under the consignment programs , only the fees associated with vehicle processing are recorded in revenue , not the actual 31 sales price ( gross proceeds ) . sales transaction fees also include fees charged to vehicle buyers for purchasing vehicles , storage , loading and annual registration . transportation revenue includes charges to sellers for towing vehicles under certain contracts . transportation revenue also includes towing charges assessed to buyers for delivering vehicles . purchased vehicle revenue includes the gross sales price of the vehicle which we have purchased or are otherwise considered to own and is primarily generated in the u.k. operating costs consist primarily of operating personnel ( which includes yard management , clerical and yard employees ) , rent , contract vehicle towing , insurance , fuel , equipment maintenance and repair , and costs of vehicles we sold under purchase contracts . costs associated with general and administrative expenses consist primarily of executive management , accounting , data processing , sales personnel , human resources , professional fees , research and development and marketing expenses . during fiscal 2004 and fiscal 2008 , we converted all of our north american and u.k. sales , respectively , to an internet-based auction-style model using our vb 2 internet sales technology which employs a two-step bidding process . the first step , called the preliminary bid , allows members to submit bids up to one hour before a real time virtual auction begins . the second step allows members to bid against each other , and the high bidder from the preliminary bidding process , in a real-time process over the internet . acquisitions and new operations we have experienced significant growth in facilities as we have acquired nine facilities and established three new facilities since the beginning of fiscal 2010 through july 31 , 2012. all of these acquisitions have been accounted for using the purchase method of accounting . as part of our overall expansion strategy of offering integrated services to vehicle sellers , we anticipate acquiring and developing facilities in new regions , as well as the regions currently served by our facilities . we believe that these acquisitions and openings strengthen our coverage as we have 155 facilities located in north america and the u.k. as of july 31 , 2012 and are able to provide national coverage for our sellers . the following table sets forth facilities that we have acquired or opened from august 1 , 2009 through july 31 , 2012 : replace_table_token_9_th * closed in fiscal 2010 in january 2010 , the company completed the acquisition of d hales limited ( d hales ) which operated five locations in the united kingdom . in fiscal 2011 , we acquired john hewitt and sons , limited ( hewitt ) which operated one location in the united kingdom . these acquisitions were undertaken because of their strategic fit with our business in the united kingdom . in august 2012 , we acquired ride safely middle east auction , llc located in dubai , uae . 32 the period-to-period comparability of our consolidated operating results and financial condition is affected by business acquisitions , new openings , weather and product introductions during such periods . in particular , we have certain contracts inherited through our u.k. acquisitions that require us to act as a principal , purchasing vehicles from the insurance companies and reselling them for our own account . it is our intention , where possible , to migrate these contracts to the agency model in future periods . changes in the amount of revenue derived in a period from principal transactions relative to total revenue will impact revenue growth and margin percentages . in addition to growth through acquisitions , we seek to increase revenues and profitability by , among other things , ( i ) acquiring and developing additional vehicle storage facilities in key markets , ( ii ) pursuing national and regional vehicle seller agreements , ( iii ) expanding our service offerings to sellers and members , and ( iv ) expanding the application of vb 2 into new markets . in addition , we implement our pricing structure and auction procedures and attempt to introduce cost efficiencies at each of our acquired facilities by implementing our operational procedures , integrating our management information systems and redeploying personnel , when necessary . results of operations fiscal 2012 compared to fiscal 2011 revenues the following table sets forth information on revenue by class ( in thousands , except percentages ) : replace_table_token_10_th service revenues . service revenues were $ 757.3 million during fiscal 2012 compared to $ 713.1 million for fiscal 2011 , an increase of $ 