gross revenue growth in 2011 was also driven by $ 9.6 million in higher revenue for client agreements entered into during 2011 as compared to revenue in 2010. during the period from december 31 , 2010 through december 31 , 2011 , we acquired 324 new clients , or an increase of 67 % , compared to 201 new clients in 2010 , or an increase of 72 % . net revenue in the united states for 2011 and 2010 was impacted by the $ 2.5 million and $ 2.9 million , respectively , in reductions of revenue related to the common stock warrants described above . net revenue in the united states increased by $ 20.8 million , or 69 % , in 2011 as compared to 2010 , while international net revenue , increased by $ 8.5 million , or 62 % . gross revenue in the united states increased by $ 20.4 million , or 62 % , in 2011 as compared to 2010. as a percentage of total net revenue , international net revenue accounted for 30 % in 2011 as compared to 31 % in 2010. as a percentage of total gross revenue , international gross revenue accounted for 29 % in 2011 and 2010. during the period from december 31 , 2010 through december 31 , 2011 , we acquired 260 domestic and 64 international clients , or an increase of 70 % and 58 % , respectively . our bookings , number of clients and number of users all grew significantly . bookings increased 60 % in 2011 from 2010 , due to acquisitions of new clients and , to a much lesser extent , sales of additional functionality to existing clients , additions of incremental users by existing clients and client renewals . the growth rates for revenue and bookings are not correlated with each other in a given year due to the seasonality of our client agreements , the varied timing of billings , the recognition in most cases of subscription revenue on a straight-line basis over the term of each client agreement , and the recognition of consulting revenue based on proportional performance over the period the services are performed . in 2011 , our annual dollar retention rate of 94.9 % largely consistent with our 2010 and 2009 annual dollar retention rates of 95.8 % and 94.8 % , respectively , as a result of increased client renewals . the number of our clients grew 67 % in 2011 from 2010. the number of users increased by approximately 2.6 million in 2011 , or 52 % , due to the acquisitions of new clients and our increased penetration within existing clients . net revenue increased $ 14.4 million , or 49 % in 2010 from 2009. gross revenue increased $ 17.3 million , or 59 % in 2010 as compared to 2009. net revenue for 2010 consisted of gross revenue less a $ 2.9 million reduction of revenue in 2010 related to a non-cash charge for a common stock warrant issued during the fourth quarter of 2010. there were no such reductions of revenue in 2009. see  critical accounting policies and estimatesoffsets to revenue  for further discussion of common stock warrants accounted for as reductions of revenue . net revenue growth in 2010 was driven by $ 13.2 million in higher revenue from client agreements signed in 2009 that was not fully reflected in 2009 , as a result of the seasonality of when we enter into new client agreements and our revenue recognition policy , which generally recognizes subscription revenue over the contract period . net revenue in 2010 from client agreements signed prior to 2010 was $ 32.0 million as compared to net revenue of $ 18.8 million in 2009 from client agreements signed prior to 2009. in addition , net revenue growth in 2010 resulted from the acquisition of 201 new clients , sales of additional clouds to existing clients , additions of incremental users by existing clients and client renewals . net revenue in the united states for 2010 was impacted by the $ 2.9 million in a reduction of revenue related to the common stock warrant described above . net revenue in the united states increased by $ 7.7 million , or 35 % , in 2010 as compared to 2009 , while international net revenue , mainly in europe , increased by $ 6.7 million , or 96 % . as a percentage of total net revenue , international net revenue accounted for 31 % in 2010 compared to 24 % in 2009. as a percentage of total gross revenue , international gross revenue accounted for 29 % in 2010 compared to 24 % in 2009. during the period from december 31 , 2009 through december 31 , 2010 , we acquired 170 domestic and 31 international clients , or an increase of 69 % and 91 % , respectively . our bookings , number of clients and number of users all grew significantly in 2010 as compared to 2009. bookings increased 77 % in 2010 , due to acquisitions of new clients and , to a much lesser extent , sales of additional clouds to existing clients , additions of incremental users by existing clients and client renewals . the growth rates for revenue and bookings are not correlated with each other as described above . in 2010 , our