43 results of operations the following table sets forth certain revenue and expense items as a percentage of total revenues for the three years ended april 30 , 2020 , 2019 , and 2018 and the percentage increases and decreases in those items for the years ended april 30 , 2020 and 2019 : replace_table_token_3_th nm - not meaningful economic overview and significant trends in our business corporate capital spending trends and commitments are the primary determinants of the size of the market for business software . corporate capital spending is , in turn , a function of general economic conditions in the u.s. and abroad and in particular may be affected by conditions in u.s. and global credit markets . in recent years , the weakness in the overall global economy and the u.s. economy has resulted in reduced expenditures in the business software market . in april 2020 , the international monetary fund ( “ imf ” ) provided an update to the world economic outlook for the 2020 and 2021 world economic growth forecast . the update noted that , “ as a result of the pandemic , the global economy is projected to contract sharply by –3 percent in 2020 , much worse than during the 2008–09 financial crisis . in a baseline scenario , which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound , the global economy is projected to grow by 5.8 percent in 2021 as economic activity normalizes , helped by policy support . there is extreme uncertainty around the global growth forecast . the economic fallout depends on factors that interact in ways that are hard to predict , including the pathway of the pandemic , the intensity and efficacy of containment efforts , the extent of supply disruptions , the repercussions of the dramatic tightening in global financial market conditions , shifts in spending patterns , behavioral changes ( such as people avoiding shopping malls and public transportation ) , confidence effects , and volatile commodity prices . ” for fiscal 2021 , we expect the global economy to be slow in the first half of the year and then pick up activity as the economy recovers from the coronavirus disease ( `` covid-19 `` ) . we believe information technology spending will incrementally improve over 44 the long term as increased global competition and disruptions in supply chains from covid-19 force companies to improve productivity by upgrading their technology systems . although this improvement could slow or regress at any time , due in part to concerns in global capital markets and general economic conditions , we believe that our organizational and financial structure will enable us to take advantage of any sustained economic rebound . customers continue to take long periods to evaluate discretionary software purchases . as the economy improves from the covid-19 decline , we believe that the recovery may drive some businesses to invest in achieving more process and efficiency enhancements in their operations and to invest in solutions that improve operating margins , rather than make large infrastructure-type technology purchases . if this trend continues , we believe it may tend to favor our supply chain solutions , which are designed to provide a more rapid return on investment and are targeted at some of the largest profit drivers in a customer 's business . while the recent difficult economic environment has had a particularly adverse impact on the weaker companies in our target markets , we believe a large percentage of our customers are seeking to make investments to strengthen their operations , and some are taking advantage of current economic conditions to gain market share . we have taken steps to best ensure the health and safety of our employees globally . our daily execution has evolved into a largely virtual model , and we continue to find innovative ways to engage with customers and prospects , ensuring that they are supported as they navigate through this unprecedented period . business opportunities and risks we currently view the following factors as the primary opportunities and risks associated with our business : dependence on capital spending patterns . there is risk associated with our dependence on the capital spending patterns of u.s. and international businesses , which in turn are functions of economic trends and conditions over which we have no control . acquisition opportunities . there are opportunities for selective acquisitions or investments to expand our sales distribution channels and or broaden our product offering by providing additional solutions for our target markets . acquisition risks . there are risks associated with acquisitions of complementary companies , products and technologies , including the risks that we will not achieve the financial and strategic goals that we contemplate at the time of the transaction . more specifically , in any acquisition we will face risks and challenges associated with the uncertain value of the acquired business or assets , the difficulty of assimilating operations and personnel , integrating acquired technologies and products and maintaining the loyalty of the customers of the acquired business . competitive technologies . there is a risk that our competitors may develop technologies that are substantially equivalent or superior to our technology . competition in general . there are risks inherent in the market for business application software and related services , which has been and continues to be intensely competitive ; for example , some of our competitors may become more aggressive with their prices and or payment terms , which may adversely affect our profit margins . for more information , please see “ risk factors ” in item 1a . above . story_separator_special_tag capitalized software development costs increased in fiscal 2019 compared to fiscal 2018 due to the timing of project work . amortization of capitalized software development increased 25 % in fiscal 2019 when compared to fiscal 2018 due to the timing of project releases . 