we derive substantially all of our gross profit from the following sources : commissions earned from facilitating reservations of accommodations , rental cars , cruises and other travel services ; transaction gross profit and customer processing fees from our accommodation , rental car , airline ticket and vacation package reservation services ; advertising revenues primarily earned by kayak from sending referrals to otas and travel service providers , as well as from advertising placements on kayak 's websites and mobile apps ; beginning on july 24 , 2014 , revenues recognized by opentable , which consist of reservation revenues ( a fee for restaurant guests seated through opentable 's online reservation service ) , subscription fees for restaurant reservation management services and other revenues ; and global distribution system ( `` gds `` ) reservation booking fees related to our name your own price ® hotel , rental car and airline ticket reservation services , and price-disclosed airline ticket and rental car reservation services . our priceline.com brand offers merchant name your own price ® opaque travel services , which are recorded in revenue on a `` gross `` basis and have associated cost of revenue . all of our other services are recorded in revenue on a `` net `` basis and have no associated cost of revenue . therefore , revenue increases and decreases are impacted by changes in the mix of our revenues between name your own price ® travel services and other services . gross profit reflects the commission or net margin earned for our retail , name your own price ® and semi-opaque travel services and our advertising and other services . consequently , gross profit is an important measure to evaluate growth in our business because , in contrast to our revenues , it is not affected by 40 the different methods of recording revenue and cost of revenue between our name your own price ® travel services and our other services . trends over the last several years we have experienced strong growth in our accommodation reservation services . we believe this growth is the result of , among other things , the broader shift of travel purchases from offline to online , the widespread adoption of mobile devices , the high growth of travel overall in emerging markets such as asia-pacific and south america , and the continued innovation and execution by our teams around the world to build accommodation supply , content and distribution and to improve the customer experience on our websites and mobile apps . these year-over-year growth rates have generally decelerated in recent years . for example , for the year ended december 31 , 2014 , our accommodation room night reservation growth was 28 % , a deceleration from 37 % in 2013 , 40 % in 2012 and 53 % in 2011. given the size of our hotel reservation business , we expect that our year-over-year growth rates will continue to decelerate , though the rate of deceleration may fluctuate . the size of the travel market outside of the united states is substantially greater than that within the united states . historically , internet use and e-commerce activity of international consumers have trailed that of consumers in the united states . however , international consumers are rapidly moving to online means for purchasing travel . accordingly , recent international online travel growth rates have substantially exceeded , and are expected to continue to exceed , the growth rates within the united states . we expect that over the long-term , international online travel growth rates will follow a similar trend to that experienced in the united states . in addition , the base of hotel properties in europe and asia is particularly fragmented compared to that in the united states , where the hotel market is dominated by large hotel chains . we believe online reservation systems like ours may be more appealing to small chains and independent hotels more commonly found outside of the united states . our growth has primarily been generated by our international accommodation reservation service brands , booking.com and agoda.com . booking.com , our most significant brand , included over 600,000 properties on its website as of february 13 , 2015 , which included over 245,000 vacation rental properties ( updated property counts are available on the booking.com website ) . booking.com has added properties over the past year in its core european market as well as higher-growth markets such as north america ( which is a newer market for booking.com ) , asia-pacific and south america . an increasing amount of our business from both a destination and point-of-sale perspective is conducted in our newer markets which are growing faster than our overall growth rate . we believe that the opportunity to continue to grow our business exists for the markets in which we operate . we believe these trends and factors have enabled us to become the leading online accommodation reservation service provider in the world as measured by room nights booked . as our international business represents the substantial majority of our financial results , we expect to continue to see our operating