this can also impact our future revenue recognized with respect to the number of air miles reward miles redeemed and the amount of breakage for those air miles reward miles expected to remain unredeemed . the estimated breakage rate changed from 28 % to 27 % effective december 31 , 2012 and from 27 % to 26 % effective december 31 , 2013. as of december 31 , 2014 , the estimated breakage rate remained at 26 % . for those sponsor contracts not yet subject to accounting standards update , or asu , 2009‑13 , `` multiple-deliverable revenue arrangements , `` the fees received from air miles reward miles issued are allocated between the redemption element based on the fair value of the redemption element and the service element based on the residual method . for sponsor contracts subject to asu 2009‑13 , we determine the selling price for all of the deliverables in the arrangement , and use the relative selling price method to allocate the arrangement consideration among the deliverables . proceeds from the issuance of air miles reward miles under these contracts are allocated to three elements : the redemption element , the service element and the brand element . revenue for the redemption element is recognized at the time an air miles reward mile is redeemed . for the service element , revenue is recognized over the estimated life of an air miles reward mile . revenue attributable to the brand element is recognized at the time an air miles reward mile is issued . air miles reward miles issued during the year ended december 31 , 2014 increased 1.5 % compared to 2013 due to an increase in air miles reward miles issued under the air miles cash program option . the merger of two of our top grocery sponsors and newly enacted regulations related to prescription drug purchases negatively impacted growth of our air miles reward miles issued in 2014. air miles reward miles redeemed during the year ended december 31 , 2014 increased 2.1 % compared to the same period in the prior year due to increased redemptions through the air miles cash program option as well as increased redemptions for travel rewards . for the year ended december 31 , 2014 , the air miles cash program option represented approximately 15.5 % of the air miles reward miles issued as compared to 12.1 % in the prior year . during the year ended december 31 , 2014 , loyaltyone signed a cross-canada , long-term agreement with sobeys inc , a national grocery retailer in canada that acquired canada safeway in late 2013 , to continue its participation and expand its sobeys-owned banners as sponsors in the air miles reward program . we signed a new , long-term agreement with katz group canada ltd. , a leading retail drugstore operator in canada and an air miles reward program sponsor in ontario , to continue its participation to issue air miles reward miles in ontario and expand to its katz group-owned banners in other areas of canada . we also signed new multi-year agreements with kent building supplies , a canadian home improvement products retailer , and moneris solutions corporation , a canadian credit and debit card processor , to participate as sponsors in the air miles reward program . finally , we signed a new multi-year consulting agreement with loblaw companies limited to develop and execute merchandising and marketing strategies . we also own approximately 37 % of cbsm-companhia brasileira de servicos de marketing , the operator of the dotz coalition loyalty program in brazil . dotz operates in 12 regions with more than 14 million collectors enrolled in the program . our investment in dotz had minimal impact on our results of operations in 2014 and 2013 , and we are not expecting it to have an impact on our results of operations in 2015 . 24 index epsilon epsilon is a leading marketing services firm providing end-to-end , integrated marketing solutions that leverage transactional data to help clients more effectively acquire and build stronger relationships with their customers . services include strategic consulting , customer database technologies , loyalty management , proprietary data , predictive modeling and a full range of direct and digital agency services . revenue increased $ 142.1 million , or 10.3 % , to $ 1.5 billion and adjusted ebitda , net increased $ 19.4 million , or 6.7 % , to $ 309.1 million for the year ended december 31 , 2014 as compared to the same period in 2013. revenue growth was driven by additional services provided to both new and existing clients , increased demand in the automotive vertical and the acquisition of conversant . on december 10 , 2014 , we completed the acquisition of conversant , a digital marketing services company offering unique end-to-end digital marketing solutions that empower clients to more effectively market to their customers across all channels . conversant 's solution and capabilities are complementary to and enhance epsilon 's existing offline and online data set , allowing for more effective targeted marketing programs across an expanded distribution network . conversant also provides scale in the rapidly growing display , mobile , video and social digital channels , and adds essential