given the scope of our overall sales and distribution platform , we have been able to drive growth within our allied products and believe there are significant growth opportunities going forward . 52 we have revised the previously reported consolidated financial statements for the years ending march 31 , 2015 and 2014 for certain errors that were not material , individually or in the aggregate , in any of those years . refer to item 8. financial statements and supplementary data , note 23. revision of prior period financial statements of this form 10-k. key factors affecting our results of operations product demand there are numerous factors that influence demand for our products . our businesses are cyclical in nature and sensitive to general economic conditions , primarily in the united states , canada , mexico and south america . the non-residential , residential , agricultural and infrastructure markets we serve are affected by the availability of credit , lending practices , interest rates and unemployment rates . demand for new homes , farm income , commercial development and highway infrastructure spending have a direct impact on our financial condition and results of operations . accordingly , the following factors may have a direct impact on our business in the markets in which our products are sold : the strength of the economy ; the amount and type of non-residential and residential construction ; funding for infrastructure spending ; farm income and agricultural land values ; inventory of improved housing lots ; changes in raw material prices ; the availability and cost of credit ; non-residential occupancy rates ; commodity prices ; and demographic factors such as population growth and household formation . product pricing the price of our products is impacted by competitive pricing dynamics in our industry as well as by raw material input costs . our industry is highly competitive and the sales prices for our products may vary based on the sales policies of our competitors . raw material costs represent a significant portion of the cost of goods sold for our pipe products , or pipe . we aim to increase our product selling prices in order to cover raw material price increases , but the inability to do so could impact our profitability . movements in raw material costs and resulting changes in the selling prices may also impact changes in period-to-period comparisons of net sales . material conversion our hdpe and pp pipe and related water management product lines compete with other manufacturers of corrugated polyethylene pipe as well as manufacturers of alternative products made with traditional materials , such as concrete , steel and pvc . our net sales are driven by market trends , including the continued increase in adoption of thermoplastic corrugated pipe products as a replacement for traditional materials . thermoplastic corrugated pipe is generally lighter , more durable , more cost effective and easier to install than comparable products made from traditional materials . high performance thermoplastic corrugated pipe represented approximately 27 % of the total storm sewer market in 2015 ; up from what we believe was less than 10 % ten years ago and less than 1 % twenty years ago . we believe this trend will continue as customers continue to acknowledge the superior attributes and compelling value proposition of our thermoplastic products and 53 expanded regulatory approvals allow for their use in new markets and geographies . in addition , we believe that pp pipe products will also help accelerate conversion given the additional applications for which our pp pipe products can be used . we believe the adoption of hdpe and pp pipe outside of the united states is still in its early stages and represents a significant opportunity for us to continue to increase the conversion to our products from traditional products in these markets , including canada , mexico and south america where we operate . growth in allied products our allied products include storm and septic chambers , pvc drainage structures , fittings , stormwater filters and water separators . these products complement our pipe product lines and allow us to offer a comprehensive water management solution to our customers and drive organic growth . our leading market position in pipe products allows us to cross-sell allied products effectively . our comprehensive offering of allied products also helps us increase pipe sales in certain markets . our allied products typically carry higher gross margins as compared to our pipe product lines and are less sensitive to increases in resin prices since resin prices represent a smaller percentage of the cost for allied products . our leading position in the pipe market has allowed us to increase organic growth of our allied products . we also expect to expand our allied product offerings through acquisitions . for fiscal years 2016 , 2015 , and 2014 , we generated sales of allied products of $ 338.9 million , $ 283.5 million , and $ 260.4 million , respectively . raw material costs our raw material cost and product selling prices fluctuate with changes in the price of resins utilized in production . we actively manage our resin purchases and pass fluctuations in the cost of resin through to our customers , where possible , in order to maintain our profitability . fluctuations