the timing and amount of these investments vary based on the rate at which we add new clients , add new personnel and scale our application development and other activities . many of these investments will occur in advance of experiencing any direct benefit from them which will make it difficult to determine if we are effectively allocating our resources . we expect these investments to increase our costs on an absolute basis , but as we grow our number of clients and our related revenues , we anticipate that we will gain economies of scale and increased operating leverage . as a result , we expect our gross and operating margins will improve over the long term . as our business has grown , we have become increasingly subject to the risks arising from adverse changes in domestic and global economic conditions . if general economic conditions were to deteriorate further , including declines in private sector employment growth and business productivity , increases in the unemployment rate and changes in interest rates , we may experience delays in our sales cycles , increased pressure from prospective customers to offer discounts and increased pressure from existing customers to renew expiring recurring revenue agreements for lower amounts . our interest income on funds held for clients continues to be negatively impacted by historically low interest rates . 32 our operating subsidiary paylocity corporation was incorporated in july 1997 as an illinois corporation . in november 2013 , we formed paylocity holding corporation , a delaware corporation , of which paylocity corporation is now a wholly-owned subsidiary . paylocity holding corporation had no operations prior to the restructuring . all of our business operations have historically been , and are currently , conducted by paylocity corporation , and the financial results presented herein are entirely attributable to the results of its operations . key metrics we regularly review a number of metrics , including the following key metrics , to evaluate our business , measure our performance , identify trends affecting our business , formulate financial projections and make strategic decisions . recurring revenue growth our recurring revenue model and high annual revenue retention rates provide significant visibility into our future operating results and cash flow from operations . this visibility enables us to better manage and invest in our business . recurring revenue , which is comprised of recurring fees and interest income on funds held for clients , increased from $ 72.8 million in fiscal 2013 to $ 101.9 million in fiscal 2014 , representing a 40 % year-over-year increase . recurring revenue increased from $ 101.9 million in fiscal 2014 to $ 144.1 million in fiscal 2015 , representing a 41 % year-over-year increase . recurring revenue represented 94 % of total revenue in each of the fiscal years ended 2013 , 2014 , and 2015. client count growth we believe there is a significant opportunity to grow our business by increasing our number of clients . we have increased our number of clients from approximately 6,850 as of june 30 , 2013 to approximately 10,350 as of june 30 , 2015 , representing a compound annual growth rate of approximately 23 % . the table below sets forth our client count for the periods indicated , rounded to the nearest fifty . replace_table_token_6_th the rate at which we add clients is highly variable period-to-period and highly seasonal as many clients switch solutions during the first calendar quarter of each year . although many clients have multiple divisions , segments or locations , we only count such clients once for these purposes . annual revenue retention rate our annual revenue retention rate has been in excess of 92 % during each of the past three fiscal years . we calculate our annual revenue retention rate as our total revenue for the preceding 12 months , less the annualized value of revenue lost during the preceding 12 months , divided by our total revenue for the preceding 12 months . we calculate the annualized value of revenue lost by summing the recurring fees paid by lost clients over the previous twelve months prior to their termination if they have been a client for a minimum of twelve months . for those lost clients who became clients within the last twelve months , we sum the recurring fees for the period that they have been a client and then annualize the amount . we exclude interest income on funds held for clients from the revenue retention calculation . we believe that our annual revenue retention rate is an important metric to measure overall client satisfaction and the general quality of our product and service offerings . recurring fees from new clients we calculate recurring fees from new clients as the percentage of year-to-date recurring fees from all clients on our solutions which had not been on or used any of our solutions for a full year as of the start of the current fiscal year . we believe recurring