capabilities to epsilon 's digital loyalty platform , agility harmony . conversant is consolidated in our financial statements and included in our results of operations as of the date of acquisition . for additional information on the acquisition of conversant , see note 3 , `` acquisitions , `` of the notes to consolidated financial statements . story_separator_special_tag adjusted ebitda and adjusted ebitda , net are not intended to be performance measures that should be regarded as an alternative to , or more meaningful than , either operating income or net income as indicators of operating performance or to cash flows from operating activities as a measure of liquidity . in addition , adjusted ebitda and adjusted ebitda , net are not intended to represent funds available for dividends , reinvestment or other discretionary uses , and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with gaap . the adjusted ebitda and adjusted ebitda , net measures presented in this annual report on form 10-k may not be comparable to similarly titled measures presented by other companies , and may not be identical to corresponding measures used in our various agreements . replace_table_token_8_th ( 1 ) represents expenditures directly associated with the acquisition of conversant . ( 2 ) represents additional contingent consideration as a result of the earn-out obligation associated with the acquisition of our 60 percent ownership interest in brandloyalty . 28 index consolidated results of operations replace_table_token_9_th 29 index year ended december 31 , 2014 compared to the year ended december 31 , 2013 revenue . total revenue increased $ 983.9 million , or 22.8 % , to $ 5.3 billion for the year ended december 31 , 2014 from $ 4.3 billion for the year ended december 31 , 2013. the net increase was due to the following : transaction . revenue increased $ 8.4 million , or 2.5 % , to $ 337.4 million for the year ended december 31 , 2014 . other servicing fees charged to our credit cardholders increased $ 26.7 million due to increased volumes . this increase was offset by a decline of $ 12.3 million in merchant fees , which are transaction fees charged to the retailer , due to increased royalty payments associated with new clients and the increase in associated credit sales . air miles reward miles issuance fees , for which we provide marketing and administrative services , also decreased $ 7.6 million due to the impact of an unfavorable canadian exchange rate . redemption . revenue increased $ 466.1 million , or 79.4 % , to $ 1.1 billion for the year ended december 31 , 2014 due to the brandloyalty acquisition , which added $ 538.9 million . these increases were offset by an unfavorable canadian exchange rate , which negatively impacted redemption revenue by $ 36.6 million , and the change in estimate of our breakage rate in prior years . finance charges , net . revenue increased $ 347.0 million , or 17.7 % , to $ 2.3 billion for the year ended december 31 , 2014 due to a 21.3 % increase in average credit card and loan receivables , which increased revenue $ 417.0 million through a combination of recent credit card portfolio acquisitions and strong credit cardholder spending . this increase was offset in part by an 80 basis point decline in yield due to the onboarding of new programs , which decreased revenue $ 70.0 million . database marketing fees and direct marketing . revenue increased $ 149.3 million , or 11.6 % , to $ 1.4 billion for the year ended december 31 , 2014. revenue was driven by the acquisition of conversant and by marketing technology revenue , which increased $ 35.7 million as a result of both database builds completed for new clients being placed in production , and an expansion of services provided to existing clients . agency revenue increased $ 43.1 million due to demand in the automotive vertical . marketing analytic services provided by loyaltyone also increased $ 25.1 million due to new client signings . other revenue . revenue increased $ 13.1 million , or 8.3 % , to $ 169.9 million for the year ended december 31 , 2014 due to the brandloyalty acquisition , which added $ 6.8 million , and additional consulting services provided by epsilon . cost of operations . cost of operations increased $ 669.6 million , or 26.3 % , to $ 3.2 billion for the year ended december 31 , 2014 as compared to $ 2.5 billion for the year ended december 31 , 2013. the increase resulted from growth across each of our segments , including the following : within the loyaltyone segment , cost of operations increased $ 396.1 million due to the brandloyalty acquisition , which added $ 438.2 million . this increase was offset by a decrease in operating expenses in our canadian operations of $ 42.0 million due to the decline in the canadian exchange rate . within the epsilon segment , cost of operations increased $ 129.6 million due to the conversant acquisition , an increase in payroll and benefits expense of $ 52.9 million associated with an increase in the number of associates to support growth , including the onboarding of new clients , and an increase of $ 44.4 million in direct processing expenses , associated with the