in the price of crude oil and natural gas prices may impact the cost of resin . in addition , changes in and disruptions to existing ethylene or polyethylene capacities could also significantly increase resin prices ( such as the aftermath of hurricanes katrina and rita in late 2015 ) , often within a short period of time , even if crude oil and natural gas prices remain low . our ability to pass through raw material price increases to our customers may , in some cases , lag the increase in our costs of goods sold . story_separator_special_tag see note 5. leases and note 12. debt to our consolidated financial statements included in item 8. financial statements and supplementary data of this form 10-k. income tax expense income tax expense consists of federal , state , local and foreign taxes based on income in multiple jurisdictions , including the united states , canada , mexico , chile , brazil and puerto rico . we expect our effective tax rate to decrease over time as our earnings grow reducing the impact of non-deductible items in our domestic tax calculations . 58 net income net income represents the amount of income or loss remaining after the deduction of expenses from revenue . adjusted ebitda adjusted ebitda , which is a non-gaap financial measure , has been presented in this annual report on form 10-k as a supplemental measure of financial performance that is not required by , or presented in accordance with gaap . we calculate adjusted ebitda as net income before interest , income taxes , depreciation and amortization , stock-based compensation expense , non-cash charges and certain other expenses . adjusted ebitda is included in this annual report on form 10-k because it is a key metric used by management and our board of directors to assess our financial performance . adjusted ebitda is frequently used by analysts , investors and other interested parties to evaluate companies in our industry . in addition to covenant compliance and executive performance evaluations , we use adjusted ebitda to supplement gaap measures of performance to evaluate the effectiveness of our business strategies , to make budgeting decisions and to compare our performance against that of other peer companies using similar measures . adjusted ebitda is not a gaap measure of our financial performance and should not be considered as an alternative to net income as a measure of financial performance , or any other performance measure derived in accordance with gaap and they should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items . in evaluating adjusted ebitda , you should be aware that in the future we will incur expenses that are the same as or similar to some of the adjustments in this presentation , such as stock based compensation expense , derivative fair value adjustments , and foreign currency transaction losses . our presentation of adjusted ebitda should not be construed to imply that our future results will be unaffected by any such adjustments . management compensates for these limitations by relying on our gaap results in addition to using adjusted ebitda . our measure of adjusted ebitda is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation . the following table presents a reconciliation of adjusted ebitda to net income , the most comparable gaap measure , for each of the periods indicated : replace_table_token_7_th 59 ( a ) represents the non-cash gains and losses arising from changes in mark-to-market values for derivative contracts related to propylene , diesel fuel and interest rate swaps . the impact of resin physical fixed price contracts is included in cost of goods sold . ( b ) represents the gains and losses incurred on purchases , sales and intercompany loans and dividends denominated in non-functional currencies . fiscal year 2015 includes a $ 5.6 million loss on the ideal pipe acquisition canadian currency derivative contract . ( c ) represents our proportional share of interest , income taxes , depreciation and amortization related to our south american joint venture and our tigre-ads usa joint venture , which are accounted for under the equity method of accounting . in addition , these amounts include our proportional share of interest , income taxes , depreciation and amortization related to our baysaver joint venture prior to our acquisition of baysaver on july 17 , 2015 , which was previously accounted for under the equity method of accounting . fiscal year 2014 includes our proportionate share of an asset impairment of $ 1.0 million recorded by our south american joint venture . ( d ) represents compensation recorded as a result of the january 2014 special dividend on shares of redeemable convertible preferred stock held by the esop . ( e ) represents the non-cash stock-based compensation cost related to our stock options and restricted stock awards . ( f ) represents the non-cash stock-based compensation expense attributable to the shares of redeemable convertible preferred stock allocated to employee esop accounts during the applicable period . ( g ) represents expenses recorded related to legal , accounting and other professional fees incurred in connection with the restatement of our prior period financial statements . ( h ) represents an other-than-temporary impairment of our investment in the south american joint venture . ( i ) represents expenses