overview our strategy is driven by our commitment to customer satisfaction and is focused primarily on menu innovation , service and operational execution to continue to differentiate ourselves from other restaurant concepts , as well as to drive competitively strong performance that is sustainable . financially , we are focused on prudently managing expenses at our restaurants , bakery facilities , frc headquarters and corporate support center , and leveraging our size to make the best use of our purchasing power . investing in new company-owned restaurant development is our top capital allocation priority , with a focus on opening our concepts in premier locations within both new and existing markets . for the cheesecake factory concept , we target an average cash-on-cash return on investment of approximately 20 % to 25 % at the unit level . we target an average cash-on-cash return on investment of about 35 % for the north italia concept and 25 % to 30 % for the frc concepts . returns are affected by the cost to build restaurants , the level of revenues that each restaurant can deliver and our ability to maximize the profitability of restaurants . investing in new restaurant development that meets our return on investment criteria is expected to support achieving mid-teens company-level return on invested capital . our overall revenue growth is primarily driven by revenues from new restaurant openings and increases in comparable restaurant sales . changes in comparable restaurant sales come from variations in customer traffic , as well as in average check . for the cheesecake factory concept , our strategy is to increase comparable restaurant sales by growing average check and stabilizing customer traffic through ( 1 ) continuing to offer innovative , high quality menu items that offer customers a wide range of options in terms of flavor , price and value ( 2 ) focusing on service and hospitality with the goal of delivering an exceptional customer experience and ( 3 ) continuing to provide our customers with convenient options for off-premise dining . we are continuing our efforts on a number of initiatives , including a greater focus on increasing customer throughput in our restaurants , leveraging the success of our gift card program , working with a third party to provide delivery services for our restaurants , increasing customer awareness of our online ordering capabilities , augmenting our marketing programs , enhancing our training programs and leveraging our customer satisfaction measurement platform . 34 average check is driven by menu price increases and or changes in menu mix . we generally update the cheesecake factory restaurant menus twice a year , and our philosophy is to use price increases to help offset key operating cost increases in a manner that balances protecting both our margins and customer traffic levels . we plan to continue targeting menu price increases of approximately 2 % to 3 % annually , utilizing a market-based strategy to help mitigate cost pressure in higher-wage geographies , and expect near-term increases to be at the higher end of this range . margins are subject to fluctuations in commodity costs , labor , restaurant-level occupancy expenses , general and administrative ( `` g & a `` ) expenses and preopening expenses . our objective is to stabilize our margins , and longer-term to drive margin expansion , by maintaining flat restaurant-level margins at the cheesecake factory concept , leveraging our bakery operations , international and consumer packaged goods royalty revenue streams and g & a expense over time , and optimizing our restaurant portfolio . we plan to maintain a balanced capital allocation strategy , comprised of : investing in new restaurants that are expected to meet our targeted returns , repaying borrowings under the new facility and continuing our dividend and share repurchase program , the latter of which offsets dilution from our equity compensation program and supports our earnings per share growth . our ability to declare dividends and repurchase shares is subject to financial covenants under the new facility . our domestic revenue growth ( comprised of our annual unit growth and comparable sales growth ) , combined with international expansion , planned debt repayment , our share repurchase program and our dividend supports our long-term financial objective of 13 % to 14 % total return to shareholders , on average . we define our total return as earnings per share growth plus our dividend yield . ( see item 1a — risk factors — “ our stock price could be adversely affected if our performance falls short of our financial guidance and or market expectations . ” ) results of operations the following table presents , for the periods indicated , information from our consolidated statements of income expressed as percentages of revenues . ​ replace_table_token_6_th ​ 35 fiscal 2019 compared to fiscal 2018 revenues revenues increased 6.5 % to $ 2 , 482.7 million for fiscal 2019 compared to $ 2,332.3 million for fiscal 2018 , primarily due to additional revenue related to the acquired restaurants , new restaurant openings and positive comparable restaurant sales . revenue contribution from the acquired concepts in the fourth quarter of fiscal 2019 , including comparable restaurant sales growth of approximately 4 % for north italia , totaled $ 92.0 million . comparable sales at the cheesecake factory restaurants increased by 0.8 % , or $ 17.5 million , from fiscal 2018. this compares to the casual dining industry which had approximately flat comparable sales , as measured by knapp track . the cheesecake factory