other transportation modes include intermodal , small parcel , domestic air , expedited and international . material shifts in the percentage of our revenue by transportation mode could have a significant impact on our revenue growth . in 2018 , tl accounted for 69.1 % of our revenue , ltl accounted for 26.2 % of our revenue and other transportation modes accounted for 4.7 % of our revenue . in 2017 , tl accounted for 68.1 % of our revenue , ltl accounted for 26.8 % of our revenue and other transportation modes accounted for 5.1 % of our revenue . in 2016 , tl accounted for 67.6 % of our revenue , ltl accounted for 26.4 % of our revenue and other transportation modes accounted for 6.0 % of our revenue . the transportation industry has historically been subject to seasonal sales fluctuations as shipments generally are lower during and after the winter holiday season because many companies ship goods and stock inventories prior to the winter holiday season . while we experience some seasonality , differences in our revenue between periods have been driven primarily by growth in our client base . transportation costs and net revenue we act primarily as a service provider to add value and expertise in the procurement and execution of brokerage and transportation management services for our clients . our pricing structure is primarily variable , although we have entered into a limited number of fixed-fee arrangements that represent an insignificant portion of our revenue . net revenue is a non-gaap measure equal to revenue minus transportation costs . our transportation costs consist primarily of the direct cost of transportation paid to the carrier . net revenue is considered by management to be an important measurement of our success in the marketplace . our transportation costs are typically lower for an ltl shipment than for a tl shipment . in turn , our net revenue margin is typically higher for an ltl shipment than for a tl shipment . material shifts in the percentage of our revenue by transportation mode could have a significant impact on our net revenue . the discussion of our results of operations below focuses on changes in our expenses as a percentage of net revenue . in 2018 , 2017 and 2016 , our net revenue was $ 420.4 million , $ 339.0 million and $ 318.6 million , respectively , reflecting growth rates of 24.0 % and 6.4 % in 2018 and 2017 , respectively , compared to the corresponding prior year . operating expenses our costs and expenses , excluding transportation costs , consist of commissions paid to our sales personnel , general and administrative expenses to run our business , changes in our contingent consideration , acquisition-related transaction costs , and depreciation and amortization . commissions paid to our sales personnel , including employees and agents , are a significant component of our operating expenses . these commissions are based on the net revenue we collect from the clients for which the sales personnel have primary responsibility . in 2018 , 2017 and 2016 , commission expense was $ 126.8 million , $ 103.1 million and $ 95.6 million , 23 respectively . in 2018 , 2017 and 2016 , commission expense as a percentage of net revenue was 30.2 % , 30.4 % and 30.0 % , respectively . tl shipments typically have higher commission percentages than other modes . the percentage of net revenue paid as commissions varies depending on the type of client , composition of the sales team and mode of transportation . commission expense , stated as a percentage of net revenue , could increase or decrease in the future depending on the composition and sources of our revenue growth . we accrue for commission expense when we recognize the related revenue . some of our sales personnel receive a monthly advance to provide them with a more consistent income stream . cash paid to our sales personnel in advance of commissions earned is recorded as a prepaid expense . as our sales personnel earn commissions , a portion of their commission payment is withheld and offset against their prepaid commission balance , if any . selling , general and administrative expenses , excluding commission expense and changes to contingent consideration relating to acquired businesses , consist of compensation costs for our sales , operations , information systems , finance and administrative support employees as well as occupancy costs , professional fees , acquisition-related transaction costs , and other general and administrative expenses . in 2018 , 2017 and 2016 , our selling , general and administrative expenses were $ 202.9 million , $ 183.1 million and $ 175.3 million , respectively . in 2018 , 2017 and 2016 , selling , general and administrative expenses as a percentage of net revenue were 48.3 % , 54.0 % and 55.0 % , respectively . our contingent consideration expense or benefit relates to acquired businesses and is the change in the fair value of our