financial products : we offer two types of financial products : `` refund transfer `` products , such as ercs , which involve providing a means by which a customer may receive his or her refund more quickly and conveniently , and refund-based loans , such as rals and icas . we earn fees from the use of these financial products . after the 2012 tax season , we will no longer be able to offer rals through banks and other federally-insured financial institutions , and our ability to offer refund-based loans may therefore be limited . see `` item 1businessbusinesstax 48 preparation in the liberty system . `` however , we believe the negative effect of fewer refund-based loans will be offset by two factors . first , we believe that most customers who previously would have obtained loans have elected to purchase a refund transfer product , and that the continued availability of these products will enable us to experience similar financial product `` attachment rates `` as in prior years . second , as we continue to offer more of our financial products through our jth financial subsidiary , we expect to be able to realize more of the fee income associated with financial products ( although we will also incur greater expenses in connection with offering the products ) . tax preparation fees : we also earn tax preparation revenue directly from both the operation of company-owned offices and the provision of tax preparation services through our esmarttax online product . for purposes of this section and throughout this annual report , all references to `` fiscal 2012 , `` `` fiscal 2011 , `` and `` fiscal 2010 `` refer to our fiscal years ended april 30 , 2012 , 2011 , and 2010 , respectively . for purposes of this section and throughout this annual report , all references to `` year `` or `` years `` are the respective fiscal year or years ended april 30 unless otherwise noted in this annual report , and all references to `` tax season `` refer to the period between january 1 and april 30 of the referenced year . replace_table_token_4_th in evaluating our performance , our management focuses on several metrics that we believe are key to our continued success : net growth in office locations . our growth in office locations from year to year is a function of the opening of new offices , offset by locations that our franchisees or we close from year to year . changes in the number of our offices are a function of both the sale of new territories and the opening of offices in previously sold territories . in fiscal 2012 , our franchisees acquired 428 new territories in the u.s. in which new offices were open for the 2012 tax season ( compared to 284 such offices in fiscal 2011 ) , and opened an additional 243 offices in u.s. territories that had been sold in prior years . our net increase in offices of 330 reflects the fact that because of franchise terminations and other reasons , 341 offices that operated in the 2011 tax season were closed before the 2012 season . we also utilize our ad program to focus on areas with large underdeveloped groups of territories we believe would benefit from the dedicated sales attention that an ad brings to our franchise 49 sales process . while we intend to grow our franchise network through the sale of new ad areas , opportunities often arise to acquire underperforming ad areas or ad areas in more mature markets at favorable terms , offering us better future profitability from the associated franchise locations as a consequence of repurchasing the area rights of those ads . growth in the number of returns prepared . we strive to provide our franchisees with the resources and training needed to grow their own revenue , and one of the principal factors in that growth is growth in the number of returns prepared . we and our franchisees prepared a total of approximately 1.8 million returns in our u.s. offices in the 2012 tax season , which was an increase of 8 % from the 2011 tax season . our new retail offices typically experience their most rapid growth during their first five years as they develop customer loyalty , operational experience and a referral base within their community . as our existing offices continue to `` season , `` we anticipate that growth in returns will continue to exceed the percentage of growth in the number of offices . growth in systemwide revenue . we earn most of our revenue from franchise fees , royalties and advertising fees . therefore , the growth in systemwide revenue , which represents total revenue of our franchised and company-owned offices is not a direct measure of our performance . however , because our royalty revenue is derived from systemwide revenue , and because our cost structure is based on maintaining resources to support a franchise system , we believe that this information is important in obtaining an understanding of our financial performance . we believe systemwide revenue information aids in understanding how we derive royalty revenue , assists readers in evaluating our performance relative to competitors , indicates the strength of our franchised brand and demonstrates increases in recurring royalty revenue . our systemwide revenue grew by 6 % from fiscal 2011 to 2012 , as compared to 11.3 % from fiscal 2010 to fiscal 2011. this increase in both years was the result of the continued seasoning of newer offices , and of the additional offices added for the more recent tax season . growth in the number of financial products obtained by customers in liberty tax offices . story_separator_special_tag our franchise agreements allow us to obtain repayment of amounts due to us from our franchisees through an electronic fee intercept program before our franchisees receive net proceeds of the tax preparation and other fees they have charged to their customers on tax returns associated with financial products . therefore , we are able to minimize the nonpayment risk associated with amounts outstanding to franchisees by obtaining direct electronic payment in the ordinary course throughout the tax season . our credit risk associated with amounts outstanding to ads is also mitigated by our electronic fee intercept program , which enables us to obtain repayments of amounts that would otherwise flow through to ads as their share of franchisee fee and royalty payments , to the extent of an ad 's indebtedness to us . the unpaid amounts owed to us from our franchisees and ads are collateralized by the underlying franchise or area and are guaranteed by the respective franchisee or ad and the related owner ( s ) . accordingly , to the extent a franchisee or ad does not satisfy its payment obligations to us , we may repossess the underlying franchise or area in order to resell it in the future . at april 30 , 2012 , we had an investment in impaired accounts and notes receivable and related interest receivable of approximately $ 11.2 million . we consider accounts and notes receivable to be impaired if the amounts due exceed the fair value of the underlying franchise and estimate an allowance for doubtful accounts based on that excess . amounts due include the recorded value of the accounts and notes receivable reduced by the allowance for uncollected interest , amounts due to ads for their portion of franchisee receivables , any related deferred revenue and amounts owed to the franchisee or ad by us . in establishing the fair value of the underlying franchise , we consider net fees of open territories and the number of unopened territories . at april 30 , 2012 , we have recorded an allowance for doubtful accounts for impaired accounts and notes receivable of $ 5.8 million . there were no significant concentrations of credit risk with any individual franchisee or ad as of april 30 , 2012 , and we believe that our allowance for doubtful accounts as of april 30 , 2012 is adequate for our existing loss exposure . we closely monitor the performance of our franchisees and ads , and will adjust our allowances as appropriate if we determine that the existing allowances are inadequate to cover estimated losses . ica guarantees . during the 2011 tax season , we entered into a relationship with a non-bank lender to offer icas to customers in a limited number of our offices . we expanded this program in the 2012 tax season and expect further expansion in subsequent tax seasons . in exchange for the payment of a fee , we guarantee any loan losses incurred by the third party lender from the loans to our customers . these loans are typically made with the expectation that they will only be outstanding for a few weeks . we are obligated to repurchase these loans if they are not repaid within 60 days . we expect the number of these loans made and the balance outstanding to peak early in the tax season , but significantly decrease by the end of february . in addition , we may repurchase loans because of the 60 day requirement , and subsequently collect a portion of the loan balances . during the 2012 tax season , we incurred $ 1.1 million in losses related to those loans , which represented 2.4 % of the ica loans made during the 2012 tax season . 56 dividends . we have never declared or paid a cash dividend on our capital stock . although we may pay cash dividends in the future , the payment of dividends will be at the discretion of our board of directors and will depend , among other things , on our earnings , capital requirements and financial condition . our ability to pay dividends will also be subject to compliance with the financial covenants that are contained in our credit facility and may be restricted by any future indebtedness that we incur or issuances of preferred stock . see `` item 5market for registrant 's common equity , related stockholder matters and issuer purchases of equity securities . `` story_separator_special_tag operating loans to our franchisees ( including ads ) , net of payments received on operating loans . an increase of $ 1.5 million in purchases of property and equipment , which was attributable to an increase in software development costs primarily related to our nextgen project of $ 4.6 million , offset by a decrease in building purchases of $ 3.3 million . a decrease in net proceeds of sale of short-term investments of $ 14.9 million . financing activities . in fiscal 2012 , we generated $ 29.9 million more cash from financing activities as compared to fiscal 2011due to borrowing $ 25.0 million of term debt on our credit facility , repurchasing $ 8.5 million less of stock from our common and preferred shareholders in 2012 as compared to 2011 , and receiving $ 3.1 million less in proceeds related to the exercise of stock options , reflecting a decrease in the number of stock options that expired in 2012 as compared to 2011 . 58 in fiscal 2011 , we used $ 7.9 million less cash for financing activities as compared to fiscal 2010 , primarily because our repayments under our revolving credit facility during fiscal 2010 exceeded our borrowings under our revolving credit facility by $ 10.0 million that year , reflecting the repayment of our revolving credit facility balances as of april 30 , 2009 with the net proceeds from the sale of short-term investments . during fiscal 2011 , we borrowed

sources and uses of cash operating activities . in fiscal 2012 , we generated $ 4.3 million less cash from operating activities compared to fiscal 2011 : this decrease was largely attributable to the following factors : higher general and administrative payments of $ 7.5 million as we incurred more costs to support the increase in offices and franchises as compared to the prior year . higher payroll-related payments of $ 4.6 million attributable to the addition of personnel due to an increase in company owned and franchise offices from the prior year , additional staffing of jth financial , and the additional expenses associated with anticipating our becoming a public company . higher financial product rebate payments of $ 2.1 million because we paid 2011 rebates in 2012 , but substantially all of the fiscal 2010 financial product rebates had been paid prior to the end of 2010. this change in timing related to our determination that we should delay payment until we could assess our ral guarantee obligation to republic bank for the 2011 tax season , which was the first season the debt indicator had become unavailable . payments made of $ 1.3 million for costs related to the postponement of our initial public offering . higher advertising payments of $ 0.9 million as we increased spending to the match the increase in advertising royalties .


 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.
