we plan to continue to invest in the expansion of our chegg services to provide a more compelling and personalized solution and deepen engagement with students . in addition , we believe that the investments we have made to achieve our current scale will allow us to drive increased operating margins over time that , together with increased contributions of chegg services , will enable us to accomplish profitability and become cash-flow positive in the long-term . our ability to achieve these long-term objectives is subject to numerous risks and uncertainties , including our ability to attract , retain , and increasingly engage the student population , intense competition in our markets , the ability to achieve sufficient contributions to revenue from chegg services and other factors described in greater detail in part i , item 1a , “ risk factors . ” we have presented revenues for our two product lines , chegg services and required materials , based on how students view us and the utilization of our products by them . more detail on our two product lines is discussed in the next two sections titled `` chegg services `` and `` required materials . `` 40 chegg services our chegg services for students primarily includes chegg study , chegg writing , chegg tutors , chegg math solver , and thinkful , our skills-based learning platform . students typically pay to access chegg services such as chegg study on a monthly basis . we also work with leading brands to provide students with discounts , promotions , and other products that , based on student feedback , delight them . in the aggregate , chegg services revenues were 81 % and 79 % and of net revenues during the years ended december 31 , 2019 and 2018 , respectively . required materials our required materials product line includes a revenue share , upon fulfillment , on the total transactional amount of a rental and sale transaction for print textbooks . we have entered into agreements with partners to provide our customers a wide variety of print textbooks for which they have title and risk of loss . these agreements have allowed us to reduce capital requirements and operating expenses . additionally , required materials includes revenues from etextbooks , which we offer on a standalone basis or as a rental-equivalent solution and for free to students awaiting the arrival of their print textbook rental for select print textbooks . etextbooks and supplemental course materials are available from approximately 120 publishers as of december 31 , 2019 . in the aggregate , required materials revenues were 19 % and 21 % of net revenues during the years ended december 31 , 2019 and 2018 , respectively . in october 2019 , we signed a strategic logistics agreement with fedex which will transition the logistics and warehousing for print textbooks transactions to fedex in 2020. in january 2020 , we began making purchases of print textbooks for our print textbook library , in which we will have title and risk of loss . required materials will also include revenues from print textbooks that we will own , which will be recognized as the total transaction amount ratably over the term of a rental period , which is generally two to five months . seasonality of our business chegg services , rental revenues from print textbooks that we own , and etextbooks revenues are primarily recognized ratably over the term a student subscribes to our chegg services or rents a print textbook or etextbook . this has generally resulted in our highest revenues and profitability in the fourth quarter as it reflects more days of the academic year . our variable expenses related to marketing activities remain highest in the first and third quarter such that our profitability may not provide meaningful insight on a sequential basis . as a result of these factors , the most concentrated periods for our revenues and expenses do not necessarily coincide , and comparisons of our historical quarterly results of operations on a sequential basis may not provide meaningful insight into our overall financial performance . components of results of operations net revenues we recognize revenues from our chegg services and required materials product lines , net of allowances for refunds or charge backs from our payment processors who process payments from credit cards , debit cards , and paypal . revenues from our chegg services product line primarily includes chegg study , chegg writing , chegg tutors , chegg math solver , and thinkful . chegg services are offered to students primarily through weekly or monthly subscriptions , and we recognize revenues ratably over the respective subscription period . revenues from thinkful , our skills-based learning platform , are recognized either ratably over the term of the course , generally six months , or upon completion of the lessons , depending on the instruction type of the course . revenues from our required materials product line includes a revenue share , upon fulfillment , on the total transactional amount of a rental and sale transaction for print textbooks and revenues from etextbooks . the revenue share on the rental and sale of print textbooks is recognized immediately when a book ships to the student . shipping and handling activities are performed after we recognize revenues and we have elected to account for them as activities to fulfill a print textbook rental or sale order . revenues from the rental of etextbooks is recognized ratably over the contractual period , generally two to five months . revenues from the sale of etextbooks is recognized immediately when the etextbook sale occurs . story_separator_special_tag in addition , based on our current and future needs , we believe our current funding and capital resources for our international operations are adequate . the following table sets forth our cash flows ( in thousands ) : replace_table_token_9_th story_separator_special_tag have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service . in relation to print textbook rental and sale agreements with our partners , we recognize revenues on a net basis based on our role in the transaction as an agent as we have concluded that we do not control the use of the print textbooks , and therefore record only the revenue share we earn upon the shipment of a print textbook to a student . for the rental or sale of etextbooks , we have concluded that we control the service , therefore we recognize revenues and cost of revenues on a gross basis ratably over the term the student has access to the etextbook . rental revenues from print textbooks that we own will be recognized at the gross amount of