approximately 69 % of the executive searches we performed in fiscal 2018 were for board level , chief executive and other senior executive and general management positions . our 3,773 search engagement clients in fiscal 2018 included many of the world 's largest and most prestigious public and private companies . we have built strong client loyalty , with 88 % of assignments performed during fiscal 2018 having been on behalf of clients for whom we had conducted assignments in the previous three fiscal years . approximately 62 % of our revenues were generated from clients that utilize multiple lines of business . 33 superior performance comes from having the right conditions for success in two key areasthe organization and its people . organizational conditions encourage people to put forth their best effort and invest their energy towards achieving the organization 's purpose . we can help operationalize a client 's complete strategy or address any combination of five broad categories : organizational strategy we map talent strategy to business strategy by designing operating models and organizational structures that align to them , helping organizations put their plans into action . we make sure they have the right people , in the right roles , engaged and enabled to do the right things . assessment and succession we provide actionable , research-backed insights that allow organizations to understand the true capabilities of their people so they can make decisions that ensure the right leaders are readywhen and where they are neededin the future . talent acquisition from executive search to recruitment process outsourcing , we integrate scientific research with our practical experience and industry-specific expertise to recruit professionals of all levels and functions for client organizations . leadership development we activate purpose , vision and strategy through leaders at all levels and organizations . we combine expertise , science and proven techniques with forward thinking and creativity to build leadership experiences that help entry- to senior-level leaders grow and deliver superior results . rewards and benefits we help organizations align reward with strategy . we help them pay their people fairly for doing the right thingswith rewards they valueat a cost the organization can afford . the company currently operates through three business segments : executive search , hay group and futurestep . see note 11 business segments , in the notes to our consolidated financial statements in this annual report on form 10-k , for discussion of the company 's global business segments . the company evaluates performance and allocates resources based on the chief operating decision maker 's review of ( 1 ) fee revenue and ( 2 ) adjusted earnings before interest , taxes , depreciation and amortization ( adjusted ebitda ) . to the extent that such charges occur , adjusted ebitda excludes restructuring charges , integration/acquisition costs , certain separation costs and certain non-cash charges ( goodwill , intangible asset and other than temporary impairment ) . for fiscal 2017 and 2016 , adjusted ebitda includes a deferred revenue adjustment related to the legacy hay acquisition , reflecting revenue that hay group would have realized if not for business combination accounting that requires a company to record the acquisition balance sheet at fair value and write-off deferred revenue where no future services are required to be performed to earn that revenue . for fiscal 2018 , management no longer has adjusted fee revenue . ebitda and adjusted ebitda are non-gaap financial measures . they have limitations as analytical tools , should not be viewed as a substitute for financial information determined in accordance with united states ( u.s. ) generally accepted accounting principles ( gaap ) and should not be considered in isolation or as a substitute for analysis of the company 's results as reported under gaap . in addition , they may not necessarily be comparable to non-gaap performance measures that may be presented by other companies . management believes the presentation of these non-gaap financial measures provides meaningful supplemental information regarding korn ferry 's performance by excluding certain charges , items of income and other items that may not be indicative of korn ferry 's ongoing operating results . the use of these non-gaap financial measures facilitates comparisons to korn ferry 's historical performance and identification of operating trends that may otherwise be distorted by certain charges and other items that may not be indicative of korn ferry 's ongoing operating results . korn ferry includes these non-gaap financial measures because management believes it is useful to investors in allowing for greater transparency with respect to supplemental information used by management in its evaluation of korn ferry 's ongoing operations and financial and operational decision-making . the accounting policies for the reportable segments are the same as those described in the summary of significant accounting policies in the accompanying consolidated financial statements , except that the above noted items are excluded from ebitda to arrive at adjusted ebitda . management further believes that ebitda is useful to investors because it is frequently used by investors and other interested parties to measure operating performance among companies with different capital structures , effective tax rates and tax attributes and capitalized asset values , all of which can vary substantially from company to company . 