due to these errors , our direct operating costs were understated , our refundable tax was overstated , and our liabilities were overstated as of december 31 , 2018. we assessed the materiality of these errors in accordance with staff accounting bulletin no . 99 , materiality , and determined that the errors were immaterial to each of the previously reported periods . to correct this error , we have restated our consolidated balance sheet as of december 31 , 2018 , and consolidated statement of operations and comprehensive loss , consolidated statement of stockholders ' equity and consolidated statement of cash flows for the year ended december 31 , 2018. see note 1 to consolidated financial statements included in item 8 of this annual report for further information , as well as reconciliations of the effects of the restatement on our financial statements for the period indicated . executive overview we are a global data engineering company . we operate in three reporting segments : digital data solutions ( dds ) , synodex and agility . 29 the following table sets forth certain financial data for the two years ended december 31 , 2019 : replace_table_token_0_th adjusted ebitda in addition to measures of financial performance presented in our consolidated financial statements , we monitor “ adjusted ebitda ” to help us evaluate our ongoing operating performance including our ability to operate the business effectively . we define adjusted ebitda as net income ( loss ) attributable to innodata inc. and its subsidiaries in accordance with u.s. gaap before income taxes , depreciation and amortization of intangible assets , impairment charges , stock-based compensation , and loss attributable to non-controlling interests and interest income ( expense ) . we believe adjusted ebitda is useful to our management and investors in evaluating our operating performance and for operational decision-making purposes . in particular , adjusted ebitda facilitates period-to-period comparisons of our operating results on a consistent basis by excluding items that are not reflective of our core operations or are not within our control and helps us identify underlying trends in our business . in this regard , we believe it provides useful information about our operating results , enhances the overall understanding of our past performance and future prospects and allows for greater transparency with respect to key metrics used by the management in our operational decision-making . we also use this measure to establish operational goals for managing our business and evaluating our performance . adjusted ebitda has limitations as an analytical tool and should not be considered in isolation or as a substitute for results reported under u.s. gaap . some of these limitations are : · adjusted ebitda does not reflect tax provisions , and such provisions may reflect a reduction in cash available to us ; · adjusted ebitda excludes the potential dilutive impact of stock-based compensation expense related to our workforce ; · adjusted ebitda does not reflect interest income ( expense ) and net loss attributable to non-controlling interests , and these items may represent a reduction or increase in cash available to us ; · although depreciation and amortization are non-cash charges , the assets being depreciated and amortized may have to be replaced in the future , and adjusted ebitda does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements ; and · other companies , including companies in our own industry , may calculate adjusted ebitda differently from our calculation , limiting its usefulness as a comparative measure . 30 adjusted ebitda should be considered as a supplement to , and not as a substitute for or superior to , u.s. gaap net income ( loss ) . the following tables reconcile net income ( loss ) to adjusted ebitda ( loss ) for the periods presented ( in thousands ) : replace_table_token_1_th 31 replace_table_token_2_th results of operations year ended december 31 , 2019 compared to the year ended december 31 , 2018 revenues total r evenues were $ 55.9 million for the year ended december 31 , 2019 , a 3 % decrease from $ 57.4 million for the year ended december 31 , 2018. revenues from the dds segment were $ 41.3 million and $ 43.5 million for the years ended december 31 , 2019 and 2018 , respectively , a decline of $ 2.2 million or approximately 5 % . the decline was due to lower revenue from the top two clients of dds . revenues from the synodex segment were $ 3.9 million and $ 4.1 million for the years ended december 31 , 2019 and 2018 , respectively , a decrease of $ 0.2 million or approximately 5 % . the decrease was primarily due to reduction in volume from two