comparable sales growth was driven by average check growth of 4.0 % ( based on an increase of 3.1 % in menu pricing and a 0.9 % positive change in mix ) , partially offset by a decline in customer traffic of 3.2 % . story_separator_special_tag ( see note 2 in notes to consolidated financial statements in part iv , item 15 of this report for further discussion of the acquisition . ) we expect to fund our contractual obligations primarily with operating cash flows generated in the normal course of business . critical accounting policies critical accounting policies are those we believe are most important to portraying our financial condition and results of operations and also require the greatest amount of subjective or complex judgments by management . judgments and uncertainties regarding the application of these policies may result in materially different amounts being reported under various conditions or using different assumptions . we consider the following policies to be the most critical in understanding the judgment that is involved in preparing our consolidated financial statements . 42 business combination on october 2 , 2019 , we completed the acquisition of north italia and the remaining business of fox restaurant concepts llc . in accordance with the acquisition method of accounting for business combinations , we allocated the purchase price of acquired businesses to the tangible and intangible assets acquired and liabilities assumed based on preliminary estimated fair values . our purchase price allocation methodology contains uncertainties because it requires us to make certain assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities , including , but not limited to , property and equipment and intangible assets . we estimated the fair value of assets and liabilities based upon widely-accepted valuation techniques , including discounted cash flow , relief from royalty and monte carlo methods , depending on the nature of the assets acquired or liabilities assumed . the process for estimating fair values in many cases requires the use of significant estimates , assumptions and judgments , including determining the timing and estimates of future cash flows and developing appropriate discount rates . unanticipated events or circumstances may occur which could affect the accuracy of our fair value estimates . we expect minor adjustments to our purchase accounting in the first quarter of fiscal 2020 as we finalize our valuation of the acquired intangible assets . contingent consideration the acquisition agreement also included a contingent consideration provision which is payable on the fifth anniversary of the closing date . the fair value of the contingent consideration was determined utilizing a monte carlo model based on estimated future revenues , margins and volatility factors , among other variables and estimates , and has no maximum payment . the fair value of the contingent consideration is highly subjective , and results could change materially if different estimates and assumptions were used . intangible assets goodwill and other indefinite-lived intangible assets are tested for impairment annually or on an interim basis if events or changes in circumstances between annual tests indicate a potential impairment . factors considered include , but are not limited to historical financial performance , a significant decline in expected future cash flows , unanticipated competition , changes in management or key personnel , macroeconomic and industry conditions and the legal and regulatory environment . if the qualitative assessment indicates that it is more likely than not that an impairment exists , then a quantitative assessment is performed . the quantitative assessment requires an analysis of several best estimates and assumptions , including future sales and operating results , and other factors that could affect fair value or otherwise indicate potential impairment . the goodwill impairment assessment involves valuing our reporting units that carry goodwill and considers their projected ability to generate income from operations and positive cash flow in future periods . the fair value assessment could change materially if different estimates and assumptions were used . impairment of long-lived assets we assess the potential impairment of our long-lived assets on an annual basis or whenever events or changes in circumstances indicate that the carrying value of the assets or asset group may not be recoverable . factors considered include , but are not limited to , negative cash flow , significant underperformance relative to historical or projected future operating results , significant changes in the manner in which an asset is being used , an expectation that an asset will be disposed of significantly before the end of its previously estimated useful life and significant negative industry or economic trends . assessing whether impairment testing is warranted and , if so , determining the amount of expense require the use of estimates and assumptions regarding future cash flows , which are subject to a significant degree of judgment based on our experience and knowledge . these estimates can be significantly impacted by changes in the economic environment , real estate market conditions and capital spending decisions . leases the reasonably certain lease term and the incremental borrowing rate for each restaurant location require judgment by management and can impact the classification and accounting for a lease as operating or finance , as well as the value of the operating lease asset and liability . these judgments may produce materially different amounts of rent expense than would be reported if different assumptions were used . 