accordingly , during the first twelve months of ownership by the company , the organic growth measure may credit the company with growth from an acquired business that is dependent on work performed prior to the acquisition date , and may include the impact of prior work in progress , existing contracts and backlog of the acquired businesses . it is the presumption of the company that positive developments that may have taken place at an acquired business during the period preceding the acquisition will continue to result in value creation in the post-acquisition period . while the company believes that the methodology used in the calculation of organic revenue change is entirely consistent with our closest u.s. competitors , the calculations may not be comparable to similarly titled measures presented by other publicly traded companies in other industries . additional information regarding the company 's acquisition activity as it relates to potential revenue growth is provided in this item 7 “ management 's discussion and analysis of financial condition and results of operations ” under “ certain factors affecting our business . ” adjusted ebitda is defined as net income ( loss ) attributable to mdc partners inc. common shareholders plus or minus adjustments to operating income ( loss ) plus depreciation and amortization , stock-based compensation , deferred acquisition consideration adjustments , distributions from non-consolidated affiliates , and other items , net . distributions from non-consolidated affiliates includes ( i ) cash received for profit distributions from non-consolidated affiliates , and ( ii ) consideration from the sale of ownership interests in non-consolidated affiliates less contributions to date plus undistributed earnings ( losses ) . other items include items such as impairment charges , fees associated with the combination of mdc with the stagwell entities , severance expense and other restructuring expenses , including costs for leases that will either be terminated or sublet in connection with the centralization of our new york real estate portfolio . direct costs represent billable or non-billable internal and third-party expenses that are directly tied to providing services to our clients where we are principal in the arrangement . direct costs exclude staff costs , which are presented separately . all amounts are in dollars unless otherwise stated . amounts reported in millions herein are computed based on the amounts in thousands . as a result , the sum of the components , and related calculations , reported in millions may not equal the total amounts due to rounding . the percentage changes included in the tables herein item 7 that are not considered meaningful are presented as “ nm ” . recent developments on december 21 , 2020 , mdc and stagwell media lp , a delaware limited partnership ( “ stagwell ” ) , announced that they entered into a definitive transaction agreement ( the “ transaction agreement ” ) providing for the combination of mdc with the subsidiaries of stagwell that own and operate a portfolio of marketing services companies ( the “ stagwell entities ” ) . under the terms of the transaction agreement , the combination between mdc and the stagwell entities will be effected using an “ up-c ” partnership structure . through a series of steps and transactions ( collectively , the “ transactions ” ) , including the domestication of mdc to a delaware corporation and the merger of mdc delaware with one of its indirect wholly owned subsidiaries ( the “ mdc merger ” ) , mdc delaware will become a direct subsidiary ( from and after the merger , “ opco ” ) of a newly-formed , delaware-organized , nasdaq-listed corporation ( “ new mdc ” ) . following the mdc merger , ( i ) opco will convert into a limited liability company that will hold mdc 's operating assets and to which stagwell will contribute the equity interests of the stagwell entities ( the “ stagwell contribution ” ) in exchange for 216,250,000 common membership interests of opco ( the “ stagwell opco units ” ) , and ( ii ) stagwell will contribute to new mdc an aggregate amount of cash equal to $ 100 in exchange for shares of a new class c series of voting-only common stock ( the “ new mdc class c stock ” ) equal in number to the stagwell opco units . on a pro forma basis , without giving effect to any outstanding preference shares of mdc , the existing holders of mdc 's class a and class b shares would receive interests equal to approximately 26 % of the combined company and stagwell would be issued new mdc class c stock equivalent to approximately 74 % of the voting rights of the combined company and exchangeable , together with stagwell opco units , into class a shares of new mdc on a one-for-one basis at stagwell 's election . the number of stagwell opco units and shares of new mdc class c stock that stagwell will receive in 21 the transactions , and the percentage of the combined company that stagwell will hold following the consummation of the transactions , will