24 selling , general and administrative expenses , as a percentage of sales , increased 0.5 % to 18.2 % in fiscal 2016 from 17.7 % in fiscal 2015. selling , general and administrative expenses are , for the most part , more fixed in nature . in dollar terms , overall selling , general and administrative expenses increased $ 8.4 million from fiscal 2015 , which consisted primarily of increased payroll costs , incremental costs related to new dealerships and higher infrastructure costs to support our growth , primarily in technology and compliance . provision for credit losses as a percentage of sales increased to 28.5 % ( 27.6 % excluding the effect of the increase in the allowance for credit losses made in the second quarter ) for fiscal 2016 compared to 25.5 % for fiscal 2015. net charge-offs as a percentage of average finance receivables increased to 31.3 % for fiscal 2016 compared to 27.8 % for the prior year . continuing macro-economic challenges and competitive conditions continue to put pressure on our customers and the resulting collections of our finance receivables , although the lower gas prices during fiscal 2016 have provided some relief to our customers . the company has implemented several operational initiatives ( including credit reporting and the use of gps units on vehicles ) to improve collections and continually pushes for improvements and better execution of its collection practices . the company believes that the proper execution of its business practices is the single most important determinant of credit loss experience and that the negative impact on credit losses in both the current and prior year periods resulting from negative macro-economic and competitive pressures has been somewhat mitigated by the improvements in oversight and accountability provided by the company 's investments in our corporate infrastructure within the collections area . interest expense for fiscal 2016 as a percentage of sales increased slightly to 0.7 % compared to 0.6 % for fiscal 2015 , due to higher average borrowings during the fiscal year 2016 ( $ 109.0 million compared to $ 102.2 million in the prior year ) . 2015 compared to 2014 total revenues increased $ 41.1 million , or 8.4 % , in fiscal 2015 , as compared to revenue growth of 5.3 % in fiscal 2014 , principally as a result of ( i ) revenue growth from dealerships that operated a full twelve months in both fiscal years ( $ 13.7 million ) , ( ii ) revenue growth from dealerships opened during the fiscal year ended april 30 , 2014 ( $ 20.4 million ) , and ( iii ) revenue from dealerships opened after april 30 , 2014 ( $ 7.0 million ) . the increase in revenue for fiscal 2015 is attributable to ( i ) a 9.9 % increase in retail unit volumes , and ( ii ) a 5.6 % increase in interest and other income . cost of sales , as a percentage of sales , remained flat at 57.7 % in fiscal 2015 from 57.8 % in fiscal 2014. the average retail sales price for fiscal 2015 was $ 9,680 , an $ 88 decrease over the prior fiscal year . average selling prices and top line sales levels in relation to wholesale volumes , resulting from credit loss experience , can have a significant effect on gross margin percentages . selling , general and administrative expenses , as a percentage of sales , decreased 0.4 % to 17.7 % in fiscal 2015 from 18.1 % in fiscal 2014. in dollar terms , overall selling , general and administrative expenses increased $ 5.2 million from fiscal 2014 , which consisted primarily of increased payroll costs , incremental costs related to new dealerships and higher infrastructure costs to support our growth , primarily in technology and compliance . provision for credit losses as a percentage of sales decreased to 25.5 % for fiscal 2015 compared to 27.4 % ( 25.7 % excluding the effect of the increase in the allowance for credit losses made in the third quarter ) for fiscal 2014. net charge-offs as a percentage of average finance receivables were 27.8 % for fiscal 2015 compared to 28.2 % for the prior year . the decrease primarily resulted from a lower frequency of losses , partially offset by an increase in the severity of losses . the higher severity of losses primarily resulted from lower wholesale values at time of repossession . 25 interest expense for fiscal 2015 as a percentage of sales decreased slightly to 0.6 % compared 0.7 % for fiscal 2014. lower average borrowings during the fiscal year 2015 ( $ 102.2 million compared to $ 103.0 million in the prior year ) were partially offset by higher interest rates on the company 's variable rate debt . financial condition the following table sets forth the major balance sheet accounts of the company at april 30 , 2016 , 2015 and 2014 ( in thousands ) : replace_table_token_7_th the following table shows receivables growth compared to revenue growth during each of the past three fiscal years . for fiscal year 2016 , revenue growth exceeded growth in net finance receivables primarily due to higher charge-offs and the resulting increase in wholesale sales , which weighed on finance receivables growth , while higher interest income augmented