based on our experience , we believe that $ 1 million in annual sales is an appropriate threshold for distinguishing between greenfield revenue and mro/ue revenue . however , we often sell our products to intermediaries or subcontract our services ; accordingly , we have limited visibility into how our products or services may ultimately be used and can provide no assurance that our categorization may accurately reflect the sources of such revenue . furthermore , our customers do not typically enter into long-term forward maintenance contracts with us . in any given year , certain of our smaller greenfield projects may generate less than $ 1 million in annual sales , and certain of our larger plant expansions or upgrades may generate in excess of $ 1 million in annual sales , though we believe that such exceptions are few in number and insignificant to our overall results of operations . ths has been excluded from the greenfield and mro/ue calculations . most of ths 's revenue would be classified as mro/ue under these definitions . we believe that our pipeline of planned projects , in addition to our backlog of signed purchase orders , provides us with visibility into our future revenue . historically we have experienced few order cancellations , and the cancellations that have occurred in the past have not been material compared to our total contract volume or total backlog . the small number of order cancellations is attributable in part to the fact that a large portion of our solutions are ordered and installed toward the end of greenfield project construction . our backlog at march 31 , 2020 was $ 105.4 million as compared to $ 120.0 million at march 31 , 2019 . the timing of recognition of revenue out of backlog is not always certain , as it is subject to a variety of factors that may cause delays , many of which are beyond our control ( such as customers ' delivery schedules and levels of capital and maintenance expenditures ) . when delays occur , the recognition of revenue associated with the delayed project is likewise deferred . cost of sales . our cost of sales includes primarily the cost of raw material items used in the manufacture of our products , cost of ancillary products that are sourced from external suppliers and construction labor cost . additional costs of revenue include contract engineering cost directly associated to projects , direct labor cost , shipping and handling costs , and other costs associated with our manufacturing/fabrication operations . the other costs associated with our manufacturing/fabrication operations are primarily indirect production costs , including depreciation , indirect labor costs , and the costs of manufacturing support functions such as logistics and quality assurance . key raw material costs include polymers , copper , stainless steel , insulating material , and other miscellaneous parts related to products manufactured or assembled as part of our heat tracing solutions . historically , our primary raw materials have been readily available from multiple suppliers and raw material costs have been stable , and we have been generally successful with passing along raw material cost increases to our customers . therefore , increases in the cost of key raw materials of our products have not generally affected our gross margins . we can not provide any assurance that we may be able to pass along such cost increases , including the potential impacts of tariffs , to our customers in the future , and if we are unable to do so , our results of operations may be adversely affected . operating expenses . our marketing , general and administrative and engineering expenses are primarily comprised of compensation and related costs for sales , marketing , pre-sales engineering and administrative personnel , as well as other sales related expenses and other costs related to research and development , insurance , professional fees , the global integrated business information system , provisions for bad debts and warranty expense . key drivers affecting our results of operations . our results of operations and financial condition are affected by numerous factors , including those described above under item 1a , `` risk factors `` and elsewhere in this annual report and those described below : 29 timing of greenfield projects . our results of operations in recent years have been impacted by the various construction phases of large greenfield projects . on very large projects , we are typically designated as the heat tracing provider of choice by the project owner . we then engage with multiple contractors to address incorporating various heat tracing solutions throughout the overall project . our largest greenfield projects may generate revenue for several quarters . in the early stages of a greenfield project , our revenues are typically realized from the provision of engineering services . in the middle stages , or the material requirements phase , we typically experience the greatest demand for our heat tracing cable , at which point our revenues tend to accelerate . revenues tend to decrease gradually in the final stages of a project and are generally derived from installation