our solutions are sold worldwide through our direct sales force , as well as through distributors , resellers , systems integrators , and original equipment manufacturers . our sales force is able to offer customers a choice of an on-site implementation using our traditional on-premises model or a cloud implementation for some solutions using our services platform . economic conditions our revenue may vary significantly with changes in the economic conditions in the countries in which we currently sell products . with our current concentration of revenue in europe and specifically in the banking and finance vertical market , significant changes in the economic outlook for the european banking market may have a significant effect on our revenue . cybersecurity risks our use of technology is increasing and is critical in three primary areas of our business : 1. software and information systems that we use to help us run our business more efficiently and cost effectively ; 2. the products we have traditionally sold and continue to sell to our customers for integration into their software applications contain technology that incorporates the use of secret numbers and encryption technology ; and 28 3. new products and services that we introduced to the market are focused on processing information through our servers or in the cloud . we believe that the risks and consequences of potential incidents in each of the above areas are different . in the case of the information systems we use to help us run our business , we believe that an incident could disrupt our ability to take orders or deliver product to our customers , but such a delay in these activities would not have a material impact on our overall results . to minimize this risk , we actively use various forms of security and monitor the use of our systems regularly to detect potential incidents as soon as possible . in the case of products that we have traditionally sold , we believe that the risk of a potential cyber incident is minimal . we offer our customers the ability to either create the secret numbers themselves or have us create the numbers on their behalf . when asked to create the numbers , we do so in a secure environment with limited physical access and store the numbers on a system that is not connected to any other network , including other onespan networks , and similarly , is not connected to the internet . in the case of our cloud-based solutions , which involve the processing of customer information , we believe a cyber-incident could have a material impact on our business . while our revenue from cloud-based solutions comprises a minority of our revenue today , we believe that these solutions will provide substantial future growth . a cyber incident involving these solutions in the future could substantially impair our ability to grow the business and we could suffer significant monetary and other losses and significant reputational harm . to minimize the risk , we review our product security and procedures on a regular basis . our reviews include the processes and software code we are currently using as well as the hosting platforms and procedures that we employ . we mitigate the risk of cyber incidents through a series of reviews , tests , tools and training . certain insurance coverages may apply to certain cyber incidents . overall , we expect the cost of securing our networks will increase in future periods , whether through increased staff , systems or insurance coverage . while we did not experience any cyber incident in 2019 , 2018 , or 2017 that had a significant impact on our business , it is possible that we could experience an incident in 2020 or future years , which could result in unanticipated costs . currency fluctuations in 2019 , approximately 76 % of our revenue and approximately 72 % of our operating expenses were generated/incurred outside of the u.s. in 2018 , approximately 74 % of our revenue and approximately 79 % of our operating expenses were generated/incurred outside of the u.s. in 2017 , approximately 72 % of our revenue and approximately 76 % of our operating expenses were generated/incurred outside of the u.s. while the majority of our revenue is generated outside of the u.s. , the majority of our revenue is billed in u.s. dollars . in 2019 , approximately 62 % of our revenue was denominated in u.s. dollars , 29 % was denominated in euros and 9 % was denominated in other currencies . in 2018 , approximately 61 % of our revenue was denominated in u.s. dollars , 34 % was denominated in euros and 5 % was denominated in other currencies . in 2017 , approximately 66 % of our revenue was denominated in u.s. dollars , 29 % was denominated in euros , and 5 % was denominated in other currencies . in general , to minimize the net impact of currency fluctuations on operating income , we attempt to denominate an amount of billings in a currency such that it would provide a hedge against the operating expenses being incurred in that currency . we expect that changes in currency rates may also impact our future results if we are unable to match amounts of revenue with our operating expenses in the same currency . if the amount of our revenue in europe denominated in euros continues as it is now or declines , we may not be able to balance fully the exposures of currency exchange rates on revenue and operating expenses . 