equipmentone , or through other brand solutions . ritchie bros. 46 rbfs has arrangements with a diverse group of financial partners to provide lending solutions that meet the specific needs of equipment owners and dealers . services offered include pre-approved commercial equipment financing , re-financing , and leasing , as well as equipment dealer financing . also on july 12 , 2016 , we announced our minority investment in machinio corp. ( “ machinio ” ) , a global search engine for finding , buying , and selling used machinery and equipment . with more active listings than any other website , machinio is the most comprehensive real-time database of for-sale listings . machinio connects hundreds of thousands of buyers each month with thousands of used machinery dealers from all over the world . having launched in late 2012 , machinio is now the fastest growing online platform for used machinery . on august 1 , 2016 , we acquired substantially all of the assets of petrowsky auctioneers ( “ petrowsky ” ) , a connecticut-based company that sold nearly $ 50 million worth of equipment and other assets at auctions in 2015 , mostly in the new england , united states region . on august 29 , 2016 , we entered into an agreement and plan of merger ( the “ merger agreement ” ) pursuant to which ritchie bros. agreed to acquire a 100 % interest in ironplanet holdings , inc. ( “ ironplanet ” ) , a private company based in the united states , for approximately $ 740 million in cash plus the assumption of unvested equity interests in ironplanet , subject to adjustment . under the terms of the merger agreement , a wholly-owned subsidiary of the company will merge with and into ironplanet , with the latter surviving the merger as a wholly-owned subsidiary of the company ( the “ merger ” ) . ironplanet sold approximately $ 787 million worth of equipment and other assets through its sales channels during 2015 , and has achieved a 25.2 % compounded growth rate in assets sold from 2013 through 2015. consummation of the merger is subject to customary conditions , including ( i ) the expiration or termination of the applicable waiting period under the hart-scott-rodino antitrust improvements act of 1976 , as amended , and procurement of certain foreign antitrust clearances ; ( ii ) the absence of a material adverse change with respect to ironplanet since the date of the merger agreement , as described in the merger agreement ; ( iii ) the committee on foreign investment in the united states having provided written notice to the effect that review of the transactions contemplated by the merger agreement has been concluded and has terminated all action under section 721 of the defense production act of 1950 , as amended ; and ( iv ) absent termination of ironplanet 's registrations or withdrawal of registrations under the international traffic in arms regulations , the united states department of state having concluded its review and not taken action to block or prevent the consummation of the merger . on august 29 , 2016 , we entered into a strategic alliance and remarketing agreement ( the “ alliance ” ) with ironplanet , inc. ( “ ironplanet subsidiary ” ) and caterpillar inc. ( “ caterpillar ” ) . the alliance is subject to , contingent upon , and will not be effective until consummation of the merger . the merger and alliance are discussed further below under “ strategy ” . on november 15 , 2016 , we acquired substantially all of the assets of kramer auctions ( “ kramer ” ) , a leading canadian agricultural auction company with exceptionally strong customer relationships in central canada . kramer operates approximately 75 on-the-farm auctions , four on site auctions , and eight livestock ( bison ) auctions each year , and sold more than 60 million canadian dollars ' worth of agricultural equipment , real-estate , and other assets during the 12 months ended september 30 , 2016. overview the following discussion and analysis summarizes significant factors affecting our consolidated operating results and financial condition for the years ended december 31 , 2016 , 2015 , and 2014. this discussion and analysis should be read in conjunction with the “ cautionary note regarding forward-looking statements ” , “ part ii , item 6 : selected financial data ” , and the consolidated financial statements and the notes thereto included in “ part ii , item 8. financial statements and supplementary data ” presented in our annual report on form 10-k , which is available on our website at www.rbauction.com , on edgar at www.sec.gov , or on sedar at www.sedar.com . none of the information on our website , edgar , or sedar is incorporated by reference into this document by this or any other reference . this discussion and analysis contains forward-looking statements that involve risks and uncertainties . ritchie bros. 47 our actual results could differ materially from those expressed or implied in any forward-looking statements as a result of various factors , including those set forth under “ part i , item 1a : risk factors ” in our annual report on form 10-k. the