be reduced , and the percentage of the combined company that existing mdc shareholders will hold will be proportionally increased , if stagwell is unable to effect certain restructuring transactions prior to the closing of the transactions . on december 21 , 2020 , mdc and broad street principal investments , l.l.c . , an affiliate of goldman sachs ( “ broad street ” ) , entered into a letter agreement , pursuant to which broad street consented to the transactions subject to entry with mdc into a definitive agreement reflecting revised terms of mdc 's issued and outstanding series 4 convertible preference shares ( the “ goldman letter agreement ” ) . story_separator_special_tag equity in earnings ( losses ) of non-consolidated affiliates equity in earnings ( losses ) of non-consolidated affiliates represents the income or losses attributable to equity method investments . the company recorded $ 2.2 million of loss for the twelve months ended december 31 , 2020 compared to $ 0.4 million of income for the twelve months ended december 31 , 2019. noncontrolling interests the effect of noncontrolling interests for the twelve months ended december 31 , 2020 was $ 21.8 million compared to $ 16.2 million for the twelve months ended december 31 , 2019 , attributable to an increase in operating results at partner firms with a noncontrolling interest . 28 net income ( loss ) attributable to mdc partners inc. common shareholders as a result of the foregoing and the impact of accretion on and net income allocated to convertible preference shares , the net loss attributable to mdc partners inc. common shareholders for the twelve months ended december 31 , 2020 was $ 243.2 million , or $ 3.34 per diluted loss per share , compared to a net loss attributable to mdc partners inc. common shareholders of $ 17.6 million , or $ 0.25 per diluted loss per share , for the twelve months ended december 31 , 2019. integrated networks - group a the change in operating results in the integrated networks - group a reportable segment for the twelve months ended december 31 , 2020 and 2019 was as follows : replace_table_token_8_th revenue decline was primarily attributable to lower spending by clients in connection with the covid-19 pandemic . the decline in operating income was attributable to a decline in revenue and higher operating expenses , as outlined below . the change in the categories of expenses as a percentage of revenue in the integrated networks - group a reportable segment for the twelve months ended december 31 , 2020 and 2019 was as follows : replace_table_token_9_th the increase in direct costs was associated with higher revenue from public relations services which grew in 2020 as compared to 2019. the decline in staff costs was attributable to a reduction in staff to combat the impact of the covid-19 pandemic on the business . administrative costs were lower due to a decline in spending resulting from the orders to work-from-home given the covid-19 pandemic and related cost containment initiatives . the increase in deferred acquisition consideration for the twelve months ended december 31 , 2020 was primarily attributable to the favorable performance of a partner firm achieving certain contractual targets . 29 stock-based compensation expense declined in 2020 compared to 2019 , which reflected the recognition of expense associated with performance based awards granted in the prior year . the impairment and other losses in the twelve months ended december 31 , 2020 included an impairment charge of $ 6.4 million to reduce the carrying value of right-of-use lease assets and related leasehold improvements as well as the acceleration of the variable lease expenses primarily associated with the exit of properties in new york as part of the centralization of the company 's new york real estate portfolio . for the twelve months ended december 31 , 2019 , an impairment charge of $ 4.9 million was attributable to the write-down of the carrying value of goodwill . the increase in adjusted ebitda grew in 2020 principally from a reduction in operating expenses that more than offset the decline in revenues . integrated networks - group b the change in operating results in the integrated networks - group b reportable segment for the twelve months ended december 31 , 2020 and 2019 was as follows : replace_table_token_10_th the decline in revenue was primarily attributable to lower spending by clients in connection with the covid-19 pandemic . the change in operating income was attributable to a decline in revenue , partially offset by lower operating expenses , as outlined below . the change in the categories of expenses as a percentage of revenue in the integrated networks - group b reportable segment for the twelve months ended december 31 , 2020 and 2019 was as follows : replace_table_token_11_th direct costs declined in connection with the reduction in revenue as discussed above . the decline in staff costs was attributable to a reduction in staff to combat the impact of the covid-19 pandemic on the business . 