critical accounting policies and estimates the preparation of financial statements requires management to make estimates and assumptions that affect amounts reported therein . the following areas are considered critical accounting estimates because they involve significant judgments or assumptions , involve complex or uncertain matters or they are susceptible to change and the impact could be material to our financial condition or operating results : ● revenue recognition ; ● valuation of goodwill and identifiable intangible assets ; and ● income taxes . revenue recognition we derive a majority of our revenue from annually renewable subscription-based service agreements with our customers . see notes 1 and 3 to our consolidated financial statements for a description of our revenue recognition policies . our revenue arrangements with a client may include combinations of more than one service offering which may be executed at the same time , or within close proximity of one another . we combine contracts with the same customer into a single contract for accounting purposes when the contract is entered into at or near the same time and the contracts are negotiated as a single performance obligation . for contracts that contain more than one separately identifiable performance obligation , the total transaction price is allocated to the identified performance obligations based upon the relative stand-alone selling prices of the performance obligations . the stand-alone selling prices are based on an observable price for services sold to other comparable customers , when available , or an estimated selling price using a cost-plus margin or residual approach . we estimate the total contract consideration we expect to receive for variable arrangements based on the most likely amount we expect to earn from the arrangement based on the expected quantities . we only include some or a portion of variable consideration in the transaction price when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur . we consider the sensitivity of the estimate , our relationship and experience with the client and variable services being performed , the range of possible revenue amounts and the magnitude of the variable consideration to the overall arrangement . our fixed , non-subscription arrangements typically require us to perform an unspecified amount of services for a fixed price during a fixed period of time . revenues are recognized over time based upon the costs incurred to date in relation to the total estimated contract costs . in determining cost estimates , management uses historical and forecasted cost information which is based on estimated volumes , external and internal costs and other factors necessary in estimating the total costs over the term of the contract . changes in estimates are accounted for using a cumulative catch up adjustment which could impact the amount and timing of revenue for any period . if management made different judgments and estimates , then the amount and timing of revenue for any period could differ from the reported revenue . 15 valuation of goodwill and identifiable intangible assets intangible assets include customer relationships , trade names , technology , and goodwill . intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment with other long-lived assets in the related asset group whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable . we review intangible assets with indefinite lives for impairment annually as of october 1 and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable . when performing the impairment assessment , we will first assess qualitative factors to determine whether it is necessary to recalculate the fair value of the intangible assets with indefinite lives . if we believe , as a result of the qualitative assessment , that it is more likely than not that the fair value of the indefinite-lived intangibles is less than their carrying amount , we calculate the fair value using a market or income approach . if the carrying value of intangible assets with indefinite lives exceeds their fair value , then the intangible assets are written-down to their fair values . we did not recognize any impairments related to indefinite-lived intangibles during 2019 , 2018 or 2017. goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized . all of our goodwill is allocated to our reporting units , which are the same as our six operating segments : experience , the governance institute , market insights , transparency , national research corporation canada and transitions . goodwill is reviewed for impairment at least annually , as of october 1 , and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable . we review for goodwill impairment by first assessing qualitative factors to determine whether any impairment may exist . if we believe , as a result of the qualitative assessment , that it is more likely than not that the fair value of a reporting unit is less than its carrying amount , a quantitative analysis will be performed , and the fair value of the reporting unit is compared with