overview the following discussion and analysis summarizes significant factors affecting our consolidated operating results and financial condition for the years ended december 31 , 2017 , 2016 , and 2015. this discussion and analysis should be read in conjunction with the “ cautionary note regarding forward-looking statements ” , “ part ii , item 6 : selected financial data ” , and the consolidated financial statements and the notes thereto included in “ part ii , item 8. financial statements and supplementary data ” presented in this annual report on form 10-k. this discussion and analysis contains forward-looking statements that involve risks and uncertainties . our actual results could differ materially from those expressed or implied in any forward-looking statements due to various factors , including those set forth under “ part i , item 1a : risk factors ” in this annual report on form 10-k. the date of this discussion is as of february 26 , 2018. we prepare our consolidated financial statements in accordance with united states generally accepted accounting principles ( “ us gaap ” ) . except for gtv , which is a measure of operational performance and not a measure of financial performance , liquidity , or revenue , the amounts discussed below are based on our consolidated financial statements . unless indicated otherwise , all tabular dollar amounts , including related footnotes , presented below are expressed in thousands of united states ( “ u.s. ” ) dollars . we make reference to various non-gaap financial measures throughout this discussion and analysis . these measures do not have a standardized meaning , and are therefore unlikely to be comparable to similar measures presented by other companies . consolidated highlights financial highlights key highlights for fiscal 2017 were : · gtv of $ 4.5 billion ; a 3 % increase over 2016 · revenues of $ 610.5 million ; an increase of 8 % versus $ 566.4 million in 2016 · consolidated revenue rate of 13.66 % ; a 59 basis points ( “ bps ” ) increase over 2016 · a & m segment revenues up 6 % with segment revenue rate up 36 bps to 12.63 % versus 12.27 % in 2016 · revenues from other services of $ 46.2 million ; an increase of 34 % compared to 2016 · cash provided by operating activities of $ 146.3 million after interest expense of $ 33.2 million in 2017 resulting from the additional debt undertaken for the ironplanet acquisition · declared quarterly dividends aggregating to $ 0.68 per common share in 2017 our 2017 financial performance was influenced by a few notable factors : first , our business experienced broad-based effects of unprecedented demand for infrastructure projects . this led to high equipment utilization rates and an overall equipment shortage , principally in the united states , resulting in lower than expected full year gtv and revenue performance . other notable factors included : · our columbus , united states , live on site auction , which generated $ 76.6 million of gtv in the third quarter of 2016 compared to $ 10.5 million in the third quarter of 2017 ; · our largest-ever auction in grande prairie , canada , in march 2016 , which generated more than $ 46.0 million ( 62.0 million canadian dollars ) of gtv , with no similar auction on the calendar in 2017 ; and ritchie bros. 40 · a volume decrease in our underwritten business , most significantly in western canada , where we continued to see fewer disposals of oil and gas assets due to commodity price improvements . in addition , we completed the significant acquisition of ironplanet and immersed ourselves in the integration of the businesses . during the integration , we experienced some temporary sales productivity decline , which was expected due to the size of the acquisition . in 2017 , we generated $ 75.0 million of net income attributable to stockholders . diluted earnings per share ( “ eps ” ) attributable to stockholders was $ 0.69 including $ 38.3 million of acquisition-related costs and $ 38.3 million of interest expense , compared to a diluted eps attributable to stockholders of $ 0.85 in 2016. diluted adjusted eps attributable to stockholders 4 ( non-gaap measure ) decreased 30 % to $ 0.81 in 2017 from $ 1.15 in 2016. operational highlights in 2017 , our operational focus was on executing our a & m business while integrating the ironplanet acquisition . some notable highlights were : · completing the ironplanet acquisition – the financing of which significantly increased our debt levels – which accelerated our multi-channel evolution and digital capabilities , while providing customers with unprecedented choice in our online marketplaces . · achieving our 2017 integration milestones , which included the following accomplishments : § integrating the separate ritchie bros. and ironplanet sales teams into a single , unified , customer-facing sales force . § completing the first phase of the technology integration – the sales unification phase . this phase provides our sales teams with the ability to sell across platforms and integrate pricing and appraisal tools . § combining equipmentone and ironplanet 's daily marketplace to create our marketplace e solution ; a premium service offering unprecedented