30 administrative costs were lower due to a decline in spending resulting from the orders to work-from-home given the covid-19 pandemic and related cost containment initiatives . deferred acquisition consideration change for the twelve months ended december 31 , 2020 was primarily attributable to the aggregate performance of certain partner firms in 2020 relative to the previously projected expectations . the decrease in stock-based compensation expense was primarily driven by awards that fully vested in 2020. for the twelve months ended december 31 , 2020 , the impairment and other losses charge of $ 31.8 million was attributable to a $ 16.1 million charge to reduce the carrying value of goodwill , a $ 9.1 million charge to reduce the carrying value of an intangible asset and a $ 6.6 million impairment to reduce the carrying value of right-of-use lease assets and related leasehold improvements as well as the acceleration of the variable lease expenses associated with the exit of properties in new york as part of the centralization of the company 's new york real estate portfolio . for the twelve months ended december 31 , 2019 , an impairment charge of $ 1.9 million was attributable to an impairment in connection with the sublet of a leased property , to reduce the carrying value of a right-of-use lease asset and related leasehold improvements . adjusted ebitda in 2020 remained flat compared to 2019 as the decline in revenue was offset by the reduction in operating expenses . media & data network the change in operating results in the media & data network reportable segment for the twelve

cash flows operating activities cash flows provided by operating activities for the twelve months ended december 31 , 2020 was $ 32.6 million , primarily driven by cash flows from earnings , partially offset by unfavorable working capital requirements , primarily driven by media and other supplier payments . cash flows provided by operating activities for the twelve months ended december 31 , 2019 was $ 86.5 million , primarily driven by cash flows from earnings , accompanied by nominal unfavorable working capital requirements . cash flows provided by operating activities for the twelve months ended december 31 , 2018 was $ 17.3 million , primarily reflecting unfavorable working capital requirements , driven by media and other supplier payments , and deferred acquisition consideration payments . investing activities during the twelve months ended december 31 , 2020 , cash flows used in investing activities was $ 8.3 million , which primarily consisted of proceeds of $ 19.6 million from the sale of the company 's equity interest in sloane , offset by $ 24.3 million of capital expenditures and $ 1.8 million paid for acquisitions . during the twelve months ended december 31 , 2019 , cash flows provided by investing activities was $ 0.1 million , which primarily consisted of proceeds of $ 23.1 million from the sale of the company 's equity interest in kingsdale , partially offset by $ 18.6 million of capital expenditures and $ 4.8 million paid for acquisitions . during december 31 , 2018 , cash flows used in investing activities was $ 50.4 million , primarily consisting of cash paid of $ 32.7 million for acquisitions and capital expenditures of $ 20.3 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.
     ```cash flows operating activities cash flows provided by operating activities for the twelve months ended december 31 , 2020 was $ 32.6 million , primarily driven by cash flows from earnings , partially offset by unfavorable working capital requirements , primarily driven by media and other supplier payments . cash flows provided by operating activities for the twelve months ended december 31 , 2019 was $ 86.5 million , primarily driven by cash flows from earnings , accompanied by nominal unfavorable working capital requirements . cash flows provided by operating activities for the twelve months ended december 31 , 2018 was $ 17.3 million , primarily reflecting unfavorable working capital requirements , driven by media and other supplier payments , and deferred acquisition consideration payments . investing activities during the twelve months ended december 31 , 2020 , cash flows used in investing activities was $ 8.3 million , which primarily consisted of proceeds of $ 19.6 million from the sale of the company 's equity interest in sloane , offset by $ 24.3 million of capital expenditures and $ 1.8 million paid for acquisitions . during the twelve months ended december 31 , 2019 , cash flows provided by investing activities was $ 0.1 million , which primarily consisted of proceeds of $ 23.1 million from the sale of the company 's equity interest in kingsdale , partially offset by $ 18.6 million of capital expenditures and $ 4.8 million paid for acquisitions . during december 31 , 2018 , cash flows used in investing activities was $ 50.4 million , primarily consisting of cash paid of $ 32.7 million for acquisitions and capital expenditures of $ 20.3 million .
