we believe focusing on top-level services offers us several advantages that include access to and influence with key decision makers , increased potential for recurring search consulting engagements , higher fees per search , enhanced brand visibility and a leveraged global footprint , which create added barriers to entry for potential competitors . working at the top of client organizations also allows us to attract and retain high-caliber consultants . in addition to executive search , we provide consulting services including executive leadership assessment , leadership , team and board development , succession planning , talent strategy , people performance , inter-team collaboration , culture shaping and organizational transformation . we provide our services to a broad range of clients through the expertise of over 450 consultants located in major cities around the world . our executive search services are provided on a retained basis . revenue before reimbursements of out-of-pocket expenses ( “ net revenue ” ) consists of retainers and indirect expenses billed to clients . typically , we are paid a retainer for our executive search services equal to approximately one-third of the estimated first-year compensation for the position to be filled . in addition , if the actual compensation of a placed candidate exceeds the estimated compensation , we often are authorized to bill the client for one-third of the excess . indirect expenses are calculated as a percentage of the retainer with certain dollar limits per search . 16 key performance indicators we manage and assess our performance through various means , with primary financial and operational measures including net revenue , operating income , operating margin , adjusted ebitda ( non-gaap ) and adjusted ebitda margin ( non-gaap ) . executive search and heidrick consulting performance is also measured using consultant headcount . specific to executive search , confirmation trends , consultant productivity and average revenue per search are used to measure performance . revenue is driven by market conditions and a combination of the number of executive search engagements and consulting projects and the average revenue per search or project . with the exception of compensation expense , incremental increases in revenue do not necessarily result in proportionate increases in costs , particularly operating and administrative expenses , thus creating the potential to improve operating margins . the number of consultants , confirmation trends , number of searches or projects completed , productivity levels and the average revenue per search or project will vary from quarter to quarter , affecting net revenue and operating margin . our compensation model at the executive search consultant level , there are fixed and variable components of compensation . individuals are rewarded for their performance based on a system that directly ties a portion of their compensation to the amount of net revenue for which they are responsible . a portion of the reward may be based upon individual performance against a series of non-financial measures . credit towards the variable portion of an executive search consultant 's compensation is earned by generating net revenue for winning and executing work . each quarter , we review and update the expected annual performance of all executive search consultants and accrue variable compensation accordingly . the amount of variable compensation that is accrued for each executive search consultant is based on a tiered payout model . overall company performance determines the amount available for total variable compensation . the more net revenue that is generated by the consultant , the higher the percentage credited towards the consultant 's variable compensation and thus accrued by our company as expense . at the heidrick consulting consultant level , there are also fixed and variable components of compensation . overall compensation is determined based on the total economic contribution of the heidrick consulting segment to the business as a whole . individual consultant compensation can vary and is derived from credits earned for delivering client work plus credits earned for contributions of intellectual and human capital , client relationship development and consulting practice development . each quarter , we review and update the expected annual performance of all heidrick consulting consultants and accrue variable compensation accordingly . the mix of individual consultants who generate revenue in executive search and economic contributions in heidrick consulting can significantly affect the total amount of compensation expense recorded , which directly impacts operating margin . as a result , the variable portion of the compensation expense may fluctuate significantly from quarter to quarter . the total variable compensation is discretionary and is based on company-wide financial targets approved by the human resources and compensation committee of the board of directors . a portion of our executive search consultants ' and management cash bonuses is deferred and paid over a three-year vesting period . the compensation expense related to the amounts being deferred is recognized on a graded vesting attribution method over the requisite service period . this service period begins on january 1 of the respective fiscal year and continues through the deferral date , which coincides with our bonus payments in the first quarter of the following year , and for an additional three-year vesting period . the deferrals are recorded in accrued salaries and benefits in the consolidated balance sheets . 