34 similarly , adjusted fee revenue , which includes revenue that hay group would have realized over the ensuing year after the acquisition if not for business combination accounting that requires a company to record the acquisition balance sheet at fair value and write-off deferred revenue where no future services are required to be performed to earn that revenue , is a non-gaap financial measure . adjusted fee revenue is not a measure that substitutes an individually tailored revenue recognition or measurement method for those of gaap ; rather , it is an adjustment for a short period of time that will provide better comparability in the current and future periods . story_separator_special_tag north america 's fee revenue was higher due to an 11 % increase in the number of engagements billed and a 3 % increase in the weighted-average fees billed per engagement ( calculated using local currency ) during fiscal 2018 compared to the year-ago period . all business sectors contributed to the growth in fee revenue in fiscal 2018 as compared to fiscal 2017 , with industrial , technology and financial services contributing the most . the effect of exchange rates on fee revenue was minimal in fiscal 2018 , compared to the year-ago period . emea reported fee revenue of $ 173.7 million , an increase of $ 27.2 million , or 19 % , in fiscal 2018 compared to $ 146.5 million in fiscal 2017. the favorable effect of exchange rates on fee revenue was $ 8.8 million , or 6 % , in fiscal 2018 , compared to the year-ago period . the increase in fee revenue was due to a 10 % increase in the number of engagements billed , partially offset by a 2 % decrease in the weighted-average fees billed per engagement ( calculated using local currency ) during fiscal 2018 compared to the year-ago period . the performance in the united kingdom , germany , and france were the primary contributors to the increase in fee revenue in fiscal 2018 compared to the year-ago period . all business sectors contributed to the growth in fee revenue in fiscal 2018 as compared to the year-ago period , with industrial , financial services and consumer goods contributing the most . asia pacific reported fee revenue of $ 96.6 million , an increase of $ 16.4 million , or 20 % , in fiscal 2018 compared to $ 80.2 million in fiscal 2017. the increase in fee revenue was due to an 8 % increase in the number of engagements billed and an 8 % increase in the weighted-average fees billed per engagement ( calculated using local currency ) in fiscal 2018 compared to the year-ago period . the performance in china , australia , singapore , and japan were the primary contributors to the increase in fee revenue in fiscal 2018 compared to the year-ago period , partially offset by a decrease in fee revenue in new zealand . all business sectors contributed to the growth in fee revenue in fiscal 2018 as compared to the year-ago period , with financial services , life sciences/healthcare , and technology contributing the most . the favorable effect of exchange rates on fee revenue was $ 2.3 million , or 3 % , compared to the year-ago period . latin america reported fee revenue of $ 30.6 million , a decrease of $ 3.8 million , or 11 % , in fiscal 2018 compared to $ 34.4 million in fiscal 2017. the decrease in fee revenue was due to lower fee revenue in mexico in fiscal 2018 , compared to the year-ago period , partially offset by higher fee revenue in argentina . financial services and consumer goods were the main sectors contributing to the decline in fee revenue in fiscal 2018 , compared to the year-ago period . the effect of exchange rates on fee revenue was minimal . hay group . hay group reported fee revenue of $ 785.0 million , an increase of $ 60.8 million , or 8 % , in fiscal 2018 compared to $ 724.2 million in fiscal 2017. exchange rates favorably impacted fee revenue by $ 17.4 million , or 2 % , compared to the year-ago period . fee revenue from consulting services was higher by $ 42.8 million in fiscal 2018 compared to the year-ago period , with the remaining increase of $ 18.0 million generated by our products business . futurestep . futurestep reported fee revenue of $ 273.2 million , an increase of $ 49.5 million , or 22 % , in fiscal 2018 compared to $ 223.7 million in fiscal 2017. higher fee revenues in rpo and professional search of $ 33.3 million and $ 18.1 million , respectively , drove the increase in fee revenue . exchange rates favorably impacted fee revenue by $ 5.6 million , or 3 % , compared to the year-ago period . compensation and benefits compensation and benefits expense increased $ 132.1 million , or 12 % , to $ 1,203.6 million in fiscal 2018 from $ 1,071.5 million in fiscal 2017. exchange rates unfavorably impacted compensation and benefits expenses by $ 23.0 million , or 2 % , in fiscal 2018 compared to the year-ago period . the increase in compensation and benefits was primarily