payroll and related expenses consist of wages and salaries , commissions , bonuses , and benefits for all of our employees , including management and administrative personnel . selling , general and administrative expenses include telephone , postage and mailing costs , outside collection attorneys and other third-party collection services providers , and other collection costs , as well as expenses that directly support operations , including facility costs , equipment maintenance , sales and marketing , data processing , professional fees , and other management costs . as a result of the annual impairment testing completed during the fourth quarter of 2008 , we recorded goodwill and trade name impairment charges of $ 289.5 million . additionally , revenue for 2008 was reduced by a $ 98.9 million impairment charge recorded to increase the valuation allowance against the carrying value of the portfolios of purchased accounts receivable . during the second half of 2007 and during 2008 , our payroll and related expenses were negatively impacted by the decline in the u.s. dollar against the canadian dollar . changes to the economic conditions in the u.s. , either positive or negative , could have a significant impact on our business , including , but not limited to : · further impairment charges to our goodwill , trade name and purchased accounts receivable ; · fluctuations in the volume of placements of accounts and the collectability of those accounts for our arm contingency fee based services ; · volume fluctuations in our arm fixed fee based services ; · volume fluctuations in our crm services ; and , · variability in the collectability of existing portfolios and the ability to purchase portfolios at acceptable prices for our portfolio management business . we have grown rapidly , through both acquisitions as well as internal growth . on january 2 , 2008 , we acquired systems & services technologies , inc. , referred to as sst , a third-party consumer receivable servicer , for $ 17.7 million . on february 29 , 2008 , we acquired outsourcing solutions , inc. , referred to as osi , a leading provider of business process outsourcing services , specializing primarily in accounts receivable management services , for $ 339.0 million . during 2008 , the company also acquired several smaller companies , all of which were providers of arm services , for an aggregate purchase price of $ 9.3 million which was paid in cash . on january 9 , 2007 , we acquired statewide mercantile services , referred to as sms , a provider of arm services in australia for approximately $ 2.1 million , which included sms ' portfolio of purchased accounts receivable . during 2006 , we completed two acquisitions : australian receivables limited , referred to as arl , a provider of arm services in australia , in july 2006 for approximately $ 9.4 million ; and star contact ( bvi ) ltd and call center telemarketing pro-panama , s.a. , referred to as star contact , a provider of crm services in panama , in december 2006 for approximately $ 51.2 million . prior to the acquisition of sst on january 2 , 2008 , sst was a wholly owned subsidiary of 42 table of contents jpmorgan chase & co. , referred to as jpm . jpm also wholly owns oep , which as described above has had a controlling interest in us since the transaction on november 15 , 2006. financial accounting standards board , referred to as fasb , statement of financial accounting standards no . 141 , business combinations ,  referred to as sfas 141 , states that a business combination excludes transfers of net assets or exchanges of equity interests between entities under common control . sfas 141 also states that transfers of net assets or exchanges of equity interests between entities under common control should be accounted for similar to the pooling-of-interests method ( as-if pooling-of-interests ) in that the entity that receives the net assets or the equity interests initially recognizes the assets and liabilities transferred at their carrying amounts in the accounts of the transferring entity at the date of transfer . because nco and sst were under common control at the time of the sst acquisition , the transfer of assets and liabilities of sst were accounted for at historical cost in a manner similar to a pooling of interests . for financial accounting purposes , the acquisition is viewed as a change in reporting entity and , as a result , required restatement of our financial statements for all periods subsequent to november 15 , 2006 , the date of the transaction and the date at which common control of nco and sst by jpm commenced . in as-if pooling-of-interests accounting , financial statements of the previously separate companies for periods prior to the combination are restated on a combined basis to furnish comparative information . accordingly , our consolidated balance sheet as of december 31 , 2007 and the consolidated statements of operations and cash flows for the year ended december 31 , 2007 and for the period from july 13 , 2006 through december 31 , 2006 include sst 's financial position information as of december 31 , 2007 and