29 the financial position and the results of operations of our foreign subsidiaries , with the exception of our subsidiaries in switzerland , singapore and canada , are measured using the local currency as the functional currency . accordingly , assets and liabilities are translated into u.s. dollars using current exchange rates as of the balance sheet date . story_separator_special_tag story_separator_special_tag style= `` width:100 % `` > 3. post contract support ( pcs ) in the form of maintenance on the host system software or support . our multiple-element arrangements may also include other items that are usually delivered prior to the recognition of any revenue are incidental to the overall transaction such as initialization of the hardware device , customization of the hardware device itself or the packaging in which it is delivered , deployment services where we deliver the device to our customer 's end-use customer or employee and , in some limited cases , professional services to assist with the initial implementation of a new customer . in multiple-element arrangements that include a hardware client device , we allocate the selling price among all elements , delivered and undelivered , based on estimated selling price of all of the elements . in multiple-element arrangements that include a software client device , we continue to account for each element under the current standards of asc 985-605 related to software . when software for the client device and host software are delivered elements , we use the residual method for determining the amount of revenue to recognize for token and software licenses if we have vendor-specific objective evidence ( “ vsoe ” ) for all of the undelivered elements . any discount provided to the customer is applied fully to the delivered elements in such an arrangement . vsoe for undelivered elements is established using the “ bell curve method . ” under this method , we conclude vsoe exists when a substantial majority of pcs renewals are within a narrow range of pricing . the estimated selling price of pcs items is based on an established percentage of the user license fee attributable to the specific software . in sales arrangements where vsoe of fair value has not been established , revenue for all elements is deferred and amortized over the life of the arrangement . 38 for transactions other than multiple-element arrangements , we recognize revenue as follows : 1. product and license revenue : revenue from the sale of computer security hardware or the license of software is recorded upon shipment , or upon delivery based on the underlying contract terms . no significant obligations or contingencies exist with regard to delivery , customer acceptance or rights of return at the time revenue is recognized . 2. saas : we generate saas revenues from our cloud services offerings . saas revenues include fees from customers for access to the onespan sign ( formerly esignlive ) suite of solutions . our standard customer arrangements generally do not provide the customer with the right to take possession of the software supporting the cloud-based application service at any time . as such , these arrangements are considered service contracts and revenue is recognized ratably over the service period of the contract . 3. maintenance and support agreements : maintenance and support agreements generally call for us to provide software updates and technical support , respectively , to customers . revenue on maintenance and technical support is deferred and recognized ratably over the term of the applicable maintenance and support agreement . 4. professional services : we provide professional services to our customers . revenue from such services is recognized during the period in which the services are performed . we recognize revenue from sales to distributors and resellers on the same basis as sales made directly to customers . we recognize revenue when there is persuasive evidence that an arrangement exists , delivery has occurred , the fee is fixed or determinable and collection of the revenue is probable . for large-volume transactions , we may negotiate a specific price that is based on the number of users of the software license or quantities of hardware supplied . the per unit prices for large-volume transactions are generally lower than transactions for smaller quantities and the price differences are commonly referred to as volume-purchase discounts . all revenue is reported on a net basis , excluding any sales taxes or value added taxes . under asc 606 – for the years ended december 31 , 2019 and 2018 on january 1 , 2018 , we adopted fasb accounting standards codification ( asc ) topic 606 , “ revenue from contracts with customers ” , or “ topic 606 ” using the modified retrospective method applied to those contracts which were not completed as of january 1 , 2018. results for reporting periods beginning after january 1 , 2018 are presented under topic 606 , while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under fasb asc topic 605 “ revenue recognition ” and fasb asc topic 