we believe that customer adoption of these new offerings will continue to grow as customers across a range of industries begin to take advantage of the scalable computing power and flexibility provided through these new services . our strategy is to lead the industries we serve to cloud-based technologies and business models . this entails both a technological shift and a business model shift . as part of the transition , we discontinued selling new perpetual licenses of most individual software products effective february 1 , 2016 , and discontinued selling new perpetual licenses of suites while introducing industry collections effective august 1 , 2016. industry collections allow access to a broad set of products and services that exceeds those previously available in suites - simplifying the customer ability to get access to a complete set of tools for their industry . we now offer subscriptions for individual products and industry collections , cloud service offerings , and flexible enterprise business agreements ( `` new model subscription offerings `` ) . these offerings are designed to give our customers more flexibility with how they use our products and service offerings and to attract a broader range of customers , such as project-based users and small businesses . with the discontinuation of the sale of most perpetual licenses , we have accelerated our transition away from selling a mix of perpetual licenses and term-based product subscriptions toward a single subscription model . as a result of this shift and various other factors described in note 13 , `` segments `` in the notes to our consolidated financial statements , we have 2017 form 10-k 36 reassessed the way we allocate resources and evaluate financial performance and now operate as a single operating segment . during the transition , revenue , margins , eps , deferred revenue and cash flow from operations have been and will be impacted as more revenue is recognized ratably rather than upfront and as new product subscription offerings generally have a lower initial purchase price . as we progress through the business model transition , reported revenue is less relevant to measure the success of the business as perpetual license sales have been discontinued in favor of subscription offerings , which have considerably lower upfront prices . annualized recurring revenue ( `` arr `` ) and growth of subscriptions better reflect business momentum and provide additional transparency into the transition . to further analyze progress , we disaggregate our growth in these metrics between the original maintenance model ( `` maintenance `` ) and the new model subscription offerings . maintenance subscriptions peaked in the fourth quarter of our fiscal 2016 , and we expect them to decline slowly over time . we sell our products and services globally , through a combination of indirect and direct channels . during the fiscal year ended january 31 , 2017 , 2016 , and 2015 , our indirect channels , which include value added resellers , direct market resellers , distributors , computer manufacturers , and other software developers , were responsible for 72 % , 79 % , and 83 % of our overall revenue , respectively . during the same periods , our direct channels , which include sales resources dedicated to selling in our largest accounts , our highly specialized products , and business transacted through our online autodesk branded store , were responsible for 28 % , 21 % , and 17 % of our overall revenue , respectively . we anticipate that our channel mix will continue to change , particularly as we scale our digitally transacted online autodesk branded store business and our largest accounts shift towards direct-only business models . importantly , we expect our indirect channel will continue to transact and support the majority of our revenue as we move beyond the business model transition . we employ a variety of incentive programs and promotions to align our direct and indirect channels with our business strategies . in addition , we have a worldwide user group organization and we have created online user communities dedicated to the exchange of information related to the use of our products . one of our key strategies is to maintain an open-architecture design of our software products to facilitate third-party development of complementary products and industry-specific software solutions . this approach enables customers and third parties to customize solutions for a wide variety of highly specific uses . we offer several programs that provide strategic investment funding , technological platforms , user communities , technical support , forums , and events to developers who develop add-on applications for our products . for example , we have established the autodesk spark program to support ideas that push the boundaries of 3d printing and nurture the companies that will advance innovations within 3d printing hardware and software . we have also created the autodesk forge program to support innovators that build solutions to facilitate the development of a single connected ecosystem for the future of how things are designed , made , and used . in addition to the competitive advantages afforded by our technology , our large global network of distributors , resellers , third-party developers , customers , educational institutions , educators , and students is a key competitive advantage . this