results and other financial metrics largely driven by international performance . for example , certain markets in which we operate that are in earlier stages of development have lower operating margins compared to more mature markets , which could have a negative impact on our overall margins as these markets increase in size over time . also , we intend to continue to invest in adding accommodations available for reservation on our websites , including hotels , bed and breakfasts , hostels and vacation rentals . vacation rentals generally consist of , among others , properties categorized as single-unit and multi-unit villas , apartments , `` aparthotels `` ( which are apartments with a front desk and cleaning service ) and chalets and are generally self-catered ( i.e . story_separator_special_tag in the u.k. investigation , booking.com and the other subjects of the investigation had reached a settlement with the competition authorities ; however , that settlement has been vacated on appeal . on december 15 , 2014 , the french , italian and swedish national competition authorities , working in close cooperation with the european commission , announced their intention to seek public feedback on commitments offered by booking.com in connection with investigations of booking.com 's rate parity provisions in its contractual arrangements with accommodation providers . see footnote 16 to our consolidated financial statements and part i item 1a risk factors - `` as the size of our business grows , we may become increasingly subject to the scrutiny of anti-trust and competition regulators . `` we note that the german competition authority has required hotel reservation service , a leading ota in germany , to remove its rate parity clause from its contracts with hotels , and hotel reservation service 's initial appeal was denied . to the extent that regulatory authorities require changes to our business practices or to those currently common to the industry , our business , competitive position and results of operations could be materially and adversely affected . negative publicity regarding any such investigations could adversely affect our brand and therefore our market share and results of operations . hotels typically make available only a limited number of hotel rooms for opaque services like ours , especially during periods of high occupancy . as a result , recent high hotel occupancy levels in the united states have had an adverse impact on our access to hotel rooms for our opaque hotel reservation services , which has negatively affected our opaque hotel reservation gross profits . seasonality a meaningful amount of gross bookings are generated early in the year , as customers plan and reserve their spring and summer vacations in europe and north america . from a cost perspective , we expense the substantial majority of our advertising activities as the expense is incurred , which is typically in the quarter in which reservations are booked . however , we generally do not recognize associated revenue until future quarters when the travel occurs . as a result , we typically experience our highest levels of profitability in the second and third quarters of the year , which is when we experience the highest levels of accommodation checkouts for the year for our european and north american businesses . 44 in addition , the date on which certain holidays fall can have an impact on our quarterly results . for example , in 2013 our second quarter year-over-year growth rates in revenue , gross profit , operating income and operating margins were adversely affected by easter falling in the first quarter instead of the second quarter , as it did in 2012. conversely , our second quarter 2014 year-over-year growth rates in revenue , gross profit , operating income and operating margins were favorably impacted by easter falling in the second quarter instead of the first quarter , as it did in 2013. the impact of seasonality can be exaggerated in the short-term by the gross bookings growth rate of the business . for example , in periods where our growth rate substantially decelerates , our operating margins typically benefit from relatively less variable advertising expense . in addition , gross profit growth is typically less impacted in the near term due to the benefit of revenue related to reservations booked in previous quarters . we experience the highest levels of booking and travel consumption for our asia-pacific and south american businesses in the first and fourth quarters . therefore , if these businesses grow faster than our north american and european businesses , our operating results for the first and fourth quarters of the year may become more significant over time as a percentage of full year operating results . other factors we believe that our future success depends in large part on our ability to continue to profitably grow our brands worldwide , and , over time , to offer other travel and travel related services and further expand into other international markets . factors beyond our control , such as worldwide recession , oil prices , terrorist attacks , unusual weather patterns , natural