contingent consideration assets and liabilities . the contingent consideration assets and liabilities presented on our consolidated balance sheets reflect the fair value of expected earn-out payments that may be paid to or received from the sellers of certain acquired businesses upon the achievement of certain performance measures . the fair value of the contingent consideration assets and liabilities are evaluated on a quarterly basis , and the change in fair value is included in selling , general and administrative expenses in our consolidated statements of operations . in 2018 and 2017 , we recorded charges of $ 0.4 million and $ 1.0 million compared to a benefit of $ 0.1 million in 2016 due to fair value adjustments to our contingent consideration assets and liabilities . our depreciation expense is primarily attributable to our depreciation of computer hardware and software , equipment , leasehold improvements , furniture and fixtures , and internally developed software . story_separator_special_tag the difference in our effective tax rate for the year ended december 31 , 2018 from our statutory federal tax rate of 21 % was primarily due to share-based payment awards recognized as income tax expense , state income taxes , and deferred tax liabilities adjustments , offset in part by the research and development tax credit . net income net income was $ 28.7 million in 2018 , compared to $ 12.6 million in 2017 as a result of the items previously discussed . 27 comparison of years ended december 31 , 2017 and 2016 revenue revenue was $ 1.9 billion in 2017 , an increase of 13.2 % from $ 1.7 billion in 2016. the increase in revenue was attributable to a 5.4 % increase in shipment volume and a 7.4 % increase in revenue per shipment driven by an increase in tl rates . revenue from transactional clients was $ 1.5 billion in 2017 , an increase of 10.2 % from $ 1.4 billion in 2016. the increase in transactional revenue was driven by an increase in volume and an increase in revenue per shipment driven by an increase in tl rates . our percentage of revenue from transactional clients was 79.2 % in 2017 , a decrease from 81.3 % in 2016. the decrease in transactional revenue as a percent of total revenue was driven by an increase in managed transportation volume . revenue from managed transportation clients was $ 404.3 million in 2017 , an increase of 26.2 % from $ 320.3 million in 2016. this increase was driven by the addition of new clients , along with an increase in revenue from existing clients . in 2017 , 20.8 % of our revenue was generated from managed transportation clients , an increase from 18.7 % in 2016. transportation costs transportation costs were $ 1.6 billion in 2017 , an increase of 14.8 % from $ 1.4 billion in 2016. the 5.4 % growth in the total number of shipments and the 8.9 % increase in carrier rates per load drove the increase in our transportation costs during this period . our transportation costs as a percentage of revenue increased to 82.6 % in 2017 from 81.4 % in 2016 due to margin compression resulting from higher carrier rates . net revenue net revenue was $ 339.0 million in 2017 , an increase of 6.4 % from $ 318.6 million in 2016. the growth in the total number of shipments accounted for most of the increase in our net revenue during this period . net revenue margins decreased to 17.4 % in 2017 from 18.6 % in 2016. the decline in both tl and ltl margins , primarily due to higher carrier rates , accounted for most of the decrease in our net revenue margin during the period . operating expenses commission expense was $ 103.1 million in 2017 , an increase of 7.8 % from $ 95.6 million in 2016. this increase was primarily attributable to the increase in net revenue . for 2017 and 2016 , commission expense was 30.4 % and 30.0 % , respectively , of our net revenue . the modest increase in commission expense as a percentage of net revenue was due to the fluctuation in the composition of our net revenue by mode , as tl shipments typically have higher commission percentages than other modes . selling , general and administrative expenses were $ 183.1 million in 2017 , an increase of 4.5 % from $ 175.3 million in 2016 , due to an increased investment in our sales force and operating personnel . as a percentage of net revenue , selling , general and administrative expenses decreased to 54.0 % in 2017 from 55.0 % in 2016 , due to higher net revenue . the contingent consideration fair value adjustment resulted in a net expense of $ 1.0 million and net benefit of $ 0.1 million in 2017 and 2016 , respectively . the expense for 2017 was the result of adjustments made to the fair value of the contingent assets and liabilities , primarily due to financial performance of previously acquired businesses and the time value of money . the fair value of the contingent consideration obligation for each acquisition reflects updated probabilities as of december 31 , 2017. depreciation expense was $ 18.5 million in 2017 , an increase of 13.2 % from $ 16.3 million in 2016. the increase in depreciation expense was primarily attributable to the depreciation of additional leasehold improvements , furniture and computer equipment for the new chicago expansion space added in the fourth quarter of 2016. amortization expense in 2017 was $ 14.2 million , a decrease of 9.9 % from $ 15.8 million in 2016 , primarily attributable to the accelerated method of amortization of our acquired customer relationships along with the complete amortization of previously acquired intangible assets . 