with respect to most of our client assets under management , we utilize a “ value ” investment style focused on achieving superior long-term , risk-adjusted returns by investing in companies with high levels of free cash flow , improving returns on equity and strengthening balance sheets that are well positioned for growth but whose value is not fully recognized in the marketplace . this investment approach is designed to preserve capital during unfavorable periods and provide superior real returns over the long term . our investment teams have significant industry experience . our investment team members have average investment experience of seventeen years . we have focused on building a foundation in terms of personnel and infrastructure to support a potentially much larger business . we have also developed investment strategies that we believe will be desirable within our target institutional , wealth management and mutual fund markets . the cost of developing new products and growing the organization as a whole has resulted in our incurring expenses that , in some cases , do not currently have significant offsetting revenues . while we continue to evolve our products , we believe that the appropriate foundation and products are in place such that investors will recognize the value in these products , thereby generating new revenue streams for westwood . 2018 highlights the following items are highlights for the year ended december 31 , 2018 : assets under management as of december 31 , 2018 were $ 16.6 billion , a 31 % decrease compared to december 31 , 2017 . quarterly average assets under management decreased 8 % to $ 21.4 billion for 2018 compared to 2017 , which contributed to the 9 % decrease in total revenue from 2017. our largecap value , emerging markets plus , smidcap , smidcap plus , emerging markets , and emerging markets smidcap strategies exhibited strong performance . our smallcap strategy was selected as a subadvisor to the morningstar u.s. equity fund . the effective tax rate decreased to 26.6 % for 2018 compared to 41.0 % for 2017 related to the tax reform act enacted in december 2017. in october 2018 , our board approved a 6 % increase in our quarterly dividend to $ 0.72 per share for an annual rate of $ 2.88 per share , which results in a dividend yield of 8.5 % using the year-end stock price of $ 34.00 per share . we repurchased 108,289 shares of our common stock for an aggregate purchase price of $ 4.0 million . our financial position remains strong with liquid cash and short-term investments of $ 118.2 million and no debt as of december 31 , 2018 . we closed the sale of our omaha-based wealth management operations , received net proceeds of $ 10.0 million and recognized a $ 0.5 million gain on sale . 25 revenues we derive our revenues from investment advisory fees , trust fees and other revenues . our advisory fees are generated by westwood management and westwood international advisors , which manage client accounts under investment advisory and subadvisory agreements . advisory fees are calculated based on a percentage of assets under management and are paid in accordance with the terms of the agreements . advisory fees are paid quarterly in advance based on assets under management on the last day of the preceding quarter , quarterly in arrears based on assets under management on the last day of the quarter just ended , or are based on a daily or monthly analysis of assets under management for the stated period . we recognize advisory fee revenues as services are rendered . a limited number of our clients have a contractual performance-based fee component in their contracts , which generates additional revenues if we outperform a specified index over a specific period of time . we record revenue for performance-based fees at the end of the measurement period . since our advance paying clients ' billing periods coincide with the calendar quarter to which such payments relate , revenue is recognized within the quarter , and our consolidated financial statements contain no deferred advisory fee revenues . our trust fees are generated by westwood trust pursuant to trust or custodial agreements . trust fees are separately negotiated with each client and are generally based on a percentage of assets under management . westwood trust also provides trust services to a small number of clients on a fixed fee basis . trust fees are primarily either paid quarterly in arrears based on a daily average of assets under management for the quarter , or monthly based on the month-end assets under management . since billing periods for most of westwood trust 's clients coincide with the calendar quarter , revenue is fully recognized within the quarter and our consolidated financial statements do not contain a significant amount of deferred revenue . our other revenues generally consist of interest and investment income . although we generally invest most of our cash in u.s. treasury securities , we also invest in equity and fixed income instruments and money market funds , including seed money for new investment strategies . employee compensation and benefits employee compensation and benefits costs generally consist of salaries , incentive compensation , equity-based compensation expense and benefits . sales and marketing sales and marketing costs relate to our marketing efforts , including travel and entertainment , direct marketing and advertising costs . westwood mutual funds westwood mutual funds expenses relate to our marketing , distribution and administration of the westwood funds ® . information technology information technology expenses are generally costs associated with proprietary investment research tools , maintenance and support , computing hardware , software licenses , telecommunications and other related costs . professional services professional services expenses generally consist of costs associated with subadvisory fees , audit , legal and other professional services . story_separator_special_tag as the company and its representatives do not have representation on the westwood funds® or the private equity independent boards of directors , which direct the activities that most significantly impact the entities ' economic performance , we determined that the westwood funds® and the private equity were not vies . therefore , the ucits fund , westwood funds® and private equity should be analyzed under the voe consolidation method . based on our analysis of our investments in these entities for the periods ending december 31 , 2018 and 2017 , we have not consolidated the ctfs , private equity funds or llcs under the vie method or the ucits fund , westwood funds® or private equity under the voe method , and therefore the financial results of these entities are not included in the company 's consolidated financial results . we have included the disclosures related to vies and voes in note 12 “ variable interest entities ” to our consolidated financial statements included in part ii . item 8 “ financial statements and supplementary data . ” business combinations in allocating the purchase price of a business combination , the company records all assets acquired and liabilities assumed at fair value with the excess of the purchase price over the aggregate fair values recorded as goodwill . asc 820 , fair 35 value measurements and disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date . the purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition . to the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed such excess is allocated to goodwill . the company determines the estimated fair values after review and consideration of relevant information , including discounted cash flows , quoted market prices and estimates made by management . the fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition . the company adjusts the preliminary purchase price allocation , as necessary , during the measurement period of up to one year after the acquisition closing date as it obtains more information as to the facts and circumstances existing as of the acquisition date . acquisition-related costs are recognized separately from the acquisition purchase price and are expensed as incurred . goodwill goodwill is not amortized but is tested for impairment , at least annually . we assess the recoverability of the carrying amount of goodwill either qualitatively or quantitatively as of july 1 of each fiscal year or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable . when assessing the recoverability of goodwill , we may first assess qualitative factors . if an initial qualitative assessment indicates that it is more likely than not that the carrying amount exceeds fair value , a quantitative analysis may be required . we may also elect to skip the qualitative assessment and proceed directly to the quantitative analysis . recoverability of the carrying value of goodwill is measured at the reporting unit level . we have identified two reporting units , which are consistent with our reporting segments . in performing a quantitative analysis , we measure the recoverability of goodwill for our reporting units using a combination of the income approach and the market multiple approach . the income approach is based on the long-term projected future cash flows of the reporting units . we discount the estimated cash flows to present value using a weighted average cost of capital that considers factors such as market assumptions , the timing of cash flows and the risks inherent in such cash flows . the key assumptions used in the market multiple valuation require significant management judgment , including the determination of our peer group and the valuation multiples of such peer group . if the carrying value exceeds the fair value , an impairment loss is measured by reducing the goodwill to the fair market value . we completed our annual impairment assessments during 2018 , 2017 and 2016 and concluded that no impairment losses were required . intangible assets our definite-lived intangible assets represent the acquisition date fair value of the intangible assets acquired , net of amortization . the values of these assets are comprised mostly of client relationships but also include valuations of trade names and non-compete agreements . in valuing these assets , we made significant estimates regarding the useful life , growth rates and potential attrition