in addition , if the actual compensation of a placed candidate exceeds the estimated compensation , we often are authorized to bill the client for one-third of the excess . indirect expenses are calculated as a percentage of the retainer with certain dollar limits per search . 18 key performance indicators we manage and assess heidrick & struggles ' performance through various means , with the primary financial and operational measures including net revenue , operating income , operating margin , adjusted ebitda ( non-gaap ) , and adjusted ebitda margin ( non-gaap ) . executive search and leadership consulting performance is also measured using consultant headcount . specific to executive search , confirmation trends , consultant productivity and average revenue per search are used to measure performance . revenue is driven by market conditions and a combination of the number of executive search engagements and leadership consulting and culture shaping projects and the average revenue per search or project . with the exception of compensation expense , incremental increases in revenue do not necessarily result in proportionate increases in costs , particularly operating and administrative expenses , thus potentially improving operating margins . the number of consultants , confirmation trends , number of searches or projects completed , productivity levels and the average revenue per search or project will vary from quarter to quarter , affecting net revenue and operating margin . our compensation model at the executive search consultant level there are fixed and variable components of compensation . individuals are rewarded for their performance based on a system that directly ties a portion of their compensation to the amount of net revenue for which they are responsible . a portion of the reward may be based upon individual performance against a series of non-financial measures . credit towards the variable portion of an executive search consultant 's compensation is earned by generating net revenue for winning and executing work . each quarter , we review and update the expected annual performance of all executive search consultants and accrue variable compensation accordingly . the amount of variable compensation that is accrued for each executive search consultant is based on a tiered payout model . overall company performance determines the amount available for total variable compensation . the more net revenue that is generated by the consultant , the higher the percentage credited towards the consultant 's variable compensation and thus accrued by our company as expense . the mix of individual consultants who generate the revenue can significantly affect the total amount of compensation expense recorded , which directly impacts operating margin . as a result , the variable portion of the compensation expense may fluctuate significantly from quarter to quarter . the total variable compensation is discretionary and is based on company-wide financial targets approved by the human resources and compensation committee of the board of directors . a portion of our executive search consultants ' and management cash bonuses is deferred and paid over a three-year vesting period . the compensation expense related to the amounts being deferred is recognized on a graded vesting attribution method over the requisite service period . this service period begins on january 1 of the respective fiscal year and continues through the deferral date , which coincides with our bonus payments in the first quarter of the following year , and for an additional three year vesting period . the deferrals are recorded in accrued salaries and employee benefits in the consolidated balance sheets . 2017 overview consolidated net revenue was $ 621.4 million for the year ended december 31 , 2017 , an increase of $ 39.0 million or 6.7 % compared to december 31 , 2016. specific to executive search , our largest business , consultant productivity measured by net executive search revenue per consultant was $ 1.6 million for each of the years ended december 31 , 2017 and 2016. average revenue per executive search was $ 120,300 for the year ended december 31 , 2017 compared to $ 117,700 for the year ended december 31 , 2016. operating loss as a percentage of net revenue was 4.3 % in 2017 compared to operating margin of 6.0 % in 2016. the change in operating income was primarily due to an increase in net revenue of $ 39.0 million , which was offset by an increase in salaries and employee benefits expense of $ 34.1 million , an increase in general and administrative expenses of $ 0.2 million , impairment charges of $ 50.7 million and restructuring charges of $ 15.7 million . salaries and employee benefits expense as a percentage of net revenue was 69.9 % in 2017 and 68.7 % in 2016. general and administrative expense as a percentage of net revenue was 23.7 % in 2017 and 25.3 % in 2016 we ended the year with combined cash and cash equivalents of $ 207.5 million , an increase of $ 42.5 million compared to $ 165.0 million at december 31 , 2016. the increase is primarily due increased cash collections and lower acquisition investments . these increases in cash were partially offset by cash paid for restructuring charges . we pay the majority of bonuses in the first quarter following the year in which they were earned . employee bonuses are accrued throughout the year and are based on the company 's performance and the performance of the individual employee . we expect to pay approximately 19 $ 148.0 million in bonuses related to 2017 performance in march and april 2018. in january 2018 , we paid approximately $ 13.0 million in cash bonuses deferred in prior years . 