43 self-insurance liabilities we retain the financial responsibility for a significant portion of our risks and associated liabilities with respect to workers ' compensation , general liability , staff member health benefits , employment practices and other insurable risks . the accrued liabilities associated with these programs are based on our estimate of the ultimate costs to settle known claims , as well as claims incurred but not yet reported to us ( “ ibnr ” ) as of the balance sheet date . our estimated liabilities are based on information provided by our insurance brokers and insurers , combined with our judgment regarding a number of assumptions and factors , including the frequency and severity of claims , claims development history , case jurisdiction , applicable legislation and our claims settlement practices . significant judgment is required to estimate ibnr amounts

liquidity and capital resources our corporate financial objectives are to maintain a sufficiently strong and conservative balance sheet to support our operating initiatives and unit growth while maintaining financial flexibility to provide the financial resources necessary to protect and enhance the competitiveness of our restaurant and bakery brands and to provide a prudent level of financial capacity to manage the risks and uncertainties of conducting our business operations under various economic and industry cycles . our ongoing capital requirements are principally related to our restaurant expansion plans , ongoing maintenance of our restaurants and bakery facilities , and investment in our corporate and information technology infrastructures . ​ 39 similar to many restaurant and retail chain store operations , we utilize operating lease arrangements for all of our restaurant locations . we believe our operating lease arrangements continue to provide appropriate leverage for our capital structure in a financially efficient manner . however , we are not limited to the use of lease arrangements as our only method of opening new restaurants . accordingly , our lease arrangements reduce , to some extent , our capacity to utilize funded indebtedness in our capital structure . historically , we have obtained capital from our ongoing operations , public stock offerings , credit facilities , stock option exercises and construction contributions from our landlords . our requirement for working capital is not significant , since our restaurant customers pay for their food and beverage purchases in cash or cash equivalents at the time of sale , and we are able to sell many of our restaurant inventory items before payment is due to the suppliers of such items . the following table presents , for the periods indicated , a summary of our key cash flows from operating , investing and financing activities ( in millions ) : ​ replace_table_token_8_th ​ during fiscal 2019 , our cash and cash equivalents increased by $ 31.8 million to $ 58.4 million . this increase was primarily attributable to cash provided by operating activities and borrowings on our credit facility , partially offset by cash paid for the acquisition , additions to property and equipment , dividend payments and treasury stock purchases .


 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 corporate financial objectives are to maintain a sufficiently strong and conservative balance sheet to support our operating initiatives and unit growth while maintaining financial flexibility to provide the financial resources necessary to protect and enhance the competitiveness of our restaurant and bakery brands and to provide a prudent level of financial capacity to manage the risks and uncertainties of conducting our business operations under various economic and industry cycles . our ongoing capital requirements are principally related to our restaurant expansion plans , ongoing maintenance of our restaurants and bakery facilities , and investment in our corporate and information technology infrastructures . ​ 39 similar to many restaurant and retail chain store operations , we utilize operating lease arrangements for all of our restaurant locations . we believe our operating lease arrangements continue to provide appropriate leverage for our capital structure in a financially efficient manner . however , we are not limited to the use of lease arrangements as our only method of opening new restaurants . accordingly , our lease arrangements reduce , to some extent , our capacity to utilize funded indebtedness in our capital structure . historically , we have obtained capital from our ongoing operations , public stock offerings , credit facilities , stock option exercises and construction contributions from our landlords . our requirement for working capital is not significant , since our restaurant customers pay for their food and beverage purchases in cash or cash equivalents at the time of sale , and we are able to sell many of our restaurant inventory items before payment is due to the suppliers of such items . the following table presents , for the periods indicated , a summary of our key cash flows from operating , investing and financing activities ( in millions ) : ​ replace_table_token_8_th ​ during fiscal 2019 , our cash and cash equivalents increased by $ 31.8 million to $ 58.4 million . this increase was primarily attributable to cash provided by operating activities and borrowings on our credit facility , partially offset by cash paid for the acquisition , additions to property and equipment , dividend payments and treasury stock purchases .
