27 2017 financial highlights revenues were $ 1,023.5 million for the year ended december 31 , 2017 , a 1.2 % decrease compared to the year ended december 31 , 2016. the decrease in 2017 revenues compared to 2016 revenues was due to the net effects of : ( i ) higher sales volumes , despite a net reduction of 111 company-operated retail stores , which increased revenues by $ 39.6 million , or 3.8 % ; ( ii ) lower average selling prices as our product and channel mix continued to change , which decreased revenues by $ 57.2 million , or 5.5 % ; and ( iii ) favorable changes in exchange rates , which increased revenues by $ 4.8 million , or 0.5 % . the following were significant developments in our businesses during the year ended december 31 , 2017 : we sold 57.9 million pairs of shoes worldwide , an increase of 3.1 % from 56.1 million pairs in 2016 . gross margin improved 220 basis points compared to 2016 to 50.5 % for the year ended december 31 , 2017 . we drove this improvement by continuing to prioritize high margin molded product , improving our go to market capabilities , and better managing promotions . sg & a was $ 494.6 million , a decrease of $ 8.6 million , or 1.7 % , compared to 2016 . this includes the effects of $ 17.0 million in non-recurring charges and approximately $ 10 million of incremental costs related to variable compensation in 2017. income from operations improved by $ 23.5 million , after incurring approximately $ 17.0 million in non-recurring charges , for the year ended december 31 , 2017 compared to last year 's loss of $ 6.2 million . net loss attributable to common stockholders improved $ 26.4 million to a loss of $ 5.3 million compared to a loss of $ 31.7 million in 2016 . basic and diluted net loss per common share was $ 0.07 for the year ended december 31 , 2017 , compared to a loss of $ 0.43 per common share for the year ended december 31 , 2016 . we continued to focus on improving the efficiency and effectiveness of our operations , including carefully managing and reducing our retail fleet , especially full-priced retail stores , and focusing on enhancing the profitability of this channel . during the year ended december 31 , 2017 , we opened a total of 19 stores and closed or transferred to distributors 130 stores for a net reduction of 111 company-operated retail stores . we continued to focus on simplifying our product line and disciplined inventory management to allow investment in higher margin , faster-turning product and reduced our inventory by $ 16.7 million , or 11.3 % , from $ 147.0 million to $ 130.3 million . during 2017 , we repurchased 5.7 million shares of common stock at an aggregate cost of $ 50.0 million . future outlook we intend to continue our strategic plans for long-term improvement and growth of the business , which comprise these key initiatives : ( 1 ) simplifying our business to reduce costs , ( 2 ) improving the quality of our revenues , and ( 3 ) positioning ourselves to return to sustainable , profitable growth . we believe these initiatives will better position crocs to adapt to changing customer demands and global economic developments . we are focusing on our core molded footwear heritage by narrowing our product line with an emphasis on higher margin units , as well as developing innovative new casual lifestyle footwear platforms . by streamlining the product portfolio and reducing non-core product development , we believe we will create a more powerful consumer connection to the brand . we are refining our business model around the world , prioritizing direct investment in larger-scale geographies to focus our resources on the demographics with the largest growth prospects , moving away from direct investment in retail and wholesale businesses in smaller markets , and transferring significant commercial responsibilities to distributors and other third-parties . further , we intend to expand our engagement with leading wholesale accounts in select markets to drive sales growth , optimize product placement , and enhance brand reputation . 