we generated revenue of $ 132.9 million , $ 102.7 million and $ 78.8 million during the years ended december 31 , 2020 , 2019 , and 2018 , respectively , representing growth of 29 % in 2020 and 30 % in 2019. excluding the impact of the 2017 acquisition of simply measured , inc. , or simply measured , our organic growth rate in 2020 and 2019 was 36 % and 44 % , respectively . this organic growth rate excludes the impact of revenue generated from legacy simply measured products as well as revenue from the transition of legacy customers to our platform up to an amount equal to such customers ' prior spend on legacy simply measured products . this organic growth rate includes all incremental revenue generated above such prior spend from the sale of additional or higher-priced products and users and profiles to legacy customers of simply measured . in 2020 , software subscriptions contributed 99 % of our revenue . we generated net losses of $ 31.7 million , $ 46.8 million , and $ 20.9 million during the years ended december 31 , 2020 , 2019 , and 2018 , respectiv ely . our net losses include stock-based compensation expense of $ 11.1 million , $ 25.3 million and $ 0.1 million in the years ended december 31 , 2020 , 2019 , and 2018 , respectively . the higher stock-based compensation expense in 2019 was primarily due to the vesting of rsus in connection with our ipo in december 2019. we expect to continue investing in the growth of our business and , as a result , generate net losses for the foreseeable future . covid-19 in december 2019 , a novel coronavirus disease ( “ covid-19 ” ) was identified . on march 11 , 2020 , the world health organization characterized covid-19 as a pandemic . the extent of the impact of covid-19 on our operational and financial performance and financial position will depend on certain developments , including the duration and spread of the outbreak and the governmental responses to address the pandemic and any re-emergence of covid-19 , impact on our customers and sales cycles and impact on our employees , all of which are uncertain and can not be predicted . given the importance of our technology platform and heightened market awareness of social media as a strategic communications channel , our operational and financial performance were not materially impacted by covid-19 during the year ended december 31 , 2020. our recent ipo in december 2019 resulted in $ 134.3 million net procee ds , as well as an additional $ 10.0 million of net proceeds received in january 2020 as a result of our sale of over-allotment shares to the underwriters of the company 's ipo , all of wh ich strengthened our liquidity position prior to the pandemic . the $ 42.1 million in net proceeds from our equity follow-on offering in august 2020 has further strengthened our liquidity position . we believe that over the long term , we will continue to see strong demand for our technology platform ; however , the duration and spread of the pandemic could impact our customers ' marketing or 59 social media budgets or ability to pay for existing subscriptions , particularly in the industries most impacted by covid-19 . we will continue to monitor the potential impact of covid-19 ; however , at this time , the extent to which the pandemic may impact our financial condition or results of operations is uncertain . key factors affecting our performance acquiring new customers we are focused on continuing to organically grow our customer base by increasing demand for our platform and penetrating our addressable market . we have invested , and expect to continue to invest , heavily in expanding our sales force and marketing efforts to acquire new customers . currently , we have more than 26,000 customers . we calculate the lifetime value of our customers and associated customer acquisition costs for a particular year by comparing ( i ) gross profit from net new organic arr for the year divided by one minus the estimated subscription renewal rate to ( ii ) total sales and marketing expense incurred in the preceding year . on this basis , we estimate that for each of 2020 and 2019 , the calculated lifetime value of our customers has exceeded six times the associated cost of acquiring them . this calculation assumes the actual subscription renewal rate for the period will remain consistent in future years . while we believe this assumption is reasonable based on our historic data and experience , subscription renewal rates may vary year-to-year , and the lifetime value of our customers may decline or fluctuate between periods . moreover , our sales and marketing expense reflects the amortization of sales commissions , which are deferred and amortized over a three-year period in accordance with gaap . if all sales commissions incurred in the year were expensed and not amortized , the result would not have a material impact on the lifetime value of our customers . see “ —key business metrics—organic arr ” for more information on how we define and calculate organic arr . expanding within our current customer base we believe that there is a substantial and largely untapped opportunity for organic growth within our existing customer base . customers often begin by purchasing a small number of user subscriptions and then expand over time , increasing the number of users or social profiles , as well as purchasing