disasters such as earthquakes , hurricanes , tsunamis , floods and volcanic eruptions , travel related health concerns including pandemics and epidemics such as ebola , influenza h1n1 , avian bird flu and sars , political instability , regional hostilities , imposition of taxes or surcharges by regulatory authorities or travel related accidents , could adversely affect our business and results of operations and impair our ability to effectively implement all or some of the initiatives described above . for example , in late 2012 hurricane sandy disrupted travel in the northeastern united states . in early 2011 , japan was struck by a major earthquake , tsunami and nuclear emergency . in october 2011 , severe flooding in thailand , a key market for our agoda.com business and the asian business of booking.com , negatively impacted booking volumes and cancellation rates in this market . in addition , thailand has recently experienced disruptive civil unrest , which has negatively impacted booking volumes and cancellation rates in this market . in early 2010 , thailand also experienced civil unrest , which caused the temporary relocation of agoda.com 's thailand-based operations . future natural disasters , health concerns or civil or political unrest could further disrupt our business and operations . we intend to continue to invest in marketing and promotion , technology and personnel within parameters consistent with attempts to improve long-term operating results , even if those expenditures create pressure on operating margins . we have experienced pressure on operating margins as we prioritize initiatives that drive growth . we also intend to broaden the scope of our business , and to that end , we

liquidity and capital resources as of december 31 , 2014 , we had $ 8.0 billion in cash , cash equivalents , short-term investments and long-term investments . approximately $ 6.9 billion is held by our international subsidiaries and is denominated primarily in u.s. dollars , euros and , to a lesser extent , british pounds sterling and other currencies . we currently intend to indefinitely reinvest these funds outside of the united states . if we repatriate cash to the united states , we would utilize our net operating loss carryforwards and beyond that amount incur additional tax payments in the united states . cash equivalents , short-term investments , and long-term investments are comprised of u.s. and foreign corporate bonds , u.s. and foreign government securities , high grade commercial paper , foreign equity securities , u.s. government agency securities , u.s. municipal securities and bank deposits . in october 2011 , we entered into a $ 1.0 billion five-year unsecured revolving credit facility with a group of lenders . borrowings under the revolving credit facility will bear interest , at our option , at a rate per annum equal to either ( i ) the adjusted libor for the interest period in effect for such borrowing plus an applicable margin ranging from 1.00 % to 1.50 % ; or ( ii ) the greatest of ( a ) jpmorgan chase bank , national association 's prime lending rate , ( b ) the federal funds rate plus 0.50 % , and ( c ) an adjusted libor for an interest period of one month plus 1.00 % , plus an applicable margin ranging from 0.00 % to 0.50 % . undrawn balances available under the revolving credit facility are subject to commitment fees at the applicable rate ranging from 0.10 % to 0.25 % .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 31 , 2014 , we had $ 8.0 billion in cash , cash equivalents , short-term investments and long-term investments . approximately $ 6.9 billion is held by our international subsidiaries and is denominated primarily in u.s. dollars , euros and , to a lesser extent , british pounds sterling and other currencies . we currently intend to indefinitely reinvest these funds outside of the united states . if we repatriate cash to the united states , we would utilize our net operating loss carryforwards and beyond that amount incur additional tax payments in the united states . cash equivalents , short-term investments , and long-term investments are comprised of u.s. and foreign corporate bonds , u.s. and foreign government securities , high grade commercial paper , foreign equity securities , u.s. government agency securities , u.s. municipal securities and bank deposits . in october 2011 , we entered into a $ 1.0 billion five-year unsecured revolving credit facility with a group of lenders . borrowings under the revolving credit facility will bear interest , at our option , at a rate per annum equal to either ( i ) the adjusted libor for the interest period in effect for such borrowing plus an applicable margin ranging from 1.00 % to 1.50 % ; or ( ii ) the greatest of ( a ) jpmorgan chase bank , national association 's prime lending rate , ( b ) the federal funds rate plus 0.50 % , and ( c ) an adjusted libor for an interest period of one month plus 1.00 % , plus an applicable margin ranging from 0.00 % to 0.50 % . undrawn balances available under the revolving credit facility are subject to commitment fees at the applicable rate ranging from 0.10 % to 0.25 % .
