arr should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items . arr is not a forecast and the active contracts at the end of a reporting period used in calculating arr may or may not be extended or renewed by our customers . the following chart summarizes our annualized recurring revenue , or arr ( in millions ) : arr for a given period is the annualized revenue derived from subscription contracts with a defined contract value . this excludes contracts that are not recurring , are one-time in nature , or where the contract value fluctuates based on defined metrics . arr is currently one of our key performance metrics to assess the health and trajectory of our recurring business . arr does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies . arr should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items . arr is not a forecast and the active contracts at the end of a reporting period used in calculating arr may or may not be extended or renewed by our customers . 36 includes : ◦ trade management services business , excluding one-time service requests . ◦ u.s. and nordic annual listing fees , ir and esg products , including subscription contracts for ir insight , boardvantage and onereport , and ir advisory services . ◦ proprietary market data and index data subscriptions as well as subscription contracts for evestment , solovis , dwa tools and services , nasdaq fund network and quandl . also includes guaranteed minimum on futures contracts within the index business . ◦ active market technology support and saas subscription contracts . the following chart summarizes our saas revenues for the years ended december 31 , 2018 , 2019 and 2020 ( in millions ) : financial summary the following table summarizes our financial performance for the year ended december 31 , 2020 when compared to the same period in 2019 and for the year ended december 31 , 2019 when compared with the same period in 2018. for a detailed discussion of our results of operations , see “ segment operating results ” below . replace_table_token_3_th in countries with currencies other than the u.s. dollar , revenues and expenses are translated using monthly average exchange rates . impacts on our revenues less transaction-based expenses and operating income associated with fluctuations in foreign currency are discussed in more detail under “ item 7a . quantitative and qualitative disclosures about market risk . ” 37 segment operating results the following table shows our revenues by segment , transaction-based expenses for our market services segment and total revenues less transaction-based expenses : replace_table_token_4_th ( 1 ) for the year ended december 31 , 2019 and 2018 , other revenues include the revenues from the bwise enterprise governance , risk and compliance software platform , which was sold in march 2019 , and for the year ended december 31 , 2018 , other revenues also include revenues from the public relations solutions and digital media services businesses which were sold in april 2018. prior to the sale dates , these revenues were included in our ir & esg services business within our corporate platforms segment . 38 the following charts show our market services , corporate platforms , investment intelligence , and market technology segments as a percentage of our total revenues less transaction-based expenses of $ 2,903 million in 2020 , $ 2,535 million in 2019 , and $ 2,526 million in 2018 : 39 market services the following table shows total revenues , transaction-based expenses , and total revenues less transaction-based expenses from our market services segment : replace_table_token_5_th ( 1 ) includes section 31 fees of $ 69 million in 2020 , $ 43 mil lion in 2019 , and $ 39 million in 2018. section 31 fees are recorded as equity derivative trading and clearing revenues with a corresponding amount recorded in transaction-based expenses . ( 2 ) includes section 31 fees of $ 586 m illion in 2020 , $ 337 m illion in 2019 , and $ 343 million in 2018. section 31 fees are recorded as cash equity trading revenues with a corresponding amount recorded in transaction-based expenses . equity derivative trading and clearing revenues equity derivative trading and clearing revenues and equity derivative trading and clearing revenues less transaction-based expenses increased in 2020 compared with 2019. the increase in equity derivative trading and clearing revenues was primarily due to higher u.s. industry trading volumes , a higher u.s. gross capt ure rate , and higher section 31 pass-through fee revenue , partial ly offset by lower overall u.s. matched market share executed on nasdaq 's exchanges . the increase in equity derivative trading and clearing revenues less transaction-based expenses was primarily due to higher u.s. industry trading volumes , partially offset by a lower u.s. net capture rate and lower overall u.s. matched market share executed on nasdaq 's exchanges . section 31 fees are recorded as equity derivative trading and clearing revenues with a corresponding amount recorded as transaction-based expenses . in the u.s. , we are assessed these fees from the sec and pass them through to our customers in the form of incremental fees . pass-through