additional product modules . customers may then expand use-cases between various departments to drive collaboration across their organizations . our sales and customer success efforts include encouraging organizations to expand use-cases to more fully realize the value from the broader adoption of our platform throughout an organization . story_separator_special_tag the increase in stock-based compensation was due to the initial expense related to employee rsus vesting as a result of the completion of our ipo on december 17 , 2019. operating expenses research and development replace_table_token_19_th 71 the increase in research and development expense for the year ended december 31 , 2019 compared to the year ended december 31 , 2018 was primarily due to the following : change ( in thousands ) stock-based compensation expense $ 2,262 other 371 research and development $ 2,633 the increase in stock-based compensation was due to the initial expense related to employee rsus vesting as a result of the completion of our ipo on december 17 , 2019. sales and marketing replace_table_token_20_th the increase in sales and marketing expense for the year ended december 31 , 2019 compared to the year ended december 31 , 2018 was primarily due to the following : change ( in thousands ) personnel costs $ 9,748 stock-based compensation expense 8,682 other 1,174 sales and marketing $ 19,604 personnel costs increased primarily as a result of a 31 % increase in headcount as we continue to expand our sales teams to grow our customer base , as well as additional sales commission expense due to the year over year sales growth , which increased the amortization of contract acquisition costs . the increase in stock-based compensation was due to the initial expense related to employee rsus vesting as a result of the completion of our ipo on december 17 , 2019. general and administrative replace_table_token_21_th 72 the increase in general and administrative expense for the year ended december 31 , 2019 compared to the year ended december 31 , 2018 was primarily due to the following : change ( in thousands ) stock-based compensation expense $ 13,219 personnel costs 2,755 bad debt expense 1,415 rent expense 1,101 other 2,503 general and administrative $ 20,993 stock-based compensation expense increased $ 9.4 million as the result of restricted stock award and restricted stock unit grants to our chairman and chief executive officer that immediately vested in june and december 2019 , respectively . the remaining increase in stock-based compensation was due to the initial expense related to employee rsus vesting as a result of the completion of our ipo on december 17 , 2019. personnel costs increased primarily as a result of a 72 % increase in headcount as we continue to grow our business . bad debt expense increased due to higher accounts receivable balances and the attrition of customers acquired in the simply measured acquisition . rent expense increased due to renting additional office space . interest income ( expense ) , net replace_table_token_22_th the increase in net interest income was driven by interest earned on cash deposits , as well as a decrease in interest expense related to line of credit borrowings . other income replace_table_token_23_th the increase in other income is due to sublease rental income from our seattle , washington and san francisco , california offices . 73 income tax expense years ended december 31 , change 2019 2018 amount % ( dollars in thousands ) income tax expense $ 66 $ 22 $ 44 n/m ( 1 ) percentage of total revenue — % — % _ ( 1 ) calculated metric is not meaningful . the increase in income tax expense is due to the provision related to foreign income taxes . non-gaap financial measures in addition to our results determined in accordance with u.s. generally accepted accounting principles , or gaap , we believe the following non-gaap measures are useful in evaluating our operating performance . we use the below non-gaap financial information , collectively , to evaluate our ongoing operations and for internal planning and forecasting purposes . we believe that non-gaap financial information , when taken collectively , may be helpful to investors because it provides consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business , operating results or future outlook . however , non-gaap financial information is presented for supplemental informational purposes only , has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with gaap . in addition , other companies , including companies in our industry , may calculate non-gaap financial measures differently or may use other measures to evaluate their performance , all of which could reduce the usefulness of our non-gaap financial measures as tools for comparison . investors are encouraged to review the related gaap financial measures and the reconciliation of these non-gaap financial measures to their most directly comparable gaap financial measures , and not to rely on any single financial measure to evaluate our business . replace_table_token_24_th non-gaap operating loss we define non-gaap operating loss as gaap loss from operations , excluding stock-based compensation expense . we believe non-gaap operating loss provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations , as this non-gaap financial measure eliminates the effect of stock-based compensation , which is often unrelated to overall operating performance , particularly given the impact of stock-based compensation expense recognized in december 2019 upon the completion of the ipo . 