this change did not have any impact on the consolidated financial results for any period presented . we report our segment information in accordance with the provisions of fasb asc topic 280. the company is currently assessing potential changes to its reportable segments after the sale of the quality assurance business on october 27 , 2017 , and expects to complete this assessment in the first quarter of fiscal 2018 . 22 overview we are a global provider of staffing services ( traditional time and materials-based as well as project-based ) . our staffing services consist of workforce solutions that include providing contingent workers , personnel recruitment services , and managed staffing services programs supporting primarily administrative and light industrial ( “ commercial ” ) as well as technical , information technology and engineering ( “ professional ” ) positions . our managed service programs ( “ msp ” ) involves managing the procurement and on-boarding of contingent workers from multiple providers . our technology outsourcing services consisted primarily of customer care services and quality assurance services ; however only the call center services remain following the sale of the quality assurance business on october 27 , 2017. also , through the date of the sale of maintech , incorporated ( `` maintech `` ) in march 2017 , we provided information technology infrastructure services . our information technology infrastructure services provided server , storage , network and desktop it hardware maintenance , data center and network monitoring and operations . as of october 29 , 2017 , we employed approximately 21,300 people , including 19,800 contingent workers . contingent workers are on our payroll for the length of their assignment . we operate from 100 locations worldwide with approximately 87 % of our revenues generated in the united states . our principal international markets include europe , canada and several asia pacific locations . the industry is highly fragmented and very competitive in all of the markets we serve . recent developments financing program on january 8 , 2018 , the company executed a commitment letter on a new accounts receivable securitization arrangement and we expect to close on such securitization shortly which will improve our debt maturity profile , providing additional runway to execute our turnaround plan . on january 11 , 2018 , the company entered into amendment no . 10 to the pnc financing program , which gives us the option to extend the termination date of the program from january 31 , 2018 to march 2 , 2018 , and amends the financial covenant requiring the company to meet the minimum earnings before interest and taxes level for the fiscal quarter ended october 29 , 2017. all other material terms and conditions remain substantially unchanged , including interest rates . tax cuts and jobs act on december 22 , 2017 , the tax cuts and jobs act ( `` the act `` ) , was signed into law by president trump . the act includes a number of provisions , including the lowering of the u.s. corporate tax rate from 35 percent to 21 percent , effective january 1 , 2018 and the establishment of a territorial-style system for taxing foreign-source income of domestic multinational corporations . we are in the process of quantifying the tax impacts of the act . as a result of the act , we expect there will be one-time adjustments for the re-measurement of deferred tax assets ( liabilities ) and the deemed repatriation tax on the unremitted foreign earnings and profits . given our valuation allowance , we do not expect the adjustment to materially impact our income tax provision or balance sheet . the company is in the process of quantifying the impact of the act and will record any adjustments in accordance with the guidance provided in sab118 . 23 consolidated results of continuing operations and financial highlights ( fiscal 2017 vs. fiscal 2016 ) results of continuing operations by segment ( fiscal 2017 vs. fiscal 2016 ) replace_table_token_2_th replace_table_token_3_th ( 1 ) revenues are primarily derived from managed service programs and information technology infrastructure services through the date of sale of maintech in march 2017 . ( 2 ) the majority of intersegment sales results from north american staffing providing resources to technology outsourcing services and solutions . results of continuing operations by segments ( fiscal 2017 vs. fiscal 2016 ) net revenue net revenue in fiscal 2017 decreased $ 140.3 million , or 10.5 % , to $ 1,194.4 million from $ 1,334.7 million in fiscal 2016. the revenue decline was driven by decreases in our north american staffing segment of $ 75.0 million , a decrease from the sale of maintech of $ 47.8 million as well as a decrease in our international staffing segment of $ 11.7 million . the north american staffing segment revenue decline was primarily driven by lower demand from our customers in both our professional and commercial job families . declines in demand were most prevalent with our customers in the aerospace industry resulting from our customers experiencing decreased demand for their services and the completion of a large project . 