existing clients partially offset by an increase in volume from one existing client and volume from a new client . revenues from the agility segment were $ 10.7 million and $ 9.8 million for the year ended december 31 , 2019 and 2018 , respectively , an increase of $ 0.9 million or approximately 9 % . the increase was attributable to higher revenues from subscriptions to our agility media database . two clients in the dds segment generated approximately 26 % and 30 % of the company 's total revenues in the fiscal years ended december 31 , 2019 and 2018 , respectively . no other client accounted for 10 % or more of total revenues during these periods . story_separator_special_tag we expect delays in our indian subsidiary receiving further service tax refunds until this matter is adjudicated with finality , and currently have service tax credits of approximately $ 1.0 million recorded as a receivable . based on our counsel 's assessment , we have not recorded any tax liability for this case . net loss we had a net loss of $ 1.6 million during the year ended december 31 , 2019 , compared to a net loss of $ 0.3 million during the year ended december 31 , 2018. net loss for the year ended december 31 , 2019 included a one-time charge of $ 400,000 for an assessment of retroactive foreign social security contributions as a result of a decision by the supreme court of india that affects companies generally . the dds segment was breakeven for the year ended december 31 , 2019 , compared to a net income of $ 1.6 million for the year ended december 31 , 2018 , net of intersegment profits . the decrease in net income of $ 1.6 million was attributable to lower revenues of $ 2.2 million , higher operating expenses of $ 0.8 million , a decrease in tax provisions of $ 0.7 million , and a decrease in goodwill impairment of $ 0.7 million . net income for the synodex segment was breakeven for the year ended december 31 , 2019 , compared to net income of $ 0.4 million for the year ended december 31 , 2018 , net of intersegment profits . the decrease was primarily due to revenue timing from one client partially offset by an increase in volume from one existing client , volume from a new client and an increase in the cost of hardware and software upgrades expensed during the year . net loss for the agility segment was $ 1.6 million for the year ended december 31 , 2019 , compared to a net loss of $ 2.3 million for the year ended december 31 , 2018. the $ 0.7 million improvement was the result of higher revenues offset in part by increased expenditures to support revenue growth . adjusted ebitda adjusted ebitda for the year ended december 31 , 2019 was $ 3.3 million compared to an adjusted ebitda of $ 6.4 million for the year ended december 31 , 2018 , a decrease of $ 3.1 million . 36 adjusted ebitda for the dds segment was $ 3.2 million and $ 6.7 million for the years ended december 31 , 2019 and 2018 , respectively , a decrease of $ 3.5 million or approximately 52 % . the decrease was primarily attributable to a higher net loss of $ 1.6 million , a lower tax provision of $ 0.7 million , lower depreciation and amortization of $ 0.5 million and $ 0.7 million of goodwill impairment for the year ended december 31 , 2018. adjusted ebitda for the synodex segment was $ 0.1 million and $ 0.4 million for the years ended december 31 , 2019 and 2018 , respectively , a decrease of $ 0.3 million . the decrease was primarily due to revenue timing from one client partially offset by an increase in volume from one existing client and volume from a new client and an increase in the cost of hardware and software upgrades expensed during the year . adjusted ebitda in the agility segment was breakeven for the year ended december 31 , 2019 compared to an adjusted ebitda loss of $ 0.7 million for the year ended december 31 , 2018 , an improvement of $ 0.7 million . the improvement was due to higher revenues for the year ended december 31 , 2019. liquidity and capital resources selected measures of liquidity and capital resources , expressed in thousands , are as follows : december 31 , 2019 2018 restated story_separator_special_tag justify ; text-indent : 0.5in `` > inflation , seasonality and prevailing economic conditions although most of our revenues are denominated in u.s. dollars , a significant portion of our revenues is denominated in canadian dollars , pound sterling and euros . in addition , a significant portion of our expenses , primarily labor expenses in the philippines , india , sri lanka , germany , canada and israel , is incurred in the local currencies of the countries in which we operate . for financial reporting purposes , we translate all non-u.s. denominated transactions