28 income from operations income from operations was $ 19.1 million in 2017 , an increase of 22.3 % from $ 15.6 million in 2016. the increase in income from operations was attributable to the increase in net revenue in excess of the increase in operating expenses . interest expense interest expense was $ 14.8 million in 2017 , an increase from $ 14.2 million in 2016. the interest expense in both years primarily related to our notes and the abl facility . income tax benefit we recognized income tax benefits of $ 8.3 million and $ 0.2 million for the years ended december 31 , 2017 and 2016 , respectively . our effective tax rate for the year ended december 31 , 2017 was ( 190.2 ) % , compared to an effective tax rate of ( 14.9 ) % in the comparable period of 2016. the difference in our effective tax rate for the year ended december 31 , 2017 from our statutory federal tax rate of 35 % was primarily due to the favorable impact of

cash provided by operating activities for the year ended december 31 , 2018 , $ 94.2 million of cash was provided by operating activities . this was an increase from $ 48.7 million in 2017 and $ 59.7 million in 2016. in 2018 , we generated $ 91.3 million in cash from net income , adjusted for noncash operating items , an increase from $ 59.3 million in 2017 and $ 58.9 million in 2016 . changes in working capital primarily relate to changes in accounts receivable , accounts payable and accrued expense balances . cash used in investing activities cash used in investing activities was $ 31.8 million , $ 20.7 million and $ 46.9 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . in 2018 , the primary investing activities were capital expenditures , including internal use software , investments , and the acquisition of fmp . in 2017 and 2016 , the primary investing activities were capital expenditures . our capital expenditures were $ 24.1 million , $ 20.7 million and $ 46.9 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . our capital expenditures increased in 2018 as compared to 2017 due to the internal development of computer software and the purchases of property and equipment . our capital expenditures decreased in 2017 due to the 2016 expansion of our office space at our chicago headquarters , which included the purchases of computer equipment , software , including internal use software , furniture , fixtures and office equipment , and leasehold improvements . cash used in financing activities cash used in financing activities was $ 45.7 million , $ 21.1 million and $ 52.7 million in 2018 , 2017 and 2016 , respectively .


 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 provided by operating activities for the year ended december 31 , 2018 , $ 94.2 million of cash was provided by operating activities . this was an increase from $ 48.7 million in 2017 and $ 59.7 million in 2016. in 2018 , we generated $ 91.3 million in cash from net income , adjusted for noncash operating items , an increase from $ 59.3 million in 2017 and $ 58.9 million in 2016 . changes in working capital primarily relate to changes in accounts receivable , accounts payable and accrued expense balances . cash used in investing activities cash used in investing activities was $ 31.8 million , $ 20.7 million and $ 46.9 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . in 2018 , the primary investing activities were capital expenditures , including internal use software , investments , and the acquisition of fmp . in 2017 and 2016 , the primary investing activities were capital expenditures . our capital expenditures were $ 24.1 million , $ 20.7 million and $ 46.9 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively . our capital expenditures increased in 2018 as compared to 2017 due to the internal development of computer software and the purchases of property and equipment . our capital expenditures decreased in 2017 due to the 2016 expansion of our office space at our chicago headquarters , which included the purchases of computer equipment , software , including internal use software , furniture , fixtures and office equipment , and leasehold improvements . cash used in financing activities cash used in financing activities was $ 45.7 million , $ 21.1 million and $ 52.7 million in 2018 , 2017 and 2016 , respectively .