2019 overview consolidated net revenue was $ 706.9 million for the year ended december 31 , 2019 , a decrease of $ 9.1 million , or 1.3 % , compared to 2018. executive search net revenue was $ 646.4 million in 2019 , a decrease of $ 6.5 million compared to 2018. the decrease in executive search net revenue was the result of declines in europe and asia pacific , partially offset by growth in the americas . our acquisition of 2get in september 2019 also contributed to executive search net revenue . story_separator_special_tag general and administrative expenses increased $ 0.1 million due to increases in information technology , the use of external third-party consultants , and taxes and licenses , partially offset by decreases in internal travel , professional fees , and office occupancy expenses . global operations support incurred less than $ 0.1 million in restructuring charges during the year ended december 31 , 2019. there were no similar restructuring charges during the year ended december 31 , 2018. liquidity and capital resources general . we continually evaluate our liquidity requirements , capital needs and availability of capital resources based on our operating needs . we believe that our available cash balances together with the funds expected to be generated from operations and funds available under our committed revolving credit facility will be sufficient to finance our operations for the foreseeable future , as well as to finance the cash payments associated with our cash dividends and stock repurchase program . we pay the non-deferred portion of annual bonuses in the first quarter following the year in which they are earned . employee bonuses are accrued throughout the year and are based on our performance and the performance of the individual employee . lines of credit . on october 26 , 2018 , we entered into a new credit agreement ( the `` 2018 credit agreement `` ) to replace the second amended and restated credit agreement ( the `` restated credit agreement `` ) executed on june 30 , 2015. the 2018 credit agreement provides us with a senior unsecured revolving line of credit with an aggregate commitment of $ 175 million , which includes a sublimit of $ 25 million for letters of credit , and a $ 10 million swingline loan sublimit . the agreement also includes a $ 75 million expansion feature . the 2018 credit agreement will mature in october 2023. borrowings under the 2018 credit agreement bear interest at our election of the alternate base rate ( as defined in the 2018 credit agreement ) or adjusted libor ( as defined in the 2018 credit agreement ) plus a spread as determined by our leverage ratio . borrowings under the 2018 credit agreement may be used for working capital , capital expenditures , permitted acquisitions ( as defined in the 2018 credit agreement ) and for other general purposes . the obligations under the 2018 credit agreement are guaranteed by certain of our subsidiaries . we capitalized approximately $ 1.0 million of loan acquisition costs related to the 2018 credit agreement , which will be amortized over the remaining term of the agreement . before october 26 , 2018 , we were party to the restated credit agreement . the restated credit agreement provided a single senior unsecured revolving line of credit with an aggregate commitment of up to $ 100 million , which included a sublimit of $ 25 million for letters of credit , and a $ 50 million expansion feature . borrowings under the restated credit agreement bore interest at our election of the existing alternate base rate ( as defined in the restated credit agreement ) or the adjusted libor rate ( as defined in the restated credit agreement ) plus a spread as determined by our leverage ratio . during the three months ended march 31 , 2018 , we borrowed $ 20 million under the restated credit agreement and elected the adjusted libor rate . we subsequently repaid $ 8 million during the three months ended march 31 , 2018 and $ 12 million during the three months ended june 30 , 2018 . 