24 our revenue was also impacted by other industries experiencing decreased demand for their services as well as changes in their staffing models . the international staffing segment revenue declined $ 11.7 million primarily driven by the impact of foreign exchange rate fluctuations of $ 7.9 million . on a constant currency basis and excluding the impact of countries in which we no longer have operations , international staffing declined $ 2.8 million , or 2.3 % , primarily due to lower demand in the united kingdom partially offset by increases in belgium and singapore . story_separator_special_tag entering fiscal 2018 , we have significant tax benefits including federal net operating loss carryforwards of $ 155.7 million and u.s. state nol carryforwards of $ 195.2 million , which are fully reserved with a valuation allowance as well as federal tax credits of $ 48.2 million , which we will be able to utilize against future profits resulting from our strategic initiatives . we also have capital loss carryforwards of $ 13.5 million , which we will be able to utilize against future capital gains that may arise in the near future . we remain committed to delivering superior client service at a reasonable cost . in an effort to reduce our future operating costs , we continue to invest in updates to our business processes , back-office financial suite and information technology tools that are critical to our success and offer more functionality at a lower cost . the first phase of the project was completed in march 2017 in which approximately $ 16.0 million in implementation costs were capitalized . these costs , along with the related license and recurring subscription fees will be amortized over either the estimated useful life of the asset or expensed ratably over the term of the contract based on the nature of the fees which has driven higher non-cash expenses into fiscal 2017. through our strategy of improving efficiency in all aspects of our operations , we believe we can realize organic growth opportunities , reduce costs and increase profitability . in fiscal 2016 , we implemented a cost reduction plan as part of our overall initiative to become more efficient , competitive and profitable . we incurred restructuring and severance costs of $ 5.8 million , excluding $ 1.1 million relating to maintech , primarily resulting from a reduction in workforce , facility consolidation and lease termination costs . these actions taken , in fiscal 2016 and fiscal 2017 , will result in net annualized labor savings of approximately $ 17.0 million . consistent with our ongoing strategic efforts , cost savings will be used to strengthen our operations . story_separator_special_tag $ 7.3 million as a result of the sale-leaseback of our orange , california facility and the net repayment of borrowings of $ 3.0 million fiscal year ended october 30 , 2016 compared to the fiscal year ended november 1 , 2015 cash flows – operating activities the net cash used in operating activities in fiscal 2016 was $ 7.6 million , a decrease of $ 50.9 million from fiscal 2015. this decrease resulted primarily from increased demands on working capital relating to the year over year change in accounts receivable that was not as substantial as in the prior fiscal year as well as the change in prepaid insurance and other assets as a substantial portion of our collateral relating to our casualty program was received in the prior fiscal year . in fiscal 2015 , the change from a casualty incurred loss program to a paid loss program returned cash collateral of approximately $ 22.0 million to us for the converted policy years . cash flows – investing activities the net cash provided by investing activities in fiscal 2016 was $ 18.8 million , principally from the sale of property ( our orange , ca and san diego , ca facilities ) and equipment of $ 36.6 million , partially offset by the purchases of property , equipment and software of $ 17.6 million primarily relating to our investment in updating our business processes , back-office financial suite and information technology tools . the net cash used in investing activities in fiscal 2015 was $ 7.4 million , principally from the purchase of property , equipment and software of $ 8.6 million partially offset by sale of investments of $ 1.3 