in connection with the management changes described above , the company entered into amended and restated employment agreements on january 23 , 2019 with ms. reiff , ms. tindell , and ms. taylor . each of the employment agreements continue to provide for annual grants of equity awards subject to the company 's 2013 incentive award plan and award agreements thereunder . how we assess the performance of our business we consider a variety of financial and operating measures in assessing the performance of our business . the key measures we use to determine how our business is performing are net sales , gross profit , gross margin , and selling , general and administrative expenses . in addition , we also review other important operating metrics such as comparable store sales and non-gaap measures such as ebitda , adjusted ebitda , and adjusted net income . optimization plan as previously announced on may 23 , 2017 , the company launched a four-part optimization plan to drive improved sales and profitability ( the “ optimization plan ” ) . this plan included sales initiatives , certain full-time position eliminations at tcs , which were concluded in the first quarter of fiscal 2017 , organizational realignment at elfa and ongoing savings and efficiency efforts . the company incurred pre-tax charges associated with the implementation of the optimization plan of approximately $ 11 million in fiscal 2017. the annualized pre-tax savings associated with the optimization plan were approximately $ 20 million , of which approximately $ 12 million was realized in fiscal 2017. in fiscal 2018 , the company completed the optimization plan through the execution of a price optimization initiative . the company incurred approximately $ 5 million of pre-tax charges in fiscal 2018 associated with the implementation of the price optimization initiative . net sales net sales reflect our sales of merchandise plus other services provided , such as installation , shipping , delivery , and organization services , less returns and discounts . net sales also include wholesale sales by elfa . revenue from our tcs segment is recognized upon receipt of the product by our customers or upon completion of the service to our customers . elfa segment revenue is recorded upon shipment to customers . 39 the retail and wholesale businesses in which we operate are cyclical , and consequently our sales are affected by general economic conditions . purchases of our products are sensitive to trends in the levels of consumer spending , which are affected by a number of factors such as consumer disposable income , housing market conditions , stock market performance , consumer debt , interest rates , tax rates and overall consumer confidence . our net sales are moderately seasonal . as a result , our revenues fluctuate from quarter to quarter , which often affects the comparability of our interim results . net sales are historically higher in the fourth quarter due primarily to the impact of our annual elfa ® sale , which traditionally begins in late december and runs into february . gross profit and gross margin gross profit is equal to our net sales less cost of sales . gross profit as a percentage of net sales is referred to as gross margin . cost of sales in our tcs segment includes the purchase cost of inventory less vendor rebates , in‑bound freight , as well as inventory shrinkage . direct installation and organization costs , as well as costs incurred to ship or deliver merchandise to customers , are also included in cost of sales in our tcs segment . elfa segment cost of sales from manufacturing operations includes costs associated with production , primarily material , wages , freight and other variable costs , and applicable manufacturing overhead . the components of our cost of sales may not be comparable to the components of cost of sales or similar measures by other retailers . as a result , data in this report regarding our gross profit and gross margin may not be comparable to similar data made available by other retailers . our gross profit is variable in nature and generally follows changes in net sales . our gross margin can be impacted by changes in the mix of products and services sold . for example , sales from our tcs segment typically provide a higher gross margin than sales to third parties from our elfa segment . additionally , sales of products typically provide a higher gross margin than sales of services . gross margin for our tcs segment is also susceptible to foreign currency risk as certain purchases of elfa ® products from our elfa segment are in swedish krona , while sales of these products are in u.s. dollars . we mitigate this risk through the use of forward contracts , whereby we hedge purchases of inventory by locking in foreign currency exchange rates in advance . similarly , gross margin for our elfa segment is susceptible to foreign currency risk as certain purchases of raw materials are transacted in currencies other than swedish krona , which is the functional currency of elfa . selling , general