of the assets acquired . we periodically review our intangible assets for events or circumstances that would indicate impairment . if we determine the carrying value exceeds fair value , we would record an impairment to remove the amount that exceeded fair value . we completed our annual impairment assessments during 2018 , 2017 and 2016 and concluded that no impairment losses were required . stock-based compensation we have granted restricted stock to employees and non-employee directors . we calculate compensation cost for restricted stock grants by using the fair market value of our common stock at the date of grant , the number of shares issued and an adjustment for restrictions on dividends . we amortize compensation cost on a straight-line basis over the applicable service period . we adjust our compensation cost for forfeitures as they occur . we grant performance-based share awards to certain employees , the vesting of which is subject to the employee 's continuing employment and the company 's achievement of certain performance goals . we assess actual performance versus the predetermined performance goals and record compensation costs once we conclude that it is probable that we will meet the performance

liquidity and capital resources replace_table_token_11_th we had cash and short-term investments of $ 118.2 million and $ 105.6 million as of december 31 , 2018 and 2017 , respectively . cash and cash equivalents includes approximately $ 33 million of undistributed income from westwood international advisors for both periods ending december 31 , 2018 and 2017 . in accordance with the one-time mandatory deemed repatriation required under tax legislation signed into law in december 2017 , we paid $ 1.8 million in income taxes related to this undistributed income . if these funds were needed for our u.s. operations , we would be required to accrue and pay incremental canadian withholding taxes to repatriate a portion of these funds . our current intent is to permanently reinvest the funds subject to withholding taxes outside of the u.s. , and our current forecasts do not demonstrate a need to repatriate them to fund our u.s. operations . at december 31 , 2018 and 2017 , working capital aggregated $ 114.0 million and $ 106.6 million , respectively . as required by the finance code , westwood trust is subject to a minimum capital requirement of $ 4.0 million . at december 31 , 32 2018 , westwood trust had approximately $ 18.6 million in excess of its minimum capital requirement . we had no debt at december 31 , 2018 or december 31 , 2017 . replace_table_token_12_th historically we have funded our operations and cash requirements with cash generated from operating activities . we may also use cash from operations to pay dividends to our stockholders . as of december 31 , 2018 and 2017 , we had no debt . the changes in net cash provided by operating activities generally reflect the changes in earnings plus the effects of non-cash items and changes in working capital . changes in working capital , especially accounts receivable and accounts payable , generally result from timing differences between collection of fees billed and payment of operating expenses .


 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 replace_table_token_11_th we had cash and short-term investments of $ 118.2 million and $ 105.6 million as of december 31 , 2018 and 2017 , respectively . cash and cash equivalents includes approximately $ 33 million of undistributed income from westwood international advisors for both periods ending december 31 , 2018 and 2017 . in accordance with the one-time mandatory deemed repatriation required under tax legislation signed into law in december 2017 , we paid $ 1.8 million in income taxes related to this undistributed income . if these funds were needed for our u.s. operations , we would be required to accrue and pay incremental canadian withholding taxes to repatriate a portion of these funds . our current intent is to permanently reinvest the funds subject to withholding taxes outside of the u.s. , and our current forecasts do not demonstrate a need to repatriate them to fund our u.s. operations . at december 31 , 2018 and 2017 , working capital aggregated $ 114.0 million and $ 106.6 million , respectively . as required by the finance code , westwood trust is subject to a minimum capital requirement of $ 4.0 million . at december 31 , 32 2018 , westwood trust had approximately $ 18.6 million in excess of its minimum capital requirement . we had no debt at december 31 , 2018 or december 31 , 2017 . replace_table_token_12_th historically we have funded our operations and cash requirements with cash generated from operating activities . we may also use cash from operations to pay dividends to our stockholders . as of december 31 , 2018 and 2017 , we had no debt . the changes in net cash provided by operating activities generally reflect the changes in earnings plus the effects of non-cash items and changes in working capital . changes in working capital , especially accounts receivable and accounts payable , generally result from timing differences between collection of fees billed and payment of operating expenses .