24 as of december 31 , 2019 , and 2018 , we had no outstanding borrowings under the 2018 credit agreement and were in compliance with the financial and other covenants under the 2018 credit agreement and no event of default existed . cash , cash equivalents , and marketable securities . cash , cash equivalents and marketable securities at december 31 , 2019 were $ 332.9 million , an increase of $ 53.0 million compared to $ 279.9 million at december 31 , 2018. the $ 332.9 million of cash , cash equivalents , and marketable securities at december 31 , 2019 includes $ 131.6 million held by our foreign subsidiaries . the foreign cash balance of $ 131.6 million is considered permanently reinvested in these foreign subsidiaries . if these funds were required to satisfy obligations in the united states , the repatriation of these funds could cause us to incur additional foreign withholding taxes . we expect to pay approximately $ 205.0 million in variable compensation related to 2019 performance in march and april 2020. in january 2020 , we paid approximately $ 17.1 million in variable compensation that was deferred in prior years . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > application of critical accounting policies and estimates general . management 's discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements , which have been prepared using accounting principles generally accepted in the united states of america . our significant accounting policies are discussed in note 2 , summary of significant accounting policies and note 3 , revenue , in the notes to consolidated financial statements . the preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets , liabilities , revenue and expenses , and related disclosure of contingent assets and liabilities . management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . if actual amounts are ultimately different from previous estimates , the revisions are included in

cash flows provided by operating activities . for the year ended december 31 , 2019 , cash provided by operating activities was $ 78.6 million , primarily reflecting net income net of non-cash charges of $ 69.2 million , a decrease in accounts receivable of $ 6.9 million , an increase in net retirement and pension plan liabilities of $ 3.3 million and an increase in accrued expenses of $ 2.4 million . the increase in accrued expenses primarily reflects approximately $ 205.0 million of current year bonus accruals , partially offset by $ 202.0 million of bonus payments for 2018 made in early 2019. cash provided by operating activities for the year ended december 31 , 2018 , was $ 102.9 million , primarily reflecting net income net of non-cash charges of $ 68.6 million , an increase in accrued expenses of $ 71.5 million , partially offset by an increase in accounts receivable of $ 16.8 million and restructuring payments of $ 11.6 million . the increase in accrued expenses primarily reflects approximately $ 202.0 million of bonus accruals , partially offset by $ 148.0 million of bonus payments for 2017 made in early 2018. cash flows used in investing activities . for the year ended december 31 , 2019 , cash used in investing activities was $ 69.3 million , primarily due to purchases of marketable securities and investments of $ 130.4 million , the acquisition of 2get for $ 3.5 million , and capital expenditures of $ 3.4 million , partially offset by proceeds from the maturity and sales of marketable securities and investments of $ 68.0 million . the decrease in capital expenditures is primarily the result of reduced office build-outs .


 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 provided by operating activities . for the year ended december 31 , 2019 , cash provided by operating activities was $ 78.6 million , primarily reflecting net income net of non-cash charges of $ 69.2 million , a decrease in accounts receivable of $ 6.9 million , an increase in net retirement and pension plan liabilities of $ 3.3 million and an increase in accrued expenses of $ 2.4 million . the increase in accrued expenses primarily reflects approximately $ 205.0 million of current year bonus accruals , partially offset by $ 202.0 million of bonus payments for 2018 made in early 2019. cash provided by operating activities for the year ended december 31 , 2018 , was $ 102.9 million , primarily reflecting net income net of non-cash charges of $ 68.6 million , an increase in accrued expenses of $ 71.5 million , partially offset by an increase in accounts receivable of $ 16.8 million and restructuring payments of $ 11.6 million . the increase in accrued expenses primarily reflects approximately $ 202.0 million of bonus accruals , partially offset by $ 148.0 million of bonus payments for 2017 made in early 2018. cash flows used in investing activities . for the year ended december 31 , 2019 , cash used in investing activities was $ 69.3 million , primarily due to purchases of marketable securities and investments of $ 130.4 million , the acquisition of 2get for $ 3.5 million , and capital expenditures of $ 3.4 million , partially offset by proceeds from the maturity and sales of marketable securities and investments of $ 68.0 million . the decrease in capital expenditures is primarily the result of reduced office build-outs .