50 sales and marketing in the year ended april 30 , 2020 , the increase in sales and marketing expenses compared to fiscal 2019 was due primarily to an increase in headcount , higher variable compensation , higher sales commissions , an increase in contractor costs and an increase in recruiting fees , which was partially offset by lower marketing spend and lower travel costs due to covid-19 . in the year ended april 30 , 2019 , the slight uptick in sales and marketing expenses compared to fiscal 2018 was due primarily to an increase in costs related to the halo acquisition and an increase in marketing spend which was partially offset by lower sales commissions . general and administrative for the year ended april 30 , 2020 , the increase in general and administrative expenses compared to fiscal 2019 was primarily due to higher variable compensation and higher overhead costs and , to a lesser extent , higher legal , stock option and insurance costs . for the year ended april 30 , 2019 , the increase in general and administrative expenses compared to fiscal 2018 was primarily due to overhead costs related to the halo acquisition and an increase in depreciation from office improvements , partially offset by lower variable compensation . the total number of employees was 428 on april 30 , 2020 , 424 on april 30 , 2019 and 462 on april 30 , 2018 . amortization of acquisition-related intangible assets for the year ended april 30 , 2020 , we recorded $ 1.6 million in intangible amortization expense , of which $ 0.3 million is included in operating expenses and $ 1.3 million is included in cost of license fees . for the year ended april 30 , 2019 , we recorded $ 2.4 million in intangible amortization expense , of which $ 0.4 million is included in operating expenses and $ 2.0 million is included in cost of license fees . operating income/ ( loss ) replace_table_token_12_th * includes certain unallocated expenses . our scm segment operating income increased by 23 % in fiscal 2020 compared to fiscal 2019 primarily due to a 10 % increase in revenues . our scm segment operating income decreased by 18 % in fiscal 2019 compared to fiscal 2018 primarily due to a 6 % decrease in revenues . our it consulting segment operating income decreased 66 % in fiscal 2020 compared to fiscal 2019 primarily due to a decrease in revenues and lower gross margins due to the type of project billing . our it consulting segment operating income decreased 2 % in fiscal 2019 compared to fiscal 2018 primarily due to an increase in sales and marketing costs . the increase in the other segment operating loss in fiscal 2020 when compared to fiscal 2019 was due primarily to an increase in variable compensation and overhead costs , partially offset by a 2 % increase in revenues in fiscal 2020. the increase in the other segment operating loss in fiscal 2019 when compared to fiscal 2018 was due primarily to the 9 % decrease in revenues in fiscal 2019. other income other income is comprised of net interest and dividend income , rental income net of related depreciation expenses , exchange rate gains and losses , realized and unrealized gains and losses from investments . other income was approximately $ 0.8 million in the year ended april 30 , 2020 compared to $ 2.4 million in fiscal 2019 . the decrease was primarily due to unrealized losses of $ 0.1 million in fiscal 2020 compared to unrealized gains of $ 1.0 million for the same period last year , lower interest income of $ 1.5 million in 51 fiscal 2020 compared to $ 2.1 million in fiscal 2019 and higher exchange rate losses of approximately $ 605,000 compared to $ 486,000 for the same period last year . other income was approximately $ 2.4 million in the year ended april 30 , 2019 compared to $ 2.2 million in fiscal 2018. the increase was primarily due higher interest income of $ 1.8 million in fiscal 2019 compared to $ 1.3 million in fiscal 2018. this increase was partially offset by higher exchange rate losses of approximately $ 486,000 compared to $ 16,000 for the same period last year . for the years ended april 30 , 2020 and 2019 , our investments generated an annualized yield of approximately 1.4 % and 1.3 % , respectively . income taxes during the year ended april 30 , 2020 , we recorded income tax expense of $ 56,000 compared to $ 838,000 in fiscal 2019 and $ 3.7 million in fiscal 2018. our effective income tax rate takes into account the source of taxable income by state , and available income tax credits . our effective tax rate was 1 % , 11 % , and 23 % in fiscal 2020 , 2019 and 2018 , respectively . the effective tax rate for fiscal 2020 is lower compared to fiscal 2019 due to an increase in the amount of excess tax benefits from stock option deductions . on december 22 , 2017 , the u.s. enacted the tax cuts and jobs act ( the “ act ” ) , which significantly changed u.s. tax law . the act lowered our u.s. statutory federal income tax rate from 35 % to 21 % effective january 1 , 2018. for fiscal 2018 , our blended u.s. federal statutory tax rate was 30.3 % . this is the result of using the tax rate of 35 % for the first eight months of fiscal 2018 and the reduced tax rate of 21 % for the final

