we implemented tuition rate increases of up to 2.5 % , 3.0 % and 3.0 % for each of the years ended september 30 , 2018 , 2017 and 2016 , respectively . we regularly evaluate our tuition pricing based on individual campus markets , the competitive environment and ed regulations . most students at our campuses rely on funds received under various government-sponsored student financial aid programs , predominantly title iv programs and various veterans ' benefits programs , to pay a substantial portion of their tuition and other education-related expenses . approximately 65 % of our revenues , on a cash basis , were collected from funds distributed under title iv programs for the year ended september 30 , 2018 . this percentage differs from our title iv percentage as calculated under the 90/10 rule due to the prescribed treatment of certain title iv stipends under the rule . additionally , approximately 17 % of our revenues , on a cash basis , were collected from funds distributed under various veterans ' benefits programs for the year ended september 30 , 2018 . we extend credit for tuition and fees , for a limited period of time , to the majority of our students . our credit risk is mitigated through the students ' participation in federally funded financial aid and veterans ' benefit programs unless students withdraw prior to the receipt by us of title iv or veterans ' benefit funds for those students . the financial aid and veterans ' benefits programs are subject to political and budgetary considerations . there is no assurance that such funding will be maintained at current levels . extensive and complex regulations govern the financial assistance programs in which our students participate . our administration of these programs is periodically reviewed by various regulatory agencies . any regulatory violation could be the basis for the initiation of potential adverse actions , including a suspension , limitation , placement on reimbursement status or termination proceeding , which could have a material adverse effect on our business . if any of our institutions were to lose its eligibility to participate in federal student financial aid or veterans ' benefit programs , the students at that institution , and other locations of that institution , would lose access to funds derived from those programs and would have to seek alternative sources of funds to pay their tuition and fees . the receipt of financial aid and veterans benefit funds reduces the students ' amounts due to us and has no impact on revenue recognition , as the transfer relates to the source of funding for the costs of education which may occur through title iv , veterans benefit or other funds and resources available to the student . additionally , we bear all credit and collection risk for the portion of our student tuition that is funded through our proprietary loan program . we categorize our operating expenses as ( i ) educational services and facilities and ( ii ) selling , general and administrative . major components of educational services and facilities expenses include faculty and other campus administration employees compensation and benefits , facility rent , maintenance , utilities , depreciation and amortization of property and equipment used in the provision of educational services , tools , training aids , royalties under our licensing arrangements and other costs directly associated with teaching our programs and providing educational services to our students . selling , general and administrative expenses include compensation and benefits of employees who are not directly associated with the provision of educational services , such as : executive management ; finance and central accounting ; information technology ; legal ; human resources ; marketing and student enrollment expenses , including compensation and benefits of personnel employed in marketing and student admissions ; costs of professional services ; bad debt expense ; costs associated with the implementation and operation of our student management and reporting system ; rent for our corporate office headquarters ; depreciation and amortization of property and equipment that is not used in the provision of educational services and other costs that are incidental to our operations . all marketing and student enrollment expenses are recognized in the period incurred . costs related to the opening of new facilities , excluding related capital expenditures , are expensed in the period incurred or when services are provided . 