although the north america rig count had improved by the end of 2018 it still remained almost 50 % below 2014 levels . the build in levels of activities on development projects and producing fields in the u.s. unconventional reservoirs during 2017 continued to strengthen during most of 2018 , until october 2018 when the commodity price weakened significantly and activity levels decreased . outside of north america , activities associated with the exploration for and production of oil dropped to current lower levels during the industry downturn which began at the end of 2014 and remained relatively flat during 2017 and 2018. our clients ' activities in the international and deepwater markets remained at these lower levels in 2017 and 2018 , and although activities have not yet increased , we believe these markets have shown signs of recovery for 2019 and beyond as our clients have announced new capital investment projects throughout 2017 and 2018. results of operations operating results for the year ended december 31 , 2018 compared to the years ended december 31 , 2017 and 2016 we evaluate our operating results by analyzing revenue , operating income and operating income margin ( defined as operating income divided by total revenue ) . since we have a relatively fixed cost structure , increases in revenue generally translate into higher operating income results . results for the years ended december 31 , 2018 , 2017 and 2016 are summarized in the following chart : 19 results of operations as a percentage of applicable revenue for the years ended december 31 , 2018 , 2017 and 2016 are as follows ( in thousands , except for per share information ) : replace_table_token_3_th services revenue services revenue , which is tied more to activities associated with the exploration and production of oil and gas outside the u.s. , increased 1.4 % to $ 486.8 million in 2018 from $ 480.3 million in 2017 which increased 2.5 % from $ 468.4 million in 2016 . the increase in revenue was driven by a stronger u.s. market for most of 2018 , which was partially offset by a weaker market outside the u.s. crude oil prices continued to strengthen throughout 2018 until early october when crude oil prices peaked and decreased over 40 % by december 2018. the improvement in crude oil prices continued to support elevated activity levels in the u.s. onshore market for most of 2018 , however activities outside the u.s. have remained flat . although our clients have announced final investment decisions ( `` fids `` ) for several projects outside the u.s. and in offshore environments , significant activity on these projects did not start in 2018 and wells must be drilled and or completed , stimulated , cored and have reservoir fluid samples collected , before we see a revenue opportunity . we continue our focus on worldwide crude oil related projects , including those related to the development of fields in onshore and offshore north america , offshore south america , offshore europe and africa , the middle east , and asia pacific regions . product sales revenue product sales revenue , which is tied more to the completion of wells in north america , increased 28 % to $ 214.0 million in 2018 from $ 167.6 million in 2017 and increased 38 % from $ 121.8 million in 2016 . the 28 % increase in product sales revenue 20 in 2018 compared to 2017 outpaced the 13 % increase in rig count and the 25 % increase in the completion of wells due to our differentiated well completion product sales surpassing the industry activity levels in north america . cost of services , excluding depreciation cost of services increased to $ 343.8 million in 2018 compared to $ 333.4 million in 2017 and $ 329.5 million in 2016 . as a percentage of services revenue , cost of services remained relatively flat at 71 % in 2018 , 69 % in 2017 and 70 % in 2016 . cost of services as a percentage of services revenue is primarily reflective of how our fixed cost structure is being absorbed by revenue . cost of product sales , excluding depreciation cost of product sales increased to $ 153.1 million in 2018 from $ 131.6 million in 2017 and $ 108.0 million in 2016 . as a percentage of product sales revenue , cost of sales improved to 72 % for 2018 from 79 % for 2017 and 89 % for 2016 . the improvement in cost of product sales as a percentage of sales revenue in 2018 was primarily due to the improved absorption rates of our fixed costs and investments in manufacturing automation . general and administrative expense general and administrative ( `` g & a `` ) expenses include corporate management and centralized administrative services that benefit our operations . g & a expenses were $ 62.9 