```    
 Suspicious Activity Report : we derive substantially all of our gross profit from the following sources : commissions earned from facilitating reservations of accommodations , rental cars , cruises and other travel services ; transaction gross profit and customer processing fees from our accommodation , rental car , airline ticket and vacation package reservation services ; advertising revenues primarily earned by kayak from sending referrals to otas and travel service providers , as well as from advertising placements on kayak 's websites and mobile apps ; beginning on july 24 , 2014 , revenues recognized by opentable , which consist of reservation revenues ( a fee for restaurant guests seated through opentable 's online reservation service ) , subscription fees for restaurant reservation management services and other revenues ; and global distribution system ( `` gds `` ) reservation booking fees related to our name your own price ® hotel , rental car and airline ticket reservation services , and price-disclosed airline ticket and rental car reservation services . our priceline.com brand offers merchant name your own price ® opaque travel services , which are recorded in revenue on a `` gross `` basis and have associated cost of revenue . all of our other services are recorded in revenue on a `` net `` basis and have no associated cost of revenue . therefore , revenue increases and decreases are impacted by changes in the mix of our revenues between name your own price ® travel services and other services . gross profit reflects the commission or net margin earned for our retail , name your own price ® and semi-opaque travel services and our advertising and other services . consequently , gross profit is an important measure to evaluate growth in our business because , in contrast to our revenues , it is not affected by 40 the different methods of recording revenue and cost of revenue between our name your own price ® travel services and our other services . trends over the last several years we have experienced strong growth in our accommodation reservation services . we believe this growth is the result of , among other things , the broader shift of travel purchases from offline to online , the widespread adoption of mobile devices , the high growth of travel overall in emerging markets such as asia-pacific and south america , and the continued innovation and execution by our teams around the world to build accommodation supply , content and distribution and to improve the customer experience on our websites and mobile apps . these year-over-year growth rates have generally decelerated in recent years . for example , for the year ended december 31 , 2014 , our accommodation room night reservation growth was 28 % , a deceleration from 37 % in 2013 , 40 % in 2012 and 53 % in 2011. given the size of our hotel reservation business , we expect that our year-over-year growth rates will continue to decelerate , though the rate of deceleration may fluctuate . the size of the travel market outside of the united states is substantially greater than that within the united states . historically , internet use and e-commerce activity of international consumers have trailed that of consumers in the united states . however , international consumers are rapidly moving to online means for purchasing travel . accordingly , recent international online travel growth rates have substantially exceeded , and are expected to continue to exceed , the growth rates within the united states . we expect that over the long-term , international online travel growth rates will follow a similar trend to that experienced in the united states . in addition , the base of hotel properties in europe and asia is particularly fragmented compared to that in the united states , where the hotel market is dominated by large hotel chains . we believe online reservation systems like ours may be more appealing to small chains and independent hotels more commonly found outside of the united states . our growth has primarily been generated by our international accommodation reservation service brands , booking.com and agoda.com . booking.com , our most significant brand , included over 600,000 properties on its website as of february 13 , 2015 , which included over 245,000 vacation rental properties ( updated property counts are available on the booking.com website ) . booking.com has added properties over the past year in its core european market as well as higher-growth markets such as north america ( which is a newer market for booking.com ) , asia-pacific and south america . an increasing amount of our business from both a destination and point-of-sale perspective is conducted in our newer markets which are growing faster than our overall growth rate . we believe that the opportunity to continue to grow our business exists for the markets in which we operate . we believe these trends and factors have enabled us to become the leading online accommodation reservation service provider in the world as measured by room nights booked . as our international business represents the substantial majority of our financial results , we expect to continue to see our operating results and other financial metrics largely driven by international performance . for example , certain markets in which we operate that are in earlier stages of development have lower operating margins compared to more mature markets , which could have a negative impact on our overall margins as these markets increase in size over time . also , we intend to continue to invest in adding accommodations available for reservation on our websites , including hotels , bed and breakfasts , hostels and vacation rentals . vacation rentals generally consist of , among others , properties categorized as single-unit and multi-unit villas , apartments , `` aparthotels `` ( which are apartments with a front desk and cleaning service ) and chalets and are generally self-catered ( i.e . story_separator_special_tag in the u.k. investigation , booking.com