2018 outlook we are currently forecasting 2018 first quarter net revenue of between $ 150 million and $ 160 million . story_separator_special_tag the impairment charge is recorded within impairment charges in the condensed consolidated statement of comprehensive income ( loss ) for the year ended december 31 , 2017. leadership consulting incurred approximately $ 0.9 million in restructuring charges for the year ended december 31 , 2017. these charges include approximately $ 0.6 million in professional fees and other expenses , $ 0.2 million in severance related charges and $ 0.1 million in office related charges . the leadership consulting segment reported an operating loss of $ 15.6 million in 2017 , a decrease of $ 14.1 million , compared to an operating loss of $ 1.5 million in 2016. the increased operating loss primarily reflects $ 11.6 million of impairment charges for goodwill and intangible assets , as well as restructuring charges of $ 0.9 million . excluding the impact of impairment and restructuring charges , the leadership consulting segment reported an operating loss of $ 3.1 million . culture shaping the culture shaping segment reported net revenue of $ 28.1 million in 2017 , a decrease of 22.3 % compared to $ 36.2 million in 2016. net revenue decreased due to a decline in the volume of client work . excluding the impact of exchange rate fluctuations , which negatively impacted results by $ 0.2 million , or 0.8 % , net revenue decreased $ 7.9 million , or 21.7 % . 25 salaries and employee benefits expense decreased $ 5.9 million , primarily due to investments in new and existing consultants incurred in the prior year that did not reoccur in 2017. general and administrative expenses decreased $ 3.6 million primarily due to lower intangible amortization , earnout accretion and professional fees , partially offset by increases in internal travel and office occupancy costs . impairment charges for the year ended december 31 , 2017 were $ 39.2 million as a result of an interim impairment evaluation on the goodwill and amortizable intangible assets related to our culture shaping reporting unit . culture shaping incurred approximately $ 2.5 million in restructuring charges for the year ended december 31 , 2017. these charges include approximately $ 1.9 million in severance related charges and $ 0.6 million in professional fees and other expenses . the culture shaping segment reported an operating loss of $ 41.8 million in 2017 , a decrease of $ 40.3 million , compared to an operating loss of $ 1.6 million in 2016. the increase in operating loss is primarily attributed to goodwill and intangible impairment charges of $ 39.2 million and restructuring charges of $ 2.5 million . excluding the impact of impairment and restructuring charges , the culture shaping segment reported an operating loss of $ 0.2 million . global operations support global operations support expenses in 2017 increased $ 7.6 million , or 16.0 % , to $ 54.8 million from $ 47.2 million in 2016. salaries and employee benefits expense decreased $ 0.1 million due to lower stock compensation expense as a result of forfeitures during the year , separation costs , and management and support bonuses . these decreases were partially offset by increases in deferred compensation plan expenses and base salaries and payroll taxes . general and administrative expense increased $ 2.2 million due to increases in internal travel , audit fees and information technology costs that were partially offset by decreases in professional fees and hiring fees and temporary labor . global operations support incurred approximately $ 5.5 million in restructuring charges for the year ended december 31 , 2017. these charges include approximately $ 4.5 million of severance related charges and $ 0.9 million of professional fees and other costs . year ended december 31 , 2016 compared to year ended december 31 , 2015 total revenue . consolidated total revenue increased $ 52.6 million , or 9.6 % , to $ 600.9 million in 2016 from $ 548.3 million in 2015. the increase in total revenue was primarily due to the increase in revenue before reimbursements ( net revenue ) . revenue before reimbursements ( net revenue ) . consolidated net revenue increased $ 51.2 million or 9.6 % , to $ 582.4 million in 2016 from $ 531.1 million in 2015. excluding the impact of exchange rate fluctuations , which decreased revenue by $ 11.4 million , or 2.1 % , net revenue increased $ 62.6 million , or 11.8 % . executive search net revenue was $ 507.4 million in 2016 , an increase of $ 31.6 million compared to 2015. the increase in executive search net revenue was the result of growth in the americas and europe . leadership consulting net revenue increased $ 19.8 million , or 103.8 % , to $ 38.8 million in 2016 from $ 19.0 million in 2015. the increase in leadership consulting net revenue was primarily the result of the co company , dsi and philosophy ib acquisitions . culture shaping net revenue was $ 36.2 million in 2016 , a decrease of $ 0.1 million compared to 2015. the number of executive search and leadership consulting consultants was 335 and 22 , respectively , as of december 31 , 2016 compared to 308 and 26 , respectively , as of december 31 , 2015. specific to executive search , our largest business , productivity as measured by annualized net executive search revenue per consultant was $ 1.6 million and $ 1.5 million for the years ended december 31 , 2016 and 2015 , respectively . the number of confirmed searches increased 7.1 % compared to 2015. the average revenue per executive search increased to $ 117,700 for the year ended december 31 , 2016 compared to $ 115,300 for the year ended december 31 , 2015. salaries and employee benefits . consolidated salaries and employee benefits expense increased $ 30.7 million or 8.3 % , to $ 400.1 million in 2016 from $ 369.4 million in 2015. the increase was due to higher fixed compensation of $ 31.7

cash and cash equivalents . cash and cash equivalents at december 31 , 2017 were $ 207.5 million , an increase of $ 42.5 million compared to $ 165.0 million at december 31 , 2016 . the $ 207.5 million of cash and cash equivalents at december 31 , 29 2017 includes $ 103.0 million held by our foreign subsidiaries . a portion of the $ 103.0 million is considered permanently reinvested in these foreign subsidiaries . if these funds were required to satisfy obligations in the u.s. , the repatriation of these funds could cause us to incur additional foreign withholding taxes . we expect to pay approximately $ 148.0 million in variable compensation related to 2017 performance in march and april 2018 . in january 2018 , we paid approximately $ 13.0 million in variable compensation that was deferred in prior years . cash flows provided by operating activities . in 2017 , cash provided by operating activities was $ 70.0 million , principally reflecting net income net of non-cash charges of $ 21.1 million , an increase in accrued expenses of $ 18.3 million and a restructuring accrual of $ 13.0 million . the increae in accrued expenses primarily reflects approximately $ 148 million of current year bonus accruals partially offset by $ 128 million of bonus payments for 2016 made in early 2017. in 2016 , cash provided by operating activities was $ 24.8 million , primarily reflecting depreciation and amortization expense of $ 16.4 million , net income of $ 15.4 million , stock based compensation expense of $ 6.4 million and an increase in the net retirement and pension plan liability of $ 4.2 million , partially offset by an increase in accounts receivable of $ 14.4 million , a change in other assets and liabilities of $ 3.0 million and an increase in prepaid expenses of $ 2.3 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash and cash equivalents . cash and cash equivalents at december 31 , 2017 were $ 207.5 million , an increase of $ 42.5 million compared to $ 165.0 million at december 31 , 2016 . the $ 207.5 million of cash and cash equivalents at december 31 , 29 2017 includes $ 103.0 million held by our foreign subsidiaries . a portion of the $ 103.0 million is considered permanently reinvested in these foreign subsidiaries . if these funds were required to satisfy obligations in the u.s. , the repatriation of these funds could cause us to incur additional foreign withholding taxes . we expect to pay approximately $ 148.0 million in variable compensation related to 2017 performance in march and april 2018 . in january 2018 , we paid approximately $ 13.0 million in variable compensation that was deferred in prior years . cash flows provided by operating activities . in 2017 , cash provided by operating activities was $ 70.0 million , principally reflecting net income net of non-cash charges of $ 21.1 million , an increase in accrued expenses of $ 18.3 million and a restructuring accrual of $ 13.0 million . the increae in accrued expenses primarily reflects approximately $ 148 million of current year bonus accruals partially offset by $ 128 million of bonus payments for 2016 made in early 2017. in 2016 , cash provided by operating activities was $ 24.8 million , primarily reflecting depreciation and amortization expense of $ 16.4 million , net income of $ 15.4 million , stock based compensation expense of $ 6.4 million and an increase in the net retirement and pension plan liability of $ 4.2 million , partially offset by an increase in accounts receivable of $ 14.4 million , a change in other assets and liabilities of $ 3.0 million and an increase in prepaid expenses of $ 2.3 million .
