25 2018 financial and operational highlights revenues were $ 1,088.2 million for the year ended december 31 , 2018 , a 6.3 % increase compared to the year ended december 31 , 2017 . the increase in 2018 revenues compared to 2017 revenues was due to the net effects of : ( i ) higher sales volumes , which increased revenues by $ 25.8 million , or 2.5 % ; ( ii ) higher average selling prices as our product and channel mix continued to change , which increased revenues by $ 27.7 million , or 2.7 % ; and ( iii ) favorable changes in exchange rates , which increased revenues by $ 11.2 million , or 1.1 % . the following were significant developments affecting our businesses and capital structure during the year ended december 31 , 2018 : in 2018 , the impact of operating with a net of 64 fewer company-operated stores and certain business model changes reduced our revenues by approximately $ 60 million . we sold 59.8 million pairs of shoes worldwide , an increase of 3.4 % from 57.9 million pairs in 2017 . gross margin improved 100 basis points compared to 2017 to 51.5 % for the year ended december 31 , 2018 . we drove this improvement by continuing to prioritize high-margin molded products , increasing prices on select products , and conducting fewer promotions in combination with better inventory management . sg & a was $ 495.0 million , an increase of $ 0.4 million , or 0.1 % , compared to 2017 . as a percent of revenues , sg & a improved 280 basis points to 45.5 % of revenues . this included $ 21.1 million of non-recurring charges associated with our previously announced sg & a reduction plan , the completion of the closure of all company-operated manufacturing and related distribution facilities , and some charges related to the relocation of our corporate headquarters , which is planned for early 2020. income from operations was $ 62.9 million for the year ended december 31 , 2018 compared to income from operations of $ 17.3 million for the year ended december 31 , 2017 . income from operations as a percent of revenues rose to 5.8 % compared to 1.7 % in 2017. in december 2018 , we completed a transaction with blackstone to repurchase 100,000 shares of series a convertible preferred stock ( “ series a preferred ” ) for $ 183.7 million and to convert the remaining 100,000 shares of series a preferred into 6,896,548 shares of our common stock , which resulted in the elimination of $ 12 million in annual dividends and an overhang on our common stock . crocs also agreed to pay blackstone a $ 15 million inducement payment in connection with the transaction . net loss attributable to common stockholders was $ 69.2 million compared to a loss of $ 5.3 million in 2017 , including the accounting treatment for charges incurred related to the repurchase and conversion of our series a preferred . basic and diluted net loss per common share was $ 1.01 for the year ended december 31 , 2018 , compared to a basic and diluted net loss per common share of $ 0.07 for the year ended december 31 , 2017 . to continue improving the efficiency and profitability of our retail business we closed or transferred to distributors 68 stores in 2018 , 61.8 % of which were full-priced locations , for a net reduction of 64 company-operated retail stores . since we began our store reduction program early in 2017 , we have closed a net total of 175 stores and reduced our total company-operated store count to 383 from 558 at the end of 2016. the majority of these store closures occurred upon expiration of the leases . we have also placed greater priority on outlet stores , so that they now represent 50.9 % of our store base , up from 41.6 % at the end of 2016. we continued to focus on simplifying our product line and disciplined inventory management to allow investment in higher margin , faster-turning product . as a result , we reduced our inventory by $ 5.9 million , or 4.5 % , from $ 130.3 million to $ 124.5 million . during 2018 , we repurchased 3.6 million shares of common stock at an aggregate cost of $ 63.1 million and eliminated the overhang of 6.9 million shares ( on an as-converted basis ) associated with the repurchase of 100,000 shares of the series a preferred . 26 results of operations comparison of the years ended december 31 , 2018 , 2017 , and 2016 replace_table_token_4_th ( 1 ) changes for gross margin and operating margin are shown in basis points ( “ bp ” ) . revenues . revenues increase d $ 64.7 million , or 6.3 % , during the year ended december 31 , 2018 compared to the same period in 2017 . the increase in revenues was driven by 22.5 % growth in our e-commerce channel and 7.8 % growth in our wholesale 27 channel , which more than offset a reduction in our retail channel of 3.2 % . the decrease in retail revenues was driven by our targeted reduction in the number of company-operated retail stores , partially offset by same store sales growth in our remaining company-operated retail stores . higher unit sales volume , particularly in our clog