35 table of contents as a result of the structure of our revenue arrangements and our customer-types , our revenues during the three months ended march 31 , 2020 were not materially impacted by covid-19 . while we experienced a decrease to our asset-based revenues in the second quarter of 2020 compared to the first quarter of 2020 as a result of the decline in the equity markets as of march 31 , 2020 , our asset-based revenues were minimally impacted in the third quarter of 2020 as the equity markets have generally recovered to pre-pandemic levels . we have experienced no business interruptions , nor did we lose any significant customers as a result of the covid-19 pandemic . for the twelve months ended december 31 , 2020 , approximately 43 % of revenues were subscription-based . these revenues primarily consisted of fees for providing customers continuous access to our platforms . these subscription-based fees generally include fixed fees or usage-based fees . these fees vary based on the services being offered . our subscription-based fee arrangements are typically established through multi-year contracts . in the event that the equity markets fall again as a result of covid-19 or for any other reason , our revenues will be negatively impacted . based on our most recent internal forecasts and other qualitative factors , we have determined that we currently have no impairments to our assets as of december 31 , 2020. we have not modified our revolving credit agreement in connection with the covid-19 pandemic . additionally , in august 2020 , we successfully acquired additional financing in the form of convertible notes on terms favorable to the company . on march 27 , 2020 , the coronavirus aid , relief , and economic security act ( “ cares act ” ) was signed into law . one provision of the cares act provides a five-year carryback of net operating losses ( “ nols ” ) generated in tax years beginning after december 31 , 2017 and before january 1 , 2021. we estimate a refund of approximately $ 1,200 from the carryback of nols . investment in private services company on january 8 , 2020 , we acquired a 4.25 % membership interest in a private services company for cash consideration of $ 11,000. the private services company partners with independent network advisory firms to help them grow , become more profitable and run more efficiently . we account for this investment under the equity method basis of accounting . acquisition of private technology company on february 18 , 2020 , through our wholly owned subsidiary yodlee , inc. ( “ yodlee ” ) , we acquired a private technology company ( the “ private technology company acquisition ” ) . the private technology company enables the consent generation and data flow between financial information providers , such as banks and financial institutions , and financial information users , such as financial technology lenders and other financial services agencies , through a network of cloud-based interoperable interfaces or application programming interfaces . the technology and operations of the private technology company have been integrated into our envestnet data & analytics segment . in connection with the private technology company acquisition , we acquired all of the outstanding shares and paid cash consideration of $ 2,343 , net of cash acquired , subject to certain closing and post-closing adjustments , plus up to an additional $ 6,750 in contingent consideration , based upon the achievement of certain performance targets . on the date of acquisition , we recorded a liability of approximately $ 5,239 , which represented the estimated fair value of contingent consideration as of that date . in 2020 , we determined that certain performance targets for this acquisition would not be met . as a result , we reduced the contingent consideration liability plus accrued interest associated with this acquisition by $ 3,105 and recorded this as a reduction to general and administration expenses . future changes to the estimated fair value of the contingent consideration , if any , will be recognized in our earnings . we recorded estimated goodwill of $ 7,019 , which is not deductible for income tax purposes , and estimated identifiable intangible assets for proprietary technologies of $ 1,000. the tangible assets acquired and liabilities assumed were not material . acquisition of private cloud technology company on march 2 , 2020 , we acquired certain assets of a private cloud technology company ( the “ private cloud technology company acquisition ” ) . the private cloud technology company enables enterprises to design and implement the digital 36 table of contents transition from legacy systems and applications to a modern cloud computing platform . the technology and operations of the private cloud technology