recent developments registered block trade transactions on november 18 , 2015 , we closed an underwritten secondary offering of 4,500,000 shares of our common stock by welsh , carson , anderson & stowe x , l.p. ( “ wcas x ” ) , wcas capital partners iv , l.p. ( “ wcas capital iv ” ) , each of our executive officers and certain other selling stockholders at a public offering price of $ 42.15 per share . on november 19 , 2015 , the underwriter exercised its overallotment option and subsequently purchased an additional 585,697 shares from wcas x and wcas capital iv . we did not receive any proceeds from the sales of these shares . on september 15 , 2015 , we closed an underwritten secondary offering of 4,500,000 shares of our common stock by wcas x , wcas capital partners iv , each of our executive officers and certain other selling stockholders at a public offering price of $ 37.95 per share . on september 23 , 2015 , the underwriter exercised its option to purchase an additional 675,000 shares from wcas x and wcas capital iv . we did not receive any proceeds from the sales of these shares . on may 20 , 2015 , we closed an underwritten secondary offering of 8,000,000 shares of our common stock by wcas x , wcas capital iv , each of our executive officers and certain other selling stockholders at a public offering price of $ 36.25 per share . we did not receive any proceeds from the sale of these shares . 33 follow-on offering on january 21 , 2015 , we closed a follow-on public offering of 6,422,750 shares of our common stock by certain selling stockholders at a public offering price of $ 22.50 per share . we did not receive any proceeds from the sale of these shares . the 2014 reorganization software and its wholly owned subsidiary , payroll software merger sub , llc ( “ merger sub ” ) were formed as delaware entities on october 31 , 2013 and december 23 , 2013 , respectively , in anticipation of an initial public offering and were wholly owned subsidiaries of holdings prior to december 31 , 2013. on january 1 , 2014 , we consummated a reorganization pursuant to which ( i ) wcas x and wcas capital iv contributed wcas holdings and wcas cp iv blocker , inc. ( “ cp iv blocker ” ) , which together owned all of the series a preferred units of holdings , to software in exchange for shares of common stock of software , and ( ii ) the owners of outstanding series b preferred units of holdings contributed their series b preferred units of holdings to software in exchange for shares of common stock of software . immediately after these contributions , merger sub merged with and into holdings with holdings surviving the merger . upon consummation of the merger , the remaining holders of outstanding common and incentive units of holdings received shares of common and restricted stock of software for their common and incentive units by operation of delaware law , and holdings ' ownership interest in software was cancelled . outstanding common units , series b preferred units and wcas holdings and cp iv blocker were contributed to software in exchange for , or converted into , an aggregate of 45,708,573 shares of common stock and 8,121,101 shares of restricted stock of software . prior to the reorganization , wcas holdings held $ 46.2 million of series c preferred units of holdings , and wcas holdings had a 14 % note due april 3 , 2017 in the amount of $ 46.2 million , which was payable to wcas x ( the “ 2017 note ” ) . following the exchange of the series a preferred units and series b preferred units for shares of common stock of software , all outstanding series c preferred units of holdings were eliminated in an intercompany transaction between holdings and wcas holdings , we assumed the 2017 note and software became a holding company with its principal assets being the series b preferred units of holdings and the outstanding capital stock of wcas holdings and cp iv blocker . the foregoing transactions are referred to collectively as the “ 2014 reorganization ” . software 's acquisition of wcas holdings and holdings in the 2014 reorganization represented transactions under common control and were required to be retrospectively applied to the financial statements for all prior periods when the financial statements were issued for a period that included the date the transactions occurred . this includes a retrospective presentation for all equity related disclosures , including share , per share , and restricted stock disclosures , which have been revised to reflect the effects of the 2014 reorganization . therefore , our consolidated financial statements are presented as if wcas holdings and holdings were our wholly owned subsidiaries in periods prior to the 2014 reorganization . the acquisition of cp iv blocker was not deemed to be a reorganization under common control and therefore our historical consolidated financial statements include the ownership of a minority equity interest in cp iv blocker , which was eliminated upon the acquisition of cp iv blocker in the 2014 reorganization on january 1 , 2014. trends and