and sandal silhouettes , increased revenues by $ 25.8 million , or 2.5 % , and an increase of $ 27.7 million , or 2.7 % , was attributable to higher average selling price ( “ asp ” ) as a result of changes in product mix , reduced promotional activities , and price increases . favorable exchange rate activity drove an increase of $ 11.2 million , or 1.1 % . revenues decreased $ 12.8 million , or 1.2 story_separator_special_tag as of december 31 , 2018 , we operated 64 fewer stores compared to december 31 , 2017 . unit sales volume decreased revenues by $ 25.3 million , or 7.5 % . favorable product mix and improved quality of revenues , the results of less promotional discounting and improved inventory composition , resulted in a higher asp impact of $ 12.8 million , or 3.8 % . an increase of $ 1.7 million , or 0.5 % , resulted from foreign currency translation . during the year ended december 31 , 2017 , revenues from our retail channel decreased $ 21.4 million , or 5.9 % , compared to the year ended december 31 , 2016. unit sales volume decreased revenues by approximately $ 12.8 million , or 3.6 % , primarily due to a net decrease of 111 company-operated retail stores as we optimized our store fleet and shifted our store mix from full-price retail to outlet . asp was lower by $ 10.3 million , or 2.9 % , as we shifted to higher margin , lower-priced molded product . these declines were partially offset by an increase of $ 1.7 million , or 0.6 % , from foreign currency translation . e-commerce channel revenues . revenues from our e-commerce channel , which includes our own e-commerce sites as well as our sales through third-party marketplaces , increased $ 33.6 million , or 22.5 % , during the year ended december 31 , 2018 compared to the year ended december 31 , 2017 as this channel continued to grow in each region . revenues increased by approximately $ 21.8 million , or 14.6 % , due to higher unit sales volume , and higher asp related to mix contributed an additional $ 9.4 million , or 6.3 % . favorable foreign currency translation resulted in an increase of $ 2.4 million , or 1.6 % during the year ended december 31 , 2017 , revenues from our e-commerce channel increased $ 18.5 million , or 14.2 % , compared to the year ended december 31 , 2016. we invested in marketing with an enhanced digital focus , and we continued to grow our e-commerce team and work toward global adoption of best practices . revenues increased by approximately $ 30.6 million , or 23.4 % , due to higher unit sales volume , partially offset by decreases of $ 11.8 million , or 9.0 % , due to lower asp and $ 0.3 million , or 0.2 % , due to the unfavorable impact of foreign currency translation . 31 reportable operating segments the following table sets forth information related to our reportable operating business segments for the years ended december 31 , 2018 , 2017 , and 2016 : replace_table_token_7_th ( 1 ) reflects year over year change as if the current period results were in “ constant currency , ” which is a non-gaap financial measure . see “ use of non-gaap financial measures ” for more information . ( 2 ) in the third quarter of 2018 , certain revenues and expenses previously reported within the ‘ asia pacific ' segment were shifted to the ‘ emea ' segment . the previously reported amounts for revenues and income from operations for the years ended december 31 , 2017 and 2016 have also been revised to conform to the current period presentation . see ‘ impact of segment composition change ' table below for more information . ( 3 ) in 2018 , certain global marketing expenses previously reported within the operating segments were managed and reported within ‘ unallocated corporate and other ' . the previously reported amounts for income from operations for the years ended december 31 , 2017 and 2016 have been revised to conform to the current year presentation . see ‘ impact of global marketing expense realignment ' table below for more information . ( 4 ) “ other businesses ” increases are primarily due to costs incurred in conjunction with the closure of company-operated manufacturing and distribution facilities , which ceased operations in 2018 , increased variable compensation associated with higher revenues , and other expenses as a result of outsourcing , and other supply chain cost changes . ( 5 ) “ unallocated corporate and other ” includes corporate support and administrative functions , costs associated with share-based compensation , research and development , brand marketing , legal , and depreciation and amortization of corporate and other assets not allocated to operating segments . 