services and demand for electrical panels and other miscellaneous electronic components used in the final installation of heat tracing cable , which we frequently outsource from third-party manufacturers . therefore , we typically provide a mix of products and services during each phase of a greenfield project , and our margins fluctuate accordingly . cyclicality of end-users ' markets . demand for our products and services depends in large part upon the level of capital and maintenance expenditures of our customers and end users , in particular those in the energy , chemical processing and power generation industries , and firms that design and construct facilities for these industries . these customers ' expenditures historically have been cyclical in nature and vulnerable to economic downturns . story_separator_special_tag we can not assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to service our indebtedness , including our credit facility borrowings , or to fund our other liquidity needs . in addition , upon the occurrence of certain events , such as a change of control , we could be required to repay or refinance our indebtedness . we can not assure you that we will be able to refinance any of our indebtedness , including our credit facility , on commercially reasonable terms or at all . in fiscal 2020 , we invested $ 10.9 million in capital expenditures . tps purchased $ 4.4 million in property , plant and equipment , primarily related to leased equipment , of which $ 0.6 million was sold to customers . we invested $ 1.6 million in the implementation of our enterprise resource planning ( “ erp ” ) software and other internally developed software . we invested $ 5.5 million in upgrading various buildings and manufacturing equipment and annual investments in technology , furniture and fixture replacements , and capital maintenance . going forward , we expect to decrease our investment in capital expenditures to approximately $ 4.0 million for the fiscal year ending march 31 , 2021 in response to the covid-19 coronavirus pandemic . during the fiscal year ending march 31 , 2021 , we expect to invest approximately $ 2.2 million in equipment used in our manufacturing facilities , and in land and building improvements . the remaining amount primarily relates to investments in computers and technology equipment to support our business . we will continue to invest in building portable power solutions used as rentals by our tps business based on market demand . year ended march 31 , 2020 ( `` fiscal 2020 `` ) compared to the year ended march 31 , 2019 ( `` fiscal 2019 `` ) net cash provided by operating activities totaled $ 70.7 million for fiscal 2020 compared to $ 23.2 million for fiscal 2019 , an increase of $ 47.5 million . the increase was primarily attributable to a $ 56.6 million increase in cash provided by working capital accounts partially offset by a decrease of $ 11.2 million in net income . our working capital assets in accounts receivable , inventory , contract assets and other current assets represented a source of cash of $ 20.2 million and a use of cash of $ 30.3 million in fiscal 2020 and fiscal 2019 respectively , an increase in the source of cash of $ 50.5 million in fiscal 2020 . during fiscal 2020 , as compared to fiscal 2019 accounts receivable decreased due to the seasonality of the business and the timing of the conversion of contract assets to accounts receivable , representing a source of cash of $ 9.4 million and a use of cash of $ 14.5 million , respectively . contract assets represented a source of cash of $ 12.2 million and a use of cash of $ 12.0 million in fiscal 2020 and fiscal 2019 , respectively , which is primarily attributed to timing of billings on our projects . in fiscal 2020 , our inventory balance decreased as compared to fiscal 2019 due to planned 35 consumption of inventory levels , representing a source of cash of $ 1.4 million for fiscal 2020 and a use of cash of $ 3.4 million in fiscal 2019 . our combined balance of accounts payable , accrued liabilities and other non-current liabilities represented a use of cash of $ 3.1 million and $ 4.1 million in fiscal 2020 and fiscal 2019 , respectively , a decrease in the use of cash of $ 1.0 million . the decrease in the use of cash in fiscal 2020 is primarily due to the timing of vendor payments and our annual incentive program accrual . changes in our income taxes payable and receivable balances represented a source of cash of $ 0.9 million in fiscal 2020 and a use of cash of $ 6.1 million in fiscal 2019 . net cash used in investing activities totaled $ 10.0 million for fiscal 2020 compared to $ 10.1 million for fiscal 2019 , a decrease of $ 0.1 million in the use of cash . net cash used in investing activities relates to the purchase of capital assets primarily to maintain the existing operations of the business . net cash used in financing activities totaled $ 46.5 million in fiscal 2020 , compared to $ 14.1 million for fiscal 2019 , a comparative increase of $ 32.4 million cash used in financing activities which is primarily attributable to principal prepayments on our credit facilities during fiscal 2020 . cash