growth in revenue . the company currently anticipates going forward that the growth in finance receivables will generally be slightly higher than overall revenue growth on an annual basis due to overall term length increases partially offset by improvements in underwriting and collection procedures in an effort to reduce credit losses . the average term for installment sales contracts at april 30 , 2016 was 31.6 months compared to 30.2 months at april 30 , 2015. replace_table_token_8_th in fiscal 2016 , inventory decreased 12.8 % ( $ 4.4 million ) . story_separator_special_tag these negative macro-economic conditions have continued to affect our customers in the years since the recession and , in turn , have helped keep demand high for the types of vehicles we purchase . this increased demand , coupled with depressed levels of new vehicle sales in recent years , negatively impacted both the quality and the quantity of the used vehicle supply available to the company . management expects the tight supply of vehicles and resulting increases in vehicle purchase costs to continue , although some relief is expected as a result of steady increases in new car sales levels in recent periods . the company has devoted significant efforts to improving its purchasing processes to ensure adequate supply at appropriate prices , including expanding its purchasing territories to larger cities in close proximity to its dealerships and increasing its efforts to purchase vehicles from individuals at the dealership level as well as via the internet . the company has also increased the level of accountability for its purchasing agents including the establishment of sourcing and pricing guidelines . even with these efforts , the company expects gross margin percentages to remain under pressure over the near term . the company believes that the amount of credit available for the sub-prime auto industry has increased in recent years and management expects the availability of consumer credit within the automotive industry to be higher over the near term when compared to historical levels . this is expected to contribute to continued strong overall demand for most , if not all , of the vehicles the company purchases for resale . increased competition resulting from availability of funding to the sub-prime auto industry has contributed to lower down payments and longer terms , which have had a negative effect on collection percentages , liquidity and credit losses when compared to prior periods . macro-economic factors can have an effect on credit losses and resulting liquidity . general inflation , particularly within staple items such as groceries , as well as overall unemployment levels can have a significant effect on collection results and ultimately credit losses . the company has made improvements to its business processes within the last few years to strengthen controls and provide stronger infrastructure to support its collections efforts . the company anticipates that credit losses in the near term will be higher than historical ranges due to significant continued macro-economic challenges for the company 's customer base as well as increased competitive pressures . management continues to focus on improved execution at the dealership level , specifically as related to working individually with customers concerning collection issues . 29 the company has generally leased the majority of the properties where its dealerships are located . as of april 30 , 2016 , the company leased approximately 85 % of its dealership properties . the company expects to continue to lease the majority of the properties where its dealerships are located . the company 's revolving credit facilities generally restrict distributions by the company to its shareholders . the distribution limitations under the credit facilities allow the company to repurchase the company 's stock so long as : either ( a ) the aggregate amount of such repurchases does not exceed $ 40 million beginning october 8 , 2014 and the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 30 % of the sum of the borrowing bases , or ( b ) the aggregate amount of such repurchases does not exceed 75 % of the consolidated net income of the company measured on a trailing twelve month basis ; provided that immediately before and after giving effect to the stock repurchases , at least 12.5 % of the aggregate funds committed under the credit facilities remain available . thus , although the company currently does routinely repurchase stock , the company is limited in its ability to pay dividends or make other distributions to its shareholders without the consent of the company 's lenders . at april 30 , 2016 , the company had approximately $ 602,000 of cash on hand and $ 61 million of availability under its revolving credit facilities ( see note f to the consolidated financial statements in item 8 ) . on a short-term basis , the company 's principal sources of liquidity include income from operations and borrowings under its revolving credit facilities . on a longer-term basis , the company expects its principal