guidewire implementation teams assist customers in building implementation plans , integrating our software with their existing systems , and defining business rules and specific requirements unique to each customer and installation . to extend our technology leadership position in the global market , we continue to focus on product innovation through our investment in research and development . we continue to invest in guidewire insurancesuite - policycenter , claimcenter and billingcenter . further , we are also investing in new technologies and offerings , such as data management , mobile and portals and hosted analytic applications . these investments complement guidewire insurancesuite and enable our customers to accelerate the pace and impact of their transformation initiatives . new technology and product development is central to our core strategy and our commitment to our customers . our product innovation strategy is critical to our growth and global expansion or otherwise responding to competitive pressures which could limit our ability to capture the global p & c market share . our success depends on our continued ability to develop new or enhanced versions of our existing products to meet evolving customer requirements and enabling successful transformations . we also partner with leading si consulting firms to achieve scalable , cost-effective implementations for our customers . our extensive relationships with sis and industry partners have strengthened and expanded in line with the interest in and adoption of our products . we encourage our partners to co-market , pursue joint sales initiatives and drive broader adoption of our technology , helping us grow our business more efficiently and enabling us to focus our engineering resources on continued innovation and further enhancement of our solutions . our track record of success with customers and their implementations is central to our strategy . we continue to focus and invest time and resources recruiting si partners in new markets and ensuring that all partners are ready to assist with implementing our new products . 29 we face a number of risks in the execution of our strategy including expanding to new markets , lengthy sales cycles , intense competition in the global market , reliance on sales to a relatively small number of large customers , product development , customer buying patterns , and the overall adoption of our products . in response to these risks and factors as well as others we might face , we continue to invest in many areas of our business . our investments in sales and marketing align with our goal of winning new customers in both existing markets and new markets . further , our sales investments also enable us to maintain a persistent , consultative relationship with our existing customers in order to sell new products and solutions . our investments in technology and product development allow us to sell in more markets and address a broader spectrum of customer needs as they embark on transformation initiatives . we will also continue to invest in our consulting services and our si partner ecosystem with a goal of ensuring that all customers are successful in their transformation journey . key business metrics we use certain key metrics to evaluate and manage our business , including rolling four-quarter recurring revenues from term licenses and total maintenance . in addition , we present select gaap and non-gaap financial metrics that we use internally to manage the business and that we believe are useful for investors . these metrics include adjusted ebitda and operating cash flow . four-quarter recurring revenues we measure four-quarter recurring revenues by adding the total term license revenues and total maintenance revenues recognized in the preceding four quarters ended in the stated period and excluding perpetual license revenues , revenues from perpetual buyout rights and services revenues . this metric allows us to better understand the trends in our recurring revenues because it typically reduces the variations in any particular quarter caused by seasonality , the effects of the annual invoicing of our term licenses and certain effects of contractual provisions that may accelerate or delay revenue recognition in some cases . our four-quarter recurring revenues for each of the nine periods presented were : replace_table_token_6_th adjusted ebitda we believe adjusted ebitda , a non-gaap measure , is useful , in addition to other financial measures presented in accordance with gaap , in evaluating our operating performance compared to that of other companies in our industry , as this metric generally eliminates the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance . please refer to item 6 , selected financial data , for further details on why we use this metric and why we believe this metric is useful to our stockholders . the following table provides a reconciliation of net income to adjusted ebitda : replace_table_token_7_th ( 1 ) see note 2 “ change in accounting policy - stock-based compensation ” of notes to consolidated financial statements . 