control and selection for buyers . § delivering growth of 6 % and 16 % in gtv and revenues , respectively , in our business outside of the united states and canada in 2017 compared to 2016 . § expanding rbfs capabilities to the broader customer base . § initiating a harmonization of our live on site auction transaction fee structure with that of our online marketplace . the new harmonized fee structure , which will take effect in 2018 , is intended to make customers channel agnostic with respect to purchasing equipment . the harmonization is expected to increase our fee revenues . story_separator_special_tag 2016 performance operating income decreased $ 39.1 million , or 22 % , in 2016 compared to 2015. this decrease was primarily due to the increase in sg & a expense , the recognition of an impairment loss , higher acquisition-related costs and costs of services , and a decrease in gains on disposal of property , plant and equipment in 2016 compared to 2015. this decrease was partially offset by the increase in revenues year-over-year . foreign exchange rates had a negative impact on operating income in 2016. adjusted operating income ( non-gaap measure ) decreased $ 2.5 million , or 1 % , to $ 164.0 million in 2016 compared to $ 166.5 million in 2015. primarily for the same reasons noted above , operating income margin decreased 990 bps to 24.0 % in 2016 compared to 33.9 % in 2015. adjusted operating income margin ( non-gaap measure ) decreased 340 bps to 28.9 % in 2016 from 32.3 % in 2015. other income ( expense ) other income ( expense ) is comprised of the following : replace_table_token_11_th 5 adjusted operating income is a non-gaap measure . we use income statement and balance sheet performance scorecards to align our operations with our strategic priorities . we concentrate on a limited number of metrics to ensure focus and to facilitate quarterly performance discussions . our income statement scorecard includes the performance metric , adjusted operating income . we believe that comparing adjusted operating income for different financial periods provides useful information about the growth or decline of operating income for the relevant financial period . we calculate adjusted operating income by eliminating from operating income the pre-tax effects of significant non-recurring items that we do not consider to be part of our normal operating results , such as acquisition-related costs , management reorganization costs , severance , retention , gains/losses on sale of certain property , plant and equipment , impairment losses , and certain other items , which we refer to as ‘ adjusting items ' . adjusted operating income is reconciled to the most directly comparable gaap measures in our consolidated financial statements under “ non-gaap measures ” below . 6 our income statement scorecard includes the performance metric , adjusted operating income margin , which is a non-gaap measure . we believe that comparing adjusted operating income margin for different financial periods provides useful information about the growth or decline of our operating income for the relevant financial period . we calculate adjusted operating income margin by dividing adjusted operating income ( non-gaap measure ) by revenues . adjusted operating income margin is reconciled to the most directly comparable gaap measures in our consolidated financial statements under “ non-gaap measures ” below . ritchie bros. 47 we incurred additional indebtedness to finance the acquisition . as of december 31 , 2017 , our debt was $ 819.9 million , compared to $ 619.6 million as of december 31 , 2016. the increase in interest expense in 2017 compared to 2016 is primarily due to our higher debt balances , as well as minimal increases in short-term interest rates . debt extinguishment costs were incurred in the fourth quarter of 2016 in association with the early termination of pre-existing long-term debt due in may 2022. income tax expense and effective tax rate recent tax legislation on december 22 , 2017 , the tax cuts and jobs act ( “ tcja ” ) was enacted into law , which significantly changes existing u.s. tax law and includes numerous provisions that affect our business , such as reducing the u.s. federal statutory tax rate , imposing a one-time transition tax on deemed repatriation of deferred foreign income , and adopting a territorial tax system . the tcja reduces the u.s. federal statutory tax rate from 35 % to 21 % effective january 1 , 2018. the one-time transition tax is based on our total post-1986 earnings and profits ( “ e & p ” ) of controlled foreign affiliates of our us subsidiaries that we previously deferred from us income tax . the tcja includes a provision to tax global intangible low-taxed income ( “ gilti ” ) of foreign subsidiaries and a base erosion anti-abuse tax ( “ beat ” ) measure that taxes certain payments between a u.s. corporation and its subsidiaries . in addition , the tcja disallows deductions for interest and royalty payments from u.s. companies to non-u.s. affiliates that are hybrid payments ( “ hybrid ” ) or made to hybrid entities . the gilti , beat , and hybrid provisions of the tcja will be effective for us beginning