74 replace_table_token_25_th non-gaap net loss we define non-gaap net loss as gaap net loss and comprehensive loss , excluding stock-based compensation expense . we believe non-gaap net loss provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations , as this non-gaap financial measure eliminates the effect of stock-based compensation , which is often unrelated to overall operating performance , particularly given the impact of stock-based compensation expense recognized in december 2019 upon the completion of the ipo . replace_table_token_26_th non-gaap net loss per share we define non-gaap net loss per share as gaap net loss per share attributable to common shareholders , basic and diluted , excluding stock-based

liquidity and capital resources our liquidity and capital resources were not materially impacted by the covid-19 pandemic and the governmental responses to address the pandemic and the related economic impact during the year ended december 31 , 2020. for further discussion regarding the future potential impacts of covid-19 and the related economic impacts on our liquidity and capital resources , see “ risk factors—risks related to our business model and operations—the effects of the covid-19 pandemic are unpredictable and may materially affect our customers and how we operate our business , and the duration and extent to which the pandemic continues ( including any reemergence of covid-19 ) to threaten our future results of operations and overall financial performance remains uncertain. ” as of december 31 , 2020 , our principal sources of liquidity were cash and cash equivalents of $ 114.5 million , marketable securities of $ 49.4 million , and net accounts receivable of $ 17.2 million . we have generated losses from operations and negative cash flows from operations , as evidenced by our accumulated deficit and statement of cash flows . we expect to continue to incur operating losses and negative operating cash flows for the foreseeable future due to the investments in our business we intend to make as described above . we may experience greater than anticipated operating losses in the short- and long-term if the covid-19 pandemic and the governmental responses to address the pandemic and any re-emergence of covid-19 persist for a prolonged period of time . the impact of the covid-19 pandemic on our customers and our operations going forward remains uncertain , and we continue to proactively monitor our liquidity position . prior to our ipo in december 2019 , we financed our operations primarily through private issuance of equity securities and line of credit borrowings . in our ipo , we received net proceeds of $ 134.3 million after deducting underwriting discounts and commissions of $ 10.5 million and offering expenses of $ 5.2 million . see notes 1 , 7 and 8 to our audited consolidated financial statements for more information regarding these transactions .


 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 our liquidity and capital resources were not materially impacted by the covid-19 pandemic and the governmental responses to address the pandemic and the related economic impact during the year ended december 31 , 2020. for further discussion regarding the future potential impacts of covid-19 and the related economic impacts on our liquidity and capital resources , see “ risk factors—risks related to our business model and operations—the effects of the covid-19 pandemic are unpredictable and may materially affect our customers and how we operate our business , and the duration and extent to which the pandemic continues ( including any reemergence of covid-19 ) to threaten our future results of operations and overall financial performance remains uncertain. ” as of december 31 , 2020 , our principal sources of liquidity were cash and cash equivalents of $ 114.5 million , marketable securities of $ 49.4 million , and net accounts receivable of $ 17.2 million . we have generated losses from operations and negative cash flows from operations , as evidenced by our accumulated deficit and statement of cash flows . we expect to continue to incur operating losses and negative operating cash flows for the foreseeable future due to the investments in our business we intend to make as described above . we may experience greater than anticipated operating losses in the short- and long-term if the covid-19 pandemic and the governmental responses to address the pandemic and any re-emergence of covid-19 persist for a prolonged period of time . the impact of the covid-19 pandemic on our customers and our operations going forward remains uncertain , and we continue to proactively monitor our liquidity position . prior to our ipo in december 2019 , we financed our operations primarily through private issuance of equity securities and line of credit borrowings . in our ipo , we received net proceeds of $ 134.3 million after deducting underwriting discounts and commissions of $ 10.5 million and offering expenses of $ 5.2 million . see notes 1 , 7 and 8 to our audited consolidated financial statements for more information regarding these transactions .