increase in revenue . within the private label services and credit segment , cost of operations increased by $ 150.3 million . payroll and benefits expense increased $ 76.3 million associated with an increase in the number of associates to support growth , and marketing expenses increased $ 23.4 million due to the increase in credit sales . other operating expenses increased by $ 50.6 million , as credit card processing expenses were higher due to an increase in the number of statements generated , and data processing costs increased due to growth in volumes . earn-out obligation . on january 2 , 2014 , we acquired a 60 % ownership interest in brandloyalty . the share purchase agreement contained an earn-out provision which resulted in an increase in contingent consideration of $ 105.9 million , which is included in operating expenses in our consolidated statements of

liquidity sources . in addition to cash generated from operating activities , our primary sources of liquidity include our credit card securitization program , deposits issued by comenity bank and comenity capital bank , our credit agreement and issuances of debt and equity securities . in addition to our efforts to renew and expand our current liquidity sources , we continue to seek new funding sources . we continue to expand our brokered certificates of deposits and our money market deposits to supplement liquidity for our credit card and loan receivables . we believe that internally generated funds and other sources of liquidity discussed above will be sufficient to meet working capital needs , capital expenditures , and other business requirements for at least the next 12 months , including the 347.1 million ( $ 392.9 million as of february 10 , 2015 ) due as contingent consideration associated with the acquisition of our 60 % ownership interest in brandloyalty and the additional 10 % ownership interest acquired effective january 1 , 2015 in accordance with the terms of the brandloyalty share purchase agreement , and amounts due under the brandloyalty credit agreement that mature on december 31 , 2015. debt 2013 credit agreement . we entered into a credit agreement dated july 10 , 2013 , or the 2013 credit agreement , among us as borrower , and ads alliance data systems , inc. , ads foreign holdings , inc. , alliance data foreign holdings , inc. , epsilon data management , llc , comenity llc , comenity servicing llc and aspen marketing services , llc , as guarantors , with various agents and lenders . at december 31 , 2013 , the 2013 credit agreement provided for a $ 1.25 billion term loan , or the 2013 term loan , subject to certain principal repayments , and a $ 1.25 billion revolving line of credit with a u.s. $ 65.0 million sublimit for canadian dollar borrowings and a $ 65.0 million sublimit for swing line loans . in july 2014 , we exercised in part the accordion feature of the 2013 credit agreement and increased the capacity under the 2013 credit facility by $ 50.0 million to $ 1.3 billion .


 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 sources . in addition to cash generated from operating activities , our primary sources of liquidity include our credit card securitization program , deposits issued by comenity bank and comenity capital bank , our credit agreement and issuances of debt and equity securities . in addition to our efforts to renew and expand our current liquidity sources , we continue to seek new funding sources . we continue to expand our brokered certificates of deposits and our money market deposits to supplement liquidity for our credit card and loan receivables . we believe that internally generated funds and other sources of liquidity discussed above will be sufficient to meet working capital needs , capital expenditures , and other business requirements for at least the next 12 months , including the 347.1 million ( $ 392.9 million as of february 10 , 2015 ) due as contingent consideration associated with the acquisition of our 60 % ownership interest in brandloyalty and the additional 10 % ownership interest acquired effective january 1 , 2015 in accordance with the terms of the brandloyalty share purchase agreement , and amounts due under the brandloyalty credit agreement that mature on december 31 , 2015. debt 2013 credit agreement . we entered into a credit agreement dated july 10 , 2013 , or the 2013 credit agreement , among us as borrower , and ads alliance data systems , inc. , ads foreign holdings , inc. , alliance data foreign holdings , inc. , epsilon data management , llc , comenity llc , comenity servicing llc and aspen marketing services , llc , as guarantors , with various agents and lenders . at december 31 , 2013 , the 2013 credit agreement provided for a $ 1.25 billion term loan , or the 2013 term loan , subject to certain principal repayments , and a $ 1.25 billion revolving line of credit with a u.s. $ 65.0 million sublimit for canadian dollar borrowings and a $ 65.0 million sublimit for swing line loans . in july 2014 , we exercised in part the accordion feature of the 2013 credit agreement and increased the capacity under the 2013 credit facility by $ 50.0 million to $ 1.3 billion .