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 Suspicious Activity Report : other transportation modes include intermodal , small parcel , domestic air , expedited and international . material shifts in the percentage of our revenue by transportation mode could have a significant impact on our revenue growth . in 2018 , tl accounted for 69.1 % of our revenue , ltl accounted for 26.2 % of our revenue and other transportation modes accounted for 4.7 % of our revenue . in 2017 , tl accounted for 68.1 % of our revenue , ltl accounted for 26.8 % of our revenue and other transportation modes accounted for 5.1 % of our revenue . in 2016 , tl accounted for 67.6 % of our revenue , ltl accounted for 26.4 % of our revenue and other transportation modes accounted for 6.0 % of our revenue . the transportation industry has historically been subject to seasonal sales fluctuations as shipments generally are lower during and after the winter holiday season because many companies ship goods and stock inventories prior to the winter holiday season . while we experience some seasonality , differences in our revenue between periods have been driven primarily by growth in our client base . transportation costs and net revenue we act primarily as a service provider to add value and expertise in the procurement and execution of brokerage and transportation management services for our clients . our pricing structure is primarily variable , although we have entered into a limited number of fixed-fee arrangements that represent an insignificant portion of our revenue . net revenue is a non-gaap measure equal to revenue minus transportation costs . our transportation costs consist primarily of the direct cost of transportation paid to the carrier . net revenue is considered by management to be an important measurement of our success in the marketplace . our transportation costs are typically lower for an ltl shipment than for a tl shipment . in turn , our net revenue margin is typically higher for an ltl shipment than for a tl shipment . material shifts in the percentage of our revenue by transportation mode could have a significant impact on our net revenue . the discussion of our results of operations below focuses on changes in our expenses as a percentage of net revenue . in 2018 , 2017 and 2016 , our net revenue was $ 420.4 million , $ 339.0 million and $ 318.6 million , respectively , reflecting growth rates of 24.0 % and 6.4 % in 2018 and 2017 , respectively , compared to the corresponding prior year . operating expenses our costs and expenses , excluding transportation costs , consist of commissions paid to our sales personnel , general and administrative expenses to run our business , changes in our contingent consideration , acquisition-related transaction costs , and depreciation and amortization . commissions paid to our sales personnel , including employees and agents , are a significant component of our operating expenses . these commissions are based on the net revenue we collect from the clients for which the sales personnel have primary responsibility . in 2018 , 2017 and 2016 , commission expense was $ 126.8 million , $ 103.1 million and $ 95.6 million , 23 respectively . in 2018 , 2017 and 2016 , commission expense as a percentage of net revenue was 30.2 % , 30.4 % and 30.0 % , respectively . tl shipments typically have higher commission percentages than other modes . the percentage of net revenue paid as commissions varies depending on the type of client , composition of the sales team and mode of transportation . commission expense , stated as a percentage of net revenue , could increase or decrease in the future depending on the composition and sources of our revenue growth . we accrue for commission expense when we recognize the related revenue . some of our sales personnel receive a monthly advance to provide them with a more consistent income stream . cash paid to our sales personnel in advance of commissions earned is recorded as a prepaid expense . as our sales personnel earn commissions , a portion of their commission payment is withheld and offset against their prepaid commission balance , if any . selling , general and administrative expenses , excluding commission expense and changes to contingent consideration relating to acquired businesses , consist of compensation costs for our sales , operations , information systems , finance and administrative support employees as well as occupancy costs , professional fees , acquisition-related transaction costs , and other general and administrative expenses . in 2018 , 2017 and 2016 , our selling , general and administrative expenses were $ 202.9 million , $ 183.1 million and $ 175.3 million , respectively . in 2018 , 2017 and 2016 , selling , general and administrative expenses as a percentage of net revenue were 48.3 % , 54.0 % and 55.0 % , respectively . our contingent consideration expense or benefit relates to acquired businesses and is the change in the fair value of our contingent consideration assets and liabilities . the contingent consideration assets and liabilities presented on our consolidated balance sheets reflect the fair value of expected earn-out payments that may be paid to or received from the sellers of certain acquired businesses upon the achievement of certain performance measures . the fair value of the contingent consideration assets and liabilities are evaluated on a quarterly basis , and the change in fair value is included in selling , general and administrative expenses in our consolidated statements of operations . in 2018 and 2017 , we recorded charges of $ 0.4 million and $ 1.0 million compared to a benefit of $ 0.1 million in 2016 due to fair value adjustments to our contingent consideration assets and liabilities . our depreciation expense is primarily attributable to our depreciation of computer hardware and software , equipment , leasehold improvements , furniture and fixtures , and internally developed software . story_separator_special_tag the difference in our effective tax rate for the year ended december 31 , 2018 from our statutory federal tax rate of 21 % was primarily due to share-based payment awards recognized as income tax expense , state income taxes , and deferred tax liabilities adjustments , offset in part by the research and development tax credit . net income net income was $ 28.7 million in 2018 , compared to $ 12.6 million in 2017 as a result of the items previously discussed . 