```    
 Suspicious Activity Report : in addition , if the actual compensation of a placed candidate exceeds the estimated compensation , we often are authorized to bill the client for one-third of the excess . indirect expenses are calculated as a percentage of the retainer with certain dollar limits per search . 18 key performance indicators we manage and assess heidrick & struggles ' performance through various means , with the primary financial and operational measures including net revenue , operating income , operating margin , adjusted ebitda ( non-gaap ) , and adjusted ebitda margin ( non-gaap ) . executive search and leadership consulting performance is also measured using consultant headcount . specific to executive search , confirmation trends , consultant productivity and average revenue per search are used to measure performance . revenue is driven by market conditions and a combination of the number of executive search engagements and leadership consulting and culture shaping projects and the average revenue per search or project . with the exception of compensation expense , incremental increases in revenue do not necessarily result in proportionate increases in costs , particularly operating and administrative expenses , thus potentially improving operating margins . the number of consultants , confirmation trends , number of searches or projects completed , productivity levels and the average revenue per search or project will vary from quarter to quarter , affecting net revenue and operating margin . our compensation model at the executive search consultant level there are fixed and variable components of compensation . individuals are rewarded for their performance based on a system that directly ties a portion of their compensation to the amount of net revenue for which they are responsible . a portion of the reward may be based upon individual performance against a series of non-financial measures . credit towards the variable portion of an executive search consultant 's compensation is earned by generating net revenue for winning and executing work . each quarter , we review and update the expected annual performance of all executive search consultants and accrue variable compensation accordingly . the amount of variable compensation that is accrued for each executive search consultant is based on a tiered payout model . overall company performance determines the amount available for total variable compensation . the more net revenue that is generated by the consultant , the higher the percentage credited towards the consultant 's variable compensation and thus accrued by our company as expense . the mix of individual consultants who generate the revenue can significantly affect the total amount of compensation expense recorded , which directly impacts operating margin . as a result , the variable portion of the compensation expense may fluctuate significantly from quarter to quarter . the total variable compensation is discretionary and is based on company-wide financial targets approved by the human resources and compensation committee of the board of directors . a portion of our executive search consultants ' and management cash bonuses is deferred and paid over a three-year vesting period . the compensation expense related to the amounts being deferred is recognized on a graded vesting attribution method over the requisite service period . this service period begins on january 1 of the respective fiscal year and continues through the deferral date , which coincides with our bonus payments in the first quarter of the following year , and for an additional three year vesting period . the deferrals are recorded in accrued salaries and employee benefits in the consolidated balance sheets . 2017 overview consolidated net revenue was $ 621.4 million for the year ended december 31 , 2017 , an increase of $ 39.0 million or 6.7 % compared to december 31 , 2016. specific to executive search , our largest business , consultant productivity measured by net executive search revenue per consultant was $ 1.6 million for each of the years ended december 31 , 2017 and 2016. average revenue per executive search was $ 120,300 for the year ended december 31 , 2017 compared to $ 117,700 for the year ended december 31 , 2016. operating loss as a percentage of net revenue was 4.3 % in 2017 compared to operating margin of 6.0 % in 2016. the change in operating income was primarily due to an increase in net revenue of $ 39.0 million , which was offset by an increase in salaries and employee benefits expense of $ 34.1 million , an increase in general and administrative expenses of $ 0.2 million , impairment charges of $ 50.7 million and restructuring charges of $ 15.7 million . salaries and employee benefits expense as a percentage of net revenue was 69.9 % in 2017 and 68.7 % in 2016. general and administrative expense as a percentage of net revenue was 23.7 % in 2017 and 25.3 % in 2016 we ended the year with combined cash and cash equivalents of $ 207.5 million , an increase of $ 42.5 million compared to $ 165.0 million at december 31 , 2016. the increase is primarily due increased cash collections and lower acquisition investments . these increases in cash were partially offset by cash paid for restructuring charges . we pay the majority of bonuses in the first quarter following the year in which they were earned . employee bonuses are accrued throughout the year and are based on the company 's performance and the performance of the individual employee . we expect to pay approximately 19 $ 148.0 million in bonuses related to 2017 performance in march and april 2018. in january 2018 , we paid approximately $ 13.0 million in cash bonuses deferred in prior years . 