and administrative expenses selling , general and administrative expenses include all operating costs not included in cost of sales , stock‑based compensation , and pre‑opening costs . for our tcs segment , these include payroll and payroll‑related expenses , marketing expenses , occupancy expenses ( which include rent , real estate taxes , common area maintenance , utilities , telephone , property insurance , and repairs and maintenance ) , costs to ship product from the distribution center to our stores , and supplies expenses . we also incur costs for our distribution and corporate office operations . for our elfa segment , these include sales and marketing expenses , product development costs , and all expenses related to operations at headquarters . story_separator_special_tag the company completed the accounting for the tax effects of the tax act in the third quarter of fiscal 2018 , prior to the end of the measurement period on december 22 , 2018. as of december 30 , 2017 , the company remeasured deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future , which was generally 21 % , by recording a provisional benefit of $ 24,210. upon further analysis of certain aspects of the tax act and refinement of its calculations , the company adjusted its provisional amount by $ 303 of tax expense , which is included as a component of income tax benefit in the consolidated statement of operations . the final net impact related to the remeasurement of deferred tax assets and liabilities pursuant to the tax act is a benefit of $ 23,907. in the fourth quarter of fiscal 2017 , the company recorded a provisional expense of $ 8,521 related to the one-time transition tax on foreign earnings . upon further analysis of certain aspects of the tax act and refinement of its calculations , the company recorded a benefit of $ 5,903 in the third quarter of fiscal 2018 , which is included as a component of income tax benefit in the consolidated statement of operations , related to the one-time transition tax on foreign earnings . the final calculated one-time transition tax on foreign earnings is $ 2,618 which is net of foreign tax credit utilization of $ 833. additionally , the company has $ 1,331 of foreign tax credits carryforwards which it does not expect to be able to utilize in future years . as such , the company has recorded a full valuation allowance related to these credits , the effect of which is included within the net transition tax liability . as of march 30 , 2019 , the company has a remaining transition tax liability of $ 1,620 , which will be paid in installments over the next six years as elected . fiscal 2017 compared to fiscal 2016 net sales the following table summarizes our net sales for each of the fiscal years ended march 31 , 2018 and april 1 , 2017 : replace_table_token_12_th net sales in fiscal 2017 increased by $ 37,298 , or 4.5 % , compared to fiscal 2016. this increase is comprised of the following components : net sales net sales for fiscal 2016 $ 819,930 incremental net sales increase ( decrease ) due to : new stores 27,662 comparable stores ( including a $ 11,398 , or 20.3 % , increase in online sales ) 6,601 elfa third party net sales ( excluding impact of foreign currency translation ) ( 77 ) impact of foreign currency translation on elfa third party net sales 2,675 shipping and delivery 437 net sales for fiscal 2017 $ 857,228 in fiscal 2017 , thirteen new stores generated $ 27,662 of incremental net sales , nine of which were opened prior to or during fiscal 2016 and four of which were opened in fiscal 2017. additionally , comparable stores generated $ 6,601 , or 0.9 percentage points , of the 4.5 % increase in net sales . elfa third party net sales increased $ 2,598 during fiscal 2017 , primarily due to the positive impact of foreign currency translation , which increased third party net sales by $ 2,675. after converting elfa 's third party net sales from swedish krona to u.s. dollars using the prior year 's conversion rate for fiscal 2017 and fiscal 2016 , elfa third party net sales decreased $ 77 primarily due to lower net sales in the nordic markets , partially offset by higher net sales in russia . 46 gross profit and gross margin gross profit in fiscal 2017 increased by $ 20,991 , or 4.4 % , compared to fiscal 2016. the increase in gross profit was primarily the result of increased consolidated net sales , partially offset by lower consolidated gross margin . the following table summarizes the gross margin for fiscal 2017 and fiscal 2016 by segment and total . the segment margins include the impact of inter-segment sales from the elfa segment to the tcs segment : replace_table_token_13_th tcs gross margin increased 10 basis points in fiscal 2017 , primarily due to lower cost of goods sold associated with the optimization plan and the benefit of favorable foreign currency contracts , partially offset by a greater portion of sales generated by merchandise campaigns and higher costs associated with our installation services business . elfa segment gross margin decreased 