71 2018 overview operations lower student population levels as we began 2018 resulted in a 4.3 % decline in our average full-time enrollment to 10,418 students for the year ended september 30 , 2018 . we started 10,705 students during the year ended september 30 , 2018 , which represents an increase of 1.2 % as compared to a decrease of 6.4 % for the year ended september 30 , 2017 . the increase in starts was primarily the result of the transformation plan initiatives and continued execution on the metro campus strategy . several factors continue to challenge our ability to start new students , including the following : unemployment ; during periods when the unemployment rate declines or remains stable as it has in recent years , prospective students have more employment options ; adverse media coverage , legislative hearings , regulatory actions and investigations by attorneys general and various agencies related to allegations of wrongdoing on the part of other companies within the education and training services industry , which have cast the industry in a negative light ; competition for prospective students continues to increase from within our sector and from market employers , as well as with traditional postsecondary educational institutions ; and the state of the general macro-economic environment and its impact on price sensitivity and the ability and willingness of students and their families to incur debt . during 2018 , we announced and began implementation of a multi-year transformation plan . story_separator_special_tag a for-profit institution loses its eligibility to participate in title iv programs if it derives more than 90 % of its revenue from title iv programs for two consecutive fiscal years as calculated under a cash basis formula mandated by ed . the loss of such eligibility would begin on the first day following the conclusion of the second consecutive year in which the institution exceeded the 90 % limit and , as such , any title iv program funds already received by the institution and its students during a period of ineligibility would have to be returned to ed or a lender , if applicable . additionally , if an institution exceeds the 90 % level for a single year , ed will place the institution on provisional certification for a period of at least two years , and could impose other restrictions or conditions on the institution 's title iv eligibility . for the years ended september 30 , 2018 , 2017 and 2016 approximately 71 % , 71 % and 72 % respectively , of our revenues , on a cash basis , were derived from funds distributed under title iv programs , as calculated under the 90/10 rule . 2019 outlook for the year ending september 30 , 2019 , we expect new student starts to grow in the mid to high single digits . the average student population for the year ending september 30 , 2019 is anticipated to be up in the low single digits as a result of the transformation plan initiatives and the bloomfield , new jersey campus . we expect full-year revenue to range between $ 322 million and $ 332 million , as compared to $ 317 million in 2018 due to the expected increase in the average student population . we expect our operating expenses will range between $ 337 million and $ 347 million compared to $ 352.2 million in fiscal 2018. the planned decrease in operating expenses are driven by marketing efficiencies and broad expense management . we expect an operating loss of between $ 10 million and $ 15 million largely due to further investments in marketing and admissions to support start growth and the planned expansion of the company 's welding program . we expect to be free cash flow positive in fiscal 2019 with an ending cash balance at or above the same level as year-end 2018. free cash flow is cash from operating activities less capital expenditures . we believe our strong cash position supports our ability to continue a disciplined capital deployment strategy in high roi investments and our regulatory financial ratio . ebitda , unadjusted , is expected to be positive , and range between $ 5 million and $ 11 million . this figure is unadjusted for the final payment made in october 2018 to the company 's former transformation consultant of $ 4 million . 76 capital expenditures are expected to be between $ 8 million and $ 10 million . results of operations the following table sets forth selected statements of operations data as a percentage of revenues for each of the periods indicated . replace_table_token_6_th year ended september 30 , 2018 compared to year ended september 30 , 2017 revenues . our revenues for the year ended september 30 , 2018 were $ 317.0 million , a decrease of $ 7.3 million , or 2.3 % , as compared to revenues of $ 324.3 million for the year ended september 30 , 2017 . the 4.3 % decrease in our average full-time enrollment resulted in a decrease in revenues of approximately $ 13.7 million . our revenues were impacted by an increase in tuition discounts of $ 2.7 million , primarily attributable to our institutional grant program . we recognized $ 5.7 million on an accrual basis related to revenues and interest under our proprietary loan program for the year ended september 30 , 2018 , as compared to $ 8.0 million recognized on a cash basis for the year ended september 30 , 2017. the decrease in revenue was partially offset by an increase of $ 0.7 million in industry training revenue and tuition rate increases of up to 2.5 % , depending on the program . educational services and facilities expenses . our educational services and facilities expenses for the year ended september 30 , 2018 were $ 182.6 million , representing an increase of $ 1.6 million , or 0.9 % , as compared to $ 181.0 million for the year ended september 30 , 2017 . 