and the other subjects of the investigation had reached a settlement with the competition authorities ; however , that settlement has been vacated on appeal . on december 15 , 2014 , the french , italian and swedish national competition authorities , working in close cooperation with the european commission , announced their intention to seek public feedback on commitments offered by booking.com in connection with investigations of booking.com 's rate parity provisions in its contractual arrangements with accommodation providers . see footnote 16 to our consolidated financial statements and part i item 1a risk factors - `` as the size of our business grows , we may become increasingly subject to the scrutiny of anti-trust and competition regulators . `` we note that the german competition authority has required hotel reservation service , a leading ota in germany , to remove its rate parity clause from its contracts with hotels , and hotel reservation service 's initial appeal was denied . to the extent that regulatory authorities require changes to our business practices or to those currently common to the industry , our business , competitive position and results of operations could be materially and adversely affected . negative publicity regarding any such investigations could adversely affect our brand and therefore our market share and results of operations . hotels typically make available only a limited number of hotel rooms for opaque services like ours , especially during periods of high occupancy . as a result , recent high hotel occupancy levels in the united states have had an adverse impact on our access to hotel rooms for our opaque hotel reservation services , which has negatively affected our opaque hotel reservation gross profits . seasonality a meaningful amount of gross bookings are generated early in the year , as customers plan and reserve their spring and summer vacations in europe and north america . from a cost perspective , we expense the substantial majority of our advertising activities as the expense is incurred , which is typically in the quarter in which reservations are booked . however , we generally do not recognize associated revenue until future quarters when the travel occurs . as a result , we typically experience our highest levels of profitability in the second and third quarters of the year , which is when we experience the highest levels of accommodation checkouts for the year for our european and north american businesses . 44 in addition , the date on which certain holidays fall can have an impact on our quarterly results . for example , in 2013 our second quarter year-over-year growth rates in revenue , gross profit , operating income and operating margins were adversely affected by easter falling in the first quarter instead of the second quarter , as it did in 2012. conversely , our second quarter 2014 year-over-year growth rates in revenue , gross profit , operating income and operating margins were favorably impacted by easter falling in the second quarter instead of the first quarter , as it did in 2013. the impact of seasonality can be exaggerated in the short-term by the gross bookings growth rate of the business . for example , in periods where our growth rate substantially decelerates , our operating margins typically benefit from relatively less variable advertising expense . in addition , gross profit growth is typically less impacted in the near term due to the benefit of revenue related to reservations booked in previous quarters . we experience the highest levels of booking and travel consumption for our asia-pacific and south american businesses in the first and fourth quarters . therefore , if these businesses grow faster than our north american and european businesses , our operating results for the first and fourth quarters of the year may become more significant over time as a percentage of full year operating results . other factors we believe that our future success depends in large part on our ability to continue to profitably grow our brands worldwide , and , over time , to offer other travel and travel related services and further expand into other international markets . factors beyond our control , such as worldwide recession , oil prices , terrorist attacks , unusual weather patterns , natural disasters such as earthquakes , hurricanes , tsunamis , floods and volcanic eruptions , travel related health concerns including pandemics and epidemics such as ebola , influenza h1n1 , avian bird flu and sars , political instability , regional hostilities , imposition of taxes or surcharges by regulatory authorities or travel related accidents , could adversely affect our business and results of operations and impair our ability to effectively implement all or some of the initiatives described above . for example , in late 2012 hurricane sandy disrupted travel in the northeastern united states . in early 2011 , japan was struck by a major earthquake , tsunami and nuclear emergency . in october 2011 , severe flooding in thailand , a key market for our agoda.com business and the asian business of booking.com , negatively impacted booking volumes and cancellation rates in this market . in addition , thailand has recently experienced disruptive civil unrest , which has negatively impacted booking volumes and cancellation rates in this market . in early 2010 , thailand also experienced civil unrest , which caused the temporary relocation of agoda.com 's thailand-based operations . future natural disasters , health concerns or civil or political unrest could further disrupt our business and operations . we intend to continue to invest in marketing and promotion , technology and personnel within parameters consistent with attempts to improve long-term operating results , even if those expenditures create pressure on operating margins . we have experienced pressure on operating margins as we prioritize initiatives that drive growth . we also intend to broaden the scope of our business , and to that end , we

