in certain instances , our clients request enhancements to the underlying features and functionality of our enterprise and mid-market solution , and in these instances , revenue from subscriptions is recognized over the remaining term of the agreement once the additional features are delivered to the client . we generally invoice our clients a portion of the annual subscription fees upfront for multi-year subscriptions and upfront for consulting services . for amounts not invoiced in advance for multi-year subscriptions or consulting services , we invoice under various terms over the subscription and service periods . we record amounts invoiced for annual subscription periods that have not occurred or services that have not been performed as deferred revenue on our balance sheet . with the growth in the number of clients , our revenue has grown to $ 339.7 million for the year ended december 31 , 2015 from $ 263.6 million for the same period in 2014 . we have historically experienced seasonality in terms of when we enter into client agreements . we usually sign a significantly higher percentage of agreements with new clients , as well as renewal agreements with existing clients , in the fourth quarter of each year . in addition , within a given quarter , we typically sign a large portion of these agreements during the last month , and often the last two weeks , of that quarter . we believe this seasonality is driven by several factors , most notably the tendency of procurement departments at our enterprise clients to purchase technology at the end of a quarter or calendar year , possibly in order to use up their available quarterly or annual funding allocations , or to be able to deploy new talent management capabilities prior to the beginning of a new financial or performance period . as the terms of most of our client agreements are measured in full year increments , agreements initially entered into the fourth quarter or last month of any quarter will generally come up for renewal at that same time in subsequent years . this seasonality is reflected to a much lesser extent , and sometimes is not immediately apparent , in our revenue , due to the fact that we recognize subscription revenue over the term of the client agreement , which is generally three years . in addition , this seasonality is reflected in changes in our deferred revenue balance , which generally is impacted by the timing of when we enter into agreements with new clients , the timing of when we invoice new clients , the timing of when we invoice existing clients for annual subscription periods , and the timing of when we recognize revenue . we expect this seasonality to continue in the future , which may cause fluctuations in certain of our operating results and financial metrics , and thus limit our ability to predict future results . we believe the market for talent management remains large and underpenetrated , providing us with significant growth opportunities . we expect businesses and other organizations to continue to increase their spending on talent management solutions in order to maximize the productivity of their employees , manage changing workforce demographics and ensure compliance with global regulatory requirements . historically , many of these software solutions have been human resource applications running on hardware located on organizations ' premises . we have seen many of these organizations increasingly choose saas for their talent management solutions and we anticipate that trend will continue . we have focused on growing our business to pursue what we believe is a significant market opportunity , and we plan to continue to invest in building for growth . as a result , we expect our cost of revenue and operating expenses to increase in future periods . sales and marketing expenses are expected to increase , as we continue to expand our direct sales teams , increase our marketing activities , and grow our international operations . research and development expenses are expected to increase as we continue to improve the existing functionality for our solutions . we also believe that we must invest in maintaining a high degree of client service and support that is critical for our continued success . we plan to continue our policy of implementing best practices across our organization , expanding our technical operations and investing in our network infrastructure and services capabilities in order to support continued future growth . we also expect to incur additional general and administrative expenses as a result of our growth . 