fees can increase or decrease due to rate changes by the sec , our percentage of the overall industry volumes processed on our systems , and differences in actual dollar value of shares traded . since the amount recorded in revenues is equal to the amount recorded as transaction-based expenses , there is no impact on our revenues less transaction-based expenses . story_separator_special_tag 46 the following table shows reconciliations between u.s. gaap net income attributable to nasdaq and diluted earnings per share and non-gaap net income attributable to nasdaq and diluted earnings per share : replace_table_token_13_th liquidity and capital resources historically , we have funded our operating activities and met our commitments through cash generated by operations , augmented by the periodic issuance of our common stock and debt . currently , our cost and availability of funding remain healthy . in response to the uncertainties posed by covid-19 and related economic impacts , we took actions to strengthen our liquidity and cash position and to reduce our refinancing risk . in march 2020 , we observed that conditions in the market for tier 2 commercial paper issuers were deteriorating , impacting both costs and actionable duration of commercial paper issues . to mitigate funding uncertainties and as a precautionary measure to maximize our liquidity and increase our available cash on hand , nasdaq borrowed $ 799 million under the revolving credit commitment of the 2017 credit facility . see “ early extinguishment of 2017 credit facility , ” of note 9 , “ debt obligations , ” to the consolidated financial statements for further discussion of the 2017 credit facility . in april 2020 , we issued the 2050 notes and used the net proceeds from the 2050 notes to repay a portion of amounts previously borrowed under the 2017 credit facility . for further discussion of the 2050 notes , see “ 3.25 % senior unsecured notes due 2050 , ” of note 9 , “ debt obligations , ” to the consolidated financial statements . in june 2020 , the remaining outstanding amount under the 2017 credit facility was repaid using cash on hand . in june 2020 , we also repaid all outstanding borrowings under our commercial paper program . 47 other financing transactions in february 2020 , we issued the 2030 notes . we primarily used the net proceeds from the 2030 notes to redeem the 2021 notes and for other general corporate purposes . see “ 0.875 % senior unsecured notes due 2030 , ” and “ early extinguishment of 3.875 % senior unsecured notes due 2021 , ” of note 9 , “ debt obligations , ” to the consolidated financial statements for further discussion . in december 2020 , we issued the 2022 notes , 2031 notes and 2040 notes . the net proceeds were used to partially finance the acquisition of verafin . for further discussion of these notes , see “ senior unsecured notes due 2022 , 2031 and 2040 , ” of note 9 , “ debt obligations , ” to the consolidated financial statements . for further discussion of the acquisition of verafin , see “ acquisition of verafin , ” of note 4 , “ acquisitions and divestiture , ” to the consolidated financial statements . in december 2020 , we also terminated the 2017 credit facility and entered into the 2020 credit facility . see “ credit facilities , ” of note 9 , “ debt obligations , ” to the consolidated financial statements for further discussion . as of december 31 , 2020 , our sources and uses of cash were not materially impacted by covid-19 and we have not identified any material liquidity deficiencies as a result of the covid-19 pandemic . we will continue to closely monitor and manage our liquidity and capital resources . in addition , we continue to prudently assess our capital deployment strategy through balancing acquisitions , internal investments , debt repayments , and shareholder return activity including share repurchases and dividends . other liquidity and capital considerations in the near term , we expect that our operations and the availability under our revolving credit facility and commercial paper program will provide sufficient cash to fund our operating expenses , capital expenditures , debt repayments , any share repurchases , and any dividends . in january 2021 , we increased the size of our commercial paper program from $ 1 billion to $ 1.25 billion . in february 2021 , we issued $ 475 million of commercial paper to partially fund the acquisition of verafin . for further discussion of the acquisition of verafin , see “ acquisition of verafin , ” of note 4 , “ acquisitions and divestiture , ” to the consolidated financial statements . as part of the purchase price consideration of a prior acquisition , nasdaq has contingent future obligations to issue 992,247 shares of nasdaq common stock annually through 2027. see “ non-cash contingent consideration , ” of note 18 , “ commitments , contingencies and guarantees , ” to the consolidated financial statements for further discussion . the value of various assets and liabilities , including cash and cash equivalents , receivables , accounts payable and accrued expenses , the current portion of long-term debt , and commercial paper , can fluctuate from month to month . working