its carrying value ( including goodwill ) . if the fair value of the reporting unit exceeds its carrying value , no impairment exists . if the fair value of the reporting unit is less than its carrying value , then goodwill is written down by this difference . story_separator_special_tag 19 net cash provided by operating activities was $ 39.8 million for the year ended december 31 , 2018 , which included net income of $ 30.0 million , plus non-cash charges ( benefits ) for deferred tax expense , depreciation and amortization , reserve for uncertain tax positions , loss on disposal of property and equipment and non-cash share based compensation totaling $ 8.4 million . changes in working capital increased cash flows from operating activities by $ 1.5 million , primarily from increases in income taxes payable and decreases in accounts receivables , which fluctuate due to the timing of income tax payments and the timing and frequency of billings on new and renewal contracts , respectively . these increases to cash flows were partially offset by an increase in prepaid expenses and other current assets and decreases due to the timing of payments on accounts payable , accrued expenses , wages , bonus and profit sharing , deferred contract costs and a decrease in deferred revenue . net cash provided by operating activities was $ 28.1 million for the year ended december 31 , 2017 , which included net income of $ 22.9 million , plus non-cash charges ( benefits ) for deferred tax expense , depreciation and amortization , reserve for uncertain tax positions , loss on disposal of property and equipment and non-cash share based compensation totaling $ 6.0 million . changes in working capital decreased cash flows from operating activities by $ 806,000 , primarily from increases in prepaid expenses , income taxes recoverable and accounts receivables , which fluctuate due to the timing and frequency of billings on new and renewal contracts . these decreases to cash flows were partially offset by the timing of payments on accounts payable , accrued expenses , wages , bonus and profit sharing , and an increase in deferred revenue . story_separator_special_tag times , serif ; font-size : 10pt ; margin : 0pt ; text-align : left ; ' > all obligations under the credit facilities are to be guaranteed by each of our direct and indirect wholly owned domestic subsidiaries , if any , and , to the extent required by the credit agreement , direct and indirect wholly owned foreign subsidiaries ( each , a “ guarantor ” ) . the credit facilities are secured , subject to permitted liens and other agreed upon exceptions , by a first-priority lien on and perfected security interest in substantially all of our and our guarantors ' present and future assets ( including , without limitation , fee-owned real property , and limited , in the case of the equity interests of foreign subsidiaries , to 65 % of the outstanding equity interests of such subsidiaries ) . the credit agreement contains customary representations , warranties , affirmative and negative covenants ( including financial covenants ) and events of default . the negative covenants include , among other things , restrictions regarding the incurrence of indebtedness and liens , repurchases of our common stock and acquisitions , subject in each case to certain exceptions . the credit agreement also contains certain financial covenants with respect to minimum fixed charge coverage ratio and maximum cash flow leverage ratio . pursuant to the credit agreement , we are required to maintain a minimum fixed charge coverage ratio of 1.10x for all testing periods throughout the terms of the credit facilities . we are also required to maintain a maximum cash flow leverage ratio of 3.00x for all testing periods throughout the terms of the credit facilities . as of december 31 , 2019 , we were in compliance with our financial covenants . we have finance leases for computer equipment , office equipment , printing and inserting equipment . the balance of the finance leases as of december 31 , 2019 was $ 786,000. we incurred expenses related to the recapitalization of approximately $ 721,000 and $ 1.4 million in the year ended december 31 , 2018 and 2017 , respectively , which were included in selling and administrative expenses . a sales tax accrual was recorded in 2019 after we became aware that a state sales tax liability was both probable and estimable as of december 31 , 2019 , due to sales taxes that should have been collected from customers in 2019 and certain previous years . as a result , we recorded an expense of $ 775,000 through selling and administrative expenses and an associated liability through accrued expenses . we are working through voluntary disclosure agreements with certain states and will have procedures in place to start collecting and remitting sales tax in the second quarter of 2020. state and local jurisdictions have differing rules and regulations governing sales , use , and other taxes and these rules and regulations can be complex and subject to varying interpretations that may change over time . as a result , we could face the possibility of tax assessment and audits , and our liability for these taxes and associated interest and penalties could exceed our original estimates . in addition , we will incur additional sales tax expense in the first quarter of 2020 , since we will not start collecting sales tax from customers until the 2nd quarter of 2020 . 