44.2 million , or 6.2 % , above fiscal 2011. growth in unit volume generated $ 33.5 million in additional service revenue relative to last year and was driven primarily by growth in the number of units sold on behalf of franchise and independent car dealerships , new and expanded contracts with insurance companies and the migration from the principal model to the agency model in the u.k. growth in the average revenue per car sold generated $ 11.5 million in additional revenue over last year and was driven by an increase in the average vehicle auction selling price as over 50 % of our service revenue is tied in some manner to the ultimate selling price of the vehicle . story_separator_special_tag the dilutive earnings per share impact of all repurchased shares on the weighted average number of common shares outstanding for the year ended july 31 , 2012 is $ 0.04. in the first quarter of fiscal year 2010 , mr. jay adair , chief executive officer ( and then president ) , exercised stock options through cashless exercises . in the fourth quarter of fiscal year 2010 , mr. willis j. johnson , chairman of the board , exercised stock options through a cashless exercise . in the second , third and fourth quarters of fiscal year 2011 certain executive officers exercised stock options through cashless exercises . in the first , second and third quarters of fiscal year 2012 certain executive officers exercised stock options through cashless exercises . a portion of the options exercised were net settled in satisfaction of the exercise price and federal and state minimum statutory tax withholding requirements . we remitted $ 2.6 million , $ 4.2 million and $ 7.4 million , in fiscal 2012 , 2011 and 2010 , respectively , to the proper taxing 38 authorities in satisfaction of the employees ' minimum statutory withholding requirements . the exercises are summarized in the following table : replace_table_token_12_th ( 1 ) shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against our stock repurchase program . contractual obligations we lease certain domestic and foreign facilities , and certain equipment under non-cancelable operating leases . in addition to the minimum future lease commitments presented , the leases generally require the company to pay property taxes , insurance , maintenance and repair costs which are not included in the table because we have determined these items are not material . the following table summarizes our significant contractual obligations and commercial commitments as of july 31 , 2012 ( in thousands ) : replace_table_token_13_th amount of commitment expiration per period commercial commitments ( 3 ) total less than 1 year 13 years 35 years more than 5 years other letters of credit $ 6,659 $ 6,659 $  $  $  $  ( 1 ) contractual obligations consist of future non-cancelable minimum lease payments under capital and operating leases , used in the normal course of business . ( 2 ) tax liabilities include the long-term liabilities in the consolidated balance sheet for unrecognized tax positions . at this time we are unable to make a reasonably reliable estimate of the timing of payments in individual years beyond 12 months due to uncertainties in the timing of tax audit outcomes . ( 3 ) commercial commitments consist primarily of letters of credit provided for insurance programs and certain business transactions . 39 credit facilities on december 14 , 2010 , we entered into an amended and restated credit facility agreement ( credit facility ) , which supersedes our previously disclosed credit agreement with bank of america , n.a . ( bank of america ) . the credit facility is an unsecured credit agreement providing for ( i ) a $ 100.0 million revolving credit facility , including a $ 100.0 million alternative currency borrowing sublimit and a $ 50.0 million letter of credit sublimit ( revolving credit ) and ( ii ) a term loan facility of $ 400.0 million ( term loan ) . on january 14 , 2011 the full $ 400.0 million provided under the term loan was borrowed . on september , 29 , 2011 , we amended the credit agreement increasing the amount of the term loan facility from $ 400.0 million to $ 500.0 million . the term loan , which at july 31 , 2012 had $ 443.8 million outstanding , amortizes $ 18.8 million each quarter beginning december 31 , 2011 with all outstanding borrowings due on december 14 , 2015. all amounts borrowed under the term loan may be prepaid without premium or penalty . during the year ended july 31 , 2012 , we made principal repayments of $ 56.3 million . we currently have $ 1.6 million deferred financing costs in other assets as of july 31 , 2012. amounts borrowed under the credit facility bear interest , subject to certain restrictions , at a fluctuating rate based on ( i ) the eurocurrency rate ; ( ii ) the federal funds rate ; or ( iii ) the prime rate as described in the credit facility . we have entered into two interest rate swaps ( which is further described in the notes to consolidated financial statements  note 10. derivatives and hedging ) to exchange our variable interest rate payments commitment for fixed interest rate payments on the term loan balance , which at july 31 , 2012 , totaled $ 443.8 million . a default interest rate applies on all obligations during an event of default under the credit facility , at a rate per annum equal to 2.0 % above the otherwise applicable interest rate . at july 31 , 2012 , our interest rate is the 0.25 % eurocurrency rate plus the 1.50 % applicable rate . the applicable rate can fluctuate between 1.5 % and 2.0 % depending on our consolidated net leverage ratio ( as defined in the credit facility ) . the credit facility is guaranteed by our material domestic subsidiaries . the carrying amount of the credit facility is comprised of borrowing under which the interest accrued under a fluctuating interest rate structure . accordingly , the carrying value approximates fair value at july 31 , 2012. amounts borrowed under the revolving credit may be repaid and reborrowed until the maturity date , which is december 14 , 2015. the credit facility requires us to pay a commitment fee on the unused portion of the revolving credit . the commitment fee ranges from 0.075 % to 0.125 % per annum depending on our leverage ratio . we had no outstanding borrowings under the revolving

liquidity and capital resources our primary source of working capital is cash generated though operations . potential internal sources of additional working capital are the sale of assets or the issuance of equity through option exercises and shares issued under our employee stock purchase plan . a potential external source of additional working capital is the issuance of debt and equity . however , with respect to the issuance of equity or debt , we can not predict if these sources will be available in the future and , if available , if they can be issued under terms commercially acceptable to us . historically , we have financed our growth through cash generated from operations , public offerings of common stock , the equity issued in conjunction with certain acquisitions and debt financing . our primary source of cash generated by operations is from the collection of sellers ' fees , members ' fees and reimbursable 36 advances from the proceeds of auctioned salvage vehicles . our business is seasonal as inclement weather during the winter months increases the frequency of accidents and , consequently , the number of cars totaled by the insurance companies . during the winter months , most of our facilities process 10 % to 30 % more vehicles than at other times of the year . this increased volume requires the increased use of our cash to pay out advances and handling costs of the additional business . our primary source of working capital is net income . accordingly , factors affecting net income are the principal factors affecting the generation of working capital .


 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 our primary source of working capital is cash generated though operations . potential internal sources of additional working capital are the sale of assets or the issuance of equity through option exercises and shares issued under our employee stock purchase plan . a potential external source of additional working capital is the issuance of debt and equity . however , with respect to the issuance of equity or debt , we can not predict if these sources will be available in the future and , if available , if they can be issued under terms commercially acceptable to us . historically , we have financed our growth through cash generated from operations , public offerings of common stock , the equity issued in conjunction with certain acquisitions and debt financing . our primary source of cash generated by operations is from the collection of sellers ' fees , members ' fees and reimbursable 36 advances from the proceeds of auctioned salvage vehicles . our business is seasonal as inclement weather during the winter months increases the frequency of accidents and , consequently , the number of cars totaled by the insurance companies . during the winter months , most of our facilities process 10 % to 30 % more vehicles than at other times of the year . this increased volume requires the increased use of our cash to pay out advances and handling costs of the additional business . our primary source of working capital is net income . accordingly , factors affecting net income are the principal factors affecting the generation of working capital .