capital ( calculated as current assets less current liabilities ) was $ 2,736 million as of december 31 , 2020 , compared with $ 63 million as of december 31 , 2019 , an increase of $ 2,673 million . current asset balance changes increased working capital by $ 3,370 million , with increases in cash and cash equivalents , primarily due to net proceeds of $ 1.9 billion from issuances of long-term debt in the fourth quarter of 2020 for the acquisition of verafin , default funds and margin deposits , receivables , net , and restricted cash and cash equivalents , partially offset by decreases in financial investments and other current assets . current liability balance changes decreased working capital by $ 697 million , due to increases in default funds and margin deposits , section 31 fees payable to the sec , accrued personnel costs , accounts payable and accrued expenses , and deferred revenue , partially offset by decreases in short-term debt and

net cash used in investing activities net cash used in investing activities for 2020 primarily related to $ 188 million of purchases of property and equipment and $ 157 million of cash used for acquisitions , net of cash and cash equivalents acquired , partially offset by $ 119 million of proceeds from the net sales of securities . net cash used in investing activities for 2019 primarily relates to $ 206 million of cash used for acquisitions , net of cash and cash equivalents acquired , $ 127 million of purchases of property and equipment , and $ 36 million of net purchases of securities , partially offset by receipt of cash of $ 132 million related to our 2019 divestiture . net cash used in ( provided by ) financing activities net cash provided by financing activities for 2020 primarily related to $ 3,811 million of proceeds from issuances of long-term debt and the utilization of our credit commitment , partially offset by $ 1,472 million in repayments of borrowings under our credit commitment and debt obligations , $ 391 million of net repayments of commercial paper , $ 320 million of dividend payments to our shareholders , and $ 222 million in repurchases of common stock . net cash used in financing activities for 2019 primarily relates to $ 1,215 million in repayments of debt obligations , $ 305 million of dividend payments to our shareholders , and $ 200 million in repurchases of common stock , partially offset by $ 680 million from proceeds related to long-term debt issuances and $ 116 million in net borrowings of commercial paper . see note 4 , “ acquisitions and divestiture , ” to the consolidated financial statements for further discussion of our acquisitions and divestiture . see note 9 , “ debt obligations , ” to the consolidated financial statements for further discussion of our debt obligations . 51 see “ share repurchase program , ” and “ cash dividends on common stock , ” of note 12 , “ nasdaq stockholders ' equity , ” to the consolidated financial statements for further discussion of our share repurchase program and cash dividends paid on our common stock .


 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.
     ```net cash used in investing activities net cash used in investing activities for 2020 primarily related to $ 188 million of purchases of property and equipment and $ 157 million of cash used for acquisitions , net of cash and cash equivalents acquired , partially offset by $ 119 million of proceeds from the net sales of securities . net cash used in investing activities for 2019 primarily relates to $ 206 million of cash used for acquisitions , net of cash and cash equivalents acquired , $ 127 million of purchases of property and equipment , and $ 36 million of net purchases of securities , partially offset by receipt of cash of $ 132 million related to our 2019 divestiture . net cash used in ( provided by ) financing activities net cash provided by financing activities for 2020 primarily related to $ 3,811 million of proceeds from issuances of long-term debt and the utilization of our credit commitment , partially offset by $ 1,472 million in repayments of borrowings under our credit commitment and debt obligations , $ 391 million of net repayments of commercial paper , $ 320 million of dividend payments to our shareholders , and $ 222 million in repurchases of common stock . net cash used in financing activities for 2019 primarily relates to $ 1,215 million in repayments of debt obligations , $ 305 million of dividend payments to our shareholders , and $ 200 million in repurchases of common stock , partially offset by $ 680 million from proceeds related to long-term debt issuances and $ 116 million in net borrowings of commercial paper . see note 4 , “ acquisitions and divestiture , ” to the consolidated financial statements for further discussion of our acquisitions and divestiture . see note 9 , “ debt obligations , ” to the consolidated financial statements for further discussion of our debt obligations . 51 see “ share repurchase program , ” and “ cash dividends on common stock , ” of note 12 , “ nasdaq stockholders ' equity , ” to the consolidated financial statements for further discussion of our share repurchase program and cash dividends paid on our common stock .