recorded related to legal , accounting and other professional fees incurred in connection with our debt refinancing , the ipo and secondary public offering , and asset acquisitions and dispositions . system-wide net sales system-wide net sales is a non-gaap measure which equals the sum of the net sales of our domestic and international segments plus all net sales from our unconsolidated joint ventures ( our south american joint venture , our tigre-ads usa joint venture and our baysaver joint venture prior to july 17 , 2015 ) . we use this metric to measure the overall performance of our business across all of our geographies and markets we serve . our south american joint venture is managed as an integral part of our international segment , and our tigre-ads usa joint venture and our baysaver joint venture are managed as an integral part of our domestic segment . however , with the exception of our baysaver joint venture which we have consolidated since we acquired it on july 17 , 2015 , they are not consolidated under gaap . system-wide net sales is prepared as if our south american joint

liquidity and capital resources our primary liquidity requirements are working capital , capital expenditures , debt service , and dividend payments for our convertible preferred stock and common stock . we have historically funded , and expect to continue to fund , our operations primarily through internally generated cash flow , debt financings , equity issuance and capital and operating leases . from time to time we may explore additional financing methods and other means to raise capital . there can be no assurance that any additional financing will be available to us on acceptable terms or at all . as of march 31 , 2016 , we had $ 4.1 million in cash that was held by our foreign subsidiaries and undistributed earnings of approximately $ 30.2 million . our intent is to indefinitely reinvest our earnings in 71 foreign subsidiaries with the exception of cash dividends paid by our ads mexicana joint venture . in the event that foreign earnings are repatriated , these amounts will be subject to income tax liabilities in the appropriate tax jurisdiction . at march 31 , 2016 , we had $ 7.4 million of undistributed earnings of our unconsolidated subsidiaries included in retained earnings . working capital and cash flows during the fiscal year 2016 , our net increase in cash amounted to $ 3.0 million compared to a net decrease of $ 0.3 million during fiscal year 2015. our source of funds in fiscal 2016 was primarily driven by higher operating earnings and the impact of increased current liabilities , lower inventories and non-cash charges ( depreciation , amortization and share based compensation expense ) . our use of cash in fiscal year 2016 was primarily driven by capital expenditures , a reduction of our debt , payment of capital lease obligations , and the payment of dividends . our source of funds in fiscal 2015 was primarily driven by higher operating earnings , net proceeds of $ 72.2 million from shares sold during our ipo after deduction of deferred offering costs , and the impact of non-cash charges ( depreciation , amortization , compensation expense and shared based compensation expense ) .


 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 liquidity requirements are working capital , capital expenditures , debt service , and dividend payments for our convertible preferred stock and common stock . we have historically funded , and expect to continue to fund , our operations primarily through internally generated cash flow , debt financings , equity issuance and capital and operating leases . from time to time we may explore additional financing methods and other means to raise capital . there can be no assurance that any additional financing will be available to us on acceptable terms or at all . as of march 31 , 2016 , we had $ 4.1 million in cash that was held by our foreign subsidiaries and undistributed earnings of approximately $ 30.2 million . our intent is to indefinitely reinvest our earnings in 71 foreign subsidiaries with the exception of cash dividends paid by our ads mexicana joint venture . in the event that foreign earnings are repatriated , these amounts will be subject to income tax liabilities in the appropriate tax jurisdiction . at march 31 , 2016 , we had $ 7.4 million of undistributed earnings of our unconsolidated subsidiaries included in retained earnings . working capital and cash flows during the fiscal year 2016 , our net increase in cash amounted to $ 3.0 million compared to a net decrease of $ 0.3 million during fiscal year 2015. our source of funds in fiscal 2016 was primarily driven by higher operating earnings and the impact of increased current liabilities , lower inventories and non-cash charges ( depreciation , amortization and share based compensation expense ) . our use of cash in fiscal year 2016 was primarily driven by capital expenditures , a reduction of our debt , payment of capital lease obligations , and the payment of dividends . our source of funds in fiscal 2015 was primarily driven by higher operating earnings , net proceeds of $ 72.2 million from shares sold during our ipo after deduction of deferred offering costs , and the impact of non-cash charges ( depreciation , amortization , compensation expense and shared based compensation expense ) .
