a summary of our key metrics is as follows ( dollars in millions ) : replace_table_token_4_th replace_table_token_5_th agreement value at december 31 , 2012 showed a decline of less than 1 % from december 31 , 2011. the year-over-year growth rates in agreement value trended downward during each consecutive quarter of 2012 primarily due to a continuing decrease in our enrichment rates , which , at 95 % for the 12-month period ending december 31 , 2012 , represents a 6 % decrease from the prior period . we attribute the decline in the enrichment rate to the challenges associated with the implementation of the sales reorganization in january 2012 combined with high sales employee attrition during 2012. client retention , dollar retention and number of clients at december 31 , 2012 remain near historical levels . deferred revenue and agreement value increased significantly at december 31 , 2011 as compared to 2010 due to increased demand for our products and services due to the improvements in the economy during this period and as we increased the number of sales personnel during both 2010 and 2011. effective in 2012 , we modified our calculation of the number of clients in accordance with an automated system that counts as a single client the various divisions and subsidiaries of a corporate parent and also aggregates separate instrumentalities of federal , state , and provincial governments . the number of clients as of december 31 , 2011 and 2010 has been recalculated to conform to the current methodology ; however 2011 and 2010 client and dollar retention and enrichment are not recalculated . accordingly , the client and dollar retention and enrichment percentages at december 31 , 2012 are directionally but not absolutely indicative of the actual change from the comparable period in 2011. critical accounting policies and estimates management 's discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states of america ( gaap ) . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses , and related disclosure of contingent assets and liabilities . on an ongoing basis , we evaluate our policies and estimates , including but not limited to , those related to our revenue recognition , stock-based compensation , non-marketable investments , goodwill and intangible assets , income taxes , and valuation and impairment of marketable investments . management bases its estimates on historical experience , data available at the time the estimates are made and various assumptions that are believed to be reasonable under the circumstances , the 15 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 . we consider the following accounting policies to be those that require the most subjective judgment or that involve uncertainty that could have a material impact on our financial statements . if actual results differ significantly from management 's estimates and projections , there could be a material effect on our financial statements . this is not a comprehensive list of all of our accounting policies . in many cases , the accounting treatment of a particular transaction is specifically dictated by gaap , with no need for management 's judgment in its application . there are also areas in which management 's judgment in selecting any available alternative would not produce a materially different result . for a discussion of our other accounting policies , see note 1 of the notes to consolidated financial statements beginning on page f-7 . revenue recognition . effective january 1 , 2011 we adopted update no . 2009-13 , multiple-deliverable revenue arrangements  a consensus of the fasb emerging issues task force ( asu 2009-13 ) . asu 2009-13 updates the previous multiple-element revenue arrangements guidance . the revised guidance primarily provides three significant changes : 1 ) it eliminates the need for objective and reliable evidence of the fair value for the undelivered element in order for a delivered item to be treated as a separate unit of accounting ; 2 ) it eliminates the residual method to allocate the arrangement consideration ; and 3 ) it modifies the fair value requirements of eitf issue 00-21 by providing best estimate of selling price in addition to vendor specific objective evidence and vendor objective evidence for determining the selling price of a deliverable . the adoption of asu 2009-13 did not have a material impact on our financial position , results of operations or cash flows . we generate revenues from licensing memberships to our research ( including our data products ) , performing advisory services and consulting projects and hosting events . we execute contracts that govern the terms and conditions of each arrangement . revenues are recognized when persuasive evidence of an arrangement exists , the fee is fixed or determinable , services have been provided to the customer , and collectability is reasonably assured . our contracts may include either a single product or service or a combination of multiple products and services . revenues from contracts that contain multiple products or services are allocated among the separate units of accounting based on their relative selling prices ; however , the amount recognized is limited to the amount that is not contingent on future performance conditions . story_separator_special_tag from $ 1.16 to $ 1.14 , respectively . this charge did not result in a change in our pro forma income from operations or pro forma diluted income per share as reported in our earnings release as we exclude investment gains and losses from pro forma results . the following table sets forth our consolidated statements of income as a percentage of total revenues for the years noted . replace_table_token_6_th 20 2012 compared to 2011 revenues replace_table_token_7_th the 3 % increase in revenues during 2012 as compared to 2011 was driven by a 6 % increase in research services revenue while advisory services and other revenue decreased by 2 % . foreign exchange fluctuations from the prior year had the effect of reducing revenue growth by approximately 1 % while the effect of the springboard research acquisition in may 2011 had an insignificant impact on revenue growth in 2012. revenues from customers outside the u.s. in 2012 compared to the prior year declined by 2 % as a percent of total revenues due to both the effect of foreign currency rates and to a decline in revenue from the european region . the general economic conditions in europe have contributed to a difficult selling environment in that region . research services revenues are recognized as revenue ratably over the term of the contracts , which are generally twelve-month periods . revenue growth trended downward during the second half of 2012 as compared to the first half of 2012 , reflecting a trend downward in the year-overyear growth in contract bookings during this period . accordingly , we expect a continued downward trend in year-over-year research services revenue growth in the first half of 2013. revenue from advisory services and other decreased 2 % during 2012 due to a $ 0.4 million decrease in event revenues and a $ 1.7 million decline in advisory and consulting revenue as compared to the prior year . the decline in event revenue resulted principally from the smaller scope of events in 2012 as compared to the prior year which led to lower event ticket revenue in 2012. we count co-located events , which enable our clients to attend multiple events with one event ticket , as a single event in the tables above . the decline in advisory and consulting revenue was due primarily to lower productivity during the year and to higher attrition of research analysts in 2012 as compared to the prior year . please refer to the segment results section below for a discussion of revenue and direct margin results by segment . cost of services and fulfillment replace_table_token_8_th the increase in cost of services and fulfillment expenses during 2012 compared to the prior year is primarily the result of increased salary and benefit costs resulting from annual pay increases , higher incentive bonuses and a full year of the springboard research employee costs from the may 2011 acquisition . average headcount during 2012 was essentially flat with 2011 levels . in addition , 2012 included increased professional services fees in support of consulting revenue and an increase of $ 1.4 million of stock compensation costs resulting from a 21 credit to expense in the 2011 period resulting from a change in estimate for the amount of performance-based rsus that would vest . selling and marketing replace_table_token_9_th selling and marketing expenses were essentially flat in 2012 compared to the prior year resulting from a decrease in total compensation costs which were offset primarily by increased travel and entertainment costs resulting from an increase in the average number of employees in 2012. the decrease in compensation costs in 2012 resulted from lower sales commissions principally due to modifications to our sales commission plan in 2012 and lower than planned contract bookings . the decrease in commissions was partially offset by an increase in incentive bonuses and salary and benefits resulting from an increase in the number of selling and marketing employees . subject to the business environment , we intend to expand our sales force by approximately 10 % in 2013 as compared to 2012. increased sales of our research services are generally recognized over a twelve-month period , which typically results in an increase in selling and marketing expense as a percentage of revenue during periods of sales force expansion . general and administrative replace_table_token_10_th the increase in general and administrative expenses during 2012 compared to the prior year is primarily due to an increase in professional services costs of approximately $ 2.6 million principally related to information technology projects , including our updated website and new customer relationship management software and an increase in salary and benefit costs of approximately $ 1.6 million . the increase in salary and benefits costs in 2012 was primarily due to a reduction in the amount of salary costs capitalized in 2012 as compared to 2011 principally for the company 's website in the amount of $ 1.2 million . these increases were partially offset by a reduction in travel and entertainment costs in 2012. depreciation depreciation expense increased by $ 3.6 million during 2012 compared to the prior year primarily due to the initiation of depreciation for our new corporate headquarters in august 2011 and our new website in march 2012. amortization of intangible assets amortization expense has remained essentially consistent during 2012 as compared to the prior year . reorganization costs in the first quarter of 2012 we realigned our sales force to simplify the selling process to our customers . we incurred approximately $ 0.4 million of severance costs in the fourth quarter of 2011 for three sales employees located outside of the u.s. based on statutory termination benefits in their country of employment and the fact 22 that termination was considered probable at december 31 , 2011. we incurred an additional $ 1.4 million of severance and related costs during 2012 for the termination of 17 additional employees related to the sales reorganization and other cost reduction initiatives .