company have been integrated into our envestnet wealth solutions segment . in connection with the private cloud technology company acquisition , we paid estimated consideration of $ 11,968 , net of cash acquired . in connection with the acquisition , we recorded estimated goodwill of $ 10,932 , which is deductible for income tax purposes . the tangible assets acquired and liabilities assumed were not material . acquisition of private financial technology design company on march 3 , 2020 , we acquired the outstanding units of a private financial technology design company that were not owned by the company and merged the acquired company into a wholly owned subsidiary of ours ( the “ private financial technology design company acquisition ” ) . the private financial technology design company designs integrated , intuitive digital technology applications for institutional financial services firms , bank wealth management organizations , independent advisor networks , and broker-dealers . the technology and operations of the private financial technology design company have been integrated into our envestnet wealth solutions segment . story_separator_special_tag professional services and other revenues professional services and other revenues decreased 17 % from $ 37,002 in 2019 to $ 30,776 in 2020. the decrease was due to timing of the completion of customer projects and deployments , as well as a decrease in revenues resulting from the cancellation of our 2020 advisor summit . cost of revenues cost of revenues increased 10 % from $ 278,811 in 2019 to $ 305,929 in 2020 , primarily due to an increase in asset-based cost of revenues of $ 34,656 , partially offset by decreases in professional services and other revenues of $ 5,568 and subscription-based cost of revenues of $ 1,970. as a percentage of total revenues , cost of revenues remained consistent at 31 % for the years ended december 31 , 2019 and 2020. compensation and benefits compensation and benefits increased 4 % from $ 383,554 in 2019 to $ 398,970 in 2020 , primarily due to increases in severance expense of $ 9,742 and incentive compensation of $ 6,925 , partially offset by salary , benefits and related payroll taxes of $ 1,922. the increase in severance expense is primarily related to charges connected with the early retirement program that was offered to eligible employees through january 31 , 2020. the 2019 acquisitions contributed compensation and benefits expenses of $ 22,891 and $ 28,601 , to total compensation and benefits expense in 2019 and 2020 , respectively . as a percentage of total revenues , compensation and benefits decreased from 43 % in 2019 to 40 % in 2020 , primarily due to revenue growth of our 2019 acquisitions outpacing compensation and benefit growth for these same acquisitions . general and administration general and administration expenses increased 5 % from $ 152,564 in 2019 to $ 160,229 in 2020 , primarily due to increases in non-recurring restructuring charges and transaction costs of $ 11,202 , systems development expense of $ 4,772 , trade errors of $ 3,045 , permits , licenses and fees of $ 1,425 , professional and legal expenses of $ 1,363 and other miscellaneous general and administrative expenses of $ 1,278. these increases were partially offset by decreases in travel and entertainment expense of $ 12,335 , occupancy costs of $ 3,296 and marketing expense of $ 3,159. the 2019 acquisitions contributed general and administration expenses of $ 8,701 and $ 6,593 , to total general and administration expenses in 2019 and 2020 respectively . as a percentage of total revenues , general and administration expenses decreased from 17 % in 2019 to 16 % and 2020. depreciation and amortization depreciation and amortization expense increased 12 % from $ 101,271 in 2019 to $ 113,661 in 2020 , primarily due to increases in internally developed software amortization expense of $ 6,628 and intangible asset amortization expense of $ 5,107. as a percentage of total revenues , depreciation and amortization expense remained consistent at 11 % in 2019 and 2020. interest income interest income decreased from $ 3,347 in 2019 to $ 1,112 in 2020 , primarily due to less interest earned on our bank accounts and money market funds . while our cash and cash equivalent balance increased significantly in 2020 as a result of the proceeds we received from our convertible debt offering in august 2020 , interest earned on this cash continued to be low . interest expense interest expense decreased 3 % from $ 32,520 in 2019 to $ 31,504 in 2020 , primarily due to the payment of $ 345,000 of convertible notes in december 2019 and the paydown of our revolving credit facility in 2020 , partially offset by additional interest incurred on the issuance of convertible notes due 2025 in august 2020. as a percentage of total revenues , interest expense decreased from 4 % in 2019 to 3 % in 2020 . 