january 1 , 2018. the tcja is effective in the first quarter of fiscal year 2018. as of december 31 , 2017 , we have not completed our accounting for the tax effects of the tcja . in december 2017 , we recorded a provisional net benefit based on reasonable estimates for those tax effects . the provisional net benefit is subject to revisions as we complete our analysis of the tcja , collect and prepare necessary data , and interpret any additional guidance issued by the u.s. treasury department , internal revenue service , financial accounting standards board , and other standard-setting and regulatory bodies . adjustments may materially impact our provision for income taxes and effective tax rate in the period in which the adjustments are made . our accounting for the tax effects of the tcja will be completed during the measurement period , which should not extend beyond one year from the enactment date . during the fourth quarter of fiscal year 2017 , we recorded an estimated net benefit of $ 9.7 million related to the tcja , due to the impact of the one-time transition tax on the deemed repatriation of deferred foreign income of $ 0.3 million , and the impact of changes in the tax rate of $ 10.1 million on deferred tax assets and

debt and credit facilities at december 31 , 2017 , our short-term debt of $ 7.0 million consisted of borrowings under our committed revolving credit facilities and had a weighted average annual interest rate of 2.7 % . this compares to current borrowings of $ 23.9 million at december 31 , 2016 with a weighted average annual interest rate of 2.2 % . as at december 31 , 2017 , we had a total of $ 812.9 million long-term debt with a weighted average annual interest rate of 4.8 % . this compares to long-term debt of $ 595.7 million as at december 31 , 2016 with a weighted average annual interest rate of 4.9 % . our long-term debt and available credit facilities at december 31 , 2017 and 2016 were as follows : replace_table_token_24_th 15 roic excluding escrowed debt is a non-gaap financial measure that we believe , by comparing on a trailing 12-month basis for different financial periods provides useful information about the after-tax return generated by our investments by removing the impact of the issue of the notes , which were held in escrow at december 31 , 2016. while the notes were in escrow and not accessible by us , they were not contributing to the generation of net income . we believe that by adjusting debt to remove funds we do not have access to , we are providing more accurate information about the after-tax return generated by our investments . we calculate roic excluding escrowed debt as adjusted net income attributable to stockholders ( non-gaap measure ) divided by adjusted average invested capital ( non-gaap measure ) . we calculate adjusted average invested capital ( non-gaap measure ) as the adjusted average long-term debt ( non-gaap measure ) and average stockholders ' equity over a trailing 12-month period . we calculate adjusted average long-term debt ( non-gaap measure ) as the average of adjusted opening long-term debt ( non-gaap measure ) and adjusted ending long-term debt ( non-gaap measure ) .


 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.
     ```debt and credit facilities at december 31 , 2017 , our short-term debt of $ 7.0 million consisted of borrowings under our committed revolving credit facilities and had a weighted average annual interest rate of 2.7 % . this compares to current borrowings of $ 23.9 million at december 31 , 2016 with a weighted average annual interest rate of 2.2 % . as at december 31 , 2017 , we had a total of $ 812.9 million long-term debt with a weighted average annual interest rate of 4.8 % . this compares to long-term debt of $ 595.7 million as at december 31 , 2016 with a weighted average annual interest rate of 4.9 % . our long-term debt and available credit facilities at december 31 , 2017 and 2016 were as follows : replace_table_token_24_th 15 roic excluding escrowed debt is a non-gaap financial measure that we believe , by comparing on a trailing 12-month basis for different financial periods provides useful information about the after-tax return generated by our investments by removing the impact of the issue of the notes , which were held in escrow at december 31 , 2016. while the notes were in escrow and not accessible by us , they were not contributing to the generation of net income . we believe that by adjusting debt to remove funds we do not have access to , we are providing more accurate information about the after-tax return generated by our investments . we calculate roic excluding escrowed debt as adjusted net income attributable to stockholders ( non-gaap measure ) divided by adjusted average invested capital ( non-gaap measure ) . we calculate adjusted average invested capital ( non-gaap measure ) as the adjusted average long-term debt ( non-gaap measure ) and average stockholders ' equity over a trailing 12-month period . we calculate adjusted average long-term debt ( non-gaap measure ) as the average of adjusted opening long-term debt ( non-gaap measure ) and adjusted ending long-term debt ( non-gaap measure ) .