the total transaction as a principal as we have concluded that we do control the use of print textbooks that we own . some of our customer arrangements include multiple performance obligations . we have determined these performance obligations qualify as distinct performance obligations , as the customer can benefit from the service on its own or together with other resources that are readily available to the customer and our promise to transfer the service is separately identifiable from other promises in the contract . for these arrangements that contain multiple performance obligations , we allocate the transaction price based on the relative standalone selling price method by comparing the standalone selling price ( ssp ) of each distinct performance obligation to the total value of the contract . we determine the ssp based on our historical pricing and discounting practices for the distinct performance obligation when sold separately . if the ssp is not directly observable , we estimate the ssp by considering information such as market conditions , and information about the customer . our agreements with print textbook partners may include an amount of variable consideration in addition to a fixed revenue share that we earn . this variable consideration can either increase or decrease the total transaction price depending on the nature of the variable consideration . we estimate the amount of variable consideration that we will earn at the inception of the contract , adjusted during each period , and include an estimated amount each period . in determining this estimate , we consider the single most likely amount in a range of possible amounts . this estimated amount of variable consideration requires management to make a judgment based on the forecasted amount of consideration that we expect we will earn as well as the time period in which we can reasonably rely on the accuracy of the forecast . our estimate of variable consideration is constrained to only include three to four years of estimated variable consideration . this is the amount of variable consideration for which it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur , as the amounts that we could potentially earn in the outer years can change significantly based on factors that are out of our control . if our forecasts are inaccurate , the estimated amount of variable consideration could be inaccurate which could impact our revenue recognition in a given period . impairment of acquired intangible assets and other long-lived assets we assess the impairment of acquired intangible assets and other long-lived assets at least annually and whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable . factors that we consider in determining when to perform an impairment review include significant negative industry or economic trends or significant changes or planned changes in the use of the assets . when measuring the recoverability of these assets , we will make assumptions regarding our estimated future cash flows expected to be generated by the assets . if our estimates or related assumptions change in the future , we may be required to impair these assets . we did not record any impairment charges related to acquired intangible assets or other long-lived assets during the years ended december 31 , 2019 and 2018 . as of december 31 , 2019 and 2018 , we had intangible assets , net , of $ 34.7 million and $ 25.9 million , respectively and property and equipment , net of $ 87.4 million and $ 59.9 million , respectively . 50 goodwill and indefinite lived intangible asset goodwill and our indefinite lived intangible asset are tested for impairment at least annually or whenever events or changes in circumstances indicate that their carrying values may not be recoverable . we first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test . in our qualitative assessment , we consider factors including economic conditions , industry and market conditions and developments , overall financial performance and other relevant entity-specific events in determining whether it is more likely than not that the fair value of our reporting unit is less than the carrying amount . our qualitative assessment requires management to make judgments based on the factors listed above in our determination of whether events or changes in circumstances indicate that the carrying values may not be recoverable . should we conclude that it is more likely than not that our carrying values have been impaired , we would recognize an impairment charge for the amount by which the carrying amount of goodwill and our indefinite lived intangible asset exceed our fair value . we have not recognized any impairment of goodwill or our indefinite lived intangible asset since our inception . as of

cash flows from operating activities although we incurred net losses during the years ended december 31 , 2019 and 2018 , our net losses were fully offset by non-cash expenditures such as other depreciation and amortization expense , share-based compensation expense , and amortization of debt discount and issuance costs expense . net cash provided by operating activities during the year ended december 31 , 2019 was $ 113.4 million . our net loss of $ 9.6 million was offset by significant non-cash operating expenses , including other depreciation and amortization expense of $ 30.2 million , share-based compensation expense of $ 64.9 million , and the amortization of debt discount and issuance costs related to the 2025 notes and 2023 notes of $ 43.2 million . net cash provided by operating activities during the year ended december 31 , 2018 was $ 75.1 million . our net loss of $ 14.9 million was offset by significant non-cash operating expenses , including other depreciation and amortization expense of $ 22.8 million , share-based compensation expense of $ 52.0 million , and the amortization of debt discount and issuance costs related to the 2023 notes of $ 10.5 million . cash flows from investing activities cash flows from investing activities have been primarily related to the purchases of investments , acquisition of businesses , and purchases of property and equipment , offset by proceeds from the sale and maturity of investments . net cash used in investing activities during the year ended december 31 , 2019 was $ 703.4 million and was related to the purchases of investments of $ 959.9 million , purchases of property and equipment of $ 42.3 million , and the acquisition of business of $ 79.1 million , partially offset by the maturity of investments of $ 324.7 million and proceeds from the sale of investments of $ 53.3 million .