fees from new clients is an important metric to measure the expansion of our existing client base as well as the growth in our client base . our recurring fees from new clients for fiscal 2013 and 2014 were 44 % and for fiscal 2015 was 45 % . adjusted gross profit , adjusted recurring gross profit and adjusted ebitda we disclose adjusted gross profit , adjusted recurring gross profit and adjusted ebitda because we use them to evaluate our performance , and we believe adjusted gross profit , adjusted recurring gross profit and adjusted ebitda assist in the comparison of our performance across reporting periods by excluding certain items that we do not believe are indicative of our core operating performance . we believe these metrics are used in the financial community , and we present it to enhance investors ' understanding of our operating performance and cash flows . story_separator_special_tag the increase was also attributable to $ 0.8 million of stock-based compensation associated with our broad based ipo grant to all employees . research and development replace_table_token_14_th research and development for the year ended june 30 , 2015 increased by $ 9.5 million , or 92 % , to $ 19.9 million from $ 10.4 million for the year ended june 30 , 2014. research and development costs increased in fiscal 2015 primarily due to $ 7.5 million of additional employee-related expenses related to 64 additional development personnel and $ 2.2 million of stock-based compensation associated with our equity incentive plan . this was offset by an increase of $ 0.2 million in our capitalized internal-use software costs . research and development for the year ended june 30 , 2014 increased by $ 3.5 million , or 52 % , to $ 10.4 million from $ 6.8 million for the year ended june 30 , 2013. research and development costs increased in fiscal 2014 primarily due to $ 5.1 million of additional employee-related expenses related to 27 additional development personnel , $ 0.6 million of stock-based compensation associated with our broad based ipo grant to all employees and $ 0.5 million related to the one-time founder funded bonus pay-outs . this was offset by an increase of $ 2.7 million in our capitalized internal-use software costs as we developed significant additional functionality in our human capital management applications during the year . general and administrative replace_table_token_15_th general and administrative expenses for the year ended june 30 , 2015 increased by $ 10.8 million , or 49 % , to $ 32.8 million from $ 22.0 million for the year ended june 30 , 2014. general and administrative expenses increased primarily as a result of $ 5.0 million of additional employee-related expenses relating to 30 additional personnel , $ 2.0 million of additional stock-based 39 compensation costs , $ 1.5 million of increased occupancy costs incurred as a result of our requirement for additional office space , $ 0.8 million of amortization expense of the customer relationship and non-compete intangibles associated with acquisitions of both of our resellers , $ 0.7 million of increased insurance costs associated with being a public company , and $ 0.3 million in additional professional fees . general and administrative expenses for the year ended june 30 , 2014 increased by $ 9.9 million , or 82 % , to $ 22.0 million from $ 12.1 million for the year ended june 30 , 2013. general and administrative expenses increased primarily as a result of $ 4.3 million of additional employee-related expenses relating to 18 additional personnel , $ 2.1 million of additional stock-based compensation costs associated with ipo related grants of options and restricted stock units , $ 1.7 million in additional professional fees and $ 0.6 million of increased occupancy costs incurred as a result of our requirement for additional office space . other income ( expense ) replace_table_token_16_th * not meaningful other income ( expense ) for the year ended june 30 , 2015 decreased by $ 0.1 million as compared to the year ended june 30 , 2014. other income for the year ended june 30 , 2015 primarily consists of interest income earned on our cash and cash equivalents partially offset by loss on the disposal of property and equipment . other income ( expense ) for the year ended june 30 , 2014 increased by $ 0.2 million as compared to the year ended june 30 , 2013. other income for the year ended june 30 , 2014 primarily consisted of interest income earned on our cash and cash equivalents , partially offset by interest expense incurred on our note payable and other debt , which was repaid in full in march 2014. income tax ( benefit ) expense replace_table_token_17_th * not meaningful income tax ( benefit ) expense for the year ended june 30 , 2015 decreased by $ 0.2 million , as compared to the year ended june 30 , 2014 primarily due to the recognition of a deferred tax asset valuation allowance during the year ended june 30 , 2014 related to net deferred