     ```sources and uses of cash operating activities . in fiscal 2012 , we generated $ 4.3 million less cash from operating activities compared to fiscal 2011 : this decrease was largely attributable to the following factors : higher general and administrative payments of $ 7.5 million as we incurred more costs to support the increase in offices and franchises as compared to the prior year . higher payroll-related payments of $ 4.6 million attributable to the addition of personnel due to an increase in company owned and franchise offices from the prior year , additional staffing of jth financial , and the additional expenses associated with anticipating our becoming a public company . higher financial product rebate payments of $ 2.1 million because we paid 2011 rebates in 2012 , but substantially all of the fiscal 2010 financial product rebates had been paid prior to the end of 2010. this change in timing related to our determination that we should delay payment until we could assess our ral guarantee obligation to republic bank for the 2011 tax season , which was the first season the debt indicator had become unavailable . payments made of $ 1.3 million for costs related to the postponement of our initial public offering . higher advertising payments of $ 0.9 million as we increased spending to the match the increase in advertising royalties .
```    
 Suspicious Activity Report : financial products : we offer two types of financial products : `` refund transfer `` products , such as ercs , which involve providing a means by which a customer may receive his or her refund more quickly and conveniently , and refund-based loans , such as rals and icas . we earn fees from the use of these financial products . after the 2012 tax season , we will no longer be able to offer rals through banks and other federally-insured financial institutions , and our ability to offer refund-based loans may therefore be limited . see `` item 1businessbusinesstax 48 preparation in the liberty system . `` however , we believe the negative effect of fewer refund-based loans will be offset by two factors . first , we believe that most customers who previously would have obtained loans have elected to purchase a refund transfer product , and that the continued availability of these products will enable us to experience similar financial product `` attachment rates `` as in prior years . second , as we continue to offer more of our financial products through our jth financial subsidiary , we expect to be able to realize more of the fee income associated with financial products ( although we will also incur greater expenses in connection with offering the products ) . tax preparation fees : we also earn tax preparation revenue directly from both the operation of company-owned offices and the provision of tax preparation services through our esmarttax online product . for purposes of this section and throughout this annual report , all references to `` fiscal 2012 , `` `` fiscal 2011 , `` and `` fiscal 2010 `` refer to our fiscal years ended april 30 , 2012 , 2011 , and 2010 , respectively . for purposes of this section and throughout this annual report , all references to `` year `` or `` years `` are the respective fiscal year or years ended april 30 unless otherwise noted in this annual report , and all references to `` tax season `` refer to the period between january 1 and april 30 of the referenced year . replace_table_token_4_th in evaluating our performance , our management focuses on several metrics that we believe are key to our continued success : net growth in office locations . our growth in office locations from year to year is a function of the opening of new offices , offset by locations that our franchisees or we close from year to year . changes in the number of our offices are a function of both the sale of new territories and the opening of offices in previously sold territories . in fiscal 2012 , our franchisees acquired 428 new territories in the u.s. in which new offices were open for the 2012 tax season ( compared to 284 such offices in fiscal 2011 ) , and opened an additional 243 offices in u.s. territories that had been sold in prior years . our net increase in offices of 330 reflects the fact that because of franchise terminations and other reasons , 341 offices that operated in the 2011 tax season were closed before the 2012 season . we also utilize our ad program to focus on areas with large underdeveloped groups of territories we believe would benefit from the dedicated sales attention that an ad brings to our franchise 49 sales process . while we intend to grow our franchise network through the sale of new ad areas , opportunities often arise to acquire underperforming ad areas or ad areas in more mature markets at favorable terms , offering us better future profitability from the associated franchise locations as a consequence of repurchasing the area rights of those ads . growth in the number of returns prepared . we strive to provide our franchisees with the resources and training needed to grow their own revenue , and one of the principal factors in that growth is growth in the number of returns prepared . we and our franchisees prepared a total of approximately 1.8 million returns in our u.s. offices in the 2012 tax season , which was an increase of 8 % from the 2011 tax season . our new retail offices typically experience their most rapid growth during their first five years as they develop customer loyalty , operational experience and a referral base within their community . as our existing offices continue to `` season , `` we anticipate that growth in returns will continue to exceed the percentage of growth in the number of offices . growth in systemwide revenue . we earn most of our revenue from franchise fees , royalties and advertising fees . therefore , the growth in systemwide revenue , which represents total revenue of our franchised and company-owned offices is not a direct measure of our performance . however , because our royalty revenue is derived from systemwide revenue , and because our cost structure is based on maintaining resources to support a franchise system , we believe that this information is important in obtaining an understanding of our financial performance . we believe systemwide