 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 from operating activities although we incurred net losses during the years ended december 31 , 2019 and 2018 , our net losses were fully offset by non-cash expenditures such as other depreciation and amortization expense , share-based compensation expense , and amortization of debt discount and issuance costs expense . net cash provided by operating activities during the year ended december 31 , 2019 was $ 113.4 million . our net loss of $ 9.6 million was offset by significant non-cash operating expenses , including other depreciation and amortization expense of $ 30.2 million , share-based compensation expense of $ 64.9 million , and the amortization of debt discount and issuance costs related to the 2025 notes and 2023 notes of $ 43.2 million . net cash provided by operating activities during the year ended december 31 , 2018 was $ 75.1 million . our net loss of $ 14.9 million was offset by significant non-cash operating expenses , including other depreciation and amortization expense of $ 22.8 million , share-based compensation expense of $ 52.0 million , and the amortization of debt discount and issuance costs related to the 2023 notes of $ 10.5 million . cash flows from investing activities cash flows from investing activities have been primarily related to the purchases of investments , acquisition of businesses , and purchases of property and equipment , offset by proceeds from the sale and maturity of investments . net cash used in investing activities during the year ended december 31 , 2019 was $ 703.4 million and was related to the purchases of investments of $ 959.9 million , purchases of property and equipment of $ 42.3 million , and the acquisition of business of $ 79.1 million , partially offset by the maturity of investments of $ 324.7 million and proceeds from the sale of investments of $ 53.3 million .
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 Suspicious Activity Report : we plan to continue to invest in the expansion of our chegg services to provide a more compelling and personalized solution and deepen engagement with students . in addition , we believe that the investments we have made to achieve our current scale will allow us to drive increased operating margins over time that , together with increased contributions of chegg services , will enable us to accomplish profitability and become cash-flow positive in the long-term . our ability to achieve these long-term objectives is subject to numerous risks and uncertainties , including our ability to attract , retain , and increasingly engage the student population , intense competition in our markets , the ability to achieve sufficient contributions to revenue from chegg services and other factors described in greater detail in part i , item 1a , “ risk factors . ” we have presented revenues for our two product lines , chegg services and required materials , based on how students view us and the utilization of our products by them . more detail on our two product lines is discussed in the next two sections titled `` chegg services `` and `` required materials . `` 40 chegg services our chegg services for students primarily includes chegg study , chegg writing , chegg tutors , chegg math solver , and thinkful , our skills-based learning platform . students typically pay to access chegg services such as chegg study on a monthly basis . we also work with leading brands to provide students with discounts , promotions , and other products that , based on student feedback , delight them . in the aggregate , chegg services revenues were 81 % and 79 % and of net revenues during the years ended december 31 , 2019 and 2018 , respectively . required materials our required materials product line includes a revenue share , upon fulfillment , on the total transactional amount of a rental and sale transaction for print textbooks . we have entered into agreements with partners to provide our customers a wide variety of print textbooks for which they have title and risk of loss . these agreements have allowed us to reduce capital requirements and operating expenses . additionally , required materials includes revenues from etextbooks , which we offer on a standalone basis or as a rental-equivalent solution and for free to students awaiting the arrival of their print textbook rental for select print textbooks . etextbooks and supplemental course materials are available from approximately 120 publishers as of december 31 , 2019 . in the aggregate , required materials revenues were 19 % and 21 % of net revenues during the years ended december 31 , 2019 and 2018 , respectively . in october 2019 , we signed a strategic logistics agreement with fedex which will transition the logistics and warehousing for print textbooks transactions to fedex in 2020. in january 2020 , we began making purchases of print textbooks for our print textbook library , in which we will have title and risk of loss . required materials will also include revenues from print textbooks that we will own , which will be recognized as the total transaction amount ratably over the term of a rental period , which is generally two to five months . seasonality of our business chegg services , rental revenues from print textbooks that we own , and etextbooks revenues are primarily recognized ratably over the term a student subscribes to our chegg services or rents a print textbook or etextbook . this has generally resulted in our highest revenues and profitability in the fourth quarter as it reflects more days of the academic year . our variable expenses related to marketing activities remain highest in the first and third quarter such that our profitability may not provide meaningful insight on a sequential basis . as a result of these factors , the most concentrated periods for our revenues and expenses do not necessarily coincide , and comparisons of our historical quarterly results of operations on a sequential basis may not provide meaningful insight into our overall financial performance . components of results of operations net revenues we recognize revenues from our chegg services and required materials product lines , net of allowances for refunds or charge backs from our payment processors who process payments from credit cards , debit cards , and paypal . revenues from our chegg services product line primarily includes chegg study , chegg writing , chegg tutors , chegg math solver , and thinkful . chegg services are offered to students primarily through weekly or monthly subscriptions , and we recognize revenues ratably over the respective subscription period . revenues from thinkful , our skills-based learning platform , are recognized either ratably over the term of the course , generally six months , or upon completion of the lessons , depending on the instruction type of the course . revenues from our required materials product line includes a revenue share , upon fulfillment , on the total transactional amount of a rental and sale transaction for print textbooks and revenues from etextbooks . the revenue share on the rental and sale of print textbooks is recognized immediately when a book ships to the student . shipping and handling activities are performed after we recognize revenues and we have elected to account for them as activities to fulfill a print textbook rental or sale order . revenues from the rental of etextbooks is recognized ratably over the contractual period , generally two to five months . revenues from the sale of etextbooks is recognized immediately when the etextbook sale occurs . story_separator_special_tag in addition , based on our current and future needs , we believe our current funding and capital resources for our international operations are adequate . the following table sets forth our cash flows ( in thousands ) : replace_table_token_9_th story_separator_special_tag have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service . in relation to print textbook rental and sale agreements with our partners , we recognize revenues on a net basis based on our role in the transaction as an agent as we have concluded that we do not control the use of the print textbooks , and therefore record only the revenue share we earn upon the shipment of a print textbook to a student . for the rental or sale of etextbooks , we have concluded that we control the service , therefore we recognize revenues and cost of revenues on a gross basis ratably over the term the student has access to the etextbook . rental revenues from print textbooks that we own will be recognized at the gross amount of the total transaction as a principal as we have concluded that we do control the use of print textbooks that we own . some of our customer arrangements include multiple performance obligations . we have determined these performance obligations qualify as distinct performance obligations , as the customer can benefit from the service on its own or together with other resources that are readily available to the customer and our promise to transfer the service is separately identifiable from other promises in the contract . for these arrangements that contain multiple performance obligations , we allocate the transaction price based on the relative standalone selling price method by comparing the standalone selling price ( ssp ) of each distinct performance obligation to the total value of the contract . we determine the ssp based on our historical pricing and discounting practices for the distinct performance obligation when sold separately . if the ssp is not directly observable , we estimate the ssp by considering information such as market conditions , and information about the customer . our agreements with print textbook partners may include an amount of variable consideration in addition to a fixed revenue share that we earn . this variable consideration can either increase or decrease the total transaction price depending on the nature of the variable consideration . we estimate the amount of variable consideration that we will earn at the inception of the contract , adjusted during each period , and include an estimated amount each period . in determining this estimate , we consider the single most likely amount in a range of possible amounts . this estimated amount of variable consideration requires management to make a judgment based on the forecasted amount of consideration that we expect we will earn as well as the time period in which we can reasonably rely on the accuracy of the forecast . our estimate of variable consideration is constrained to only include three to four years of estimated variable consideration . this is the amount of variable consideration for which it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur , as the amounts that we could potentially earn in the outer years can change significantly based on factors that are out of our control . if our forecasts are inaccurate , the estimated amount of variable consideration could be inaccurate which could impact our revenue recognition in a given period . impairment of acquired intangible assets and other long-lived assets we assess the impairment of acquired intangible assets and other long-lived assets at least annually and whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable . factors that we consider in determining when to perform an impairment review include significant negative industry or economic trends or significant changes or planned changes in the use of the assets . when measuring the recoverability of these assets , we will make assumptions regarding our estimated future cash flows expected to be generated by the assets . if our estimates or related assumptions change in the future , we may be required to impair these assets . we did not record any impairment charges related to acquired intangible assets or other long-lived assets during the years ended december 31 , 2019 and 2018 . as of december 31 , 2019 and 2018 , we had intangible assets , net , of $ 34.7 million and $ 25.9 million , respectively and property and equipment , net of $ 87.4 million and $ 59.9 million , respectively . 50 goodwill and indefinite lived intangible asset goodwill and our indefinite lived intangible asset are tested for impairment at least annually or whenever events or changes in circumstances indicate that their carrying values may not be recoverable . we first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test . in our qualitative assessment , we consider factors including economic conditions , industry and market conditions and developments , overall financial performance and other relevant entity-specific events in determining whether it is more likely than not that the fair value of our reporting unit is less than the carrying amount . our qualitative assessment requires management to make judgments based on the factors listed above in our determination of whether events or changes in circumstances indicate that the carrying values may not be recoverable . should we conclude that it is more likely than not that our carrying values have been impaired , we would recognize an impairment charge for the amount by which the carrying amount of goodwill and our indefinite lived intangible asset exceed our fair value . we have not recognized any impairment of goodwill or our indefinite lived intangible asset since our inception . as of