```    
 Suspicious Activity Report : overview the following discussion and analysis summarizes significant factors affecting our consolidated operating results and financial condition for the years ended december 31 , 2017 , 2016 , and 2015. this discussion and analysis should be read in conjunction with the “ cautionary note regarding forward-looking statements ” , “ part ii , item 6 : selected financial data ” , and the consolidated financial statements and the notes thereto included in “ part ii , item 8. financial statements and supplementary data ” presented in this annual report on form 10-k. this discussion and analysis contains forward-looking statements that involve risks and uncertainties . our actual results could differ materially from those expressed or implied in any forward-looking statements due to various factors , including those set forth under “ part i , item 1a : risk factors ” in this annual report on form 10-k. the date of this discussion is as of february 26 , 2018. we prepare our consolidated financial statements in accordance with united states generally accepted accounting principles ( “ us gaap ” ) . except for gtv , which is a measure of operational performance and not a measure of financial performance , liquidity , or revenue , the amounts discussed below are based on our consolidated financial statements . unless indicated otherwise , all tabular dollar amounts , including related footnotes , presented below are expressed in thousands of united states ( “ u.s. ” ) dollars . we make reference to various non-gaap financial measures throughout this discussion and analysis . these measures do not have a standardized meaning , and are therefore unlikely to be comparable to similar measures presented by other companies . consolidated highlights financial highlights key highlights for fiscal 2017 were : · gtv of $ 4.5 billion ; a 3 % increase over 2016 · revenues of $ 610.5 million ; an increase of 8 % versus $ 566.4 million in 2016 · consolidated revenue rate of 13.66 % ; a 59 basis points ( “ bps ” ) increase over 2016 · a & m segment revenues up 6 % with segment revenue rate up 36 bps to 12.63 % versus 12.27 % in 2016 · revenues from other services of $ 46.2 million ; an increase of 34 % compared to 2016 · cash provided by operating activities of $ 146.3 million after interest expense of $ 33.2 million in 2017 resulting from the additional debt undertaken for the ironplanet acquisition · declared quarterly dividends aggregating to $ 0.68 per common share in 2017 our 2017 financial performance was influenced by a few notable factors : first , our business experienced broad-based effects of unprecedented demand for infrastructure projects . this led to high equipment utilization rates and an overall equipment shortage , principally in the united states , resulting in lower than expected full year gtv and revenue performance . other notable factors included : · our columbus , united states , live on site auction , which generated $ 76.6 million of gtv in the third quarter of 2016 compared to $ 10.5 million in the third quarter of 2017 ; · our largest-ever auction in grande prairie , canada , in march 2016 , which generated more than $ 46.0 million ( 62.0 million canadian dollars ) of gtv , with no similar auction on the calendar in 2017 ; and ritchie bros. 40 · a volume decrease in our underwritten business , most significantly in western canada , where we continued to see fewer disposals of oil and gas assets due to commodity price improvements . in addition , we completed the significant acquisition of ironplanet and immersed ourselves in the integration of the businesses . during the integration , we experienced some temporary sales productivity decline , which was expected due to the size of the acquisition . in 2017 , we generated $ 75.0 million of net income attributable to stockholders . diluted earnings per share ( “ eps ” ) attributable to stockholders was $ 0.69 including $ 38.3 million of acquisition-related costs and $ 38.3 million of interest expense , compared to a diluted eps attributable to stockholders of $ 0.85 in 2016. diluted adjusted eps attributable to stockholders 4 ( non-gaap measure ) decreased 30 % to $ 0.81 in 2017 from $ 1.15 in 2016. operational highlights in 2017 , our operational focus was on executing our a & m business while integrating the ironplanet acquisition . some notable highlights were : · completing the ironplanet acquisition – the financing of which significantly increased our debt levels – which accelerated our multi-channel evolution and digital capabilities , while providing customers with unprecedented choice in our online marketplaces . · achieving our 2017 integration milestones , which included the following accomplishments : § integrating the separate ritchie bros. and ironplanet sales teams into a single , unified , customer-facing sales force . § completing the first phase of the technology integration – the sales unification phase . this phase provides our sales teams with the ability to sell across platforms and integrate pricing and appraisal tools . § combining equipmentone and ironplanet 's daily marketplace to create our marketplace e solution ; a premium service offering unprecedented control and selection for buyers . § delivering growth of 6 % and 16 % in gtv and revenues , respectively , in our business outside of the united states and canada in 2017 compared to 2016 . § expanding rbfs capabilities to the broader customer base . § initiating a harmonization of our live on site auction transaction fee structure with that of our online marketplace . the new harmonized fee structure , which will take effect in 2018 , is intended to make customers channel agnostic with respect to purchasing equipment . the harmonization is expected to increase our fee revenues . story_separator_special_tag 