in part due to our acquisition of nlm in december of 2013 , we now manage more expedited shipments than any other company in north america and have established a foothold in managed transportation . expediting is growing due to a trend toward just-in-time inventories in manufacturing . following the acquisition of pacer in march of 2014 , we are the third largest provider of intermodal services in north america and a leading provider of cross-border mexico intermodal services , a sector that , driven by the efficiencies of long-haul rail and the growth of near-shoring of manufacturing in mexico , is growing at three to five times the rate of gdp . due to the acquisition of new breed in september 2014 , we became a leading provider of highly engineered , technology-enabled contract logistics services for large manufacturers and service companies . we believe our broad service offering gives us a competitive advantage as many customers , particularly large shippers , focus their relationships on fewer , larger third-party logistics providers with deep capacity across a wide range of services . our strategy has three main components : acquisitions . we take a disciplined approach to acquisitions : we look for companies that are highly scalable and are a good strategic fit with our core competencies . when we acquire a company , we seek to integrate it with our operations by moving the acquired operations onto our technology platform that connects our broader organization . we gain more carriers , customers , lane histories and pricing histories with each acquisition , and some acquisitions add 26 complementary services . we use these resources company-wide to buy transportation more efficiently and to cross-sell a more complete supply chain solution to customers . in 2012 , we completed the acquisition of four non-asset , third-party logistics companies . we acquired another six companies in 2013 , including 3pd , the largest non-asset , third-party provider of last mile logistics for heavy goods in north america , and nlm , the largest provider of web-based expedited transportation management in north america . on march 31 , 2014 , we acquired pacer , the third largest provider of intermodal transportation services in north america . on july 28 , 2014 , we acquired last mile logistics company acl . we completed our acquisition of contract logistics company new breed on september 2 , 2014. we have an active pipeline of key targets , and we plan to continue acquiring quality companies that fit our strategy for growth . cold-starts . we believe that cold-starts can generate high returns on invested capital because of the relatively low amount of start-up capital—generally one million dollars or less for a brokerage cold-start—and the large component of variable-based incentive compensation . we are currently ramping up 24 cold-starts in our transportation segment : 12 in truck brokerage , 11 in freight forwarding and one in expedited transportation . given this model , cold-starts of any size can generate high returns on invested capital . we plan to continue to open cold-start locations where we see the potential for strong returns . optimization of operations . we are continuing to optimize our existing operations by growing our sales force , implementing advanced information technology , cross-selling our services and leveraging our shared capacity . we have a disciplined framework of processes in place for the recruiting , training and mentoring of newly hired employees , and for marketing to the hundreds of thousands of prospective customers who can use our services . our network is supported by our proprietary information technology that includes robust sales , service , carrier procurement and customer experience management capabilities , as well as benchmarking and analysis . most important to our growth , we are developing a culture of passionate , world-class service for customers . senior notes due 2019 on august 25 , 2014 , we completed a private placement of $ 500.0 million aggregate principal amount of 7.875 % senior notes due september 1 , 2019 ( the “ senior notes due 2019 ” ) to qualified institutional buyers . the senior notes due 2019 were not registered under the securities act or any state securities laws and may not be offered or sold in the united states absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the securities act or any state securities laws . the senior notes due 2019 bear interest at a rate of 7.875 % per annum payable semiannually , in cash in arrears , on march 1 and september 1 of each year , commencing march 1 , 2015 and maturing on september 1 , 2019. the senior notes due 2019 are guaranteed by each of our direct and indirect wholly-owned restricted subsidiaries ( other than certain excluded subsidiaries ) that are obligors under , or guarantee obligations under , our existing credit agreement ( or certain replacements thereof ) or guarantee certain capital markets indebtedness of the company or any guarantor of the senior notes due 2019. the senior notes due 2019 and the guarantees thereof are unsecured , unsubordinated indebtedness of the company and the guarantors . for additional information refer to note 6—debt of the consolidated financial statements included within . on february 13 , 2015 , we completed an additional private placement of $ 400.0 million aggregate principal amount of 7.875 % senior notes due 2019 to qualified institutional buyers . the terms of the additional private placement were identical to the original issuance of senior notes due 2019. for additional information refer to note 18—subsequent events of the consolidated financial statements included