pending acquisition on january 21 , 2021 , we entered into an agreement pursuant to which all of the holders of redflex 's outstanding equity as of the record date will sell , and we will cause one of our subsidiaries to purchase , one hundred percent ( 100 % ) of the outstanding equity of redflex . the aggregate consideration payable by us under the agreement will be aud 146.1 million , and the closing of the acquisition is expected to take place in the second quarter of 2021 , subject to the satisfaction or waiver of specified conditions . for additional information , see note 21 , subsequent event , in item 8 , financial statements and supplementary data . segment information we have two operating and reportable segments , commercial services and government solutions : our commercial services segment offers toll and violation management solutions and title and registration services for racs and fmcs in north america . in europe , we provide violations processing through epc and consumer tolling services through pagatelia . our government solutions segment provides complete , end-to-end red-light , speed , school bus stop arm and bus lane enforcement solutions . we implement and administer traffic safety programs and products for municipalities and local government agencies of all sizes . segment performance is based on revenues and income from operations before depreciation , amortization , gain ( loss ) on disposal of assets , net , impairment of property and equipment , and stock-based compensation . the measure also excludes interest expense , net , income taxes and certain other transactions and is inclusive of other income , net . executive summary we operate with long-term contracts and a highly reoccurring service revenue model . we continue to execute on our strategy of growing revenues with existing customers , expanding offerings into adjacent markets through innovation or acquisition and reducing operating costs . during the periods presented , we : executed on the growth strategy by completing strategic acquisitions : hta – we acquired hta during the first quarter of 2018 which strengthened our position in tolling and related services to rac and fmc customers . epc – in the second quarter of 2018 , we acquired epc which provided a platform to expand our rac and fmc solutions into europe . pagatelia – during the fourth quarter of 2019 , we acquired pagatelia which provides consumer tolling and parking solutions and is accelerating our european expansion . generated total revenue of $ 393.6 million in fiscal year 2020 compared to $ 448.7 million in fiscal year 2019. we grew product sales by $ 25.3 million year over year ; however , due to the ongoing impact of covid-19 , our service revenue declined significantly , as discussed below . during fiscal year 2019 , we grew total revenue by $ 78.6 million , from $ 370.1 million in fiscal year 2018 to $ 448.7 million in fiscal year 2019. acquisitions contributed $ 21.6 million to the revenue growth , while expansion in existing products and customers contributed to the remaining growth . generated cash flows from operating activities of $ 46.9 million , $ 133.8 million , and $ 46.0 million for fiscal years 2020 , 2019 and 2018 , respectively . our cash on hand was $ 120.3 million as of december 31 , 2020. reduced our financing costs by refinancing our term loan in february 2020 , which reduced the applicable margin on our interest rate by 50 basis points . our interest expense , net was $ 40.9 million , $ 60.7 million , and $ 69.6 million for fiscal years 2020 , 2019 and 2018 , respectively . we had a $ 19.9 million decrease in interest expense during fiscal year 2020 compared to fiscal year 2019 . 48 factors affecting our operating results our operating results and financial performance are influenced by the following merger and acquisitions activity during the periods discussed herein : business combination we were originally incorporated in delaware on august 15 , 2016 as gores holdings ii , inc. ( “ gores ” ) , a special purpose acquisition company formed for the purpose of effecting a merger , capital stock exchange , asset acquisition , stock purchase , reorganization , or other similar business combination with one or more target businesses . on january 19 , 2017 , we consummated our initial public offering , following which our shares began trading on the nasdaq capital market . on june 21 , 2018 , gores , first merger sub , second merger sub , greenlight and pe greenlight holdings , llc entered into the merger agreement , which provided for , among other things , ( i ) the first merger and ( ii ) immediately following the first merger and as part of the same overall transaction as the first merger , the second merger . in connection with the closing of this business combination on october 17 , 2018 , we changed our name to verra mobility corporation . as a result of the business combination , we became the owner , directly or indirectly , of all of the equity interests of verra mobility holdings , llc ( formerly second merger sub ) and its subsidiaries . hta acquisition and refinancing on march 1 , 2018 , we acquired hta for an aggregate purchase price of $ 603.3 million , consisting of $ 525.0 million in cash , $ 9.7 million in purchase price adjustments , a $ 11.3 million payment to the sellers for certain tax items , and the issuance of equity in greenlight with a fair value of approximately $ 57.3 million . the receipt of the equity was treated for accounting purposes as a capital contribution from greenlight acquisition corporation . story_separator_special_tag