its results of operations and cash flows for the year ended december 31 , 2007 and for the one month ended december 31 , 2006. critical accounting policies and estimates general the preparation of consolidated financial statements in conformity with accounting principles generally accepted in the united states requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes . actual results could differ from those estimates . we believe the following accounting policies and estimates are the most critical and could have the most impact on our results of operations . story_separator_special_tag the increase in payroll and related expenses as a percentage of revenue was primarily attributable to the decrease in revenues due to the $ 98.9 impairment charge recorded on purchased accounts receivables in the year ended december 31 , 2008. arm 's payroll and related expenses increased $ 157.5 million to $ 583.7 million in 2008 , from $ 426.2 million in 2007 , and increased as a percentage of revenue to 47.9 percent from 46.5 percent . payroll and related expenses increased primarily due to the acquisition of osi on february 29 , 2008 , and increased as a percentage of revenue due to the osi acquisition as well as the effect of the weaker collection environment on arm 's revenue . included in arm 's payroll and related expenses was $ 2.9 million of intercompany expense to crm , for services provided to arm . crm 's payroll and related expenses increased $ 10.2 million to $ 256.9 million in 2008 , from $ 246.7 million in 2007 , but decreased as a percentage of revenue to 71.1 percent from 75.1 percent . the decrease as a percentage of revenue was primarily a result of our continuing deployment of additional staff in off-shore locations . portfolio management 's payroll and related expenses increased $ 171,000 to $ 7.8 million in 2008 , from $ 7.6 million in 2007. portfolio management outsources all of its collection services to arm and , therefore , has a relatively small fixed payroll cost structure . selling , general and administrative expenses . selling , general and administrative expenses increased $ 103.2 million to $ 562.3 million in 2008 , from $ 459.2 million in 2007 , and increased as a percentage of revenue to 37.2 percent from 35.7 percent . the increase in selling , general and administrative expenses as a percentage of revenue was primarily attributable to the decrease in revenues due to the $ 98.9 million impairment charge recorded on purchased accounts receivables in 2008. arm 's selling , general and administrative expenses increased $ 95.6 million to $ 496.9 million in 2008 , from $ 401.2 million in 2007 , but decreased as a percentage of revenue to 40.7 percent 48 table of contents from 43.8 percent . the increase in arm 's selling , general and administrative expenses was primarily due to the osi acquisition . the decrease in arm 's selling , general and administrative expenses as a percentage of revenue was primarily attributable to leveraging our infrastructure over the larger revenue base . crm 's selling , general and administrative expenses increased $ 7.4 million to $ 61.7 million in 2008 , from $ 54.3 million in 2007 , and increased as a percentage of revenue to 17.1 percent from 16.5 percent . the increase in crm 's selling , general and administrative expenses as a percentage of revenue was primarily attributable to ramping up capacity due to increasing client volumes , in advance of the offsetting revenue generation . portfolio management 's selling , general and administrative expenses decreased $ 26.2 million to $ 86.5 million in 2008 , from $ 112.7 million in 2007 , but increased as a percentage of revenue , not including portfolio sales revenue and excluding the effect of impairment charges , to 76.2 percent from 72.8 percent . the decrease in portfolio management 's selling , general and administrative expenses resulted from a $ 26.3 million decrease in fees for collection services provided by arm . the increase as a percentage of revenue was primarily due to the decrease in revenue due to lower collections . included in portfolio management 's selling , general and administrative expenses for 2008 and 2007 was $ 82.8 million and $ 109.1 million , respectively , of intercompany expense to arm , for services provided to portfolio management . restructuring charges . during 2008 we incurred restructuring charges of $ 11.6 million related to restructuring of our legacy operations to streamline our cost structure , in conjunction with the osi acquisition . the charges consisted primarily of costs associated with the closing of redundant facilities and severance . depreciation and amortization . depreciation and amortization increased to $ 121.3 million in 2008 , from $ 102.3 million in 2007. this increase was primarily attributable to the amortization of the customer relationships resulting from the osi acquisition . impairment of intangible assets . during the fourth quarter of 2008 , the company performed its annual impairment tests of goodwill and trade name and recorded impairment charges totaling $ 289.5 million . other income ( expense ) . interest