within . story_separator_special_tag turbo was acquired on october 24 , 2012. total net revenue for 2013 increased 202.9 % to $ 123.6 million from $ 40.8 million in 2012. as a percentage of revenue , net revenue was 17.6 % in 2013 as compared to 14.6 % in 2012. the increase in net revenue as a percentage of revenue is primarily attributable to higher net revenue margins in our transportation segment , primarily as a result of increased net revenue margins in our truck brokerage business . direct operating expense , which includes the expense of certain warehousing operations , for 2013 was $ 6.4 million , or 0.9 % as a percentage of revenue . direct operating expense increased due to the acquisition of 3pd in 2013. prior to the acquisition of 3pd , we had no such operations . sg & a expense as a percentage of revenue was 24.1 % in 2013 , as compared to 24.7 % in 2012. sg & a expense increased by $ 100.7 million in 2013 compared to 2012 , primarily due to significant growth initiatives , including six acquisitions ; costs associated with our new freight brokerage offices ; and an increase in corporate sg & a . interest expense for 2013 increased 468.8 % to $ 18.2 million from $ 3.2 million in 2012. the increase in interest expense is primarily attributable to a $ 9.1 million year over year increase in interest on our convertible notes , a debt commitment fee of $ 3.0 million related to our acquisition of 3pd and interest expense of $ 2.4 million related to the conversion of our convertible notes . our effective income tax rates were 31.7 % and 35.6 % for 2013 and 2012 , respectively . we recognized a tax benefit in both 2013 and 2012 due to the net operating losses incurred . the difference in the income tax rate for 2013 relates to the recording of tax expense in certain state and foreign jurisdictions , the non-deductible interest expense on convertible debt , and the change in the provision for uncertain tax positions . the increase in net loss was due primarily to higher sg & a expenses associated with significant growth initiatives , costs associated with our new freight brokerage offices , and an increase in corporate costs . additionally , the company incurred higher interest expense and recorded the accelerated amortization of the concert group logistics trade name indefinite-lived intangible assets . 31 transportation statement of operations data for the year ended december 31 , ( in millions ) replace_table_token_4_th transportation year ended december 31 , 2014 compared to year ended december 31 , 2013 revenue in our transportation segment increased by 204.7 % to $ 2,140.0 million in 2014 compared to $ 702.3 million in 2013 . this increase was driven largely by the acquisitions of pacer , 3pd and nlm as well as the organic growth of our freight brokerage locations . total net revenue for 2014 increased 254.5 % to $ 438.2 million from $ 123.6 million in 2013 . net revenue margin was 20.5 % in 2014 as compared to 17.6 % in 2013 . the increase in net revenue margin primarily relates to the acquisitions of pacer , 3pd and nlm as well as improvement in net revenue margin at our freight brokerage locations . revenue associated with nlm is recorded on a net basis . direct operating expense for 2014 was $ 90.0 million , or 4.2 % as a percentage of revenue , compared to $ 6.4 million , or 0.9 % as a percentage of revenue , for 2013 . direct operating expense , which includes the expense of certain intermodal , drayage and warehousing operations , increased due to the acquisitions of pacer and 3pd . prior to the acquisitions of pacer and 3pd , we had no such operations . the direct operating expense for 2013 represented 3pd 's expense for the post-acquisition period only . sg & a expense increased by 164.7 % to $ 329.3 million in 2014 from $ 124.4 million in 2013 . as a percentage of revenue , sg & a expense decreased to 15.4 % in 2014 as compared to 17.7 % in 2013 . the increase in sg & a expense was due to acquisitions , sales force expansion costs , technology and training costs , as well as $ 42.7 million of increased intangible asset amortization related to acquisitions . our transportation segment generated operating income of $ 18.9 million in 2014 compared to an operating loss of $ 7.2 million in 2013 . the increase in operating income was primarily attributable to our acquisitions of pacer and 3pd and the organic growth of our existing freight brokerage locations . management 's growth strategy for the transportation segment is to : acquire complementary , non-asset based transportation businesses that would benefit from our scale and potential access to capital ; market our broader multi-modal offering to customers of all sizes , both new business and existing accounts ; expand our footprint by opening new sales offices ; recruit sales and service representatives and improve employee productivity with state-of-the-art training and information technology ; focus on carrier recruitment and retention , as well as improved utilization of the current carrier fleet ; build leadership positions in the fastest-growing areas of transportation ; integrate industry best practices , with specific focus on better leveraging our scale and lowering administrative overhead ; and 32 continue to integrate our information technology platform . year ended december 31 , 2013 compared to year ended december 31 , 2012 our transportation segment revenue for 2013 increased 152.1 % to $ 702.3 million from $ 278.6 million in 2012 . this increase was driven largely by the acquisitions of turbo , 3pd , covered , interide , east coast air charter , and optima , as well as the organic growth of our freight brokerage cold-start locations .

