​ we intend to generate profits based on increased sales of our solutions to new and existing customers , including by the continued conversion of free trials into paid users . we currently anticipate that at some point in the future we will be able to increase revenues at a greater rate than increases in our operating expenses . however , there can be no assurance 62 that we will achieve or maintain profitability on a consistent basis , that we will increase our sales to new and existing customers , or that our operating expenses will increase at a lower rate than our revenue may grow . ​ key factors affecting our performance ​ expansion within existing customers . our business model relies on rapidly and efficiently landing new customers and expanding our relationship with these customers over time . we have designed our apps for ease-of-use and with strong integrations between apps to encourage broad adoption within organizations . as customers gain awareness of our solutions and as their data integration and integrity requirements evolve , they may recognize additional use cases for our software and expand their use of our solutions accordingly , and our growth strategy is dependent on our ability to demonstrate the value of these additional apps to our customers . we believe this provides us with substantial operating leverage because the costs of additional sales within existing customers are significantly less than costs of sales to new customers . our future revenue growth and profitability rely on customers continuing to expand user and app adoption within their organizations . ​ adoption of modern data technologies . we believe our cloud and big data integration capabilities are a key competitive differentiator and driver of new customer adoptions . we expect that as organizations adopt and scale out deployments of modern data technologies such as cloud data warehouses , machine learning , and big data processing , they will continue to use talend to facilitate the integration of these big data technologies within their it environments . the continued shift to cloud is driving rapid growth in cloud integration . the adoption and usage of talend cloud and talend stitch data loader drives demand for other talend data fabric apps . the continued adoption of big data technologies , and our ability to differentiate between our app offerings and those of our competitors , in both functionality and pricing , is critical to our continued revenue growth . ​ average subscription contract duration . we primarily sell annual contracts , although we have some contracts that extend for multiple years . the average contract duration impacts our cash flows because we bill and collect payment for the full term in advance . for the twelve-month periods ended december 31 , 2019 and 2018 , subscription sales , excluding monthly contracts , each had an average pre-billed duration of 1.1 years . ​ open source strategy . our open source strategy consists of fostering a community of users and developers and selling commercial versions of our solutions . our open source developer community helps lower our research and development costs by contributing components and connectors , testing beta versions of our apps , identifying enhancements and providing free advice to other community members . to evaluate our open source strategy , we periodically review data points such as the volume of downloads of our open source apps , the number of open source users that are members of our open source community and the approximate number of leads that are generated from users of our open source apps . given that our open source users register with us voluntarily , we do not use a conversion rate to evaluate our strategy . we believe the continued adoption of open source software by organizations as well as the vitality of our open source community is a critical part of our performance . ​ investment in sales and marketing . we continue to focus on long-term growth and expect to continue to invest aggressively in sales and marketing to grow our customer base and expand within existing customers . we also expect to increase investments in sales and marketing in markets outside of france and the united states . as we continue to focus on new customer acquisition , we will need to devote additional time and effort to the new customer sales cycle , which requires more time , education and effort than expanding our relationship with existing customers . any investments that we make in sales and marketing will occur in advance of our experiencing benefits from such investments , as new sales hires take time to fully ramp . the success of these efforts will also be affected by our ability to hire and retain sales personnel , and attrition of these employees may slow our efforts . as a result , it may be difficult for us to determine if we are efficiently allocating our resources in these areas . increasing new customer bookings , particularly among small and medium businesses and large enterprise customers , is key to our growth strategy , and we also anticipate continuing to invest in expanding our international operations and increasing sales of talend big data . ​ integration and talend cloud . sales to large enterprise customers have reflected larger deal sizes and have been one of the principal drivers of our revenue growth . however , sales to large enterprise customers involve risks that may not be present with sales to smaller customers , including increased competition from companies that traditionally target larger enterprise customers and a longer sales cycle . these factors result in less visibility and create difficulties in assessing deal cyclicality for these customers . ​ 63 foreign currency exchange risk . story_separator_special_tag ​ we plan to continue to invest in sales and marketing by expanding our global promotional activities , building brand awareness , attracting new customers and sponsoring additional marketing events . the timing of these events , such as our annual sales kickoff , will affect our sales and marketing costs in a particular quarter . we also plan to invest in training and retention of our sales team . ​ research and development . research and development expenses consist primarily of salaries and related expenses , including share-based payment expense , contractor software development costs and related overhead , as well as amortization of acquired developed technology , less any research and development subsidies . we continue to focus our research and development efforts on building new products , adding new features and services , increasing functionality and enhancing our integration cloud infrastructure . ​ we expect that research and development expenses will increase in absolute dollars as we invest in building the necessary employee and system infrastructure required to enhance existing and support development of new , technologies and the integration of acquired businesses and technologies . ​ general and administrative . general and administrative expenses consist of salaries and related expenses , including share-based payment expense for finance , legal , human resources and management information systems personnel , as well as external legal , accounting and other professional fees , other corporate expenses and related overhead . ​ we will continue to incur additional expenses associated with being a publicly traded company , including higher legal , corporate insurance and accounting costs as well as costs of achieving and maintaining compliance with other public company regulations . we expect that general and administrative expenses will increase as we invest in our infrastructure and we incur additional employee related costs and professional fees related to the growth of our business . ​ 68 results of operations ​ the following tables summarize our consolidated statements of operations for the fiscal years ended december 31 , 2019 , 2018 and 2017 ( in thousands ) , and as a percentage of our revenue for those periods . the period-to-period comparison of financial results is not necessarily indicative of financial results to be achieved in future periods . ​ replace_table_token_8_th ( 1 ) amounts include share-based payment and amortization of acquired intangibles expense , as follows ( in thousands ) : ​ replace_table_token_9_th ​ 69 replace_table_token_10_th ​ revenue ​ replace_table_token_11_th ​ revenue – 2019 compared to 2018 ​ total revenue increased $ 42.1 million , or 20 % , in the year ended december 31 , 2019 compared to the year ended december 31 , 2018. growth in total revenue was attributable to increased demand for our products from both new and existing customers . the growth in total revenue was attributable primarily to the sale of subscriptions and to a lesser extent the growth of professional services revenue . ​ subscription revenue increased $ 40.7 million , or 23 % , for the year ended december 31 , 2019 compared to the year ended december 31 , 2018. the increase in subscription revenue was primarily attributable to greater demand for talend cloud and to a lesser extent the acquisition of stitch . ​ in the near term , we expect our subscription revenue growth to be negatively impacted by overall economic conditions in europe , which contributed to a slower sequential increase in arr as of december 31 , 2019 compared to prior periods . ​ professional services revenue grew by $ 1.4 million , or 5 % for the year ended december 31 , 2019 compared to the year ended december 31 , 2018. the increase in professional services revenue was mainly due to increased demand from north american customers . ​ revenue – 2018 compared to 2017 ​ total revenue increased $ 57.2 million , or 38 % , in the year ended december 31 , 2018 compared to the year ended december 31 , 2017. growth in total revenue was attributable to increased demand for our products from both new and existing customers . the growth in total revenue was attributable primarily to the sale of subscriptions and to a lesser extent the growth of professional services revenue . 70 subscription revenue increased $ 50.5 million , or 40 % , for the year ended december 31 , 2018 compared to the year ended december 31 , 2017. the increase in subscription revenue was primarily attributable to strong demand for talend cloud and talend big data integration . revenue from talend cloud grew by over 100 % in the year ended december 31 , 2018 compared to the prior period . the adoption of asc 606 contributed to the increase in subscription revenue of approximately $ 6.0 million , as we recognized the license element of our subscription arrangements upfront , upon delivery of the license key . ​ professional services revenue grew by $ 6.7 million , or 30 % for the year ended december 31 , 2018 compared to the year ended december 31 , 2017. the increase in professional services revenue was mainly due to increased demand from north american customers . ​ subscription revenues by geography were as follows for the years ended december 31 , 2019 , 2018 and 2017 : : ​ replace_table_token_12_th ​ cost of revenue ​ replace_table_token_13_th ​ cost of revenue – 2019 compared to 2018 ​ total cost of revenue increased $ 11.4 million , or 23 % , for the year ended december 31 , 2019 compared to the year ended december 31 , 2018. the increase was primarily as a result of increased cost of subscription revenue and to a lesser extent an increase in cost of professional service revenue . ​ cost of subscription revenue increased $ 9.2 million , or 40 % , for the year ended december 31 , 2019 compared to the year ended december 31 , 2018. the increase was

liquidity and capital resources ​ replace_table_token_19_th ​ through december 31 , 2019 , we have financed our operations primarily through cash received from customers for subscriptions of our software and professional services , as well as equity and equity-linked financings . in september 2019 , we received net proceeds , after deducting discounts and commission to the initial purchasers and issuance expenses , of $ 147.5 million from the issuance of our 2024 notes . in connection with the issuance of our 2024 notes , we terminated our secured revolving credit facility . as of december 31 , 2019 , we had $ 177.1 million of cash and cash equivalents . we believe that our current cash and cash equivalents will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months . ​ our future capital requirements will depend on many factors , including our growth rate , the timing and extent of our spending to support our operating expenses . in the event that additional financing is required from outside sources , we may not be able to raise such financing on terms acceptable to us or at all . if we are unable to raise additional capital when desired , our business , results of operations and financial condition would be adversely affected .