should we pursue strategic acquisitions , we may need to raise additional capital , which may be in the form of additional long-term debt , borrowings on our new revolver , or equity financings , all of which may not be available to us on favorable terms or at all . please also see section entitled “ risk factors . ” we have the ability to borrow under our new revolver to meet obligations as they come due . as of december 31 , 2020 , we had $ 48.8 million available for borrowing , net of letters of credit , under our new revolver . concentration of credit risk as of december 31 , 2020 , nycdot represented 58.9 % of accounts receivable , net . the company provides photo enforcement services to nycdot under the legacy contract and the emergency contract . at december 31 , 2020 , the legacy contract had an open receivable balance of $ 28.8 million , of which $ 20.5 million had aged beyond nycdot 's 45-day payment terms . as of december 31 , 2020 , the company had invoiced nycdot for $ 52.6 million in product revenue and $ 17.4 million in service revenue under the emergency contract . nycdot has not made any payments against the emergency contract to date . in late january 2021 , we were informed that the city of new york is investigating matters related to our past installation practices , and it is unclear whether this investigation will impact the timing of the payments . refer to concentration of credit risk within note 2 to the consolidated financial statements for additional information on significant customers ' revenue concentration . for information on the risks and uncertainties relating to our contracts with nycdot and other government entities , please see the risk factors entitled “ the new york city law department recently advised us that the city of new york is investigating certain aspects of our installation work for our largest customer , nycdot ” and “ our government contracts are subject to unique risks and uncertainties , including termination rights , delays in payment , audits and investigations , any of which could have a material adverse effect on our business ” set forth in part i , item 1a . “ risk factors . ” 57 the following table sets forth certain captions o n our statements of cash flows for the respective periods : replace_table_token_15_th cash flows from operating activities cash provided by operating activities decreased by $ 86.9 million , from $ 133.8 million in fiscal year 2019 to $ 46.9 million in fiscal year 2020. net income year over year decreased by $ 36.8 million , from $ 33.3 million income in 2019 to a $ 3.4 million loss in 2020. the aggregate adjustments to net ( loss ) income increased $ 15.4 million mainly due to a $ 6.3 million increase in credit loss expense related to the credit loss standard , the $ 7.0 million increase in the tax receivable agreement liability adjustment and a $ 6.1 million change in deferred income taxes . these increases were partially offset by a $ 5.9 million impairment of property and equipment in fiscal year 2019 with no comparable amount in 2020. there was an aggregate $ 65.5 million decrease year over year in the changes in operating assets and liabilities , which was driven primarily by a $ 77.9 million increase in accounts receivables primarily due to collection delays on the accounts receivable associated with our fixed speed camera product sales to nycdot , combined with a decrease in accounts payable and accrued liabilities due to the payout of the 2019 bonus accrual with no accrual for fiscal year 2020 and a decrease in other accruals which was consistent with our decrease in certain revenue streams . for additional information on nycdot 's impact on our cash provided by operating activities , please see the risk factor entitled “ the new york city law department recently advised us that the city of new york is investigating certain aspects of our installation work for our largest customer , nycdot ” set forth in part i , item 1a . “ risk factors . ” cash provided by operating activities increased $ 87.8 million from $ 46.0 million in fiscal year 2018 to $ 133.8 million in fiscal year 2019. the change in cash provided by operating activities year over year was primarily due to a net income increase of $ 91.7 million from a loss of $ 58.4 million in fiscal year 2018 to income of $ 33.3 million in fiscal year 2019. the growth in net income was driven by the inclusion of the results of hta and epc operations for the full year in 2019 versus only partial periods in the 2018 period . it is also attributable to $ 97.1 million of transaction ( the business combination , hta and epc acquisitions ) , non-recurring transformation , sponsor fee expenses and loss on extinguishment of debt in fiscal year 2018 for which there were no comparable amounts in fiscal year 2019. aggregate adjustments to reconcile net income ( loss ) to net cash provided by operations increased by $ 12.5 million . the increase was primarily due to inclusion of the amortization of intangibles associated with the hta and epc acquisitions and stock-based compensation for the full year in 2019 versus partial periods in 2018. the $ 26.5 million loss on extinguishment of debt in fiscal year 2018 for which there was no comparable amount in 2019 was offset by a $ 5.9 million impairment charge in the 2019 period for which there were no comparable amount in 2018. there was an aggregate $ 16.5 million decrease in the change in operating assets and liabilities which was primarily driven by an increase in prepaid expenses and the change in accrued liabilities offset by the change in accounts receivables .