expense decreased to $ 94.8 million for 2008 , from $ 95.3 million for 2007. the decrease was attributable to lower floating interest rates on the senior credit facility and the senior notes . the lower interest rates were partially offset by additional borrowings under the senior credit facility primarily to fund a portion of the acquisition of osi . other income ( expense ) , net for 2008 and 2007 included approximately $ 16.8 million of net losses and $ 2.2 million of net gains , respectively , resulting from the settlement of certain foreign exchange contracts . income tax ( benefit ) expense . for 2008 , the effective income tax rate decreased to 16.8 percent from 35.7 percent for 2007 , due to losses in the domestic arm , crm and portfolio management businesses combined with income from certain foreign businesses , which are not subject to income tax , and less income attributable to minority interests . year ended december 31 , 2007 compared to year ended december 31 , 2006 revenue . revenue increased $ 89.2 million , or 7.5 percent , to $ 1,285.4 million for 2007 , from $ 1,196.2 million in 2006. arm , crm and portfolio management accounted for $ 915.6 million , $ 328.5 million and $ 150.9 million , respectively , of the 2007 revenue

cash flows from financing activities . cash provided by financing activities was $ 332.2 million in 2008 , compared to cash used in financing activities of $ 2.9 million in 2007. the change in financing activities resulted from the additional borrowings of $ 139.0 million under our credit facility and the issuance of $ 210.0 million of stock , both of which were used primarily to fund the osi acquisition . during 2008 , we paid $ 17.5 million to jpm in connection with the acquisition of sst , which was deemed to be a cash dividend for accounting purposes . cash used in financing activities was $ 2.9 million in 2007 , compared to cash provided by financing activities of $ 914.9 million in 2006. the change in financing activities resulted from the 2006 borrowings of $ 830.0 million to fund the transaction , consisting of $ 465.0 million term loan under the credit facility , $ 165.0 million of senior notes and $ 200.0 million of senior subordinated notes . also , contributing to the change was the 2006 issuance of $ 396.0 million of capital stock in connection with the transaction . partially offsetting these items was net borrowings under the credit facility of $ 6.4 million in 2007 , compared to net repayments of $ 134.5 million in 2006. senior credit facility . on november 15 , 2006 we entered into the credit facility with a syndicate of financial institutions . the credit facility , as amended , consists of a term loan ( $ 588.6 million outstanding as of december 31 , 2008 ) and a $ 100.0 million revolving credit facility ( $ 81.5 million outstanding as of december 31 , 2008 ) . we are required to make quarterly repayments of $ 1.5 million on the term loan until its maturity in may 2013 , at which its remaining balance outstanding is due . we are also required to make annual prepayments of 50 percent , 25 percent or zero percent of our excess annual cash flow , based on our leverage ratio .


 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 flows from financing activities . cash provided by financing activities was $ 332.2 million in 2008 , compared to cash used in financing activities of $ 2.9 million in 2007. the change in financing activities resulted from the additional borrowings of $ 139.0 million under our credit facility and the issuance of $ 210.0 million of stock , both of which were used primarily to fund the osi acquisition . during 2008 , we paid $ 17.5 million to jpm in connection with the acquisition of sst , which was deemed to be a cash dividend for accounting purposes . cash used in financing activities was $ 2.9 million in 2007 , compared to cash provided by financing activities of $ 914.9 million in 2006. the change in financing activities resulted from the 2006 borrowings of $ 830.0 million to fund the transaction , consisting of $ 465.0 million term loan under the credit facility , $ 165.0 million of senior notes and $ 200.0 million of senior subordinated notes . also , contributing to the change was the 2006 issuance of $ 396.0 million of capital stock in connection with the transaction . partially offsetting these items was net borrowings under the credit facility of $ 6.4 million in 2007 , compared to net repayments of $ 134.5 million in 2006. senior credit facility . on november 15 , 2006 we entered into the credit facility with a syndicate of financial institutions . the credit facility , as amended , consists of a term loan ( $ 588.6 million outstanding as of december 31 , 2008 ) and a $ 100.0 million revolving credit facility ( $ 81.5 million outstanding as of december 31 , 2008 ) . we are required to make quarterly repayments of $ 1.5 million on the term loan until its maturity in may 2013 , at which its remaining balance outstanding is due . we are also required to make annual prepayments of 50 percent , 25 percent or zero percent of our excess annual cash flow , based on our leverage ratio .