million cash flows – financing activities the net cash used in financing activities in fiscal 2016 was $ 11.4 million principally from repayment of long-term debt of $ 7.3 million as a result of the sale-leaseback of our orange , california facility and the net repayment of borrowings of $ 3.0 million . the net cash used in financing activities in fiscal 2015 was $ 24.1 million principally from the net repayment of borrowings of $ 28.5 million and $ 4.3 million for the purchase of common stock , partially offset by the elimination of cash restricted as collateral for borrowings of $ 10.4 million . financing program in january 2017 , we amended our pnc financing program . key changes to the agreement were to : ( 1 ) extend the termination date to january 31 , 2018 ; ( 2 ) increase the minimum global liquidity to $ 25.0 million upon the sale of maintech in march 2017 ; ( 3 ) reduce the unbilled receivables eligibility from 15 % to 10 % of total eligible receivables , ( 4 ) permit a $ 5.0 million basket for supply chain finance receivables and ( 5 ) introduce a performance covenant requiring a minimum level of ebit , as defined , which is tested quarterly . with the sale of maintech in march 2017 , the minimum liquidity requirement increased from $ 20.0 million to $ 25.0 million , until subsequently amended . on august 25 , 2017 , the company amended the pnc financing program to lower the ebit minimum thresholds for the fiscal quarters ended july 30 , 2017 and october 29 , 2017 and to lower the required liquidity level threshold , as defined , to $ 5.0 million from $ 25.0 million . the liquidity level decrease was offset by the establishment of a minimum $ 10.0 million borrowing base block until the closing of the sale of the quality assurance business on october 27 , 2017 , subsequent to which the borrowing base block increased to $ 35.0 million . further , under the terms of the amendment , the company was required to pay down $ 25.0 million in

liquidity outlook and further considerations as previously noted , our primary sources of liquidity are cash flows from operations and proceeds from our bank financing programs . both operating cash flows and borrowing capacity under our financing arrangements are directly related to the levels of accounts receivable generated by our businesses . as accounts receivable increases based on sales growth , the level of borrowing capacity increases . however , our operating cash flow may initially decrease as we fund the revenue growth . as the business grows , we would need to borrow funds to ensure adequate amounts of liquidity to fund operational requirements . we are subject to certain covenants under our pnc financing program , including a minimum liquidity threshold and minimum earnings before interest and taxes ( ebit ) as defined . the minimum liquidity threshold test is performed weekly whereby we must maintain a minimum liquidity level comprised of the sum of availability under our pnc financing program and 30 unrestricted global cash . as of october 29 , 2017 , our minimum liquidity threshold was $ 5.0 million with a $ 35.0 million block on our borrowing base availability . our pnc financing program is subject to termination under certain events of default such as breach of covenants , including the aforementioned liquidity and ebit covenants .


 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 outlook and further considerations as previously noted , our primary sources of liquidity are cash flows from operations and proceeds from our bank financing programs . both operating cash flows and borrowing capacity under our financing arrangements are directly related to the levels of accounts receivable generated by our businesses . as accounts receivable increases based on sales growth , the level of borrowing capacity increases . however , our operating cash flow may initially decrease as we fund the revenue growth . as the business grows , we would need to borrow funds to ensure adequate amounts of liquidity to fund operational requirements . we are subject to certain covenants under our pnc financing program , including a minimum liquidity threshold and minimum earnings before interest and taxes ( ebit ) as defined . the minimum liquidity threshold test is performed weekly whereby we must maintain a minimum liquidity level comprised of the sum of availability under our pnc financing program and 30 unrestricted global cash . as of october 29 , 2017 , our minimum liquidity threshold was $ 5.0 million with a $ 35.0 million block on our borrowing base availability . our pnc financing program is subject to termination under certain events of default such as breach of covenants , including the aforementioned liquidity and ebit covenants .