985-605 “ software-revenue recognition ” ( “ topic 605 ” ) . we recorded a net increase to opening accumulated income of $ 11.9 million , net of tax , as of january 1 , 2018 due to the cumulative impact of adopting topic 606 , with the impact primarily related to the accounting impacts of our customer contracts that include a term license to our software , as well as the impact of accounting for costs incurred to obtain our contracts . the net impact to revenue as a result of applying topic 606 was an increase of $ 3.4 million for the year ended december 31 , 2018. see note 4 - revenue for further details . we determine revenue recognition through the following steps : 39 · identification of the contract , or contracts , with a customer ; · identification of the performance obligations in the contract ; · determination of the transaction price ; · allocation of the transaction price to the performance obligations in the contract ; and · recognition of revenue when , or as , we satisfy a performance obligation . revenues are recognized when control of the promised goods or services is transferred to our customers

liquidity and capital resources as of december 31 , 2019 , we had net cash balances ( total cash and cash equivalents ) of $ 84.3 million and short-term investments of $ 25.5 million . short term investments consist of u.s. treasury bills and notes , corporate notes , and high quality commercial paper with maturities at acquisition of more than three months and less than twelve months . during the year ended december 31 , 2018 , we entered into a new lease agreement that required a letter of credit in the amount of $ 0.8 million to secure the obligation . the restricted cash related to this letter of credit is recorded in other non-current assets on the consolidated balance sheet as of december 31 , 2019 and december 31 , 2018. we had no outstanding debt at december 31 , 2019 or december 31 , 2018 . 35 our working capital at december 31 , 2019 was $ 137.5 million , an increase of $ 17.9 million or 15 % from $ 119.6 million at december 31 , 2018. the increase in the combined balance of our cash and short-term investments is primarily driven by higher net income . as of december 31 , 2019 , we held $ 64.1 million of cash and cash equivalents in subsidiaries outside of the united states . of that amount , $ 63.5 million is not subject to repatriation restrictions , but may be subject to taxes upon repatriation . we believe that our financial resources are adequate to meet our operating needs over the next twelve months . our cash flows are as follows : replace_table_token_9_th operating activities cash generated by operating activities is primarily comprised of net income , as adjusted for non-cash items , and changes in operating assets and liabilities . non-cash adjustments consist primarily of amortization and impairment of intangible assets , depreciation of property and equipment , and stock-based compensation . we expect cash inflows from operating activities to be affected by increases or decreases in sales and timing of collections . our primary uses of cash from operating activities have been for personnel costs .


 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 as of december 31 , 2019 , we had net cash balances ( total cash and cash equivalents ) of $ 84.3 million and short-term investments of $ 25.5 million . short term investments consist of u.s. treasury bills and notes , corporate notes , and high quality commercial paper with maturities at acquisition of more than three months and less than twelve months . during the year ended december 31 , 2018 , we entered into a new lease agreement that required a letter of credit in the amount of $ 0.8 million to secure the obligation . the restricted cash related to this letter of credit is recorded in other non-current assets on the consolidated balance sheet as of december 31 , 2019 and december 31 , 2018. we had no outstanding debt at december 31 , 2019 or december 31 , 2018 . 35 our working capital at december 31 , 2019 was $ 137.5 million , an increase of $ 17.9 million or 15 % from $ 119.6 million at december 31 , 2018. the increase in the combined balance of our cash and short-term investments is primarily driven by higher net income . as of december 31 , 2019 , we held $ 64.1 million of cash and cash equivalents in subsidiaries outside of the united states . of that amount , $ 63.5 million is not subject to repatriation restrictions , but may be subject to taxes upon repatriation . we believe that our financial resources are adequate to meet our operating needs over the next twelve months . our cash flows are as follows : replace_table_token_9_th operating activities cash generated by operating activities is primarily comprised of net income , as adjusted for non-cash items , and changes in operating assets and liabilities . non-cash adjustments consist primarily of amortization and impairment of intangible assets , depreciation of property and equipment , and stock-based compensation . we expect cash inflows from operating activities to be affected by increases or decreases in sales and timing of collections . our primary uses of cash from operating activities have been for personnel costs .