32 impact of segment composition change : replace_table_token_8_th impact of global marketing expense realignment : replace_table_token_9_th americas operating segment revenues . during the year ended december 31 , 2018 , revenues for our americas segment increased $ 40.0 million , or 8.3 % , compared to the year ended december 31 , 2017 . the growth was led by a 22.6 % increase in e-commerce revenues due to increased traffic and units per transaction . retail revenues increased by 8.7 % , despite operating 7 fewer retail stores compared to the same period last year , due to comparable sales growth of 14.0 % . higher unit sales volume resulted in an increase of approximately $ 22.0 million , or 4.6 % , while higher asp resulted in an increase of $ 22.3 million , or 4.6 % . the effect of foreign currency translation was a decrease of $ 4.3 million , or 0.9 % . during the year ended december 31 , 2017 , revenues for our americas segment increased $ 13.1 million , or 2.8 % , compared to the year ended december 31 , 2016. the increase was led by a 10.3 % increase in e-commerce revenues , while a modest increase in wholesale revenues was partially offset by a decrease in retail revenues , reflecting 15 fewer company-operated retail stores compared to last year . higher unit sales volume resulted in an increase of approximately $ 17.0 million ,

liquidity and capital resources our liquidity position as of december 31 , 2018 was : december 31 , 2018 ( in thousands ) cash and cash equivalents $ 123,367 available borrowings 129,400 as of december 31 , 2018 , we had $ 123.4 million in cash and cash equivalents and up to $ 129.4 million in available borrowings under our revolving credit facilities . we believe that our cash flows from operations , our cash and cash equivalents on hand , and available borrowings under our senior revolving credit facility and other financing instruments will be sufficient to meet the ongoing liquidity needs and capital expenditure requirements for at least the next twelve months . additional future financing may be necessary to fund our operations and there can be no assurance that , if needed , we will be able to secure additional debt or equity financing on terms acceptable to us or at all . although we believe we have adequate sources of liquidity over the long term , the success of our operations , the global economic outlook , and the pace of sustainable growth in our markets , among other factors , could impact our business and liquidity . due to the seasonal nature of our footwear , which is more heavily focused on styles suitable for warm weather , cash flows from operating activities during our fourth quarter are typically lower than those in our first three quarters , as customer receivables and inventories rise in preparation for the spring/summer season . accordingly , results of operations and cash flows for any one quarter are not necessarily indicative of expected results for any other quarter or for any other year . repatriation of cash as a global business , we have cash balances in various countries and amounts are denominated in various currencies . fluctuations in foreign currency exchange rates impact our results of operations and cash positions . future fluctuations in foreign currencies may have a material impact on our cash flows and capital resources .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our liquidity position as of december 31 , 2018 was : december 31 , 2018 ( in thousands ) cash and cash equivalents $ 123,367 available borrowings 129,400 as of december 31 , 2018 , we had $ 123.4 million in cash and cash equivalents and up to $ 129.4 million in available borrowings under our revolving credit facilities . we believe that our cash flows from operations , our cash and cash equivalents on hand , and available borrowings under our senior revolving credit facility and other financing instruments will be sufficient to meet the ongoing liquidity needs and capital expenditure requirements for at least the next twelve months . additional future financing may be necessary to fund our operations and there can be no assurance that , if needed , we will be able to secure additional debt or equity financing on terms acceptable to us or at all . although we believe we have adequate sources of liquidity over the long term , the success of our operations , the global economic outlook , and the pace of sustainable growth in our markets , among other factors , could impact our business and liquidity . due to the seasonal nature of our footwear , which is more heavily focused on styles suitable for warm weather , cash flows from operating activities during our fourth quarter are typically lower than those in our first three quarters , as customer receivables and inventories rise in preparation for the spring/summer season . accordingly , results of operations and cash flows for any one quarter are not necessarily indicative of expected results for any other quarter or for any other year . repatriation of cash as a global business , we have cash balances in various countries and amounts are denominated in various currencies . fluctuations in foreign currency exchange rates impact our results of operations and cash positions . future fluctuations in foreign currencies may have a material impact on our cash flows and capital resources .