sources of liquidity to consist of income from operations and borrowings under revolving credit facilities or fixed interest term loans . the company 's revolving credit facilities mature in october 2017 and the company expects that it will be able to renew or refinance its revolving credit facilities on or before the date they mature . furthermore , while the company has no specific plans to issue debt or equity securities , the company believes , if necessary , it could raise additional capital through the issuance of such securities . the company expects to use cash from operations and borrowings to ( i ) grow its finance receivables portfolio , ( ii ) purchase property and equipment of approximately $ 2.2 million in the next 12 months in connection with refurbishing existing dealerships and adding new dealerships , subject to strong operating results , ( iii ) repurchase shares of common stock when favorable conditions exist and ( iv ) reduce debt to the extent excess cash is available . the company believes it will have adequate liquidity to continue to grow its revenues and to satisfy its capital needs for the foreseeable future . contractual payment obligations the following is a summary of the company 's contractual payment obligations as of april 30 , 2016 , including renewal periods under operating leases that are reasonably assured ( in thousands ) : replace_table_token_10_th the above excludes estimated interest payments

debt issuance costs . in april 2015 , the fasb issued asu 2015-03 , simplifying the presentation of debt issuance costs , to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability , consistent with debt discounts , instead of as an asset . this accounting standard was implemented by the company in the third quarter of fiscal 2016. as a result of the application of this accounting standard , the company has provided additional disclosures in note f to the consolidated financial statements . 32 revenue recognition . in may 2014 , the fasb issued accounting standards update ( “ asu ” ) 2014-09 , revenue from contracts with customers ( topic 606 ) , which supersedes existing revenue recognition guidance . the new guidance in asu 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services . asu 2014-09 also requires additional disclosure about the nature , amount , timing and uncertainty of revenue and cash flows arising from customer contracts , including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract .


 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.
     ```debt issuance costs . in april 2015 , the fasb issued asu 2015-03 , simplifying the presentation of debt issuance costs , to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability , consistent with debt discounts , instead of as an asset . this accounting standard was implemented by the company in the third quarter of fiscal 2016. as a result of the application of this accounting standard , the company has provided additional disclosures in note f to the consolidated financial statements . 32 revenue recognition . in may 2014 , the fasb issued accounting standards update ( “ asu ” ) 2014-09 , revenue from contracts with customers ( topic 606 ) , which supersedes existing revenue recognition guidance . the new guidance in asu 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services . asu 2014-09 also requires additional disclosure about the nature , amount , timing and uncertainty of revenue and cash flows arising from customer contracts , including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract .
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 Suspicious Activity Report : 24 selling , general and administrative expenses , as a percentage of sales , increased 0.5 % to 18.2 % in fiscal 2016 from 17.7 % in fiscal 2015. selling , general and administrative expenses are , for the most part , more fixed in nature . in dollar terms , overall selling , general and administrative expenses increased $ 8.4 million from fiscal 2015 , which consisted primarily of increased payroll costs , incremental costs related to new dealerships and higher infrastructure costs to support our growth , primarily in technology and compliance . provision for credit losses as a percentage of sales increased to 28.5 % ( 27.6 % excluding the effect of the increase in the allowance for credit losses made in the second quarter ) for fiscal 2016 compared to 25.5 % for fiscal 2015. net charge-offs as a percentage of average finance receivables increased to 31.3 % for fiscal 2016 compared to 27.8 % for the prior year . continuing macro-economic challenges and competitive conditions continue to put pressure on our customers and the resulting collections of our finance receivables , although the lower gas prices during fiscal 2016 have provided some relief to our customers . the company has implemented several operational initiatives ( including credit reporting and the use of gps units on vehicles ) to improve collections and continually pushes for improvements and better execution of its collection practices . the company believes that the proper execution of its business practices is the single most important determinant of credit loss experience and that the negative impact on credit losses in both the current and prior year periods resulting from negative macro-economic and competitive pressures has been somewhat mitigated by the improvements in oversight and accountability provided by the company 's investments in our corporate infrastructure within the collections area . interest expense for fiscal 2016 as a percentage of sales increased slightly to 0.7 % compared to 0.6 % for fiscal 2015 , due to higher average borrowings during the fiscal year 2016 ( $ 109.0 million compared to $ 102.2 million in the prior year ) . 