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 Suspicious Activity Report : overview our strategy is driven by our commitment to customer satisfaction and is focused primarily on menu innovation , service and operational execution to continue to differentiate ourselves from other restaurant concepts , as well as to drive competitively strong performance that is sustainable . financially , we are focused on prudently managing expenses at our restaurants , bakery facilities , frc headquarters and corporate support center , and leveraging our size to make the best use of our purchasing power . investing in new company-owned restaurant development is our top capital allocation priority , with a focus on opening our concepts in premier locations within both new and existing markets . for the cheesecake factory concept , we target an average cash-on-cash return on investment of approximately 20 % to 25 % at the unit level . we target an average cash-on-cash return on investment of about 35 % for the north italia concept and 25 % to 30 % for the frc concepts . returns are affected by the cost to build restaurants , the level of revenues that each restaurant can deliver and our ability to maximize the profitability of restaurants . investing in new restaurant development that meets our return on investment criteria is expected to support achieving mid-teens company-level return on invested capital . our overall revenue growth is primarily driven by revenues from new restaurant openings and increases in comparable restaurant sales . changes in comparable restaurant sales come from variations in customer traffic , as well as in average check . for the cheesecake factory concept , our strategy is to increase comparable restaurant sales by growing average check and stabilizing customer traffic through ( 1 ) continuing to offer innovative , high quality menu items that offer customers a wide range of options in terms of flavor , price and value ( 2 ) focusing on service and hospitality with the goal of delivering an exceptional customer experience and ( 3 ) continuing to provide our customers with convenient options for off-premise dining . we are continuing our efforts on a number of initiatives , including a greater focus on increasing customer throughput in our restaurants , leveraging the success of our gift card program , working with a third party to provide delivery services for our restaurants , increasing customer awareness of our online ordering capabilities , augmenting our marketing programs , enhancing our training programs and leveraging our customer satisfaction measurement platform . 34 average check is driven by menu price increases and or changes in menu mix . we generally update the cheesecake factory restaurant menus twice a year , and our philosophy is to use price increases to help offset key operating cost increases in a manner that balances protecting both our margins and customer traffic levels . we plan to continue targeting menu price increases of approximately 2 % to 3 % annually , utilizing a market-based strategy to help mitigate cost pressure in higher-wage geographies , and expect near-term increases to be at the higher end of this range . margins are subject to fluctuations in commodity costs , labor , restaurant-level occupancy expenses , general and administrative ( `` g & a `` ) expenses and preopening expenses . our objective is to stabilize our margins , and longer-term to drive margin expansion , by maintaining flat restaurant-level margins at the cheesecake factory concept , leveraging our bakery operations , international and consumer packaged goods royalty revenue streams and g & a expense over time , and optimizing our restaurant portfolio . we plan to maintain a balanced capital allocation strategy , comprised of : investing in new restaurants that are expected to meet our targeted returns , repaying borrowings under the new facility and continuing our dividend and share repurchase program , the latter of which offsets dilution from our equity compensation program and supports our earnings per share growth . our ability to declare dividends and repurchase shares is subject to financial covenants under the new facility . our domestic revenue growth ( comprised of our annual unit growth and comparable sales growth ) , combined with international expansion , planned debt repayment , our share repurchase program and our dividend supports our long-term financial objective of 13 % to 14 % total return to shareholders , on average . we define our total return as earnings per share growth plus our dividend yield . ( see item 1a — risk factors — “ our stock price could be adversely affected if our performance falls short of our financial guidance and or market expectations . ” ) results of operations the following table presents , for the periods indicated , information from our consolidated statements of income expressed as percentages of revenues . ​ replace_table_token_6_th ​ 35 fiscal 2019 compared to fiscal 2018 revenues revenues increased 6.5 % to $ 2 , 482.7 million for fiscal 2019 compared to $ 2,332.3 million for fiscal 2018 , primarily due to additional revenue related to the acquired restaurants , new restaurant openings and positive comparable restaurant sales . revenue contribution from the acquired concepts in the fourth quarter of fiscal 2019 , including comparable restaurant sales growth of approximately 4 % for north italia , totaled $ 92.0 million . comparable sales at the cheesecake factory restaurants increased by 0.8 % , or $ 17.5 million , from fiscal 2018. this compares to the casual dining industry which had approximately flat comparable sales , as measured by knapp track . the cheesecake factory comparable sales growth was driven by average check growth of 4.0 % ( based on an increase of 3.1 % in menu pricing and a 0.9 % positive change in mix ) , partially offset by a decline in customer traffic of 3.2 % . story_separator_special_tag ( see note 2 in notes to consolidated financial statements in part iv , item 15 of this report for further discussion of the acquisition . ) we expect to fund our contractual obligations primarily with operating cash flows generated in the normal course of business . critical accounting policies critical accounting policies are those we believe are most important to portraying our financial condition and results of operations and also require the greatest amount of subjective or complex judgments by management . judgments and uncertainties regarding the application of these policies may result in materially different amounts being reported under various conditions or using different assumptions . we consider the following policies to be the most critical in understanding the judgment that is involved in preparing our consolidated financial statements . 