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 Suspicious Activity Report : we believe focusing on top-level services offers us several advantages that include access to and influence with key decision makers , increased potential for recurring search consulting engagements , higher fees per search , enhanced brand visibility and a leveraged global footprint , which create added barriers to entry for potential competitors . working at the top of client organizations also allows us to attract and retain high-caliber consultants . in addition to executive search , we provide consulting services including executive leadership assessment , leadership , team and board development , succession planning , talent strategy , people performance , inter-team collaboration , culture shaping and organizational transformation . we provide our services to a broad range of clients through the expertise of over 450 consultants located in major cities around the world . our executive search services are provided on a retained basis . revenue before reimbursements of out-of-pocket expenses ( “ net revenue ” ) consists of retainers and indirect expenses billed to clients . typically , we are paid a retainer for our executive search services equal to approximately one-third of the estimated first-year compensation for the position to be filled . in addition , if the actual compensation of a placed candidate exceeds the estimated compensation , we often are authorized to bill the client for one-third of the excess . indirect expenses are calculated as a percentage of the retainer with certain dollar limits per search . 16 key performance indicators we manage and assess our performance through various means , with primary financial and operational measures including net revenue , operating income , operating margin , adjusted ebitda ( non-gaap ) and adjusted ebitda margin ( non-gaap ) . executive search and heidrick consulting performance is also measured using consultant headcount . specific to executive search , confirmation trends , consultant productivity and average revenue per search are used to measure performance . revenue is driven by market conditions and a combination of the number of executive search engagements and consulting projects and the average revenue per search or project . with the exception of compensation expense , incremental increases in revenue do not necessarily result in proportionate increases in costs , particularly operating and administrative expenses , thus creating the potential to improve operating margins . the number of consultants , confirmation trends , number of searches or projects completed , productivity levels and the average revenue per search or project will vary from quarter to quarter , affecting net revenue and operating margin . our compensation model at the executive search consultant level , there are fixed and variable components of compensation . individuals are rewarded for their performance based on a system that directly ties a portion of their compensation to the amount of net revenue for which they are responsible . a portion of the reward may be based upon individual performance against a series of non-financial measures . credit towards the variable portion of an executive search consultant 's compensation is earned by generating net revenue for winning and executing work . each quarter , we review and update the expected annual performance of all executive search consultants and accrue variable compensation accordingly . the amount of variable compensation that is accrued for each executive search consultant is based on a tiered payout model . overall company performance determines the amount available for total variable compensation . the more net revenue that is generated by the consultant , the higher the percentage credited towards the consultant 's variable compensation and thus accrued by our company as expense . at the heidrick consulting consultant level , there are also fixed and variable components of compensation . overall compensation is determined based on the total economic contribution of the heidrick consulting segment to the business as a whole . individual consultant compensation can vary and is derived from credits earned for delivering client work plus credits earned for contributions of intellectual and human capital , client relationship development and consulting practice development . each quarter , we review and update the expected annual performance of all heidrick consulting consultants and accrue variable compensation accordingly . the mix of individual consultants who generate revenue in executive search and economic contributions in heidrick consulting can significantly affect the total amount of compensation expense recorded , which directly impacts operating margin . as a result , the variable portion of the compensation expense may fluctuate significantly from quarter to quarter . the total variable compensation is discretionary and is based on company-wide financial targets approved by the human resources and compensation committee of the board of directors . a portion of our executive search consultants ' and management cash bonuses is deferred and paid over a three-year vesting period . the compensation expense related to the amounts being deferred is recognized on a graded vesting attribution method over the requisite service period . this service period begins on january 1 of the respective fiscal year and continues through the deferral date , which coincides with our bonus payments in the first quarter of the following year , and for an additional three-year vesting period . the deferrals are recorded in accrued salaries and benefits in the consolidated balance sheets . 