21 contractual obligations we had contractual obligations to make payments in the following amounts in the future as of december 31 , 2019 : replace_table_token_5_th ( 1 ) amounts are inclusive of interest payments , where applicable . ( 2 ) we have $ 599,000 in liabilities associated with uncertain tax positions . we are unable to reasonably estimate the expected cash settlement dates of these uncertain tax positions with the taxing authorities . we generally do not make unconditional , non-cancelable purchase commitments . we enter into purchase orders in the normal course of business , but these purchase obligations do not exceed one year . stock repurchase program our board of directors authorized the

cash flows from investing activities net cash of $ 4.7 million was used for investing activities in the year ended december 31 , 2019 for purchases of property and equipment . these expenditures consisted mainly of computer software classified in property and equipment . net cash of $ 6.0 million was used for investing activities in the year ended december 31 , 2018 for purchases of property and equipment . net cash of $ 6.1 million was used for investing activities in the year ended december 31 , 2017. purchases of property and equipment totaled $ 4.6 million . in addition , we used $ 1.3 million of cash to acquire a strategic investment in convertible preferred stock of practicingexcellence.com , a privately-held delaware corporation , which is carried at cost and included in other non-current assets . cash flows from financing activities net cash used in financing activities was $ 36.3 million in the year ended december 31 , 2019. cash was used to repay borrowings under the term notes totaling $ 3.7 million , to repay borrowings on the line of credit of $ 21.0 million and for finance lease obligations of $ 229,000. cash was also used to pay $ 31.3 million of dividends on our common stock , and to pay payroll tax withholdings related to share-based compensation of $ 1.1 million . cash of $ 21.0 million was provided from borrowings on the line of credit . net cash used in financing activities was $ 54.5 million in the year ended december 31 , 2018. cash was used for the recapitalization of $ 72.4 million ( see note 2 to our consolidated financial statements ) , to repay borrowings under the term notes totaling $ 3.1 million , to repay borrowings on the line of credit of $ 2.5 million , to pay loan origination fees on the new credit agreement of $ 187,000 and for finance lease obligations of $ 157,000. cash was also used to pay $ 16.9 million of dividends on our common stock , and to pay payroll tax withholdings related to share-based compensation of $ 1.9 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows from investing activities net cash of $ 4.7 million was used for investing activities in the year ended december 31 , 2019 for purchases of property and equipment . these expenditures consisted mainly of computer software classified in property and equipment . net cash of $ 6.0 million was used for investing activities in the year ended december 31 , 2018 for purchases of property and equipment . net cash of $ 6.1 million was used for investing activities in the year ended december 31 , 2017. purchases of property and equipment totaled $ 4.6 million . in addition , we used $ 1.3 million of cash to acquire a strategic investment in convertible preferred stock of practicingexcellence.com , a privately-held delaware corporation , which is carried at cost and included in other non-current assets . cash flows from financing activities net cash used in financing activities was $ 36.3 million in the year ended december 31 , 2019. cash was used to repay borrowings under the term notes totaling $ 3.7 million , to repay borrowings on the line of credit of $ 21.0 million and for finance lease obligations of $ 229,000. cash was also used to pay $ 31.3 million of dividends on our common stock , and to pay payroll tax withholdings related to share-based compensation of $ 1.1 million . cash of $ 21.0 million was provided from borrowings on the line of credit . net cash used in financing activities was $ 54.5 million in the year ended december 31 , 2018. cash was used for the recapitalization of $ 72.4 million ( see note 2 to our consolidated financial statements ) , to repay borrowings under the term notes totaling $ 3.1 million , to repay borrowings on the line of credit of $ 2.5 million , to pay loan origination fees on the new credit agreement of $ 187,000 and for finance lease obligations of $ 157,000. cash was also used to pay $ 16.9 million of dividends on our common stock , and to pay payroll tax withholdings related to share-based compensation of $ 1.9 million .