annual dollar retention rate improved by one percentage point to 95.8 % as a result of increased client renewals as well as our existing clients purchasing additional functionality and adding incremental users . the number of our clients grew 72 % . story_separator_special_tag advances for the purchase of software and equipment may be drawn through may 2012 , have an interest rate of prime plus 1.25 % , and are repayable monthly over a period of either 12 months or 36 months , depending on the items purchased . any borrowings for the purchase of software and equipment under the svb credit facility survive the original maturity of the svb credit facility of august 2012 and any additional borrowings will be payable in accordance with the repayment schedule of the individual loan advances . in may 2011 , we borrowed approximately $ 0.7 million for the purchase of software and equipment , payable monthly through may 2014. at december 31 , 2011 , we had $ 0.5 million outstanding under the svb credit facility . the svb credit facility expires in august 2012 although the borrowings under the software and equipment loan extend through 2014. we are currently evaluating an extension of the svb credit facility . to the extent that we do not extend or renew our svb credit facility , or replace it with a new facility that does not back the standby letters of credit currently outstanding , we will be required to post collateral in the form of restricted cash equal to 110 % of the outstanding value of the standby letters of credit . letters of credit outstanding at december 31 , 2011 totaled $ 1.6 million . our working capital at december 31 , 2011 , excluding current deferred revenue , was $ 112.1 million . our cash flows from operating activities have historically been significantly impacted by the contractual payment terms and patterns of client agreements , as well as our investments in sales and marketing and research and development to drive our business growth . based on our current level of operations and anticipated growth , we believe our future cash flows from operating activities , existing cash and cash equivalents will provide adequate funds for our ongoing operations for at least the next twelve months . our future capital requirements will depend on many factors , including our rate of revenue , billings growth and collections , the level of our sales and marketing efforts , the timing and extent of spending to support product development efforts and expansion into new 52 territories , the timing of introductions of new services and enhancements to existing services , the timing of general and administrative expenses as we grow our administrative infrastructure , and the continuing market acceptance of our solution . to the extent that existing cash and cash from operations are not sufficient to fund our future activities , we may need to raise additional funds . if we make acquisitions of complementary businesses , services or technologies , we could be required to seek additional equity financing or utilize our cash resources . depending on certain growth opportunities , we may choose to accelerate investments in sales and marketing , research and development , technology and services , which may require the use of proceeds from our initial public offering for such additional expansion and expenditures . the following table sets forth a summary of our cash flows for the periods indicated ( in thousands ) : replace_table_token_15_th 53 story_separator_special_tag used $ 1.6 million of cash in investing activities in the year ended december 31 , 2009 , primarily due to $ 1.5 million of investments in capitalized software and $ 0.1 million of net investments in other fixed assets . the investments in other fixed assets consisted of $ 1.6 million in purchases of additional equipment for our expanding infrastructure and work force , which were primarily financed through $ 1.5 million in capital lease financing . net cash provided by financing activities the cash provided by financing activities of $ 80.6 million in the year ended december 31 , 2011 was primarily due to $ 90.5 million of proceeds from our initial public offering , net of underwriting discounts and commissions but before offering expenses . in addition , cash provided by financing activities was also due to the receipt of $ 4.7 million in proceeds from the exercise of warrants to purchase preferred stock and common stock and stock options and borrowings of $ 0.7 million under our svb credit facility to finance the purchase of additional equipment and software . these proceeds were partially offset by payments of $ 9.2 million to repay the then outstanding debt , payments of costs of $ 3.4 million related to our initial public offering , payments of $ 2.0 million on our capital lease obligations and other financing arrangements , and