2019 overview consolidated net revenue was $ 706.9 million for the year ended december 31 , 2019 , a decrease of $ 9.1 million , or 1.3 % , compared to 2018. executive search net revenue was $ 646.4 million in 2019 , a decrease of $ 6.5 million compared to 2018. the decrease in executive search net revenue was the result of declines in europe and asia pacific , partially offset by growth in the americas . our acquisition of 2get in september 2019 also contributed to executive search net revenue . story_separator_special_tag general and administrative expenses increased $ 0.1 million due to increases in information technology , the use of external third-party consultants , and taxes and licenses , partially offset by decreases in internal travel , professional fees , and office occupancy expenses . global operations support incurred less than $ 0.1 million in restructuring charges during the year ended december 31 , 2019. there were no similar restructuring charges during the year ended december 31 , 2018. liquidity and capital resources general . we continually evaluate our liquidity requirements , capital needs and availability of capital resources based on our operating needs . we believe that our available cash balances together with the funds expected to be generated from operations and funds available under our committed revolving credit facility will be sufficient to finance our operations for the foreseeable future , as well as to finance the cash payments associated with our cash dividends and stock repurchase program . we pay the non-deferred portion of annual bonuses in the first quarter following the year in which they are earned . employee bonuses are accrued throughout the year and are based on our performance and the performance of the individual employee . lines of credit . on october 26 , 2018 , we entered into a new credit agreement ( the `` 2018 credit agreement `` ) to replace the second amended and restated credit agreement ( the `` restated credit agreement `` ) executed on june 30 , 2015. the 2018 credit agreement provides us with a senior unsecured revolving line of credit with an aggregate commitment of $ 175 million , which includes a sublimit of $ 25 million for letters of credit , and a $ 10 million swingline loan sublimit . the agreement also includes a $ 75 million expansion feature . the 2018 credit agreement will mature in october 2023. borrowings under the 2018 credit agreement bear interest at our election of the alternate base rate ( as defined in the 2018 credit agreement ) or adjusted libor ( as defined in the 2018 credit agreement ) plus a spread as determined by our leverage ratio . borrowings under the 2018 credit agreement may be used for working capital , capital expenditures , permitted acquisitions ( as defined in the 2018 credit agreement ) and for other general purposes . the obligations under the 2018 credit agreement are guaranteed by certain of our subsidiaries . we capitalized approximately $ 1.0 million of loan acquisition costs related to the 2018 credit agreement , which will be amortized over the remaining term of the agreement . before october 26 , 2018 , we were party to the restated credit agreement . the restated credit agreement provided a single senior unsecured revolving line of credit with an aggregate commitment of up to $ 100 million , which included a sublimit of $ 25 million for letters of credit , and a $ 50 million expansion feature . borrowings under the restated credit agreement bore interest at our election of the existing alternate base rate ( as defined in the restated credit agreement ) or the adjusted libor rate ( as defined in the restated credit agreement ) plus a spread as determined by our leverage ratio . during the three months ended march 31 , 2018 , we borrowed $ 20 million under the restated credit agreement and elected the adjusted libor rate . we subsequently repaid $ 8 million during the three months ended march 31 , 2018 and $ 12 million during the three months ended june 30 , 2018 . 24 as of december 31 , 2019 , and 2018 , we had no outstanding borrowings under the 2018 credit agreement and were in compliance with the financial and other covenants under the 2018 credit agreement and no event of default existed . cash , cash equivalents , and marketable securities . cash , cash equivalents and marketable securities at december 31 , 2019 were $ 332.9 million , an increase of $ 53.0 million compared to $ 279.9 million at december 31 , 2018. the $ 332.9 million of cash , cash equivalents , and marketable securities at december 31 , 2019 includes $ 131.6 million held by our foreign subsidiaries . the foreign cash balance of $ 131.6 million is considered permanently reinvested in these foreign subsidiaries . if these funds were required to satisfy obligations in the united states , the repatriation of these funds could cause us to incur additional foreign withholding taxes . we expect to pay approximately $ 205.0 million in variable compensation related to 2019 performance in march and april 2020. in january 2020 , we paid approximately $ 17.1 million in variable compensation that was deferred in prior years . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > application of critical accounting policies and estimates general . management 's discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements , which have been prepared using accounting principles generally accepted in the united states of america . our significant accounting policies are discussed in note 2 , summary of significant accounting policies and note 3 , revenue , in the notes to consolidated financial statements . the preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets , liabilities , revenue and expenses , and related disclosure of contingent assets and liabilities . management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . if actual amounts are ultimately different from previous estimates , the revisions are included in