42 our operating results have fluctuated in the past and may continue to fluctuate in the future based on a number of factors , many of which are beyond our control . in addition to those described in the “ risk factors ” section of this annual report on form 10-k , such factors include : our ability to attract new clients ; the timing and rate at which we enter into agreements for our solutions with new clients ; the timing and duration of our client implementations , which is often outside of our direct control , and our ability to provide resources for client implementations and consulting projects ; the extent to which our existing clients renew their subscriptions for our solutions and the timing of those renewals ; the extent to which our existing clients purchase additional products or add incremental users ; the extent to which our clients request enhancements to underlying features and functionality of our solutions and the timing for us to deliver the enhancements to our clients ; changes in the mix of our sales between new and existing clients ; changes to the proportion of our client base that is comprised of enterprise or mid-sized organizations ; seasonal factors affecting the demand for our solutions ; our ability to manage growth , including in terms of new clients , additional users , additional headcount and story_separator_special_tag for consulting services , we analyze both bundled arrangements that include subscriptions to our solutions and consulting services , as well as standalone purchases 46 of different types of consulting services made subsequent to the original subscription . for these consulting services arrangements , we then examine the actual rate per hour we charge or , for fixed fee arrangements , the implied average rate per hour based on the fixed fee divided by the estimated hours to complete the service . the besp is then the product of this average rate per hour and our estimate of the hours needed to complete the services . for e-learning content , we estimate besp by reviewing fees for content in order to establish an average annual fee per user that reflects the cost we incur to acquire the related content from third-party providers . additionally , we estimate besp by reviewing fees for content-hosting by reviewing the selling price of gigabytes sold in order to establish a fee on a per user or bandwidth basis . the determination of besp for our deliverables as described above requires us to make significant estimates and judgments , including the comparability of different subscription arrangements and consulting services and estimates of the hours required to complete various types of services . in addition , we consider other factors including : nature of the deliverables . for example , in categorizing our subscriptions into meaningful groupings for determining besp , we consider the number and type of products the client purchased . for consulting services , we consider the type of consulting service and the estimated hours required to complete the service or average selling price for fixed fee services based on our historical experience . location of our clients . our pricing is different for domestic and international clients , and therefore in determining besp of subscriptions to our solutions , we evaluate domestic arrangements separately from international arrangements . market conditions and competitive landscape for the sale . our pricing and discounting varies based on the economic environment and competition . we consider these factors in determining the grouping of comparable services and the periods over which we compare arrangements to compute the besp . internal costs . our pricing for consulting services and e-learning content considers our internal costs to provide the consulting services and the third-party purchase costs of e-learning content . size of the arrangement . discounting generally increases as the relative size of an arrangement increases , and we take this into consideration in the grouping of our clients to determine besp . our discounting for multiple-deliverable arrangements varies based on the extent and type of the consulting services and content included with the subscriptions in the arrangement . the determination of besp is made through consultation with our senior management . we update our estimates of besp on an ongoing basis as events and circumstances require , and we update our determination to use besp on a periodic basis , including assessing whether we can determine vsoe or tpe . after we determine the fair value of revenue allocable to each deliverable based on the relative selling price method , we recognize the revenue for each based on the type of deliverable . for subscriptions to our solutions , we recognize the revenue on a straight-line basis over the term of the client agreement , which is typically three years . for consulting services , we generally recognize revenue using the proportional performance method over the period the services are performed . in a limited number of cases , the client 's intended use of a solution requires enhancements to its underlying features and functionality . in some of these cases , revenue is recognized as one unit of accounting on a straight-line basis from the point at which the enhancements have been made to the solution through the remaining term of the agreement . in other cases where the enhancement is not required for the client 's intended use , revenue is recognized separately for the enhancement and the solution . the enhancement revenue is recognized based on the allocated value on a straight-line basis once the enhancement has been made to the solution . for arrangements in which we resell third-party e-learning content to our clients or host client or third-party e-learning content provided by the client , we recognize revenue in accordance with accounting guidance as to when to report gross revenue as a principal and when to report net revenue as an agent . we recognize