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 Suspicious Activity Report : this change did not have any impact on the consolidated financial results for any period presented . we report our segment information in accordance with the provisions of fasb asc topic 280. the company is currently assessing potential changes to its reportable segments after the sale of the quality assurance business on october 27 , 2017 , and expects to complete this assessment in the first quarter of fiscal 2018 . 22 overview we are a global provider of staffing services ( traditional time and materials-based as well as project-based ) . our staffing services consist of workforce solutions that include providing contingent workers , personnel recruitment services , and managed staffing services programs supporting primarily administrative and light industrial ( “ commercial ” ) as well as technical , information technology and engineering ( “ professional ” ) positions . our managed service programs ( “ msp ” ) involves managing the procurement and on-boarding of contingent workers from multiple providers . our technology outsourcing services consisted primarily of customer care services and quality assurance services ; however only the call center services remain following the sale of the quality assurance business on october 27 , 2017. also , through the date of the sale of maintech , incorporated ( `` maintech `` ) in march 2017 , we provided information technology infrastructure services . our information technology infrastructure services provided server , storage , network and desktop it hardware maintenance , data center and network monitoring and operations . as of october 29 , 2017 , we employed approximately 21,300 people , including 19,800 contingent workers . contingent workers are on our payroll for the length of their assignment . we operate from 100 locations worldwide with approximately 87 % of our revenues generated in the united states . our principal international markets include europe , canada and several asia pacific locations . the industry is highly fragmented and very competitive in all of the markets we serve . recent developments financing program on january 8 , 2018 , the company executed a commitment letter on a new accounts receivable securitization arrangement and we expect to close on such securitization shortly which will improve our debt maturity profile , providing additional runway to execute our turnaround plan . on january 11 , 2018 , the company entered into amendment no . 10 to the pnc financing program , which gives us the option to extend the termination date of the program from january 31 , 2018 to march 2 , 2018 , and amends the financial covenant requiring the company to meet the minimum earnings before interest and taxes level for the fiscal quarter ended october 29 , 2017. all other material terms and conditions remain substantially unchanged , including interest rates . tax cuts and jobs act on december 22 , 2017 , the tax cuts and jobs act ( `` the act `` ) , was signed into law by president trump . the act includes a number of provisions , including the lowering of the u.s. corporate tax rate from 35 percent to 21 percent , effective january 1 , 2018 and the establishment of a territorial-style system for taxing foreign-source income of domestic multinational corporations . we are in the process of quantifying the tax impacts of the act . as a result of the act , we expect there will be one-time adjustments for the re-measurement of deferred tax assets ( liabilities ) and the deemed repatriation tax on the unremitted foreign earnings and profits . given our valuation allowance , we do not expect the adjustment to materially impact our income tax provision or balance sheet . the company is in the process of quantifying the impact of the act and will record any adjustments in accordance with the guidance provided in sab118 . 23 consolidated results of continuing operations and financial highlights ( fiscal 2017 vs. fiscal 2016 ) results of continuing operations by segment ( fiscal 2017 vs. fiscal 2016 ) replace_table_token_2_th replace_table_token_3_th ( 1 ) revenues are primarily derived from managed service programs and information technology infrastructure services through the date of sale of maintech in march 2017 . ( 2 ) the majority of intersegment sales results from north american staffing providing resources to technology outsourcing services and solutions . results of continuing operations by segments ( fiscal 2017 vs. fiscal 2016 ) net revenue net revenue in fiscal 2017 decreased $ 140.3 million , or 10.5 % , to $ 1,194.4 million from $ 1,334.7 million in fiscal 2016. the revenue decline was driven by decreases in our north american staffing segment of $ 75.0 million , a decrease from the sale of maintech of $ 47.8 million as well as a decrease in our international staffing segment of $ 11.7 million . the north american staffing segment revenue decline was primarily driven by lower demand from our customers in both our professional and commercial job families . declines in demand were most prevalent with our customers in the aerospace industry resulting from our customers experiencing decreased demand for their services and the completion of a large project . 