opportunities our payroll application is the foundation of our solution and all of our clients are required to utilize this application in order to access our other applications . as a result of our evolving revenue mix , coupled with the unique client benefits that our solution provides ( e.g . , enabling our clients to scale the number of hcm applications that they use on an as-needed basis ) , we are presented with a variety of opportunities and challenges . story_separator_special_tag sales and marketing expenses increased $ 29.0 million primarily due to a $ 14.9 million increase in commission and bonuses and a $ 9.9 million increase in employee-related expenses , in each case resulting from increased sales , and a $ 0.8 million increase in recruiting and training expenses related to an increase in the number of sales personnel . research and development expenses increased by $ 4.3 million primarily due to an increase in the number of research and development personnel . we anticipate a gradual increase in research and development expense over time as we continue to increase the number of research and development personnel . general and administrative expenses increased by $ 12.3 million primarily due to a $ 6.8 million increase in employee-related expenses , a $ 1.8 million increase in accounting , compliance , legal and insurance expense , an increase of $ 0.6 million in employee travel expenses and an increase of $ 0.5 million in telecommunications expenses related to expansion of our company headquarters . depreciation and amortization increased by $ 1.2 million primarily due to assets purchased and additional technology developed . 39 total administrative expenses were $ 107.9 milli on for the year ended december 31 , 2014 , compared to $ 77.2 million for the year ended december 31 , 2013 , representing an increase of $ 30.7 million , or 40 % . sales and marketing expenses increased $ 20.9 million primarily due to a $ 9.4 million increase in emp loyee-related expenses , resulting from a 31 % increase in the number of personnel , a $ 6.7 million increase in commission and bonuses , resulting from increased sales , a $ 1.7 million increase in rent and building expenses due to the opening of five new office s as well as an increase in the number of personnel at existing offices , a $ 0.8 million increase in sales travel expense due to the increase in personnel and a $ 0.8 million increase in marketing expense p rimarily due to increased p rint advertising . researc h and development expenses increased by $ 2.2 million primarily due to a 60 % increase i n the number of research and development personnel , along with related bonus expense . general and administrative expenses increased by $ 6.8 million primarily due to a $ 4 . 5 million increase in employee-related expenses , resulting from a 16 % increase in the number of personnel , and $ 2.0 million of expenses related to the initial public offering . depreciation and amortization increased by $ 0.9 million primarily due to the com pletion of our second building at our corporate headquarters in oklahoma city in june 2014 and purchases of additional assets . expenditures for software developed or obtained for internal use are capitalized and amortized over a three-year period on a straight-line basis . the table below sets forth the amounts of capitalized and expensed research and development expenses for the years ended december 31 , 2015 , 2014 and 2013. replace_table_token_12_th quarterly results of operations the following table sets forth selected unaudited quarterly consolidated statements of income data for each of the 12 quarters within the three-year period ended december 31 , 2015. the information for each of these quarters has been prepared on the same basis as the audited annual consolidated financial statements included elsewhere in this annual report on form 10-k and , in the opinion of management , includes all adjustments , which includes only normal recurring adjustments , necessary for the fair presentation of the results of operations for these periods in accordance with u.s. gaap . this data should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this annual report on form 10-k. these quarterly operating results are not necessarily indicative of our operating results for a full year or any future period ( in thousands ) . replace_table_token_13_th 40 quarterly revenues trends excluding changes in quarterly revenues due to seasonal factors , our quarterly revenues generally increased sequentially for the periods presented due to a combination of factors , including the addition of clients in mature sales offices ( those offices that have been open for at least 24 months ) , the addition of new clients in more recently opened sales offices , the introduction and sale of additional applications to our existing clients and the growth in the number of employees of our clients . we anticipate that , commencing in 2016 , first quarter revenues will also exhibit a stronger seasonal pattern as a result of the enactment of the aca , which requires