increased 16 % year-over-year . the increase was primarily due to higher payroll and related benefits costs from additional headcount , higher sales commissions , and merit salary increases . the increased headcount includes our investment in additional quota-bearing sales associates , which increased to 1,881 at december 31 , 2014 , a 14 % increase over year-end 2013. depreciation expense increased 8 % in 2014 compared to 2013 , which reflects our additional investment in fixed assets . amortization of intangibles increased 51 % year-over-year due to the intangibles arising from the 2014 acquisitions . acquisition and integration charges was $ 21.9 million in 2014 compared to $ 0.3 million in 2013. these charges are directly-related to our acquisitions and primarily include amounts accrued for payments contingent on the achievement of certain employment conditions , legal , consulting , and severance costs . operating income increased $ 10.7 million year-over-year , or 4 % , to $ 286.2 million in 2014 from $ 275.5 million in 2013. the increased operating income was attributable to higher segment contributions from our research and events businesses . operating income as a percentage of revenues was 14 % in 2014 and 15 % in 2013. interest expense , net increased 23 % year-over-year due to additional borrowings in the 2014 period . other expense , net was $ 0.6 million in 2014 and $ 0.2 million in 2013. these expenses primarily consisted of net foreign currency exchange gains and losses . provision for income taxes was $ 90.9 million in 2014 compared to $ 83.6 million in 2013 and the effective tax rate was 33.1 % for 2014 compared to 31.4 % for 2013. the higher effective tax rate in 2014 was primarily due to the impact of certain favorable items in 2013 , as well as the unfavorable mix of pretax income by jurisdiction in 2014 which was partially offset by foreign tax credit benefits in 2014. the favorable items in 2013 included the enactment of certain beneficial legislation in 2013 , the release of tax reserves due to audit settlements , and increased tax exempt income . during 2014 , the internal revenue service closed its audit of the company 's 2011 and 2010 federal income tax returns . the resolution of the audit did not have a material adverse effect on the company 's consolidated financial position , cash flows , or results of operations . net income was $ 183.8 million in 2014 and $ 182.8 million in 2013 , an increase of 1 % , as the increased operating income in 2014 was substantially offset by additional income tax charges . diluted earnings per share increased 5 % year-over-year , to $ 2.03 in 2014 , primarily due to a lower number of weighted-average shares outstanding . 25 segment results we evaluate reportable segment performance and allocate resources based on gross contribution margin . gross contribution is defined as operating income excluding certain cost of services and product development charges , sg & a , depreciation , acquisition and integration charges , and amortization of intangibles . gross contribution margin is defined as gross contribution as a percentage of revenues . the following sections present the results of our three business segments as of and for the three years-ended december 31 , 2015. research the following table presents the financial results and business measurements of our research segment for the twelve months ended december 31 : replace_table_token_10_th ( 1 ) dollars in thousands . 2015 versus 2014 research segment revenues increased 10 % in 2015 compared to 2014. excluding the unfavorable impact of foreign currency , research revenues increased 16 % in 2015. the segment gross contribution margin was 69 % in both annual periods . the contribution margin remained at 69 % in spite of a 12 % increase in segment headcount , mostly driven by new hires but also to a lesser extent the additional employees resulting from our acquisitions . the overall headcount increase reflects our continuing investment in this business . research contract value increased 10 % in 2015 to $ 1.761 billion , and increased 14 % year-over-year adjusted for the impact of foreign currency exchange . the growth in contract value was broad-based , with every region , client size , and industry sector growing at double-digit rates , with the exception of the energy and utilities sector , which still increased year-over-year but at a slower rate . the number of our research client enterprises increased by 8 % in 2015 , to 10,796. both client retention and wallet retention remained strong , at 84 % and 105 % respectively , as of december 31 , 2015 . 2014 versus 2013 research segment revenues in 2014