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 Suspicious Activity Report : arr should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items . arr is not a forecast and the active contracts at the end of a reporting period used in calculating arr may or may not be extended or renewed by our customers . the following chart summarizes our annualized recurring revenue , or arr ( in millions ) : arr for a given period is the annualized revenue derived from subscription contracts with a defined contract value . this excludes contracts that are not recurring , are one-time in nature , or where the contract value fluctuates based on defined metrics . arr is currently one of our key performance metrics to assess the health and trajectory of our recurring business . arr does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies . arr should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items . arr is not a forecast and the active contracts at the end of a reporting period used in calculating arr may or may not be extended or renewed by our customers . 36 includes : ◦ trade management services business , excluding one-time service requests . ◦ u.s. and nordic annual listing fees , ir and esg products , including subscription contracts for ir insight , boardvantage and onereport , and ir advisory services . ◦ proprietary market data and index data subscriptions as well as subscription contracts for evestment , solovis , dwa tools and services , nasdaq fund network and quandl . also includes guaranteed minimum on futures contracts within the index business . ◦ active market technology support and saas subscription contracts . the following chart summarizes our saas revenues for the years ended december 31 , 2018 , 2019 and 2020 ( in millions ) : financial summary the following table summarizes our financial performance for the year ended december 31 , 2020 when compared to the same period in 2019 and for the year ended december 31 , 2019 when compared with the same period in 2018. for a detailed discussion of our results of operations , see “ segment operating results ” below . replace_table_token_3_th in countries with currencies other than the u.s. dollar , revenues and expenses are translated using monthly average exchange rates . impacts on our revenues less transaction-based expenses and operating income associated with fluctuations in foreign currency are discussed in more detail under “ item 7a . quantitative and qualitative disclosures about market risk . ” 37 segment operating results the following table shows our revenues by segment , transaction-based expenses for our market services segment and total revenues less transaction-based expenses : replace_table_token_4_th ( 1 ) for the year ended december 31 , 2019 and 2018 , other revenues include the revenues from the bwise enterprise governance , risk and compliance software platform , which was sold in march 2019 , and for the year ended december 31 , 2018 , other revenues also include revenues from the public relations solutions and digital media services businesses which were sold in april 2018. prior to the sale dates , these revenues were included in our ir & esg services business within our corporate platforms segment . 38 the following charts show our market services , corporate platforms , investment intelligence , and market technology segments as a percentage of our total revenues less transaction-based expenses of $ 2,903 million in 2020 , $ 2,535 million in 2019 , and $ 2,526 million in 2018 : 39 market services the following table shows total revenues , transaction-based expenses , and total revenues less transaction-based expenses from our market services segment : replace_table_token_5_th ( 1 ) includes section 31 fees of $ 69 million in 2020 , $ 43 mil lion in 2019 , and $ 39 million in 2018. section 31 fees are recorded as equity derivative trading and clearing revenues with a corresponding amount recorded in transaction-based expenses . ( 2 ) includes section 31 fees of $ 586 m illion in 2020 , $ 337 m illion in 2019 , and $ 343 million in 2018. section 31 fees are recorded as cash equity trading revenues with a corresponding amount recorded in transaction-based expenses . equity derivative trading and clearing revenues equity derivative trading and clearing revenues and equity derivative trading and clearing revenues less transaction-based expenses increased in 2020 compared with 2019. the increase in equity derivative trading and clearing revenues was primarily due to higher u.s. industry trading volumes , a higher u.s. gross capt ure rate , and higher section 31 pass-through fee revenue , partial ly offset by lower overall u.s. matched market share executed on nasdaq 's exchanges . the increase in equity derivative trading and clearing revenues less transaction-based expenses was primarily due to higher u.s. industry trading volumes , partially offset by a lower u.s. net capture rate and lower overall u.s. matched market share executed on nasdaq 's exchanges . section 31 fees are recorded as equity derivative trading and clearing revenues with a corresponding amount recorded as transaction-based expenses . in the u.s. , we are assessed these fees from the sec and pass them through to our customers in the form of incremental fees . pass-through fees can increase or decrease due to rate changes by the sec , our percentage of the overall industry volumes processed on our systems , and differences in actual dollar value of shares traded . since the amount recorded in revenues is equal to the amount recorded as transaction-based expenses , there is no impact on our revenues less transaction-based expenses . story_separator_special_tag 46 the following table shows reconciliations