each software technology can be used individually or in combination with other technologies from our single platform suite . 34 our software licenses typically provide for a perpetual right to use our software and are sold on a per terabyte capacity basis , on a per-copy basis , as site licenses or as a solution set . during the fiscal year ended march 31 , 2017 , approximately 69 % of software license revenue was sold on a capacity basis . capacity based software licenses provide our customers with unlimited licenses of specified software products based on a defined level of terabytes of data under management . as a result , when we sell our platform through a capacity license , certain of the various commvault functionalities are bundled into one capacity based price . we anticipate that capacity based licenses will continue to account for the majority of our software license revenue for the near future . site licenses give the customer the additional right to deploy the software on a limited basis during a specified term . our primary solution sets in our software suite include virtual machine backup , recovery and cloud management ; endpoint data protection ; and email archive . these solution sets can be individually deployed or combined as part of a comprehensive data protection and information management solution . our solution sets are generally sold on a per unit basis such as per virtual machine for our virtual machine backup , recovery and cloud management solution set ; per mailbox for our email archive solution set and per user for our endpoint data protection solution set . historically , an insignificant amount of our revenue has been sold under subscription , or term based , license arrangements . in these arrangements , the customer generally has the right to use the software on either a capacity basis or per-copy or per-unit basis over a designated period of time . we expect revenue from these types of arrangements to become a more significant portion of our total revenue . the industry in which we currently operate continues to go through accelerating changes as the result of compounding data growth and the introduction of new technologies . we are continuing to pursue an aggressive product development program in both data and information management solutions . our data management solutions include not only traditional backup , but also new innovations in de-duplication , data movement , virtualization , snap-based backups and enterprise reporting . our information management innovations are primarily in the areas of archiving , ediscovery , records management , governance , operational reporting and compliance . we remain focused on both the data and information management trends in the marketplace and , in fact , a material portion of our existing research and development expenses are utilized toward the development of such new technologies discussed above . while we are confident in our ability to meet these changing industry demands with our commvault suite and potential future releases , the development , release and timing of any features or functionality remain at our sole discretion and our solutions or other technologies may not be widely adopted . given the nature of the industry in which we operate , our software applications are subject to obsolescence . as noted above , we continually develop and introduce updates to our existing software applications in order to keep pace with evolving industry technologies . in addition , we must address evolving industry standards , changing customer requirements and competitive software applications that may render our existing software applications obsolete . for each of our software applications , we provide full support for the current generally available release and one prior release . when we declare a product release obsolete , a customer notice is delivered twelve months prior to the effective date of obsolescence announcing continuation of full product support for the first six months . we provide an additional six months of extended assistance support in which we only provide existing workarounds or fixes that do not require additional development activity . we do not have existing plans to make any of our software products permanently obsolete . sources of revenues we derive a significant portion of our total revenues from sales of licenses of our software applications . we do not customize our software for a specific end-user customer . we sell our software applications to end-user customers both directly through our sales force and indirectly through our global network of value-added reseller partners , systems integrators , corporate resellers and original equipment manufacturers . our software revenue was 46 % of our total revenues for fiscal 2017 , 43 % for fiscal 2016 and 47 % for fiscal 2015 . in recent fiscal years , we generated approximately three-quarters of our software revenue from our existing customer base and approximately one-quarter of our software revenue from new customers . in addition , our total software revenue in any particular period is , to a certain extent , dependent upon our ability to generate revenues from large customer software deals , which we refer to as enterprise software transactions . enterprise software transactions ( transactions greater than $ 0.1 million ) represented approximately 56 % of our software revenue in fiscal 2017 , 53 % for fiscal 2016 and 56 % for fiscal 2015 . 