liquidity and capital resources ” below . tax receivable agreement liability adjustment . we recorded a $ 6.8 million charge in fiscal year 2020 and income of $ 0.1 million in fiscal year 2019. the adjustment in 2020 reflects the impact of an increase to the company 's deferred tax rate arising from higher estimated state tax rates due to a change in apportionment . other income , net . other income , net was $ 11.9 million in fiscal year 2020 compared to $ 11.1 million in fiscal year 2019. the increase of $ 0.8 million was primarily due to a $ 1.4 million gain related to the hta settlement agreement and another $ 1.4 million gain for the receipt of insurance proceeds related to this matter , both of which are further discussed in note 17 , commitments and contingencies , partially offset by the decreased volume in purchasing card rebates resulting from covid-19 's impact on toll usage . income tax provision . income tax provision was $ 5.4 million representing an effective tax rate of 273.4 % for fiscal year 2020 compared to $ 13.6 million , representing an effective tax rate of 28.9 % for fiscal year 2019. the effective tax rate change was primarily due to lower pre-tax income in 2020 , resulting in the company 's permanent book and tax differences having a proportionately greater impact on the effective tax rate in the current year . 53 net ( loss ) income . we had a net loss of $ 3 . 4 million for fiscal year 2020 compared to net income of $ 33.3 million for 201 9 . the $ 3 6.8 million decrease in net income was primarily due to the decline in revenue from the impact of covid-19 on our rac customers , and the other statement of operations activity discussed above . fiscal year 2019 compared to fiscal year 2018 the following table sets forth our statements of operations data and expresses each item as a percentage of total revenue for the periods presented as well as the changes between periods .


 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 ” below . tax receivable agreement liability adjustment . we recorded a $ 6.8 million charge in fiscal year 2020 and income of $ 0.1 million in fiscal year 2019. the adjustment in 2020 reflects the impact of an increase to the company 's deferred tax rate arising from higher estimated state tax rates due to a change in apportionment . other income , net . other income , net was $ 11.9 million in fiscal year 2020 compared to $ 11.1 million in fiscal year 2019. the increase of $ 0.8 million was primarily due to a $ 1.4 million gain related to the hta settlement agreement and another $ 1.4 million gain for the receipt of insurance proceeds related to this matter , both of which are further discussed in note 17 , commitments and contingencies , partially offset by the decreased volume in purchasing card rebates resulting from covid-19 's impact on toll usage . income tax provision . income tax provision was $ 5.4 million representing an effective tax rate of 273.4 % for fiscal year 2020 compared to $ 13.6 million , representing an effective tax rate of 28.9 % for fiscal year 2019. the effective tax rate change was primarily due to lower pre-tax income in 2020 , resulting in the company 's permanent book and tax differences having a proportionately greater impact on the effective tax rate in the current year . 53 net ( loss ) income . we had a net loss of $ 3 . 4 million for fiscal year 2020 compared to net income of $ 33.3 million for 201 9 . the $ 3 6.8 million decrease in net income was primarily due to the decline in revenue from the impact of covid-19 on our rac customers , and the other statement of operations activity discussed above . fiscal year 2019 compared to fiscal year 2018 the following table sets forth our statements of operations data and expresses each item as a percentage of total revenue for the periods presented as well as the changes between periods .