e-learning content revenue in the gross amount that we invoice our client when : ( i ) we are the primary obligor , ( ii ) we have latitude to establish the price charged and ( iii ) we bear the credit risk in the transaction . for arrangements involving our sale of e-learning content , we charge our clients for the content based on pay-per-use or a fixed rate for a specified number of users and recognize the gross amount invoiced as revenue as the content is delivered . for arrangements where clients purchase e-learning content directly from a third-party , or provide it themselves , and we integrate the content into our solutions , we charge a hosting fee . in such cases , we recognize the amount invoiced for hosting as the content is delivered , excluding any portion we invoice that is attributable to fees the third-party charges for the content . 47 commission expense we defer commissions paid to our sales force because these amounts are recoverable from future revenue from the non-cancelable client agreements that give rise to the commissions . we defer expense recognition upon payment and amortize expense to sales and marketing expenses over the term of the client agreement in proportion to the revenue that is recognized . commissions are direct and incremental costs of our client agreements and we generally commence payment of commissions within 45 to 75

cash provided by operating activities during 2014 of $ 33.0 million was a result of the continued growth of our business and our continued investments for further growth . in the year ended december 31 , 2014 , $ 59.5 million , or 92 % , of our net loss of $ 64.9 million consisted of non-cash items , including $ 33.7 million of stock-based compensation , $ 15.1 million of depreciation and amortization , $ 8.3 million of accretion of debt discount and amortization of debt issuance costs , $ 1.7 million of unrealized foreign exchange losses , and amortization of a purchased premium of $ 0.8 million related to investment securities . cash provided by operating activities includes a $ 55.2 million increase in deferred revenue due to increased billings during the year ended december 31 , 2014 , a $ 6.4 million increase in accrued liabilities primarily due to the timing of payments , an increase in accounts payable of $ 4.6 million attributable to increased expenses associated with our growth , and $ 1.2 million decrease in prepaid and other assets primarily due to the timing of payments to vendors . cash provided by operating activities is partially offset by a $ 18.7 million increase in accounts receivable attributable to higher billings in the fiscal year 2014 due to an increased number of clients , a $ 10.1 million increase in deferred commissions due to increased sales , and decrease in other liabilities of $ 0.3 million . cash provided by operating activities during 2013 of $ 17.4 million was a result of the continued growth of our business and our continued investments for further growth . in the year ended december 31 , 2013 , $ 32.2 million , or 80 % , of our net loss of $ 40.4 million consisted of non-cash items , including $ 20.8 million of stock-based compensation , $ 9.7 million of depreciation and amortization , and $ 4.3 million of accretion of debt discount and amortization of debt issuance costs .


 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 provided by operating activities during 2014 of $ 33.0 million was a result of the continued growth of our business and our continued investments for further growth . in the year ended december 31 , 2014 , $ 59.5 million , or 92 % , of our net loss of $ 64.9 million consisted of non-cash items , including $ 33.7 million of stock-based compensation , $ 15.1 million of depreciation and amortization , $ 8.3 million of accretion of debt discount and amortization of debt issuance costs , $ 1.7 million of unrealized foreign exchange losses , and amortization of a purchased premium of $ 0.8 million related to investment securities . cash provided by operating activities includes a $ 55.2 million increase in deferred revenue due to increased billings during the year ended december 31 , 2014 , a $ 6.4 million increase in accrued liabilities primarily due to the timing of payments , an increase in accounts payable of $ 4.6 million attributable to increased expenses associated with our growth , and $ 1.2 million decrease in prepaid and other assets primarily due to the timing of payments to vendors . cash provided by operating activities is partially offset by a $ 18.7 million increase in accounts receivable attributable to higher billings in the fiscal year 2014 due to an increased number of clients , a $ 10.1 million increase in deferred commissions due to increased sales , and decrease in other liabilities of $ 0.3 million . cash provided by operating activities during 2013 of $ 17.4 million was a result of the continued growth of our business and our continued investments for further growth . in the year ended december 31 , 2013 , $ 32.2 million , or 80 % , of our net loss of $ 40.4 million consisted of non-cash items , including $ 20.8 million of stock-based compensation , $ 9.7 million of depreciation and amortization , and $ 4.3 million of accretion of debt discount and amortization of debt issuance costs .