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 Suspicious Activity Report : our solutions are sold worldwide through our direct sales force , as well as through distributors , resellers , systems integrators , and original equipment manufacturers . our sales force is able to offer customers a choice of an on-site implementation using our traditional on-premises model or a cloud implementation for some solutions using our services platform . economic conditions our revenue may vary significantly with changes in the economic conditions in the countries in which we currently sell products . with our current concentration of revenue in europe and specifically in the banking and finance vertical market , significant changes in the economic outlook for the european banking market may have a significant effect on our revenue . cybersecurity risks our use of technology is increasing and is critical in three primary areas of our business : 1. software and information systems that we use to help us run our business more efficiently and cost effectively ; 2. the products we have traditionally sold and continue to sell to our customers for integration into their software applications contain technology that incorporates the use of secret numbers and encryption technology ; and 28 3. new products and services that we introduced to the market are focused on processing information through our servers or in the cloud . we believe that the risks and consequences of potential incidents in each of the above areas are different . in the case of the information systems we use to help us run our business , we believe that an incident could disrupt our ability to take orders or deliver product to our customers , but such a delay in these activities would not have a material impact on our overall results . to minimize this risk , we actively use various forms of security and monitor the use of our systems regularly to detect potential incidents as soon as possible . in the case of products that we have traditionally sold , we believe that the risk of a potential cyber incident is minimal . we offer our customers the ability to either create the secret numbers themselves or have us create the numbers on their behalf . when asked to create the numbers , we do so in a secure environment with limited physical access and store the numbers on a system that is not connected to any other network , including other onespan networks , and similarly , is not connected to the internet . in the case of our cloud-based solutions , which involve the processing of customer information , we believe a cyber-incident could have a material impact on our business . while our revenue from cloud-based solutions comprises a minority of our revenue today , we believe that these solutions will provide substantial future growth . a cyber incident involving these solutions in the future could substantially impair our ability to grow the business and we could suffer significant monetary and other losses and significant reputational harm . to minimize the risk , we review our product security and procedures on a regular basis . our reviews include the processes and software code we are currently using as well as the hosting platforms and procedures that we employ . we mitigate the risk of cyber incidents through a series of reviews , tests , tools and training . certain insurance coverages may apply to certain cyber incidents . overall , we expect the cost of securing our networks will increase in future periods , whether through increased staff , systems or insurance coverage . while we did not experience any cyber incident in 2019 , 2018 , or 2017 that had a significant impact on our business , it is possible that we could experience an incident in 2020 or future years , which could result in unanticipated costs . currency fluctuations in 2019 , approximately 76 % of our revenue and approximately 72 % of our operating expenses were generated/incurred outside of the u.s. in 2018 , approximately 74 % of our revenue and approximately 79 % of our operating expenses were generated/incurred outside of the u.s. in 2017 , approximately 72 % of our revenue and approximately 76 % of our operating expenses were generated/incurred outside of the u.s. while the majority of our revenue is generated outside of the u.s. , the majority of our revenue is billed in u.s. dollars . in 2019 , approximately 62 % of our revenue was denominated in u.s. dollars , 29 % was denominated in euros and 9 % was denominated in other currencies . in 2018 , approximately 61 % of our revenue was denominated in u.s. dollars , 34 % was denominated in euros and 5 % was denominated in other currencies . in 2017 , approximately 66 % of our revenue was denominated in u.s. dollars , 29 % was denominated in euros , and 5 % was denominated in other currencies . in general , to minimize the net impact of currency fluctuations on operating income , we attempt to denominate an amount of billings in a currency such that it would provide a hedge against the operating expenses being incurred in that currency . we expect that changes in currency rates may also impact our future results if we are unable to match amounts of revenue with our operating expenses in the same currency . if the amount of our revenue in europe denominated in euros continues as it is now or declines , we may not be able to balance fully the exposures of currency exchange rates on revenue and operating expenses . 