factors that could cause or contribute to these differences include those discussed below and elsewhere in this annual report , particularly in the “ risk factors ” section . for more information regarding key factors affecting our performance , see “ key factors affecting our performance ” below . overview business etsy operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers . our mission is to “ keep commerce human , ” and we 're committed to using the power of business and technology to strengthen communities and empower people around the world . our primary marketplace , etsy.com , is the global destination for unique and creative goods . the etsy marketplaceconnects creative entrepreneurs with thoughtful consumers looking for items that are intended to be special , reflect their sense of style , or represent a meaningful occasion.our sellers are the heart and soul of etsy , and our technology platform allows our sellers to turn their creative passions into economic opportunity . we have a seller-aligned business model : we make money when our sellers make money . we offer etsy sellers a marketplace with millions of buyers along with a range of seller tools and services that are specifically designed to help our creative entrepreneurs generate more sales and scale their businesses . we are focused on attracting potential buyers to the etsy marketplace for those “ special ” purchaseoccasions that happen throughout the year , and for everyday items that have meaning . we are deepening engagement with our existing buyers by inspiring purchases across our many retail categories and special occasions . special purchases for use in the every day include handmade or vintage unique clothing , accessories , household items , or furniture that the buyer wants to reflect her sense of style . special purchase occasions can occur many times throughout the year and include shopping for special occasions that reflects an individual 's unique style ; gifting that demonstrates thought and care ; and celebrations that express creativity and fun . buyers tell us that they come to etsy because etsy sellers offer items that they ca n't find anywhere else . on august 15 , 2019 , we acquired all of the outstanding capital stock of reverb holdings , inc. ( “ reverb ” ) for $ 270.4 million , net of cash acquired . the reverb marketplace is a leading global online marketplace dedicated to buying and selling new , used , and vintage musical instruments , with a vibrant community of buyers and sellers all over the world . reverb , now a wholly-owned subsidiary of etsy , inc. , is included in all financial and other metrics from august 15 , 2019 ( the date of acquisition ) , unless otherwise noted . our revenue is diversified , generated from a mix of marketplace activities and other optional services we provide to sellers to help them generate more sales and scale their businesses . marketplace revenue is comprised of the fees a seller pays us for marketplace activities . marketplace activities include listing an item for sale , completing transactions between a buyer and a seller , and using our payments services to process payments , including foreign currency transactions . marketplace revenue also includes revenue generated through our commercial partnerships , which was recorded in its own other revenue line prior to the fourth quarter of 2019. services revenue is comprised of the fees a seller pays us for our optional other services ( “ services ” ) . services primarily include advertising services , which allows sellers to pay for prominent placement of their listings in search results ; and shipping labels , which allows sellers in the united states , canada , united kingdom , and australia to purchase discounted shipping labels . our strategy is focused on growing the etsy marketplace in our six core geographies and building a sustainable competitive advantage around four elements of our business that we believe differentiate us from our competitors , or what we call our “ right to win . ” the foundation of etsy 's competitive advantage is our collection of our seller 's unique items , which , we believe , when combined with best-in-class search and discovery , human connections , and a trusted brand , will enable us to continue to stand out among other e-commerce platforms and marketplaces . our investments in product , marketing , and talent will be focused on capitalizing on these four elements of our business . ultimately , the goal of our long-term strategy is to drive 54 more new buyers to the website , give existing buyers reasons to come back more often , encourage buyers to spend more per order , and fuel success for our sellers . we see a number of similarities between the levers of growth for the etsy and reverb marketplaces , including improving search and discovery , making selling and buying easier , and building a global brand and user community . year highlights total revenue was $ 818.4 million in the year ended december 31 , 2019 , driven