tax balances generated in prior years . income tax ( benefit ) expense for the year ended june 30 , 2014 increased by $ 0.9 million , as compared to the year ended june 30 , 2013 primarily due to the expiration of federal research and development tax credit allowances resulting in a $ 0.5 million decline in amount claimed and an increase in non-deductible expenses as a result of our growing business . the company also recognized a valuation allowance as of june 30 , 2014 on substantially all of its net deferred tax assets , many of which were generated in the three month period ended june 30 , 2014 , given its determination that it was more likely than not that the company would not recognize the benefits of its net operating loss carryforwards prior to their expiration . see note 11 of the notes to consolidated financial statements included in part ii , item 8 : financial statements and supplementary data of this annual report on form 10-k for further details on the valuation allowance and a reconciliation of the u.s. federal statutory rate to the effective tax rate . critical accounting policies and significant judgments and estimates in preparing our financial statements and accounting for the underlying transactions and balances in accordance with gaap , we apply various accounting policies that require our management to make estimates , judgments and assumptions that affect the amounts reported in our financial statements . we consider the policies discussed below as critical to understanding our financial statements , as their application places the most significant demands on management 's judgment . management bases its estimates , judgments and assumptions on historical experience , current economic and industry conditions and on various other factors deemed to be reasonable under the circumstances ,

cash flows the following table sets forth data regarding cash flows for the periods indicated : replace_table_token_20_th operating activities net cash provided by operating activities was $ 6.2 million , $ 7.2 million and $ 11.1 million for the years ended june 30 , 2013 , 2014 and 2015 , respectively . the increase in net cash provided by operating activities from fiscal 2014 to fiscal 2015 was primarily due to improved operating results after adjusting for non-cash items including stock-based compensation and depreciation and amortization . the increase in net cash provided by operating activities from fiscal 2013 to fiscal 2014 was the primarily the result of the change of $ 2.3 million in operating assets and liabilities partially offset by the increase in net loss and increases in non-cash items including stock-based compensation and depreciation and amortization . investing activities net cash used in investing activities was $ 98.6 million , $ 78.8 million and $ 199.2 million , for the years ended june 30 , 2013 , 2014 and 2015 , respectively . changes in net cash used in investing activities are significantly influenced by the amount of funds held for clients at the end of a reporting period . changes in the amount of funds held for client from period to period will vary substantially . our payroll processing activities involves the movement of significant funds from the account of an employer to employees and relevant taxing authorities . during the year ended june 30 , 2015 we processed almost $ 54 billion in payroll transactions .


 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 sets forth data regarding cash flows for the periods indicated : replace_table_token_20_th operating activities net cash provided by operating activities was $ 6.2 million , $ 7.2 million and $ 11.1 million for the years ended june 30 , 2013 , 2014 and 2015 , respectively . the increase in net cash provided by operating activities from fiscal 2014 to fiscal 2015 was primarily due to improved operating results after adjusting for non-cash items including stock-based compensation and depreciation and amortization . the increase in net cash provided by operating activities from fiscal 2013 to fiscal 2014 was the primarily the result of the change of $ 2.3 million in operating assets and liabilities partially offset by the increase in net loss and increases in non-cash items including stock-based compensation and depreciation and amortization . investing activities net cash used in investing activities was $ 98.6 million , $ 78.8 million and $ 199.2 million , for the years ended june 30 , 2013 , 2014 and 2015 , respectively . changes in net cash used in investing activities are significantly influenced by the amount of funds held for clients at the end of a reporting period . changes in the amount of funds held for client from period to period will vary substantially . our payroll processing activities involves the movement of significant funds from the account of an employer to employees and relevant taxing authorities . during the year ended june 30 , 2015 we processed almost $ 54 billion in payroll transactions .
