the applicable margins are determined by certain financial covenant performance as defined in the credit agreement . at december 31 , 2020 the base rate option and libor option applicable to line of credit borrowings were 3.25 % and 2.00 % , respectively . the credit agreement is collateralized by certain assets of the company and contains financial and operating covenants that we are in compliance with as of december 31 , 2020. for more information on our indebtedness see note 7 to our consolidated financial statements beginning on page f-1 of this annual report on form 10-k. funds held for customers and customer funds obligations we maintain trust accounts with financial institutions , which allows our customers to outsource their tax remittance functions to us . we have legal ownership over the accounts utilized for this purpose . funds held for customers represent cash and cash equivalents that , based upon our intent , are restricted solely for satisfying the obligations to remit funds relating to our tax remittance services . funds held for customers are not commingled with our operating funds . 52 customer funds obligations represent our contractual obligations to remit collected funds to satisfy customer tax payments . customer funds obligations are reported as a current liability on our consolidated balance sheets as the obligations are expected to be settled within one year . cash flows related to changes in customer funds obligations are presented as cash flows from financing activities . off-balance sheet arrangements we do not have any off-balance sheet arrangements , as defined by applicable regulations of the sec , that are reasonably likely to have a current or future material effect on our financial condition , results of operations , liquidity , capital expenditures or capital resources . contractual obligations and commitments our contractual obligations and commitments as of december 31 , 2020 are summarized in the table below : replace_table_token_23_th ( 1 ) on january 7 , 2020 , the company acquired a 60 % controlling interest in systax , a provider of brazilian transaction tax content and software . the company has a contractual purchase commitment to acquire the remaining 40 % equity interest incrementally between 2021 through 2024. future purchase commitment payments for these incremental acquisition amounts are based on a multiple of systax revenue and earnings before interest , depreciation , amortization and income taxes performance at the end of 2020 , 2022 and 2023 , whereby the company will have full ownership after the final transaction in 2024. see notes 1 and 2 to our consolidated financial statements beginning on page f-1 of this annual report on form 10-k. critical accounting policies and estimates the preparation of these consolidated financial statements in accordance with gaap requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements , as well as the reported amounts of revenue and expenses during the reporting periods . these estimates , assumptions and judgments are necessary because future events and their effects on our consolidated financial statements can not be determined with certainty , and are made based on our historical experience and on other assumptions that we believe to be reasonable under the circumstances . these estimates may change as new events occur or additional information is obtained , and we may periodically be faced with uncertainties , the outcomes of which are not within our control and may not be known for a prolonged period of time . because the use of estimates is inherent in the financial reporting process , actual results could materially differ from those estimates . the policies and estimates discussed below are considered by management to be critical to an understanding of our consolidated financial statements because their application places the most significant demands on management 's judgment . specific risks for these critical accounting policies are described in the following sections . for all of these policies , we caution that future events rarely develop exactly as forecast , and such estimates routinely require adjustment . we have reviewed these critical accounting policies and estimates and related disclosures with our audit committee . our discussion of critical accounting policies and estimates is intended to supplement , not duplicate , our summary of significant accounting policies so that readers will have greater insight into the uncertainties involved in applying our critical accounting policies and estimates . for a summary of our significant accounting policies , see note 1 to our consolidated financial statements beginning on page f-1 of this annual report on form 10-k. 53 revenue recognition revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration expected to be received in exchange for those products or services . we enter into contracts that can include various combinations of products and services , which are generally capable of being distinct and accounted for as separate performance obligations . revenue is recognized net of allowance for subscription and non-renewal cancellations and any taxes collected from customers , which are subsequently remitted to governmental authorities . licenses for on-premise software subscriptions provide the customer with a right to use the software as it exists when made available to the customer . customers purchase a subscription to these licenses , which includes the related software and tax content updates and product support . the updates and support , which are part of the subscription agreement , are essential to the continued utility of the software . story_separator_special_tag prior to these elections , the income and loss from these entities was reported on the company 's u.s. federal and most state income tax returns in addition to being reported on a foreign jurisdiction tax return regardless of whether or not the earnings were repatriated . we record deferred income taxes using the liability method . we recognize deferred tax assets and liabilities for future tax consequences of events that have been previously recognized in the consolidated financial statements and tax returns . the measurement of deferred tax assets and liabilities is based on provisions of the enacted tax law . the effects of future changes in tax laws or rates are not anticipated . a valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized . we record uncertain tax positions in accordance with asc 740 , income taxes , on the basis of a two-step process whereby : ( i ) management determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position , and ( ii ) for those tax positions that meet the more likely than not recognition threshold , management recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority . the impact as a result of the application of asc 740 is reflected in the 57 consolidated financial statements . the company assesses its income tax positions and records tax benefits or expense based upon management 's evaluation of the facts , circumstances , and information available at the reporting date . recent accounting pronouncements a discussion of recent accounting pronouncements is included in note 1 to our consolidated financial statements beginning on page f-1 of this annual report on form 10-k. jobs act as a company with less than $ 1.07 billion in revenue during our last fiscal year , we qualify as an “ emerging growth company , ” as defined in the jobs act . an emerging growth company may take advantage of reduced reporting requirements that are otherwise applicable to public companies . these provisions include : ● not being required to comply with the auditor attestation requirements of section 404 of the sarbanes-oxley act ; ● reduced disclosure obligations regarding executive compensation in our periodic reports , proxy statements and registration statements ; and ● exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved . we may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the completion of our offering . however , if certain events occur prior to the end of such five-year period , including if we become a “ large accelerated filer , ” our annual gross revenues exceed $ 1.07 billion , or we issue more than $ 1.0 billion of non-convertible debt in any three-year period , we will cease to be an emerging growth company prior to the end of such five-year period . we have elected to take advantage of certain of the reduced disclosure obligations in this annual report on form 10-k and may elect to take advantage of other reduced reporting requirements in future filings . as a result , the information that we provide to our stockholders may be different from what you might receive from other public reporting companies in which you hold equity interests . in addition , under the jobs act , emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies . ​ 58 ​ ​ item 7a . quantitative and qualitative disclosures about market risk interest rate risk we had cash and cash equivalents of $ 303.1 million and $ 75.9 million as of december 31 , 2020 and 2019 , respectively . we maintain our cash and cash equivalents in deposit accounts and money market funds with financial institutions . due to the short-term nature of these instruments , we believe that we do not have any material exposure to changes in the fair value of our investment portfolio as a result of changes in interest rates . declines in interest rates , however , would reduce future interest income . the company has no outstanding bank debt at december 31 , 2020. any debt we incur in the future may bear interest at variable rates . foreign currency exchange rate risk our revenues and expenses are primarily denominated in u.s. dollars . for our foreign operations , the majority of our revenues and expenses are denominated in other currencies , such as the canadian dollar , euro , british pound , swedish krona , indian rupee and brazilian real . decreases in the relative value of the u.s. dollar as compared to these currencies may negatively affect our revenues and other operating results as expressed in u.s. dollars . for the years ended december 31 , 2020 , 2019 and 2018 , approximately 1 % of our revenues were generated in currencies other than u.s. dollars in each respective period . we have experienced and will continue to experience fluctuations in our net income ( loss ) as a result of transaction gains or losses related to revaluing certain current asset and current liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded . we have historically recognized immaterial amounts of foreign currency gains and losses in each of the periods presented . we may in the future hedge selected significant transactions denominated in currencies other than the u.s. dollar as we expand our international operations and our risk grows . for example , our acquisition of the controlling interest in systax in january

liquidity and capital resources as of december 31 , 2020 , we had cash and cash equivalents of $ 303.1 million and retained earnings of $ 21.9 million . prior to july 31 , 2020 , our primary sources of capital had been from sales of our solutions and proceeds from bank lending facilities . on july 31 , 2020 , we received $ 423.0 million in proceeds , net of underwriting fees and commissions , from the sale of 23,812,216 shares of our class a common stock and used a portion of the proceeds to pay off the $ 175.0 million term loan facility . as a result , we have no outstanding bank debt after such redemption . the net proceeds remaining after payment of offering costs are being used for working capital and other corporate purposes . we believe that our existing cash resources and our $ 100 million bank line of credit will be sufficient to meet our capital requirements and fund our operations for at least the next 12 months . however , if these sources are insufficient to satisfy our liquidity requirements , we may seek to sell additional equity or debt securities or borrow from our banks . if we raise additional funds by issuing equity securities , our stockholders will experience dilution . debt financing , if available , may involve covenants restricting our operations or our ability to incur additional debt . any debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders . additional financing may not be available at all , or in amounts or on terms unacceptable to us . historical cash flows years ended december 31 , 2020 and 2019 the following table presents a summary of our cash flows for the periods indicated : replace_table_token_21_th ​ operating activities . cash provided by operating activities was $ 59.5 million in 2020 compared to $ 92.5 million in 2019 , a decrease of $ 33.0 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 31 , 