by growth in both marketplace and services revenue . in the year ended december 31 , 2019 , we recorded net income of $ 95.9 million , and non-gaap adjusted ebitda of $ 186.3 million . see “ non-gaap financial measures ” for more information and for a reconciliation of adjusted ebitda to net income , the most directly comparable financial measure calculated in accordance with gaap . as of december 31 , 2019 , our marketplaces connected 2.7 million active sellers and 46.4 million active buyers , in nearly every country in the world . in the year ended december 31 , 2019 , sellers generated gms of $ 5.0 billion of which approximately 58 % came from purchases made on mobile devices . story_separator_special_tag for the year s ended december 31 , 2019 , 2018 , and 2017 those amounts are as follows : replace_table_token_16_th ( 2 ) $ 2.7 million of restructuring-related stock-based compensation expense has been excluded from the year ended december 31 , 2017 and is included in the restructuring and other exit costs ( income ) line . see footnote ( 5 ) below . total stock-based compensation expense included in the consolidated statements of operations is as follows : replace_table_token_17_th ( 3 ) see “ results of operations — other expense , net ” for more information on the fluctuation in foreign exchange ( gain ) loss in the years ended december 31 , 2019 , 2018 , and 2017 . ( 4 ) acquisition-related expenses are expenses related to our acquisition of reverb . for further information , see “ note 5—business combinations ” in the notes to consolidated financial statements . 60 ( 5 ) see “ note 17—restructuring and other exit costs ( income ) ” in the notes to consolidated financial statements for a description of the matters related to these events . total restructuring and other exit costs ( income ) included in the consolidated statements of operations are as follows : replace_table_token_18_th ( 6 ) in the fourth quarter of 2017 , we made the decision to discontinue certain product offerings , including etsy studio and etsy manufacturing , which resulted in the recognition of a $ 3.2 million impairment charge to write the related capitalized web development and internal-use software assets down to zero . this decision was based on our strategy to focus on the growth of the etsy.com marketplace . 61 key factors affecting our performance we believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges , including those discussed in the section titled “ risk factors . ” our primary marketplace , etsy.com , is the largest driver of our business and thus the following key factors affecting our performance most significantly relate to the etsy marketplace . growth and retention of active buyers and active sellers on the etsy marketplace our success depends in part on the growth and retention of our active buyers and active sellers . our revenue is driven by the number of active buyers , buyer engagement , active sellers , seller engagement , and our ability to maintain a trusted marketplace . we believe two of our most significant opportunities to drive growth in our primary marketplace are to bring new buyers to etsy.com and encourage existing etsy buyers to purchase more frequently . we are particularly focused on increasing our number of habitual buyers , or buyers who have spent $ 200 or more and made purchases on six or more purchase days in the year . we are also focused on keeping our best sellers on the platform and helping them grow their businesses by enhancing the seller tools and services that help drive buyer demand . during 2019 , the etsy marketplace had 19 million new etsy buyers , or buyers who made their first-ever purchase on etsy . gms from new buyers was up 11 % year-over-year and represented approximately 16 % of overall etsy.com gms , a decrease compared to last year . etsy.com gms from existing buyers grew 24 % year-over-year in 2019 and represented approximately 84 % of overall etsy.com gms , an increase compared to last year . repeat purchases demonstrate the loyalty of etsy buyers . in 2019 , on the etsy marketplace , approximately 41.4 % of our active buyers made purchases on two or more days in the previous 12 months , up from 40.1 % in 2018 . habitual buyers represented approximately 5.5 % of etsy.com 's active buyers as of december 31 , 2019 . habitual buyers grew to 2.5 million as of december 31 , 2019 , an increase of 22.9 % compared to 2018 . we aim to increase repeat purchases and habitual buyers by inspiring purchases in additional categories and on additional occasions , building trust in the etsy brand , and removing friction from the buying experience to improve conversion rates . to analyze our retention rates on the etsy marketplace , we measure repeat activity by active buyers and active sellers . 