35 software revenue generated through indirect distribution channels was 87 % of total software revenue in fiscal 2017 , 86 % in fiscal 2016 and 82 % in fiscal 2015 . software revenue generated through direct distribution channels was 13 % of total software revenue in fiscal 2017 , 14 % in fiscal 2016 and 18 % in fiscal 2015 . the dollar value of software revenue generated through indirect distribution channels increased approximately $ 34.8 million , or 16 % , in fiscal 2017 compared to fiscal 2016 . story_separator_special_tag expected volatility is calculated based on a blended approach that includes the implied volatility of our traded options with a remaining maturity greater than six months and the historical realized volatility of our common stock . the risk-free interest rate is determined by reference to u.s. treasury yield curve rates with a remaining term that is approximately the expected life assumed at the date of grant . forfeitures are estimated based on our historical analysis of actual stock option forfeitures . no options were granted during the fiscal year ended march 31 , 2017. the weighted average fair value of stock options granted was $ 15.20 per option during the year ended march 31 , 2016 . in addition , the weighted average fair value of restricted stock units awarded was $ 50.66 per share during the year ended march 31 , 2017 and $ 37.27 per share during the year ended march 31 , 2016 . in fiscal 2017 , we granted 115,000 performance restricted stock units ( `` psu `` ) to certain executives . vesting of these awards is contingent upon i ) the company meeting certain company-wide revenue and non-gaap performance goals ( performance-based ) in fiscal 2017 and ii ) the company 's customary service periods . the awards vest in three annual tranches and have a maximum potential to vest at 200 % ( 230 shares ) based on actual fiscal 2017 performance . the related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the accelerated method . during the interim financial periods , we estimate the probable number of psu 's that would vest until the ultimate achievement of the performance goals is known . 39 in fiscal 2017 , we granted 123,000 market performance stock units to certain executives . the vesting of these awards is contingent upon meeting certain total shareholder return ( tsr ) levels as compared to a market index over the next three years . the awards vest in three annual tranches and have a maximum potential to vest at 200 % ( 246 ,000 shares ) based on tsr performance . the related stock-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized using the accelerated method over the vesting term . the estimated fair value was calculated using a monte carlo simulation model . the weighted average fair value of the awards granted during the year was $ 57.28 . accounting for income taxes as part of the process of preparing our financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process involves estimating our actual current tax exposure , including assessing the risks associated with tax audits , and assessing temporary differences resulting from different treatment of items for tax and accounting purposes . these differences result in deferred tax assets and liabilities . as of march 31 , 2017 , we had net deferred tax assets of approximately $ 61.0 million , which were primarily related to stock-based compensation , deferred revenue and tax credits . we assess the likelihood that our deferred tax assets will be recovered from future taxable income , and to the extent that we believe recovery is not likely , we establish a valuation allowance . during the year ended march 31 , 2017 , we decreased the valuation allowance by $ 1.0 million against our deferred tax assets which now totals $ 1.8 million . all of the valuation allowance we have recorded at march 31 , 2017 is related to new jersey state research tax credits due to uncertainties related to the ability to utilize such state research tax credits before they expire . we based our valuation allowance on our estimates of taxable income by legal entity and the period over which our state research tax credits will be recoverable . at march 31 , 2017 , we have federal and state research tax credit ( `` r & d `` ) carryforwards