between u.s. gaap net income attributable to nasdaq and diluted earnings per share and non-gaap net income attributable to nasdaq and diluted earnings per share : replace_table_token_13_th liquidity and capital resources historically , we have funded our operating activities and met our commitments through cash generated by operations , augmented by the periodic issuance of our common stock and debt . currently , our cost and availability of funding remain healthy . in response to the uncertainties posed by covid-19 and related economic impacts , we took actions to strengthen our liquidity and cash position and to reduce our refinancing risk . in march 2020 , we observed that conditions in the market for tier 2 commercial paper issuers were deteriorating , impacting both costs and actionable duration of commercial paper issues . to mitigate funding uncertainties and as a precautionary measure to maximize our liquidity and increase our available cash on hand , nasdaq borrowed $ 799 million under the revolving credit commitment of the 2017 credit facility . see “ early extinguishment of 2017 credit facility , ” of note 9 , “ debt obligations , ” to the consolidated financial statements for further discussion of the 2017 credit facility . in april 2020 , we issued the 2050 notes and used the net proceeds from the 2050 notes to repay a portion of amounts previously borrowed under the 2017 credit facility . for further discussion of the 2050 notes , see “ 3.25 % senior unsecured notes due 2050 , ” of note 9 , “ debt obligations , ” to the consolidated financial statements . in june 2020 , the remaining outstanding amount under the 2017 credit facility was repaid using cash on hand . in june 2020 , we also repaid all outstanding borrowings under our commercial paper program . 47 other financing transactions in february 2020 , we issued the 2030 notes . we primarily used the net proceeds from the 2030 notes to redeem the 2021 notes and for other general corporate purposes . see “ 0.875 % senior unsecured notes due 2030 , ” and “ early extinguishment of 3.875 % senior unsecured notes due 2021 , ” of note 9 , “ debt obligations , ” to the consolidated financial statements for further discussion . in december 2020 , we issued the 2022 notes , 2031 notes and 2040 notes . the net proceeds were used to partially finance the acquisition of verafin . for further discussion of these notes , see “ senior unsecured notes due 2022 , 2031 and 2040 , ” of note 9 , “ debt obligations , ” to the consolidated financial statements . for further discussion of the acquisition of verafin , see “ acquisition of verafin , ” of note 4 , “ acquisitions and divestiture , ” to the consolidated financial statements . in december 2020 , we also terminated the 2017 credit facility and entered into the 2020 credit facility . see “ credit facilities , ” of note 9 , “ debt obligations , ” to the consolidated financial statements for further discussion . as of december 31 , 2020 , our sources and uses of cash were not materially impacted by covid-19 and we have not identified any material liquidity deficiencies as a result of the covid-19 pandemic . we will continue to closely monitor and manage our liquidity and capital resources . in addition , we continue to prudently assess our capital deployment strategy through balancing acquisitions , internal investments , debt repayments , and shareholder return activity including share repurchases and dividends . other liquidity and capital considerations in the near term , we expect that our operations and the availability under our revolving credit facility and commercial paper program will provide sufficient cash to fund our operating expenses , capital expenditures , debt repayments , any share repurchases , and any dividends . in january 2021 , we increased the size of our commercial paper program from $ 1 billion to $ 1.25 billion . in february 2021 , we issued $ 475 million of commercial paper to partially fund the acquisition of verafin . for further discussion of the acquisition of verafin , see “ acquisition of verafin , ” of note 4 , “ acquisitions and divestiture , ” to the consolidated financial statements . as part of the purchase price consideration of a prior acquisition , nasdaq has contingent future obligations to issue 992,247 shares of nasdaq common stock annually through 2027. see “ non-cash contingent consideration , ” of note 18 , “ commitments , contingencies and guarantees , ” to the consolidated financial statements for further discussion . the value of various assets and liabilities , including cash and cash equivalents , receivables , accounts payable and accrued expenses , the current portion of long-term debt , and commercial paper , can fluctuate from month to month . working capital ( calculated as current assets less current liabilities ) was $ 2,736 million as of december 31 , 2020 , compared with $ 63 million as of december 31 , 2019 , an increase of $ 2,673 million . current asset balance changes increased working capital by $ 3,370 million , with increases in cash and cash equivalents , primarily due to net proceeds of $ 1.9 billion from issuances of long-term debt in the fourth quarter of 2020 for the acquisition of verafin , default funds and margin deposits , receivables , net , and restricted cash and cash equivalents , partially offset by decreases in financial investments and other current assets . current liability balance changes decreased working capital by $ 697 million , due to increases in default funds and margin deposits , section 31 fees payable to the sec , accrued personnel costs , accounts payable and accrued expenses , and deferred revenue , partially offset by decreases in short-term debt and