2020 , we had cash and cash equivalents of $ 303.1 million and retained earnings of $ 21.9 million . prior to july 31 , 2020 , our primary sources of capital had been from sales of our solutions and proceeds from bank lending facilities . on july 31 , 2020 , we received $ 423.0 million in proceeds , net of underwriting fees and commissions , from the sale of 23,812,216 shares of our class a common stock and used a portion of the proceeds to pay off the $ 175.0 million term loan facility . as a result , we have no outstanding bank debt after such redemption . the net proceeds remaining after payment of offering costs are being used for working capital and other corporate purposes . we believe that our existing cash resources and our $ 100 million bank line of credit will be sufficient to meet our capital requirements and fund our operations for at least the next 12 months . however , if these sources are insufficient to satisfy our liquidity requirements , we may seek to sell additional equity or debt securities or borrow from our banks . if we raise additional funds by issuing equity securities , our stockholders will experience dilution . debt financing , if available , may involve covenants restricting our operations or our ability to incur additional debt . any debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders . additional financing may not be available at all , or in amounts or on terms unacceptable to us . historical cash flows years ended december 31 , 2020 and 2019 the following table presents a summary of our cash flows for the periods indicated : replace_table_token_21_th ​ operating activities . cash provided by operating activities was $ 59.5 million in 2020 compared to $ 92.5 million in 2019 , a decrease of $ 33.0 million .
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 Suspicious Activity Report : the applicable margins are determined by certain financial covenant performance as defined in the credit agreement . at december 31 , 2020 the base rate option and libor option applicable to line of credit borrowings were 3.25 % and 2.00 % , respectively . the credit agreement is collateralized by certain assets of the company and contains financial and operating covenants that we are in compliance with as of december 31 , 2020. for more information on our indebtedness see note 7 to our consolidated financial statements beginning on page f-1 of this annual report on form 10-k. funds held for customers and customer funds obligations we maintain trust accounts with financial institutions , which allows our customers to outsource their tax remittance functions to us . we have legal ownership over the accounts utilized for this purpose . funds held for customers represent cash and cash equivalents that , based upon our intent , are restricted solely for satisfying the obligations to remit funds relating to our tax remittance services . funds held for customers are not commingled with our operating funds . 52 customer funds obligations represent our contractual obligations to remit collected funds to satisfy customer tax payments . customer funds obligations are reported as a current liability on our consolidated balance sheets as the obligations are expected to be settled within one year . cash flows related to changes in customer funds obligations are presented as cash flows from financing activities . off-balance sheet arrangements we do not have any off-balance sheet arrangements , as defined by applicable regulations of the sec , that are reasonably likely to have a current or future material effect on our financial condition , results of operations , liquidity , capital expenditures or capital resources . contractual obligations and commitments our contractual obligations and commitments as of december 31 , 2020 are summarized in the table below : replace_table_token_23_th ( 1 ) on january 7 , 2020 , the company acquired a 60 % controlling interest in systax , a provider of brazilian transaction tax content and software . the company has a contractual purchase commitment to acquire the remaining 40 % equity interest incrementally between 2021 through 2024. future purchase commitment payments for these incremental acquisition amounts are based on a multiple of systax revenue and earnings before interest , depreciation , amortization and income taxes performance at the end of 2020 , 2022 and 2023 , whereby the company will have full ownership after the final transaction in 2024. see notes 1 and 2 to our consolidated financial statements beginning on page f-1 of this annual report on form 10-k. critical accounting policies and estimates the preparation of these consolidated financial statements in accordance with gaap requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements , as well as the reported amounts of revenue and expenses during the reporting periods . these estimates , assumptions and judgments are necessary because future events and their effects on our consolidated financial statements can not be determined with certainty , and are made based on our historical experience and on other assumptions that we believe to be reasonable under the circumstances . these estimates may change as new events occur or additional information is obtained , and we may periodically be faced with uncertainties , the outcomes of which are not within our control and may not be known for a prolonged period of time . because the use of estimates is inherent in the financial reporting process , actual results could materially differ from those estimates . the policies and estimates discussed below are considered by management to be critical to an understanding of our consolidated financial statements because their application places the most significant demands on management 's judgment . specific risks for these critical accounting policies are described in the following sections . for all of these policies , we caution that future events rarely develop exactly as forecast , and such estimates routinely require adjustment . we have reviewed these critical accounting policies and estimates and related disclosures with our audit committee . our discussion of critical accounting policies and estimates is intended to supplement , not duplicate , our summary of significant accounting policies so that readers will have greater insight into the uncertainties involved in applying our critical accounting policies and estimates . for a summary of our significant accounting policies , see note 1 to our consolidated financial statements beginning on page f-1 of this annual report on form 10-k. 53 revenue recognition revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration expected to be received in exchange for those products or services . we enter into contracts that can include various combinations of products and services , which are generally capable of being distinct and accounted for as separate performance obligations . revenue is recognized net of allowance for subscription and non-renewal cancellations and any taxes collected from customers , which are subsequently remitted to governmental authorities . licenses for on-premise software subscriptions provide the customer with a right to use the software as it exists when made available to the customer . customers purchase a subscription to these licenses , which includes the related software and tax content updates and product support . the updates and support , which are part of the subscription agreement , are essential to the continued utility of the software . story_separator_special_tag prior to these elections , the income and loss from these entities was reported on the company 's u.s. federal and most state income tax returns in addition to being reported on a foreign jurisdiction tax return regardless of whether or not the earnings were repatriated . we record deferred income taxes using the liability method . we recognize deferred tax assets and liabilities for future tax consequences of events that have been previously recognized in the consolidated financial statements and tax returns . the measurement of deferred tax assets and liabilities is based on provisions of the enacted tax law . the effects of future changes in tax laws or rates are not anticipated . a valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized . we record uncertain tax positions in accordance with asc 740 , income taxes , on the basis of a two-step process whereby : ( i ) management determines whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position , and ( ii ) for those tax positions that meet the more likely than not recognition threshold , management recognizes the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority . the impact as a result of the application of asc 740 is reflected in the 57 consolidated financial statements . the company assesses its income tax positions and records tax benefits or expense based upon management 's evaluation of the facts , circumstances , and information available at the reporting date . recent accounting pronouncements a discussion of recent accounting pronouncements is included in note 1 to our consolidated financial statements beginning on page f-1 of this annual report on form 10-k. jobs act as a company with less than $ 1.07 billion in revenue during our last fiscal year , we qualify as an “ emerging growth company , ” as defined in the jobs act . an emerging growth company may take advantage of reduced reporting requirements that are otherwise applicable to public companies . these provisions include : ● not being required to comply with the auditor attestation requirements of section 404 of the sarbanes-oxley act ; ● reduced disclosure obligations regarding executive compensation in our periodic reports , proxy statements and registration statements ; and ● exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved . we may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the completion of our offering . however , if certain events occur prior to the end of such five-year period , including if we become a “ large accelerated filer , ” our annual gross revenues exceed $ 1.07 billion , or we issue more than $ 1.0 billion of non-convertible debt in any three-year period , we will cease to be an emerging growth company prior to the end of such five-year period . we have elected to take advantage of certain of the reduced disclosure obligations in this annual report on form 10-k and may elect to take advantage of other reduced reporting requirements in future filings . as a result , the information that we provide to our stockholders may be different from what you might receive from other public reporting companies in which you hold equity interests . in addition , under the jobs act , emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies . ​ 58 ​ ​ item 7a . quantitative and qualitative disclosures about market risk interest rate risk we had cash and cash equivalents of $ 303.1 million and $ 75.9 million as of december 31 , 2020 and 2019 , respectively . we maintain our cash and cash equivalents in deposit accounts and money market funds with financial institutions . due to the short-term nature of these instruments , we believe that we do not have any material exposure to changes in the fair value of our investment portfolio as a result of changes in interest rates . declines in interest rates , however , would reduce future interest income . the company has no outstanding bank debt at december 31 , 2020. any debt we incur in the future may bear interest at variable rates . foreign currency exchange rate risk our revenues and expenses are primarily denominated in u.s. dollars . for our foreign operations , the majority of our revenues and expenses are denominated in other currencies , such as the canadian dollar , euro , british pound , swedish krona , indian rupee and brazilian real . decreases in the relative value of the u.s. dollar as compared to these currencies may negatively affect our revenues and other operating results as expressed in u.s. dollars . for the years ended december 31 , 2020 , 2019 and 2018 , approximately 1 % of our revenues were generated in currencies other than u.s. dollars in each respective period . we have experienced and will continue to experience fluctuations in our net income ( loss ) as a result of transaction gains or losses related to revaluing certain current asset and current liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded . we have historically recognized immaterial amounts of foreign currency gains and losses in each of the periods presented . we may in the future hedge selected significant transactions denominated in currencies other than the u.s. dollar as we expand our international operations and our risk grows . for example , our acquisition of the controlling interest in systax in january