27 comparison of years ended december 31 , 2017 and 2016 revenue revenue was $ 1.9 billion in 2017 , an increase of 13.2 % from $ 1.7 billion in 2016. the increase in revenue was attributable to a 5.4 % increase in shipment volume and a 7.4 % increase in revenue per shipment driven by an increase in tl rates . revenue from transactional clients was $ 1.5 billion in 2017 , an increase of 10.2 % from $ 1.4 billion in 2016. the increase in transactional revenue was driven by an increase in volume and an increase in revenue per shipment driven by an increase in tl rates . our percentage of revenue from transactional clients was 79.2 % in 2017 , a decrease from 81.3 % in 2016. the decrease in transactional revenue as a percent of total revenue was driven by an increase in managed transportation volume . revenue from managed transportation clients was $ 404.3 million in 2017 , an increase of 26.2 % from $ 320.3 million in 2016. this increase was driven by the addition of new clients , along with an increase in revenue from existing clients . in 2017 , 20.8 % of our revenue was generated from managed transportation clients , an increase from 18.7 % in 2016. transportation costs transportation costs were $ 1.6 billion in 2017 , an increase of 14.8 % from $ 1.4 billion in 2016. the 5.4 % growth in the total number of shipments and the 8.9 % increase in carrier rates per load drove the increase in our transportation costs during this period . our transportation costs as a percentage of revenue increased to 82.6 % in 2017 from 81.4 % in 2016 due to margin compression resulting from higher carrier rates . net revenue net revenue was $ 339.0 million in 2017 , an increase of 6.4 % from $ 318.6 million in 2016. the growth in the total number of shipments accounted for most of the increase in our net revenue during this period . net revenue margins decreased to 17.4 % in 2017 from 18.6 % in 2016. the decline in both tl and ltl margins , primarily due to higher carrier rates , accounted for most of the decrease in our net revenue margin during the period . operating expenses commission expense was $ 103.1 million in 2017 , an increase of 7.8 % from $ 95.6 million in 2016. this increase was primarily attributable to the increase in net revenue . for 2017 and 2016 , commission expense was 30.4 % and 30.0 % , respectively , of our net revenue . the modest increase in commission expense as a percentage of net revenue was due to the fluctuation in the composition of our net revenue by mode , as tl shipments typically have higher commission percentages than other modes . selling , general and administrative expenses were $ 183.1 million in 2017 , an increase of 4.5 % from $ 175.3 million in 2016 , due to an increased investment in our sales force and operating personnel . as a percentage of net revenue , selling , general and administrative expenses decreased to 54.0 % in 2017 from 55.0 % in 2016 , due to higher net revenue . the contingent consideration fair value adjustment resulted in a net expense of $ 1.0 million and net benefit of $ 0.1 million in 2017 and 2016 , respectively . the expense for 2017 was the result of adjustments made to the fair value of the contingent assets and liabilities , primarily due to financial performance of previously acquired businesses and the time value of money . the fair value of the contingent consideration obligation for each acquisition reflects updated probabilities as of december 31 , 2017. depreciation expense was $ 18.5 million in 2017 , an increase of 13.2 % from $ 16.3 million in 2016. the increase in depreciation expense was primarily attributable to the depreciation of additional leasehold improvements , furniture and computer equipment for the new chicago expansion space added in the fourth quarter of 2016. amortization expense in 2017 was $ 14.2 million , a decrease of 9.9 % from $ 15.8 million in 2016 , primarily attributable to the accelerated method of amortization of our acquired customer relationships along with the complete amortization of previously acquired intangible assets . 28 income from operations income from operations was $ 19.1 million in 2017 , an increase of 22.3 % from $ 15.6 million in 2016. the increase in income from operations was attributable to the increase in net revenue in excess of the increase in operating expenses . interest expense interest expense was $ 14.8 million in 2017 , an increase from $ 14.2 million in 2016. the interest expense in both years primarily related to our notes and the abl facility . income tax benefit we recognized income tax benefits of $ 8.3 million and $ 0.2 million for the years ended december 31 , 2017 and 2016 , respectively . our effective tax rate for the year ended december 31 , 2017 was ( 190.2 ) % , compared to an effective tax rate of ( 14.9 ) % in the comparable period of 2016. the difference in our effective tax rate for the year ended december 31 , 2017 from our statutory federal tax rate of 35 % was primarily due to the favorable impact of