due to a 9 % increase in the average consultant headcount , which contributed $ 80.4 million in higher salaries and related payroll taxes , $ 8.1 million more in expenses associated with our deferred compensation and 42 retirement plans ( includes the increases in the fair value of participants ' accounts ) and an increase of $ 5.8 million in employer insurance costs in fiscal 2018 compared to the year-ago period . the rest of the change was due to $ 40.8 million increase in performance-related bonus expense mainly due to the increase in fee revenue and $ 11.3 million increase in amortization of long term incentive awards , offset by a $ 9.8 million decrease in integration costs and $ 2.9 million from the change in the cash surrender value ( csv ) of company owned life insurance ( coli ) in fiscal 2018 compared to the year-ago period . the change in the csv of coli decreased compensation and benefits expense in fiscal 2018 compared to fiscal 2017 due to larger increases in the market value of the underlying investments due to market changes . coli is held to fund other deferred compensation retirement plans ( see note 6 deferred compensation and retirement plans , included in the notes to our consolidated financial statements ) . compensation and benefits expense ,

liquidity and capital resources the company and its board of directors endorse a balanced approach to capital allocation . the company 's priority is to invest in growth initiatives , such as the hiring of consultants , the continued development of ip and derivative products and services , and the investment in synergistic , accretive merger and acquisition transactions that earn a return that is superior to the company 's cost of capital . next , the company 's capital allocation approach contemplates the return of a portion of excess capital to stockholders , in the form of a regular quarterly dividend , subject to the factors discussed below and in the risk factors section of this annual report on form 10-k. additionally , the company considers share repurchases on an opportunistic basis and subject to the terms of our credit agreement . on june 15 , 2016 , we entered into a senior secured $ 400 million credit agreement with a syndicate of banks and wells fargo bank , national association as administrative agent , to provide for enhanced financial flexibility and in recognition of the accelerated pace of the legacy hay integration . see note 10 long-term debt for a description of the credit facility . in anticipation of the plan , on june 8 , 2018 , we entered into an amendment ( the amendment ) to the credit agreement . the amendment permits the kf merger , and will become effective when certain conditions set forth therein , including consummation of the kf merger , are satisfied . we drew down $ 275 million on the term loan and used $ 140 million of the proceeds to pay-off the term loan that was outstanding as of april 30 , 2016. we had $ 2.9 million and $ 3.0 million standby letters of credit issued under our long-term debt arrangements as of april 30 , 2018 and 2017 , respectively . we had a total of $ 7.4 million and $ 8.1 million of standby letters of credits with other financial institutions as of april 30 , 2018 and 2017 , respectively .


 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 the company and its board of directors endorse a balanced approach to capital allocation . the company 's priority is to invest in growth initiatives , such as the hiring of consultants , the continued development of ip and derivative products and services , and the investment in synergistic , accretive merger and acquisition transactions that earn a return that is superior to the company 's cost of capital . next , the company 's capital allocation approach contemplates the return of a portion of excess capital to stockholders , in the form of a regular quarterly dividend , subject to the factors discussed below and in the risk factors section of this annual report on form 10-k. additionally , the company considers share repurchases on an opportunistic basis and subject to the terms of our credit agreement . on june 15 , 2016 , we entered into a senior secured $ 400 million credit agreement with a syndicate of banks and wells fargo bank , national association as administrative agent , to provide for enhanced financial flexibility and in recognition of the accelerated pace of the legacy hay integration . see note 10 long-term debt for a description of the credit facility . in anticipation of the plan , on june 8 , 2018 , we entered into an amendment ( the amendment ) to the credit agreement . the amendment permits the kf merger , and will become effective when certain conditions set forth therein , including consummation of the kf merger , are satisfied . we drew down $ 275 million on the term loan and used $ 140 million of the proceeds to pay-off the term loan that was outstanding as of april 30 , 2016. we had $ 2.9 million and $ 3.0 million standby letters of credit issued under our long-term debt arrangements as of april 30 , 2018 and 2017 , respectively . we had a total of $ 7.4 million and $ 8.1 million of standby letters of credits with other financial institutions as of april 30 , 2018 and 2017 , respectively .