2015 compared to 2014 total revenues increased $ 41.1 million , or 8.4 % , in fiscal 2015 , as compared to revenue growth of 5.3 % in fiscal 2014 , principally as a result of ( i ) revenue growth from dealerships that operated a full twelve months in both fiscal years ( $ 13.7 million ) , ( ii ) revenue growth from dealerships opened during the fiscal year ended april 30 , 2014 ( $ 20.4 million ) , and ( iii ) revenue from dealerships opened after april 30 , 2014 ( $ 7.0 million ) . the increase in revenue for fiscal 2015 is attributable to ( i ) a 9.9 % increase in retail unit volumes , and ( ii ) a 5.6 % increase in interest and other income . cost of sales , as a percentage of sales , remained flat at 57.7 % in fiscal 2015 from 57.8 % in fiscal 2014. the average retail sales price for fiscal 2015 was $ 9,680 , an $ 88 decrease over the prior fiscal year . average selling prices and top line sales levels in relation to wholesale volumes , resulting from credit loss experience , can have a significant effect on gross margin percentages . selling , general and administrative expenses , as a percentage of sales , decreased 0.4 % to 17.7 % in fiscal 2015 from 18.1 % in fiscal 2014. in dollar terms , overall selling , general and administrative expenses increased $ 5.2 million from fiscal 2014 , which consisted primarily of increased payroll costs , incremental costs related to new dealerships and higher infrastructure costs to support our growth , primarily in technology and compliance . provision for credit losses as a percentage of sales decreased to 25.5 % for fiscal 2015 compared to 27.4 % ( 25.7 % excluding the effect of the increase in the allowance for credit losses made in the third quarter ) for fiscal 2014. net charge-offs as a percentage of average finance receivables were 27.8 % for fiscal 2015 compared to 28.2 % for the prior year . the decrease primarily resulted from a lower frequency of losses , partially offset by an increase in the severity of losses . the higher severity of losses primarily resulted from lower wholesale values at time of repossession . 25 interest expense for fiscal 2015 as a percentage of sales decreased slightly to 0.6 % compared 0.7 % for fiscal 2014. lower average borrowings during the fiscal year 2015 ( $ 102.2 million compared to $ 103.0 million in the prior year ) were partially offset by higher interest rates on the company 's variable rate debt . financial condition the following table sets forth the major balance sheet accounts of the company at april 30 , 2016 , 2015 and 2014 ( in thousands ) : replace_table_token_7_th the following table shows receivables growth compared to revenue growth during each of the past three fiscal years . for fiscal year 2016 , revenue growth exceeded growth in net finance receivables primarily due to higher charge-offs and the resulting increase in wholesale sales , which weighed on finance receivables growth , while higher interest income augmented growth in revenue . the company currently anticipates going forward that the growth in finance receivables will generally be slightly higher than overall revenue growth on an annual basis due to overall term length increases partially offset by improvements in underwriting and collection procedures in an effort to reduce credit losses . the average term for installment sales contracts at april 30 , 2016 was 31.6 months compared to 30.2 months at april 30 , 2015. replace_table_token_8_th in fiscal 2016 , inventory decreased 12.8 % ( $ 4.4 million ) . story_separator_special_tag these negative macro-economic conditions have continued to affect our customers in the years since the recession and , in turn , have helped keep demand high for the types of vehicles we purchase . this increased demand , coupled with depressed levels of new vehicle sales in recent years , negatively impacted both the quality and the quantity of the used vehicle supply available to the company . management expects the tight supply of vehicles and resulting increases in vehicle purchase costs to continue , although some relief is expected as a result of steady increases in new car sales levels in recent periods . the company has devoted significant efforts to improving its purchasing processes to ensure adequate supply at appropriate prices , including expanding its purchasing territories to larger cities in close proximity to its dealerships and increasing its