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 Suspicious Activity Report : this can also impact our future revenue recognized with respect to the number of air miles reward miles redeemed and the amount of breakage for those air miles reward miles expected to remain unredeemed . the estimated breakage rate changed from 28 % to 27 % effective december 31 , 2012 and from 27 % to 26 % effective december 31 , 2013. as of december 31 , 2014 , the estimated breakage rate remained at 26 % . for those sponsor contracts not yet subject to accounting standards update , or asu , 2009‑13 , `` multiple-deliverable revenue arrangements , `` the fees received from air miles reward miles issued are allocated between the redemption element based on the fair value of the redemption element and the service element based on the residual method . for sponsor contracts subject to asu 2009‑13 , we determine the selling price for all of the deliverables in the arrangement , and use the relative selling price method to allocate the arrangement consideration among the deliverables . proceeds from the issuance of air miles reward miles under these contracts are allocated to three elements : the redemption element , the service element and the brand element . revenue for the redemption element is recognized at the time an air miles reward mile is redeemed . for the service element , revenue is recognized over the estimated life of an air miles reward mile . revenue attributable to the brand element is recognized at the time an air miles reward mile is issued . air miles reward miles issued during the year ended december 31 , 2014 increased 1.5 % compared to 2013 due to an increase in air miles reward miles issued under the air miles cash program option . the merger of two of our top grocery sponsors and newly enacted regulations related to prescription drug purchases negatively impacted growth of our air miles reward miles issued in 2014. air miles reward miles redeemed during the year ended december 31 , 2014 increased 2.1 % compared to the same period in the prior year due to increased redemptions through the air miles cash program option as well as increased redemptions for travel rewards . for the year ended december 31 , 2014 , the air miles cash program option represented approximately 15.5 % of the air miles reward miles issued as compared to 12.1 % in the prior year . during the year ended december 31 , 2014 , loyaltyone signed a cross-canada , long-term agreement with sobeys inc , a national grocery retailer in canada that acquired canada safeway in late 2013 , to continue its participation and expand its sobeys-owned banners as sponsors in the air miles reward program . we signed a new , long-term agreement with katz group canada ltd. , a leading retail drugstore operator in canada and an air miles reward program sponsor in ontario , to continue its participation to issue air miles reward miles in ontario and expand to its katz group-owned banners in other areas of canada . we also signed new multi-year agreements with kent building supplies , a canadian home improvement products retailer , and moneris solutions corporation , a canadian credit and debit card processor , to participate as sponsors in the air miles reward program . finally , we signed a new multi-year consulting agreement with loblaw companies limited to develop and execute merchandising and marketing strategies . we also own approximately 37 % of cbsm-companhia brasileira de servicos de marketing , the operator of the dotz coalition loyalty program in brazil . dotz operates in 12 regions with more than 14 million collectors enrolled in the program . our investment in dotz had minimal impact on our results of operations in 2014 and 2013 , and we are not expecting it to have an impact on our results of operations in 2015 . 24 index epsilon epsilon is a leading marketing services firm providing end-to-end , integrated marketing solutions that leverage transactional data to help clients more effectively acquire and build stronger relationships with their customers . services include strategic consulting , customer database technologies , loyalty management , proprietary data , predictive modeling and a full range of direct and digital agency services . revenue increased $ 142.1 million , or 10.3 % , to $ 1.5 billion and adjusted ebitda , net increased $ 19.4 million , or 6.7 % , to $ 309.1 million for the year ended december 31 , 2014 as compared to the same period in 2013. revenue growth was driven by additional services provided to both new and existing clients , increased demand in the automotive vertical and the acquisition of conversant . on december 10 , 2014 , we completed the acquisition of conversant , a digital marketing services company offering unique end-to-end digital marketing solutions that empower clients to more effectively market to their customers across all channels . conversant 's solution and capabilities are complementary to and enhance epsilon 's existing offline and online data set , allowing for more effective targeted marketing programs across an expanded distribution network . conversant also provides scale in the rapidly growing display , mobile , video and social digital channels , and adds essential capabilities to epsilon 's digital loyalty platform , agility harmony . conversant is consolidated in our financial statements and included in our results of operations as of the date of acquisition . for additional information on the acquisition of conversant , see note 3 , `` acquisitions , `` of the notes to consolidated financial statements . story_separator_special_tag adjusted ebitda and adjusted