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 , 2019 was $ 120.0 million , inclusive of $ 26.3 million for ths , as compared to $ 159.6 million at march 31 , 2018 . 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 . greenfield projects , and in particular large greenfield projects ( i.e . , new facility construction projects generating in excess of $ 5 million in annual sales ) , historically have been a substantial source of revenue growth , and greenfield revenues tend to be more cyclical than mro/ue revenues . story_separator_special_tag on march 31 , 2019 , we had in place standby letters of credit , bank guarantees and performance bonds totaling $ 19.8 million to back our various customer contracts . our indian subsidiary also has $ 5.2 million in customs bonds outstanding . 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 , 2019 , outstanding principal under the term loan b facility was $ 206.5 million . cash and cash equivalents . at march 31 , 2019 , we had $ 31.4 million in cash and cash equivalents . we maintain cash and cash equivalents at various financial institutions located in many countries throughout the world . approximately $ 5.4 million , or 17 % , of these amounts were held in domestic accounts with various institutions and approximately $ 26.0 million , or 83 % , of these amounts were held in accounts outside of the united states with various financial institutions . investments . at march 31 , 2018 , we had 1.0 million in investments . the investments have maturities that range from 90 days to one year . the investments are primarily in held in foreign accounts with various financial institutions . senior secured credit facility . see note 11 , “ long-term debt—senior secured credit facility ” to our consolidated financial statements and accompanying notes thereto included in item 8 below of this annual report for additional information on our senior secured term loan and revolving credit facilities , which is hereby incorporated by reference into this item 2. at march 31 , 2019 , we had outstanding borrowings of $ 11.2 million under our revolving credit facility and $ 44.5 million of available capacity thereunder , after taking into account the borrowing base and letters of credit outstanding , which totaled $ 4.3 million . from time to time , we may choose to utilize our revolving credit facility to fund operations , acquisitions or other investments despite having cash available within our consolidated group in light of the cost , timing and other business considerations . 34 as of march 31 , 2019 , we had $ 206.5 million of outstanding principal on our term loan b facility . commencing april 1 , 2018 , we will be required to make quarterly principal payments of the term loan of $ 0.6 million through july 31 , 2024. thereafter , the remaining principal balance will be settled with a lump-sum payment of $ 192.8 million due at maturity of the term loan in october 2024. during fiscal years 2019 and 2018 , we made an optional debt prepayment of principal on the term loan b of $ 16.0 million and $ 25.0 million , respectively . from time to time , we may choose to make unscheduled and additional repayments of principal on the term loan b based on available cash flows . guarantees ; security . the term loan is guaranteed by the company and all of the company 's current and future wholly owned domestic material subsidiaries ( the “ us subsidiary guarantors ” ) , subject to certain exceptions . obligations of the company under the revolving credit facility are guaranteed by the company and the us subsidiary guarantors . the obligations of thermon canada inc. ( the “ canadian borrower ” ) under the revolving credit facility are guaranteed by the company , thermon holding corp. ( the “ us borrower ” ) , the us subsidiary guarantors and each of the wholly owned canadian material subsidiaries of the canadian borrower , subject to certain exceptions . the term loan and the obligations of the us borrower under the revolving credit facility are secured by a first lien on all of the company 's assets and the assets of the us subsidiary guarantors , including 100 % of the capital stock of the us subsidiary guarantors and 65 % of the capital stock of the first tier material foreign subsidiaries of the company , the us borrower and the us subsidiary guarantors , subject to certain exceptions . the obligations of the canadian borrower under the revolving credit facility are secured by a first lien on all of the company 's assets , the us subsidiary guarantors ' assets , the canadian borrower 's assets and the assets of the material canadian subsidiaries of the canadian borrower , including 100 % of the capital stock of the canadian borrower 's material canadian subsidiaries . financial covenants . the term loan is not subject to any financial covenants . the revolving credit facility requires the company , on a consolidated basis , to maintain certain financial covenant ratios . the company must maintain a consolidated leverage ratio on the last day of the following periods : 5.5:1.0 for december 31 , 2017 through september 30 , 2018 ; 5.0:1.0 for december 31 , 2018 through september 30 , 2019 ; 4.5:1.0 for december 31 , 2019 through september 30 , 2020 ; and 3.8:1.0 for december 31 , 2020 and each fiscal quarter thereafter . in addition , on the last day of any period of four fiscal quarters , the company must maintain a consolidated fixed charge coverage ratio of not less than 1.3:1.0. as of march 31 , 2019 , we were in compliance with all financial covenants of the credit facility . restrictive covenants . the credit agreement governing our credit facility contains various restrictive covenants that

net cash provided by operating activities totaled $ 23.2 million for fiscal 2019 compared to $ 22.9 million for fiscal 2018 , an increase of $ 0.3 million . our net income increased from $ 13.2 million in fiscal 2018 to $ 23.2 million in fiscal 2019 , an increase of $ 10.0 million . non-cash reconciling items such as depreciation and amortization , stock compensation expense , changes in deferred taxes and other non-cash charges were $ 32.5 million and $ 20.3 million in fiscal 2019 and fiscal 2018 , respectively . additionally , in fiscal 2019 total working capital accounts represented a use of cash of $ 32.4 million compared to a use of cash of $ 10.6 million in fiscal 2018. in fiscal 2019 our working capital assets increased representing a use of cash of $ 30.3 million , and in fiscal 2018 our working capital assets also increased representing a use of cash of $ 30.6 million . the comparative increase in the fiscal 2019 use of cash of $ 0.3 million is primarily the result of an increase , or use of cash , in accounts receivable and contract assets of $ 0.7 million , and $ 5.9 million , respectively , offset by a decrease in the use of cash for inventory and other current and non-current assets of $ 5.6 million and $ 1.3 million , respectively . the increase in accounts receivable is primarily attributable to the increase in revenue in fiscal 2019 , and the increase in contract assets is primarily due to the increase of project revenues .


 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.
     ```net cash provided by operating activities totaled $ 23.2 million for fiscal 2019 compared to $ 22.9 million for fiscal 2018 , an increase of $ 0.3 million . our net income increased from $ 13.2 million in fiscal 2018 to $ 23.2 million in fiscal 2019 , an increase of $ 10.0 million . non-cash reconciling items such as depreciation and amortization , stock compensation expense , changes in deferred taxes and other non-cash charges were $ 32.5 million and $ 20.3 million in fiscal 2019 and fiscal 2018 , respectively . additionally , in fiscal 2019 total working capital accounts represented a use of cash of $ 32.4 million compared to a use of cash of $ 10.6 million in fiscal 2018. in fiscal 2019 our working capital assets increased representing a use of cash of $ 30.3 million , and in fiscal 2018 our working capital assets also increased representing a use of cash of $ 30.6 million . the comparative increase in the fiscal 2019 use of cash of $ 0.3 million is primarily the result of an increase , or use of cash , in accounts receivable and contract assets of $ 0.7 million , and $ 5.9 million , respectively , offset by a decrease in the use of cash for inventory and other current and non-current assets of $ 5.6 million and $ 1.3 million , respectively . the increase in accounts receivable is primarily attributable to the increase in revenue in fiscal 2019 , and the increase in contract assets is primarily due to the increase of project revenues .