payments of costs of $ 0.6 million related to our withdrawn secondary offering . the cash provided by financing activities in the year ended december 31 , 2010 of $ 1.7 million was primarily due to $ 20.7 million of borrowings on our lines of credit with comerica and silicon valley bank and $ 0.9 million of proceeds due to exercise of stock options , partially offset by $ 11.8 million of payments on our comerica credit facility , $ 6.6 million of payments on our svb credit facility , $ 1.3 million of payments on our capital lease obligations , and $ 0.3 million of paid legal and accounting costs related to our initial public offering . the cash provided by financing activities in the year ended december 31 , 2009 of $ 8.0 million was primarily due to approximately $ 8.7 million of proceeds from our series e convertible preferred stock financing and $ 4.0 million borrowed under a senior subordinated promissory note agreement , partially offset by $ 2.3 million of payments on our line of credit , $ 2.0 million of payments on our term loan and $ 0.3 million in payments on our capital lease obligations . contractual obligations our principal commitments consist of obligations under our outstanding debt facilities , leases for our office space

net cash provided by operating activities our net loss and cash flows from operating activities are significantly influenced by our investments in headcount and infrastructure to support anticipated growth . in addition , our net loss in recent periods has been significantly greater than our use of cash for operating activities due to the inclusion of substantial non-cash charges . our cash flows from operating activities are affected by the seasonality of our business , which results in variations in the timing of our invoicing of , and our receipt of payments from , our clients . we have generally experienced increased invoicing in the third and fourth quarters of each year due to higher acquisitions of new clients , the timing of annual billings for existing clients and increased client renewals during these quarters . as a result , we have also experienced increased levels of client payments during the fourth and first quarters of each year , related to client receipts from third and fourth quarter invoices . conversely , we experience relatively lower levels of billings in the first and second quarter of each year , and thus client receipts in the second and third quarters are usually lower relative to the other quarters . we expect this seasonality and resulting trends in cash flows from operating activities to continue . cash provided by operating activities of $ 1.8 million during 2011 was a result of significant increased sales due to the growth of our business although we have continued to make significant investments in headcount , increased expenses incurred as a result of becoming a public company , including costs associated with public company reporting and corporate governance requirements , and other expenses incurred to grow our business .


 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 provided by operating activities our net loss and cash flows from operating activities are significantly influenced by our investments in headcount and infrastructure to support anticipated growth . in addition , our net loss in recent periods has been significantly greater than our use of cash for operating activities due to the inclusion of substantial non-cash charges . our cash flows from operating activities are affected by the seasonality of our business , which results in variations in the timing of our invoicing of , and our receipt of payments from , our clients . we have generally experienced increased invoicing in the third and fourth quarters of each year due to higher acquisitions of new clients , the timing of annual billings for existing clients and increased client renewals during these quarters . as a result , we have also experienced increased levels of client payments during the fourth and first quarters of each year , related to client receipts from third and fourth quarter invoices . conversely , we experience relatively lower levels of billings in the first and second quarter of each year , and thus client receipts in the second and third quarters are usually lower relative to the other quarters . we expect this seasonality and resulting trends in cash flows from operating activities to continue . cash provided by operating activities of $ 1.8 million during 2011 was a result of significant increased sales due to the growth of our business although we have continued to make significant investments in headcount , increased expenses incurred as a result of becoming a public company , including costs associated with public company reporting and corporate governance requirements , and other expenses incurred to grow our business .