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 Suspicious Activity Report : approximately 69 % of the executive searches we performed in fiscal 2018 were for board level , chief executive and other senior executive and general management positions . our 3,773 search engagement clients in fiscal 2018 included many of the world 's largest and most prestigious public and private companies . we have built strong client loyalty , with 88 % of assignments performed during fiscal 2018 having been on behalf of clients for whom we had conducted assignments in the previous three fiscal years . approximately 62 % of our revenues were generated from clients that utilize multiple lines of business . 33 superior performance comes from having the right conditions for success in two key areasthe organization and its people . organizational conditions encourage people to put forth their best effort and invest their energy towards achieving the organization 's purpose . we can help operationalize a client 's complete strategy or address any combination of five broad categories : organizational strategy we map talent strategy to business strategy by designing operating models and organizational structures that align to them , helping organizations put their plans into action . we make sure they have the right people , in the right roles , engaged and enabled to do the right things . assessment and succession we provide actionable , research-backed insights that allow organizations to understand the true capabilities of their people so they can make decisions that ensure the right leaders are readywhen and where they are neededin the future . talent acquisition from executive search to recruitment process outsourcing , we integrate scientific research with our practical experience and industry-specific expertise to recruit professionals of all levels and functions for client organizations . leadership development we activate purpose , vision and strategy through leaders at all levels and organizations . we combine expertise , science and proven techniques with forward thinking and creativity to build leadership experiences that help entry- to senior-level leaders grow and deliver superior results . rewards and benefits we help organizations align reward with strategy . we help them pay their people fairly for doing the right thingswith rewards they valueat a cost the organization can afford . the company currently operates through three business segments : executive search , hay group and futurestep . see note 11 business segments , in the notes to our consolidated financial statements in this annual report on form 10-k , for discussion of the company 's global business segments . the company evaluates performance and allocates resources based on the chief operating decision maker 's review of ( 1 ) fee revenue and ( 2 ) adjusted earnings before interest , taxes , depreciation and amortization ( adjusted ebitda ) . to the extent that such charges occur , adjusted ebitda excludes restructuring charges , integration/acquisition costs , certain separation costs and certain non-cash charges ( goodwill , intangible asset and other than temporary impairment ) . for fiscal 2017 and 2016 , adjusted ebitda includes a deferred revenue adjustment related to the legacy hay acquisition , reflecting revenue that hay group would have realized if not for business combination accounting that requires a company to record the acquisition balance sheet at fair value and write-off deferred revenue where no future services are required to be performed to earn that revenue . for fiscal 2018 , management no longer has adjusted fee revenue . ebitda and adjusted ebitda are non-gaap financial measures . they have limitations as analytical tools , should not be viewed as a substitute for financial information determined in accordance with united states ( u.s. ) generally accepted accounting principles ( gaap ) and should not be considered in isolation or as a substitute for analysis of the company 's results as reported under gaap . in addition , they may not necessarily be comparable to non-gaap performance measures that may be presented by other companies . management believes the presentation of these non-gaap financial measures provides meaningful supplemental information regarding korn ferry 's performance by excluding certain charges , items of income and other items that may not be indicative of korn ferry 's ongoing operating results . the use of these non-gaap financial measures facilitates comparisons to korn ferry 's historical performance and identification of operating trends that may otherwise be distorted by certain charges and other items that may not be indicative of korn ferry 's ongoing operating results . korn ferry includes these non-gaap financial measures because management believes it is useful to investors in allowing for greater transparency with respect to supplemental information used by management in its evaluation of korn ferry 's ongoing operations and financial and operational decision-making . the accounting policies for the reportable segments are the same as those described in the summary of significant accounting policies in the accompanying consolidated financial statements , except that the above noted items are excluded from ebitda to arrive at adjusted ebitda . management further believes that ebitda is useful to investors because it is frequently used by investors and other interested parties to measure operating performance among companies with different capital structures , effective tax rates and tax attributes and capitalized asset values , all of which can vary substantially from company to company . 