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 Suspicious Activity Report : 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 , 2019 was $ 120.0 million , inclusive of $ 26.3 million for ths , as compared to $ 159.6 million at march 31 , 2018 . 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 . greenfield projects , and in particular large greenfield projects ( i.e . , new facility construction projects generating in excess of $ 5 million in annual sales ) , historically have been a substantial source of revenue growth , and greenfield revenues tend to be more cyclical than mro/ue revenues . story_separator_special_tag on march 31 , 2019 , we had in place standby letters of credit , bank guarantees and performance bonds totaling $ 19.8 million to back our various customer contracts . our indian subsidiary also has $ 5.2 million in customs bonds outstanding . 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 , 2019 , outstanding principal under the term loan b facility was $ 206.5 million . cash and cash equivalents . at march 31 , 2019 , we had $ 31.4 million in cash and cash equivalents . we maintain cash and cash equivalents at various financial institutions located in many countries throughout the world . approximately $ 5.4 million , or 17 % , of these amounts were held in domestic accounts with various institutions and approximately $ 26.0 million , or 83 % , of these amounts were held in accounts outside of the united states with various financial institutions . investments . at march 31 , 2018 , we had 1.0 million in investments . the investments have maturities that range from 90 days to one year . the investments are primarily in held in foreign accounts with various financial institutions . senior secured credit facility . see note 11 , “ long-term debt—senior secured credit facility ” to our consolidated financial statements and accompanying notes thereto included in item 8 below of this annual report for additional information on our senior secured term loan and revolving credit facilities , which is hereby incorporated by reference into this item 2. at march 31 , 2019 , we had outstanding borrowings of $ 11.2 million under our revolving credit facility and $ 44.5 million of available capacity thereunder , after taking into account the borrowing base and letters of credit outstanding , which totaled $ 4.3 million . from time to time , we may choose to utilize our revolving credit facility to fund operations , acquisitions or other investments despite having cash available within our consolidated group in light of the cost , timing and other business considerations . 34 as of march 31 , 2019 , we had $ 206.5 million of outstanding principal on our term loan b facility . commencing april 1 , 2018 , we will be required to make quarterly principal payments of the term loan of $ 0.6 million through july 31 , 2024. thereafter , the remaining principal balance will be settled with a lump-sum payment of $ 192.8 million due at maturity of the term loan in october 2024. during fiscal years 2019 and 2018 , we made an optional debt prepayment of principal on the term loan b of $ 16.0 million and $ 25.0 million , respectively . from time to time , we may choose to make unscheduled and additional repayments of principal on the term loan b based on available cash flows . guarantees ; security . the term loan is guaranteed by the company and all of the company 's current and future wholly owned domestic material subsidiaries ( the “ us subsidiary guarantors ” ) , subject to certain exceptions . obligations of the company under the revolving credit facility are guaranteed by the company and the us subsidiary guarantors . the obligations of thermon canada inc. ( the “ canadian borrower ” ) under the revolving credit facility are guaranteed by the company , thermon holding corp. ( the “ us borrower ” ) , the us subsidiary guarantors and each of the wholly owned canadian material subsidiaries of the canadian borrower , subject to certain exceptions . the term loan and the obligations of the us borrower under the revolving credit facility are secured by a first lien on all of the company 's assets and the assets of the us subsidiary guarantors , including 100 % of the capital stock of the us subsidiary guarantors and 65 % of the capital stock of the first tier material foreign subsidiaries of the company , the us borrower and the us subsidiary guarantors , subject to certain exceptions . the obligations of the canadian borrower under the revolving credit facility are secured by a first lien on all of the company 's assets , the us subsidiary guarantors ' assets , the canadian borrower 's assets and the assets of the material canadian subsidiaries of the canadian borrower , including 100 % of the capital stock of the canadian borrower 's material canadian subsidiaries . financial covenants . the term loan is not subject to any financial covenants . the revolving credit facility requires the company , on a consolidated basis , to maintain certain financial covenant ratios . the company must maintain a consolidated leverage ratio on the last day of the following periods : 5.5:1.0 for december 31 , 2017 through september 30 , 2018 ; 5.0:1.0 for december 31 , 2018 through september 30 , 2019 ; 4.5:1.0 for december 31 , 2019 through september 30 , 2020 ; and 3.8:1.0 for december 31 , 2020 and each fiscal quarter thereafter . in addition , on the last day of any period of four fiscal quarters , the company must maintain a consolidated fixed charge coverage ratio of not less than 1.3:1.0. as of march 31 , 2019 , we were in compliance with all financial covenants of the credit facility . restrictive covenants . the credit agreement governing our credit facility contains various restrictive covenants that