```    
 Suspicious Activity Report : with respect to most of our client assets under management , we utilize a “ value ” investment style focused on achieving superior long-term , risk-adjusted returns by investing in companies with high levels of free cash flow , improving returns on equity and strengthening balance sheets that are well positioned for growth but whose value is not fully recognized in the marketplace . this investment approach is designed to preserve capital during unfavorable periods and provide superior real returns over the long term . our investment teams have significant industry experience . our investment team members have average investment experience of seventeen years . we have focused on building a foundation in terms of personnel and infrastructure to support a potentially much larger business . we have also developed investment strategies that we believe will be desirable within our target institutional , wealth management and mutual fund markets . the cost of developing new products and growing the organization as a whole has resulted in our incurring expenses that , in some cases , do not currently have significant offsetting revenues . while we continue to evolve our products , we believe that the appropriate foundation and products are in place such that investors will recognize the value in these products , thereby generating new revenue streams for westwood . 2018 highlights the following items are highlights for the year ended december 31 , 2018 : assets under management as of december 31 , 2018 were $ 16.6 billion , a 31 % decrease compared to december 31 , 2017 . quarterly average assets under management decreased 8 % to $ 21.4 billion for 2018 compared to 2017 , which contributed to the 9 % decrease in total revenue from 2017. our largecap value , emerging markets plus , smidcap , smidcap plus , emerging markets , and emerging markets smidcap strategies exhibited strong performance . our smallcap strategy was selected as a subadvisor to the morningstar u.s. equity fund . the effective tax rate decreased to 26.6 % for 2018 compared to 41.0 % for 2017 related to the tax reform act enacted in december 2017. in october 2018 , our board approved a 6 % increase in our quarterly dividend to $ 0.72 per share for an annual rate of $ 2.88 per share , which results in a dividend yield of 8.5 % using the year-end stock price of $ 34.00 per share . we repurchased 108,289 shares of our common stock for an aggregate purchase price of $ 4.0 million . our financial position remains strong with liquid cash and short-term investments of $ 118.2 million and no debt as of december 31 , 2018 . we closed the sale of our omaha-based wealth management operations , received net proceeds of $ 10.0 million and recognized a $ 0.5 million gain on sale . 25 revenues we derive our revenues from investment advisory fees , trust fees and other revenues . our advisory fees are generated by westwood management and westwood international advisors , which manage client accounts under investment advisory and subadvisory agreements . advisory fees are calculated based on a percentage of assets under management and are paid in accordance with the terms of the agreements . advisory fees are paid quarterly in advance based on assets under management on the last day of the preceding quarter , quarterly in arrears based on assets under management on the last day of the quarter just ended , or are based on a daily or monthly analysis of assets under management for the stated period . we recognize advisory fee revenues as services are rendered . a limited number of our clients have a contractual performance-based fee component in their contracts , which generates additional revenues if we outperform a specified index over a specific period of time . we record revenue for performance-based fees at the end of the measurement period . since our advance paying clients ' billing periods coincide with the calendar quarter to which such payments relate , revenue is recognized within the quarter , and our consolidated financial statements contain no deferred advisory fee revenues . our trust fees are generated by westwood trust pursuant to trust or custodial agreements . trust fees are separately negotiated with each client and are generally based on a percentage of assets under management . westwood trust also provides trust services to a small number of clients on a fixed fee basis . trust fees are primarily either paid quarterly in arrears based on a daily average of assets under management for the quarter , or monthly based on the month-end assets under management . since billing periods for most of westwood trust 's clients coincide with the calendar quarter , revenue is fully recognized within the quarter and our consolidated financial statements do not contain a significant amount of deferred revenue . our other revenues generally consist of interest and investment income . although we generally invest most of our cash in u.s. treasury securities , we also invest in equity and fixed income instruments and money market funds , including seed money for new investment strategies . employee compensation and benefits employee compensation and benefits costs generally consist of salaries , incentive compensation , equity-based compensation expense and benefits . sales and marketing sales and marketing costs relate to our marketing efforts , including travel and entertainment , direct marketing and advertising costs . westwood mutual funds westwood mutual funds expenses relate to our marketing , distribution and administration of the westwood funds ® . information technology information technology expenses are generally costs associated with proprietary investment research tools , maintenance and support , computing hardware , software licenses , telecommunications and other related costs . professional services professional services expenses