date of this discussion is as of february 21 , 2017. we prepare our consolidated financial statements in accordance with united states generally accepted accounting principles ( “ us gaap ” ) . except for gross auction proceeds ( “ gap ” ) and gross transaction value ( “ gtv ” ) ( both described below ) , which are measures of operational performance and not measures of financial performance , liquidity , or revenue , the amounts discussed below are based on our consolidated financial statements and are presented in united states ( “ u.s. ” ) dollars . story_separator_special_tag in total we returned $ 107.2 million to our stockholders as we executed on our capital allocation strategy during 2016. we also managed our net capital spending such that it remains well below our target of 10 % of our revenues on a trailing 12-month basis . we calculate the gaap measure net capital spending directly from our consolidated statement of cash flows by adding property , plant and equipment additions to intangible asset additions , and subtracting proceeds on disposition of property , plant and equipment . used equipment market update the used equipment market remained stable until late in the third quarter of 2016. at the end of the third quarter of 2016 , we saw a marginal improvement in pricing , which continued into the fourth quarter . however , pricing remained lower than the used equipment valuation peak that occurred in the first quarter of 2015. we continued to see performance vary among asset sectors and geographies . sectors that had been under extreme downward pressure in previous quarters , including those tied to commodities such as the oil and gas and mining sectors , saw some positive movement in commodity pricing commencing late in the third quarter of 2016 and continuing into the fourth quarter . as a result , we started to see some assets that had been immobile since early 2015 slowly begin to be utilized in certain geographies . comparatively , the transportation sector , especially in north america , has remained under pressure since early 2016 when there was an excess of transportation assets that came to market . we believe this excess fleet turnover was the source of some price deterioration for transportation assets in 2016. in terms of equipment values , north america continued to be our strongest geographical region for most of 2016 , responding most favorably to changes in commodity pricing and the overall economic environment . in early 2016 , uncertainty in the macro economic environment negatively impacted both demand for equipment as well as equipment values , particularly in north america . however , near the end of 2016 , we saw some stabilization in that regard . australia responded favorably to the commodity price improvement that occurred late in the third quarter and into the fourth quarter of 2016 , experiencing some uplift in the value of assets tied to commodities . we also continued to see an improvement in the overall age of equipment coming to market relative to recent years ; a trend that we believe results from the increase in oem production that began in 2010 and is generating more transactions in the current used equipment marketplace , as well as creating larger pools of used equipment for future transactions . we continue to closely monitor new equipment production models , dealer and rental sales performance , and pricing actions in light of pressures in the broader industrial equipment sector . ritchie bros. 52 results of operations replace_table_token_8_th gross auction proceeds 2016 performance gap was $ 4.3 billion for 2016 , a 2 % increase over 2015. included in gap for 2016 is $ 148.0 million of gtv from our online marketplaces , which represents a 23 % increase over gtv of $ 120.0 million in 2015 . 2016 gtv includes $ 29.6 million of assets that transacted on a dealer-to-dealer basis on equipmentone 's online marketplaces primarily due to the launch of equipmentone 's ess in 2016. revenues earned on these dealer-to-dealer transactions were $ 0.6 million in 2016. dealer-to-dealer transactions on equipmentone 's online marketplaces were not significant prior to the introduction of ess in 2016. the increase in gap is primarily due to an increase in the number of core auction lots year-over-year . the total number of lots at industrial and agricultural auctions grew 12 % , increasing to 437,300 in 2016 from 390,300 in 2015. however , core auction gap decreased 9 % on a per-lot basis to $ 9,600 in 2016 from $ 10,600 in 2015. this decrease is primarily due to the mix and age of equipment that came to market in 2016. we also believe the macro economic environment uncertainties , particularly in north america , negatively impacted equipment demand and pricing and contributed to the decrease in core auction gap per lot year-over-year . we saw a peak in used equipment values in the first quarter of 2015 that did not recur in 2016. ritchie bros. 53 gap , on a u.s. dollar basis , grew in canada and the united states in 2016 compared to 2015. however , this growth was partially offset by