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 Suspicious Activity Report : payroll and related expenses consist of wages and salaries , commissions , bonuses , and benefits for all of our employees , including management and administrative personnel . selling , general and administrative expenses include telephone , postage and mailing costs , outside collection attorneys and other third-party collection services providers , and other collection costs , as well as expenses that directly support operations , including facility costs , equipment maintenance , sales and marketing , data processing , professional fees , and other management costs . as a result of the annual impairment testing completed during the fourth quarter of 2008 , we recorded goodwill and trade name impairment charges of $ 289.5 million . additionally , revenue for 2008 was reduced by a $ 98.9 million impairment charge recorded to increase the valuation allowance against the carrying value of the portfolios of purchased accounts receivable . during the second half of 2007 and during 2008 , our payroll and related expenses were negatively impacted by the decline in the u.s. dollar against the canadian dollar . changes to the economic conditions in the u.s. , either positive or negative , could have a significant impact on our business , including , but not limited to : · further impairment charges to our goodwill , trade name and purchased accounts receivable ; · fluctuations in the volume of placements of accounts and the collectability of those accounts for our arm contingency fee based services ; · volume fluctuations in our arm fixed fee based services ; · volume fluctuations in our crm services ; and , · variability in the collectability of existing portfolios and the ability to purchase portfolios at acceptable prices for our portfolio management business . we have grown rapidly , through both acquisitions as well as internal growth . on january 2 , 2008 , we acquired systems & services technologies , inc. , referred to as sst , a third-party consumer receivable servicer , for $ 17.7 million . on february 29 , 2008 , we acquired outsourcing solutions , inc. , referred to as osi , a leading provider of business process outsourcing services , specializing primarily in accounts receivable management services , for $ 339.0 million . during 2008 , the company also acquired several smaller companies , all of which were providers of arm services , for an aggregate purchase price of $ 9.3 million which was paid in cash . on january 9 , 2007 , we acquired statewide mercantile services , referred to as sms , a provider of arm services in australia for approximately $ 2.1 million , which included sms ' portfolio of purchased accounts receivable . during 2006 , we completed two acquisitions : australian receivables limited , referred to as arl , a provider of arm services in australia , in july 2006 for approximately $ 9.4 million ; and star contact ( bvi ) ltd and call center telemarketing pro-panama , s.a. , referred to as star contact , a provider of crm services in panama , in december 2006 for approximately $ 51.2 million . prior to the acquisition of sst on january 2 , 2008 , sst was a wholly owned subsidiary of 42 table of contents jpmorgan chase & co. , referred to as jpm . jpm also wholly owns oep , which as described above has had a controlling interest in us since the transaction on november 15 , 2006. financial accounting standards board , referred to as fasb , statement of financial accounting standards no . 141 , business combinations ,  referred to as sfas 141 , states that a business combination excludes transfers of net assets or exchanges of equity interests between entities under common control . sfas 141 also states that transfers of net assets or exchanges of equity interests between entities under common control should be accounted for similar to the pooling-of-interests method ( as-if pooling-of-interests ) in that the entity that receives the net assets or the equity interests initially recognizes the assets and liabilities transferred at their carrying amounts in the accounts of the transferring entity at the date of transfer . because nco and sst were under common control at the time of the sst acquisition , the transfer of assets and liabilities of sst were accounted for at historical cost in a manner similar to a pooling of interests . for financial accounting purposes , the acquisition is viewed as a change in reporting entity and , as a result , required restatement of our financial statements for all periods subsequent to november 15 , 2006 , the date of the transaction and the date at which common control of nco and sst by jpm commenced . in as-if pooling-of-interests accounting , financial statements of the previously separate companies for periods prior to the combination are restated on a combined basis to furnish comparative information . accordingly , our consolidated balance sheet as of december 31 , 2007 and the consolidated statements of operations and cash flows for the year ended december 31 , 2007 and for the period from july 13 , 2006 through december 31 , 2006 include sst 's financial position information as of december 31 , 2007 and its results of operations and cash flows for the year ended december 31 , 2007 and for the one month ended december 31 , 2006. critical accounting policies and estimates general the preparation of consolidated financial statements in conformity with accounting principles generally accepted in the united states requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes . actual results could differ from those estimates . we believe the following accounting policies and estimates are the most critical and could have the most impact on our results of operations . story_separator_special_tag