million in 2018 compared to $ 47.7 million and $ 39.4 million during 2017 and 2016 , respectively . the variances are primarily due to changes in compensation expense during those periods , including additional stock compensation expense of $ 9.9 million in 2018 recorded for retirement eligible employees . see note 14 , stock-based compensation for further detail . depreciation and amortization expense depreciation and amortization expense of $ 23.1 million in 2018 is down compared to $ 24.5 million in 2017 and $ 26.3 million in 2016 . other ( income ) expense , net the components of other ( income ) expense , net , for the years ended december 31 , 2018 , 2017 and 2016 were as follows ( in thousands ) : replace_table_token_4_th in 2018 , we received settlement of a claim for business interruption and damages incurred as a result of hurricane harvey in 2017 . story_separator_special_tag recognition of the need for investment is evidenced by the fids announced over the last two years and wood mckenzie 's estimation of another 30 upstream projects for 2019. however , core lab anticipates a slowing in further project announcements until confidence in the balance of global crude-oil markets is restored . we believe there will be a positive correction to the temporary oversupply of crude oil by the end of the first quarter 2019 , which should encourage additional fid projects to be announced in 2019. we continue to focus on large-scale core analyses and reservoir fluid characterization studies in the eagle ford , the permian basin , offshore alaska and the gulf of mexico , along with guyana , malaysia and other international locations such as offshore south america , and the middle east . we also focus on complex completions in unconventional tight-oil reservoirs , technological solutions and services for increasing daily productions and eurs . as customary , core lab expects typical sequential seasonal industry patterns will cause the first quarter of 2019 to be down , and international field development spending will be funded largely from operating budgets . international recovery on a more broad-based scope is expected to improve as 2019 unfolds . reservoir description continues to discuss international projects with clients , which are in alignment with fids previously announced . the revenue opportunity for reservoir description occurs once the well has been drilled and core and fluid samples are taken and analyzed . activity levels and revenue opportunities from these fids and the emerging international recovery are expected to have a positive impact on financial performance in 2019. the average first quarter 2019 u.s. rig count is projected to be flat to modestly down sequentially , with u.s. completion activity to remain at similar levels exiting 2018 , until transitory logistical bottlenecks are addressed ( e.g . supply chain logistics and take-away restrictions are resolved in the permian basin of west texas ) . these logistical bottlenecks are anticipated to be resolved in the second half of 2019. in addition , an emerging trend to larger pad drilling sites , increasing from six to eight wells up to 24 wells , will create an increase in drilled but uncompleted wells over the next several quarters . combined , these issues could impact the rate of revenue growth opportunity for any company that is reliant on completions as a catalyst for growth . 27 the drilled-but-uncompleted well inventory levels continue to rise and are in excess of moderated inventory levels for current activity levels . these uncompleted wells should provide core lab with future revenue opportunities . reservoir description continues to discuss international projects with clients which are in alignment with fids previously announced . activity levels and revenue opportunities from fids and the emerging international recovery are expected to have a positive impact on financial performance in 2019. the revenue opportunity for reservoir description occurs once the well has been drilled and core and fluid samples are taken and analyzed . critical accounting estimates the preparation of financial statements in accordance with u.s. gaap requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period . we evaluate our estimates on an ongoing basis and determine the adequacy of our estimates based on our historical experience and various other assumptions that we believe are reasonable under the circumstances . by nature , these judgments are subject to an inherent degree of uncertainty . we consider an accounting estimate to be critical if it is highly subjective and if changes in the estimate under different assumptions would result in a material