43 table of contents other income ( expense ) , net other income ( expense ) , net increased from other expense of $ 2,849 in 2019 to other income of $ 2,906 in 2020 , primarily due to a gain of $ 4,230 recognized in 2020 on the remeasurement of our previously held interest in the private financial technology design company , a gain of $ 2,524 as a result of a fair value adjustment upon settlement of our former chief executive officer 's stock options and a gain on the sale of our interest held in a private company of $ 1,647. this increase was partially offset by additional equity method losses of $ 3,038 recorded in 2020 as compared to 2019. income tax provision replace_table_token_5_th our 2020 effective tax rate differs from the statutory rate primarily due to state taxes , the excess tax benefit related to stock-based compensation , the executive compensation deduction limitation , the generation of research and development ( “ r & d ” ) tax credits , income related to the indian partnerships , the impact of the cares act related to nol carryback , the change in the valuation allowance the company has placed on a portion of its us deferred tax assets and the settlement of asc 740-10 amounts due to the settlement of the bilateral advance pricing agreement with india and the filing of voluntary disclosure agreement returns . our 2019 effective tax rate differs from the statutory rate primarily due to state taxes , excess tax benefit related to stock-based compensation , the generation of r & d tax credits , unrecognized tax benefits , prior period true-ups and changes in valuation allowances . year ended december 31 , 2019 compared to year ended december 31 , 2018 for a discussion of the 2019 results of operations compared to 2018 , see part ii , item 7 , “ management 's discussion and analysis of financial condition and results of operations ” of our form 10-k filed with the sec on february 28 , 2020. business segments business segments are generally organized around our

liquidity and capital resources as of december 31 , 2020 , we had total cash and cash equivalents of $ 384,565 , compared to $ 82,505 as of december 31 , 2019. in august 2020 , we issued $ 517,500 of convertible notes that mature on august 15 , 2025. see part ii , item 8 , “ note 10—debt , convertible notes due 2025 ” for more details regarding the issuance of these convertible notes . with the proceeds from this convertible note issuance , we repaid the outstanding balance on our revolving credit facility of $ 150,000. we plan to use existing cash as of december 31 , 2020 , cash generated in the ongoing operations of our business and amounts under our revolving credit facility to fund our current operations , capital expenditures and possible acquisitions or other strategic activity , and to meet our debt service obligations . if the cash generated in the ongoing operations of our business is insufficient to fund these requirements we may be required to borrow under our revolving credit facility or incur additional debt to fund our ongoing operations or to fund potential acquisitions or other strategic activities . amended credit agreement in 2014 , we and certain of our subsidiaries entered into a credit agreement with a group of banks ( the “ banks ” ) , for which bank of montreal acted as administrative agent .


 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.
     ```liquidity and capital resources as of december 31 , 2020 , we had total cash and cash equivalents of $ 384,565 , compared to $ 82,505 as of december 31 , 2019. in august 2020 , we issued $ 517,500 of convertible notes that mature on august 15 , 2025. see part ii , item 8 , “ note 10—debt , convertible notes due 2025 ” for more details regarding the issuance of these convertible notes . with the proceeds from this convertible note issuance , we repaid the outstanding balance on our revolving credit facility of $ 150,000. we plan to use existing cash as of december 31 , 2020 , cash generated in the ongoing operations of our business and amounts under our revolving credit facility to fund our current operations , capital expenditures and possible acquisitions or other strategic activity , and to meet our debt service obligations . if the cash generated in the ongoing operations of our business is insufficient to fund these requirements we may be required to borrow under our revolving credit facility or incur additional debt to fund our ongoing operations or to fund potential acquisitions or other strategic activities . amended credit agreement in 2014 , we and certain of our subsidiaries entered into a credit agreement with a group of banks ( the “ banks ” ) , for which bank of montreal acted as administrative agent .