clients to file forms 1094 and 1095 in the first quarter . there are also seasonal factors that affect our revenues . recurring revenues include revenues relating to the annual processing of payroll forms such as form w-2 and form 1099 , or payroll form revenues . because these forms are typically processed in the first quarter of the year , first quarter revenue and margins are generally higher than subsequent quarters . quarterly expenses trends selling , general and administrative expenses are generally higher in the fourth and first quarters as sales representatives achieve sales goals throughout the year , resulting in higher commission rates . these sales goals reset annually on february 1. liquidity and capital resources our principal sources of liquidity are cash and cash equivalents which totaled $ 50.7 million and $ 25.1 million as of december 31 , 2015 and 2014 , respectively . our cash and cash equivalents are comprised primarily of deposit accounts and money market funds . we believe our existing cash and cash equivalents will be sufficient to meet our working capital and capital expenditure needs over at least the next 12 months . we have historically financed our operations from cash flows generated from operations , cash from the sale of debt and equity securities and borrowings

cash flow analysis our cash flows from operating activities have historically been significantly impacted by profitability , implementation revenue received but deferred , research and development , and our investment in sales and marketing to drive growth . our ability to meet future liquidity needs will be driven by our operating performance and the extent of continued investment in our operations . failure to generate sufficient revenue and related cash flows or to raise additional capital could have a material adverse effect on our ability to meet our liquidity needs and achieve our business objectives . as part of our payroll and payroll tax filing services , we collect funds from our clients for federal , state and local employment taxes , which we remit to the appropriate tax agencies . we invest these funds in short-term certificates of deposit and money market funds from which we earn interest income during the period between their receipt and disbursement . as our business grows , we expect our capital expenditures and our investment activity to continue to increase . depending on certain growth opportunities , we may choose to accelerate investments in sales and marketing , acquisitions , technology and services . actual future capital requirements will depend on many factors , including our future revenues , cash from operating activities and the level of expenditures in all areas of our business . year ended december 31 , 2015 compared to the year ended december 31 , 2014 and the year ended december 31 , 2014 compared to the year ended december 31 , 2013 the following table summarizes the consolidated statements of cash flows for the years ended december 31 , 2015 , 2014 and 2013 : replace_table_token_14_th operating activities for the year ended december 31 , 2015 , net cash provided by operating activities was $ 43.0 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 flow analysis our cash flows from operating activities have historically been significantly impacted by profitability , implementation revenue received but deferred , research and development , and our investment in sales and marketing to drive growth . our ability to meet future liquidity needs will be driven by our operating performance and the extent of continued investment in our operations . failure to generate sufficient revenue and related cash flows or to raise additional capital could have a material adverse effect on our ability to meet our liquidity needs and achieve our business objectives . as part of our payroll and payroll tax filing services , we collect funds from our clients for federal , state and local employment taxes , which we remit to the appropriate tax agencies . we invest these funds in short-term certificates of deposit and money market funds from which we earn interest income during the period between their receipt and disbursement . as our business grows , we expect our capital expenditures and our investment activity to continue to increase . depending on certain growth opportunities , we may choose to accelerate investments in sales and marketing , acquisitions , technology and services . actual future capital requirements will depend on many factors , including our future revenues , cash from operating activities and the level of expenditures in all areas of our business . year ended december 31 , 2015 compared to the year ended december 31 , 2014 and the year ended december 31 , 2014 compared to the year ended december 31 , 2013 the following table summarizes the consolidated statements of cash flows for the years ended december 31 , 2015 , 2014 and 2013 : replace_table_token_14_th operating activities for the year ended december 31 , 2015 , net cash provided by operating activities was $ 43.0 million .