impact on our financial condition and results of operations . the following transaction types require significant judgment and , therefore , are considered critical accounting policies as of december 31 , 2018 . income taxes our income tax expense includes income taxes of the netherlands , the u.s. and other foreign countries as well as local , state and provincial income taxes . we recognize deferred tax assets or liabilities for the differences between the financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates in effect for the years in which the asset is recovered or the liability is settled . we estimate the likelihood of the recoverability of our deferred tax assets ( particularly , net operating loss carry-forwards ) . any valuation allowance recorded is based on estimates and assumptions of taxable income into the future and a determination is made of the magnitude of deferred tax assets which are more likely than not to be realized . valuation allowances of our net deferred tax assets aggregated to $ 9.7 million and $ 8.2 million at december 31 , 2018 and 2017 , respectively . if these estimates and related assumptions change in the future , we may be required to record additional valuation allowances against our deferred tax assets and our effective tax rate may increase which could result in a material adverse effect on our financial position , results of operations and cash flows . we have not provided for deferred taxes on the unremitted earnings of certain subsidiaries that we consider to be indefinitely reinvested . should we make a distribution of the unremitted earnings of these subsidiaries , we may be required to record additional taxes . we record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in our tax return . we also recognize interest and penalties , if any , related to unrecognized tax benefits in income tax expense . long-lived assets , intangibles and goodwill property , plant and equipment are carried at cost less accumulated depreciation . major renewals and improvements are capitalized while maintenance and

. cash used in financing activities in 2017 decreased $ 20.8 million compared to 2016 . during 2018 , we used $ 7.5 million to repurchase our common shares , $ 97.3 million to pay dividends , and increased our debt balance by $ 64 million . during 2017 , we used $ 16.9 million to repurchase our common shares , $ 97.1 million to pay dividends , and increased our debt balance by $ 10 million . during 2016 , we used $ 7.2 million to repurchase our common shares , $ 95.1 million to pay dividends , and decreased our debt balance by $ 215 million through the issuance of new shares . during the year ended december 31 , 2018 , we repurchased 85,985 shares of our common stock for an aggregate amount of $ 7.5 million , or an average price of $ 86.66 per share . the repurchase of shares in the open market is at the discretion of management pursuant to shareholder authorization . we regard these treasury shares as a temporary investment which may be used to fund restricted shares that vest or to finance future acquisitions . under dutch law and subject to certain dutch statutory provisions and shareholder approval , we can hold a maximum of 50 % of our issued shares in treasury . we currently have shareholder approval to hold 10 % of our issued share capital in treasury .


 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 used in financing activities in 2017 decreased $ 20.8 million compared to 2016 . during 2018 , we used $ 7.5 million to repurchase our common shares , $ 97.3 million to pay dividends , and increased our debt balance by $ 64 million . during 2017 , we used $ 16.9 million to repurchase our common shares , $ 97.1 million to pay dividends , and increased our debt balance by $ 10 million . during 2016 , we used $ 7.2 million to repurchase our common shares , $ 95.1 million to pay dividends , and decreased our debt balance by $ 215 million through the issuance of new shares . during the year ended december 31 , 2018 , we repurchased 85,985 shares of our common stock for an aggregate amount of $ 7.5 million , or an average price of $ 86.66 per share . the repurchase of shares in the open market is at the discretion of management pursuant to shareholder authorization . we regard these treasury shares as a temporary investment which may be used to fund restricted shares that vest or to finance future acquisitions . under dutch law and subject to certain dutch statutory provisions and shareholder approval , we can hold a maximum of 50 % of our issued shares in treasury . we currently have shareholder approval to hold 10 % of our issued share capital in treasury .