into u.s. dollars in accordance with u.s. gaap . thus , we are exposed to the risk that fluctuations in the value of these currencies relative to the u.s. dollar could have a direct impact on our revenues and our results of operations . the philippines and india have at times experienced high rates of inflation as well as major fluctuations in the exchange rate between the philippine peso and the u.s. dollar and the indian rupee and the u.s. dollar . as of december 31 , 2019 , the aggregate notional amount of our hedges against the indian rupee was approximately $ 4.3 million , and we had no hedges against the philippine peso . fluctuations in exchange rates also affect the value of funds held by our foreign subsidiaries . we do not currently intend to hedge these assets . 38 our most significant costs are the salaries and related benefits of our employees in asia . we are exposed to high inflation in wage rates in the countries in which we operate . we generally perform work for our clients under project-specific contracts , requirements-based contracts or long-term contracts . we must adequately anticipate wage increases , particularly on our fixed-price contracts . there can be no assurance that we will be able to recover cost increases through increases in the prices that we charge for our services to our clients . our quarterly operating results are subject to certain fluctuations . we experience fluctuations in our revenue and earnings as we replace

cash and cash equivalents $ 10,874 $ 10,869 working capital 8,789 12,267 at december 31 , 2019 , we had cash and cash equivalents of $ 10.9 million , of which $ 4.8 million was held by our foreign subsidiaries , and $ 6.1 million was held in the united states . despite the passage of the new tax law under which we may repatriate funds from overseas after paying the toll charge , it is our intent as of december 31 , 2019 , to permanently reinvest the overseas funds in our foreign subsidiaries on account of the withholding tax that we would have to incur on the actual remittances . we have used , and plan to use , our cash and cash equivalents for ( i ) investments in the agility segment ; ( ii ) the expansion of our other operations ; ( iii ) technology innovation ; ( iv ) product management and strategic marketing ; ( v ) general corporate purposes , including working capital ; and ( vi ) possible business acquisitions . as of december 31 , 2019 , we had working capital of approximately $ 8.8 million , as compared to working capital of approximately $ 12.3 million as of december 31 , 2018. we did not have any material commitments for capital expenditures as of december 31 , 2019. during 2019 , we re-purchased 1,503,095 shares of our common stock at a volume-weighted average price of $ 1.23 per share , for a total cost of $ 1.8 million . we believe that our existing cash and cash equivalents and internally generated funds will provide sufficient sources of liquidity to satisfy our financial needs for the next 12 months from the date of issuance of these financial statements .


 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 and cash equivalents $ 10,874 $ 10,869 working capital 8,789 12,267 at december 31 , 2019 , we had cash and cash equivalents of $ 10.9 million , of which $ 4.8 million was held by our foreign subsidiaries , and $ 6.1 million was held in the united states . despite the passage of the new tax law under which we may repatriate funds from overseas after paying the toll charge , it is our intent as of december 31 , 2019 , to permanently reinvest the overseas funds in our foreign subsidiaries on account of the withholding tax that we would have to incur on the actual remittances . we have used , and plan to use , our cash and cash equivalents for ( i ) investments in the agility segment ; ( ii ) the expansion of our other operations ; ( iii ) technology innovation ; ( iv ) product management and strategic marketing ; ( v ) general corporate purposes , including working capital ; and ( vi ) possible business acquisitions . as of december 31 , 2019 , we had working capital of approximately $ 8.8 million , as compared to working capital of approximately $ 12.3 million as of december 31 , 2018. we did not have any material commitments for capital expenditures as of december 31 , 2019. during 2019 , we re-purchased 1,503,095 shares of our common stock at a volume-weighted average price of $ 1.23 per share , for a total cost of $ 1.8 million . we believe that our existing cash and cash equivalents and internally generated funds will provide sufficient sources of liquidity to satisfy our financial needs for the next 12 months from the date of issuance of these financial statements .