of approximately $ 3.3 million and $ 3.2 million , respectively . the federal research tax credit carryforwards expire from 2025 through 2036 , and the state research tax credit carryforwards expire from 2017 through 2023. at march 31 , 2017 , we have federal alternative minimum tax credit carryforwards of $ 1.1 million . as of march 31 , 2017 , we had unrecognized tax benefits of $ 2.1 million , all of which , if recognized , would favorably affect the effective tax rate . in addition , we have accrued interest and penalties of $ 0.4 million related to the unrecognized tax benefits . interest and penalties , if any , related to unrecognized tax benefits are recorded in income tax expense . we conduct business globally and as a result , file income tax returns in the united states and in various state and foreign jurisdictions . in the normal course of business , we are subject to examination by taxing authorities throughout the world , including such major jurisdictions as the united states , australia , canada , germany , netherlands and united kingdom . there are currently active audits in the united kingdom , india , and new jersey . the following table summarizes the tax years in the major tax jurisdictions that remain subject to income tax examinations by tax authorities as of march 31 , 2017 . the years subject to income tax examination in our foreign jurisdictions cover the maximum time period with respect to these jurisdictions . due to nol carryforwards , in some cases the tax years continue to remain subject to examination with respect to such nols . tax jurisdiction years subject to income tax examination u.s. federal 2013 - present new jersey 2012 - present foreign

net cash provided by operating activities was $ 100.0 million in fiscal 2017 , $ 84.4 million in fiscal 2016 and $ 123.8 million in fiscal 2015 . in fiscal 2017 , cash generated by operating activities was primarily due to net income adjusted for the impact of non-cash charges and increases in deferred services revenue as a result of customer support agreements from new customers and renewal agreements with our installed customer base and an increase in accrued expenses , partially offset by an increase in accounts receivable . in fiscal 2016 , cash generated by operating activities was primarily due to net income adjusted for the impact of non-cash charges and increases in deferred services revenue as a result of customer support agreements from new customers and renewal agreements with our installed customer base . in fiscal 2015 , cash generated by operating activities was primarily due to net income adjusted for the impact of non-cash charges ; an increase in deferred services revenue ; and an increase in accrued liabilities . these increases were partially offset by an increase in accounts receivable and timing of cash receipts . 45 net cash used in investing activities was $ 28.0 million in fiscal 2017 , $ 62.2 million in fiscal 2016 and $ 90.0 million in fiscal 2015 . in fiscal 2017 , cash used in investing activities was related to $ 21.6 million of net purchases of short-term investments of u.s. treasury bills , and $ 6.4 million of capital expenditures as we continue to invest in and enhance our global infrastructure .


 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.
     ```net cash provided by operating activities was $ 100.0 million in fiscal 2017 , $ 84.4 million in fiscal 2016 and $ 123.8 million in fiscal 2015 . in fiscal 2017 , cash generated by operating activities was primarily due to net income adjusted for the impact of non-cash charges and increases in deferred services revenue as a result of customer support agreements from new customers and renewal agreements with our installed customer base and an increase in accrued expenses , partially offset by an increase in accounts receivable . in fiscal 2016 , cash generated by operating activities was primarily due to net income adjusted for the impact of non-cash charges and increases in deferred services revenue as a result of customer support agreements from new customers and renewal agreements with our installed customer base . in fiscal 2015 , cash generated by operating activities was primarily due to net income adjusted for the impact of non-cash charges ; an increase in deferred services revenue ; and an increase in accrued liabilities . these increases were partially offset by an increase in accounts receivable and timing of cash receipts . 45 net cash used in investing activities was $ 28.0 million in fiscal 2017 , $ 62.2 million in fiscal 2016 and $ 90.0 million in fiscal 2015 . in fiscal 2017 , cash used in investing activities was related to $ 21.6 million of net purchases of short-term investments of u.s. treasury bills , and $ 6.4 million of capital expenditures as we continue to invest in and enhance our global infrastructure .