proceeds in financing activities are primarily short-term borrowings net of contractual and principal payments on our outstanding long-term debt . year ended march 31 , 2019 ( `` fiscal 2019 `` ) compared to the year ended march 31 , 2018 ( `` fiscal 2018 `` ) see item 7 , “ management 's discussion and analysis of financial condition and results of operations ” in our annual report on form 10-k for the fiscal year ended march 31 , 2019 filed with the sec on june 12 , 2019 for a discussion of net cash provided by operating activities , net cash used in investing activities and net cash provided by ( used in ) financing activities in fiscal 2019 as compared to fiscal 2018. off-balance sheet arrangements we do not have any off balance sheet arrangements . in addition , we do not have any interest in entities referred to as variable interest entities , which include special purpose entities and other structured finance entities . effect of inflation while inflationary increases in certain input costs , such as wages , have an impact on our operating results , inflation has

liquidity and capital resources our primary sources of liquidity are cash flows from operations and funds available under our revolving credit facility and other revolving lines of credit . our primary liquidity needs are to finance our working capital , capital expenditures debt service needs and potential future acquisitions . in october 2017 , we entered into a new credit agreement that provides for ( i ) a seven-year $ 250.0 million variable rate senior secured term loan b facility and ( ii ) a five-year $ 60.0 million senior secured revolving credit facility . at march 31 , 2020 , outstanding principal under the term loan b facility was $ 176.0 million and we had no outstanding borrowings under our revolving credit facility . subsequent to march 31 , 2020 , we drew down under our revolving credit facility as a precautionary measure in order to increase our cash position and preserve financial flexibility in light of current macroeconomic uncertainty resulting from the covid-19 pandemic and volatility in commodity markets . in april 2020 , we made several draws on our revolving credit facility resulting in a total of $ 41.4 million ( including $ 4.0 million in letters of credit ) in outstanding borrowings and approximately $ 18.6 million of remaining borrowing capacity ( subject to the borrowing base ) under our revolving credit facility , in each case as of april 30 , 2020. the current interest rate as of april 30 , 2020 for borrowings under our revolving credit facility is approximately 2.9 % . cash and cash equivalents . at march 31 , 2020 , we had $ 43.2 million in cash and cash equivalents . we maintain cash and cash equivalents at various financial institutions located in many countries throughout the world . approximately $ 20.8 million , or 48 % , of these amounts were held in domestic accounts with various institutions and approximately $ 22.4 million , or 52 % , of these amounts were held in accounts outside of the united states with various financial institutions . senior secured credit facility .


 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 our primary sources of liquidity are cash flows from operations and funds available under our revolving credit facility and other revolving lines of credit . our primary liquidity needs are to finance our working capital , capital expenditures debt service needs and potential future acquisitions . in october 2017 , we entered into a new credit agreement that provides for ( i ) a seven-year $ 250.0 million variable rate senior secured term loan b facility and ( ii ) a five-year $ 60.0 million senior secured revolving credit facility . at march 31 , 2020 , outstanding principal under the term loan b facility was $ 176.0 million and we had no outstanding borrowings under our revolving credit facility . subsequent to march 31 , 2020 , we drew down under our revolving credit facility as a precautionary measure in order to increase our cash position and preserve financial flexibility in light of current macroeconomic uncertainty resulting from the covid-19 pandemic and volatility in commodity markets . in april 2020 , we made several draws on our revolving credit facility resulting in a total of $ 41.4 million ( including $ 4.0 million in letters of credit ) in outstanding borrowings and approximately $ 18.6 million of remaining borrowing capacity ( subject to the borrowing base ) under our revolving credit facility , in each case as of april 30 , 2020. the current interest rate as of april 30 , 2020 for borrowings under our revolving credit facility is approximately 2.9 % . cash and cash equivalents . at march 31 , 2020 , we had $ 43.2 million in cash and cash equivalents . we maintain cash and cash equivalents at various financial institutions located in many countries throughout the world . approximately $ 20.8 million , or 48 % , of these amounts were held in domestic accounts with various institutions and approximately $ 22.4 million , or 52 % , of these amounts were held in accounts outside of the united states with various financial institutions . senior secured credit facility .