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 Suspicious Activity Report : due to these errors , our direct operating costs were understated , our refundable tax was overstated , and our liabilities were overstated as of december 31 , 2018. we assessed the materiality of these errors in accordance with staff accounting bulletin no . 99 , materiality , and determined that the errors were immaterial to each of the previously reported periods . to correct this error , we have restated our consolidated balance sheet as of december 31 , 2018 , and consolidated statement of operations and comprehensive loss , consolidated statement of stockholders ' equity and consolidated statement of cash flows for the year ended december 31 , 2018. see note 1 to consolidated financial statements included in item 8 of this annual report for further information , as well as reconciliations of the effects of the restatement on our financial statements for the period indicated . executive overview we are a global data engineering company . we operate in three reporting segments : digital data solutions ( dds ) , synodex and agility . 29 the following table sets forth certain financial data for the two years ended december 31 , 2019 : replace_table_token_0_th adjusted ebitda in addition to measures of financial performance presented in our consolidated financial statements , we monitor “ adjusted ebitda ” to help us evaluate our ongoing operating performance including our ability to operate the business effectively . we define adjusted ebitda as net income ( loss ) attributable to innodata inc. and its subsidiaries in accordance with u.s. gaap before income taxes , depreciation and amortization of intangible assets , impairment charges , stock-based compensation , and loss attributable to non-controlling interests and interest income ( expense ) . we believe adjusted ebitda is useful to our management and investors in evaluating our operating performance and for operational decision-making purposes . in particular , adjusted ebitda facilitates period-to-period comparisons of our operating results on a consistent basis by excluding items that are not reflective of our core operations or are not within our control and helps us identify underlying trends in our business . in this regard , we believe it provides useful information about our operating results , enhances the overall understanding of our past performance and future prospects and allows for greater transparency with respect to key metrics used by the management in our operational decision-making . we also use this measure to establish operational goals for managing our business and evaluating our performance . adjusted ebitda has limitations as an analytical tool and should not be considered in isolation or as a substitute for results reported under u.s. gaap . some of these limitations are : · adjusted ebitda does not reflect tax provisions , and such provisions may reflect a reduction in cash available to us ; · adjusted ebitda excludes the potential dilutive impact of stock-based compensation expense related to our workforce ; · adjusted ebitda does not reflect interest income ( expense ) and net loss attributable to non-controlling interests , and these items may represent a reduction or increase in cash available to us ; · although depreciation and amortization are non-cash charges , the assets being depreciated and amortized may have to be replaced in the future , and adjusted ebitda does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements ; and · other companies , including companies in our own industry , may calculate adjusted ebitda differently from our calculation , limiting its usefulness as a comparative measure . 30 adjusted ebitda should be considered as a supplement to , and not as a substitute for or superior to , u.s. gaap net income ( loss ) . the following tables reconcile net income ( loss ) to adjusted ebitda ( loss ) for the periods presented ( in thousands ) : replace_table_token_1_th 31 replace_table_token_2_th results of operations year ended december 31 , 2019 compared to the year ended december 31 , 2018 revenues total r evenues were $ 55.9 million for the year ended december 31 , 2019 , a 3 % decrease from $ 57.4 million for the year ended december 31 , 2018. revenues from the dds segment were $ 41.3 million and $ 43.5 million for the years ended december 31 , 2019 and 2018 , respectively , a decline of $ 2.2 million or approximately 5 % . the decline was due to lower revenue from the top two clients of dds . revenues from the synodex segment were $ 3.9 million and $ 4.1 million for the years ended december 31 , 2019 and 2018 , respectively , a decrease of $ 0.2 million or approximately 5 % . the decrease was primarily due to reduction in volume from two existing clients partially offset by an increase in volume from one existing client and volume from a new client . revenues from the agility segment were $ 10.7 million and $ 9.8 million for the year ended december 31 , 2019 and 2018 , respectively , an increase of $ 0.9 million or approximately 9 % . the increase was attributable to higher revenues from subscriptions to our agility media database . two clients in the dds segment generated approximately 26 % and 30 % of the company 's total revenues in the fiscal years ended december 31 , 2019 and 2018 , respectively . no other client accounted for 10 % or more of total revenues during these periods . story_separator_special_tag we expect