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 Suspicious Activity Report : in certain instances , our clients request enhancements to the underlying features and functionality of our enterprise and mid-market solution , and in these instances , revenue from subscriptions is recognized over the remaining term of the agreement once the additional features are delivered to the client . we generally invoice our clients a portion of the annual subscription fees upfront for multi-year subscriptions and upfront for consulting services . for amounts not invoiced in advance for multi-year subscriptions or consulting services , we invoice under various terms over the subscription and service periods . we record amounts invoiced for annual subscription periods that have not occurred or services that have not been performed as deferred revenue on our balance sheet . with the growth in the number of clients , our revenue has grown to $ 339.7 million for the year ended december 31 , 2015 from $ 263.6 million for the same period in 2014 . we have historically experienced seasonality in terms of when we enter into client agreements . we usually sign a significantly higher percentage of agreements with new clients , as well as renewal agreements with existing clients , in the fourth quarter of each year . in addition , within a given quarter , we typically sign a large portion of these agreements during the last month , and often the last two weeks , of that quarter . we believe this seasonality is driven by several factors , most notably the tendency of procurement departments at our enterprise clients to purchase technology at the end of a quarter or calendar year , possibly in order to use up their available quarterly or annual funding allocations , or to be able to deploy new talent management capabilities prior to the beginning of a new financial or performance period . as the terms of most of our client agreements are measured in full year increments , agreements initially entered into the fourth quarter or last month of any quarter will generally come up for renewal at that same time in subsequent years . this seasonality is reflected to a much lesser extent , and sometimes is not immediately apparent , in our revenue , due to the fact that we recognize subscription revenue over the term of the client agreement , which is generally three years . in addition , this seasonality is reflected in changes in our deferred revenue balance , which generally is impacted by the timing of when we enter into agreements with new clients , the timing of when we invoice new clients , the timing of when we invoice existing clients for annual subscription periods , and the timing of when we recognize revenue . we expect this seasonality to continue in the future , which may cause fluctuations in certain of our operating results and financial metrics , and thus limit our ability to predict future results . we believe the market for talent management remains large and underpenetrated , providing us with significant growth opportunities . we expect businesses and other organizations to continue to increase their spending on talent management solutions in order to maximize the productivity of their employees , manage changing workforce demographics and ensure compliance with global regulatory requirements . historically , many of these software solutions have been human resource applications running on hardware located on organizations ' premises . we have seen many of these organizations increasingly choose saas for their talent management solutions and we anticipate that trend will continue . we have focused on growing our business to pursue what we believe is a significant market opportunity , and we plan to continue to invest in building for growth . as a result , we expect our cost of revenue and operating expenses to increase in future periods . sales and marketing expenses are expected to increase , as we continue to expand our direct sales teams , increase our marketing activities , and grow our international operations . research and development expenses are expected to increase as we continue to improve the existing functionality for our solutions . we also believe that we must invest in maintaining a high degree of client service and support that is critical for our continued success . we plan to continue our policy of implementing best practices across our organization , expanding our technical operations and investing in our network infrastructure and services capabilities in order to support continued future growth . we also expect to incur additional general and administrative expenses as a result of our growth . 42 our operating results have fluctuated in the past and may continue to fluctuate in the future based on a number of factors , many of which are beyond our control . in addition to those described in the “ risk factors ” section of this annual report on form 10-k , such factors include : our ability to attract new clients ; the timing and rate at which we enter into agreements for our solutions with new clients ; the timing and duration of our client implementations , which is often outside of our direct control , and our ability to provide resources for client implementations and consulting projects ; the extent to which our existing clients renew their subscriptions for our solutions and the timing of those renewals ; the extent to which our existing clients purchase additional products or add incremental users ; the extent to which our clients request enhancements to underlying features and functionality of our solutions and the timing for us to deliver the enhancements to our clients ; changes in the mix of our sales between new and existing clients ; changes to the proportion of our client base that is comprised of enterprise or mid-sized organizations ; seasonal factors affecting the demand for our solutions ; our ability to manage growth , including in terms of new clients , additional users , additional headcount and story_separator_special_tag