network of partners and relationships provides us with a broad and deep reach into volume markets around the world . our distributor and reseller network is extensive and provides our customers with the resources to purchase , deploy , learn , and support our products quickly and easily . we have a significant number of registered third-party developers who create products that work well with our products and extend them for a variety of specialized applications . autodesk is committed to helping fuel a lifelong passion for design in students of all ages . we offer free educational subscriptions of autodesk software worldwide to students , educators , and educational institutions . story_separator_special_tag considering this negative evidence and the absence of sufficient positive objective evidence that we would generate sufficient taxable income in the u.s. to realize the deferred tax assets , we determined that it was more likely than not 2017 form 10-k 40 that the company would not realize u.s. federal and state deferred tax assets and recorded a valuation allowance on our federal and state deferred tax assets . we continue to have a full valuation allowance against our u.s. deferred tax assets in fiscal 2017 and increased the amount of the valuation allowance to include deferred tax assets generated in fiscal 2017 , including deferred tax assets that were established as a result of the adoption of asu 2016-9 in the second quarter of fiscal 2017. as we continually strive to optimize our overall business model , tax planning strategies may become feasible and prudent whereby management may determine that it is more likely than not that the federal and state deferred tax assets will be realized ; therefore , we will continue to evaluate the evidence around our ability to utilize our net deferred tax assets each quarter , both in the us and in foreign jurisdictions , based on all available evidence , both positive and negative . stock-based compensation . we measure stock-based compensation cost at the grant date fair value of the award , and recognize expense ratably over the requisite service period , which is generally the vesting period . we estimate the fair value of certain stock-based payment awards ( including grants of employee stock purchases related to the employee stock purchase plan ) using either the black-scholes-merton option-pricing model or a binomial-lattice model ( e.g . , monte carlo simulation model ) . to determine the grant-date fair value of our stock-based payment awards , we use a black-scholes model or the quoted stock price on the date of grant , unless the awards are subject to market conditions , in which case we use the monte carlo simulation model . the monte carlo simulation model utilizes multiple input variables to estimate the probability that market conditions will be achieved . these variables include our expected stock price volatility over the expected term of the award , actual and projected employee stock option exercise behaviors , the risk-free interest rate for the expected term of the award , and expected dividends . the variables used in these models are reviewed on a quarterly basis and adjusted , as needed . share-based compensation cost for restricted stock is measured on the closing fair market value of our common stock on the date of grant . the value of the portion of the award that is ultimately expected to vest is recognized as expense in our consolidated statements of operations . legal contingencies . as described in part i , item 3 , “ legal proceedings ” and part ii , item 8 , note 8 , “ commitments and contingencies , ” in the notes to consolidated financial statements , we are periodically involved in various legal claims and proceedings . we routinely review the status of each significant matter and assess our potential financial exposure . if the potential loss from any matter is considered probable and the amount can be reasonably estimated , we record a liability for the estimated loss . because of inherent uncertainties related to these legal matters , we base our loss accruals on the best information available at the time . as additional information becomes available , we reassess our potential liability and may revise our estimates . such revisions could have a material impact on future quarterly or annual results of operations . restructuring charges and other facility exit costs , net and accruals . in february 2016 , the board of directors approved a world-wide restructuring plan ( “ fiscal 2017 plan ” ) in order to re-balance staffing levels and reduce operating expenses to better align them with the evolving needs of the company 's business . the company 's restructuring plans include one–time termination benefits as well as certain contractual termination benefits . we record costs associated with exit activities related to restructuring plans in accordance with the asc topic 420 , exit or disposal obligations . liabilities for costs associated with an exit or disposal activity are recognized in the period in which the liability is incurred . the timing of associated cash payments is dependent upon the type of exit cost and may extend over a 12-month period . we record restructuring charge liabilities in “ other accrued liabilities , ” or `` other liabilities `` in the consolidated balance sheet . restructuring charges include employee termination costs , facility closure