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 Suspicious Activity Report : although the north america rig count had improved by the end of 2018 it still remained almost 50 % below 2014 levels . the build in levels of activities on development projects and producing fields in the u.s. unconventional reservoirs during 2017 continued to strengthen during most of 2018 , until october 2018 when the commodity price weakened significantly and activity levels decreased . outside of north america , activities associated with the exploration for and production of oil dropped to current lower levels during the industry downturn which began at the end of 2014 and remained relatively flat during 2017 and 2018. our clients ' activities in the international and deepwater markets remained at these lower levels in 2017 and 2018 , and although activities have not yet increased , we believe these markets have shown signs of recovery for 2019 and beyond as our clients have announced new capital investment projects throughout 2017 and 2018. results of operations operating results for the year ended december 31 , 2018 compared to the years ended december 31 , 2017 and 2016 we evaluate our operating results by analyzing revenue , operating income and operating income margin ( defined as operating income divided by total revenue ) . since we have a relatively fixed cost structure , increases in revenue generally translate into higher operating income results . results for the years ended december 31 , 2018 , 2017 and 2016 are summarized in the following chart : 19 results of operations as a percentage of applicable revenue for the years ended december 31 , 2018 , 2017 and 2016 are as follows ( in thousands , except for per share information ) : replace_table_token_3_th services revenue services revenue , which is tied more to activities associated with the exploration and production of oil and gas outside the u.s. , increased 1.4 % to $ 486.8 million in 2018 from $ 480.3 million in 2017 which increased 2.5 % from $ 468.4 million in 2016 . the increase in revenue was driven by a stronger u.s. market for most of 2018 , which was partially offset by a weaker market outside the u.s. crude oil prices continued to strengthen throughout 2018 until early october when crude oil prices peaked and decreased over 40 % by december 2018. the improvement in crude oil prices continued to support elevated activity levels in the u.s. onshore market for most of 2018 , however activities outside the u.s. have remained flat . although our clients have announced final investment decisions ( `` fids `` ) for several projects outside the u.s. and in offshore environments , significant activity on these projects did not start in 2018 and wells must be drilled and or completed , stimulated , cored and have reservoir fluid samples collected , before we see a revenue opportunity . we continue our focus on worldwide crude oil related projects , including those related to the development of fields in onshore and offshore north america , offshore south america , offshore europe and africa , the middle east , and asia pacific regions . product sales revenue product sales revenue , which is tied more to the completion of wells in north america , increased 28 % to $ 214.0 million in 2018 from $ 167.6 million in 2017 and increased 38 % from $ 121.8 million in 2016 . the 28 % increase in product sales revenue 20 in 2018 compared to 2017 outpaced the 13 % increase in rig count and the 25 % increase in the completion of wells due to our differentiated well completion product sales surpassing the industry activity levels in north america . cost of services , excluding depreciation cost of services increased to $ 343.8 million in 2018 compared to $ 333.4 million in 2017 and $ 329.5 million in 2016 . as a percentage of services revenue , cost of services remained relatively flat at 71 % in 2018 , 69 % in 2017 and 70 % in 2016 . cost of services as a percentage of services revenue is primarily reflective of how our fixed cost structure is being absorbed by revenue . cost of product sales , excluding depreciation cost of product sales increased to $ 153.1 million in 2018 from $ 131.6 million in 2017 and $ 108.0 million in 2016 . as a percentage of product sales revenue , cost of sales improved to 72 % for 2018 from 79 % for 2017 and 89 % for 2016 . the improvement in cost of product sales as a percentage of sales revenue in 2018 was primarily due to the improved absorption rates of our fixed costs and investments in manufacturing automation . general and administrative expense general and administrative ( `` g & a `` ) expenses include corporate management and centralized administrative services that benefit our operations . g & a expenses were $ 62.9 million in 2018 compared to $ 47.7 million and $ 39.4 million during 2017 and 2016 , respectively . the variances are primarily due to changes in compensation expense during those periods , including additional stock compensation expense of $ 9.9 million in 2018 recorded for retirement eligible employees . see note 14 , stock-based compensation for further detail . depreciation and amortization expense depreciation and amortization expense of $ 23.1 million in 2018 is down compared to $ 24.5 million in 2017 and $ 26.3 million in 2016 . other ( income ) expense , net the components of other ( income ) expense , net , for the years ended december 31 , 2018 , 2017 and 2016 were as follows ( in thousands ) : replace_table_token_4_th in 2018 , we received settlement of a claim for business interruption and damages incurred as a result of hurricane harvey in 2017 . story_separator_special_tag recognition of the need for investment is evidenced by the fids announced over the last two years and wood mckenzie 's