2016 performance operating income decreased $ 39.1 million , or 22 % , in 2016 compared to 2015. this decrease was primarily due to the increase in sg & a expense , the recognition of an impairment loss , higher acquisition-related costs and costs of services , and a decrease in gains on disposal of property , plant and equipment in 2016 compared to 2015. this decrease was partially offset by the increase in revenues year-over-year . foreign exchange rates had a negative impact on operating income in 2016. adjusted operating income ( non-gaap measure ) decreased $ 2.5 million , or 1 % , to $ 164.0 million in 2016 compared to $ 166.5 million in 2015. primarily for the same reasons noted above , operating income margin decreased 990 bps to 24.0 % in 2016 compared to 33.9 % in 2015. adjusted operating income margin ( non-gaap measure ) decreased 340 bps to 28.9 % in 2016 from 32.3 % in 2015. other income ( expense ) other income ( expense ) is comprised of the following : replace_table_token_11_th 5 adjusted operating income is a non-gaap measure . we use income statement and balance sheet performance scorecards to align our operations with our strategic priorities . we concentrate on a limited number of metrics to ensure focus and to facilitate quarterly performance discussions . our income statement scorecard includes the performance metric , adjusted operating income . we believe that comparing adjusted operating income for different financial periods provides useful information about the growth or decline of operating income for the relevant financial period . we calculate adjusted operating income by eliminating from operating income the pre-tax effects of significant non-recurring items that we do not consider to be part of our normal operating results , such as acquisition-related costs , management reorganization costs , severance , retention , gains/losses on sale of certain property , plant and equipment , impairment losses , and certain other items , which we refer to as ‘ adjusting items ' . adjusted operating income is reconciled to the most directly comparable gaap measures in our consolidated financial statements under “ non-gaap measures ” below . 6 our income statement scorecard includes the performance metric , adjusted operating income margin , which is a non-gaap measure . we believe that comparing adjusted operating income margin for different financial periods provides useful information about the growth or decline of our operating income for the relevant financial period . we calculate adjusted operating income margin by dividing adjusted operating income ( non-gaap measure ) by revenues . adjusted operating income margin is reconciled to the most directly comparable gaap measures in our consolidated financial statements under “ non-gaap measures ” below . ritchie bros. 47 we incurred additional indebtedness to finance the acquisition . as of december 31 , 2017 , our debt was $ 819.9 million , compared to $ 619.6 million as of december 31 , 2016. the increase in interest expense in 2017 compared to 2016 is primarily due to our higher debt balances , as well as minimal increases in short-term interest rates . debt extinguishment costs were incurred in the fourth quarter of 2016 in association with the early termination of pre-existing long-term debt due in may 2022. income tax expense and effective tax rate recent tax legislation on december 22 , 2017 , the tax cuts and jobs act ( “ tcja ” ) was enacted into law , which significantly changes existing u.s. tax law and includes numerous provisions that affect our business , such as reducing the u.s. federal statutory tax rate , imposing a one-time transition tax on deemed repatriation of deferred foreign income , and adopting a territorial tax system . the tcja reduces the u.s. federal statutory tax rate from 35 % to 21 % effective january 1 , 2018. the one-time transition tax is based on our total post-1986 earnings and profits ( “ e & p ” ) of controlled foreign affiliates of our us subsidiaries that we previously deferred from us income tax . the tcja includes a provision to tax global intangible low-taxed income ( “ gilti ” ) of foreign subsidiaries and a base erosion anti-abuse tax ( “ beat ” ) measure that taxes certain payments between a u.s. corporation and its subsidiaries . in addition , the tcja disallows deductions for interest and royalty payments from u.s. companies to non-u.s. affiliates that are hybrid payments ( “ hybrid ” ) or made to hybrid entities . the gilti , beat , and hybrid provisions of the tcja will be effective for us beginning january 1 , 2018. the tcja is effective in the first quarter of fiscal year 2018. as of december 31 , 2017 , we have not completed our accounting for the tax effects of the tcja . in december 2017 , we recorded a provisional net benefit based on reasonable estimates for those tax effects . the provisional net benefit is subject to revisions as we complete our analysis of the tcja , collect and prepare necessary data , and interpret any additional guidance issued by the u.s. treasury department , internal revenue service , financial accounting standards board , and other standard-setting and regulatory bodies . adjustments may materially impact our provision for income taxes and effective tax rate in the period in which the adjustments are made . our accounting for the tax effects of the tcja will be completed during the measurement period , which should not extend beyond one year from the enactment date . during the fourth quarter of fiscal year 2017 , we recorded an estimated net benefit of $ 9.7 million related to the tcja , due to the impact of the one-time transition tax on the deemed repatriation of deferred foreign income of $ 0.3 million , and the impact of changes in the tax rate of $ 10.1 million on deferred tax assets and