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 Suspicious Activity Report : 35 table of contents as a result of the structure of our revenue arrangements and our customer-types , our revenues during the three months ended march 31 , 2020 were not materially impacted by covid-19 . while we experienced a decrease to our asset-based revenues in the second quarter of 2020 compared to the first quarter of 2020 as a result of the decline in the equity markets as of march 31 , 2020 , our asset-based revenues were minimally impacted in the third quarter of 2020 as the equity markets have generally recovered to pre-pandemic levels . we have experienced no business interruptions , nor did we lose any significant customers as a result of the covid-19 pandemic . for the twelve months ended december 31 , 2020 , approximately 43 % of revenues were subscription-based . these revenues primarily consisted of fees for providing customers continuous access to our platforms . these subscription-based fees generally include fixed fees or usage-based fees . these fees vary based on the services being offered . our subscription-based fee arrangements are typically established through multi-year contracts . in the event that the equity markets fall again as a result of covid-19 or for any other reason , our revenues will be negatively impacted . based on our most recent internal forecasts and other qualitative factors , we have determined that we currently have no impairments to our assets as of december 31 , 2020. we have not modified our revolving credit agreement in connection with the covid-19 pandemic . additionally , in august 2020 , we successfully acquired additional financing in the form of convertible notes on terms favorable to the company . on march 27 , 2020 , the coronavirus aid , relief , and economic security act ( “ cares act ” ) was signed into law . one provision of the cares act provides a five-year carryback of net operating losses ( “ nols ” ) generated in tax years beginning after december 31 , 2017 and before january 1 , 2021. we estimate a refund of approximately $ 1,200 from the carryback of nols . investment in private services company on january 8 , 2020 , we acquired a 4.25 % membership interest in a private services company for cash consideration of $ 11,000. the private services company partners with independent network advisory firms to help them grow , become more profitable and run more efficiently . we account for this investment under the equity method basis of accounting . acquisition of private technology company on february 18 , 2020 , through our wholly owned subsidiary yodlee , inc. ( “ yodlee ” ) , we acquired a private technology company ( the “ private technology company acquisition ” ) . the private technology company enables the consent generation and data flow between financial information providers , such as banks and financial institutions , and financial information users , such as financial technology lenders and other financial services agencies , through a network of cloud-based interoperable interfaces or application programming interfaces . the technology and operations of the private technology company have been integrated into our envestnet data & analytics segment . in connection with the private technology company acquisition , we acquired all of the outstanding shares and paid cash consideration of $ 2,343 , net of cash acquired , subject to certain closing and post-closing adjustments , plus up to an additional $ 6,750 in contingent consideration , based upon the achievement of certain performance targets . on the date of acquisition , we recorded a liability of approximately $ 5,239 , which represented the estimated fair value of contingent consideration as of that date . in 2020 , we determined that certain performance targets for this acquisition would not be met . as a result , we reduced the contingent consideration liability plus accrued interest associated with this acquisition by $ 3,105 and recorded this as a reduction to general and administration expenses . future changes to the estimated fair value of the contingent consideration , if any , will be recognized in our earnings . we recorded estimated goodwill of $ 7,019 , which is not deductible for income tax purposes , and estimated identifiable intangible assets for proprietary technologies of $ 1,000. the tangible assets acquired and liabilities assumed were not material . acquisition of private cloud technology company on march 2 , 2020 , we acquired certain assets of a private cloud technology company ( the “ private cloud technology company acquisition ” ) . the private cloud technology company enables enterprises to design and implement the digital 36 table of contents transition from legacy systems and applications to a modern cloud computing platform . the technology and operations of the private cloud technology company have been integrated into our envestnet wealth solutions segment . in connection with the private cloud technology company acquisition , we paid estimated consideration of $ 11,968 , net of cash acquired . in connection with the acquisition , we recorded estimated goodwill of $ 10,932 , which is deductible for income tax purposes . the tangible assets acquired and liabilities assumed were not material . acquisition of private financial technology design company on march 3 , 2020 , we acquired the outstanding units of a private financial technology design company that were not owned by the company and merged the acquired company into a wholly owned subsidiary of ours ( the “ private financial technology design company acquisition ” ) . the private financial technology design company designs integrated , intuitive digital technology applications for institutional financial services firms , bank wealth management organizations , independent advisor networks , and broker-dealers . the technology