62 active buyer cohorts on the etsy marketplace we refer to active buyers as of december 31 , 2016 as “ 2016 active buyers , ” as of december 31 , 2015 as “ 2015 active buyers , ” as of december 31 , 2014 as “ 2014 active buyers , ” as of december 31 , 2013 as “ 2013 active buyers , ” and as of december 31 , 2012 as “ 2012 active buyers . ” of total 2016 active buyers , 37.9 % remained active buyers through their fourth year on the platform , compared to 37.5 % for 2015 active buyers , 38.7 % for 2014 active buyers , 41.1 % for 2013 active buyers , and 42.5 % for 2012 active buyers . the average annual gms per 2016 active buyer during their fourth year on the platform was 85 % higher than their first year , compared to 78 % for 2015 active buyers , 70 % for 2014 active buyers , 81 % for 2013 active buyers , and 88 % for 2012 active buyers . we note that 2013 was the first year we started to significantly invest in our paid acquisition marketing efforts to grow our buyer base . replace_table_token_19_th etsy cohort of 2016 , 2015 , 2014 , 2013 , and 2012 active buyers these cohort data demonstrate our ability to consistently retain buyers over a multi-year period and reflects the loyalty of our buyer base . we have identified our ability to increase purchase frequency among these long-term and habitual buyers as one of our

cash net income of $ 139.6 million as a result of increased revenue generated on our platform , and changes in our operating assets and liabilities that provided $ 59.3 million in cash , largely driven by timing of collections of accounts receivable due to the launch of our redesigned payment account in the fourth quarter of 2018 , which now automatically deducts our fees and applicable taxes from the seller 's funds earned through sales using etsy payments prior to settlement of those funds to the seller 's bank account and payment timing of payables . net cash provided by operating activities was $ 69.1 million in the year ended december 31 , 2017 , primarily driven by cash net income of $ 68.8 million as a result of increased revenue generated on our platform and changes in our operating assets and liabilities that provided $ 0.3 million in cash . net cash ( used in ) provided by investing activities our primary investing activities consist of cash paid in the acquisition of reverb , sales and purchases of short- and long-term marketable securities , cash paid to purchase intangible assets and capital expenditures , including investments in capitalized website development and internal-use software and purchases of property and equipment to support our overall business growth . net cash used in investing activities was $ 488.4 million in the year ended december 31 , 2019 . this was primarily attributable to $ 270.4 million in cash paid to acquire reverb , net purchases of marketable securities of $ 200.7 million , and $ 15.3 million in capital expenditures , including $ 7.8 million for website development and internal-use software as we continued to invest in projects adding new features and functionality to the etsy platform and focused on growth investments , such as our migration to google cloud . net cash used in investing activities was $ 285.4 million in the year ended december 31 , 2018 .


 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 net income of $ 139.6 million as a result of increased revenue generated on our platform , and changes in our operating assets and liabilities that provided $ 59.3 million in cash , largely driven by timing of collections of accounts receivable due to the launch of our redesigned payment account in the fourth quarter of 2018 , which now automatically deducts our fees and applicable taxes from the seller 's funds earned through sales using etsy payments prior to settlement of those funds to the seller 's bank account and payment timing of payables . net cash provided by operating activities was $ 69.1 million in the year ended december 31 , 2017 , primarily driven by cash net income of $ 68.8 million as a result of increased revenue generated on our platform and changes in our operating assets and liabilities that provided $ 0.3 million in cash . net cash ( used in ) provided by investing activities our primary investing activities consist of cash paid in the acquisition of reverb , sales and purchases of short- and long-term marketable securities , cash paid to purchase intangible assets and capital expenditures , including investments in capitalized website development and internal-use software and purchases of property and equipment to support our overall business growth . net cash used in investing activities was $ 488.4 million in the year ended december 31 , 2019 . this was primarily attributable to $ 270.4 million in cash paid to acquire reverb , net purchases of marketable securities of $ 200.7 million , and $ 15.3 million in capital expenditures , including $ 7.8 million for website development and internal-use software as we continued to invest in projects adding new features and functionality to the etsy platform and focused on growth investments , such as our migration to google cloud . net cash used in investing activities was $ 285.4 million in the year ended december 31 , 2018 .