30 operating cash flows we monitor our cash flows from operating activities , or operating cash flows , as a key measure of our overall business performance , which enables us to analyze our financial performance without the effects of certain non-cash items such as depreciation and amortization and stock-based compensation expenses . additionally , operating cash flows takes into account the impact of changes in deferred revenues , which reflects the receipt of cash payment for products before they are recognized as revenues . our operating cash flows are significantly impacted by timing of invoicing and collections of accounts receivable , annual bonus payment , as well as payments of payroll and other taxes . they were also impacted by the payment of a litigation settlement during the three months ended october 31 , 2011. as a result , our operating cash flows fluctuate significantly on a quarterly basis . story_separator_special_tag operating expenses replace_table_token_14_th ( 1 ) see note 2 “ change in accounting policy - stock-based compensation ” of notes to consolidated financial statements . the $ 37.6 million increase in operating expenses was primarily driven by increased personnel-related and operational expenses , including higher stock-based compensation , travel-related costs , marketing programs , professional services costs including consulting , as a result of hiring 46 additional employees during the fiscal year 2014 in these functional areas . we expect all of our operating expense line items to increase in absolute dollars in future periods to support our future growth strategy . research and development the $ 13.2 million increase in research and development expenses was primarily due to an increase of $ 7.1 million in personnel-related expenses as a result of an average of 32 additional employees during the fiscal year 2014 , a $ 3.2 million increase in stock-based compensation and a $ 2.9 million increase in other professional services expenses and operational costs . sales and marketing 37 the $ 20.3 million increase in sales and marketing expenses was primarily due to a $ 9.6 million increase in personnel-related expenses primarily as a result of an average of 52 additional employees during the fiscal year 2014 , a $ 7.1 million increase in stock-based compensation , a $ 1.8 million increase in travel-related costs and marketing programs , and a $ 1.8 million increase in operational costs . general and administrative the $ 4.1 million increase in general and administrative expenses was primarily due to a $ 4.8 million increase in personnel-related expenses primarily as a result of an average of 19 additional employees during the fiscal year 2014 , and a $ 1.6 million increase in stock-based compensation . these increases were offset by a $ 2.3 million decrease in operational costs . other income ( expense ) replace_table_token_15_th * not meaningful interest income , net interest income increased by $ 0.9 million primarily due to higher interest income from the yield earned on the proceeds of our follow-on public offering and the investment of excess cash in the fiscal year 2014. other expense , net other expense increased by $ 0.3 million primarily due to higher currency exchange losses resulting from the u.s. dollar strengthening against the australian dollar , canadian dollar , euro , and british pound during the fiscal year 2014 compared to the fiscal year 2013. provision for income taxes we recognized an income tax provision of $ 5.2 million for the fiscal year 2014 compared to $ 5.5 million for the fiscal year 2013 . our effective income tax rate increased to 26.2 % for the fiscal year 2014 compared to 18.1 % for the fiscal year 2013 , which was primarily due to a decrease in tax credits . comparison of the fiscal years ended july 31 , 2013 and 2012 revenues please refer to note 1 of notes to consolidated financial statements for a description of our accounting policy related to revenue recognition . replace_table_token_16_th license revenues 38 the $ 26.4 million increase in license revenues during the fiscal year 2013 was primarily driven by continued adoption of our policycenter software , increased adoption of our billingcenter and insurancesuite software , and increased sales and marketing efforts in north america and europe . replace_table_token_17_th the $ 38.0 million increase in term license revenues during the fiscal year 2013 was driven by $ 32.0 million of additional revenues recognized during the fiscal year 2013 from new orders , $ 5.8 million of additional revenues recognized upon attainment of the required revenue recognition criteria related to prior year orders during the fiscal year 2013 , and $ 2.7 million of revenues recognized due to timing of invoicing and corresponding due dates . in addition , there was $ 0.9 million of additional revenues recognized when vsoe of fair value of maintenance