for consulting services , we analyze both bundled arrangements that include subscriptions to our solutions and consulting services , as well as standalone purchases 46 of different types of consulting services made subsequent to the original subscription . for these consulting services arrangements , we then examine the actual rate per hour we charge or , for fixed fee arrangements , the implied average rate per hour based on the fixed fee divided by the estimated hours to complete the service . the besp is then the product of this average rate per hour and our estimate of the hours needed to complete the services . for e-learning content , we estimate besp by reviewing fees for content in order to establish an average annual fee per user that reflects the cost we incur to acquire the related content from third-party providers . additionally , we estimate besp by reviewing fees for content-hosting by reviewing the selling price of gigabytes sold in order to establish a fee on a per user or bandwidth basis . the determination of besp for our deliverables as described above requires us to make significant estimates and judgments , including the comparability of different subscription arrangements and consulting services and estimates of the hours required to complete various types of services . in addition , we consider other factors including : nature of the deliverables . for example , in categorizing our subscriptions into meaningful groupings for determining besp , we consider the number and type of products the client purchased . for consulting services , we consider the type of consulting service and the estimated hours required to complete the service or average selling price for fixed fee services based on our historical experience . location of our clients . our pricing is different for domestic and international clients , and therefore in determining besp of subscriptions to our solutions , we evaluate domestic arrangements separately from international arrangements . market conditions and competitive landscape for the sale . our pricing and discounting varies based on the economic environment and competition . we consider these factors in determining the grouping of comparable services and the periods over which we compare arrangements to compute the besp . internal costs . our pricing for consulting services and e-learning content considers our internal costs to provide the consulting services and the third-party purchase costs of e-learning content . size of the arrangement . discounting generally increases as the relative size of an arrangement increases , and we take this into consideration in the grouping of our clients to determine besp . our discounting for multiple-deliverable arrangements varies based on the extent and type of the consulting services and content included with the subscriptions in the arrangement . the determination of besp is made through consultation with our senior management . we update our estimates of besp on an ongoing basis as events and circumstances require , and we update our determination to use besp on a periodic basis , including assessing whether we can determine vsoe or tpe . after we determine the fair value of revenue allocable to each deliverable based on the relative selling price method , we recognize the revenue for each based on the type of deliverable . for subscriptions to our solutions , we recognize the revenue on a straight-line basis over the term of the client agreement , which is typically three years . for consulting services , we generally recognize revenue using the proportional performance method over the period the services are performed . in a limited number of cases , the client 's intended use of a solution requires enhancements to its underlying features and functionality . in some of these cases , revenue is recognized as one unit of accounting on a straight-line basis from the point at which the enhancements have been made to the solution through the remaining term of the agreement . in other cases where the enhancement is not required for the client 's intended use , revenue is recognized separately for the enhancement and the solution . the enhancement revenue is recognized based on the allocated value on a straight-line basis once the enhancement has been made to the solution . for arrangements in which we resell third-party e-learning content to our clients or host client or third-party e-learning content provided by the client , we recognize revenue in accordance with accounting guidance as to when to report gross revenue as a principal and when to report net revenue as an agent . we recognize e-learning content revenue in the gross amount that we invoice our client when : ( i ) we are the primary obligor , ( ii ) we have latitude to establish the price charged and ( iii ) we bear the credit risk in the transaction . for arrangements involving our sale of e-learning content , we charge our clients for the content based on pay-per-use or a fixed rate for a specified number of users and recognize the gross amount invoiced as revenue as the content is delivered . for arrangements where clients purchase e-learning content directly from a third-party , or provide it themselves , and we integrate the content into our solutions , we charge a hosting fee . in such cases , we recognize the amount invoiced for hosting as the content is delivered , excluding any portion we invoice that is attributable to fees the third-party charges for the content . 47 commission expense we defer commissions paid to our sales force because these amounts are recoverable from future revenue from the non-cancelable client agreements that give rise to the commissions . we defer expense recognition upon payment and amortize expense to sales and marketing expenses over the term of the client agreement in proportion to the revenue that is recognized . commissions are direct and incremental costs of our client agreements and we generally commence payment of commissions within 45 to 75