77 the following table sets forth the significant components of our educational services and facilities expenses : replace_table_token_7_th compensation and related costs decreased $ 3.1 million for the year ended september 30 , 2018 , as compared to the prior year : salaries expense decreased $ 1.7 million , largely attributable to a decrease in the number of employees needed to support our lower average student population . additionally , severance expense decreased by $ 0.7 million due to expense in the prior year period related to the november 2016 reduction in workforce . the decreases were partially offset by the annual merit increase . bonus expense decreased $ 0.9 million due to an adjustment recorded to reflect anticipated zero attainment on one of our bonus plans . during the prior year period , we paid holiday bonuses to employees in lieu of annual merit increases . student expenses increased $ 1.9 million during the year ended september 30 , 2018 due to increased housing grants offered as part of the transformation plan initiatives . supplies and maintenance expense increased $ 0.9 million during the year ended september 30 , 2018 due to the opening of our bloomfield , new jersey campus and real estate consolidation efforts at our houston , texas campus . occupancy costs increased $ 0.9 million during the year ended september 30 , 2018 primarily due to the addition of our bloomfield ,

liquidity and capital resources based on past performance and current expectations , we believe that our cash flows from operations , cash on hand and investments will satisfy our working capital needs , capital expenditures , commitments and other liquidity requirements associated with our existing commitments and other liquidity requirements associated with our existing operations as well as the expansion of programs at existing campuses through the next 12 months . we believe that the strategic use of our cash resources includes subsidizing funding alternatives for our students . additionally , we evaluate the repurchase of our common stock , consideration of strategic acquisitions , expansion of programs at existing campuses , opening additional campus locations and other potential uses of cash . on june 9 , 2016 , our board of directors voted to eliminate the quarterly cash dividend on our common stock . on june 24 , 2016 , we issued 700,000 shares of series a preferred stock for a total purchase price of $ 70.0 million . the proceeds from the offering are intended to be used to fund strategic long-term growth initiatives , including the expansion to new markets of campuses on a scale similar to our long beach , california , bloomfield , new jersey and dallas/ft . worth , texas campuses and the creation of new programs in existing markets with under-utilized campus facilities . we may use the proceeds to fund strategic acquisitions that complement our core business .


 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 based on past performance and current expectations , we believe that our cash flows from operations , cash on hand and investments will satisfy our working capital needs , capital expenditures , commitments and other liquidity requirements associated with our existing commitments and other liquidity requirements associated with our existing operations as well as the expansion of programs at existing campuses through the next 12 months . we believe that the strategic use of our cash resources includes subsidizing funding alternatives for our students . additionally , we evaluate the repurchase of our common stock , consideration of strategic acquisitions , expansion of programs at existing campuses , opening additional campus locations and other potential uses of cash . on june 9 , 2016 , our board of directors voted to eliminate the quarterly cash dividend on our common stock . on june 24 , 2016 , we issued 700,000 shares of series a preferred stock for a total purchase price of $ 70.0 million . the proceeds from the offering are intended to be used to fund strategic long-term growth initiatives , including the expansion to new markets of campuses on a scale similar to our long beach , california , bloomfield , new jersey and dallas/ft . worth , texas campuses and the creation of new programs in existing markets with under-utilized campus facilities . we may use the proceeds to fund strategic acquisitions that complement our core business .