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 Suspicious Activity Report : pending acquisition on january 21 , 2021 , we entered into an agreement pursuant to which all of the holders of redflex 's outstanding equity as of the record date will sell , and we will cause one of our subsidiaries to purchase , one hundred percent ( 100 % ) of the outstanding equity of redflex . the aggregate consideration payable by us under the agreement will be aud 146.1 million , and the closing of the acquisition is expected to take place in the second quarter of 2021 , subject to the satisfaction or waiver of specified conditions . for additional information , see note 21 , subsequent event , in item 8 , financial statements and supplementary data . segment information we have two operating and reportable segments , commercial services and government solutions : our commercial services segment offers toll and violation management solutions and title and registration services for racs and fmcs in north america . in europe , we provide violations processing through epc and consumer tolling services through pagatelia . our government solutions segment provides complete , end-to-end red-light , speed , school bus stop arm and bus lane enforcement solutions . we implement and administer traffic safety programs and products for municipalities and local government agencies of all sizes . segment performance is based on revenues and income from operations before depreciation , amortization , gain ( loss ) on disposal of assets , net , impairment of property and equipment , and stock-based compensation . the measure also excludes interest expense , net , income taxes and certain other transactions and is inclusive of other income , net . executive summary we operate with long-term contracts and a highly reoccurring service revenue model . we continue to execute on our strategy of growing revenues with existing customers , expanding offerings into adjacent markets through innovation or acquisition and reducing operating costs . during the periods presented , we : executed on the growth strategy by completing strategic acquisitions : hta – we acquired hta during the first quarter of 2018 which strengthened our position in tolling and related services to rac and fmc customers . epc – in the second quarter of 2018 , we acquired epc which provided a platform to expand our rac and fmc solutions into europe . pagatelia – during the fourth quarter of 2019 , we acquired pagatelia which provides consumer tolling and parking solutions and is accelerating our european expansion . generated total revenue of $ 393.6 million in fiscal year 2020 compared to $ 448.7 million in fiscal year 2019. we grew product sales by $ 25.3 million year over year ; however , due to the ongoing impact of covid-19 , our service revenue declined significantly , as discussed below . during fiscal year 2019 , we grew total revenue by $ 78.6 million , from $ 370.1 million in fiscal year 2018 to $ 448.7 million in fiscal year 2019. acquisitions contributed $ 21.6 million to the revenue growth , while expansion in existing products and customers contributed to the remaining growth . generated cash flows from operating activities of $ 46.9 million , $ 133.8 million , and $ 46.0 million for fiscal years 2020 , 2019 and 2018 , respectively . our cash on hand was $ 120.3 million as of december 31 , 2020. reduced our financing costs by refinancing our term loan in february 2020 , which reduced the applicable margin on our interest rate by 50 basis points . our interest expense , net was $ 40.9 million , $ 60.7 million , and $ 69.6 million for fiscal years 2020 , 2019 and 2018 , respectively . we had a $ 19.9 million decrease in interest expense during fiscal year 2020 compared to fiscal year 2019 . 48 factors affecting our operating results our operating results and financial performance are influenced by the following merger and acquisitions activity during the periods discussed herein : business combination we were originally incorporated in delaware on august 15 , 2016 as gores holdings ii , inc. ( “ gores ” ) , a special purpose acquisition company formed for the purpose of effecting a merger , capital stock exchange , asset acquisition , stock purchase , reorganization , or other similar business combination with one or more target businesses . on january 19 , 2017 , we consummated our initial public offering , following which our shares began trading on the nasdaq capital market . on june 21 , 2018 , gores , first merger sub , second merger sub , greenlight and pe greenlight holdings , llc entered into the merger agreement , which provided for , among other things , ( i ) the first merger and ( ii ) immediately following the first merger and as part of the same overall transaction as the first merger , the second merger . in connection with the closing of this business combination on october 17 , 2018 , we changed our name to verra mobility corporation . as a result of the business combination , we became the owner , directly or indirectly , of all of the equity interests of verra mobility holdings , llc ( formerly second merger sub ) and its subsidiaries . hta acquisition and refinancing on march 1 , 2018 , we acquired hta for an aggregate purchase price of $ 603.3 million , consisting of $ 525.0 million in cash , $ 9.7 million in purchase price adjustments , a $ 11.3 million payment to the sellers for certain tax items , and the issuance of equity in greenlight with a fair value of approximately $ 57.3 million . the receipt of the equity was treated for accounting purposes as a capital contribution from greenlight acquisition