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 Suspicious Activity Report : accordingly , during the first twelve months of ownership by the company , the organic growth measure may credit the company with growth from an acquired business that is dependent on work performed prior to the acquisition date , and may include the impact of prior work in progress , existing contracts and backlog of the acquired businesses . it is the presumption of the company that positive developments that may have taken place at an acquired business during the period preceding the acquisition will continue to result in value creation in the post-acquisition period . while the company believes that the methodology used in the calculation of organic revenue change is entirely consistent with our closest u.s. competitors , the calculations may not be comparable to similarly titled measures presented by other publicly traded companies in other industries . additional information regarding the company 's acquisition activity as it relates to potential revenue growth is provided in this item 7 “ management 's discussion and analysis of financial condition and results of operations ” under “ certain factors affecting our business . ” adjusted ebitda is defined as net income ( loss ) attributable to mdc partners inc. common shareholders plus or minus adjustments to operating income ( loss ) plus depreciation and amortization , stock-based compensation , deferred acquisition consideration adjustments , distributions from non-consolidated affiliates , and other items , net . distributions from non-consolidated affiliates includes ( i ) cash received for profit distributions from non-consolidated affiliates , and ( ii ) consideration from the sale of ownership interests in non-consolidated affiliates less contributions to date plus undistributed earnings ( losses ) . other items include items such as impairment charges , fees associated with the combination of mdc with the stagwell entities , severance expense and other restructuring expenses , including costs for leases that will either be terminated or sublet in connection with the centralization of our new york real estate portfolio . direct costs represent billable or non-billable internal and third-party expenses that are directly tied to providing services to our clients where we are principal in the arrangement . direct costs exclude staff costs , which are presented separately . all amounts are in dollars unless otherwise stated . amounts reported in millions herein are computed based on the amounts in thousands . as a result , the sum of the components , and related calculations , reported in millions may not equal the total amounts due to rounding . the percentage changes included in the tables herein item 7 that are not considered meaningful are presented as “ nm ” . recent developments on december 21 , 2020 , mdc and stagwell media lp , a delaware limited partnership ( “ stagwell ” ) , announced that they entered into a definitive transaction agreement ( the “ transaction agreement ” ) providing for the combination of mdc with the subsidiaries of stagwell that own and operate a portfolio of marketing services companies ( the “ stagwell entities ” ) . under the terms of the transaction agreement , the combination between mdc and the stagwell entities will be effected using an “ up-c ” partnership structure . through a series of steps and transactions ( collectively , the “ transactions ” ) , including the domestication of mdc to a delaware corporation and the merger of mdc delaware with one of its indirect wholly owned subsidiaries ( the “ mdc merger ” ) , mdc delaware will become a direct subsidiary ( from and after the merger , “ opco ” ) of a newly-formed , delaware-organized , nasdaq-listed corporation ( “ new mdc ” ) . following the mdc merger , ( i ) opco will convert into a limited liability company that will hold mdc 's operating assets and to which stagwell will contribute the equity interests of the stagwell entities ( the “ stagwell contribution ” ) in exchange for 216,250,000 common membership interests of opco ( the “ stagwell opco units ” ) , and ( ii ) stagwell will contribute to new mdc an aggregate amount of cash equal to $ 100 in exchange for shares of a new class c series of voting-only common stock ( the “ new mdc class c stock ” ) equal in number to the stagwell opco units . on a pro forma basis , without giving effect to any outstanding preference shares of mdc , the existing holders of mdc 's class a and class b shares would receive interests equal to approximately 26 % of the combined company and stagwell would be issued new mdc class c stock equivalent to approximately 74 % of the voting rights of the combined company and exchangeable , together with stagwell opco units , into class a shares of new mdc on a one-for-one basis at stagwell 's election . the number of stagwell opco units and shares of new mdc class c stock that stagwell will receive in 21 the transactions , and the percentage of the combined company that stagwell will hold following the consummation of the transactions , will be reduced , and the percentage of the combined company that existing mdc shareholders will hold will be proportionally increased , if stagwell is unable to effect certain restructuring transactions prior to the closing of the transactions . on december 21 , 2020 , mdc and broad street principal investments , l.l.c . , an affiliate of goldman sachs ( “ broad street ” ) , entered into a letter agreement , pursuant to which broad street consented to the transactions subject to entry with mdc into a definitive agreement reflecting revised terms of mdc 's issued and outstanding series 4 convertible preference shares ( the “ goldman letter agreement ” ) . story_separator_special_tag equity in earnings ( losses ) of non-consolidated affiliates equity in earnings ( losses ) of non-consolidated affiliates represents the income or losses attributable to equity method investments . the company recorded $ 2.2 million of loss for the twelve months ended december 31 , 2020 compared to $ 0.4 million of income for the twelve months ended december 31 , 2019. noncontrolling interests the effect of noncontrolling interests for the twelve months ended december 31 , 2020 was $ 21.8 million compared to $ 16.2 million for the twelve months ended december 31 , 2019 , attributable to an increase in operating results at partner firms with a noncontrolling interest . 