2018 outlook we are currently forecasting 2018 first quarter net revenue of between $ 150 million and $ 160 million . story_separator_special_tag the impairment charge is recorded within impairment charges in the condensed consolidated statement of comprehensive income ( loss ) for the year ended december 31 , 2017. leadership consulting incurred approximately $ 0.9 million in restructuring charges for the year ended december 31 , 2017. these charges include approximately $ 0.6 million in professional fees and other expenses , $ 0.2 million in severance related charges and $ 0.1 million in office related charges . the leadership consulting segment reported an operating loss of $ 15.6 million in 2017 , a decrease of $ 14.1 million , compared to an operating loss of $ 1.5 million in 2016. the increased operating loss primarily reflects $ 11.6 million of impairment charges for goodwill and intangible assets , as well as restructuring charges of $ 0.9 million . excluding the impact of impairment and restructuring charges , the leadership consulting segment reported an operating loss of $ 3.1 million . culture shaping the culture shaping segment reported net revenue of $ 28.1 million in 2017 , a decrease of 22.3 % compared to $ 36.2 million in 2016. net revenue decreased due to a decline in the volume of client work . excluding the impact of exchange rate fluctuations , which negatively impacted results by $ 0.2 million , or 0.8 % , net revenue decreased $ 7.9 million , or 21.7 % . 25 salaries and employee benefits expense decreased $ 5.9 million , primarily due to investments in new and existing consultants incurred in the prior year that did not reoccur in 2017. general and administrative expenses decreased $ 3.6 million primarily due to lower intangible amortization , earnout accretion and professional fees , partially offset by increases in internal travel and office occupancy costs . impairment charges for the year ended december 31 , 2017 were $ 39.2 million as a result of an interim impairment evaluation on the goodwill and amortizable intangible assets related to our culture shaping reporting unit . culture shaping incurred approximately $ 2.5 million in restructuring charges for the year ended december 31 , 2017. these charges include approximately $ 1.9 million in severance related charges and $ 0.6 million in professional fees and other expenses . the culture shaping segment reported an operating loss of $ 41.8 million in 2017 , a decrease of $ 40.3 million , compared to an operating loss of $ 1.6 million in 2016. the increase in operating loss is primarily attributed to goodwill and intangible impairment charges of $ 39.2 million and restructuring charges of $ 2.5 million . excluding the impact of impairment and restructuring charges , the culture shaping segment reported an operating loss of $ 0.2 million . global operations support global operations support expenses in 2017 increased $ 7.6 million , or 16.0 % , to $ 54.8 million from $ 47.2 million in 2016. salaries and employee benefits expense decreased $ 0.1 million due to lower stock compensation expense as a result of forfeitures during the year , separation costs , and management and support bonuses . these decreases were partially offset by increases in deferred compensation plan expenses and base salaries and payroll taxes . general and administrative expense increased $ 2.2 million due to increases in internal travel , audit fees and information technology costs that were partially offset by decreases in professional fees and hiring fees and temporary labor . global operations support incurred approximately $ 5.5 million in restructuring charges for the year ended december 31 , 2017. these charges include approximately $ 4.5 million of severance related charges and $ 0.9 million of professional fees and other costs . year ended december 31 , 2016 compared to year ended december 31 , 2015 total revenue . consolidated total revenue increased $ 52.6 million , or 9.6 % , to $ 600.9 million in 2016 from $ 548.3 million in 2015. the increase in total revenue was primarily due to the increase in revenue before reimbursements ( net revenue ) . revenue before reimbursements ( net revenue ) . consolidated net revenue increased $ 51.2 million or 9.6 % , to $ 582.4 million in 2016 from $ 531.1 million in 2015. excluding the impact of exchange rate fluctuations , which decreased revenue by $ 11.4 million , or 2.1 % , net revenue increased $ 62.6 million , or 11.8 % . executive search net revenue was $ 507.4 million in 2016 , an increase of $ 31.6 million compared to 2015. the increase in executive search net revenue was the result of growth in the americas and europe . leadership consulting net revenue increased $ 19.8 million , or 103.8 % , to $ 38.8 million in 2016 from $ 19.0 million in 2015. the increase in leadership consulting net revenue was primarily the result of the co company , dsi and philosophy ib acquisitions . culture shaping net revenue was $ 36.2 million in 2016 , a decrease of $ 0.1 million compared to 2015. the number of executive search and leadership consulting consultants was 335 and 22 , respectively , as of december 31 , 2016 compared to 308 and 26 , respectively , as of december 31 , 2015. specific to executive search , our largest business , productivity as measured by annualized net executive search revenue per consultant was $ 1.6 million and $ 1.5 million for the years ended december 31 , 2016 and 2015 , respectively . the number of confirmed searches increased 7.1 % compared to 2015. the average revenue per executive search increased to $ 117,700 for the year ended december 31 , 2016 compared to $ 115,300 for the year ended december 31 , 2015. salaries and employee benefits . consolidated salaries and employee benefits expense increased $ 30.7 million or 8.3 % , to $ 400.1 million in 2016 from $ 369.4 million in 2015. the increase was due to higher fixed compensation of $ 31.7