```    
 Suspicious Activity Report : under the consignment programs , only the fees associated with vehicle processing are recorded in revenue , not the actual 31 sales price ( gross proceeds ) . sales transaction fees also include fees charged to vehicle buyers for purchasing vehicles , storage , loading and annual registration . transportation revenue includes charges to sellers for towing vehicles under certain contracts . transportation revenue also includes towing charges assessed to buyers for delivering vehicles . purchased vehicle revenue includes the gross sales price of the vehicle which we have purchased or are otherwise considered to own and is primarily generated in the u.k. operating costs consist primarily of operating personnel ( which includes yard management , clerical and yard employees ) , rent , contract vehicle towing , insurance , fuel , equipment maintenance and repair , and costs of vehicles we sold under purchase contracts . costs associated with general and administrative expenses consist primarily of executive management , accounting , data processing , sales personnel , human resources , professional fees , research and development and marketing expenses . during fiscal 2004 and fiscal 2008 , we converted all of our north american and u.k. sales , respectively , to an internet-based auction-style model using our vb 2 internet sales technology which employs a two-step bidding process . the first step , called the preliminary bid , allows members to submit bids up to one hour before a real time virtual auction begins . the second step allows members to bid against each other , and the high bidder from the preliminary bidding process , in a real-time process over the internet . acquisitions and new operations we have experienced significant growth in facilities as we have acquired nine facilities and established three new facilities since the beginning of fiscal 2010 through july 31 , 2012. all of these acquisitions have been accounted for using the purchase method of accounting . as part of our overall expansion strategy of offering integrated services to vehicle sellers , we anticipate acquiring and developing facilities in new regions , as well as the regions currently served by our facilities . we believe that these acquisitions and openings strengthen our coverage as we have 155 facilities located in north america and the u.k. as of july 31 , 2012 and are able to provide national coverage for our sellers . the following table sets forth facilities that we have acquired or opened from august 1 , 2009 through july 31 , 2012 : replace_table_token_9_th * closed in fiscal 2010 in january 2010 , the company completed the acquisition of d hales limited ( d hales ) which operated five locations in the united kingdom . in fiscal 2011 , we acquired john hewitt and sons , limited ( hewitt ) which operated one location in the united kingdom . these acquisitions were undertaken because of their strategic fit with our business in the united kingdom . in august 2012 , we acquired ride safely middle east auction , llc located in dubai , uae . 32 the period-to-period comparability of our consolidated operating results and financial condition is affected by business acquisitions , new openings , weather and product introductions during such periods . in particular , we have certain contracts inherited through our u.k. acquisitions that require us to act as a principal , purchasing vehicles from the insurance companies and reselling them for our own account . it is our intention , where possible , to migrate these contracts to the agency model in future periods . changes in the amount of revenue derived in a period from principal transactions relative to total revenue will impact revenue growth and margin percentages . in addition to growth through acquisitions , we seek to increase revenues and profitability by , among other things , ( i ) acquiring and developing additional vehicle storage facilities in key markets , ( ii ) pursuing national and regional vehicle seller agreements , ( iii ) expanding our service offerings to sellers and members , and ( iv ) expanding the application of vb 2 into new markets . in addition , we implement our pricing structure and auction procedures and attempt to introduce cost efficiencies at each of our acquired facilities by implementing our operational procedures , integrating our management information systems and redeploying personnel , when necessary . results of operations fiscal 2012 compared to fiscal 2011 revenues the following table sets forth information on revenue by class ( in thousands , except percentages ) : replace_table_token_10_th service revenues . service revenues were $ 757.3 million during fiscal 2012 compared to $ 713.1 million for fiscal 2011 , an increase of $ 44.2 million , or 6.2 % , above fiscal 2011. growth in unit volume generated $ 33.5 million in additional service revenue relative to last year and was driven primarily by growth in the number of units sold on behalf of franchise and independent car dealerships , new and expanded contracts with insurance companies and the migration from the principal model to the agency model in the u.k. growth in the average revenue per car sold generated $ 11.5 million in additional revenue over last year and was driven by an increase in the average vehicle auction selling price as over 50 % of our service revenue is tied in some manner to the ultimate selling price of the vehicle . story_separator_special_tag the dilutive earnings per share impact of all repurchased shares on the weighted average