180 basis points , primarily due to higher direct materials costs . on a consolidated basis , gross margin declined 10 basis points , as the improvement in tcs gross margin was more than offset by the decline in elfa gross margin . selling , general and administrative expenses selling , general and administrative expenses in fiscal 2017 increased by $ 23,773 , or 6.1 % , compared to fiscal 2016. as a percentage of consolidated net sales , selling , general and administrative expenses increased by 70 basis points . the following table summarizes selling , general and administrative expenses as a percentage of consolidated net sales for fiscal 2017 and fiscal 2016 : replace_table_token_14_th tcs selling , general and administrative expenses increased by 100 basis points as a percentage of consolidated net sales . the increase was primarily due to consulting costs incurred as part of the optimization plan , which contributed 80 basis points to the increase in fiscal 2017. additionally , the impact of amended and restated employment agreements entered into with key executives during fiscal 2016 , which led to the reversal of accrued deferred compensation associated with the original employment agreements , net of costs incurred to execute the agreements , contributed a 50 basis points benefit in fiscal 2016. this combined 130 basis points year-over-year increase was partially offset

net cash used in financing activities financing activities consist primarily of borrowings and payments under the senior secured term loan facility , the revolving credit facility , and the 2014 elfa senior secured credit facilities . net cash used in financing activities was $ 22,007 for fiscal 2018. this included net payments of $ 37,001 for repayment of long-term indebtedness , $ 2,384 for payment of debt issuance costs , and $ 128 for taxes paid in connection with the withholding of shares upon vesting of restricted stock awards . net cash used in financing activities was $ 37,688 for fiscal 2017. this included net payments of $ 26,403 for repayment of long-term indebtedness , $ 11,246 for payment of debt issuance costs , and $ 39 for taxes paid in connection with the withholding of shares upon vesting of restricted stock awards . 50 net cash used in financing activities was $ 13,981 for fiscal 2016 , which was mainly attributable to payments of $ 5,496 primarily on indebtedness outstanding under the senior secured term loan facility and the 2014 elfa senior secured term loan facility . in addition , the company made net payments of $ 5,000 on the revolving credit facility during fiscal 2016 , and made net payments of $ 3,485 on the 2014 elfa revolving credit facility . as of march 30 , 2019 , we had a total of $ 66,159 of unused borrowing availability under the revolving credit facility , and $ 4,428 in letters of credit issued under the revolving credit facility . there were $ 12,000 borrowings outstanding under the revolving credit facility as of march 30 , 2019. as of march 30 , 2019 , elfa had a total of $ 9,551 of unused borrowing availability under the 2014 elfa revolving credit facility and $ 5,511 of borrowings outstanding under the 2014 elfa revolving credit facility .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```net cash used in financing activities financing activities consist primarily of borrowings and payments under the senior secured term loan facility , the revolving credit facility , and the 2014 elfa senior secured credit facilities . net cash used in financing activities was $ 22,007 for fiscal 2018. this included net payments of $ 37,001 for repayment of long-term indebtedness , $ 2,384 for payment of debt issuance costs , and $ 128 for taxes paid in connection with the withholding of shares upon vesting of restricted stock awards . net cash used in financing activities was $ 37,688 for fiscal 2017. this included net payments of $ 26,403 for repayment of long-term indebtedness , $ 11,246 for payment of debt issuance costs , and $ 39 for taxes paid in connection with the withholding of shares upon vesting of restricted stock awards . 50 net cash used in financing activities was $ 13,981 for fiscal 2016 , which was mainly attributable to payments of $ 5,496 primarily on indebtedness outstanding under the senior secured term loan facility and the 2014 elfa senior secured term loan facility . in addition , the company made net payments of $ 5,000 on the revolving credit facility during fiscal 2016 , and made net payments of $ 3,485 on the 2014 elfa revolving credit facility . as of march 30 , 2019 , we had a total of $ 66,159 of unused borrowing availability under the revolving credit facility , and $ 4,428 in letters of credit issued under the revolving credit facility . there were $ 12,000 borrowings outstanding under the revolving credit facility as of march 30 , 2019. as of march 30 , 2019 , elfa had a total of $ 9,551 of unused borrowing availability under the 2014 elfa revolving credit facility and $ 5,511 of borrowings outstanding under the 2014 elfa revolving credit facility .