delays in our indian subsidiary receiving further service tax refunds until this matter is adjudicated with finality , and currently have service tax credits of approximately $ 1.0 million recorded as a receivable . based on our counsel 's assessment , we have not recorded any tax liability for this case . net loss we had a net loss of $ 1.6 million during the year ended december 31 , 2019 , compared to a net loss of $ 0.3 million during the year ended december 31 , 2018. net loss for the year ended december 31 , 2019 included a one-time charge of $ 400,000 for an assessment of retroactive foreign social security contributions as a result of a decision by the supreme court of india that affects companies generally . the dds segment was breakeven for the year ended december 31 , 2019 , compared to a net income of $ 1.6 million for the year ended december 31 , 2018 , net of intersegment profits . the decrease in net income of $ 1.6 million was attributable to lower revenues of $ 2.2 million , higher operating expenses of $ 0.8 million , a decrease in tax provisions of $ 0.7 million , and a decrease in goodwill impairment of $ 0.7 million . net income for the synodex segment was breakeven for the year ended december 31 , 2019 , compared to net income of $ 0.4 million for the year ended december 31 , 2018 , net of intersegment profits . the decrease was primarily due to revenue timing from one client partially offset by an increase in volume from one existing client , volume from a new client and an increase in the cost of hardware and software upgrades expensed during the year . net loss for the agility segment was $ 1.6 million for the year ended december 31 , 2019 , compared to a net loss of $ 2.3 million for the year ended december 31 , 2018. the $ 0.7 million improvement was the result of higher revenues offset in part by increased expenditures to support revenue growth . adjusted ebitda adjusted ebitda for the year ended december 31 , 2019 was $ 3.3 million compared to an adjusted ebitda of $ 6.4 million for the year ended december 31 , 2018 , a decrease of $ 3.1 million . 36 adjusted ebitda for the dds segment was $ 3.2 million and $ 6.7 million for the years ended december 31 , 2019 and 2018 , respectively , a decrease of $ 3.5 million or approximately 52 % . the decrease was primarily attributable to a higher net loss of $ 1.6 million , a lower tax provision of $ 0.7 million , lower depreciation and amortization of $ 0.5 million and $ 0.7 million of goodwill impairment for the year ended december 31 , 2018. adjusted ebitda for the synodex segment was $ 0.1 million and $ 0.4 million for the years ended december 31 , 2019 and 2018 , respectively , a decrease of $ 0.3 million . the decrease was primarily due to revenue timing from one client partially offset by an increase in volume from one existing client and volume from a new client and an increase in the cost of hardware and software upgrades expensed during the year . adjusted ebitda in the agility segment was breakeven for the year ended december 31 , 2019 compared to an adjusted ebitda loss of $ 0.7 million for the year ended december 31 , 2018 , an improvement of $ 0.7 million . the improvement was due to higher revenues for the year ended december 31 , 2019. liquidity and capital resources selected measures of liquidity and capital resources , expressed in thousands , are as follows : december 31 , 2019 2018 restated story_separator_special_tag justify ; text-indent : 0.5in `` > inflation , seasonality and prevailing economic conditions although most of our revenues are denominated in u.s. dollars , a significant portion of our revenues is denominated in canadian dollars , pound sterling and euros . in addition , a significant portion of our expenses , primarily labor expenses in the philippines , india , sri lanka , germany , canada and israel , is incurred in the local currencies of the countries in which we operate . for financial reporting purposes , we translate all non-u.s. denominated transactions into u.s. dollars in accordance with u.s. gaap . thus , we are exposed to the risk that fluctuations in the value of these currencies relative to the u.s. dollar could have a direct impact on our revenues and our results of operations . the philippines and india have at times experienced high rates of inflation as well as major fluctuations in the exchange rate between the philippine peso and the u.s. dollar and the indian rupee and the u.s. dollar . as of december 31 , 2019 , the aggregate notional amount of our hedges against the indian rupee was approximately $ 4.3 million , and we had no hedges against the philippine peso . fluctuations in exchange rates also affect the value of funds held by our foreign subsidiaries . we do not currently intend to hedge these assets . 38 our most significant costs are the salaries and related benefits of our employees in asia . we are exposed to high inflation in wage rates in the countries in which we operate . we generally perform work for our clients under project-specific contracts , requirements-based contracts or long-term contracts . we must adequately anticipate wage increases , particularly on our fixed-price contracts . there can be no assurance that we will be able to recover cost increases through increases in the prices that we charge for our services to our clients . our quarterly operating results are subject to certain fluctuations . we experience fluctuations in our revenue and earnings as we replace