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 Suspicious Activity Report : the timing and amount of these investments vary based on the rate at which we add new clients , add new personnel and scale our application development and other activities . many of these investments will occur in advance of experiencing any direct benefit from them which will make it difficult to determine if we are effectively allocating our resources . we expect these investments to increase our costs on an absolute basis , but as we grow our number of clients and our related revenues , we anticipate that we will gain economies of scale and increased operating leverage . as a result , we expect our gross and operating margins will improve over the long term . as our business has grown , we have become increasingly subject to the risks arising from adverse changes in domestic and global economic conditions . if general economic conditions were to deteriorate further , including declines in private sector employment growth and business productivity , increases in the unemployment rate and changes in interest rates , we may experience delays in our sales cycles , increased pressure from prospective customers to offer discounts and increased pressure from existing customers to renew expiring recurring revenue agreements for lower amounts . our interest income on funds held for clients continues to be negatively impacted by historically low interest rates . 32 our operating subsidiary paylocity corporation was incorporated in july 1997 as an illinois corporation . in november 2013 , we formed paylocity holding corporation , a delaware corporation , of which paylocity corporation is now a wholly-owned subsidiary . paylocity holding corporation had no operations prior to the restructuring . all of our business operations have historically been , and are currently , conducted by paylocity corporation , and the financial results presented herein are entirely attributable to the results of its operations . key metrics we regularly review a number of metrics , including the following key metrics , to evaluate our business , measure our performance , identify trends affecting our business , formulate financial projections and make strategic decisions . recurring revenue growth our recurring revenue model and high annual revenue retention rates provide significant visibility into our future operating results and cash flow from operations . this visibility enables us to better manage and invest in our business . recurring revenue , which is comprised of recurring fees and interest income on funds held for clients , increased from $ 72.8 million in fiscal 2013 to $ 101.9 million in fiscal 2014 , representing a 40 % year-over-year increase . recurring revenue increased from $ 101.9 million in fiscal 2014 to $ 144.1 million in fiscal 2015 , representing a 41 % year-over-year increase . recurring revenue represented 94 % of total revenue in each of the fiscal years ended 2013 , 2014 , and 2015. client count growth we believe there is a significant opportunity to grow our business by increasing our number of clients . we have increased our number of clients from approximately 6,850 as of june 30 , 2013 to approximately 10,350 as of june 30 , 2015 , representing a compound annual growth rate of approximately 23 % . the table below sets forth our client count for the periods indicated , rounded to the nearest fifty . replace_table_token_6_th the rate at which we add clients is highly variable period-to-period and highly seasonal as many clients switch solutions during the first calendar quarter of each year . although many clients have multiple divisions , segments or locations , we only count such clients once for these purposes . annual revenue retention rate our annual revenue retention rate has been in excess of 92 % during each of the past three fiscal years . we calculate our annual revenue retention rate as our total revenue for the preceding 12 months , less the annualized value of revenue lost during the preceding 12 months , divided by our total revenue for the preceding 12 months . we calculate the annualized value of revenue lost by summing the recurring fees paid by lost clients over the previous twelve months prior to their termination if they have been a client for a minimum of twelve months . for those lost clients who became clients within the last twelve months , we sum the recurring fees for the period that they have been a client and then annualize the amount . we exclude interest income on funds held for clients from the revenue retention calculation . we believe that our annual revenue retention rate is an important metric to measure overall client satisfaction and the general quality of our product and service offerings . recurring fees from new clients we calculate recurring fees from new clients as the percentage of year-to-date recurring fees from all clients on our solutions which had not been on or used any of our solutions for a full year as of the start of the current fiscal year . we believe recurring fees from new clients is an important metric to measure the expansion of our existing client base as well as the growth in our client base . our recurring fees from new clients for fiscal 2013 and 2014 were 44 % and for fiscal 2015 was 45 % . adjusted gross profit , adjusted recurring gross profit and adjusted ebitda we disclose adjusted gross profit , adjusted recurring gross profit and adjusted ebitda because we use them to evaluate our performance , and we believe adjusted gross profit , adjusted recurring gross profit and adjusted ebitda assist in the comparison of our performance across reporting periods by excluding certain items that we do not believe are indicative of our core operating performance . we believe these metrics are used in the financial community , and we present it to enhance investors ' understanding of our operating performance and cash