 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 ​ replace_table_token_19_th ​ through december 31 , 2019 , we have financed our operations primarily through cash received from customers for subscriptions of our software and professional services , as well as equity and equity-linked financings . in september 2019 , we received net proceeds , after deducting discounts and commission to the initial purchasers and issuance expenses , of $ 147.5 million from the issuance of our 2024 notes . in connection with the issuance of our 2024 notes , we terminated our secured revolving credit facility . as of december 31 , 2019 , we had $ 177.1 million of cash and cash equivalents . we believe that our current cash and cash equivalents will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months . ​ our future capital requirements will depend on many factors , including our growth rate , the timing and extent of our spending to support our operating expenses . in the event that additional financing is required from outside sources , we may not be able to raise such financing on terms acceptable to us or at all . if we are unable to raise additional capital when desired , our business , results of operations and financial condition would be adversely affected .
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 Suspicious Activity Report : ​ we intend to generate profits based on increased sales of our solutions to new and existing customers , including by the continued conversion of free trials into paid users . we currently anticipate that at some point in the future we will be able to increase revenues at a greater rate than increases in our operating expenses . however , there can be no assurance 62 that we will achieve or maintain profitability on a consistent basis , that we will increase our sales to new and existing customers , or that our operating expenses will increase at a lower rate than our revenue may grow . ​ key factors affecting our performance ​ expansion within existing customers . our business model relies on rapidly and efficiently landing new customers and expanding our relationship with these customers over time . we have designed our apps for ease-of-use and with strong integrations between apps to encourage broad adoption within organizations . as customers gain awareness of our solutions and as their data integration and integrity requirements evolve , they may recognize additional use cases for our software and expand their use of our solutions accordingly , and our growth strategy is dependent on our ability to demonstrate the value of these additional apps to our customers . we believe this provides us with substantial operating leverage because the costs of additional sales within existing customers are significantly less than costs of sales to new customers . our future revenue growth and profitability rely on customers continuing to expand user and app adoption within their organizations . ​ adoption of modern data technologies . we believe our cloud and big data integration capabilities are a key competitive differentiator and driver of new customer adoptions . we expect that as organizations adopt and scale out deployments of modern data technologies such as cloud data warehouses , machine learning , and big data processing , they will continue to use talend to facilitate the integration of these big data technologies within their it environments . the continued shift to cloud is driving rapid growth in cloud integration . the adoption and usage of talend cloud and talend stitch data loader drives demand for other talend data fabric apps . the continued adoption of big data technologies , and our ability to differentiate between our app offerings and those of our competitors , in both functionality and pricing , is critical to our continued revenue growth . ​ average subscription contract duration . we primarily sell annual contracts , although we have some contracts that extend for multiple years . the average contract duration impacts our cash flows because we bill and collect payment for the full term in advance . for the twelve-month periods ended december 31 , 2019 and 2018 , subscription sales , excluding monthly contracts , each had an average pre-billed duration of 1.1 years . ​ open source strategy . our open source strategy consists of fostering a community of users and developers and selling commercial versions of our solutions . our open source developer community helps lower our research and development costs by contributing components and connectors , testing beta versions of our apps , identifying enhancements and providing free advice to other community members . to evaluate our open source strategy , we periodically review data points such as the volume of downloads of our open source apps , the number of open source users that are members of our open source community and the approximate number of leads that are generated from users of our open source apps . given that our open source users register with us voluntarily , we do not use a conversion rate to evaluate our strategy . we believe the continued adoption of open source software by organizations as well as the vitality of our open source community is a critical part of our performance . ​ investment in sales and marketing . we continue to focus on long-term growth and expect to continue to invest aggressively in sales and marketing to grow our customer base and expand within existing customers . we also expect to increase investments in sales and marketing in markets outside of france and the united states . as we continue to focus on new customer acquisition , we will need to devote additional time and effort to the new customer sales cycle , which requires more time , education and effort than expanding our relationship with existing customers . any investments that we make in sales and marketing will occur in advance of our experiencing benefits from such investments , as new sales hires take time to fully ramp . the success of these efforts will also be affected by our ability to hire and retain sales personnel , and attrition of these employees may slow our efforts . as a result , it may be difficult for us to determine if we are efficiently allocating our resources in these areas . increasing new customer bookings , particularly among small and medium businesses and large enterprise customers , is key to our growth strategy , and we also anticipate continuing to invest in expanding our international operations and