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 Suspicious Activity Report : we implemented tuition rate increases of up to 2.5 % , 3.0 % and 3.0 % for each of the years ended september 30 , 2018 , 2017 and 2016 , respectively . we regularly evaluate our tuition pricing based on individual campus markets , the competitive environment and ed regulations . most students at our campuses rely on funds received under various government-sponsored student financial aid programs , predominantly title iv programs and various veterans ' benefits programs , to pay a substantial portion of their tuition and other education-related expenses . approximately 65 % of our revenues , on a cash basis , were collected from funds distributed under title iv programs for the year ended september 30 , 2018 . this percentage differs from our title iv percentage as calculated under the 90/10 rule due to the prescribed treatment of certain title iv stipends under the rule . additionally , approximately 17 % of our revenues , on a cash basis , were collected from funds distributed under various veterans ' benefits programs for the year ended september 30 , 2018 . we extend credit for tuition and fees , for a limited period of time , to the majority of our students . our credit risk is mitigated through the students ' participation in federally funded financial aid and veterans ' benefit programs unless students withdraw prior to the receipt by us of title iv or veterans ' benefit funds for those students . the financial aid and veterans ' benefits programs are subject to political and budgetary considerations . there is no assurance that such funding will be maintained at current levels . extensive and complex regulations govern the financial assistance programs in which our students participate . our administration of these programs is periodically reviewed by various regulatory agencies . any regulatory violation could be the basis for the initiation of potential adverse actions , including a suspension , limitation , placement on reimbursement status or termination proceeding , which could have a material adverse effect on our business . if any of our institutions were to lose its eligibility to participate in federal student financial aid or veterans ' benefit programs , the students at that institution , and other locations of that institution , would lose access to funds derived from those programs and would have to seek alternative sources of funds to pay their tuition and fees . the receipt of financial aid and veterans benefit funds reduces the students ' amounts due to us and has no impact on revenue recognition , as the transfer relates to the source of funding for the costs of education which may occur through title iv , veterans benefit or other funds and resources available to the student . additionally , we bear all credit and collection risk for the portion of our student tuition that is funded through our proprietary loan program . we categorize our operating expenses as ( i ) educational services and facilities and ( ii ) selling , general and administrative . major components of educational services and facilities expenses include faculty and other campus administration employees compensation and benefits , facility rent , maintenance , utilities , depreciation and amortization of property and equipment used in the provision of educational services , tools , training aids , royalties under our licensing arrangements and other costs directly associated with teaching our programs and providing educational services to our students . selling , general and administrative expenses include compensation and benefits of employees who are not directly associated with the provision of educational services , such as : executive management ; finance and central accounting ; information technology ; legal ; human resources ; marketing and student enrollment expenses , including compensation and benefits of personnel employed in marketing and student admissions ; costs of professional services ; bad debt expense ; costs associated with the implementation and operation of our student management and reporting system ; rent for our corporate office headquarters ; depreciation and amortization of property and equipment that is not used in the provision of educational services and other costs that are incidental to our operations . all marketing and student enrollment expenses are recognized in the period incurred . costs related to the opening of new facilities , excluding related capital expenditures , are expensed in the period incurred or when services are provided . 71 2018 overview operations lower student population levels as we began 2018 resulted in a 4.3 % decline in our average full-time enrollment to 10,418 students for the year ended september 30 , 2018 . we started 10,705 students during the year ended september 30 , 2018 , which represents an increase of 1.2 % as compared to a decrease of 6.4 % for the year ended september 30 , 2017 . the increase in starts was primarily the result of the transformation plan initiatives and continued execution on the metro campus strategy . several factors continue to challenge our ability to start new students , including the following : unemployment ; during periods when the unemployment rate declines or remains stable as it has in recent years , prospective students have more employment options ; adverse media coverage , legislative hearings , regulatory actions and investigations by attorneys general and various agencies related to allegations of wrongdoing on the part of other companies within the education and training services industry , which have cast the industry in a negative light ; competition for prospective students continues to increase from within our sector and from market employers , as well as with traditional postsecondary educational institutions ; and the state