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 Suspicious Activity Report : each software technology can be used individually or in combination with other technologies from our single platform suite . 34 our software licenses typically provide for a perpetual right to use our software and are sold on a per terabyte capacity basis , on a per-copy basis , as site licenses or as a solution set . during the fiscal year ended march 31 , 2017 , approximately 69 % of software license revenue was sold on a capacity basis . capacity based software licenses provide our customers with unlimited licenses of specified software products based on a defined level of terabytes of data under management . as a result , when we sell our platform through a capacity license , certain of the various commvault functionalities are bundled into one capacity based price . we anticipate that capacity based licenses will continue to account for the majority of our software license revenue for the near future . site licenses give the customer the additional right to deploy the software on a limited basis during a specified term . our primary solution sets in our software suite include virtual machine backup , recovery and cloud management ; endpoint data protection ; and email archive . these solution sets can be individually deployed or combined as part of a comprehensive data protection and information management solution . our solution sets are generally sold on a per unit basis such as per virtual machine for our virtual machine backup , recovery and cloud management solution set ; per mailbox for our email archive solution set and per user for our endpoint data protection solution set . historically , an insignificant amount of our revenue has been sold under subscription , or term based , license arrangements . in these arrangements , the customer generally has the right to use the software on either a capacity basis or per-copy or per-unit basis over a designated period of time . we expect revenue from these types of arrangements to become a more significant portion of our total revenue . the industry in which we currently operate continues to go through accelerating changes as the result of compounding data growth and the introduction of new technologies . we are continuing to pursue an aggressive product development program in both data and information management solutions . our data management solutions include not only traditional backup , but also new innovations in de-duplication , data movement , virtualization , snap-based backups and enterprise reporting . our information management innovations are primarily in the areas of archiving , ediscovery , records management , governance , operational reporting and compliance . we remain focused on both the data and information management trends in the marketplace and , in fact , a material portion of our existing research and development expenses are utilized toward the development of such new technologies discussed above . while we are confident in our ability to meet these changing industry demands with our commvault suite and potential future releases , the development , release and timing of any features or functionality remain at our sole discretion and our solutions or other technologies may not be widely adopted . given the nature of the industry in which we operate , our software applications are subject to obsolescence . as noted above , we continually develop and introduce updates to our existing software applications in order to keep pace with evolving industry technologies . in addition , we must address evolving industry standards , changing customer requirements and competitive software applications that may render our existing software applications obsolete . for each of our software applications , we provide full support for the current generally available release and one prior release . when we declare a product release obsolete , a customer notice is delivered twelve months prior to the effective date of obsolescence announcing continuation of full product support for the first six months . we provide an additional six months of extended assistance support in which we only provide existing workarounds or fixes that do not require additional development activity . we do not have existing plans to make any of our software products permanently obsolete . sources of revenues we derive a significant portion of our total revenues from sales of licenses of our software applications . we do not customize our software for a specific end-user customer . we sell our software applications to end-user customers both directly through our sales force and indirectly through our global network of value-added reseller partners , systems integrators , corporate resellers and original equipment manufacturers . our software revenue was 46 % of our total revenues for fiscal 2017 , 43 % for fiscal 2016 and 47 % for fiscal 2015 . in recent fiscal years , we generated approximately three-quarters of our software revenue from our existing customer base and approximately one-quarter of our software revenue from new customers . in addition , our total software revenue in any particular period is , to a certain extent , dependent upon our ability to generate revenues from large customer software deals , which we refer to as enterprise software transactions . enterprise software transactions ( transactions greater than $ 0.1 million ) represented approximately 56 % of our software revenue in fiscal 2017 , 53 % for fiscal 2016 and 56 % for fiscal 2015 . 