liquidity and capital resources we have financed our operations primarily through funds generated from operations . memberships for research services , which constituted approximately 69 % of our revenues during 2012 , are annually renewable and are generally payable in advance . we generated cash from operating activities of $ 53.1 million , $ 55.4 million and $ 38.7 million during 2012 , 2011 and 2010 respectively . the $ 2.3 million decrease in cash provided by operating activities in 2012 compared to 2011 is primarily due to a reduction in income before taxes of $ 7.1 million in 2012 compared to 2011 , partially offset by a $ 5.3 million increase in non-cash expenses in 2012 including depreciation , amortization , gains/losses on investments , and stock compensation . the increase in cash provided from operations in 2011 compared to 2010 is primarily attributable to both a reduction in the amount of income taxes paid during 2011 of $ 10.7 million primarily due to a deferral of payments in 2011 and excess payments made in 2010 , and an increase in net income of $ 2.5 million . during 2012 , we used $ 4.1 million of cash from investing activities , consisting primarily $ 5.1 million of purchases of property and equipment , partially offset by a $ 0.9 million reduction in restricted cash . property and equipment purchases during 2012 consisted primarily of software and leasehold improvements . during 2011 we used $ 53.0 million of cash from investing activities , consisting primarily of $ 20.8 million of net purchases of marketable investments , $ 39.8 million of purchases of property and equipment and $ 7.5 million for acquisitions .


 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 we have financed our operations primarily through funds generated from operations . memberships for research services , which constituted approximately 69 % of our revenues during 2012 , are annually renewable and are generally payable in advance . we generated cash from operating activities of $ 53.1 million , $ 55.4 million and $ 38.7 million during 2012 , 2011 and 2010 respectively . the $ 2.3 million decrease in cash provided by operating activities in 2012 compared to 2011 is primarily due to a reduction in income before taxes of $ 7.1 million in 2012 compared to 2011 , partially offset by a $ 5.3 million increase in non-cash expenses in 2012 including depreciation , amortization , gains/losses on investments , and stock compensation . the increase in cash provided from operations in 2011 compared to 2010 is primarily attributable to both a reduction in the amount of income taxes paid during 2011 of $ 10.7 million primarily due to a deferral of payments in 2011 and excess payments made in 2010 , and an increase in net income of $ 2.5 million . during 2012 , we used $ 4.1 million of cash from investing activities , consisting primarily $ 5.1 million of purchases of property and equipment , partially offset by a $ 0.9 million reduction in restricted cash . property and equipment purchases during 2012 consisted primarily of software and leasehold improvements . during 2011 we used $ 53.0 million of cash from investing activities , consisting primarily of $ 20.8 million of net purchases of marketable investments , $ 39.8 million of purchases of property and equipment and $ 7.5 million for acquisitions .