efforts to purchase vehicles from individuals at the dealership level as well as via the internet . the company has also increased the level of accountability for its purchasing agents including the establishment of sourcing and pricing guidelines . even with these efforts , the company expects gross margin percentages to remain under pressure over the near term . the company believes that the amount of credit available for the sub-prime auto industry has increased in recent years and management expects the availability of consumer credit within the automotive industry to be higher over the near term when compared to historical levels . this is expected to contribute to continued strong overall demand for most , if not all , of the vehicles the company purchases for resale . increased competition resulting from availability of funding to the sub-prime auto industry has contributed to lower down payments and longer terms , which have had a negative effect on collection percentages , liquidity and credit losses when compared to prior periods . macro-economic factors can have an effect on credit losses and resulting liquidity . general inflation , particularly within staple items such as groceries , as well as overall unemployment levels can have a significant effect on collection results and ultimately credit losses . the company has made improvements to its business processes within the last few years to strengthen controls and provide stronger infrastructure to support its collections efforts . the company anticipates that credit losses in the near term will be higher than historical ranges due to significant continued macro-economic challenges for the company 's customer base as well as increased competitive pressures . management continues to focus on improved execution at the dealership level , specifically as related to working individually with customers concerning collection issues . 29 the company has generally leased the majority of the properties where its dealerships are located . as of april 30 , 2016 , the company leased approximately 85 % of its dealership properties . the company expects to continue to lease the majority of the properties where its dealerships are located . the company 's revolving credit facilities generally restrict distributions by the company to its shareholders . the distribution limitations under the credit facilities allow the company to repurchase the company 's stock so long as : either ( a ) the aggregate amount of such repurchases does not exceed $ 40 million beginning october 8 , 2014 and the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 30 % of the sum of the borrowing bases , or ( b ) the aggregate amount of such repurchases does not exceed 75 % of the consolidated net income of the company measured on a trailing twelve month basis ; provided that immediately before and after giving effect to the stock repurchases , at least 12.5 % of the aggregate funds committed under the credit facilities remain available . thus , although the company currently does routinely repurchase stock , the company is limited in its ability to pay dividends or make other distributions to its shareholders without the consent of the company 's lenders . at april 30 , 2016 , the company had approximately $ 602,000 of cash on hand and $ 61 million of availability under its revolving credit facilities ( see note f to the consolidated financial statements in item 8 ) . on a short-term basis , the company 's principal sources of liquidity include income from operations and borrowings under its revolving credit facilities . on a longer-term basis , the company expects its principal sources of liquidity to consist of income from operations and borrowings under revolving credit facilities or fixed interest term loans . the company 's revolving credit facilities mature in october 2017 and the company expects that it will be able to renew or refinance its revolving credit facilities on or before the date they mature . furthermore , while the company has no specific plans to issue debt or equity securities , the company believes , if necessary , it could raise additional capital through the issuance of such securities . the company expects to use cash from operations and borrowings to ( i ) grow its finance receivables portfolio , ( ii ) purchase property and equipment of approximately $ 2.2 million in the next 12 months in connection with refurbishing existing dealerships and adding new dealerships , subject to strong operating results , ( iii ) repurchase shares of common stock when favorable conditions exist and ( iv ) reduce debt to the extent excess cash is available . the company believes it will have adequate liquidity to continue to grow its revenues and to satisfy its capital needs for the foreseeable future . contractual payment obligations the following is a summary of the company 's contractual payment obligations as of april 30 , 2016 , including renewal periods under operating leases that are reasonably assured ( in thousands ) : replace_table_token_10_th the above excludes estimated interest payments