generally consist of costs associated with subadvisory fees , audit , legal and other professional services . story_separator_special_tag as the company and its representatives do not have representation on the westwood funds® or the private equity independent boards of directors , which direct the activities that most significantly impact the entities ' economic performance , we determined that the westwood funds® and the private equity were not vies . therefore , the ucits fund , westwood funds® and private equity should be analyzed under the voe consolidation method . based on our analysis of our investments in these entities for the periods ending december 31 , 2018 and 2017 , we have not consolidated the ctfs , private equity funds or llcs under the vie method or the ucits fund , westwood funds® or private equity under the voe method , and therefore the financial results of these entities are not included in the company 's consolidated financial results . we have included the disclosures related to vies and voes in note 12 “ variable interest entities ” to our consolidated financial statements included in part ii . item 8 “ financial statements and supplementary data . ” business combinations in allocating the purchase price of a business combination , the company records all assets acquired and liabilities assumed at fair value with the excess of the purchase price over the aggregate fair values recorded as goodwill . asc 820 , fair 35 value measurements and disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date . the purchase price of an acquisition is allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition . to the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed such excess is allocated to goodwill . the company determines the estimated fair values after review and consideration of relevant information , including discounted cash flows , quoted market prices and estimates made by management . the fair value assigned to identifiable intangible assets acquired is based on estimates and assumptions made by management at the time of the acquisition . the company adjusts the preliminary purchase price allocation , as necessary , during the measurement period of up to one year after the acquisition closing date as it obtains more information as to the facts and circumstances existing as of the acquisition date . acquisition-related costs are recognized separately from the acquisition purchase price and are expensed as incurred . goodwill goodwill is not amortized but is tested for impairment , at least annually . we assess the recoverability of the carrying amount of goodwill either qualitatively or quantitatively as of july 1 of each fiscal year or whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable . when assessing the recoverability of goodwill , we may first assess qualitative factors . if an initial qualitative assessment indicates that it is more likely than not that the carrying amount exceeds fair value , a quantitative analysis may be required . we may also elect to skip the qualitative assessment and proceed directly to the quantitative analysis . recoverability of the carrying value of goodwill is measured at the reporting unit level . we have identified two reporting units , which are consistent with our reporting segments . in performing a quantitative analysis , we measure the recoverability of goodwill for our reporting units using a combination of the income approach and the market multiple approach . the income approach is based on the long-term projected future cash flows of the reporting units . we discount the estimated cash flows to present value using a weighted average cost of capital that considers factors such as market assumptions , the timing of cash flows and the risks inherent in such cash flows . the key assumptions used in the market multiple valuation require significant management judgment , including the determination of our peer group and the valuation multiples of such peer group . if the carrying value exceeds the fair value , an impairment loss is measured by reducing the goodwill to the fair market value . we completed our annual impairment assessments during 2018 , 2017 and 2016 and concluded that no impairment losses were required . intangible assets our definite-lived intangible assets represent the acquisition date fair value of the intangible assets acquired , net of amortization . the values of these assets are comprised mostly of client relationships but also include valuations of trade names and non-compete agreements . in valuing these assets , we made significant estimates regarding the useful life , growth rates and potential attrition of the assets acquired . we periodically review our intangible assets for events or circumstances that would indicate impairment . if we determine the carrying value exceeds fair value , we would record an impairment to remove the amount that exceeded fair value . we completed our annual impairment assessments during 2018 , 2017 and 2016 and concluded that no impairment losses were required . stock-based compensation we have granted restricted stock to employees and non-employee directors . we calculate compensation cost for restricted stock grants by using the fair market value of our common stock at the date of grant , the number of shares issued and an adjustment for restrictions on dividends . we amortize compensation cost on a straight-line basis over the applicable service period . we adjust our compensation cost for forfeitures as they occur . we grant performance-based share awards to certain employees , the vesting of which is subject to the employee 's continuing employment and the company 's achievement of certain performance goals . we assess actual performance versus the predetermined performance goals and record compensation costs once we conclude that it is probable that we will meet the performance