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 Suspicious Activity Report : a summary of our key metrics is as follows ( dollars in millions ) : replace_table_token_4_th replace_table_token_5_th agreement value at december 31 , 2012 showed a decline of less than 1 % from december 31 , 2011. the year-over-year growth rates in agreement value trended downward during each consecutive quarter of 2012 primarily due to a continuing decrease in our enrichment rates , which , at 95 % for the 12-month period ending december 31 , 2012 , represents a 6 % decrease from the prior period . we attribute the decline in the enrichment rate to the challenges associated with the implementation of the sales reorganization in january 2012 combined with high sales employee attrition during 2012. client retention , dollar retention and number of clients at december 31 , 2012 remain near historical levels . deferred revenue and agreement value increased significantly at december 31 , 2011 as compared to 2010 due to increased demand for our products and services due to the improvements in the economy during this period and as we increased the number of sales personnel during both 2010 and 2011. effective in 2012 , we modified our calculation of the number of clients in accordance with an automated system that counts as a single client the various divisions and subsidiaries of a corporate parent and also aggregates separate instrumentalities of federal , state , and provincial governments . the number of clients as of december 31 , 2011 and 2010 has been recalculated to conform to the current methodology ; however 2011 and 2010 client and dollar retention and enrichment are not recalculated . accordingly , the client and dollar retention and enrichment percentages at december 31 , 2012 are directionally but not absolutely indicative of the actual change from the comparable period in 2011. critical accounting policies and estimates management 's discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states of america ( gaap ) . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses , and related disclosure of contingent assets and liabilities . on an ongoing basis , we evaluate our policies and estimates , including but not limited to , those related to our revenue recognition , stock-based compensation , non-marketable investments , goodwill and intangible assets , income taxes , and valuation and impairment of marketable investments . management bases its estimates on historical experience , data available at the time the estimates are made and various assumptions that are believed to be reasonable under the circumstances , the 15 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 . we consider the following accounting policies to be those that require the most subjective judgment or that involve uncertainty that could have a material impact on our financial statements . if actual results differ significantly from management 's estimates and projections , there could be a material effect on our financial statements . this is not a comprehensive list of all of our accounting policies . in many cases , the accounting treatment of a particular transaction is specifically dictated by gaap , with no need for management 's judgment in its application . there are also areas in which management 's judgment in selecting any available alternative would not produce a materially different result . for a discussion of our other accounting policies , see note 1 of the notes to consolidated financial statements beginning on page f-7 . revenue recognition . effective january 1 , 2011 we adopted update no . 2009-13 , multiple-deliverable revenue arrangements  a consensus of the fasb emerging issues task force ( asu 2009-13 ) . asu 2009-13 updates the previous multiple-element revenue arrangements guidance . the revised guidance primarily provides three significant changes : 1 ) it eliminates the need for objective and reliable evidence of the fair value for the undelivered element in order for a delivered item to be treated as a separate unit of accounting ; 2 ) it eliminates the residual method to allocate the arrangement consideration ; and 3 ) it modifies the fair value requirements of eitf issue 00-21 by providing best estimate of selling price in addition to vendor specific objective evidence and vendor objective evidence for determining the selling price of a deliverable . the adoption of asu 2009-13 did not have a material impact on our financial position , results of operations or cash flows . we generate revenues from licensing memberships to our research ( including our data products ) , performing advisory services and consulting projects and hosting events . we execute contracts that govern the terms and conditions of each arrangement . revenues are recognized when persuasive evidence of an arrangement exists , the fee is fixed or determinable , services have been provided to the customer , and collectability is reasonably assured . our contracts may include either a single product or service or a combination of multiple products and services . revenues from contracts that contain multiple products or services are allocated among the separate units of accounting based on their relative selling prices ; however , the amount recognized is limited to the amount that is not contingent on future performance conditions . story_separator_special_tag from $ 1.16 to $ 1.14 , respectively . this charge did not result in a change in our pro forma income from operations or pro forma diluted income per share as reported in our earnings release as we exclude investment gains and losses from pro forma results . the following table sets forth our consolidated statements of income as a percentage