liquidity and capital resources sources and uses of cash we have historically funded , and continue to fund , our operations and capital expenditures primarily with cash generated from operating activities . the changes in net cash that our operating activities provide generally reflect the changes in net earnings and non-cash operating items plus the effect of changes in operating assets and liabilities , such as investment trading securities , trade accounts receivable , trade accounts payable , accrued expenses and deferred revenue . we have no debt obligations or off-balance sheet financing arrangements , and therefore we used no cash for debt service purposes . the following tables provide information about our cash flows and liquidity positions as of and for the fiscal years ended april 30 , 2020 , 2019 and 2018 . you should read these tables and the discussion that follows in conjunction with our consolidated statements of cash flows contained in item 8 of this report . replace_table_token_13_th the increase in cash provided by operating activities in fiscal 2020 compared to fiscal 2019 was due primarily to : ( 1 ) an increase in the net proceeds from sales and maturities of trading securities due to timing of purchases and maturity dates , ( 2 ) an increase in accounts payable and other liabilities in fiscal 2020 when compared to a decrease in fiscal 2019 due primarily to timing and the amount of sales commissions and bonuses , ( 3 ) unrealized losses on investments due to timing of sales of investments , ( 4 ) an increase in deferred revenues in fiscal 2020 when compared to fiscal 2019 primarily due to the timing of cloud and maintenance revenue recognition , ( 5 ) higher depreciation and amortization expense due to timing of closing capitalized software projects and office 52 renovations , ( 6 ) a higher stock-based compensation expense in fiscal 2020 due


 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 sources and uses of cash we have historically funded , and continue to fund , our operations and capital expenditures primarily with cash generated from operating activities . the changes in net cash that our operating activities provide generally reflect the changes in net earnings and non-cash operating items plus the effect of changes in operating assets and liabilities , such as investment trading securities , trade accounts receivable , trade accounts payable , accrued expenses and deferred revenue . we have no debt obligations or off-balance sheet financing arrangements , and therefore we used no cash for debt service purposes . the following tables provide information about our cash flows and liquidity positions as of and for the fiscal years ended april 30 , 2020 , 2019 and 2018 . you should read these tables and the discussion that follows in conjunction with our consolidated statements of cash flows contained in item 8 of this report . replace_table_token_13_th the increase in cash provided by operating activities in fiscal 2020 compared to fiscal 2019 was due primarily to : ( 1 ) an increase in the net proceeds from sales and maturities of trading securities due to timing of purchases and maturity dates , ( 2 ) an increase in accounts payable and other liabilities in fiscal 2020 when compared to a decrease in fiscal 2019 due primarily to timing and the amount of sales commissions and bonuses , ( 3 ) unrealized losses on investments due to timing of sales of investments , ( 4 ) an increase in deferred revenues in fiscal 2020 when compared to fiscal 2019 primarily due to the timing of cloud and maintenance revenue recognition , ( 5 ) higher depreciation and amortization expense due to timing of closing capitalized software projects and office 52 renovations , ( 6 ) a higher stock-based compensation expense in fiscal 2020 due