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 Suspicious Activity Report : recent developments registered block trade transactions on november 18 , 2015 , we closed an underwritten secondary offering of 4,500,000 shares of our common stock by welsh , carson , anderson & stowe x , l.p. ( “ wcas x ” ) , wcas capital partners iv , l.p. ( “ wcas capital iv ” ) , each of our executive officers and certain other selling stockholders at a public offering price of $ 42.15 per share . on november 19 , 2015 , the underwriter exercised its overallotment option and subsequently purchased an additional 585,697 shares from wcas x and wcas capital iv . we did not receive any proceeds from the sales of these shares . on september 15 , 2015 , we closed an underwritten secondary offering of 4,500,000 shares of our common stock by wcas x , wcas capital partners iv , each of our executive officers and certain other selling stockholders at a public offering price of $ 37.95 per share . on september 23 , 2015 , the underwriter exercised its option to purchase an additional 675,000 shares from wcas x and wcas capital iv . we did not receive any proceeds from the sales of these shares . on may 20 , 2015 , we closed an underwritten secondary offering of 8,000,000 shares of our common stock by wcas x , wcas capital iv , each of our executive officers and certain other selling stockholders at a public offering price of $ 36.25 per share . we did not receive any proceeds from the sale of these shares . 33 follow-on offering on january 21 , 2015 , we closed a follow-on public offering of 6,422,750 shares of our common stock by certain selling stockholders at a public offering price of $ 22.50 per share . we did not receive any proceeds from the sale of these shares . the 2014 reorganization software and its wholly owned subsidiary , payroll software merger sub , llc ( “ merger sub ” ) were formed as delaware entities on october 31 , 2013 and december 23 , 2013 , respectively , in anticipation of an initial public offering and were wholly owned subsidiaries of holdings prior to december 31 , 2013. on january 1 , 2014 , we consummated a reorganization pursuant to which ( i ) wcas x and wcas capital iv contributed wcas holdings and wcas cp iv blocker , inc. ( “ cp iv blocker ” ) , which together owned all of the series a preferred units of holdings , to software in exchange for shares of common stock of software , and ( ii ) the owners of outstanding series b preferred units of holdings contributed their series b preferred units of holdings to software in exchange for shares of common stock of software . immediately after these contributions , merger sub merged with and into holdings with holdings surviving the merger . upon consummation of the merger , the remaining holders of outstanding common and incentive units of holdings received shares of common and restricted stock of software for their common and incentive units by operation of delaware law , and holdings ' ownership interest in software was cancelled . outstanding common units , series b preferred units and wcas holdings and cp iv blocker were contributed to software in exchange for , or converted into , an aggregate of 45,708,573 shares of common stock and 8,121,101 shares of restricted stock of software . prior to the reorganization , wcas holdings held $ 46.2 million of series c preferred units of holdings , and wcas holdings had a 14 % note due april 3 , 2017 in the amount of $ 46.2 million , which was payable to wcas x ( the “ 2017 note ” ) . following the exchange of the series a preferred units and series b preferred units for shares of common stock of software , all outstanding series c preferred units of holdings were eliminated in an intercompany transaction between holdings and wcas holdings , we assumed the 2017 note and software became a holding company with its principal assets being the series b preferred units of holdings and the outstanding capital stock of wcas holdings and cp iv blocker . the foregoing transactions are referred to collectively as the “ 2014 reorganization ” . software 's acquisition of wcas holdings and holdings in the 2014 reorganization represented transactions under common control and were required to be retrospectively applied to the financial statements for all prior periods when the financial statements were issued for a period that included the date the transactions occurred . this includes a retrospective presentation for all equity related disclosures , including share , per share , and restricted stock disclosures , which have been revised to reflect the effects of the 2014 reorganization . therefore , our consolidated financial statements are presented as if wcas holdings and holdings were our wholly owned subsidiaries in periods prior to the 2014 reorganization . the acquisition of cp iv blocker was not deemed to be a reorganization under common control and therefore our historical consolidated financial statements include the ownership of a minority equity interest in cp iv blocker , which was eliminated upon the acquisition of cp iv blocker in the 2014 reorganization on january 1 , 2014. trends and opportunities our payroll application is the foundation of our solution and all of our clients are required to utilize this application in order to access our other applications . as a result of our evolving revenue mix , coupled with the unique client benefits that our solution provides ( e.g . , enabling our clients to scale the number of hcm applications that they use on an as-needed basis ) , we are presented with a variety of opportunities and challenges . story_separator_special_tag sales and marketing expenses increased $ 29.0 million primarily due to a $ 14.9 million increase in commission and bonuses and a $ 9.9 million increase in employee-related expenses , in each case resulting from increased sales , and a $ 0.8 million increase in recruiting and training expenses related to an increase in the number of sales personnel . research and development expenses increased by $ 4.3 million primarily due to an increase in the number of research and development personnel . we anticipate a gradual increase in research and development expense over time as we continue to increase the number of research and development personnel . general and administrative expenses increased by $ 12.3 million primarily due to a $ 6.8 million increase in employee-related expenses , a $ 1.8 million increase in accounting , compliance , legal and insurance expense , an increase of $ 0.6 million in employee travel expenses and an increase of $ 0.5 million in telecommunications expenses related to expansion of our company headquarters . depreciation and amortization increased by $ 1.2 million primarily due to assets purchased and additional technology developed . 39 total administrative expenses were $ 107.9 milli on for the year ended december 31 , 2014 , compared to $ 77.2 million for the year ended december 31 , 2013 , representing an increase of $ 30.7 million , or 40 % . sales and marketing expenses increased $ 20.9 million primarily due to a $ 9.4 million increase in emp loyee-related expenses , resulting from a 31 % increase in the number of personnel , a $ 6.7 million increase in commission and bonuses , resulting from increased sales , a $ 1.7 million increase in rent and building expenses due to the opening of five new office s as well as an increase in the number of personnel at existing offices , a $ 0.8 million increase in sales travel expense due to the increase in personnel and a $ 0.8 million increase in marketing expense p rimarily due to increased p rint advertising . researc h and development expenses increased by $ 2.2 million primarily due to a 60 % increase i n the number of research and development personnel , along with related bonus expense . general and administrative expenses increased by $ 6.8 million primarily due to a $ 4 . 5 million increase in employee-related expenses , resulting from a 16 % increase in the number of personnel , and $ 2.0 million of expenses related to the initial public offering . depreciation and amortization increased by $ 0.9 million primarily due to the com pletion of our second building at our corporate headquarters in oklahoma city in june 2014 and purchases of additional assets . expenditures for software developed or obtained for internal use are capitalized and amortized over a three-year period on a straight-line basis . the table below sets forth the amounts of capitalized and expensed research and development expenses for the years ended december 31 , 2015 , 2014 and 2013. replace_table_token_12_th quarterly results of operations the following table sets forth selected unaudited quarterly consolidated statements of income data for each of the 12 quarters within the three-year period ended december 31 , 2015. the information for each of these quarters has been prepared on the same basis as the audited annual consolidated financial statements included elsewhere in this annual report on form 10-k and , in the opinion of management , includes all adjustments , which includes only normal recurring adjustments , necessary for the fair presentation of the results of operations for these periods in accordance with u.s. gaap . this data should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this annual report on form 10-k. these quarterly operating results are not necessarily indicative of our operating results for a full year or any future period ( in thousands ) . replace_table_token_13_th 40 quarterly revenues trends excluding changes in quarterly revenues due to seasonal factors , our quarterly revenues generally increased sequentially for the periods presented due to a combination of factors , including the addition of clients in mature sales offices ( those offices that have been open for at least 24 months ) , the addition of new clients in more recently opened sales offices , the introduction and sale of additional applications to our existing clients and the growth in the number of employees of our clients . we anticipate that , commencing in 2016 , first quarter revenues will also exhibit a stronger seasonal pattern as a result of the enactment of the aca , which requires clients to file forms 1094 and 1095 in the first quarter . there are also seasonal factors that affect our revenues . recurring revenues include revenues relating to the annual processing of payroll forms such as form w-2 and form 1099 , or payroll form revenues . because these forms are typically processed in the first quarter of the year , first quarter revenue and margins are generally higher than subsequent quarters . quarterly expenses trends selling , general and administrative expenses are generally higher in the fourth and first quarters as sales representatives achieve sales goals throughout the year , resulting in higher commission rates . these sales goals reset annually on february 1. liquidity and capital resources our principal sources of liquidity are cash and cash equivalents which totaled $ 50.7 million and $ 25.1 million as of december 31 , 2015 and 2014 , respectively . our cash and cash equivalents are comprised primarily of deposit accounts and money market funds . we believe our existing cash and cash equivalents will be sufficient to meet our working capital and capital expenditure needs over at least the next 12 months . we have historically financed our operations from cash flows generated from operations , cash from the sale of debt and equity securities and borrowings