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 Suspicious Activity Report : factors that could cause or contribute to these differences include those discussed below and elsewhere in this annual report , particularly in the “ risk factors ” section . for more information regarding key factors affecting our performance , see “ key factors affecting our performance ” below . overview business etsy operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers . our mission is to “ keep commerce human , ” and we 're committed to using the power of business and technology to strengthen communities and empower people around the world . our primary marketplace , etsy.com , is the global destination for unique and creative goods . the etsy marketplaceconnects creative entrepreneurs with thoughtful consumers looking for items that are intended to be special , reflect their sense of style , or represent a meaningful occasion.our sellers are the heart and soul of etsy , and our technology platform allows our sellers to turn their creative passions into economic opportunity . we have a seller-aligned business model : we make money when our sellers make money . we offer etsy sellers a marketplace with millions of buyers along with a range of seller tools and services that are specifically designed to help our creative entrepreneurs generate more sales and scale their businesses . we are focused on attracting potential buyers to the etsy marketplace for those “ special ” purchaseoccasions that happen throughout the year , and for everyday items that have meaning . we are deepening engagement with our existing buyers by inspiring purchases across our many retail categories and special occasions . special purchases for use in the every day include handmade or vintage unique clothing , accessories , household items , or furniture that the buyer wants to reflect her sense of style . special purchase occasions can occur many times throughout the year and include shopping for special occasions that reflects an individual 's unique style ; gifting that demonstrates thought and care ; and celebrations that express creativity and fun . buyers tell us that they come to etsy because etsy sellers offer items that they ca n't find anywhere else . on august 15 , 2019 , we acquired all of the outstanding capital stock of reverb holdings , inc. ( “ reverb ” ) for $ 270.4 million , net of cash acquired . the reverb marketplace is a leading global online marketplace dedicated to buying and selling new , used , and vintage musical instruments , with a vibrant community of buyers and sellers all over the world . reverb , now a wholly-owned subsidiary of etsy , inc. , is included in all financial and other metrics from august 15 , 2019 ( the date of acquisition ) , unless otherwise noted . our revenue is diversified , generated from a mix of marketplace activities and other optional services we provide to sellers to help them generate more sales and scale their businesses . marketplace revenue is comprised of the fees a seller pays us for marketplace activities . marketplace activities include listing an item for sale , completing transactions between a buyer and a seller , and using our payments services to process payments , including foreign currency transactions . marketplace revenue also includes revenue generated through our commercial partnerships , which was recorded in its own other revenue line prior to the fourth quarter of 2019. services revenue is comprised of the fees a seller pays us for our optional other services ( “ services ” ) . services primarily include advertising services , which allows sellers to pay for prominent placement of their listings in search results ; and shipping labels , which allows sellers in the united states , canada , united kingdom , and australia to purchase discounted shipping labels . our strategy is focused on growing the etsy marketplace in our six core geographies and building a sustainable competitive advantage around four elements of our business that we believe differentiate us from our competitors , or what we call our “ right to win . ” the foundation of etsy 's competitive advantage is our collection of our seller 's unique items , which , we believe , when combined with best-in-class search and discovery , human connections , and a trusted brand , will enable us to continue to stand out among other e-commerce platforms and marketplaces . our investments in product , marketing , and talent will be focused on capitalizing on these four elements of our business . ultimately , the goal of our long-term strategy is to drive 54 more new buyers to the website , give existing buyers reasons to come back more often , encourage buyers to spend more per order , and fuel success for our sellers . we see a number of similarities between the levers of growth for the etsy and reverb marketplaces , including improving search and discovery , making selling and buying easier , and building a global brand and user community . year highlights total revenue was $ 818.4 million in the year ended december 31 , 2019 , driven by growth in both marketplace and services revenue . in the year ended december 31 , 2019 , we recorded net income of $ 95.9 million , and non-gaap adjusted ebitda of $ 186.3 million . see “ non-gaap financial measures ” for more information and for a reconciliation of adjusted ebitda to net income , the most directly comparable financial measure calculated in accordance with gaap . as of december 31 , 2019 , our marketplaces connected 2.7 million active sellers and 46.4 million active buyers , in nearly every country