29 the financial position and the results of operations of our foreign subsidiaries , with the exception of our subsidiaries in switzerland , singapore and canada , are measured using the local currency as the functional currency . accordingly , assets and liabilities are translated into u.s. dollars using current exchange rates as of the balance sheet date . story_separator_special_tag story_separator_special_tag style= `` width:100 % `` > 3. post contract support ( pcs ) in the form of maintenance on the host system software or support . our multiple-element arrangements may also include other items that are usually delivered prior to the recognition of any revenue are incidental to the overall transaction such as initialization of the hardware device , customization of the hardware device itself or the packaging in which it is delivered , deployment services where we deliver the device to our customer 's end-use customer or employee and , in some limited cases , professional services to assist with the initial implementation of a new customer . in multiple-element arrangements that include a hardware client device , we allocate the selling price among all elements , delivered and undelivered , based on estimated selling price of all of the elements . in multiple-element arrangements that include a software client device , we continue to account for each element under the current standards of asc 985-605 related to software . when software for the client device and host software are delivered elements , we use the residual method for determining the amount of revenue to recognize for token and software licenses if we have vendor-specific objective evidence ( “ vsoe ” ) for all of the undelivered elements . any discount provided to the customer is applied fully to the delivered elements in such an arrangement . vsoe for undelivered elements is established using the “ bell curve method . ” under this method , we conclude vsoe exists when a substantial majority of pcs renewals are within a narrow range of pricing . the estimated selling price of pcs items is based on an established percentage of the user license fee attributable to the specific software . in sales arrangements where vsoe of fair value has not been established , revenue for all elements is deferred and amortized over the life of the arrangement . 38 for transactions other than multiple-element arrangements , we recognize revenue as follows : 1. product and license revenue : revenue from the sale of computer security hardware or the license of software is recorded upon shipment , or upon delivery based on the underlying contract terms . no significant obligations or contingencies exist with regard to delivery , customer acceptance or rights of return at the time revenue is recognized . 2. saas : we generate saas revenues from our cloud services offerings . saas revenues include fees from customers for access to the onespan sign ( formerly esignlive ) suite of solutions . our standard customer arrangements generally do not provide the customer with the right to take possession of the software supporting the cloud-based application service at any time . as such , these arrangements are considered service contracts and revenue is recognized ratably over the service period of the contract . 3. maintenance and support agreements : maintenance and support agreements generally call for us to provide software updates and technical support , respectively , to customers . revenue on maintenance and technical support is deferred and recognized ratably over the term of the applicable maintenance and support agreement . 4. professional services : we provide professional services to our customers . revenue from such services is recognized during the period in which the services are performed . we recognize revenue from sales to distributors and resellers on the same basis as sales made directly to customers . we recognize revenue when there is persuasive evidence that an arrangement exists , delivery has occurred , the fee is fixed or determinable and collection of the revenue is probable . for large-volume transactions , we may negotiate a specific price that is based on the number of users of the software license or quantities of hardware supplied . the per unit prices for large-volume transactions are generally lower than transactions for smaller quantities and the price differences are commonly referred to as volume-purchase discounts . all revenue is reported on a net basis , excluding any sales taxes or value added taxes . under asc 606 – for the years ended december 31 , 2019 and 2018 on january 1 , 2018 , we adopted fasb accounting standards codification ( asc ) topic 606 , “ revenue from contracts with customers ” , or “ topic 606 ” using the modified retrospective method applied to those contracts which were not completed as of january 1 , 2018. results for reporting periods beginning after january 1 , 2018 are presented under topic 606 , while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under fasb asc topic 605 “ revenue recognition ” and fasb asc topic 985-605 “ software-revenue recognition ” ( “ topic 605 ” ) . we recorded a net increase to opening accumulated income of $ 11.9 million , net of tax , as of january 1 , 2018 due to the cumulative impact of adopting topic 606 , with the impact primarily related to the accounting impacts of our customer contracts that include a term license to our software , as well as the impact of accounting for costs incurred to obtain our contracts . the net impact to revenue as a result of applying topic 606 was an increase of $ 3.4 million for the year ended december 31 , 2018. see note 4 - revenue for further details . we determine revenue recognition through the following steps : 39 · identification of the contract , or contracts , with a customer ; · identification of the performance obligations in the contract ; · determination of the transaction price ; · allocation of the transaction price to the performance obligations in the contract ; and · recognition of revenue when , or as , we satisfy a performance obligation . revenues are recognized when control of the promised goods or services is transferred to our customers