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 Suspicious Activity Report : given the scope of our overall sales and distribution platform , we have been able to drive growth within our allied products and believe there are significant growth opportunities going forward . 52 we have revised the previously reported consolidated financial statements for the years ending march 31 , 2015 and 2014 for certain errors that were not material , individually or in the aggregate , in any of those years . refer to item 8. financial statements and supplementary data , note 23. revision of prior period financial statements of this form 10-k. key factors affecting our results of operations product demand there are numerous factors that influence demand for our products . our businesses are cyclical in nature and sensitive to general economic conditions , primarily in the united states , canada , mexico and south america . the non-residential , residential , agricultural and infrastructure markets we serve are affected by the availability of credit , lending practices , interest rates and unemployment rates . demand for new homes , farm income , commercial development and highway infrastructure spending have a direct impact on our financial condition and results of operations . accordingly , the following factors may have a direct impact on our business in the markets in which our products are sold : the strength of the economy ; the amount and type of non-residential and residential construction ; funding for infrastructure spending ; farm income and agricultural land values ; inventory of improved housing lots ; changes in raw material prices ; the availability and cost of credit ; non-residential occupancy rates ; commodity prices ; and demographic factors such as population growth and household formation . product pricing the price of our products is impacted by competitive pricing dynamics in our industry as well as by raw material input costs . our industry is highly competitive and the sales prices for our products may vary based on the sales policies of our competitors . raw material costs represent a significant portion of the cost of goods sold for our pipe products , or pipe . we aim to increase our product selling prices in order to cover raw material price increases , but the inability to do so could impact our profitability . movements in raw material costs and resulting changes in the selling prices may also impact changes in period-to-period comparisons of net sales . material conversion our hdpe and pp pipe and related water management product lines compete with other manufacturers of corrugated polyethylene pipe as well as manufacturers of alternative products made with traditional materials , such as concrete , steel and pvc . our net sales are driven by market trends , including the continued increase in adoption of thermoplastic corrugated pipe products as a replacement for traditional materials . thermoplastic corrugated pipe is generally lighter , more durable , more cost effective and easier to install than comparable products made from traditional materials . high performance thermoplastic corrugated pipe represented approximately 27 % of the total storm sewer market in 2015 ; up from what we believe was less than 10 % ten years ago and less than 1 % twenty years ago . we believe this trend will continue as customers continue to acknowledge the superior attributes and compelling value proposition of our thermoplastic products and 53 expanded regulatory approvals allow for their use in new markets and geographies . in addition , we believe that pp pipe products will also help accelerate conversion given the additional applications for which our pp pipe products can be used . we believe the adoption of hdpe and pp pipe outside of the united states is still in its early stages and represents a significant opportunity for us to continue to increase the conversion to our products from traditional products in these markets , including canada , mexico and south america where we operate . growth in allied products our allied products include storm and septic chambers , pvc drainage structures , fittings , stormwater filters and water separators . these products complement our pipe product lines and allow us to offer a comprehensive water management solution to our customers and drive organic growth . our leading market position in pipe products allows us to cross-sell allied products effectively . our comprehensive offering of allied products also helps us increase pipe sales in certain markets . our allied products typically carry higher gross margins as compared to our pipe product lines and are less sensitive to increases in resin prices since resin prices represent a smaller percentage of the cost for allied products . our leading position in the pipe market has allowed us to increase organic growth of our allied products . we also expect to expand our allied product offerings through acquisitions . for fiscal years 2016 , 2015 , and 2014 , we generated sales of allied products of $ 338.9 million , $ 283.5 million , and $ 260.4 million , respectively . raw material costs our raw material cost and product selling prices fluctuate with changes in the price of resins utilized in production . we actively manage our resin purchases and pass fluctuations in the cost of resin through to our customers , where possible , in order to maintain our profitability . fluctuations in the price of crude oil and natural gas prices may impact the cost of resin . in addition , changes in and disruptions to existing ethylene or polyethylene capacities could also significantly increase resin prices ( such as the aftermath of hurricanes katrina and rita in late 2015 ) , often within a short period of time , even if crude oil and natural gas prices remain low . our ability to pass through raw material price increases to our customers may , in some cases , lag the increase in our costs of goods sold . story_separator_special_tag see note 5. leases and note 12. debt to our consolidated financial statements included in item 8. financial statements and supplementary data of this form 10-k. income tax expense income tax expense consists of federal , state , local and foreign taxes based on income in multiple jurisdictions , including the united states , canada , mexico , chile , brazil and puerto rico . we expect our effective tax rate to decrease over time as our earnings grow reducing the impact of non-deductible items in our domestic tax calculations . 