and relocation costs , and contract termination costs . one–time termination benefits are recognized as a liability at estimated fair value when the approved plan of termination has been communicated to employees , unless employees must provide future service , in which case the benefits are recognized ratably over the future service period . ongoing termination benefits arrangements are recognized as a liability at estimated fair value when the amount of such benefits becomes estimable and payment is probable . for the facility facility-related restructuring charges , we recognize upon exiting all or a portion of a leased facility and meeting cease-use and other requirements . the amount of restructuring charges is based on the fair value of the lease obligation for the abandoned space , which includes a sublease assumption that could be reasonably obtained . restructuring charges require significant estimates and assumptions , including sub-lease income and expenses for severance and other employee separation costs . our estimates involve a number of risks and uncertainties , some of which are beyond our control , including future real estate market conditions and our ability to successfully enter into subleases or termination agreements with terms as favorable as those assumed when arriving at our estimates . we monitor these

liquidity and capital resources 2017 form 10-k 58 our primary source of cash is from the sale and maintenance of our products . our primary use of cash is payment of our operating costs , which consist primarily of employee-related expenses , such as compensation and benefits , as well as general operating expenses for marketing , facilities and overhead costs . in addition to operating expenses , we also use cash to fund our stock repurchase program and invest in our growth initiatives , which include acquisitions of products , technology and businesses . see further discussion of these items below . at january 31 , 2017 , our principal sources of liquidity were cash , cash equivalents , and marketable securities totaling $ 2.2 billion and net accounts receivable of $ 452.3 million . net of our senior notes , we have cash , cash equivalents , and marketable securities totaling $ 0.7 billion at january 31 , 2017 . in june 2015 , we issued $ 450.0 million aggregate principal amount of 3.125 % notes due june 15 , 2020 and $ 300.0 million aggregate principal amount of 4.375 % notes due june 15 , 2025 . in december 2012 , we issued $ 400.0 million aggregate principal amount of 1.95 % notes due december 15 , 2017 and $ 350.0 million aggregate principal amount of 3.6 % notes due december 15 , 2022 ( all four series of notes collectively , the “ notes ” ) . as of march 21 , 2017 , we have $ 1.5 billion aggregate principal amount of notes outstanding . in addition , we have a line of credit facility that permits unsecured short-term borrowings of up to $ 400.0 million with a may 2020 maturity date . as a result of the business model transition , the leverage ratio requirement of the credit agreement was waived during the fourth quarter of fiscal 2017. autodesk is discussing amendments to the financial covenants in the credit agreement with the lenders and expects to conclude this process during the first quarter of fiscal 2018. as of march 21 , 2017 , we have no amounts outstanding under the credit facility .


 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 2017 form 10-k 58 our primary source of cash is from the sale and maintenance of our products . our primary use of cash is payment of our operating costs , which consist primarily of employee-related expenses , such as compensation and benefits , as well as general operating expenses for marketing , facilities and overhead costs . in addition to operating expenses , we also use cash to fund our stock repurchase program and invest in our growth initiatives , which include acquisitions of products , technology and businesses . see further discussion of these items below . at january 31 , 2017 , our principal sources of liquidity were cash , cash equivalents , and marketable securities totaling $ 2.2 billion and net accounts receivable of $ 452.3 million . net of our senior notes , we have cash , cash equivalents , and marketable securities totaling $ 0.7 billion at january 31 , 2017 . in june 2015 , we issued $ 450.0 million aggregate principal amount of 3.125 % notes due june 15 , 2020 and $ 300.0 million aggregate principal amount of 4.375 % notes due june 15 , 2025 . in december 2012 , we issued $ 400.0 million aggregate principal amount of 1.95 % notes due december 15 , 2017 and $ 350.0 million aggregate principal amount of 3.6 % notes due december 15 , 2022 ( all four series of notes collectively , the “ notes ” ) . as of march 21 , 2017 , we have $ 1.5 billion aggregate principal amount of notes outstanding . in addition , we have a line of credit facility that permits unsecured short-term borrowings of up to $ 400.0 million with a may 2020 maturity date . as a result of the business model transition , the leverage ratio requirement of the credit agreement was waived during the fourth quarter of fiscal 2017. autodesk is discussing amendments to the financial covenants in the credit agreement with the lenders and expects to conclude this process during the first quarter of fiscal 2018. as of march 21 , 2017 , we have no amounts outstanding under the credit facility .