increasing sales of talend big data . ​ integration and talend cloud . sales to large enterprise customers have reflected larger deal sizes and have been one of the principal drivers of our revenue growth . however , sales to large enterprise customers involve risks that may not be present with sales to smaller customers , including increased competition from companies that traditionally target larger enterprise customers and a longer sales cycle . these factors result in less visibility and create difficulties in assessing deal cyclicality for these customers . ​ 63 foreign currency exchange risk . story_separator_special_tag ​ we plan to continue to invest in sales and marketing by expanding our global promotional activities , building brand awareness , attracting new customers and sponsoring additional marketing events . the timing of these events , such as our annual sales kickoff , will affect our sales and marketing costs in a particular quarter . we also plan to invest in training and retention of our sales team . ​ research and development . research and development expenses consist primarily of salaries and related expenses , including share-based payment expense , contractor software development costs and related overhead , as well as amortization of acquired developed technology , less any research and development subsidies . we continue to focus our research and development efforts on building new products , adding new features and services , increasing functionality and enhancing our integration cloud infrastructure . ​ we expect that research and development expenses will increase in absolute dollars as we invest in building the necessary employee and system infrastructure required to enhance existing and support development of new , technologies and the integration of acquired businesses and technologies . ​ general and administrative . general and administrative expenses consist of salaries and related expenses , including share-based payment expense for finance , legal , human resources and management information systems personnel , as well as external legal , accounting and other professional fees , other corporate expenses and related overhead . ​ we will continue to incur additional expenses associated with being a publicly traded company , including higher legal , corporate insurance and accounting costs as well as costs of achieving and maintaining compliance with other public company regulations . we expect that general and administrative expenses will increase as we invest in our infrastructure and we incur additional employee related costs and professional fees related to the growth of our business . ​ 68 results of operations ​ the following tables summarize our consolidated statements of operations for the fiscal years ended december 31 , 2019 , 2018 and 2017 ( in thousands ) , and as a percentage of our revenue for those periods . the period-to-period comparison of financial results is not necessarily indicative of financial results to be achieved in future periods . ​ replace_table_token_8_th ( 1 ) amounts include share-based payment and amortization of acquired intangibles expense , as follows ( in thousands ) : ​ replace_table_token_9_th ​ 69 replace_table_token_10_th ​ revenue ​ replace_table_token_11_th ​ revenue – 2019 compared to 2018 ​ total revenue increased $ 42.1 million , or 20 % , in the year ended december 31 , 2019 compared to the year ended december 31 , 2018. growth in total revenue was attributable to increased demand for our products from both new and existing customers . the growth in total revenue was attributable primarily to the sale of subscriptions and to a lesser extent the growth of professional services revenue . ​ subscription revenue increased $ 40.7 million , or 23 % , for the year ended december 31 , 2019 compared to the year ended december 31 , 2018. the increase in subscription revenue was primarily attributable to greater demand for talend cloud and to a lesser extent the acquisition of stitch . ​ in the near term , we expect our subscription revenue growth to be negatively impacted by overall economic conditions in europe , which contributed to a slower sequential increase in arr as of december 31 , 2019 compared to prior periods . ​ professional services revenue grew by $ 1.4 million , or 5 % for the year ended december 31 , 2019 compared to the year ended december 31 , 2018. the increase in professional services revenue was mainly due to increased demand from north american customers . ​ revenue – 2018 compared to 2017 ​ total revenue increased $ 57.2 million , or 38 % , in the year ended december 31 , 2018 compared to the year ended december 31 , 2017. growth in total revenue was attributable to increased demand for our products from both new and existing customers . the growth in total revenue was attributable primarily to the sale of subscriptions and to a lesser extent the growth of professional services revenue . 70 subscription revenue increased $ 50.5 million , or 40 % , for the year ended december 31 , 2018 compared to the year ended december 31 , 2017. the increase in subscription revenue was primarily attributable to strong demand for talend cloud and talend big data integration . revenue from talend cloud grew by over 100 % in the year ended december 31 , 2018 compared to the prior period . the adoption of asc 606 contributed to the increase in subscription revenue of approximately $ 6.0 million , as we recognized the license element of our subscription arrangements upfront , upon delivery of the license key . ​ professional services revenue grew by $ 6.7 million , or 30 % for the year ended december 31 , 2018 compared to the year ended december 31 , 2017. the increase in professional services revenue was mainly due to increased demand from north american customers . ​ subscription revenues by geography were as follows for the years ended december 31 , 2019 , 2018 and 2017 : : ​ replace_table_token_12_th ​ cost of revenue ​ replace_table_token_13_th ​ cost of revenue – 2019 compared to 2018 ​ total cost of revenue increased $ 11.4 million , or 23 % , for the year ended december 31 , 2019 compared to the year ended december 31 , 2018. the increase was primarily as a result of increased cost of subscription revenue and to a lesser extent an increase in cost of professional service revenue . ​ cost of subscription revenue increased $ 9.2 million , or 40 % , for the year ended december 31 , 2019 compared to the year ended december 31 , 2018. the increase was