28 results of operations comparison of the years ended december 31 , 2017 , 2016 , and 2015 replace_table_token_6_th ( 1 ) changes for gross margin and operating margin are shown in basis points ( “ bp ” ) . revenues . revenues decrease d $ 12.8 million , or 1.2 % , during the year ended december 31 , 2017 , compared to the same period in 2016. the revenues decreased primarily due to the sale of our taiwan business in the fourth quarter of 2016 , the sale of our middle east business in the second quarter of 2017 , reductions in the number of company-operated retail stores , and additional actions taken to optimize our wholesale , retail , and e-commerce channels . the revenue decline associated with store closures and transfers was approximately $ 39.1 million . higher sales volumes increased revenues by $ 39.6 million , or 3.8 % , offset by lower average footwear selling prices , which decreased revenues by approximately $ 57.2 million , or 5.5 % , as our product and channel mix continued to change . favorable exchange rate activity drove an increase of $ 4.8 million , or 0.5 % . story_separator_special_tag during the year ended december 31 , 2017 , revenues from our e-commerce channel increased $ 18.5 million , or 14.2 % , compared to the year ended december 31 , 2016 . we invested in marketing with an enhanced digital 33 focus , and we continued to grow our e-commerce team and work toward global adoption of best practices . revenues increased by approximately $ 30.6 million , or 23.4 % , due to higher sales volumes , partially offset by decreases of $ 11.8 million , or 9.0 % , due to lower average selling prices and $ 0.3 million , or 0.2 % , due to the unfavorable impact of foreign currency translation . during the year ended december 31 , 2016 , revenues from our e-commerce channel increased $ 9.5 million , or 7.9 % , compared to the same period in 2015 . the increase in e-commerce revenues was due to the net impact of : ( i ) a $ 30.2 million , or 24.9 % , increase in sales volumes ( primarily due to increased sales volumes in the americas and asia pacific segments ) , ( ii ) a $ 20.0 million , or 16.4 % , decrease due to a lower average selling price , and ( iii ) a $ 0.7 million , or 0.6 % , decrease due to the unfavorable impact of foreign currency translation . reportable operating segments the following table sets forth information related to our reportable operating business segments for the years ended december 31 , 2017 , 2016 , and 2015 : replace_table_token_9_th ( 1 ) reflects year over year change as if the current period results were in “ constant currency , ” which is a non-gaap financial measure . see “ use of non-gaap financial measures ” for more information . ( 2 ) revenues for the year ended december 31 , 2016 were negatively impacted by approximately $ 8.4 million as a result of the sale of our south africa operations , which was completed on april 15 , 2016 . 34 americas operating segment revenues . during the year ended december 31 , 2017 , revenues for our americas segment increased $ 13.1 million , or 2.8 % , compared to the year ended december 31 , 2016 . the increase in revenues was led by a 10.3 % increase in e-commerce revenues , while a modest increase in wholesale revenues was partially offset by a decrease in retail revenues , reflecting 15 fewer company-operated retail stores compared to last year . higher sales volumes resulted in an increase of approximately $ 17.0 million , or 3.7 % , while lower average selling prices resulted in a decrease of $ 5.5 million , or 1.2 % , and foreign currency translation resulted in an increase of $ 1.6 million , or 0.3 % . during the year ended december 31 , 2016 , revenues for our americas segment decreased $ 9.2 million , or 1.9 % , compared to the same period in 2015. the decrease in the americas segment revenues was due to the net impact of : ( i ) a $ 13.6 million , or 2.9 % , decrease related to lower sales volumes , ( ii ) an $ 8.0 million , or 1.7 % , increase related to an increase in the average selling price , and ( iii ) a $ 3.6 million , or 0.7 % , decrease due to the unfavorable impact of foreign currency translation . income from operations . during the year ended december 31 , 2017 , income from operations for our americas segment was $ 86.9 million , an increase of $ 28.0 million , or 47.6 % . gross profit increased $ 21.4 million , or 9.5 % , and gross margin increased 310 basis points to 51.4 % , compared to the year ended december 31 , 2016 . the increase in gross profit is due to the net impact of an increase of $ 10.3 million , or 4.6 % , due to higher sales volumes , despite a net reduction of 15 company-operated retail locations , an increase of $ 10.9 million , or 4.8 % , due to a decrease in our average cost per unit which exceeded a decrease in average selling price per unit , and an increase of $ 0.2 million , or 0.1 % , from foreign currency translation . during the year ended december 31 , 2017 , sg & a for our americas segment decreased $ 5.3 million , or 3.2 % , compared to the same period in 2016 . the decrease in sg & a was primarily