```    
 Suspicious Activity Report : in connection with the management changes described above , the company entered into amended and restated employment agreements on january 23 , 2019 with ms. reiff , ms. tindell , and ms. taylor . each of the employment agreements continue to provide for annual grants of equity awards subject to the company 's 2013 incentive award plan and award agreements thereunder . how we assess the performance of our business we consider a variety of financial and operating measures in assessing the performance of our business . the key measures we use to determine how our business is performing are net sales , gross profit , gross margin , and selling , general and administrative expenses . in addition , we also review other important operating metrics such as comparable store sales and non-gaap measures such as ebitda , adjusted ebitda , and adjusted net income . optimization plan as previously announced on may 23 , 2017 , the company launched a four-part optimization plan to drive improved sales and profitability ( the “ optimization plan ” ) . this plan included sales initiatives , certain full-time position eliminations at tcs , which were concluded in the first quarter of fiscal 2017 , organizational realignment at elfa and ongoing savings and efficiency efforts . the company incurred pre-tax charges associated with the implementation of the optimization plan of approximately $ 11 million in fiscal 2017. the annualized pre-tax savings associated with the optimization plan were approximately $ 20 million , of which approximately $ 12 million was realized in fiscal 2017. in fiscal 2018 , the company completed the optimization plan through the execution of a price optimization initiative . the company incurred approximately $ 5 million of pre-tax charges in fiscal 2018 associated with the implementation of the price optimization initiative . net sales net sales reflect our sales of merchandise plus other services provided , such as installation , shipping , delivery , and organization services , less returns and discounts . net sales also include wholesale sales by elfa . revenue from our tcs segment is recognized upon receipt of the product by our customers or upon completion of the service to our customers . elfa segment revenue is recorded upon shipment to customers . 39 the retail and wholesale businesses in which we operate are cyclical , and consequently our sales are affected by general economic conditions . purchases of our products are sensitive to trends in the levels of consumer spending , which are affected by a number of factors such as consumer disposable income , housing market conditions , stock market performance , consumer debt , interest rates , tax rates and overall consumer confidence . our net sales are moderately seasonal . as a result , our revenues fluctuate from quarter to quarter , which often affects the comparability of our interim results . net sales are historically higher in the fourth quarter due primarily to the impact of our annual elfa ® sale , which traditionally begins in late december and runs into february . gross profit and gross margin gross profit is equal to our net sales less cost of sales . gross profit as a percentage of net sales is referred to as gross margin . cost of sales in our tcs segment includes the purchase cost of inventory less vendor rebates , in‑bound freight , as well as inventory shrinkage . direct installation and organization costs , as well as costs incurred to ship or deliver merchandise to customers , are also included in cost of sales in our tcs segment . elfa segment cost of sales from manufacturing operations includes costs associated with production , primarily material , wages , freight and other variable costs , and applicable manufacturing overhead . the components of our cost of sales may not be comparable to the components of cost of sales or similar measures by other retailers . as a result , data in this report regarding our gross profit and gross margin may not be comparable to similar data made available by other retailers . our gross profit is variable in nature and generally follows changes in net sales . our gross margin can be impacted by changes in the mix of products and services sold . for example , sales from our tcs segment typically provide a higher gross margin than sales to third parties from our elfa segment . additionally , sales of products typically provide a higher gross margin than sales of services . gross margin for our tcs segment is also susceptible to foreign currency risk as certain purchases of elfa ® products from our elfa segment are in swedish krona , while sales of these products are in u.s. dollars . we mitigate this risk through the use of forward contracts , whereby we hedge purchases of inventory by locking in foreign currency exchange rates in advance . similarly , gross margin for our elfa segment is susceptible to foreign currency risk as certain purchases of raw materials are transacted in currencies other than swedish krona , which is the functional currency of elfa . selling , general and administrative expenses selling , general and administrative expenses include all operating costs not included in cost of sales , stock‑based compensation , and pre‑opening costs . for our tcs segment , these include payroll and payroll‑related expenses , marketing expenses , occupancy expenses ( which include rent , real estate taxes , common area maintenance , utilities , telephone , property insurance , and repairs and maintenance ) , costs to ship product from the distribution center to our stores , and supplies expenses . we also incur costs for our distribution and corporate office operations . for our elfa segment , these include sales and marketing expenses , product development costs , and all expenses related to operations at headquarters . story_separator_special_tag the company completed the accounting for the tax effects of the tax act in the third quarter of fiscal 2018 , prior to the end of the measurement period on december 22 , 2018. as of december 30 , 2017 , the company remeasured deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future , which was generally 21 % , by recording a provisional benefit of $ 24,210. upon further analysis of certain aspects of the tax act and refinement of its calculations , the company adjusted its provisional amount by $ 303 of tax expense , which is included as a component of income tax benefit in the consolidated statement of operations . the final net impact related to the remeasurement of deferred tax assets and liabilities pursuant to the tax act is a benefit of $ 23,907. in the fourth quarter of fiscal 2017 , the company recorded a provisional expense of $ 8,521 related to the one-time transition tax on foreign earnings . upon further analysis of certain aspects of the tax act and refinement of its calculations , the company recorded a benefit of $ 5,903 in the third quarter of fiscal 2018 , which is included as a component of income tax benefit in the consolidated statement of operations , related to the one-time transition tax on foreign earnings . the final calculated one-time transition tax on foreign earnings is $ 2,618 which is net of foreign tax credit utilization of $ 833. additionally , the company has $ 1,331 of foreign tax credits carryforwards which it does not expect to be able to utilize in future years . as such , the company has recorded a full valuation allowance related to these credits , the effect of which is included within the net transition tax liability . as of march 30 , 2019 , the company has a remaining transition tax liability of $ 1,620 , which will be paid in installments over the next six years as elected . fiscal 2017 compared to fiscal 2016 net sales the following table summarizes our net sales for each of the fiscal years ended march 31 , 2018 and april 1 , 2017 : replace_table_token_12_th net sales in fiscal 2017 increased by $ 37,298 , or 4.5 % , compared to fiscal 2016. this increase is comprised of the following components : net sales net sales for fiscal 2016 $ 819,930 incremental net sales increase ( decrease ) due to : new stores 27,662 comparable stores ( including a $ 11,398 , or 20.3 % , increase in online sales ) 6,601 elfa third party net sales ( excluding impact of foreign currency translation ) ( 77 ) impact of foreign currency translation on elfa third party net sales 2,675 shipping and delivery 437 net sales for fiscal 2017 $ 857,228 in fiscal 2017 , thirteen new stores generated $ 27,662 of incremental net sales , nine of which were opened prior to or during fiscal 2016 and four of which were opened in fiscal 2017. additionally , comparable stores generated $ 6,601 , or 0.9 percentage points , of the 4.5 % increase in net sales . elfa third party net sales increased $ 2,598 during fiscal 2017 , primarily due to the positive impact of foreign currency translation , which increased third party net sales by $ 2,675. after converting elfa 's third party net sales from swedish krona to u.s. dollars using the prior year 's conversion rate for fiscal 2017 and fiscal 2016 , elfa third party net sales decreased $ 77 primarily due to lower net sales in the nordic markets , partially offset by higher net sales in russia . 46 gross profit and gross margin gross profit in fiscal 2017 increased by $ 20,991 , or 4.4 % , compared to fiscal 2016. the increase in gross profit was primarily the result of increased consolidated net sales , partially offset by lower consolidated gross margin . the following table summarizes the gross margin for fiscal 2017 and fiscal 2016 by segment and total . the segment margins include the impact of inter-segment sales from the elfa segment to the tcs segment : replace_table_token_13_th tcs gross margin increased 10 basis points in fiscal 2017 , primarily due to lower cost of goods sold associated with the optimization plan and the benefit of favorable foreign currency contracts , partially offset by a greater portion of sales generated by merchandise campaigns and higher costs associated with our installation services business . elfa segment gross margin decreased 180 basis points , primarily due to higher direct materials costs . on a consolidated basis , gross margin declined 10 basis points , as the improvement in tcs gross margin was more than offset by the decline in elfa gross margin . selling , general and administrative expenses selling , general and administrative expenses in fiscal 2017 increased by $ 23,773 , or 6.1 % , compared to fiscal 2016. as a percentage of consolidated net sales , selling , general and administrative expenses increased by 70 basis points . the following table summarizes selling , general and administrative expenses as a percentage of consolidated net sales for fiscal 2017 and fiscal 2016 : replace_table_token_14_th tcs selling , general and administrative expenses increased by 100 basis points as a percentage of consolidated net sales . the increase was primarily due to consulting costs incurred as part of the optimization plan , which contributed 80 basis points to the increase in fiscal 2017. additionally , the impact of amended and restated employment agreements entered into with key executives during fiscal 2016 , which led to the reversal of accrued deferred compensation associated with the original employment agreements , net of costs incurred to execute the agreements , contributed a 50 basis points benefit in fiscal 2016. this combined 130 basis points year-over-year increase was partially offset