flows . story_separator_special_tag the increase was also attributable to $ 0.8 million of stock-based compensation associated with our broad based ipo grant to all employees . research and development replace_table_token_14_th research and development for the year ended june 30 , 2015 increased by $ 9.5 million , or 92 % , to $ 19.9 million from $ 10.4 million for the year ended june 30 , 2014. research and development costs increased in fiscal 2015 primarily due to $ 7.5 million of additional employee-related expenses related to 64 additional development personnel and $ 2.2 million of stock-based compensation associated with our equity incentive plan . this was offset by an increase of $ 0.2 million in our capitalized internal-use software costs . research and development for the year ended june 30 , 2014 increased by $ 3.5 million , or 52 % , to $ 10.4 million from $ 6.8 million for the year ended june 30 , 2013. research and development costs increased in fiscal 2014 primarily due to $ 5.1 million of additional employee-related expenses related to 27 additional development personnel , $ 0.6 million of stock-based compensation associated with our broad based ipo grant to all employees and $ 0.5 million related to the one-time founder funded bonus pay-outs . this was offset by an increase of $ 2.7 million in our capitalized internal-use software costs as we developed significant additional functionality in our human capital management applications during the year . general and administrative replace_table_token_15_th general and administrative expenses for the year ended june 30 , 2015 increased by $ 10.8 million , or 49 % , to $ 32.8 million from $ 22.0 million for the year ended june 30 , 2014. general and administrative expenses increased primarily as a result of $ 5.0 million of additional employee-related expenses relating to 30 additional personnel , $ 2.0 million of additional stock-based 39 compensation costs , $ 1.5 million of increased occupancy costs incurred as a result of our requirement for additional office space , $ 0.8 million of amortization expense of the customer relationship and non-compete intangibles associated with acquisitions of both of our resellers , $ 0.7 million of increased insurance costs associated with being a public company , and $ 0.3 million in additional professional fees . general and administrative expenses for the year ended june 30 , 2014 increased by $ 9.9 million , or 82 % , to $ 22.0 million from $ 12.1 million for the year ended june 30 , 2013. general and administrative expenses increased primarily as a result of $ 4.3 million of additional employee-related expenses relating to 18 additional personnel , $ 2.1 million of additional stock-based compensation costs associated with ipo related grants of options and restricted stock units , $ 1.7 million in additional professional fees and $ 0.6 million of increased occupancy costs incurred as a result of our requirement for additional office space . other income ( expense ) replace_table_token_16_th * not meaningful other income ( expense ) for the year ended june 30 , 2015 decreased by $ 0.1 million as compared to the year ended june 30 , 2014. other income for the year ended june 30 , 2015 primarily consists of interest income earned on our cash and cash equivalents partially offset by loss on the disposal of property and equipment . other income ( expense ) for the year ended june 30 , 2014 increased by $ 0.2 million as compared to the year ended june 30 , 2013. other income for the year ended june 30 , 2014 primarily consisted of interest income earned on our cash and cash equivalents , partially offset by interest expense incurred on our note payable and other debt , which was repaid in full in march 2014. income tax ( benefit ) expense replace_table_token_17_th * not meaningful income tax ( benefit ) expense for the year ended june 30 , 2015 decreased by $ 0.2 million , as compared to the year ended june 30 , 2014 primarily due to the recognition of a deferred tax asset valuation allowance during the year ended june 30 , 2014 related to net deferred tax balances generated in prior years . income tax ( benefit ) expense for the year ended june 30 , 2014 increased by $ 0.9 million , as compared to the year ended june 30 , 2013 primarily due to the expiration of federal research and development tax credit allowances resulting in a $ 0.5 million decline in amount claimed and an increase in non-deductible expenses as a result of our growing business . the company also recognized a valuation allowance as of june 30 , 2014 on substantially all of its net deferred tax assets , many of which were generated in the three month period ended june 30 , 2014 , given its determination that it was more likely than not that the company would not recognize the benefits of its net operating loss carryforwards prior to their expiration . see note 11 of the notes to consolidated financial statements included in part ii , item 8 : financial statements and supplementary data of this annual report on form 10-k for further details on the valuation allowance and a reconciliation of the u.s. federal statutory rate to the effective tax rate . critical accounting policies and significant judgments and estimates in preparing our financial statements and accounting for the underlying transactions and balances in accordance with gaap , we apply various accounting policies that require our management to make estimates , judgments and assumptions that affect the amounts reported in our financial statements . we consider the policies discussed below as critical to understanding our financial statements , as their application places the most significant demands on management 's judgment . management bases its estimates , judgments and assumptions on historical experience , current economic and industry conditions and on various other factors deemed to be reasonable under the circumstances ,