was established for one customer during the fiscal year 2013. these increases were partially offset by a decrease of $ 2.5 million of revenues recognized due to completion of project implementations in prior periods , and a decrease of $ 1.1 million of revenues recognized for one customer that exercised a perpetual buyout option in the prior period . the $ 11.6 million decrease in perpetual license revenues during the fiscal year 2013 was primarily driven by new customers increasingly signing term license agreements in the current period . this decrease was net of a $ 3.0 million increase in revenues related to new orders , and $ 2.5 million of revenues recognized for one customer from milestone billing upon completion of a project . maintenance revenues the $ 8.0 million increase in maintenance revenues was primarily driven by $ 6.8 million of additional revenues recognized from new and existing orders , and $ 1.1 million of revenues recognized upon attainment of the required revenue recognition criteria related to prior year orders during the period . services revenues the $ 34.1 million increase in services revenues was primarily driven by an additional $ 29.4 million of revenues related to implementation of our software . included in this increase is $ 1.7 million of revenues recognized when reliable estimates were obtained from one customer during the prior period , $ 4.0 million of revenues recognized upon completion of implementation projects continued from prior fiscal years , and $ 0.7 million of revenues recognized when vsoe of fair value of maintenance was established for one customer during the fiscal year 2013. in addition , an increase of $ 2.5 million was recognized related to training and an increase of $ 2.2 million in revenues were recognized related to reimbursable travel expenses . deferred revenues replace_table_token_18_th the $ 11.3 million decrease in deferred license revenues was primarily driven by $ 5.8 million of revenues recognized from existing orders entered into in prior fiscal years where we attained the required revenue recognition criteria during the fiscal year 2013 , of which $ 3.2 million

cash flows the following summary of cash flows for the periods indicated has been derived from our consolidated financial statements included elsewhere in this annual report on form 10-k : replace_table_token_28_th cash flows from operating activities net cash provided by operating activities increased in fiscal year 2014 from fiscal year 2013 primarily due to larger adjustments for non-cash items consisting of $ 17.0 million from stock-based compensation expenses , other non-cash items of $ 3.0 million , and $ 1.9 million from depreciation and amortization . these increases were partially offset by a decrease in net income of $ 9.9 million and adjustments for non-cash items of $ 4.5 million from excess tax benefits related to the exercise of stock options and $ 2.4 million from deferred taxes . changes in assets and liabilities provided additional cash of $ 37.8 million due to increases in deferred revenues of $ 28.2 million , accounts payable , accruals and other liabilities of $ 9.1 million , and an increase in assets of $ 0.5 million in the fiscal year 2014 compared to fiscal year 2013 . 47 net cash provided by operating activities increased in fiscal year 2013 from fiscal year 2012 primarily due to a $ 6.0 million increase in net income , a $ 12.6 million increase in stock-based compensation expenses , $ 1.9 million from depreciation and amortization , and other non-cash items of $ 0.5 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 the following summary of cash flows for the periods indicated has been derived from our consolidated financial statements included elsewhere in this annual report on form 10-k : replace_table_token_28_th cash flows from operating activities net cash provided by operating activities increased in fiscal year 2014 from fiscal year 2013 primarily due to larger adjustments for non-cash items consisting of $ 17.0 million from stock-based compensation expenses , other non-cash items of $ 3.0 million , and $ 1.9 million from depreciation and amortization . these increases were partially offset by a decrease in net income of $ 9.9 million and adjustments for non-cash items of $ 4.5 million from excess tax benefits related to the exercise of stock options and $ 2.4 million from deferred taxes . changes in assets and liabilities provided additional cash of $ 37.8 million due to increases in deferred revenues of $ 28.2 million , accounts payable , accruals and other liabilities of $ 9.1 million , and an increase in assets of $ 0.5 million in the fiscal year 2014 compared to fiscal year 2013 . 47 net cash provided by operating activities increased in fiscal year 2013 from fiscal year 2012 primarily due to a $ 6.0 million increase in net income , a $ 12.6 million increase in stock-based compensation expenses , $ 1.9 million from depreciation and amortization , and other non-cash items of $ 0.5 million .