liquidity and capital resources general as of december 31 , 2014 , we had working capital of $ 852.0 million , including cash of $ 644.1 million , compared to working capital of $ 70.7 million , including cash of $ 21.5 million , as of december 31 , 2013 . this increase of $ 781.3 million in working capital during the year was mainly due to our issuance of $ 700.0 million of preferred and common stock in september 2014. we continually evaluate our liquidity requirements , capital needs and availability of capital resources based on our operating needs and our planned growth initiatives . in addition to our existing cash balances and net cash provided by operating activities , in certain circumstances we may also use debt financings and issuances of equity or equity-related securities to fund our operating needs and growth initiatives . see the discussion below in the debt facilities section regarding our amended $ 415 million multicurrency secured revolving loan credit facility . we believe that our existing cash balances and availability under our amended revolving credit facility will be sufficient to finance our existing operations . 34 cash flow during 2014 , $ 21.3 million was used in cash from operations compared to $ 66.3 million used for 2013 and $ 24.3 million used for 2012 . the primary use of cash for 2014 , 2013 and 2012 was payment of transportation services , direct operating expenses and various sg & a expenses . cash generated from revenue equaled $ 2,212.8 million for 2014 as compared to $ 665.3 million for 2013 and $ 264.8 million for 2012 and correlates directly with the revenue increase between the periods . cash flow increases are related primarily to volume increases between the periods ended december 31 , 2014 , 2013 and 2012 . cash used for payment of transportation services and direct operating expenses in 2014 equaled $ 1,929.9 million as compared to $ 585.1 million for 2013 and $ 223.0 million for 2012 .


 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 general as of december 31 , 2014 , we had working capital of $ 852.0 million , including cash of $ 644.1 million , compared to working capital of $ 70.7 million , including cash of $ 21.5 million , as of december 31 , 2013 . this increase of $ 781.3 million in working capital during the year was mainly due to our issuance of $ 700.0 million of preferred and common stock in september 2014. we continually evaluate our liquidity requirements , capital needs and availability of capital resources based on our operating needs and our planned growth initiatives . in addition to our existing cash balances and net cash provided by operating activities , in certain circumstances we may also use debt financings and issuances of equity or equity-related securities to fund our operating needs and growth initiatives . see the discussion below in the debt facilities section regarding our amended $ 415 million multicurrency secured revolving loan credit facility . we believe that our existing cash balances and availability under our amended revolving credit facility will be sufficient to finance our existing operations . 34 cash flow during 2014 , $ 21.3 million was used in cash from operations compared to $ 66.3 million used for 2013 and $ 24.3 million used for 2012 . the primary use of cash for 2014 , 2013 and 2012 was payment of transportation services , direct operating expenses and various sg & a expenses . cash generated from revenue equaled $ 2,212.8 million for 2014 as compared to $ 665.3 million for 2013 and $ 264.8 million for 2012 and correlates directly with the revenue increase between the periods . cash flow increases are related primarily to volume increases between the periods ended december 31 , 2014 , 2013 and 2012 . cash used for payment of transportation services and direct operating expenses in 2014 equaled $ 1,929.9 million as compared to $ 585.1 million for 2013 and $ 223.0 million for 2012 .