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 Suspicious Activity Report : gross revenue growth in 2011 was also driven by $ 9.6 million in higher revenue for client agreements entered into during 2011 as compared to revenue in 2010. during the period from december 31 , 2010 through december 31 , 2011 , we acquired 324 new clients , or an increase of 67 % , compared to 201 new clients in 2010 , or an increase of 72 % . net revenue in the united states for 2011 and 2010 was impacted by the $ 2.5 million and $ 2.9 million , respectively , in reductions of revenue related to the common stock warrants described above . net revenue in the united states increased by $ 20.8 million , or 69 % , in 2011 as compared to 2010 , while international net revenue , increased by $ 8.5 million , or 62 % . gross revenue in the united states increased by $ 20.4 million , or 62 % , in 2011 as compared to 2010. as a percentage of total net revenue , international net revenue accounted for 30 % in 2011 as compared to 31 % in 2010. as a percentage of total gross revenue , international gross revenue accounted for 29 % in 2011 and 2010. during the period from december 31 , 2010 through december 31 , 2011 , we acquired 260 domestic and 64 international clients , or an increase of 70 % and 58 % , respectively . our bookings , number of clients and number of users all grew significantly . bookings increased 60 % in 2011 from 2010 , due to acquisitions of new clients and , to a much lesser extent , sales of additional functionality to existing clients , additions of incremental users by existing clients and client renewals . the growth rates for revenue and bookings are not correlated with each other in a given year due to the seasonality of our client agreements , the varied timing of billings , the recognition in most cases of subscription revenue on a straight-line basis over the term of each client agreement , and the recognition of consulting revenue based on proportional performance over the period the services are performed . in 2011 , our annual dollar retention rate of 94.9 % largely consistent with our 2010 and 2009 annual dollar retention rates of 95.8 % and 94.8 % , respectively , as a result of increased client renewals . the number of our clients grew 67 % in 2011 from 2010. the number of users increased by approximately 2.6 million in 2011 , or 52 % , due to the acquisitions of new clients and our increased penetration within existing clients . net revenue increased $ 14.4 million , or 49 % in 2010 from 2009. gross revenue increased $ 17.3 million , or 59 % in 2010 as compared to 2009. net revenue for 2010 consisted of gross revenue less a $ 2.9 million reduction of revenue in 2010 related to a non-cash charge for a common stock warrant issued during the fourth quarter of 2010. there were no such reductions of revenue in 2009. see  critical accounting policies and estimatesoffsets to revenue  for further discussion of common stock warrants accounted for as reductions of revenue . net revenue growth in 2010 was driven by $ 13.2 million in higher revenue from client agreements signed in 2009 that was not fully reflected in 2009 , as a result of the seasonality of when we enter into new client agreements and our revenue recognition policy , which generally recognizes subscription revenue over the contract period . net revenue in 2010 from client agreements signed prior to 2010 was $ 32.0 million as compared to net revenue of $ 18.8 million in 2009 from client agreements signed prior to 2009. in addition , net revenue growth in 2010 resulted from the acquisition of 201 new clients , sales of additional clouds to existing clients , additions of incremental users by existing clients and client renewals . net revenue in the united states for 2010 was impacted by the $ 2.9 million in a reduction of revenue related to the common stock warrant described above . net revenue in the united states increased by $ 7.7 million , or 35 % , in 2010 as compared to 2009 , while international net revenue , mainly in europe , increased by $ 6.7 million , or 96 % . as a percentage of total net revenue , international net revenue accounted for 31 % in 2010 compared to 24 % in 2009. as a percentage of total gross revenue , international gross revenue accounted for 29 % in 2010 compared to 24 % in 2009. during the period from december 31 , 2009 through december 31 , 2010 , we acquired 170 domestic and 31 international clients , or an increase of 69 % and 91 % , respectively . our bookings , number of clients and number of users all grew significantly in 2010 as compared to 2009. bookings increased 77 % in 2010 , due to acquisitions of new clients and , to a much lesser extent , sales of additional clouds to existing clients , additions of incremental users by existing clients and client renewals . the growth rates for revenue and bookings are not correlated with each other as described above . in 2010 , our annual dollar retention rate improved by one percentage point to 95.8 % as a result of increased client renewals as well as our existing clients purchasing additional functionality and adding incremental users . the number of our clients grew 72 % . story_separator_special_tag advances for the purchase of software and equipment may be drawn through may 2012 , have an interest rate of prime plus 1.25 % , and are repayable monthly over a period of either 12 months or 36 months , depending on the items purchased . any borrowings for the purchase of software and equipment under the svb