number of common shares outstanding for the year ended july 31 , 2012 is $ 0.04. in the first quarter of fiscal year 2010 , mr. jay adair , chief executive officer ( and then president ) , exercised stock options through cashless exercises . in the fourth quarter of fiscal year 2010 , mr. willis j. johnson , chairman of the board , exercised stock options through a cashless exercise . in the second , third and fourth quarters of fiscal year 2011 certain executive officers exercised stock options through cashless exercises . in the first , second and third quarters of fiscal year 2012 certain executive officers exercised stock options through cashless exercises . a portion of the options exercised were net settled in satisfaction of the exercise price and federal and state minimum statutory tax withholding requirements . we remitted $ 2.6 million , $ 4.2 million and $ 7.4 million , in fiscal 2012 , 2011 and 2010 , respectively , to the proper taxing 38 authorities in satisfaction of the employees ' minimum statutory withholding requirements . the exercises are summarized in the following table : replace_table_token_12_th ( 1 ) shares withheld for taxes are treated as a repurchase of shares for accounting purposes but do not count against our stock repurchase program . contractual obligations we lease certain domestic and foreign facilities , and certain equipment under non-cancelable operating leases . in addition to the minimum future lease commitments presented , the leases generally require the company to pay property taxes , insurance , maintenance and repair costs which are not included in the table because we have determined these items are not material . the following table summarizes our significant contractual obligations and commercial commitments as of july 31 , 2012 ( in thousands ) : replace_table_token_13_th amount of commitment expiration per period commercial commitments ( 3 ) total less than 1 year 13 years 35 years more than 5 years other letters of credit $ 6,659 $ 6,659 $  $  $  $  ( 1 ) contractual obligations consist of future non-cancelable minimum lease payments under capital and operating leases , used in the normal course of business . ( 2 ) tax liabilities include the long-term liabilities in the consolidated balance sheet for unrecognized tax positions . at this time we are unable to make a reasonably reliable estimate of the timing of payments in individual years beyond 12 months due to uncertainties in the timing of tax audit outcomes . ( 3 ) commercial commitments consist primarily of letters of credit provided for insurance programs and certain business transactions . 39 credit facilities on december 14 , 2010 , we entered into an amended and restated credit facility agreement ( credit facility ) , which supersedes our previously disclosed credit agreement with bank of america , n.a . ( bank of america ) . the credit facility is an unsecured credit agreement providing for ( i ) a $ 100.0 million revolving credit facility , including a $ 100.0 million alternative currency borrowing sublimit and a $ 50.0 million letter of credit sublimit ( revolving credit ) and ( ii ) a term loan facility of $ 400.0 million ( term loan ) . on january 14 , 2011 the full $ 400.0 million provided under the term loan was borrowed . on september , 29 , 2011 , we amended the credit agreement increasing the amount of the term loan facility from $ 400.0 million to $ 500.0 million . the term loan , which at july 31 , 2012 had $ 443.8 million outstanding , amortizes $ 18.8 million each quarter beginning december 31 , 2011 with all outstanding borrowings due on december 14 , 2015. all amounts borrowed under the term loan may be prepaid without premium or penalty . during the year ended july 31 , 2012 , we made principal repayments of $ 56.3 million . we currently have $ 1.6 million deferred financing costs in other assets as of july 31 , 2012. amounts borrowed under the credit facility bear interest , subject to certain restrictions , at a fluctuating rate based on ( i ) the eurocurrency rate ; ( ii ) the federal funds rate ; or ( iii ) the prime rate as described in the credit facility . we have entered into two interest rate swaps ( which is further described in the notes to consolidated financial statements  note 10. derivatives and hedging ) to exchange our variable interest rate payments commitment for fixed interest rate payments on the term loan balance , which at july 31 , 2012 , totaled $ 443.8 million . a default interest rate applies on all obligations during an event of default under the credit facility , at a rate per annum equal to 2.0 % above the otherwise applicable interest rate . at july 31 , 2012 , our interest rate is the 0.25 % eurocurrency rate plus the 1.50 % applicable rate . the applicable rate can fluctuate between 1.5 % and 2.0 % depending on our consolidated net leverage ratio ( as defined in the credit facility ) . the credit facility is guaranteed by our material domestic subsidiaries . the carrying amount of the credit facility is comprised of borrowing under which the interest accrued under a fluctuating interest rate structure . accordingly , the carrying value approximates fair value at july 31 , 2012. amounts borrowed under the revolving credit may be repaid and reborrowed until the maturity date , which is december 14 , 2015. the credit facility requires us to pay a commitment fee on the unused portion of the revolving credit . the commitment fee ranges from 0.075 % to 0.125 % per annum depending on our leverage ratio . we had no outstanding borrowings under the revolving