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 Suspicious Activity Report : 25 2018 financial and operational highlights revenues were $ 1,088.2 million for the year ended december 31 , 2018 , a 6.3 % increase compared to the year ended december 31 , 2017 . the increase in 2018 revenues compared to 2017 revenues was due to the net effects of : ( i ) higher sales volumes , which increased revenues by $ 25.8 million , or 2.5 % ; ( ii ) higher average selling prices as our product and channel mix continued to change , which increased revenues by $ 27.7 million , or 2.7 % ; and ( iii ) favorable changes in exchange rates , which increased revenues by $ 11.2 million , or 1.1 % . the following were significant developments affecting our businesses and capital structure during the year ended december 31 , 2018 : in 2018 , the impact of operating with a net of 64 fewer company-operated stores and certain business model changes reduced our revenues by approximately $ 60 million . we sold 59.8 million pairs of shoes worldwide , an increase of 3.4 % from 57.9 million pairs in 2017 . gross margin improved 100 basis points compared to 2017 to 51.5 % for the year ended december 31 , 2018 . we drove this improvement by continuing to prioritize high-margin molded products , increasing prices on select products , and conducting fewer promotions in combination with better inventory management . sg & a was $ 495.0 million , an increase of $ 0.4 million , or 0.1 % , compared to 2017 . as a percent of revenues , sg & a improved 280 basis points to 45.5 % of revenues . this included $ 21.1 million of non-recurring charges associated with our previously announced sg & a reduction plan , the completion of the closure of all company-operated manufacturing and related distribution facilities , and some charges related to the relocation of our corporate headquarters , which is planned for early 2020. income from operations was $ 62.9 million for the year ended december 31 , 2018 compared to income from operations of $ 17.3 million for the year ended december 31 , 2017 . income from operations as a percent of revenues rose to 5.8 % compared to 1.7 % in 2017. in december 2018 , we completed a transaction with blackstone to repurchase 100,000 shares of series a convertible preferred stock ( “ series a preferred ” ) for $ 183.7 million and to convert the remaining 100,000 shares of series a preferred into 6,896,548 shares of our common stock , which resulted in the elimination of $ 12 million in annual dividends and an overhang on our common stock . crocs also agreed to pay blackstone a $ 15 million inducement payment in connection with the transaction . net loss attributable to common stockholders was $ 69.2 million compared to a loss of $ 5.3 million in 2017 , including the accounting treatment for charges incurred related to the repurchase and conversion of our series a preferred . basic and diluted net loss per common share was $ 1.01 for the year ended december 31 , 2018 , compared to a basic and diluted net loss per common share of $ 0.07 for the year ended december 31 , 2017 . to continue improving the efficiency and profitability of our retail business we closed or transferred to distributors 68 stores in 2018 , 61.8 % of which were full-priced locations , for a net reduction of 64 company-operated retail stores . since we began our store reduction program early in 2017 , we have closed a net total of 175 stores and reduced our total company-operated store count to 383 from 558 at the end of 2016. the majority of these store closures occurred upon expiration of the leases . we have also placed greater priority on outlet stores , so that they now represent 50.9 % of our store base , up from 41.6 % at the end of 2016. we continued to focus on simplifying our product line and disciplined inventory management to allow investment in higher margin , faster-turning product . as a result , we reduced our inventory by $ 5.9 million , or 4.5 % , from $ 130.3 million to $ 124.5 million . during 2018 , we repurchased 3.6 million shares of common stock at an aggregate cost of $ 63.1 million and eliminated the overhang of 6.9 million shares ( on an as-converted basis ) associated with the repurchase of 100,000 shares of the series a preferred . 26 results of operations comparison of the years ended december 31 , 2018 , 2017 , and 2016 replace_table_token_4_th ( 1 ) changes for gross margin and operating margin are shown in basis points ( “ bp ” ) . revenues . revenues increase d $ 64.7 million , or 6.3 % , during the year ended december 31 , 2018 compared to the same period in 2017 . the increase in revenues was driven by 22.5 % growth in our e-commerce channel and 7.8 % growth in our wholesale 27 channel , which more than offset a reduction in our retail channel of 3.2 % . the decrease in retail revenues was driven by our targeted reduction in the number of company-operated retail stores , partially offset by same store sales growth in our remaining company-operated retail stores . higher unit sales volume , particularly in our clog and sandal silhouettes , increased revenues by $ 25.8 million , or 2.5 % , and an increase of $ 27.7 million , or 2.7 % , was attributable to higher average selling price ( “ asp ” ) as a result of changes in product mix , reduced promotional activities , and price increases . favorable exchange rate activity drove an increase of $ 11.2 million , or 1.1 % . revenues decreased $ 12.8 million , or 1.2 story_separator_special_tag as of december 31 , 2018 , we