58 net income net income represents the amount of income or loss remaining after the deduction of expenses from revenue . adjusted ebitda adjusted ebitda , which is a non-gaap financial measure , has been presented in this annual report on form 10-k as a supplemental measure of financial performance that is not required by , or presented in accordance with gaap . we calculate adjusted ebitda as net income before interest , income taxes , depreciation and amortization , stock-based compensation expense , non-cash charges and certain other expenses . adjusted ebitda is included in this annual report on form 10-k because it is a key metric used by management and our board of directors to assess our financial performance . adjusted ebitda is frequently used by analysts , investors and other interested parties to evaluate companies in our industry . in addition to covenant compliance and executive performance evaluations , we use adjusted ebitda to supplement gaap measures of performance to evaluate the effectiveness of our business strategies , to make budgeting decisions and to compare our performance against that of other peer companies using similar measures . adjusted ebitda is not a gaap measure of our financial performance and should not be considered as an alternative to net income as a measure of financial performance , or any other performance measure derived in accordance with gaap and they should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items . in evaluating adjusted ebitda , you should be aware that in the future we will incur expenses that are the same as or similar to some of the adjustments in this presentation , such as stock based compensation expense , derivative fair value adjustments , and foreign currency transaction losses . our presentation of adjusted ebitda should not be construed to imply that our future results will be unaffected by any such adjustments . management compensates for these limitations by relying on our gaap results in addition to using adjusted ebitda . our measure of adjusted ebitda is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation . the following table presents a reconciliation of adjusted ebitda to net income , the most comparable gaap measure , for each of the periods indicated : replace_table_token_7_th 59 ( a ) represents the non-cash gains and losses arising from changes in mark-to-market values for derivative contracts related to propylene , diesel fuel and interest rate swaps . the impact of resin physical fixed price contracts is included in cost of goods sold . ( b ) represents the gains and losses incurred on purchases , sales and intercompany loans and dividends denominated in non-functional currencies . fiscal year 2015 includes a $ 5.6 million loss on the ideal pipe acquisition canadian currency derivative contract . ( c ) represents our proportional share of interest , income taxes , depreciation and amortization related to our south american joint venture and our tigre-ads usa joint venture , which are accounted for under the equity method of accounting . in addition , these amounts include our proportional share of interest , income taxes , depreciation and amortization related to our baysaver joint venture prior to our acquisition of baysaver on july 17 , 2015 , which was previously accounted for under the equity method of accounting . fiscal year 2014 includes our proportionate share of an asset impairment of $ 1.0 million recorded by our south american joint venture . ( d ) represents compensation recorded as a result of the january 2014 special dividend on shares of redeemable convertible preferred stock held by the esop . ( e ) represents the non-cash stock-based compensation cost related to our stock options and restricted stock awards . ( f ) represents the non-cash stock-based compensation expense attributable to the shares of redeemable convertible preferred stock allocated to employee esop accounts during the applicable period . ( g ) represents expenses recorded related to legal , accounting and other professional fees incurred in connection with the restatement of our prior period financial statements . ( h ) represents an other-than-temporary impairment of our investment in the south american joint venture . ( i ) represents expenses recorded related to legal , accounting and other professional fees incurred in connection with our debt refinancing , the ipo and secondary public offering , and asset acquisitions and dispositions . system-wide net sales system-wide net sales is a non-gaap measure which equals the sum of the net sales of our domestic and international segments plus all net sales from our unconsolidated joint ventures ( our south american joint venture , our tigre-ads usa joint venture and our baysaver joint venture prior to july 17 , 2015 ) . we use this metric to measure the overall performance of our business across all of our geographies and markets we serve . our south american joint venture is managed as an integral part of our international segment , and our tigre-ads usa joint venture and our baysaver joint venture are managed as an integral part of our domestic segment . however , with the exception of our baysaver joint venture which we have consolidated since we acquired it on july 17 , 2015 , they are not consolidated under gaap . system-wide net sales is prepared as if our south american joint