in the world . in the year ended december 31 , 2019 , sellers generated gms of $ 5.0 billion of which approximately 58 % came from purchases made on mobile devices . story_separator_special_tag for the year s ended december 31 , 2019 , 2018 , and 2017 those amounts are as follows : replace_table_token_16_th ( 2 ) $ 2.7 million of restructuring-related stock-based compensation expense has been excluded from the year ended december 31 , 2017 and is included in the restructuring and other exit costs ( income ) line . see footnote ( 5 ) below . total stock-based compensation expense included in the consolidated statements of operations is as follows : replace_table_token_17_th ( 3 ) see “ results of operations — other expense , net ” for more information on the fluctuation in foreign exchange ( gain ) loss in the years ended december 31 , 2019 , 2018 , and 2017 . ( 4 ) acquisition-related expenses are expenses related to our acquisition of reverb . for further information , see “ note 5—business combinations ” in the notes to consolidated financial statements . 60 ( 5 ) see “ note 17—restructuring and other exit costs ( income ) ” in the notes to consolidated financial statements for a description of the matters related to these events . total restructuring and other exit costs ( income ) included in the consolidated statements of operations are as follows : replace_table_token_18_th ( 6 ) in the fourth quarter of 2017 , we made the decision to discontinue certain product offerings , including etsy studio and etsy manufacturing , which resulted in the recognition of a $ 3.2 million impairment charge to write the related capitalized web development and internal-use software assets down to zero . this decision was based on our strategy to focus on the growth of the etsy.com marketplace . 61 key factors affecting our performance we believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges , including those discussed in the section titled “ risk factors . ” our primary marketplace , etsy.com , is the largest driver of our business and thus the following key factors affecting our performance most significantly relate to the etsy marketplace . growth and retention of active buyers and active sellers on the etsy marketplace our success depends in part on the growth and retention of our active buyers and active sellers . our revenue is driven by the number of active buyers , buyer engagement , active sellers , seller engagement , and our ability to maintain a trusted marketplace . we believe two of our most significant opportunities to drive growth in our primary marketplace are to bring new buyers to etsy.com and encourage existing etsy buyers to purchase more frequently . we are particularly focused on increasing our number of habitual buyers , or buyers who have spent $ 200 or more and made purchases on six or more purchase days in the year . we are also focused on keeping our best sellers on the platform and helping them grow their businesses by enhancing the seller tools and services that help drive buyer demand . during 2019 , the etsy marketplace had 19 million new etsy buyers , or buyers who made their first-ever purchase on etsy . gms from new buyers was up 11 % year-over-year and represented approximately 16 % of overall etsy.com gms , a decrease compared to last year . etsy.com gms from existing buyers grew 24 % year-over-year in 2019 and represented approximately 84 % of overall etsy.com gms , an increase compared to last year . repeat purchases demonstrate the loyalty of etsy buyers . in 2019 , on the etsy marketplace , approximately 41.4 % of our active buyers made purchases on two or more days in the previous 12 months , up from 40.1 % in 2018 . habitual buyers represented approximately 5.5 % of etsy.com 's active buyers as of december 31 , 2019 . habitual buyers grew to 2.5 million as of december 31 , 2019 , an increase of 22.9 % compared to 2018 . we aim to increase repeat purchases and habitual buyers by inspiring purchases in additional categories and on additional occasions , building trust in the etsy brand , and removing friction from the buying experience to improve conversion rates . to analyze our retention rates on the etsy marketplace , we measure repeat activity by active buyers and active sellers . 62 active buyer cohorts on the etsy marketplace we refer to active buyers as of december 31 , 2016 as “ 2016 active buyers , ” as of december 31 , 2015 as “ 2015 active buyers , ” as of december 31 , 2014 as “ 2014 active buyers , ” as of december 31 , 2013 as “ 2013 active buyers , ” and as of december 31 , 2012 as “ 2012 active buyers . ” of total 2016 active buyers , 37.9 % remained active buyers through their fourth year on the platform , compared to 37.5 % for 2015 active buyers , 38.7 % for 2014 active buyers , 41.1 % for 2013 active buyers , and 42.5 % for 2012 active buyers . the average annual gms per 2016 active buyer during their fourth year on the platform was 85 % higher than their first year , compared to 78 % for 2015 active buyers , 70 % for 2014 active buyers , 81 % for 2013 active buyers , and 88 % for 2012 active buyers . we note that 2013 was the first year we started to significantly invest in our paid acquisition marketing efforts to grow our buyer base . replace_table_token_19_th etsy cohort of 2016 , 2015 , 2014 , 2013 , and 2012 active buyers these cohort data demonstrate our ability to consistently retain buyers over a multi-year period and reflects the loyalty of our buyer base . we have identified our ability to increase purchase frequency among these long-term and habitual buyers as one of our