28 net income ( loss ) attributable to mdc partners inc. common shareholders as a result of the foregoing and the impact of accretion on and net income allocated to convertible preference shares , the net loss attributable to mdc partners inc. common shareholders for the twelve months ended december 31 , 2020 was $ 243.2 million , or $ 3.34 per diluted loss per share , compared to a net loss attributable to mdc partners inc. common shareholders of $ 17.6 million , or $ 0.25 per diluted loss per share , for the twelve months ended december 31 , 2019. integrated networks - group a the change in operating results in the integrated networks - group a reportable segment for the twelve months ended december 31 , 2020 and 2019 was as follows : replace_table_token_8_th revenue decline was primarily attributable to lower spending by clients in connection with the covid-19 pandemic . the decline in operating income was attributable to a decline in revenue and higher operating expenses , as outlined below . the change in the categories of expenses as a percentage of revenue in the integrated networks - group a reportable segment for the twelve months ended december 31 , 2020 and 2019 was as follows : replace_table_token_9_th the increase in direct costs was associated with higher revenue from public relations services which grew in 2020 as compared to 2019. the decline in staff costs was attributable to a reduction in staff to combat the impact of the covid-19 pandemic on the business . administrative costs were lower due to a decline in spending resulting from the orders to work-from-home given the covid-19 pandemic and related cost containment initiatives . the increase in deferred acquisition consideration for the twelve months ended december 31 , 2020 was primarily attributable to the favorable performance of a partner firm achieving certain contractual targets . 29 stock-based compensation expense declined in 2020 compared to 2019 , which reflected the recognition of expense associated with performance based awards granted in the prior year . the impairment and other losses in the twelve months ended december 31 , 2020 included an impairment charge of $ 6.4 million to reduce the carrying value of right-of-use lease assets and related leasehold improvements as well as the acceleration of the variable lease expenses primarily associated with the exit of properties in new york as part of the centralization of the company 's new york real estate portfolio . for the twelve months ended december 31 , 2019 , an impairment charge of $ 4.9 million was attributable to the write-down of the carrying value of goodwill . the increase in adjusted ebitda grew in 2020 principally from a reduction in operating expenses that more than offset the decline in revenues . integrated networks - group b the change in operating results in the integrated networks - group b reportable segment for the twelve months ended december 31 , 2020 and 2019 was as follows : replace_table_token_10_th the decline in revenue was primarily attributable to lower spending by clients in connection with the covid-19 pandemic . the change in operating income was attributable to a decline in revenue , partially offset by lower operating expenses , as outlined below . the change in the categories of expenses as a percentage of revenue in the integrated networks - group b reportable segment for the twelve months ended december 31 , 2020 and 2019 was as follows : replace_table_token_11_th direct costs declined in connection with the reduction in revenue as discussed above . the decline in staff costs was attributable to a reduction in staff to combat the impact of the covid-19 pandemic on the business . 30 administrative costs were lower due to a decline in spending resulting from the orders to work-from-home given the covid-19 pandemic and related cost containment initiatives . deferred acquisition consideration change for the twelve months ended december 31 , 2020 was primarily attributable to the aggregate performance of certain partner firms in 2020 relative to the previously projected expectations . the decrease in stock-based compensation expense was primarily driven by awards that fully vested in 2020. for the twelve months ended december 31 , 2020 , the impairment and other losses charge of $ 31.8 million was attributable to a $ 16.1 million charge to reduce the carrying value of goodwill , a $ 9.1 million charge to reduce the carrying value of an intangible asset and a $ 6.6 million impairment to reduce the carrying value of right-of-use lease assets and related leasehold improvements as well as the acceleration of the variable lease expenses associated with the exit of properties in new york as part of the centralization of the company 's new york real estate portfolio . for the twelve months ended december 31 , 2019 , an impairment charge of $ 1.9 million was attributable to an impairment in connection with the sublet of a leased property , to reduce the carrying value of a right-of-use lease asset and related leasehold improvements . adjusted ebitda in 2020 remained flat compared to 2019 as the decline in revenue was offset by the reduction in operating expenses . media & data network the change in operating results in the media & data network reportable segment for the twelve