credit facility survive the original maturity of the svb credit facility of august 2012 and any additional borrowings will be payable in accordance with the repayment schedule of the individual loan advances . in may 2011 , we borrowed approximately $ 0.7 million for the purchase of software and equipment , payable monthly through may 2014. at december 31 , 2011 , we had $ 0.5 million outstanding under the svb credit facility . the svb credit facility expires in august 2012 although the borrowings under the software and equipment loan extend through 2014. we are currently evaluating an extension of the svb credit facility . to the extent that we do not extend or renew our svb credit facility , or replace it with a new facility that does not back the standby letters of credit currently outstanding , we will be required to post collateral in the form of restricted cash equal to 110 % of the outstanding value of the standby letters of credit . letters of credit outstanding at december 31 , 2011 totaled $ 1.6 million . our working capital at december 31 , 2011 , excluding current deferred revenue , was $ 112.1 million . our cash flows from operating activities have historically been significantly impacted by the contractual payment terms and patterns of client agreements , as well as our investments in sales and marketing and research and development to drive our business growth . based on our current level of operations and anticipated growth , we believe our future cash flows from operating activities , existing cash and cash equivalents will provide adequate funds for our ongoing operations for at least the next twelve months . our future capital requirements will depend on many factors , including our rate of revenue , billings growth and collections , the level of our sales and marketing efforts , the timing and extent of spending to support product development efforts and expansion into new 52 territories , the timing of introductions of new services and enhancements to existing services , the timing of general and administrative expenses as we grow our administrative infrastructure , and the continuing market acceptance of our solution . to the extent that existing cash and cash from operations are not sufficient to fund our future activities , we may need to raise additional funds . if we make acquisitions of complementary businesses , services or technologies , we could be required to seek additional equity financing or utilize our cash resources . depending on certain growth opportunities , we may choose to accelerate investments in sales and marketing , research and development , technology and services , which may require the use of proceeds from our initial public offering for such additional expansion and expenditures . the following table sets forth a summary of our cash flows for the periods indicated ( in thousands ) : replace_table_token_15_th 53 story_separator_special_tag used $ 1.6 million of cash in investing activities in the year ended december 31 , 2009 , primarily due to $ 1.5 million of investments in capitalized software and $ 0.1 million of net investments in other fixed assets . the investments in other fixed assets consisted of $ 1.6 million in purchases of additional equipment for our expanding infrastructure and work force , which were primarily financed through $ 1.5 million in capital lease financing . net cash provided by financing activities the cash provided by financing activities of $ 80.6 million in the year ended december 31 , 2011 was primarily due to $ 90.5 million of proceeds from our initial public offering , net of underwriting discounts and commissions but before offering expenses . in addition , cash provided by financing activities was also due to the receipt of $ 4.7 million in proceeds from the exercise of warrants to purchase preferred stock and common stock and stock options and borrowings of $ 0.7 million under our svb credit facility to finance the purchase of additional equipment and software . these proceeds were partially offset by payments of $ 9.2 million to repay the then outstanding debt , payments of costs of $ 3.4 million related to our initial public offering , payments of $ 2.0 million on our capital lease obligations and other financing arrangements , and payments of costs of $ 0.6 million related to our withdrawn secondary offering . the cash provided by financing activities in the year ended december 31 , 2010 of $ 1.7 million was primarily due to $ 20.7 million of borrowings on our lines of credit with comerica and silicon valley bank and $ 0.9 million of proceeds due to exercise of stock options , partially offset by $ 11.8 million of payments on our comerica credit facility , $ 6.6 million of payments on our svb credit facility , $ 1.3 million of payments on our capital lease obligations , and $ 0.3 million of paid legal and accounting costs related to our initial public offering . the cash provided by financing activities in the year ended december 31 , 2009 of $ 8.0 million was primarily due to approximately $ 8.7 million of proceeds from our series e convertible preferred stock financing and $ 4.0 million borrowed under a senior subordinated promissory note agreement , partially offset by $ 2.3 million of payments on our line of credit , $ 2.0 million of payments on our term loan and $ 0.3 million in payments on our capital lease obligations . contractual obligations our principal commitments consist of obligations under our outstanding debt facilities , leases for our office space