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 Suspicious Activity Report : in part due to our acquisition of nlm in december of 2013 , we now manage more expedited shipments than any other company in north america and have established a foothold in managed transportation . expediting is growing due to a trend toward just-in-time inventories in manufacturing . following the acquisition of pacer in march of 2014 , we are the third largest provider of intermodal services in north america and a leading provider of cross-border mexico intermodal services , a sector that , driven by the efficiencies of long-haul rail and the growth of near-shoring of manufacturing in mexico , is growing at three to five times the rate of gdp . due to the acquisition of new breed in september 2014 , we became a leading provider of highly engineered , technology-enabled contract logistics services for large manufacturers and service companies . we believe our broad service offering gives us a competitive advantage as many customers , particularly large shippers , focus their relationships on fewer , larger third-party logistics providers with deep capacity across a wide range of services . our strategy has three main components : acquisitions . we take a disciplined approach to acquisitions : we look for companies that are highly scalable and are a good strategic fit with our core competencies . when we acquire a company , we seek to integrate it with our operations by moving the acquired operations onto our technology platform that connects our broader organization . we gain more carriers , customers , lane histories and pricing histories with each acquisition , and some acquisitions add 26 complementary services . we use these resources company-wide to buy transportation more efficiently and to cross-sell a more complete supply chain solution to customers . in 2012 , we completed the acquisition of four non-asset , third-party logistics companies . we acquired another six companies in 2013 , including 3pd , the largest non-asset , third-party provider of last mile logistics for heavy goods in north america , and nlm , the largest provider of web-based expedited transportation management in north america . on march 31 , 2014 , we acquired pacer , the third largest provider of intermodal transportation services in north america . on july 28 , 2014 , we acquired last mile logistics company acl . we completed our acquisition of contract logistics company new breed on september 2 , 2014. we have an active pipeline of key targets , and we plan to continue acquiring quality companies that fit our strategy for growth . cold-starts . we believe that cold-starts can generate high returns on invested capital because of the relatively low amount of start-up capital—generally one million dollars or less for a brokerage cold-start—and the large component of variable-based incentive compensation . we are currently ramping up 24 cold-starts in our transportation segment : 12 in truck brokerage , 11 in freight forwarding and one in expedited transportation . given this model , cold-starts of any size can generate high returns on invested capital . we plan to continue to open cold-start locations where we see the potential for strong returns . optimization of operations . we are continuing to optimize our existing operations by growing our sales force , implementing advanced information technology , cross-selling our services and leveraging our shared capacity . we have a disciplined framework of processes in place for the recruiting , training and mentoring of newly hired employees , and for marketing to the hundreds of thousands of prospective customers who can use our services . our network is supported by our proprietary information technology that includes robust sales , service , carrier procurement and customer experience management capabilities , as well as benchmarking and analysis . most important to our growth , we are developing a culture of passionate , world-class service for customers . senior notes due 2019 on august 25 , 2014 , we completed a private placement of $ 500.0 million aggregate principal amount of 7.875 % senior notes due september 1 , 2019 ( the “ senior notes due 2019 ” ) to qualified institutional buyers . the senior notes due 2019 were not registered under the securities act or any state securities laws and may not be offered or sold in the united states absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the securities act or any state securities laws . the senior notes due 2019 bear interest at a rate of 7.875 % per annum payable semiannually , in cash in arrears , on march 1 and september 1 of each year , commencing march 1 , 2015 and maturing on september 1 , 2019. the senior notes due 2019 are guaranteed by each of our direct and indirect wholly-owned restricted subsidiaries ( other than certain excluded subsidiaries ) that are obligors under , or guarantee obligations under , our existing credit agreement ( or certain replacements thereof ) or guarantee certain capital markets indebtedness of the company or any guarantor of the senior notes due 2019. the senior notes due 2019 and the guarantees thereof are unsecured , unsubordinated indebtedness of the company and the guarantors . for additional information refer to note 6—debt of the consolidated financial statements included within . on february 13 , 2015 , we completed an additional private placement of $ 400.0 million aggregate principal amount of 7.875 % senior notes due 2019 to qualified institutional buyers . the terms of the additional private placement were identical to the original issuance of senior notes due 2019. for additional information refer to note 18—subsequent events of the