estimation of another 30 upstream projects for 2019. however , core lab anticipates a slowing in further project announcements until confidence in the balance of global crude-oil markets is restored . we believe there will be a positive correction to the temporary oversupply of crude oil by the end of the first quarter 2019 , which should encourage additional fid projects to be announced in 2019. we continue to focus on large-scale core analyses and reservoir fluid characterization studies in the eagle ford , the permian basin , offshore alaska and the gulf of mexico , along with guyana , malaysia and other international locations such as offshore south america , and the middle east . we also focus on complex completions in unconventional tight-oil reservoirs , technological solutions and services for increasing daily productions and eurs . as customary , core lab expects typical sequential seasonal industry patterns will cause the first quarter of 2019 to be down , and international field development spending will be funded largely from operating budgets . international recovery on a more broad-based scope is expected to improve as 2019 unfolds . reservoir description continues to discuss international projects with clients , which are in alignment with fids previously announced . the revenue opportunity for reservoir description occurs once the well has been drilled and core and fluid samples are taken and analyzed . activity levels and revenue opportunities from these fids and the emerging international recovery are expected to have a positive impact on financial performance in 2019. the average first quarter 2019 u.s. rig count is projected to be flat to modestly down sequentially , with u.s. completion activity to remain at similar levels exiting 2018 , until transitory logistical bottlenecks are addressed ( e.g . supply chain logistics and take-away restrictions are resolved in the permian basin of west texas ) . these logistical bottlenecks are anticipated to be resolved in the second half of 2019. in addition , an emerging trend to larger pad drilling sites , increasing from six to eight wells up to 24 wells , will create an increase in drilled but uncompleted wells over the next several quarters . combined , these issues could impact the rate of revenue growth opportunity for any company that is reliant on completions as a catalyst for growth . 27 the drilled-but-uncompleted well inventory levels continue to rise and are in excess of moderated inventory levels for current activity levels . these uncompleted wells should provide core lab with future revenue opportunities . reservoir description continues to discuss international projects with clients which are in alignment with fids previously announced . activity levels and revenue opportunities from fids and the emerging international recovery are expected to have a positive impact on financial performance in 2019. the revenue opportunity for reservoir description occurs once the well has been drilled and core and fluid samples are taken and analyzed . critical accounting estimates the preparation of financial statements in accordance with u.s. gaap requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period . we evaluate our estimates on an ongoing basis and determine the adequacy of our estimates based on our historical experience and various other assumptions that we believe are reasonable under the circumstances . by nature , these judgments are subject to an inherent degree of uncertainty . we consider an accounting estimate to be critical if it is highly subjective and if changes in the estimate under different assumptions would result in a material impact on our financial condition and results of operations . the following transaction types require significant judgment and , therefore , are considered critical accounting policies as of december 31 , 2018 . income taxes our income tax expense includes income taxes of the netherlands , the u.s. and other foreign countries as well as local , state and provincial income taxes . we recognize deferred tax assets or liabilities for the differences between the financial statement carrying amount and tax basis of assets and liabilities using enacted tax rates in effect for the years in which the asset is recovered or the liability is settled . we estimate the likelihood of the recoverability of our deferred tax assets ( particularly , net operating loss carry-forwards ) . any valuation allowance recorded is based on estimates and assumptions of taxable income into the future and a determination is made of the magnitude of deferred tax assets which are more likely than not to be realized . valuation allowances of our net deferred tax assets aggregated to $ 9.7 million and $ 8.2 million at december 31 , 2018 and 2017 , respectively . if these estimates and related assumptions change in the future , we may be required to record additional valuation allowances against our deferred tax assets and our effective tax rate may increase which could result in a material adverse effect on our financial position , results of operations and cash flows . we have not provided for deferred taxes on the unremitted earnings of certain subsidiaries that we consider to be indefinitely reinvested . should we make a distribution of the unremitted earnings of these subsidiaries , we may be required to record additional taxes . we record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in our tax return . we also recognize interest and penalties , if any , related to unrecognized tax benefits in income tax expense . long-lived assets , intangibles and goodwill property , plant and equipment are carried at cost less accumulated depreciation . major renewals and improvements are capitalized while maintenance and