the increase in payroll and related expenses as a percentage of revenue was primarily attributable to the decrease in revenues due to the $ 98.9 impairment charge recorded on purchased accounts receivables in the year ended december 31 , 2008. arm 's payroll and related expenses increased $ 157.5 million to $ 583.7 million in 2008 , from $ 426.2 million in 2007 , and increased as a percentage of revenue to 47.9 percent from 46.5 percent . payroll and related expenses increased primarily due to the acquisition of osi on february 29 , 2008 , and increased as a percentage of revenue due to the osi acquisition as well as the effect of the weaker collection environment on arm 's revenue . included in arm 's payroll and related expenses was $ 2.9 million of intercompany expense to crm , for services provided to arm . crm 's payroll and related expenses increased $ 10.2 million to $ 256.9 million in 2008 , from $ 246.7 million in 2007 , but decreased as a percentage of revenue to 71.1 percent from 75.1 percent . the decrease as a percentage of revenue was primarily a result of our continuing deployment of additional staff in off-shore locations . portfolio management 's payroll and related expenses increased $ 171,000 to $ 7.8 million in 2008 , from $ 7.6 million in 2007. portfolio management outsources all of its collection services to arm and , therefore , has a relatively small fixed payroll cost structure . selling , general and administrative expenses . selling , general and administrative expenses increased $ 103.2 million to $ 562.3 million in 2008 , from $ 459.2 million in 2007 , and increased as a percentage of revenue to 37.2 percent from 35.7 percent . the increase in selling , general and administrative expenses as a percentage of revenue was primarily attributable to the decrease in revenues due to the $ 98.9 million impairment charge recorded on purchased accounts receivables in 2008. arm 's selling , general and administrative expenses increased $ 95.6 million to $ 496.9 million in 2008 , from $ 401.2 million in 2007 , but decreased as a percentage of revenue to 40.7 percent 48 table of contents from 43.8 percent . the increase in arm 's selling , general and administrative expenses was primarily due to the osi acquisition . the decrease in arm 's selling , general and administrative expenses as a percentage of revenue was primarily attributable to leveraging our infrastructure over the larger revenue base . crm 's selling , general and administrative expenses increased $ 7.4 million to $ 61.7 million in 2008 , from $ 54.3 million in 2007 , and increased as a percentage of revenue to 17.1 percent from 16.5 percent . the increase in crm 's selling , general and administrative expenses as a percentage of revenue was primarily attributable to ramping up capacity due to increasing client volumes , in advance of the offsetting revenue generation . portfolio management 's selling , general and administrative expenses decreased $ 26.2 million to $ 86.5 million in 2008 , from $ 112.7 million in 2007 , but increased as a percentage of revenue , not including portfolio sales revenue and excluding the effect of impairment charges , to 76.2 percent from 72.8 percent . the decrease in portfolio management 's selling , general and administrative expenses resulted from a $ 26.3 million decrease in fees for collection services provided by arm . the increase as a percentage of revenue was primarily due to the decrease in revenue due to lower collections . included in portfolio management 's selling , general and administrative expenses for 2008 and 2007 was $ 82.8 million and $ 109.1 million , respectively , of intercompany expense to arm , for services provided to portfolio management . restructuring charges . during 2008 we incurred restructuring charges of $ 11.6 million related to restructuring of our legacy operations to streamline our cost structure , in conjunction with the osi acquisition . the charges consisted primarily of costs associated with the closing of redundant facilities and severance . depreciation and amortization . depreciation and amortization increased to $ 121.3 million in 2008 , from $ 102.3 million in 2007. this increase was primarily attributable to the amortization of the customer relationships resulting from the osi acquisition . impairment of intangible assets . during the fourth quarter of 2008 , the company performed its annual impairment tests of goodwill and trade name and recorded impairment charges totaling $ 289.5 million . other income ( expense ) . interest expense decreased to $ 94.8 million for 2008 , from $ 95.3 million for 2007. the decrease was attributable to lower floating interest rates on the senior credit facility and the senior notes . the lower interest rates were partially offset by additional borrowings under the senior credit facility primarily to fund a portion of the acquisition of osi . other income ( expense ) , net for 2008 and 2007 included approximately $ 16.8 million of net losses and $ 2.2 million of net gains , respectively , resulting from the settlement of certain foreign exchange contracts . income tax ( benefit ) expense . for 2008 , the effective income tax rate decreased to 16.8 percent from 35.7 percent for 2007 , due to losses in the domestic arm , crm and portfolio management businesses combined with income from certain foreign businesses , which are not subject to income tax , and less income attributable to minority interests . year ended december 31 , 2007 compared to year ended december 31 , 2006 revenue . revenue increased $ 89.2 million , or 7.5 percent , to $ 1,285.4 million for 2007 , from $ 1,196.2 million in 2006. arm , crm and portfolio management accounted for $ 915.6 million , $ 328.5 million and $ 150.9 million , respectively , of the 2007 revenue