24 our revenue was also impacted by other industries experiencing decreased demand for their services as well as changes in their staffing models . the international staffing segment revenue declined $ 11.7 million primarily driven by the impact of foreign exchange rate fluctuations of $ 7.9 million . on a constant currency basis and excluding the impact of countries in which we no longer have operations , international staffing declined $ 2.8 million , or 2.3 % , primarily due to lower demand in the united kingdom partially offset by increases in belgium and singapore . story_separator_special_tag entering fiscal 2018 , we have significant tax benefits including federal net operating loss carryforwards of $ 155.7 million and u.s. state nol carryforwards of $ 195.2 million , which are fully reserved with a valuation allowance as well as federal tax credits of $ 48.2 million , which we will be able to utilize against future profits resulting from our strategic initiatives . we also have capital loss carryforwards of $ 13.5 million , which we will be able to utilize against future capital gains that may arise in the near future . we remain committed to delivering superior client service at a reasonable cost . in an effort to reduce our future operating costs , we continue to invest in updates to our business processes , back-office financial suite and information technology tools that are critical to our success and offer more functionality at a lower cost . the first phase of the project was completed in march 2017 in which approximately $ 16.0 million in implementation costs were capitalized . these costs , along with the related license and recurring subscription fees will be amortized over either the estimated useful life of the asset or expensed ratably over the term of the contract based on the nature of the fees which has driven higher non-cash expenses into fiscal 2017. through our strategy of improving efficiency in all aspects of our operations , we believe we can realize organic growth opportunities , reduce costs and increase profitability . in fiscal 2016 , we implemented a cost reduction plan as part of our overall initiative to become more efficient , competitive and profitable . we incurred restructuring and severance costs of $ 5.8 million , excluding $ 1.1 million relating to maintech , primarily resulting from a reduction in workforce , facility consolidation and lease termination costs . these actions taken , in fiscal 2016 and fiscal 2017 , will result in net annualized labor savings of approximately $ 17.0 million . consistent with our ongoing strategic efforts , cost savings will be used to strengthen our operations . story_separator_special_tag $ 7.3 million as a result of the sale-leaseback of our orange , california facility and the net repayment of borrowings of $ 3.0 million fiscal year ended october 30 , 2016 compared to the fiscal year ended november 1 , 2015 cash flows – operating activities the net cash used in operating activities in fiscal 2016 was $ 7.6 million , a decrease of $ 50.9 million from fiscal 2015. this decrease resulted primarily from increased demands on working capital relating to the year over year change in accounts receivable that was not as substantial as in the prior fiscal year as well as the change in prepaid insurance and other assets as a substantial portion of our collateral relating to our casualty program was received in the prior fiscal year . in fiscal 2015 , the change from a casualty incurred loss program to a paid loss program returned cash collateral of approximately $ 22.0 million to us for the converted policy years . cash flows – investing activities the net cash provided by investing activities in fiscal 2016 was $ 18.8 million , principally from the sale of property ( our orange , ca and san diego , ca facilities ) and equipment of $ 36.6 million , partially offset by the purchases of property , equipment and software of $ 17.6 million primarily relating to our investment in updating our business processes , back-office financial suite and information technology tools . the net cash used in investing activities in fiscal 2015 was $ 7.4 million , principally from the purchase of property , equipment and software of $ 8.6 million partially offset by sale of investments of $ 1.3 million cash flows – financing activities the net cash used in financing activities in fiscal 2016 was $ 11.4 million principally from repayment of long-term debt of $ 7.3 million as a result of the sale-leaseback of our orange , california facility and the net repayment of borrowings of $ 3.0 million . the net cash used in financing activities in fiscal 2015 was $ 24.1 million principally from the net repayment of borrowings of $ 28.5 million and $ 4.3 million for the purchase of common stock , partially offset by the elimination of cash restricted as collateral for borrowings of $ 10.4 million . financing program in january 2017 , we amended our pnc financing program . key changes to the agreement were to : ( 1 ) extend the termination date to january 31 , 2018 ; ( 2 ) increase the minimum global liquidity to $ 25.0 million upon the sale of maintech in march 2017 ; ( 3 ) reduce the unbilled receivables eligibility from 15 % to 10 % of total eligible receivables , ( 4 ) permit a $ 5.0 million basket for supply chain finance receivables and ( 5 ) introduce a performance covenant requiring a minimum level of ebit , as defined , which is tested quarterly . with the sale of maintech in march 2017 , the minimum liquidity requirement increased from $ 20.0 million to $ 25.0 million , until subsequently amended . on august 25 , 2017 , the company amended the pnc financing program to lower the ebit minimum thresholds for the fiscal quarters ended july 30 , 2017 and october 29 , 2017 and to lower the required liquidity level threshold , as defined , to $ 5.0 million from $ 25.0 million . the liquidity level decrease was offset by the establishment of a minimum $ 10.0 million borrowing base block until the closing of the sale of the quality assurance business on october 27 , 2017 , subsequent to which the borrowing base block increased to $ 35.0 million . further , under the terms of the amendment , the company was required to pay down $ 25.0 million in