due to the net impact of a decrease of $ 3.1 million in facilities expenses as a result of reductions in the number of company-operated retail stores and our sg & a reduction efforts , and a net decrease of $ 2.2 million in services , information technology , and other expenses . impairment expense related to company-operated retail stores decreased by $ 1.3 million compared to 2016. during the year ended december 31 , 2016 , income from operations for our americas segment was $ 58.8 million , an increase of $ 9.4 million , or 19.1 % . gross profit increased $ 1.0 million , or 0.4 % , and gross margin increased 120 basis points to 48.3 % compared to the same period in 2015. the increase in the americas segment gross profit is due to the net impact of a $ 6.4 million , or 2.9 % , decrease due to lower sales volumes , a $ 9.3 million , or 4.2 % , increase due to the combined impact of a higher average selling price and a lower average cost of sales per unit , and a $ 1.9 million , or 0.9 % , decrease due to the impact of foreign currency

liquidity and capital resources we anticipate our cash flows from operations and available borrowings under our senior revolving credit facility ( as described below ) will be sufficient to meet the ongoing liquidity needs of our business for the next twelve months . as of december 31 , 2017 , we had $ 172.1 million in cash and cash equivalents and up to $ 99.4 million in available borrowings under our revolving credit facility . as of december 31 , 2016 , we had $ 147.6 million in cash and cash equivalents and up to $ 78.7 million in available borrowings under our revolving credit facility . at december 31 , 2017 , $ 124.4 million of our cash and cash equivalents was held in international locations , compared to $ 121.9 million at december 31 , 2016 . see “ repatriation of cash ” below for more information . we believe our cash on hand and cash flows from operations will be sufficient to meet our liquidity needs for at least the next 12 months . additional future financing may be necessary to fund our operations and there can be no assurance that , if needed , we will be able to secure additional debt or equity financing on terms acceptable to us or at all . consolidated statements of cash flows our consolidated statements of cash flows are summarized as follows : replace_table_token_13_th year ended december 31 , 2017 operating activities . cash provided by operating activities increased $ 58.5 million for the year ended december 31 , 2017 compared to the year ended december 31 , 2016 . the increase in cash provided by operating activities resulted from a favorable change in net income as adjusted for non-cash items of $ 27.6 million , and a favorable change in our operating assets and liabilities of $ 30.9 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.
     ```liquidity and capital resources we anticipate our cash flows from operations and available borrowings under our senior revolving credit facility ( as described below ) will be sufficient to meet the ongoing liquidity needs of our business for the next twelve months . as of december 31 , 2017 , we had $ 172.1 million in cash and cash equivalents and up to $ 99.4 million in available borrowings under our revolving credit facility . as of december 31 , 2016 , we had $ 147.6 million in cash and cash equivalents and up to $ 78.7 million in available borrowings under our revolving credit facility . at december 31 , 2017 , $ 124.4 million of our cash and cash equivalents was held in international locations , compared to $ 121.9 million at december 31 , 2016 . see “ repatriation of cash ” below for more information . we believe our cash on hand and cash flows from operations will be sufficient to meet our liquidity needs for at least the next 12 months . additional future financing may be necessary to fund our operations and there can be no assurance that , if needed , we will be able to secure additional debt or equity financing on terms acceptable to us or at all . consolidated statements of cash flows our consolidated statements of cash flows are summarized as follows : replace_table_token_13_th year ended december 31 , 2017 operating activities . cash provided by operating activities increased $ 58.5 million for the year ended december 31 , 2017 compared to the year ended december 31 , 2016 . the increase in cash provided by operating activities resulted from a favorable change in net income as adjusted for non-cash items of $ 27.6 million , and a favorable change in our operating assets and liabilities of $ 30.9 million .