```    
 Suspicious Activity Report : we believe that customer adoption of these new offerings will continue to grow as customers across a range of industries begin to take advantage of the scalable computing power and flexibility provided through these new services . our strategy is to lead the industries we serve to cloud-based technologies and business models . this entails both a technological shift and a business model shift . as part of the transition , we discontinued selling new perpetual licenses of most individual software products effective february 1 , 2016 , and discontinued selling new perpetual licenses of suites while introducing industry collections effective august 1 , 2016. industry collections allow access to a broad set of products and services that exceeds those previously available in suites - simplifying the customer ability to get access to a complete set of tools for their industry . we now offer subscriptions for individual products and industry collections , cloud service offerings , and flexible enterprise business agreements ( `` new model subscription offerings `` ) . these offerings are designed to give our customers more flexibility with how they use our products and service offerings and to attract a broader range of customers , such as project-based users and small businesses . with the discontinuation of the sale of most perpetual licenses , we have accelerated our transition away from selling a mix of perpetual licenses and term-based product subscriptions toward a single subscription model . as a result of this shift and various other factors described in note 13 , `` segments `` in the notes to our consolidated financial statements , we have 2017 form 10-k 36 reassessed the way we allocate resources and evaluate financial performance and now operate as a single operating segment . during the transition , revenue , margins , eps , deferred revenue and cash flow from operations have been and will be impacted as more revenue is recognized ratably rather than upfront and as new product subscription offerings generally have a lower initial purchase price . as we progress through the business model transition , reported revenue is less relevant to measure the success of the business as perpetual license sales have been discontinued in favor of subscription offerings , which have considerably lower upfront prices . annualized recurring revenue ( `` arr `` ) and growth of subscriptions better reflect business momentum and provide additional transparency into the transition . to further analyze progress , we disaggregate our growth in these metrics between the original maintenance model ( `` maintenance `` ) and the new model subscription offerings . maintenance subscriptions peaked in the fourth quarter of our fiscal 2016 , and we expect them to decline slowly over time . we sell our products and services globally , through a combination of indirect and direct channels . during the fiscal year ended january 31 , 2017 , 2016 , and 2015 , our indirect channels , which include value added resellers , direct market resellers , distributors , computer manufacturers , and other software developers , were responsible for 72 % , 79 % , and 83 % of our overall revenue , respectively . during the same periods , our direct channels , which include sales resources dedicated to selling in our largest accounts , our highly specialized products , and business transacted through our online autodesk branded store , were responsible for 28 % , 21 % , and 17 % of our overall revenue , respectively . we anticipate that our channel mix will continue to change , particularly as we scale our digitally transacted online autodesk branded store business and our largest accounts shift towards direct-only business models . importantly , we expect our indirect channel will continue to transact and support the majority of our revenue as we move beyond the business model transition . we employ a variety of incentive programs and promotions to align our direct and indirect channels with our business strategies . in addition , we have a worldwide user group organization and we have created online user communities dedicated to the exchange of information related to the use of our products . one of our key strategies is to maintain an open-architecture design of our software products to facilitate third-party development of complementary products and industry-specific software solutions . this approach enables customers and third parties to customize solutions for a wide variety of highly specific uses . we offer several programs that provide strategic investment funding , technological platforms , user communities , technical support , forums , and events to developers who develop add-on applications for our products . for example , we have established the autodesk spark program to support ideas that push the boundaries of 3d printing and nurture the companies that will advance innovations within 3d printing hardware and software . we have also created the autodesk forge program to support innovators that build solutions to facilitate the development of a single connected ecosystem for the future of how things are designed , made , and used . in addition to the competitive advantages afforded by our technology , our large global network of distributors , resellers , third-party developers , customers , educational institutions , educators , and students is a key competitive advantage . this network of partners and relationships provides us with a broad and deep reach into volume markets around the world . our distributor and reseller network is extensive and provides our customers with the resources to purchase , deploy , learn , and support our products quickly and easily . we have a significant number of registered third-party developers who create products that work well with our products and extend them for a variety of specialized applications . autodesk is committed to helping fuel a lifelong passion for design in students of all ages . we offer free educational subscriptions of autodesk software worldwide to students , educators , and educational institutions . story_separator_special_tag considering this negative evidence and the absence of sufficient positive objective evidence that we would generate sufficient taxable income in the u.s. to realize the deferred tax assets , we determined that it was more likely than not 2017 form 10-k 40 that the company would not realize u.s. federal and state deferred tax assets and recorded a valuation allowance on our federal and state deferred tax assets . we continue to have a full valuation allowance against our u.s. deferred tax assets in fiscal 2017 and increased the amount of the valuation allowance to include deferred tax assets generated in fiscal 2017 , including deferred tax assets that were established as a result of the adoption of asu 2016-9 in the second quarter of fiscal 2017. as we continually strive to optimize our overall business model , tax planning strategies may become feasible and prudent whereby management may determine that it is more likely than not that the federal and state deferred tax assets will be realized ; therefore , we will continue to evaluate the evidence around our ability to utilize our net deferred tax assets each quarter , both in the us and in foreign jurisdictions , based on all available evidence , both positive and negative . stock-based compensation . we measure stock-based compensation cost at the grant date fair value of the award , and recognize expense ratably over the requisite service period , which is generally the vesting period . we estimate the fair value of certain stock-based payment awards ( including grants of employee stock purchases related to the employee stock purchase plan ) using either the black-scholes-merton option-pricing model or a binomial-lattice model ( e.g . , monte carlo simulation model ) . to determine the grant-date fair value of our stock-based payment awards , we use a black-scholes model or the quoted stock price on the date of grant , unless the awards are subject to market conditions , in which case we use the monte carlo simulation model . the monte carlo simulation model utilizes multiple input variables to estimate the probability that market conditions will be achieved . these variables include our expected stock price volatility over the expected term of the award , actual and projected employee stock option exercise behaviors , the risk-free interest rate for the expected term of the award , and expected dividends . the variables used in these models are reviewed on a quarterly basis and adjusted , as needed . share-based compensation cost for restricted stock is measured on the closing fair market value of our common stock on the date of grant . the value of the portion of the award that is ultimately expected to vest is recognized as expense in our consolidated statements of operations . legal contingencies . as described in part i , item 3 , “ legal proceedings ” and part ii , item 8 , note 8 , “ commitments and contingencies , ” in the notes to consolidated financial statements , we are periodically involved in various legal claims and proceedings . we routinely review the status of each significant matter and assess our potential financial exposure . if the potential loss from any matter is considered probable and the amount can be reasonably estimated , we record a liability for the estimated loss . because of inherent uncertainties related to these legal matters , we base our loss accruals on the best information available at the time . as additional information becomes available , we reassess our potential liability and may revise our estimates . such revisions could have a material impact on future quarterly or annual results of operations . restructuring charges and other facility exit costs , net and accruals . in february 2016 , the board of directors approved a world-wide restructuring plan ( “ fiscal 2017 plan ” ) in order to re-balance staffing levels and reduce operating expenses to better align them with the evolving needs of the company 's business . the company 's restructuring plans include one–time termination benefits as well as certain contractual termination benefits . we record costs associated with exit activities related to restructuring plans in accordance with the asc topic 420 , exit or disposal obligations . liabilities for costs associated with an exit or disposal activity are recognized in the period in which the liability is incurred . the timing of associated cash payments is dependent upon the type of exit cost and may extend over a 12-month period . we record restructuring charge liabilities in “ other accrued liabilities , ” or `` other liabilities `` in the consolidated balance sheet . restructuring charges include employee termination costs , facility closure and relocation costs , and contract termination costs . one–time termination benefits are recognized as a liability at estimated fair value when the approved plan of termination has been communicated to employees , unless employees must provide future service , in which case the benefits are recognized ratably over the future service period . ongoing termination benefits arrangements are recognized as a liability at estimated fair value when the amount of such benefits becomes estimable and payment is probable . for the facility facility-related restructuring charges , we recognize upon exiting all or a portion of a leased facility and meeting cease-use and other requirements . the amount of restructuring charges is based on the fair value of the lease obligation for the abandoned space , which includes a sublease assumption that could be reasonably obtained . restructuring charges require significant estimates and assumptions , including sub-lease income and expenses for severance and other employee separation costs . our estimates involve a number of risks and uncertainties , some of which are beyond our control , including future real estate market conditions and our ability to successfully enter into subleases or termination agreements with terms as favorable as those assumed when arriving at our estimates . we monitor these