revenue information aids in understanding how we derive royalty revenue , assists readers in evaluating our performance relative to competitors , indicates the strength of our franchised brand and demonstrates increases in recurring royalty revenue . our systemwide revenue grew by 6 % from fiscal 2011 to 2012 , as compared to 11.3 % from fiscal 2010 to fiscal 2011. this increase in both years was the result of the continued seasoning of newer offices , and of the additional offices added for the more recent tax season . growth in the number of financial products obtained by customers in liberty tax offices . story_separator_special_tag our franchise agreements allow us to obtain repayment of amounts due to us from our franchisees through an electronic fee intercept program before our franchisees receive net proceeds of the tax preparation and other fees they have charged to their customers on tax returns associated with financial products . therefore , we are able to minimize the nonpayment risk associated with amounts outstanding to franchisees by obtaining direct electronic payment in the ordinary course throughout the tax season . our credit risk associated with amounts outstanding to ads is also mitigated by our electronic fee intercept program , which enables us to obtain repayments of amounts that would otherwise flow through to ads as their share of franchisee fee and royalty payments , to the extent of an ad 's indebtedness to us . the unpaid amounts owed to us from our franchisees and ads are collateralized by the underlying franchise or area and are guaranteed by the respective franchisee or ad and the related owner ( s ) . accordingly , to the extent a franchisee or ad does not satisfy its payment obligations to us , we may repossess the underlying franchise or area in order to resell it in the future . at april 30 , 2012 , we had an investment in impaired accounts and notes receivable and related interest receivable of approximately $ 11.2 million . we consider accounts and notes receivable to be impaired if the amounts due exceed the fair value of the underlying franchise and estimate an allowance for doubtful accounts based on that excess . amounts due include the recorded value of the accounts and notes receivable reduced by the allowance for uncollected interest , amounts due to ads for their portion of franchisee receivables , any related deferred revenue and amounts owed to the franchisee or ad by us . in establishing the fair value of the underlying franchise , we consider net fees of open territories and the number of unopened territories . at april 30 , 2012 , we have recorded an allowance for doubtful accounts for impaired accounts and notes receivable of $ 5.8 million . there were no significant concentrations of credit risk with any individual franchisee or ad as of april 30 , 2012 , and we believe that our allowance for doubtful accounts as of april 30 , 2012 is adequate for our existing loss exposure . we closely monitor the performance of our franchisees and ads , and will adjust our allowances as appropriate if we determine that the existing allowances are inadequate to cover estimated losses . ica guarantees . during the 2011 tax season , we entered into a relationship with a non-bank lender to offer icas to customers in a limited number of our offices . we expanded this program in the 2012 tax season and expect further expansion in subsequent tax seasons . in exchange for the payment of a fee , we guarantee any loan losses incurred by the third party lender from the loans to our customers . these loans are typically made with the expectation that they will only be outstanding for a few weeks . we are obligated to repurchase these loans if they are not repaid within 60 days . we expect the number of these loans made and the balance outstanding to peak early in the tax season , but significantly decrease by the end of february . in addition , we may repurchase loans because of the 60 day requirement , and subsequently collect a portion of the loan balances . during the 2012 tax season , we incurred $ 1.1 million in losses related to those loans , which represented 2.4 % of the ica loans made during the 2012 tax season . 56 dividends . we have never declared or paid a cash dividend on our capital stock . although we may pay cash dividends in the future , the payment of dividends will be at the discretion of our board of directors and will depend , among other things , on our earnings , capital requirements and financial condition . our ability to pay dividends will also be subject to compliance with the financial covenants that are contained in our credit facility and may be restricted by any future indebtedness that we incur or issuances of preferred stock . see `` item 5market for registrant 's common equity , related stockholder matters and issuer purchases of equity securities . `` story_separator_special_tag operating loans to our franchisees ( including ads ) , net of payments received on operating loans . an increase of $ 1.5 million in purchases of property and equipment , which was attributable to an increase in software development costs primarily related to our nextgen project of $ 4.6 million , offset by a decrease in building purchases of $ 3.3 million . a decrease in net proceeds of sale of short-term investments of $ 14.9 million . financing activities . in fiscal 2012 , we generated $ 29.9 million more cash from financing activities as compared to fiscal 2011due to borrowing $ 25.0 million of term debt on our credit facility , repurchasing $ 8.5 million less of stock from our common and preferred shareholders in 2012 as compared to 2011 , and receiving $ 3.1 million less in proceeds related to the exercise of stock options , reflecting a decrease in the number of stock options that expired in 2012 as compared to 2011 . 58 in fiscal 2011 , we used $ 7.9 million less cash for financing activities as compared to fiscal 2010 , primarily because our repayments under our revolving credit facility during fiscal 2010 exceeded our borrowings under our revolving credit facility by $ 10.0 million that year , reflecting the repayment of our revolving credit facility balances as of april 30 , 2009 with the net proceeds from the sale of short-term investments . during fiscal 2011 , we borrowed