consolidated financial statements included within . story_separator_special_tag turbo was acquired on october 24 , 2012. total net revenue for 2013 increased 202.9 % to $ 123.6 million from $ 40.8 million in 2012. as a percentage of revenue , net revenue was 17.6 % in 2013 as compared to 14.6 % in 2012. the increase in net revenue as a percentage of revenue is primarily attributable to higher net revenue margins in our transportation segment , primarily as a result of increased net revenue margins in our truck brokerage business . direct operating expense , which includes the expense of certain warehousing operations , for 2013 was $ 6.4 million , or 0.9 % as a percentage of revenue . direct operating expense increased due to the acquisition of 3pd in 2013. prior to the acquisition of 3pd , we had no such operations . sg & a expense as a percentage of revenue was 24.1 % in 2013 , as compared to 24.7 % in 2012. sg & a expense increased by $ 100.7 million in 2013 compared to 2012 , primarily due to significant growth initiatives , including six acquisitions ; costs associated with our new freight brokerage offices ; and an increase in corporate sg & a . interest expense for 2013 increased 468.8 % to $ 18.2 million from $ 3.2 million in 2012. the increase in interest expense is primarily attributable to a $ 9.1 million year over year increase in interest on our convertible notes , a debt commitment fee of $ 3.0 million related to our acquisition of 3pd and interest expense of $ 2.4 million related to the conversion of our convertible notes . our effective income tax rates were 31.7 % and 35.6 % for 2013 and 2012 , respectively . we recognized a tax benefit in both 2013 and 2012 due to the net operating losses incurred . the difference in the income tax rate for 2013 relates to the recording of tax expense in certain state and foreign jurisdictions , the non-deductible interest expense on convertible debt , and the change in the provision for uncertain tax positions . the increase in net loss was due primarily to higher sg & a expenses associated with significant growth initiatives , costs associated with our new freight brokerage offices , and an increase in corporate costs . additionally , the company incurred higher interest expense and recorded the accelerated amortization of the concert group logistics trade name indefinite-lived intangible assets . 31 transportation statement of operations data for the year ended december 31 , ( in millions ) replace_table_token_4_th transportation year ended december 31 , 2014 compared to year ended december 31 , 2013 revenue in our transportation segment increased by 204.7 % to $ 2,140.0 million in 2014 compared to $ 702.3 million in 2013 . this increase was driven largely by the acquisitions of pacer , 3pd and nlm as well as the organic growth of our freight brokerage locations . total net revenue for 2014 increased 254.5 % to $ 438.2 million from $ 123.6 million in 2013 . net revenue margin was 20.5 % in 2014 as compared to 17.6 % in 2013 . the increase in net revenue margin primarily relates to the acquisitions of pacer , 3pd and nlm as well as improvement in net revenue margin at our freight brokerage locations . revenue associated with nlm is recorded on a net basis . direct operating expense for 2014 was $ 90.0 million , or 4.2 % as a percentage of revenue , compared to $ 6.4 million , or 0.9 % as a percentage of revenue , for 2013 . direct operating expense , which includes the expense of certain intermodal , drayage and warehousing operations , increased due to the acquisitions of pacer and 3pd . prior to the acquisitions of pacer and 3pd , we had no such operations . the direct operating expense for 2013 represented 3pd 's expense for the post-acquisition period only . sg & a expense increased by 164.7 % to $ 329.3 million in 2014 from $ 124.4 million in 2013 . as a percentage of revenue , sg & a expense decreased to 15.4 % in 2014 as compared to 17.7 % in 2013 . the increase in sg & a expense was due to acquisitions , sales force expansion costs , technology and training costs , as well as $ 42.7 million of increased intangible asset amortization related to acquisitions . our transportation segment generated operating income of $ 18.9 million in 2014 compared to an operating loss of $ 7.2 million in 2013 . the increase in operating income was primarily attributable to our acquisitions of pacer and 3pd and the organic growth of our existing freight brokerage locations . management 's growth strategy for the transportation segment is to : acquire complementary , non-asset based transportation businesses that would benefit from our scale and potential access to capital ; market our broader multi-modal offering to customers of all sizes , both new business and existing accounts ; expand our footprint by opening new sales offices ; recruit sales and service representatives and improve employee productivity with state-of-the-art training and information technology ; focus on carrier recruitment and retention , as well as improved utilization of the current carrier fleet ; build leadership positions in the fastest-growing areas of transportation ; integrate industry best practices , with specific focus on better leveraging our scale and lowering administrative overhead ; and 32 continue to integrate our information technology platform . year ended december 31 , 2013 compared to year ended december 31 , 2012 our transportation segment revenue for 2013 increased 152.1 % to $ 702.3 million from $ 278.6 million in 2012 . this increase was driven largely by the acquisitions of turbo , 3pd , covered , interide , east coast air charter , and optima , as well as the organic growth of our freight brokerage cold-start locations .