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 Suspicious Activity Report : 43 results of operations the following table sets forth certain revenue and expense items as a percentage of total revenues for the three years ended april 30 , 2020 , 2019 , and 2018 and the percentage increases and decreases in those items for the years ended april 30 , 2020 and 2019 : replace_table_token_3_th nm - not meaningful economic overview and significant trends in our business corporate capital spending trends and commitments are the primary determinants of the size of the market for business software . corporate capital spending is , in turn , a function of general economic conditions in the u.s. and abroad and in particular may be affected by conditions in u.s. and global credit markets . in recent years , the weakness in the overall global economy and the u.s. economy has resulted in reduced expenditures in the business software market . in april 2020 , the international monetary fund ( “ imf ” ) provided an update to the world economic outlook for the 2020 and 2021 world economic growth forecast . the update noted that , “ as a result of the pandemic , the global economy is projected to contract sharply by –3 percent in 2020 , much worse than during the 2008–09 financial crisis . in a baseline scenario , which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound , the global economy is projected to grow by 5.8 percent in 2021 as economic activity normalizes , helped by policy support . there is extreme uncertainty around the global growth forecast . the economic fallout depends on factors that interact in ways that are hard to predict , including the pathway of the pandemic , the intensity and efficacy of containment efforts , the extent of supply disruptions , the repercussions of the dramatic tightening in global financial market conditions , shifts in spending patterns , behavioral changes ( such as people avoiding shopping malls and public transportation ) , confidence effects , and volatile commodity prices . ” for fiscal 2021 , we expect the global economy to be slow in the first half of the year and then pick up activity as the economy recovers from the coronavirus disease ( `` covid-19 `` ) . we believe information technology spending will incrementally improve over 44 the long term as increased global competition and disruptions in supply chains from covid-19 force companies to improve productivity by upgrading their technology systems . although this improvement could slow or regress at any time , due in part to concerns in global capital markets and general economic conditions , we believe that our organizational and financial structure will enable us to take advantage of any sustained economic rebound . customers continue to take long periods to evaluate discretionary software purchases . as the economy improves from the covid-19 decline , we believe that the recovery may drive some businesses to invest in achieving more process and efficiency enhancements in their operations and to invest in solutions that improve operating margins , rather than make large infrastructure-type technology purchases . if this trend continues , we believe it may tend to favor our supply chain solutions , which are designed to provide a more rapid return on investment and are targeted at some of the largest profit drivers in a customer 's business . while the recent difficult economic environment has had a particularly adverse impact on the weaker companies in our target markets , we believe a large percentage of our customers are seeking to make investments to strengthen their operations , and some are taking advantage of current economic conditions to gain market share . we have taken steps to best ensure the health and safety of our employees globally . our daily execution has evolved into a largely virtual model , and we continue to find innovative ways to engage with customers and prospects , ensuring that they are supported as they navigate through this unprecedented period . business opportunities and risks we currently view the following factors as the primary opportunities and risks associated with our business : dependence on capital spending patterns . there is risk associated with our dependence on the capital spending patterns of u.s. and international businesses , which in turn are functions of economic trends and conditions over which we have no control . acquisition opportunities . there are opportunities for selective acquisitions or investments to expand our sales distribution channels and or broaden our product offering by providing additional solutions for our target markets . acquisition risks . there are risks associated with acquisitions of complementary companies , products and technologies , including the risks that we will not achieve the financial and strategic goals that we contemplate at the time of the transaction . more specifically , in any acquisition we will face risks and challenges associated with the uncertain value of the acquired business or assets , the difficulty of assimilating operations and personnel , integrating acquired technologies and products and maintaining the loyalty of the customers of the acquired business . competitive technologies . there is a risk that our competitors may develop technologies that are substantially equivalent or superior to our technology . competition in general . there are risks inherent in the market for business application software and related services , which has been and continues to be intensely competitive ; for example , some of our competitors may become more aggressive with their prices and or payment terms , which may adversely affect our profit margins . for more information , please see “ risk factors ” in item 1a . above . story_separator_special_tag capitalized software development costs increased in fiscal 2019 compared to fiscal 2018 due to the timing of project work . amortization of capitalized software development increased 25 % in fiscal 2019 when compared to fiscal 2018 due to the timing of project releases . 