corporation . story_separator_special_tag should we pursue strategic acquisitions , we may need to raise additional capital , which may be in the form of additional long-term debt , borrowings on our new revolver , or equity financings , all of which may not be available to us on favorable terms or at all . please also see section entitled “ risk factors . ” we have the ability to borrow under our new revolver to meet obligations as they come due . as of december 31 , 2020 , we had $ 48.8 million available for borrowing , net of letters of credit , under our new revolver . concentration of credit risk as of december 31 , 2020 , nycdot represented 58.9 % of accounts receivable , net . the company provides photo enforcement services to nycdot under the legacy contract and the emergency contract . at december 31 , 2020 , the legacy contract had an open receivable balance of $ 28.8 million , of which $ 20.5 million had aged beyond nycdot 's 45-day payment terms . as of december 31 , 2020 , the company had invoiced nycdot for $ 52.6 million in product revenue and $ 17.4 million in service revenue under the emergency contract . nycdot has not made any payments against the emergency contract to date . in late january 2021 , we were informed that the city of new york is investigating matters related to our past installation practices , and it is unclear whether this investigation will impact the timing of the payments . refer to concentration of credit risk within note 2 to the consolidated financial statements for additional information on significant customers ' revenue concentration . for information on the risks and uncertainties relating to our contracts with nycdot and other government entities , please see the risk factors entitled “ the new york city law department recently advised us that the city of new york is investigating certain aspects of our installation work for our largest customer , nycdot ” and “ our government contracts are subject to unique risks and uncertainties , including termination rights , delays in payment , audits and investigations , any of which could have a material adverse effect on our business ” set forth in part i , item 1a . “ risk factors . ” 57 the following table sets forth certain captions o n our statements of cash flows for the respective periods : replace_table_token_15_th cash flows from operating activities cash provided by operating activities decreased by $ 86.9 million , from $ 133.8 million in fiscal year 2019 to $ 46.9 million in fiscal year 2020. net income year over year decreased by $ 36.8 million , from $ 33.3 million income in 2019 to a $ 3.4 million loss in 2020. the aggregate adjustments to net ( loss ) income increased $ 15.4 million mainly due to a $ 6.3 million increase in credit loss expense related to the credit loss standard , the $ 7.0 million increase in the tax receivable agreement liability adjustment and a $ 6.1 million change in deferred income taxes . these increases were partially offset by a $ 5.9 million impairment of property and equipment in fiscal year 2019 with no comparable amount in 2020. there was an aggregate $ 65.5 million decrease year over year in the changes in operating assets and liabilities , which was driven primarily by a $ 77.9 million increase in accounts receivables primarily due to collection delays on the accounts receivable associated with our fixed speed camera product sales to nycdot , combined with a decrease in accounts payable and accrued liabilities due to the payout of the 2019 bonus accrual with no accrual for fiscal year 2020 and a decrease in other accruals which was consistent with our decrease in certain revenue streams . for additional information on nycdot 's impact on our cash provided by operating activities , please see the risk factor entitled “ the new york city law department recently advised us that the city of new york is investigating certain aspects of our installation work for our largest customer , nycdot ” set forth in part i , item 1a . “ risk factors . ” cash provided by operating activities increased $ 87.8 million from $ 46.0 million in fiscal year 2018 to $ 133.8 million in fiscal year 2019. the change in cash provided by operating activities year over year was primarily due to a net income increase of $ 91.7 million from a loss of $ 58.4 million in fiscal year 2018 to income of $ 33.3 million in fiscal year 2019. the growth in net income was driven by the inclusion of the results of hta and epc operations for the full year in 2019 versus only partial periods in the 2018 period . it is also attributable to $ 97.1 million of transaction ( the business combination , hta and epc acquisitions ) , non-recurring transformation , sponsor fee expenses and loss on extinguishment of debt in fiscal year 2018 for which there were no comparable amounts in fiscal year 2019. aggregate adjustments to reconcile net income ( loss ) to net cash provided by operations increased by $ 12.5 million . the increase was primarily due to inclusion of the amortization of intangibles associated with the hta and epc acquisitions and stock-based compensation for the full year in 2019 versus partial periods in 2018. the $ 26.5 million loss on extinguishment of debt in fiscal year 2018 for which there was no comparable amount in 2019 was offset by a $ 5.9 million impairment charge in the 2019 period for which there were no comparable amount in 2018. there was an aggregate $ 16.5 million decrease in the change in operating assets and liabilities which was primarily driven by an increase in prepaid expenses and the change in accrued liabilities offset by the change in accounts receivables .