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 Suspicious Activity Report : based on our experience , we believe that $ 1 million in annual sales is an appropriate threshold for distinguishing between greenfield revenue and mro/ue revenue . however , we often sell our products to intermediaries or subcontract our services ; accordingly , we have limited visibility into how our products or services may ultimately be used and can provide no assurance that our categorization may accurately reflect the sources of such revenue . furthermore , our customers do not typically enter into long-term forward maintenance contracts with us . in any given year , certain of our smaller greenfield projects may generate less than $ 1 million in annual sales , and certain of our larger plant expansions or upgrades may generate in excess of $ 1 million in annual sales , though we believe that such exceptions are few in number and insignificant to our overall results of operations . ths has been excluded from the greenfield and mro/ue calculations . most of ths 's revenue would be classified as mro/ue under these definitions . we believe that our pipeline of planned projects , in addition to our backlog of signed purchase orders , provides us with visibility into our future revenue . historically we have experienced few order cancellations , and the cancellations that have occurred in the past have not been material compared to our total contract volume or total backlog . the small number of order cancellations is attributable in part to the fact that a large portion of our solutions are ordered and installed toward the end of greenfield project construction . our backlog at march 31 , 2020 was $ 105.4 million as compared to $ 120.0 million at march 31 , 2019 . the timing of recognition of revenue out of backlog is not always certain , as it is subject to a variety of factors that may cause delays , many of which are beyond our control ( such as customers ' delivery schedules and levels of capital and maintenance expenditures ) . when delays occur , the recognition of revenue associated with the delayed project is likewise deferred . cost of sales . our cost of sales includes primarily the cost of raw material items used in the manufacture of our products , cost of ancillary products that are sourced from external suppliers and construction labor cost . additional costs of revenue include contract engineering cost directly associated to projects , direct labor cost , shipping and handling costs , and other costs associated with our manufacturing/fabrication operations . the other costs associated with our manufacturing/fabrication operations are primarily indirect production costs , including depreciation , indirect labor costs , and the costs of manufacturing support functions such as logistics and quality assurance . key raw material costs include polymers , copper , stainless steel , insulating material , and other miscellaneous parts related to products manufactured or assembled as part of our heat tracing solutions . historically , our primary raw materials have been readily available from multiple suppliers and raw material costs have been stable , and we have been generally successful with passing along raw material cost increases to our customers . therefore , increases in the cost of key raw materials of our products have not generally affected our gross margins . we can not provide any assurance that we may be able to pass along such cost increases , including the potential impacts of tariffs , to our customers in the future , and if we are unable to do so , our results of operations may be adversely affected . operating expenses . our marketing , general and administrative and engineering expenses are primarily comprised of compensation and related costs for sales , marketing , pre-sales engineering and administrative personnel , as well as other sales related expenses and other costs related to research and development , insurance , professional fees , the global integrated business information system , provisions for bad debts and warranty expense . key drivers affecting our results of operations . our results of operations and financial condition are affected by numerous factors , including those described above under item 1a , `` risk factors `` and elsewhere in this annual report and those described below : 29 timing of greenfield projects . our results of operations in recent years have been impacted by the various construction phases of large greenfield projects . on very large projects , we are typically designated as the heat tracing provider of choice by the project owner . we then engage with multiple contractors to address incorporating various heat tracing solutions throughout the overall project . our largest greenfield projects may generate revenue for several quarters . in the early stages of a greenfield project , our revenues are typically realized from the provision of engineering services . in the middle stages , or the material requirements phase , we typically experience the greatest demand for our heat tracing cable , at which point our revenues tend to accelerate . revenues tend to decrease gradually in the final stages of a project and are generally derived from installation services and demand for electrical panels and other miscellaneous electronic components used in the final installation of heat tracing cable , which we frequently outsource from third-party manufacturers . therefore , we typically provide a mix of products and services during each phase of a greenfield project , and our margins fluctuate accordingly . cyclicality of end-users ' markets . demand for our products and services depends in large part upon the level of capital and maintenance expenditures