35 software revenue generated through indirect distribution channels was 87 % of total software revenue in fiscal 2017 , 86 % in fiscal 2016 and 82 % in fiscal 2015 . software revenue generated through direct distribution channels was 13 % of total software revenue in fiscal 2017 , 14 % in fiscal 2016 and 18 % in fiscal 2015 . the dollar value of software revenue generated through indirect distribution channels increased approximately $ 34.8 million , or 16 % , in fiscal 2017 compared to fiscal 2016 . story_separator_special_tag expected volatility is calculated based on a blended approach that includes the implied volatility of our traded options with a remaining maturity greater than six months and the historical realized volatility of our common stock . the risk-free interest rate is determined by reference to u.s. treasury yield curve rates with a remaining term that is approximately the expected life assumed at the date of grant . forfeitures are estimated based on our historical analysis of actual stock option forfeitures . no options were granted during the fiscal year ended march 31 , 2017. the weighted average fair value of stock options granted was $ 15.20 per option during the year ended march 31 , 2016 . in addition , the weighted average fair value of restricted stock units awarded was $ 50.66 per share during the year ended march 31 , 2017 and $ 37.27 per share during the year ended march 31 , 2016 . in fiscal 2017 , we granted 115,000 performance restricted stock units ( `` psu `` ) to certain executives . vesting of these awards is contingent upon i ) the company meeting certain company-wide revenue and non-gaap performance goals ( performance-based ) in fiscal 2017 and ii ) the company 's customary service periods . the awards vest in three annual tranches and have a maximum potential to vest at 200 % ( 230 shares ) based on actual fiscal 2017 performance . the related stock-based compensation expense is determined based on the value of the underlying shares on the date of grant and is recognized over the vesting term using the accelerated method . during the interim financial periods , we estimate the probable number of psu 's that would vest until the ultimate achievement of the performance goals is known . 39 in fiscal 2017 , we granted 123,000 market performance stock units to certain executives . the vesting of these awards is contingent upon meeting certain total shareholder return ( tsr ) levels as compared to a market index over the next three years . the awards vest in three annual tranches and have a maximum potential to vest at 200 % ( 246 ,000 shares ) based on tsr performance . the related stock-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized using the accelerated method over the vesting term . the estimated fair value was calculated using a monte carlo simulation model . the weighted average fair value of the awards granted during the year was $ 57.28 . accounting for income taxes as part of the process of preparing our financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process involves estimating our actual current tax exposure , including assessing the risks associated with tax audits , and assessing temporary differences resulting from different treatment of items for tax and accounting purposes . these differences result in deferred tax assets and liabilities . as of march 31 , 2017 , we had net deferred tax assets of approximately $ 61.0 million , which were primarily related to stock-based compensation , deferred revenue and tax credits . we assess the likelihood that our deferred tax assets will be recovered from future taxable income , and to the extent that we believe recovery is not likely , we establish a valuation allowance . during the year ended march 31 , 2017 , we decreased the valuation allowance by $ 1.0 million against our deferred tax assets which now totals $ 1.8 million . all of the valuation allowance we have recorded at march 31 , 2017 is related to new jersey state research tax credits due to uncertainties related to the ability to utilize such state research tax credits before they expire . we based our valuation allowance on our estimates of taxable income by legal entity and the period over which our state research tax credits will be recoverable . at march 31 , 2017 , we have federal and state research tax credit ( `` r & d `` ) carryforwards of approximately $ 3.3 million and $ 3.2 million , respectively . the federal research tax credit carryforwards expire from 2025 through 2036 , and the state research tax credit carryforwards expire from 2017 through 2023. at march 31 , 2017 , we have federal alternative minimum tax credit carryforwards of $ 1.1 million . as of march 31 , 2017 , we had unrecognized tax benefits of $ 2.1 million , all of which , if recognized , would favorably affect the effective tax rate . in addition , we have accrued interest and penalties of $ 0.4 million related to the unrecognized tax benefits . interest and penalties , if any , related to unrecognized tax benefits are recorded in income tax expense . we conduct business globally and as a result , file income tax returns in the united states and in various state and foreign jurisdictions . in the normal course of business , we are subject to examination by taxing authorities throughout the world , including such major jurisdictions as the united states , australia , canada , germany , netherlands and united kingdom . there are currently active audits in the united kingdom , india , and new jersey . the following table summarizes the tax years in the major tax jurisdictions that remain subject to income tax examinations by tax authorities as of march 31 , 2017 . the years subject to income tax examination in our foreign jurisdictions cover the maximum time period with respect to these jurisdictions . due to nol carryforwards , in some cases the tax years continue to remain subject to examination with respect to such nols . tax jurisdiction years subject to income tax examination u.s. federal 2013 - present new jersey 2012 - present foreign