42 business combination on october 2 , 2019 , we completed the acquisition of north italia and the remaining business of fox restaurant concepts llc . in accordance with the acquisition method of accounting for business combinations , we allocated the purchase price of acquired businesses to the tangible and intangible assets acquired and liabilities assumed based on preliminary estimated fair values . our purchase price allocation methodology contains uncertainties because it requires us to make certain assumptions and to apply judgment to estimate the fair value of acquired assets and liabilities , including , but not limited to , property and equipment and intangible assets . we estimated the fair value of assets and liabilities based upon widely-accepted valuation techniques , including discounted cash flow , relief from royalty and monte carlo methods , depending on the nature of the assets acquired or liabilities assumed . the process for estimating fair values in many cases requires the use of significant estimates , assumptions and judgments , including determining the timing and estimates of future cash flows and developing appropriate discount rates . unanticipated events or circumstances may occur which could affect the accuracy of our fair value estimates . we expect minor adjustments to our purchase accounting in the first quarter of fiscal 2020 as we finalize our valuation of the acquired intangible assets . contingent consideration the acquisition agreement also included a contingent consideration provision which is payable on the fifth anniversary of the closing date . the fair value of the contingent consideration was determined utilizing a monte carlo model based on estimated future revenues , margins and volatility factors , among other variables and estimates , and has no maximum payment . the fair value of the contingent consideration is highly subjective , and results could change materially if different estimates and assumptions were used . intangible assets goodwill and other indefinite-lived intangible assets are tested for impairment annually or on an interim basis if events or changes in circumstances between annual tests indicate a potential impairment . factors considered include , but are not limited to historical financial performance , a significant decline in expected future cash flows , unanticipated competition , changes in management or key personnel , macroeconomic and industry conditions and the legal and regulatory environment . if the qualitative assessment indicates that it is more likely than not that an impairment exists , then a quantitative assessment is performed . the quantitative assessment requires an analysis of several best estimates and assumptions , including future sales and operating results , and other factors that could affect fair value or otherwise indicate potential impairment . the goodwill impairment assessment involves valuing our reporting units that carry goodwill and considers their projected ability to generate income from operations and positive cash flow in future periods . the fair value assessment could change materially if different estimates and assumptions were used . impairment of long-lived assets we assess the potential impairment of our long-lived assets on an annual basis or whenever events or changes in circumstances indicate that the carrying value of the assets or asset group may not be recoverable . factors considered include , but are not limited to , negative cash flow , significant underperformance relative to historical or projected future operating results , significant changes in the manner in which an asset is being used , an expectation that an asset will be disposed of significantly before the end of its previously estimated useful life and significant negative industry or economic trends . assessing whether impairment testing is warranted and , if so , determining the amount of expense require the use of estimates and assumptions regarding future cash flows , which are subject to a significant degree of judgment based on our experience and knowledge . these estimates can be significantly impacted by changes in the economic environment , real estate market conditions and capital spending decisions . leases the reasonably certain lease term and the incremental borrowing rate for each restaurant location require judgment by management and can impact the classification and accounting for a lease as operating or finance , as well as the value of the operating lease asset and liability . these judgments may produce materially different amounts of rent expense than would be reported if different assumptions were used . 43 self-insurance liabilities we retain the financial responsibility for a significant portion of our risks and associated liabilities with respect to workers ' compensation , general liability , staff member health benefits , employment practices and other insurable risks . the accrued liabilities associated with these programs are based on our estimate of the ultimate costs to settle known claims , as well as claims incurred but not yet reported to us ( “ ibnr ” ) as of the balance sheet date . our estimated liabilities are based on information provided by our insurance brokers and insurers , combined with our judgment regarding a number of assumptions and factors , including the frequency and severity of claims , claims development history , case jurisdiction , applicable legislation and our claims settlement practices . significant judgment is required to estimate ibnr amounts