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 Suspicious Activity Report : we generated revenue of $ 132.9 million , $ 102.7 million and $ 78.8 million during the years ended december 31 , 2020 , 2019 , and 2018 , respectively , representing growth of 29 % in 2020 and 30 % in 2019. excluding the impact of the 2017 acquisition of simply measured , inc. , or simply measured , our organic growth rate in 2020 and 2019 was 36 % and 44 % , respectively . this organic growth rate excludes the impact of revenue generated from legacy simply measured products as well as revenue from the transition of legacy customers to our platform up to an amount equal to such customers ' prior spend on legacy simply measured products . this organic growth rate includes all incremental revenue generated above such prior spend from the sale of additional or higher-priced products and users and profiles to legacy customers of simply measured . in 2020 , software subscriptions contributed 99 % of our revenue . we generated net losses of $ 31.7 million , $ 46.8 million , and $ 20.9 million during the years ended december 31 , 2020 , 2019 , and 2018 , respectiv ely . our net losses include stock-based compensation expense of $ 11.1 million , $ 25.3 million and $ 0.1 million in the years ended december 31 , 2020 , 2019 , and 2018 , respectively . the higher stock-based compensation expense in 2019 was primarily due to the vesting of rsus in connection with our ipo in december 2019. we expect to continue investing in the growth of our business and , as a result , generate net losses for the foreseeable future . covid-19 in december 2019 , a novel coronavirus disease ( “ covid-19 ” ) was identified . on march 11 , 2020 , the world health organization characterized covid-19 as a pandemic . the extent of the impact of covid-19 on our operational and financial performance and financial position will depend on certain developments , including the duration and spread of the outbreak and the governmental responses to address the pandemic and any re-emergence of covid-19 , impact on our customers and sales cycles and impact on our employees , all of which are uncertain and can not be predicted . given the importance of our technology platform and heightened market awareness of social media as a strategic communications channel , our operational and financial performance were not materially impacted by covid-19 during the year ended december 31 , 2020. our recent ipo in december 2019 resulted in $ 134.3 million net procee ds , as well as an additional $ 10.0 million of net proceeds received in january 2020 as a result of our sale of over-allotment shares to the underwriters of the company 's ipo , all of wh ich strengthened our liquidity position prior to the pandemic . the $ 42.1 million in net proceeds from our equity follow-on offering in august 2020 has further strengthened our liquidity position . we believe that over the long term , we will continue to see strong demand for our technology platform ; however , the duration and spread of the pandemic could impact our customers ' marketing or 59 social media budgets or ability to pay for existing subscriptions , particularly in the industries most impacted by covid-19 . we will continue to monitor the potential impact of covid-19 ; however , at this time , the extent to which the pandemic may impact our financial condition or results of operations is uncertain . key factors affecting our performance acquiring new customers we are focused on continuing to organically grow our customer base by increasing demand for our platform and penetrating our addressable market . we have invested , and expect to continue to invest , heavily in expanding our sales force and marketing efforts to acquire new customers . currently , we have more than 26,000 customers . we calculate the lifetime value of our customers and associated customer acquisition costs for a particular year by comparing ( i ) gross profit from net new organic arr for the year divided by one minus the estimated subscription renewal rate to ( ii ) total sales and marketing expense incurred in the preceding year . on this basis , we estimate that for each of 2020 and 2019 , the calculated lifetime value of our customers has exceeded six times the associated cost of acquiring them . this calculation assumes the actual subscription renewal rate for the period will remain consistent in future years . while we believe this assumption is reasonable based on our historic data and experience , subscription renewal rates may vary year-to-year , and the lifetime value of our customers may decline or fluctuate between periods . moreover , our sales and marketing expense reflects the amortization of sales commissions , which are deferred and amortized over a three-year period in accordance with gaap . if all sales commissions incurred in the year were expensed and not amortized , the result would not have a material impact on the lifetime value of our customers . see “ —key business metrics—organic arr ” for more information on how we define and calculate organic arr . expanding within our current customer base we believe that there is a substantial and largely untapped opportunity for organic growth within our existing customer base . customers often begin by purchasing a small number of user subscriptions and then expand over time , increasing the number of users or social profiles , as well as purchasing additional product modules . customers may then expand use-cases between various departments to drive collaboration across their organizations . our sales and customer success efforts include encouraging organizations to expand use-cases to more fully realize the value from the broader adoption of our platform throughout an organization . story_separator_special_tag the increase in stock-based compensation was due to the initial