of total revenues for the years noted . replace_table_token_6_th 20 2012 compared to 2011 revenues replace_table_token_7_th the 3 % increase in revenues during 2012 as compared to 2011 was driven by a 6 % increase in research services revenue while advisory services and other revenue decreased by 2 % . foreign exchange fluctuations from the prior year had the effect of reducing revenue growth by approximately 1 % while the effect of the springboard research acquisition in may 2011 had an insignificant impact on revenue growth in 2012. revenues from customers outside the u.s. in 2012 compared to the prior year declined by 2 % as a percent of total revenues due to both the effect of foreign currency rates and to a decline in revenue from the european region . the general economic conditions in europe have contributed to a difficult selling environment in that region . research services revenues are recognized as revenue ratably over the term of the contracts , which are generally twelve-month periods . revenue growth trended downward during the second half of 2012 as compared to the first half of 2012 , reflecting a trend downward in the year-overyear growth in contract bookings during this period . accordingly , we expect a continued downward trend in year-over-year research services revenue growth in the first half of 2013. revenue from advisory services and other decreased 2 % during 2012 due to a $ 0.4 million decrease in event revenues and a $ 1.7 million decline in advisory and consulting revenue as compared to the prior year . the decline in event revenue resulted principally from the smaller scope of events in 2012 as compared to the prior year which led to lower event ticket revenue in 2012. we count co-located events , which enable our clients to attend multiple events with one event ticket , as a single event in the tables above . the decline in advisory and consulting revenue was due primarily to lower productivity during the year and to higher attrition of research analysts in 2012 as compared to the prior year . please refer to the segment results section below for a discussion of revenue and direct margin results by segment . cost of services and fulfillment replace_table_token_8_th the increase in cost of services and fulfillment expenses during 2012 compared to the prior year is primarily the result of increased salary and benefit costs resulting from annual pay increases , higher incentive bonuses and a full year of the springboard research employee costs from the may 2011 acquisition . average headcount during 2012 was essentially flat with 2011 levels . in addition , 2012 included increased professional services fees in support of consulting revenue and an increase of $ 1.4 million of stock compensation costs resulting from a 21 credit to expense in the 2011 period resulting from a change in estimate for the amount of performance-based rsus that would vest . selling and marketing replace_table_token_9_th selling and marketing expenses were essentially flat in 2012 compared to the prior year resulting from a decrease in total compensation costs which were offset primarily by increased travel and entertainment costs resulting from an increase in the average number of employees in 2012. the decrease in compensation costs in 2012 resulted from lower sales commissions principally due to modifications to our sales commission plan in 2012 and lower than planned contract bookings . the decrease in commissions was partially offset by an increase in incentive bonuses and salary and benefits resulting from an increase in the number of selling and marketing employees . subject to the business environment , we intend to expand our sales force by approximately 10 % in 2013 as compared to 2012. increased sales of our research services are generally recognized over a twelve-month period , which typically results in an increase in selling and marketing expense as a percentage of revenue during periods of sales force expansion . general and administrative replace_table_token_10_th the increase in general and administrative expenses during 2012 compared to the prior year is primarily due to an increase in professional services costs of approximately $ 2.6 million principally related to information technology projects , including our updated website and new customer relationship management software and an increase in salary and benefit costs of approximately $ 1.6 million . the increase in salary and benefits costs in 2012 was primarily due to a reduction in the amount of salary costs capitalized in 2012 as compared to 2011 principally for the company 's website in the amount of $ 1.2 million . these increases were partially offset by a reduction in travel and entertainment costs in 2012. depreciation depreciation expense increased by $ 3.6 million during 2012 compared to the prior year primarily due to the initiation of depreciation for our new corporate headquarters in august 2011 and our new website in march 2012. amortization of intangible assets amortization expense has remained essentially consistent during 2012 as compared to the prior year . reorganization costs in the first quarter of 2012 we realigned our sales force to simplify the selling process to our customers . we incurred approximately $ 0.4 million of severance costs in the fourth quarter of 2011 for three sales employees located outside of the u.s. based on statutory termination benefits in their country of employment and the fact 22 that termination was considered probable at december 31 , 2011. we incurred an additional $ 1.4 million of severance and related costs during 2012 for the termination of 17 additional employees related to the sales reorganization and other cost reduction initiatives .