operated 64 fewer stores compared to december 31 , 2017 . unit sales volume decreased revenues by $ 25.3 million , or 7.5 % . favorable product mix and improved quality of revenues , the results of less promotional discounting and improved inventory composition , resulted in a higher asp impact of $ 12.8 million , or 3.8 % . an increase of $ 1.7 million , or 0.5 % , resulted from foreign currency translation . during the year ended december 31 , 2017 , revenues from our retail channel decreased $ 21.4 million , or 5.9 % , compared to the year ended december 31 , 2016. unit sales volume decreased revenues by approximately $ 12.8 million , or 3.6 % , primarily due to a net decrease of 111 company-operated retail stores as we optimized our store fleet and shifted our store mix from full-price retail to outlet . asp was lower by $ 10.3 million , or 2.9 % , as we shifted to higher margin , lower-priced molded product . these declines were partially offset by an increase of $ 1.7 million , or 0.6 % , from foreign currency translation . e-commerce channel revenues . revenues from our e-commerce channel , which includes our own e-commerce sites as well as our sales through third-party marketplaces , increased $ 33.6 million , or 22.5 % , during the year ended december 31 , 2018 compared to the year ended december 31 , 2017 as this channel continued to grow in each region . revenues increased by approximately $ 21.8 million , or 14.6 % , due to higher unit sales volume , and higher asp related to mix contributed an additional $ 9.4 million , or 6.3 % . favorable foreign currency translation resulted in an increase of $ 2.4 million , or 1.6 % during the year ended december 31 , 2017 , revenues from our e-commerce channel increased $ 18.5 million , or 14.2 % , compared to the year ended december 31 , 2016. we invested in marketing with an enhanced digital focus , and we continued to grow our e-commerce team and work toward global adoption of best practices . revenues increased by approximately $ 30.6 million , or 23.4 % , due to higher unit sales volume , partially offset by decreases of $ 11.8 million , or 9.0 % , due to lower asp and $ 0.3 million , or 0.2 % , due to the unfavorable impact of foreign currency translation . 31 reportable operating segments the following table sets forth information related to our reportable operating business segments for the years ended december 31 , 2018 , 2017 , and 2016 : replace_table_token_7_th ( 1 ) reflects year over year change as if the current period results were in “ constant currency , ” which is a non-gaap financial measure . see “ use of non-gaap financial measures ” for more information . ( 2 ) in the third quarter of 2018 , certain revenues and expenses previously reported within the ‘ asia pacific ' segment were shifted to the ‘ emea ' segment . the previously reported amounts for revenues and income from operations for the years ended december 31 , 2017 and 2016 have also been revised to conform to the current period presentation . see ‘ impact of segment composition change ' table below for more information . ( 3 ) in 2018 , certain global marketing expenses previously reported within the operating segments were managed and reported within ‘ unallocated corporate and other ' . the previously reported amounts for income from operations for the years ended december 31 , 2017 and 2016 have been revised to conform to the current year presentation . see ‘ impact of global marketing expense realignment ' table below for more information . ( 4 ) “ other businesses ” increases are primarily due to costs incurred in conjunction with the closure of company-operated manufacturing and distribution facilities , which ceased operations in 2018 , increased variable compensation associated with higher revenues , and other expenses as a result of outsourcing , and other supply chain cost changes . ( 5 ) “ unallocated corporate and other ” includes corporate support and administrative functions , costs associated with share-based compensation , research and development , brand marketing , legal , and depreciation and amortization of corporate and other assets not allocated to operating segments . 32 impact of segment composition change : replace_table_token_8_th impact of global marketing expense realignment : replace_table_token_9_th americas operating segment revenues . during the year ended december 31 , 2018 , revenues for our americas segment increased $ 40.0 million , or 8.3 % , compared to the year ended december 31 , 2017 . the growth was led by a 22.6 % increase in e-commerce revenues due to increased traffic and units per transaction . retail revenues increased by 8.7 % , despite operating 7 fewer retail stores compared to the same period last year , due to comparable sales growth of 14.0 % . higher unit sales volume resulted in an increase of approximately $ 22.0 million , or 4.6 % , while higher asp resulted in an increase of $ 22.3 million , or 4.6 % . the effect of foreign currency translation was a decrease of $ 4.3 million , or 0.9 % . during the year ended december 31 , 2017 , revenues for our americas segment increased $ 13.1 million , or 2.8 % , compared to the year ended december 31 , 2016. the increase was led by a 10.3 % increase in e-commerce revenues , while a modest increase in wholesale revenues was partially offset by a decrease in retail revenues , reflecting 15 fewer company-operated retail stores compared to last year . higher unit sales volume resulted in an increase of approximately $ 17.0 million ,