and operations of the private financial technology design company have been integrated into our envestnet wealth solutions segment . story_separator_special_tag professional services and other revenues professional services and other revenues decreased 17 % from $ 37,002 in 2019 to $ 30,776 in 2020. the decrease was due to timing of the completion of customer projects and deployments , as well as a decrease in revenues resulting from the cancellation of our 2020 advisor summit . cost of revenues cost of revenues increased 10 % from $ 278,811 in 2019 to $ 305,929 in 2020 , primarily due to an increase in asset-based cost of revenues of $ 34,656 , partially offset by decreases in professional services and other revenues of $ 5,568 and subscription-based cost of revenues of $ 1,970. as a percentage of total revenues , cost of revenues remained consistent at 31 % for the years ended december 31 , 2019 and 2020. compensation and benefits compensation and benefits increased 4 % from $ 383,554 in 2019 to $ 398,970 in 2020 , primarily due to increases in severance expense of $ 9,742 and incentive compensation of $ 6,925 , partially offset by salary , benefits and related payroll taxes of $ 1,922. the increase in severance expense is primarily related to charges connected with the early retirement program that was offered to eligible employees through january 31 , 2020. the 2019 acquisitions contributed compensation and benefits expenses of $ 22,891 and $ 28,601 , to total compensation and benefits expense in 2019 and 2020 , respectively . as a percentage of total revenues , compensation and benefits decreased from 43 % in 2019 to 40 % in 2020 , primarily due to revenue growth of our 2019 acquisitions outpacing compensation and benefit growth for these same acquisitions . general and administration general and administration expenses increased 5 % from $ 152,564 in 2019 to $ 160,229 in 2020 , primarily due to increases in non-recurring restructuring charges and transaction costs of $ 11,202 , systems development expense of $ 4,772 , trade errors of $ 3,045 , permits , licenses and fees of $ 1,425 , professional and legal expenses of $ 1,363 and other miscellaneous general and administrative expenses of $ 1,278. these increases were partially offset by decreases in travel and entertainment expense of $ 12,335 , occupancy costs of $ 3,296 and marketing expense of $ 3,159. the 2019 acquisitions contributed general and administration expenses of $ 8,701 and $ 6,593 , to total general and administration expenses in 2019 and 2020 respectively . as a percentage of total revenues , general and administration expenses decreased from 17 % in 2019 to 16 % and 2020. depreciation and amortization depreciation and amortization expense increased 12 % from $ 101,271 in 2019 to $ 113,661 in 2020 , primarily due to increases in internally developed software amortization expense of $ 6,628 and intangible asset amortization expense of $ 5,107. as a percentage of total revenues , depreciation and amortization expense remained consistent at 11 % in 2019 and 2020. interest income interest income decreased from $ 3,347 in 2019 to $ 1,112 in 2020 , primarily due to less interest earned on our bank accounts and money market funds . while our cash and cash equivalent balance increased significantly in 2020 as a result of the proceeds we received from our convertible debt offering in august 2020 , interest earned on this cash continued to be low . interest expense interest expense decreased 3 % from $ 32,520 in 2019 to $ 31,504 in 2020 , primarily due to the payment of $ 345,000 of convertible notes in december 2019 and the paydown of our revolving credit facility in 2020 , partially offset by additional interest incurred on the issuance of convertible notes due 2025 in august 2020. as a percentage of total revenues , interest expense decreased from 4 % in 2019 to 3 % in 2020 . 43 table of contents other income ( expense ) , net other income ( expense ) , net increased from other expense of $ 2,849 in 2019 to other income of $ 2,906 in 2020 , primarily due to a gain of $ 4,230 recognized in 2020 on the remeasurement of our previously held interest in the private financial technology design company , a gain of $ 2,524 as a result of a fair value adjustment upon settlement of our former chief executive officer 's stock options and a gain on the sale of our interest held in a private company of $ 1,647. this increase was partially offset by additional equity method losses of $ 3,038 recorded in 2020 as compared to 2019. income tax provision replace_table_token_5_th our 2020 effective tax rate differs from the statutory rate primarily due to state taxes , the excess tax benefit related to stock-based compensation , the executive compensation deduction limitation , the generation of research and development ( “ r & d ” ) tax credits , income related to the indian partnerships , the impact of the cares act related to nol carryback , the change in the valuation allowance the company has placed on a portion of its us deferred tax assets and the settlement of asc 740-10 amounts due to the settlement of the bilateral advance pricing agreement with india and the filing of voluntary disclosure agreement returns . our 2019 effective tax rate differs from the statutory rate primarily due to state taxes , excess tax benefit related to stock-based compensation , the generation of r & d tax credits , unrecognized tax benefits , prior period true-ups and changes in valuation allowances . year ended december 31 , 2019 compared to year ended december 31 , 2018 for a discussion of the 2019 results of operations compared to 2018 , see part ii , item 7 , “ management 's discussion and analysis of financial condition and results of operations ” of our form 10-k filed with the sec on february 28 , 2020. business segments business segments are generally organized around our