a reduction in gap in europe over the same comparative period . gap in the rest of the world grew during 2016 compared to 2015. gap in 2016 would have been $ 58.4 million higher , resulting in a 3 % increase over 2015 , if foreign exchange rates had remained consistent with those in 2015. this adverse effect on gap is primarily due to the declining value of the canadian dollar and the euro relative to the u.s. dollar . during 2016 , we continued to actively pursue the use of underwritten contracts from a strategic perspective , entering into such contracts only when the risk/reward profile of the terms were agreeable . the volume of underwritten contracts decreased to 25 % of our gap in 2016 from 29 % in 2015 , primarily due to the underwritten contracts associated with the casper , wyoming , offsite auction that was held on march 25 , 2015. straight commission contracts continue to account for the majority of our gap . 2015 performance gap was $ 4.2 billion for the year ended december 31 , 2015 , a 1 % increase over 2014. included in 2015 gap is $ 120.0 million of gtv from our online marketplaces , which represents a 13 % increase over gtv of $ 106.1 million in 2014. the increase in gap is primarily

cash flows replace_table_token_24_th operating activities cash provided by operating activities can fluctuate significantly from period to period due to factors such as differences in the timing , size , and number of auctions during the period , the volume of our underwritten contracts , the timing of the receipt of auction proceeds from buyers and of the payment of net amounts due to consignors , as well as the location of the auction with respect to restrictions on the use of cash generated therein . cash provided by operating activities decreased $ 18.9 million , or 10 % , during 2016 compared to 2015. this decrease is primarily due to the decrease in net income over the same comparative period after removing the impact of the $ 28.2 million non-cash impairment loss recognized on equipmentone goodwill and customer relationships , combined with changes in certain of our operating assets and liabilities , including auction proceeds payable , income taxes payable , and income taxes receivable . this decrease was partially offset by net changes in inventory that resulted in greater cash inflows . operating free cash flow ( “ ofcf ” ) 14 ( non-gaap measure ) decreased $ 34.5 million , or 19 % , to $ 147.8 million in 2016 from $ 182.3 million in 2015. investing activities net cash used in investing activities increased $ 87.5 million , or 298 % , during 2016 compared to 2015. this increase is primarily due to the acquisition of the 49 % non-controlling interest in rbfs for cash consideration of $ 41.1 million , the acquisition of mascus for cash consideration of $ 28.1 million ( net of cash and cash equivalents acquired ) , the acquisition of kramer for $ 11.1 million , a $ 10.0 million decrease in proceeds on disposition of property , plant and equipment , an increase in intangible asset additions of $ 8.8 million , and the acquisition of petrowsky for cash consideration of $ 6.3 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.
     ```cash flows replace_table_token_24_th operating activities cash provided by operating activities can fluctuate significantly from period to period due to factors such as differences in the timing , size , and number of auctions during the period , the volume of our underwritten contracts , the timing of the receipt of auction proceeds from buyers and of the payment of net amounts due to consignors , as well as the location of the auction with respect to restrictions on the use of cash generated therein . cash provided by operating activities decreased $ 18.9 million , or 10 % , during 2016 compared to 2015. this decrease is primarily due to the decrease in net income over the same comparative period after removing the impact of the $ 28.2 million non-cash impairment loss recognized on equipmentone goodwill and customer relationships , combined with changes in certain of our operating assets and liabilities , including auction proceeds payable , income taxes payable , and income taxes receivable . this decrease was partially offset by net changes in inventory that resulted in greater cash inflows . operating free cash flow ( “ ofcf ” ) 14 ( non-gaap measure ) decreased $ 34.5 million , or 19 % , to $ 147.8 million in 2016 from $ 182.3 million in 2015. investing activities net cash used in investing activities increased $ 87.5 million , or 298 % , during 2016 compared to 2015. this increase is primarily due to the acquisition of the 49 % non-controlling interest in rbfs for cash consideration of $ 41.1 million , the acquisition of mascus for cash consideration of $ 28.1 million ( net of cash and cash equivalents acquired ) , the acquisition of kramer for $ 11.1 million , a $ 10.0 million decrease in proceeds on disposition of property , plant and equipment , an increase in intangible asset additions of $ 8.8 million , and the acquisition of petrowsky for cash consideration of $ 6.3 million .