ebitda , net are not intended to be performance measures that should be regarded as an alternative to , or more meaningful than , either operating income or net income as indicators of operating performance or to cash flows from operating activities as a measure of liquidity . in addition , adjusted ebitda and adjusted ebitda , net are not intended to represent funds available for dividends , reinvestment or other discretionary uses , and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with gaap . the adjusted ebitda and adjusted ebitda , net measures presented in this annual report on form 10-k may not be comparable to similarly titled measures presented by other companies , and may not be identical to corresponding measures used in our various agreements . replace_table_token_8_th ( 1 ) represents expenditures directly associated with the acquisition of conversant . ( 2 ) represents additional contingent consideration as a result of the earn-out obligation associated with the acquisition of our 60 percent ownership interest in brandloyalty . 28 index consolidated results of operations replace_table_token_9_th 29 index year ended december 31 , 2014 compared to the year ended december 31 , 2013 revenue . total revenue increased $ 983.9 million , or 22.8 % , to $ 5.3 billion for the year ended december 31 , 2014 from $ 4.3 billion for the year ended december 31 , 2013. the net increase was due to the following : transaction . revenue increased $ 8.4 million , or 2.5 % , to $ 337.4 million for the year ended december 31 , 2014 . other servicing fees charged to our credit cardholders increased $ 26.7 million due to increased volumes . this increase was offset by a decline of $ 12.3 million in merchant fees , which are transaction fees charged to the retailer , due to increased royalty payments associated with new clients and the increase in associated credit sales . air miles reward miles issuance fees , for which we provide marketing and administrative services , also decreased $ 7.6 million due to the impact of an unfavorable canadian exchange rate . redemption . revenue increased $ 466.1 million , or 79.4 % , to $ 1.1 billion for the year ended december 31 , 2014 due to the brandloyalty acquisition , which added $ 538.9 million . these increases were offset by an unfavorable canadian exchange rate , which negatively impacted redemption revenue by $ 36.6 million , and the change in estimate of our breakage rate in prior years . finance charges , net . revenue increased $ 347.0 million , or 17.7 % , to $ 2.3 billion for the year ended december 31 , 2014 due to a 21.3 % increase in average credit card and loan receivables , which increased revenue $ 417.0 million through a combination of recent credit card portfolio acquisitions and strong credit cardholder spending . this increase was offset in part by an 80 basis point decline in yield due to the onboarding of new programs , which decreased revenue $ 70.0 million . database marketing fees and direct marketing . revenue increased $ 149.3 million , or 11.6 % , to $ 1.4 billion for the year ended december 31 , 2014. revenue was driven by the acquisition of conversant and by marketing technology revenue , which increased $ 35.7 million as a result of both database builds completed for new clients being placed in production , and an expansion of services provided to existing clients . agency revenue increased $ 43.1 million due to demand in the automotive vertical . marketing analytic services provided by loyaltyone also increased $ 25.1 million due to new client signings . other revenue . revenue increased $ 13.1 million , or 8.3 % , to $ 169.9 million for the year ended december 31 , 2014 due to the brandloyalty acquisition , which added $ 6.8 million , and additional consulting services provided by epsilon . cost of operations . cost of operations increased $ 669.6 million , or 26.3 % , to $ 3.2 billion for the year ended december 31 , 2014 as compared to $ 2.5 billion for the year ended december 31 , 2013. the increase resulted from growth across each of our segments , including the following : within the loyaltyone segment , cost of operations increased $ 396.1 million due to the brandloyalty acquisition , which added $ 438.2 million . this increase was offset by a decrease in operating expenses in our canadian operations of $ 42.0 million due to the decline in the canadian exchange rate . within the epsilon segment , cost of operations increased $ 129.6 million due to the conversant acquisition , an increase in payroll and benefits expense of $ 52.9 million associated with an increase in the number of associates to support growth , including the onboarding of new clients , and an increase of $ 44.4 million in direct processing expenses , associated with the increase in revenue . within the private label services and credit segment , cost of operations increased by $ 150.3 million . payroll and benefits expense increased $ 76.3 million associated with an increase in the number of associates to support growth , and marketing expenses increased $ 23.4 million due to the increase in credit sales . other operating expenses increased by $ 50.6 million , as credit card processing expenses were higher due to an increase in the number of statements generated , and data processing costs increased due to growth in volumes . earn-out obligation . on january 2 , 2014 , we acquired a 60 % ownership interest in brandloyalty . the share purchase agreement contained an earn-out provision which resulted in an increase in contingent consideration of $ 105.9 million , which is included in operating expenses in our consolidated statements of