50 sales and marketing in the year ended april 30 , 2020 , the increase in sales and marketing expenses compared to fiscal 2019 was due primarily to an increase in headcount , higher variable compensation , higher sales commissions , an increase in contractor costs and an increase in recruiting fees , which was partially offset by lower marketing spend and lower travel costs due to covid-19 . in the year ended april 30 , 2019 , the slight uptick in sales and marketing expenses compared to fiscal 2018 was due primarily to an increase in costs related to the halo acquisition and an increase in marketing spend which was partially offset by lower sales commissions . general and administrative for the year ended april 30 , 2020 , the increase in general and administrative expenses compared to fiscal 2019 was primarily due to higher variable compensation and higher overhead costs and , to a lesser extent , higher legal , stock option and insurance costs . for the year ended april 30 , 2019 , the increase in general and administrative expenses compared to fiscal 2018 was primarily due to overhead costs related to the halo acquisition and an increase in depreciation from office improvements , partially offset by lower variable compensation . the total number of employees was 428 on april 30 , 2020 , 424 on april 30 , 2019 and 462 on april 30 , 2018 . amortization of acquisition-related intangible assets for the year ended april 30 , 2020 , we recorded $ 1.6 million in intangible amortization expense , of which $ 0.3 million is included in operating expenses and $ 1.3 million is included in cost of license fees . for the year ended april 30 , 2019 , we recorded $ 2.4 million in intangible amortization expense , of which $ 0.4 million is included in operating expenses and $ 2.0 million is included in cost of license fees . operating income/ ( loss ) replace_table_token_12_th * includes certain unallocated expenses . our scm segment operating income increased by 23 % in fiscal 2020 compared to fiscal 2019 primarily due to a 10 % increase in revenues . our scm segment operating income decreased by 18 % in fiscal 2019 compared to fiscal 2018 primarily due to a 6 % decrease in revenues . our it consulting segment operating income decreased 66 % in fiscal 2020 compared to fiscal 2019 primarily due to a decrease in revenues and lower gross margins due to the type of project billing . our it consulting segment operating income decreased 2 % in fiscal 2019 compared to fiscal 2018 primarily due to an increase in sales and marketing costs . the increase in the other segment operating loss in fiscal 2020 when compared to fiscal 2019 was due primarily to an increase in variable compensation and overhead costs , partially offset by a 2 % increase in revenues in fiscal 2020. the increase in the other segment operating loss in fiscal 2019 when compared to fiscal 2018 was due primarily to the 9 % decrease in revenues in fiscal 2019. other income other income is comprised of net interest and dividend income , rental income net of related depreciation expenses , exchange rate gains and losses , realized and unrealized gains and losses from investments . other income was approximately $ 0.8 million in the year ended april 30 , 2020 compared to $ 2.4 million in fiscal 2019 . the decrease was primarily due to unrealized losses of $ 0.1 million in fiscal 2020 compared to unrealized gains of $ 1.0 million for the same period last year , lower interest income of $ 1.5 million in 51 fiscal 2020 compared to $ 2.1 million in fiscal 2019 and higher exchange rate losses of approximately $ 605,000 compared to $ 486,000 for the same period last year . other income was approximately $ 2.4 million in the year ended april 30 , 2019 compared to $ 2.2 million in fiscal 2018. the increase was primarily due higher interest income of $ 1.8 million in fiscal 2019 compared to $ 1.3 million in fiscal 2018. this increase was partially offset by higher exchange rate losses of approximately $ 486,000 compared to $ 16,000 for the same period last year . for the years ended april 30 , 2020 and 2019 , our investments generated an annualized yield of approximately 1.4 % and 1.3 % , respectively . income taxes during the year ended april 30 , 2020 , we recorded income tax expense of $ 56,000 compared to $ 838,000 in fiscal 2019 and $ 3.7 million in fiscal 2018. our effective income tax rate takes into account the source of taxable income by state , and available income tax credits . our effective tax rate was 1 % , 11 % , and 23 % in fiscal 2020 , 2019 and 2018 , respectively . the effective tax rate for fiscal 2020 is lower compared to fiscal 2019 due to an increase in the amount of excess tax benefits from stock option deductions . on december 22 , 2017 , the u.s. enacted the tax cuts and jobs act ( the “ act ” ) , which significantly changed u.s. tax law . the act lowered our u.s. statutory federal income tax rate from 35 % to 21 % effective january 1 , 2018. for fiscal 2018 , our blended u.s. federal statutory tax rate was 30.3 % . this is the result of using the tax rate of 35 % for the first eight months of fiscal 2018 and the reduced tax rate of 21 % for the final