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 Suspicious Activity Report : critical accounting policies and estimates the preparation of financial statements requires management to make estimates and assumptions that affect amounts reported therein . the following areas are considered critical accounting estimates because they involve significant judgments or assumptions , involve complex or uncertain matters or they are susceptible to change and the impact could be material to our financial condition or operating results : ● revenue recognition ; ● valuation of goodwill and identifiable intangible assets ; and ● income taxes . revenue recognition we derive a majority of our revenue from annually renewable subscription-based service agreements with our customers . see notes 1 and 3 to our consolidated financial statements for a description of our revenue recognition policies . our revenue arrangements with a client may include combinations of more than one service offering which may be executed at the same time , or within close proximity of one another . we combine contracts with the same customer into a single contract for accounting purposes when the contract is entered into at or near the same time and the contracts are negotiated as a single performance obligation . for contracts that contain more than one separately identifiable performance obligation , the total transaction price is allocated to the identified performance obligations based upon the relative stand-alone selling prices of the performance obligations . the stand-alone selling prices are based on an observable price for services sold to other comparable customers , when available , or an estimated selling price using a cost-plus margin or residual approach . we estimate the total contract consideration we expect to receive for variable arrangements based on the most likely amount we expect to earn from the arrangement based on the expected quantities . we only include some or a portion of variable consideration in the transaction price when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur . we consider the sensitivity of the estimate , our relationship and experience with the client and variable services being performed , the range of possible revenue amounts and the magnitude of the variable consideration to the overall arrangement . our fixed , non-subscription arrangements typically require us to perform an unspecified amount of services for a fixed price during a fixed period of time . revenues are recognized over time based upon the costs incurred to date in relation to the total estimated contract costs . in determining cost estimates , management uses historical and forecasted cost information which is based on estimated volumes , external and internal costs and other factors necessary in estimating the total costs over the term of the contract . changes in estimates are accounted for using a cumulative catch up adjustment which could impact the amount and timing of revenue for any period . if management made different judgments and estimates , then the amount and timing of revenue for any period could differ from the reported revenue . 15 valuation of goodwill and identifiable intangible assets intangible assets include customer relationships , trade names , technology , and goodwill . intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment with other long-lived assets in the related asset group whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable . we review intangible assets with indefinite lives for impairment annually as of october 1 and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable . when performing the impairment assessment , we will first assess qualitative factors to determine whether it is necessary to recalculate the fair value of the intangible assets with indefinite lives . if we believe , as a result of the qualitative assessment , that it is more likely than not that the fair value of the indefinite-lived intangibles is less than their carrying amount , we calculate the fair value using a market or income approach . if the carrying value of intangible assets with indefinite lives exceeds their fair value , then the intangible assets are written-down to their fair values . we did not recognize any impairments related to indefinite-lived intangibles during 2019 , 2018 or 2017. goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized . all of our goodwill is allocated to our reporting units , which are the same as our six operating segments : experience , the governance institute , market insights , transparency , national research corporation canada and transitions . goodwill is reviewed for impairment at least annually , as of october 1 , and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable . we review for goodwill impairment by first assessing qualitative factors to determine whether any impairment may exist . if we believe , as a result of the qualitative assessment , that it is more likely than not that the fair value of a reporting unit is less than its carrying amount , a quantitative analysis will be performed , and the fair value of the reporting unit is compared with its carrying value ( including goodwill ) . if the fair value of the reporting unit exceeds its carrying value , no impairment exists . if the fair value of the reporting unit is less than its carrying value , then goodwill is written down by this difference . story_separator_special_tag 19 net cash provided by operating activities was $ 39.8 million for the year ended december 31 , 2018 , which included net income of $ 30.0 million , plus non-cash charges ( benefits ) for deferred tax expense , depreciation and amortization , reserve for uncertain tax positions , loss on disposal of property and equipment and non-cash share based compensation totaling $ 8.4 million . changes in working capital increased cash flows from operating activities by $ 1.5 million , primarily from increases in income taxes payable and decreases in accounts receivables , which fluctuate due to the timing of income tax payments and the timing and frequency of billings on new and renewal contracts , respectively . these increases to cash flows were partially offset by an increase in prepaid expenses and other current assets and decreases due to the timing of payments on accounts payable , accrued expenses , wages , bonus and profit sharing , deferred contract costs and a decrease in deferred revenue . net cash provided by operating activities was $ 28.1 million for the year ended december 31 , 2017 , which included net income of $ 22.9 million , plus non-cash charges ( benefits ) for deferred tax expense , depreciation and amortization , reserve for uncertain tax positions , loss on disposal of property and equipment and non-cash share based compensation totaling $ 6.0 million . changes in working capital decreased cash flows from operating activities by $ 806,000 , primarily from increases in prepaid expenses , income taxes recoverable and accounts receivables , which fluctuate due to the timing and frequency of billings on new and renewal contracts . these decreases to cash flows were partially offset by the timing of payments on accounts payable , accrued expenses , wages , bonus and profit sharing , and an increase in deferred revenue . story_separator_special_tag times , serif ; font-size : 10pt ; margin : 0pt ; text-align : left ; ' > all obligations under the credit facilities are to be guaranteed by each of our direct and indirect wholly owned domestic subsidiaries , if any , and , to the extent required by the credit agreement , direct and indirect wholly owned foreign subsidiaries ( each , a “ guarantor ” ) . the credit facilities are secured , subject to permitted liens and other agreed upon exceptions , by a first-priority lien on and perfected security interest in substantially all of our and our guarantors ' present and future assets ( including , without limitation , fee-owned real property , and limited , in the case of the equity interests of foreign subsidiaries , to 65 % of the outstanding equity interests of such subsidiaries ) . the credit agreement contains customary representations , warranties , affirmative and negative covenants ( including financial covenants ) and events of default . the negative covenants include , among other things , restrictions regarding the incurrence of indebtedness and liens , repurchases of our common stock and acquisitions , subject in each case to certain exceptions . the credit agreement also contains certain financial covenants with respect to minimum fixed charge coverage ratio and maximum cash flow leverage ratio . pursuant to the credit agreement , we are required to maintain a minimum fixed charge coverage ratio of 1.10x for all testing periods throughout the terms of the credit facilities . we are also required to maintain a maximum cash flow leverage ratio of 3.00x for all testing periods throughout the terms of the credit facilities . as of december 31 , 2019 , we were in compliance with our financial covenants . we have finance leases for computer equipment , office equipment , printing and inserting equipment . the balance of the finance leases as of december 31 , 2019 was $ 786,000. we incurred expenses related to the recapitalization of approximately $ 721,000 and $ 1.4 million in the year ended december 31 , 2018 and 2017 , respectively , which were included in selling and administrative expenses . a sales tax accrual was recorded in 2019 after we became aware that a state sales tax liability was both probable and estimable as of december 31 , 2019 , due to sales taxes that should have been collected from customers in 2019 and certain previous years . as a result , we recorded an expense of $ 775,000 through selling and administrative expenses and an associated liability through accrued expenses . we are working through voluntary disclosure agreements with certain states and will have procedures in place to start collecting and remitting sales tax in the second quarter of 2020. state and local jurisdictions have differing rules and regulations governing sales , use , and other taxes and these rules and regulations can be complex and subject to varying interpretations that may change over time . as a result , we could face the possibility of tax assessment and audits , and our liability for these taxes and associated interest and penalties could exceed our original estimates . in addition , we will incur additional sales tax expense in the first quarter of 2020 , since we will not start collecting sales tax from customers until the 2nd quarter of 2020 . 21 contractual obligations we had contractual obligations to make payments in the following amounts in the future as of december 31 , 2019 : replace_table_token_5_th ( 1 ) amounts are inclusive of interest payments , where applicable . ( 2 ) we have $ 599,000 in liabilities associated with uncertain tax positions . we are unable to reasonably estimate the expected cash settlement dates of these uncertain tax positions with the taxing authorities . we generally do not make unconditional , non-cancelable purchase commitments . we enter into purchase orders in the normal course of business , but these purchase obligations do not exceed one year . stock repurchase program our board of directors authorized the