of our customers and end users , in particular those in the energy , chemical processing and power generation industries , and firms that design and construct facilities for these industries . these customers ' expenditures historically have been cyclical in nature and vulnerable to economic downturns . story_separator_special_tag we can not assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to service our indebtedness , including our credit facility borrowings , or to fund our other liquidity needs . in addition , upon the occurrence of certain events , such as a change of control , we could be required to repay or refinance our indebtedness . we can not assure you that we will be able to refinance any of our indebtedness , including our credit facility , on commercially reasonable terms or at all . in fiscal 2020 , we invested $ 10.9 million in capital expenditures . tps purchased $ 4.4 million in property , plant and equipment , primarily related to leased equipment , of which $ 0.6 million was sold to customers . we invested $ 1.6 million in the implementation of our enterprise resource planning ( “ erp ” ) software and other internally developed software . we invested $ 5.5 million in upgrading various buildings and manufacturing equipment and annual investments in technology , furniture and fixture replacements , and capital maintenance . going forward , we expect to decrease our investment in capital expenditures to approximately $ 4.0 million for the fiscal year ending march 31 , 2021 in response to the covid-19 coronavirus pandemic . during the fiscal year ending march 31 , 2021 , we expect to invest approximately $ 2.2 million in equipment used in our manufacturing facilities , and in land and building improvements . the remaining amount primarily relates to investments in computers and technology equipment to support our business . we will continue to invest in building portable power solutions used as rentals by our tps business based on market demand . year ended march 31 , 2020 ( `` fiscal 2020 `` ) compared to the year ended march 31 , 2019 ( `` fiscal 2019 `` ) net cash provided by operating activities totaled $ 70.7 million for fiscal 2020 compared to $ 23.2 million for fiscal 2019 , an increase of $ 47.5 million . the increase was primarily attributable to a $ 56.6 million increase in cash provided by working capital accounts partially offset by a decrease of $ 11.2 million in net income . our working capital assets in accounts receivable , inventory , contract assets and other current assets represented a source of cash of $ 20.2 million and a use of cash of $ 30.3 million in fiscal 2020 and fiscal 2019 respectively , an increase in the source of cash of $ 50.5 million in fiscal 2020 . during fiscal 2020 , as compared to fiscal 2019 accounts receivable decreased due to the seasonality of the business and the timing of the conversion of contract assets to accounts receivable , representing a source of cash of $ 9.4 million and a use of cash of $ 14.5 million , respectively . contract assets represented a source of cash of $ 12.2 million and a use of cash of $ 12.0 million in fiscal 2020 and fiscal 2019 , respectively , which is primarily attributed to timing of billings on our projects . in fiscal 2020 , our inventory balance decreased as compared to fiscal 2019 due to planned 35 consumption of inventory levels , representing a source of cash of $ 1.4 million for fiscal 2020 and a use of cash of $ 3.4 million in fiscal 2019 . our combined balance of accounts payable , accrued liabilities and other non-current liabilities represented a use of cash of $ 3.1 million and $ 4.1 million in fiscal 2020 and fiscal 2019 , respectively , a decrease in the use of cash of $ 1.0 million . the decrease in the use of cash in fiscal 2020 is primarily due to the timing of vendor payments and our annual incentive program accrual . changes in our income taxes payable and receivable balances represented a source of cash of $ 0.9 million in fiscal 2020 and a use of cash of $ 6.1 million in fiscal 2019 . net cash used in investing activities totaled $ 10.0 million for fiscal 2020 compared to $ 10.1 million for fiscal 2019 , a decrease of $ 0.1 million in the use of cash . net cash used in investing activities relates to the purchase of capital assets primarily to maintain the existing operations of the business . net cash used in financing activities totaled $ 46.5 million in fiscal 2020 , compared to $ 14.1 million for fiscal 2019 , a comparative increase of $ 32.4 million cash used in financing activities which is primarily attributable to principal prepayments on our credit facilities during fiscal 2020 . cash proceeds in financing activities are primarily short-term borrowings net of contractual and principal payments on our outstanding long-term debt . year ended march 31 , 2019 ( `` fiscal 2019 `` ) compared to the year ended march 31 , 2018 ( `` fiscal 2018 `` ) see item 7 , “ management 's discussion and analysis of financial condition and results of operations ” in our annual report on form 10-k for the fiscal year ended march 31 , 2019 filed with the sec on june 12 , 2019 for a discussion of net cash provided by operating activities , net cash used in investing activities and net cash provided by ( used in ) financing activities in fiscal 2019 as compared to fiscal 2018. off-balance sheet arrangements we do not have any off balance sheet arrangements . in addition , we do not have any interest in entities referred to as variable interest entities , which include special purpose entities and other structured finance entities . effect of inflation while inflationary increases in certain input costs , such as wages , have an impact on our operating results , inflation has