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 Suspicious Activity Report : 27 2017 financial highlights revenues were $ 1,023.5 million for the year ended december 31 , 2017 , a 1.2 % decrease compared to the year ended december 31 , 2016. the decrease in 2017 revenues compared to 2016 revenues was due to the net effects of : ( i ) higher sales volumes , despite a net reduction of 111 company-operated retail stores , which increased revenues by $ 39.6 million , or 3.8 % ; ( ii ) lower average selling prices as our product and channel mix continued to change , which decreased revenues by $ 57.2 million , or 5.5 % ; and ( iii ) favorable changes in exchange rates , which increased revenues by $ 4.8 million , or 0.5 % . the following were significant developments in our businesses during the year ended december 31 , 2017 : we sold 57.9 million pairs of shoes worldwide , an increase of 3.1 % from 56.1 million pairs in 2016 . gross margin improved 220 basis points compared to 2016 to 50.5 % for the year ended december 31 , 2017 . we drove this improvement by continuing to prioritize high margin molded product , improving our go to market capabilities , and better managing promotions . sg & a was $ 494.6 million , a decrease of $ 8.6 million , or 1.7 % , compared to 2016 . this includes the effects of $ 17.0 million in non-recurring charges and approximately $ 10 million of incremental costs related to variable compensation in 2017. income from operations improved by $ 23.5 million , after incurring approximately $ 17.0 million in non-recurring charges , for the year ended december 31 , 2017 compared to last year 's loss of $ 6.2 million . net loss attributable to common stockholders improved $ 26.4 million to a loss of $ 5.3 million compared to a loss of $ 31.7 million in 2016 . basic and diluted net loss per common share was $ 0.07 for the year ended december 31 , 2017 , compared to a loss of $ 0.43 per common share for the year ended december 31 , 2016 . we continued to focus on improving the efficiency and effectiveness of our operations , including carefully managing and reducing our retail fleet , especially full-priced retail stores , and focusing on enhancing the profitability of this channel . during the year ended december 31 , 2017 , we opened a total of 19 stores and closed or transferred to distributors 130 stores for a net reduction of 111 company-operated retail stores . we continued to focus on simplifying our product line and disciplined inventory management to allow investment in higher margin , faster-turning product and reduced our inventory by $ 16.7 million , or 11.3 % , from $ 147.0 million to $ 130.3 million . during 2017 , we repurchased 5.7 million shares of common stock at an aggregate cost of $ 50.0 million . future outlook we intend to continue our strategic plans for long-term improvement and growth of the business , which comprise these key initiatives : ( 1 ) simplifying our business to reduce costs , ( 2 ) improving the quality of our revenues , and ( 3 ) positioning ourselves to return to sustainable , profitable growth . we believe these initiatives will better position crocs to adapt to changing customer demands and global economic developments . we are focusing on our core molded footwear heritage by narrowing our product line with an emphasis on higher margin units , as well as developing innovative new casual lifestyle footwear platforms . by streamlining the product portfolio and reducing non-core product development , we believe we will create a more powerful consumer connection to the brand . we are refining our business model around the world , prioritizing direct investment in larger-scale geographies to focus our resources on the demographics with the largest growth prospects , moving away from direct investment in retail and wholesale businesses in smaller markets , and transferring significant commercial responsibilities to distributors and other third-parties . further , we intend to expand our engagement with leading wholesale accounts in select markets to drive sales growth , optimize product placement , and enhance brand reputation . 28 results of operations comparison of the years ended december 31 , 2017 , 2016 , and 2015 replace_table_token_6_th ( 1 ) changes for gross margin and operating margin are shown in basis points ( “ bp ” ) . revenues . revenues decrease d $ 12.8 million , or 1.2 % , during the year ended december 31 , 2017 , compared to the same period in 2016. the revenues decreased primarily due to the sale of our taiwan business in the fourth quarter of 2016 , the sale of our middle east business in the second quarter of 2017 , reductions in the number of company-operated retail stores , and additional actions taken to optimize our wholesale , retail , and e-commerce channels . the revenue decline associated with store closures and transfers was approximately $ 39.1 million . higher sales volumes increased revenues by $ 39.6 million , or 3.8 % , offset by lower average footwear selling prices , which decreased revenues by approximately $ 57.2 million , or 5.5 % , as our product and channel mix continued to change . favorable exchange rate activity drove an increase of $ 4.8 million , or 0.5 % . story_separator_special_tag during the year ended december 31 , 2017 , revenues from our e-commerce channel increased $ 18.5 million , or 14.2 % , compared to the year ended december 31 , 2016 . we invested in marketing with an enhanced digital 33 focus , and we continued to grow our e-commerce team and work toward global adoption of best practices . revenues increased by approximately $ 30.6 million , or 23.4 % , due to higher sales volumes , partially offset by decreases of $ 11.8 million , or 9.0 % , due to lower average selling prices and $ 0.3 million , or 0.2 % , due to the unfavorable impact of foreign currency translation . during the year ended december 31 , 2016 , revenues from our e-commerce channel increased $ 9.5 million , or 7.9 % , compared to the same period in 2015 . the increase in e-commerce revenues was due to the net impact of : ( i ) a $ 30.2 million , or 24.9 % , increase in sales volumes ( primarily due to increased sales volumes in the americas and asia pacific segments ) , ( ii ) a $ 20.0 million , or 16.4 % , decrease due to a lower average selling price , and ( iii ) a $ 0.7 million , or 0.6 % , decrease due to the unfavorable impact of foreign currency translation . reportable operating segments the following table sets forth information related to our reportable operating business segments for the years ended december 31 , 2017 , 2016 , and 2015 : replace_table_token_9_th ( 1 ) reflects year over year change as if the current period results were in “ constant currency , ” which is a non-gaap financial measure . see “ use of non-gaap financial measures ” for more information . ( 2 ) revenues for the year ended december 31 , 2016 were negatively impacted by approximately $ 8.4 million as a result of the sale of our south africa operations , which was completed on april 15 , 2016 . 34 americas operating segment revenues . during the year ended december 31 , 2017 , revenues for our americas segment increased $ 13.1 million , or 2.8 % , compared to the year ended december 31 , 2016 . the increase in revenues was led by a 10.3 % increase in e-commerce revenues , while a modest increase in wholesale revenues was partially offset by a decrease in retail revenues , reflecting 15 fewer company-operated retail stores compared to last year . higher sales volumes resulted in an increase of approximately $ 17.0 million , or 3.7 % , while lower average selling prices resulted in a decrease of $ 5.5 million , or 1.2 % , and foreign currency translation resulted in an increase of $ 1.6 million , or 0.3 % . during the year ended december 31 , 2016 , revenues for our americas segment decreased $ 9.2 million , or 1.9 % , compared to the same period in 2015. the decrease in the americas segment revenues was due to the net impact of : ( i ) a $ 13.6 million , or 2.9 % , decrease related to lower sales volumes , ( ii ) an $ 8.0 million , or 1.7 % , increase related to an increase in the average selling price , and ( iii ) a $ 3.6 million , or 0.7 % , decrease due to the unfavorable impact of foreign currency translation . income from operations . during the year ended december 31 , 2017 , income from operations for our americas segment was $ 86.9 million , an increase of $ 28.0 million , or 47.6 % . gross profit increased $ 21.4 million , or 9.5 % , and gross margin increased 310 basis points to 51.4 % , compared to the year ended december 31 , 2016 . the increase in gross profit is due to the net impact of an increase of $ 10.3 million , or 4.6 % , due to higher sales volumes , despite a net reduction of 15 company-operated retail locations , an increase of $ 10.9 million , or 4.8 % , due to a decrease in our average cost per unit which exceeded a decrease in average selling price per unit , and an increase of $ 0.2 million , or 0.1 % , from foreign currency translation . during the year ended december 31 , 2017 , sg & a for our americas segment decreased $ 5.3 million , or 3.2 % , compared to the same period in 2016 . the decrease in sg & a was primarily due to the net impact of a decrease of $ 3.1 million in facilities expenses as a result of reductions in the number of company-operated retail stores and our sg & a reduction efforts , and a net decrease of $ 2.2 million in services , information technology , and other expenses . impairment expense related to company-operated retail stores decreased by $ 1.3 million compared to 2016. during the year ended december 31 , 2016 , income from operations for our americas segment was $ 58.8 million , an increase of $ 9.4 million , or 19.1 % . gross profit increased $ 1.0 million , or 0.4 % , and gross margin increased 120 basis points to 48.3 % compared to the same period in 2015. the increase in the americas segment gross profit is due to the net impact of a $ 6.4 million , or 2.9 % , decrease due to lower sales volumes , a $ 9.3 million , or 4.2 % , increase due to the combined impact of a higher average selling price and a lower average cost of sales per unit , and a $ 1.9 million , or 0.9 % , decrease due to the impact of foreign currency