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 Suspicious Activity Report : equipmentone , or through other brand solutions . ritchie bros. 46 rbfs has arrangements with a diverse group of financial partners to provide lending solutions that meet the specific needs of equipment owners and dealers . services offered include pre-approved commercial equipment financing , re-financing , and leasing , as well as equipment dealer financing . also on july 12 , 2016 , we announced our minority investment in machinio corp. ( “ machinio ” ) , a global search engine for finding , buying , and selling used machinery and equipment . with more active listings than any other website , machinio is the most comprehensive real-time database of for-sale listings . machinio connects hundreds of thousands of buyers each month with thousands of used machinery dealers from all over the world . having launched in late 2012 , machinio is now the fastest growing online platform for used machinery . on august 1 , 2016 , we acquired substantially all of the assets of petrowsky auctioneers ( “ petrowsky ” ) , a connecticut-based company that sold nearly $ 50 million worth of equipment and other assets at auctions in 2015 , mostly in the new england , united states region . on august 29 , 2016 , we entered into an agreement and plan of merger ( the “ merger agreement ” ) pursuant to which ritchie bros. agreed to acquire a 100 % interest in ironplanet holdings , inc. ( “ ironplanet ” ) , a private company based in the united states , for approximately $ 740 million in cash plus the assumption of unvested equity interests in ironplanet , subject to adjustment . under the terms of the merger agreement , a wholly-owned subsidiary of the company will merge with and into ironplanet , with the latter surviving the merger as a wholly-owned subsidiary of the company ( the “ merger ” ) . ironplanet sold approximately $ 787 million worth of equipment and other assets through its sales channels during 2015 , and has achieved a 25.2 % compounded growth rate in assets sold from 2013 through 2015. consummation of the merger is subject to customary conditions , including ( i ) the expiration or termination of the applicable waiting period under the hart-scott-rodino antitrust improvements act of 1976 , as amended , and procurement of certain foreign antitrust clearances ; ( ii ) the absence of a material adverse change with respect to ironplanet since the date of the merger agreement , as described in the merger agreement ; ( iii ) the committee on foreign investment in the united states having provided written notice to the effect that review of the transactions contemplated by the merger agreement has been concluded and has terminated all action under section 721 of the defense production act of 1950 , as amended ; and ( iv ) absent termination of ironplanet 's registrations or withdrawal of registrations under the international traffic in arms regulations , the united states department of state having concluded its review and not taken action to block or prevent the consummation of the merger . on august 29 , 2016 , we entered into a strategic alliance and remarketing agreement ( the “ alliance ” ) with ironplanet , inc. ( “ ironplanet subsidiary ” ) and caterpillar inc. ( “ caterpillar ” ) . the alliance is subject to , contingent upon , and will not be effective until consummation of the merger . the merger and alliance are discussed further below under “ strategy ” . on november 15 , 2016 , we acquired substantially all of the assets of kramer auctions ( “ kramer ” ) , a leading canadian agricultural auction company with exceptionally strong customer relationships in central canada . kramer operates approximately 75 on-the-farm auctions , four on site auctions , and eight livestock ( bison ) auctions each year , and sold more than 60 million canadian dollars ' worth of agricultural equipment , real-estate , and other assets during the 12 months ended september 30 , 2016. overview the following discussion and analysis summarizes significant factors affecting our consolidated operating results and financial condition for the years ended december 31 , 2016 , 2015 , and 2014. this discussion and analysis should be read in conjunction with the “ cautionary note regarding forward-looking statements ” , “ part ii , item 6 : selected financial data ” , and the consolidated financial statements and the notes thereto included in “ part ii , item 8. financial statements and supplementary data ” presented in our annual report on form 10-k , which is available on our website at www.rbauction.com , on edgar at www.sec.gov , or on sedar at www.sedar.com . none of the information on our website , edgar , or sedar is incorporated by reference into this document by this or any other reference . this discussion and analysis contains forward-looking statements that involve risks and uncertainties . ritchie bros. 47 our actual results could differ materially from those expressed or implied in any forward-looking statements as a result of various factors , including those set forth under “ part i , item 1a : risk factors ” in our annual report on form 10-k. the date of this discussion is as of february 21 , 2017. we prepare our consolidated financial statements in accordance with united states generally accepted accounting principles ( “ us gaap ” ) . except for gross auction proceeds ( “ gap ” ) and gross transaction value ( “ gtv ” ) ( both described below ) , which are measures of operational performance and not measures of financial performance , liquidity , or revenue , the amounts discussed below are based on our consolidated financial statements and are presented in united states ( “ u.s. ” ) dollars . story_separator_special_tag in total we returned $ 107.2 million to our stockholders as we executed on our capital allocation strategy during 2016. we also managed our net capital spending such that it remains well below our target of 10 % of our revenues on a trailing 12-month basis . we calculate the gaap measure net capital spending directly from our consolidated statement of cash flows by adding property , plant and equipment additions to intangible asset additions , and subtracting proceeds on disposition of property , plant and equipment . used equipment market update the used equipment market remained stable until late in the third quarter of 2016. at the end of the third quarter of 2016 , we saw a marginal improvement in pricing , which continued into the fourth quarter . however , pricing remained lower than the used equipment valuation peak that occurred in the first quarter of 2015. we continued to see performance vary among asset sectors and geographies . sectors that had been under extreme downward pressure in previous quarters , including those tied to commodities such as the oil and gas and mining sectors , saw some positive movement in commodity pricing commencing late in the third quarter of 2016 and continuing into the fourth quarter . as a result , we started to see some assets that had been immobile since early 2015 slowly begin to be utilized in certain geographies . comparatively , the transportation sector , especially in north america , has remained under pressure since early 2016 when there was an excess of transportation assets that came to market . we believe this excess fleet turnover was the source of some price deterioration for transportation assets in 2016. in terms of equipment values , north america continued to be our strongest geographical region for most of 2016 , responding most favorably to changes in commodity pricing and the overall economic environment . in early 2016 , uncertainty in the macro economic environment negatively impacted both demand for equipment as well as equipment values , particularly in north america . however , near the end of 2016 , we saw some stabilization in that regard . australia responded favorably to the commodity price improvement that occurred late in the third quarter and into the fourth quarter of 2016 , experiencing some uplift in the value of assets tied to commodities . we also continued to see an improvement in the overall age of equipment coming to market relative to recent years ; a trend that we believe results from the increase in oem production that began in 2010 and is generating more transactions in the current used equipment marketplace , as well as creating larger pools of used equipment for future transactions . we continue to closely monitor new equipment production models , dealer and rental sales performance , and pricing actions in light of pressures in the broader industrial equipment sector . ritchie bros. 52 results of operations replace_table_token_8_th gross auction proceeds 2016 performance gap was $ 4.3 billion for 2016 , a 2 % increase over 2015. included in gap for 2016 is $ 148.0 million of gtv from our online marketplaces , which represents a 23 % increase over gtv of $ 120.0 million in 2015 . 2016 gtv includes $ 29.6 million of assets that transacted on a dealer-to-dealer basis on equipmentone 's online marketplaces primarily due to the launch of equipmentone 's ess in 2016. revenues earned on these dealer-to-dealer transactions were $ 0.6 million in 2016. dealer-to-dealer transactions on equipmentone 's online marketplaces were not significant prior to the introduction of ess in 2016. the increase in gap is primarily due to an increase in the number of core auction lots year-over-year . the total number of lots at industrial and agricultural auctions grew 12 % , increasing to 437,300 in 2016 from 390,300 in 2015. however , core auction gap decreased 9 % on a per-lot basis to $ 9,600 in 2016 from $ 10,600 in 2015. this decrease is primarily due to the mix and age of equipment that came to market in 2016. we also believe the macro economic environment uncertainties , particularly in north america , negatively impacted equipment demand and pricing and contributed to the decrease in core auction gap per lot year-over-year . we saw a peak in used equipment values in the first quarter of 2015 that did not recur in 2016. ritchie bros. 53 gap , on a u.s. dollar basis , grew in canada and the united states in 2016 compared to 2015. however , this growth was partially offset by a reduction in gap in europe over the same comparative period . gap in the rest of the world grew during 2016 compared to 2015. gap in 2016 would have been $ 58.4 million higher , resulting in a 3 % increase over 2015 , if foreign exchange rates had remained consistent with those in 2015. this adverse effect on gap is primarily due to the declining value of the canadian dollar and the euro relative to the u.s. dollar . during 2016 , we continued to actively pursue the use of underwritten contracts from a strategic perspective , entering into such contracts only when the risk/reward profile of the terms were agreeable . the volume of underwritten contracts decreased to 25 % of our gap in 2016 from 29 % in 2015 , primarily due to the underwritten contracts associated with the casper , wyoming , offsite auction that was held on march 25 , 2015. straight commission contracts continue to account for the majority of our gap . 2015 performance gap was $ 4.2 billion for the year ended december 31 , 2015 , a 1 % increase over 2014. included in 2015 gap is $ 120.0 million of gtv from our online marketplaces , which represents a 13 % increase over gtv of $ 106.1 million in 2014. the increase in gap is primarily