expense related to employee rsus vesting as a result of the completion of our ipo on december 17 , 2019. operating expenses research and development replace_table_token_19_th 71 the increase in research and development expense for the year ended december 31 , 2019 compared to the year ended december 31 , 2018 was primarily due to the following : change ( in thousands ) stock-based compensation expense $ 2,262 other 371 research and development $ 2,633 the increase in stock-based compensation was due to the initial expense related to employee rsus vesting as a result of the completion of our ipo on december 17 , 2019. sales and marketing replace_table_token_20_th the increase in sales and marketing expense for the year ended december 31 , 2019 compared to the year ended december 31 , 2018 was primarily due to the following : change ( in thousands ) personnel costs $ 9,748 stock-based compensation expense 8,682 other 1,174 sales and marketing $ 19,604 personnel costs increased primarily as a result of a 31 % increase in headcount as we continue to expand our sales teams to grow our customer base , as well as additional sales commission expense due to the year over year sales growth , which increased the amortization of contract acquisition costs . the increase in stock-based compensation was due to the initial expense related to employee rsus vesting as a result of the completion of our ipo on december 17 , 2019. general and administrative replace_table_token_21_th 72 the increase in general and administrative expense for the year ended december 31 , 2019 compared to the year ended december 31 , 2018 was primarily due to the following : change ( in thousands ) stock-based compensation expense $ 13,219 personnel costs 2,755 bad debt expense 1,415 rent expense 1,101 other 2,503 general and administrative $ 20,993 stock-based compensation expense increased $ 9.4 million as the result of restricted stock award and restricted stock unit grants to our chairman and chief executive officer that immediately vested in june and december 2019 , respectively . the remaining increase in stock-based compensation was due to the initial expense related to employee rsus vesting as a result of the completion of our ipo on december 17 , 2019. personnel costs increased primarily as a result of a 72 % increase in headcount as we continue to grow our business . bad debt expense increased due to higher accounts receivable balances and the attrition of customers acquired in the simply measured acquisition . rent expense increased due to renting additional office space . interest income ( expense ) , net replace_table_token_22_th the increase in net interest income was driven by interest earned on cash deposits , as well as a decrease in interest expense related to line of credit borrowings . other income replace_table_token_23_th the increase in other income is due to sublease rental income from our seattle , washington and san francisco , california offices . 73 income tax expense years ended december 31 , change 2019 2018 amount % ( dollars in thousands ) income tax expense $ 66 $ 22 $ 44 n/m ( 1 ) percentage of total revenue — % — % _ ( 1 ) calculated metric is not meaningful . the increase in income tax expense is due to the provision related to foreign income taxes . non-gaap financial measures in addition to our results determined in accordance with u.s. generally accepted accounting principles , or gaap , we believe the following non-gaap measures are useful in evaluating our operating performance . we use the below non-gaap financial information , collectively , to evaluate our ongoing operations and for internal planning and forecasting purposes . we believe that non-gaap financial information , when taken collectively , may be helpful to investors because it provides consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business , operating results or future outlook . however , non-gaap financial information is presented for supplemental informational purposes only , has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with gaap . in addition , other companies , including companies in our industry , may calculate non-gaap financial measures differently or may use other measures to evaluate their performance , all of which could reduce the usefulness of our non-gaap financial measures as tools for comparison . investors are encouraged to review the related gaap financial measures and the reconciliation of these non-gaap financial measures to their most directly comparable gaap financial measures , and not to rely on any single financial measure to evaluate our business . replace_table_token_24_th non-gaap operating loss we define non-gaap operating loss as gaap loss from operations , excluding stock-based compensation expense . we believe non-gaap operating loss provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations , as this non-gaap financial measure eliminates the effect of stock-based compensation , which is often unrelated to overall operating performance , particularly given the impact of stock-based compensation expense recognized in december 2019 upon the completion of the ipo . 74 replace_table_token_25_th non-gaap net loss we define non-gaap net loss as gaap net loss and comprehensive loss , excluding stock-based compensation expense . we believe non-gaap net loss provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations , as this non-gaap financial measure eliminates the effect of stock-based compensation , which is often unrelated to overall operating performance , particularly given the impact of stock-based compensation expense recognized in december 2019 upon the completion of the ipo . replace_table_token_26_th non-gaap net loss per share we define non-gaap net loss per share as gaap net loss per share attributable to common shareholders , basic and diluted , excluding stock-based