of the general macro-economic environment and its impact on price sensitivity and the ability and willingness of students and their families to incur debt . during 2018 , we announced and began implementation of a multi-year transformation plan . story_separator_special_tag a for-profit institution loses its eligibility to participate in title iv programs if it derives more than 90 % of its revenue from title iv programs for two consecutive fiscal years as calculated under a cash basis formula mandated by ed . the loss of such eligibility would begin on the first day following the conclusion of the second consecutive year in which the institution exceeded the 90 % limit and , as such , any title iv program funds already received by the institution and its students during a period of ineligibility would have to be returned to ed or a lender , if applicable . additionally , if an institution exceeds the 90 % level for a single year , ed will place the institution on provisional certification for a period of at least two years , and could impose other restrictions or conditions on the institution 's title iv eligibility . for the years ended september 30 , 2018 , 2017 and 2016 approximately 71 % , 71 % and 72 % respectively , of our revenues , on a cash basis , were derived from funds distributed under title iv programs , as calculated under the 90/10 rule . 2019 outlook for the year ending september 30 , 2019 , we expect new student starts to grow in the mid to high single digits . the average student population for the year ending september 30 , 2019 is anticipated to be up in the low single digits as a result of the transformation plan initiatives and the bloomfield , new jersey campus . we expect full-year revenue to range between $ 322 million and $ 332 million , as compared to $ 317 million in 2018 due to the expected increase in the average student population . we expect our operating expenses will range between $ 337 million and $ 347 million compared to $ 352.2 million in fiscal 2018. the planned decrease in operating expenses are driven by marketing efficiencies and broad expense management . we expect an operating loss of between $ 10 million and $ 15 million largely due to further investments in marketing and admissions to support start growth and the planned expansion of the company 's welding program . we expect to be free cash flow positive in fiscal 2019 with an ending cash balance at or above the same level as year-end 2018. free cash flow is cash from operating activities less capital expenditures . we believe our strong cash position supports our ability to continue a disciplined capital deployment strategy in high roi investments and our regulatory financial ratio . ebitda , unadjusted , is expected to be positive , and range between $ 5 million and $ 11 million . this figure is unadjusted for the final payment made in october 2018 to the company 's former transformation consultant of $ 4 million . 76 capital expenditures are expected to be between $ 8 million and $ 10 million . results of operations the following table sets forth selected statements of operations data as a percentage of revenues for each of the periods indicated . replace_table_token_6_th year ended september 30 , 2018 compared to year ended september 30 , 2017 revenues . our revenues for the year ended september 30 , 2018 were $ 317.0 million , a decrease of $ 7.3 million , or 2.3 % , as compared to revenues of $ 324.3 million for the year ended september 30 , 2017 . the 4.3 % decrease in our average full-time enrollment resulted in a decrease in revenues of approximately $ 13.7 million . our revenues were impacted by an increase in tuition discounts of $ 2.7 million , primarily attributable to our institutional grant program . we recognized $ 5.7 million on an accrual basis related to revenues and interest under our proprietary loan program for the year ended september 30 , 2018 , as compared to $ 8.0 million recognized on a cash basis for the year ended september 30 , 2017. the decrease in revenue was partially offset by an increase of $ 0.7 million in industry training revenue and tuition rate increases of up to 2.5 % , depending on the program . educational services and facilities expenses . our educational services and facilities expenses for the year ended september 30 , 2018 were $ 182.6 million , representing an increase of $ 1.6 million , or 0.9 % , as compared to $ 181.0 million for the year ended september 30 , 2017 . 77 the following table sets forth the significant components of our educational services and facilities expenses : replace_table_token_7_th compensation and related costs decreased $ 3.1 million for the year ended september 30 , 2018 , as compared to the prior year : salaries expense decreased $ 1.7 million , largely attributable to a decrease in the number of employees needed to support our lower average student population . additionally , severance expense decreased by $ 0.7 million due to expense in the prior year period related to the november 2016 reduction in workforce . the decreases were partially offset by the annual merit increase . bonus expense decreased $ 0.9 million due to an adjustment recorded to reflect anticipated zero attainment on one of our bonus plans . during the prior year period , we paid holiday bonuses to employees in lieu of annual merit increases . student expenses increased $ 1.9 million during the year ended september 30 , 2018 due to increased housing grants offered as part of the transformation plan initiatives . supplies and maintenance expense increased $ 0.9 million during the year ended september 30 , 2018 due to the opening of our bloomfield , new jersey campus and real estate consolidation efforts at our houston , texas campus . occupancy costs increased $ 0.9 million during the year ended september 30 , 2018 primarily due to the addition of our bloomfield ,