34 similarly , adjusted fee revenue , which includes revenue that hay group would have realized over the ensuing year after the acquisition if not for business combination accounting that requires a company to record the acquisition balance sheet at fair value and write-off deferred revenue where no future services are required to be performed to earn that revenue , is a non-gaap financial measure . adjusted fee revenue is not a measure that substitutes an individually tailored revenue recognition or measurement method for those of gaap ; rather , it is an adjustment for a short period of time that will provide better comparability in the current and future periods . story_separator_special_tag north america 's fee revenue was higher due to an 11 % increase in the number of engagements billed and a 3 % increase in the weighted-average fees billed per engagement ( calculated using local currency ) during fiscal 2018 compared to the year-ago period . all business sectors contributed to the growth in fee revenue in fiscal 2018 as compared to fiscal 2017 , with industrial , technology and financial services contributing the most . the effect of exchange rates on fee revenue was minimal in fiscal 2018 , compared to the year-ago period . emea reported fee revenue of $ 173.7 million , an increase of $ 27.2 million , or 19 % , in fiscal 2018 compared to $ 146.5 million in fiscal 2017. the favorable effect of exchange rates on fee revenue was $ 8.8 million , or 6 % , in fiscal 2018 , compared to the year-ago period . the increase in fee revenue was due to a 10 % increase in the number of engagements billed , partially offset by a 2 % decrease in the weighted-average fees billed per engagement ( calculated using local currency ) during fiscal 2018 compared to the year-ago period . the performance in the united kingdom , germany , and france were the primary contributors to the increase in fee revenue in fiscal 2018 compared to the year-ago period . all business sectors contributed to the growth in fee revenue in fiscal 2018 as compared to the year-ago period , with industrial , financial services and consumer goods contributing the most . asia pacific reported fee revenue of $ 96.6 million , an increase of $ 16.4 million , or 20 % , in fiscal 2018 compared to $ 80.2 million in fiscal 2017. the increase in fee revenue was due to an 8 % increase in the number of engagements billed and an 8 % increase in the weighted-average fees billed per engagement ( calculated using local currency ) in fiscal 2018 compared to the year-ago period . the performance in china , australia , singapore , and japan were the primary contributors to the increase in fee revenue in fiscal 2018 compared to the year-ago period , partially offset by a decrease in fee revenue in new zealand . all business sectors contributed to the growth in fee revenue in fiscal 2018 as compared to the year-ago period , with financial services , life sciences/healthcare , and technology contributing the most . the favorable effect of exchange rates on fee revenue was $ 2.3 million , or 3 % , compared to the year-ago period . latin america reported fee revenue of $ 30.6 million , a decrease of $ 3.8 million , or 11 % , in fiscal 2018 compared to $ 34.4 million in fiscal 2017. the decrease in fee revenue was due to lower fee revenue in mexico in fiscal 2018 , compared to the year-ago period , partially offset by higher fee revenue in argentina . financial services and consumer goods were the main sectors contributing to the decline in fee revenue in fiscal 2018 , compared to the year-ago period . the effect of exchange rates on fee revenue was minimal . hay group . hay group reported fee revenue of $ 785.0 million , an increase of $ 60.8 million , or 8 % , in fiscal 2018 compared to $ 724.2 million in fiscal 2017. exchange rates favorably impacted fee revenue by $ 17.4 million , or 2 % , compared to the year-ago period . fee revenue from consulting services was higher by $ 42.8 million in fiscal 2018 compared to the year-ago period , with the remaining increase of $ 18.0 million generated by our products business . futurestep . futurestep reported fee revenue of $ 273.2 million , an increase of $ 49.5 million , or 22 % , in fiscal 2018 compared to $ 223.7 million in fiscal 2017. higher fee revenues in rpo and professional search of $ 33.3 million and $ 18.1 million , respectively , drove the increase in fee revenue . exchange rates favorably impacted fee revenue by $ 5.6 million , or 3 % , compared to the year-ago period . compensation and benefits compensation and benefits expense increased $ 132.1 million , or 12 % , to $ 1,203.6 million in fiscal 2018 from $ 1,071.5 million in fiscal 2017. exchange rates unfavorably impacted compensation and benefits expenses by $ 23.0 million , or 2 % , in fiscal 2018 compared to the year-ago period . the increase in compensation and benefits was primarily due to a 9 % increase in the average consultant headcount , which contributed $ 80.4 million in higher salaries and related payroll taxes , $ 8.1 million more in expenses associated with our deferred compensation and 42 retirement plans ( includes the increases in the fair value of participants ' accounts ) and an increase of $ 5.8 million in employer insurance costs in fiscal 2018 compared to the year-ago period . the rest of the change was due to $ 40.8 million increase in performance-related bonus expense mainly due to the increase in fee revenue and $ 11.3 million increase in amortization of long term incentive awards , offset by a $ 9.8 million decrease in integration costs and $ 2.9 million from the change in the cash surrender value ( csv ) of company owned life insurance ( coli ) in fiscal 2018 compared to the year-ago period . the change in the csv of coli decreased compensation and benefits expense in fiscal 2018 compared to fiscal 2017 due to larger increases in the market value of the underlying investments due to market changes . coli is held to fund other deferred compensation retirement plans ( see note 6 deferred compensation and retirement plans , included in the notes to our consolidated financial statements ) . compensation and benefits expense ,