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 Suspicious Activity Report : guidewire implementation teams assist customers in building implementation plans , integrating our software with their existing systems , and defining business rules and specific requirements unique to each customer and installation . to extend our technology leadership position in the global market , we continue to focus on product innovation through our investment in research and development . we continue to invest in guidewire insurancesuite - policycenter , claimcenter and billingcenter . further , we are also investing in new technologies and offerings , such as data management , mobile and portals and hosted analytic applications . these investments complement guidewire insurancesuite and enable our customers to accelerate the pace and impact of their transformation initiatives . new technology and product development is central to our core strategy and our commitment to our customers . our product innovation strategy is critical to our growth and global expansion or otherwise responding to competitive pressures which could limit our ability to capture the global p & c market share . our success depends on our continued ability to develop new or enhanced versions of our existing products to meet evolving customer requirements and enabling successful transformations . we also partner with leading si consulting firms to achieve scalable , cost-effective implementations for our customers . our extensive relationships with sis and industry partners have strengthened and expanded in line with the interest in and adoption of our products . we encourage our partners to co-market , pursue joint sales initiatives and drive broader adoption of our technology , helping us grow our business more efficiently and enabling us to focus our engineering resources on continued innovation and further enhancement of our solutions . our track record of success with customers and their implementations is central to our strategy . we continue to focus and invest time and resources recruiting si partners in new markets and ensuring that all partners are ready to assist with implementing our new products . 29 we face a number of risks in the execution of our strategy including expanding to new markets , lengthy sales cycles , intense competition in the global market , reliance on sales to a relatively small number of large customers , product development , customer buying patterns , and the overall adoption of our products . in response to these risks and factors as well as others we might face , we continue to invest in many areas of our business . our investments in sales and marketing align with our goal of winning new customers in both existing markets and new markets . further , our sales investments also enable us to maintain a persistent , consultative relationship with our existing customers in order to sell new products and solutions . our investments in technology and product development allow us to sell in more markets and address a broader spectrum of customer needs as they embark on transformation initiatives . we will also continue to invest in our consulting services and our si partner ecosystem with a goal of ensuring that all customers are successful in their transformation journey . key business metrics we use certain key metrics to evaluate and manage our business , including rolling four-quarter recurring revenues from term licenses and total maintenance . in addition , we present select gaap and non-gaap financial metrics that we use internally to manage the business and that we believe are useful for investors . these metrics include adjusted ebitda and operating cash flow . four-quarter recurring revenues we measure four-quarter recurring revenues by adding the total term license revenues and total maintenance revenues recognized in the preceding four quarters ended in the stated period and excluding perpetual license revenues , revenues from perpetual buyout rights and services revenues . this metric allows us to better understand the trends in our recurring revenues because it typically reduces the variations in any particular quarter caused by seasonality , the effects of the annual invoicing of our term licenses and certain effects of contractual provisions that may accelerate or delay revenue recognition in some cases . our four-quarter recurring revenues for each of the nine periods presented were : replace_table_token_6_th adjusted ebitda we believe adjusted ebitda , a non-gaap measure , is useful , in addition to other financial measures presented in accordance with gaap , in evaluating our operating performance compared to that of other companies in our industry , as this metric generally eliminates the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance . please refer to item 6 , selected financial data , for further details on why we use this metric and why we believe this metric is useful to our stockholders . the following table provides a reconciliation of net income to adjusted ebitda : replace_table_token_7_th ( 1 ) see note 2 “ change in accounting policy - stock-based compensation ” of notes to consolidated financial statements . 30 operating cash flows we monitor our cash flows from operating activities , or operating cash flows , as a key measure of our overall business performance , which enables us to analyze our financial performance without the effects of certain non-cash items such as depreciation and amortization and stock-based compensation expenses . additionally , operating cash flows takes into account the impact of changes in deferred revenues , which reflects the receipt of cash payment for products before they are recognized as revenues . our operating cash flows are significantly impacted by timing of invoicing and collections of accounts receivable , annual bonus payment , as well as payments of payroll and other taxes . they were also impacted by the payment of a litigation settlement during the three months ended october 31 , 2011. as a result , our operating cash flows fluctuate significantly on a quarterly basis . story_separator_special_tag operating expenses replace_table_token_14_th ( 1 ) see note 2 “ change in accounting policy - stock-based compensation ” of notes to consolidated financial statements . the $ 37.6 million increase in operating expenses was primarily driven by increased personnel-related and operational expenses , including higher stock-based compensation , travel-related costs , marketing programs , professional services costs including consulting , as a result of hiring 46 additional employees during the fiscal year 2014 in these functional areas . we expect all of our operating expense line items to increase in absolute dollars in future periods to support our future growth strategy . research and development the $ 13.2 million increase in research and development expenses was primarily due to an increase of $ 7.1 million in personnel-related expenses as a result of an average of 32 additional employees during the fiscal year 2014 , a $ 3.2 million increase in stock-based compensation and a $ 2.9 million increase in other professional services expenses and operational costs . sales and marketing 37 the $ 20.3 million increase in sales and marketing expenses was primarily due to a $ 9.6 million increase in personnel-related expenses primarily as a result of an average of 52 additional employees during the fiscal year 2014 , a $ 7.1 million increase in stock-based compensation , a $ 1.8 million increase in travel-related costs and marketing programs , and a $ 1.8 million increase in operational costs . general and administrative the $ 4.1 million increase in general and administrative expenses was primarily due to a $ 4.8 million increase in personnel-related expenses primarily as a result of an average of 19 additional employees during the fiscal year 2014 , and a $ 1.6 million increase in stock-based compensation . these increases were offset by a $ 2.3 million decrease in operational costs . other income ( expense ) replace_table_token_15_th * not meaningful interest income , net interest income increased by $ 0.9 million primarily due to higher interest income from the yield earned on the proceeds of our follow-on public offering and the investment of excess cash in the fiscal year 2014. other expense , net other expense increased by $ 0.3 million primarily due to higher currency exchange losses resulting from the u.s. dollar strengthening against the australian dollar , canadian dollar , euro , and british pound during the fiscal year 2014 compared to the fiscal year 2013. provision for income taxes we recognized an income tax provision of $ 5.2 million for the fiscal year 2014 compared to $ 5.5 million for the fiscal year 2013 . our effective income tax rate increased to 26.2 % for the fiscal year 2014 compared to 18.1 % for the fiscal year 2013 , which was primarily due to a decrease in tax credits . comparison of the fiscal years ended july 31 , 2013 and 2012 revenues please refer to note 1 of notes to consolidated financial statements for a description of our accounting policy related to revenue recognition . replace_table_token_16_th license revenues 38 the $ 26.4 million increase in license revenues during the fiscal year 2013 was primarily driven by continued adoption of our policycenter software , increased adoption of our billingcenter and insurancesuite software , and increased sales and marketing efforts in north america and europe . replace_table_token_17_th the $ 38.0 million increase in term license revenues during the fiscal year 2013 was driven by $ 32.0 million of additional revenues recognized during the fiscal year 2013 from new orders , $ 5.8 million of additional revenues recognized upon attainment of the required revenue recognition criteria related to prior year orders during the fiscal year 2013 , and $ 2.7 million of revenues recognized due to timing of invoicing and corresponding due dates . in addition , there was $ 0.9 million of additional revenues recognized when vsoe of fair value of maintenance was established for one customer during the fiscal year 2013. these increases were partially offset by a decrease of $ 2.5 million of revenues recognized due to completion of project implementations in prior periods , and a decrease of $ 1.1 million of revenues recognized for one customer that exercised a perpetual buyout option in the prior period . the $ 11.6 million decrease in perpetual license revenues during the fiscal year 2013 was primarily driven by new customers increasingly signing term license agreements in the current period . this decrease was net of a $ 3.0 million increase in revenues related to new orders , and $ 2.5 million of revenues recognized for one customer from milestone billing upon completion of a project . maintenance revenues the $ 8.0 million increase in maintenance revenues was primarily driven by $ 6.8 million of additional revenues recognized from new and existing orders , and $ 1.1 million of revenues recognized upon attainment of the required revenue recognition criteria related to prior year orders during the period . services revenues the $ 34.1 million increase in services revenues was primarily driven by an additional $ 29.4 million of revenues related to implementation of our software . included in this increase is $ 1.7 million of revenues recognized when reliable estimates were obtained from one customer during the prior period , $ 4.0 million of revenues recognized upon completion of implementation projects continued from prior fiscal years , and $ 0.7 million of revenues recognized when vsoe of fair value of maintenance was established for one customer during the fiscal year 2013. in addition , an increase of $ 2.5 million was recognized related to training and an increase of $ 2.2 million in revenues were recognized related to reimbursable travel expenses . deferred revenues replace_table_token_18_th the $ 11.3 million decrease in deferred license revenues was primarily driven by $ 5.8 million of revenues recognized from existing orders entered into in prior fiscal years where we attained the required revenue recognition criteria during the fiscal year 2013 , of which $ 3.2 million

