many of our cars are purchased by dismantlers , who recycle and refurbish parts for vehicle repairs , again reducing new and aftermarket parts manufacturing . and finally , some of our vehicles are returned to their raw material inputs through scrapping , reducing the need for further de novo resource extraction . in each case , our business has reduced the carbon and other environmental footprint of the global transportation industry . beyond our environmental stewardship , we also support the world 's communities in two important ways . first , we believe that we contribute to economic development and well-being by enabling more affordable access to mobility around the world . for example , many of the automobiles sold through our auction platform are purchased for use in developing countries where affordable transportation is a critical enabler of education , health care , and well-being more generally . in addition , because of the special role we play in responding to catastrophic weather events , we believe we contribute to disaster recovery and resilience in the communities we serve . for example , we mobilized our people , entered into emergency leases , and engaged with a multitude of service providers to timely retrieve , store , and remarket tens of thousands of flood-damaged vehicles in the houston , texas metropolitan area in the wake of hurricane harvey in the summer of 2017. we provide vehicle sellers with a full range of services to process and sell vehicles primarily over the internet through our virtual bidding third generation internet auction-style sales technology , which we refer to as vb3 . vehicle sellers consist primarily of insurance companies , but also include banks , finance companies , charities , fleet operators , dealers and vehicles sourced directly from individual owners . we sell the vehicles principally to licensed vehicle dismantlers , rebuilders , repair licensees , used vehicle dealers and exporters and , at certain locations , to the general public . the majority of the vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss ; not economically repairable by the insurance companies ; or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made . 31 we offer vehicle sellers a full range of services that help expedite each stage of the vehicle sales process , minimize administrative and processing costs , and maximize the ultimate sales price through the online auction process . in the u.s. , canada , brazil , the republic of ireland , finland , the u.a.e . , oman , bahrain , and spain , we sell vehicles primarily as an agent and derive revenue primarily from auction and auction related sales transaction fees charged for vehicle remarketing services as well as fees for services subsequent to the auction , such as delivery and storage . in the u.k. and germany , we operate both as an agent and on a principal basis , in some cases purchasing salvage vehicles outright and reselling the vehicles for our own account . in germany and spain , we also derive revenue from listing vehicles on behalf of insurance companies and insurance experts to determine the vehicle 's residual value and or to facilitate a sale for the insured . we monitor and analyze a number of key financial performance indicators in order to manage our business and evaluate our financial and operating performance . such indicators include : service and vehicle sales revenue : our service revenue consists of auction and auction related sales transaction fees charged for vehicle remarketing services . these auction and auction related services may include a combination of vehicle purchasing fees , vehicle listing fees , and vehicle selling fees that can be based on a predetermined percentage of the vehicle sales price , tiered vehicle sales price driven fees , or at a fixed fee based on the sale of each vehicle regardless of the selling price of the vehicle ; transportation fees for the cost of transporting the vehicle to or from our facility ; title processing and preparation fees ; vehicle storage fees ; bidding fees ; and vehicle loading fees . these fees are recognized as net revenue ( not gross vehicle selling price ) at the time of auction in the amount of such fees charged . purchased vehicle revenue includes the gross sales price of the vehicles which we have purchased or are otherwise considered to own . we have certain contracts with insurance companies , primarily in the u.k. , in which we act as a principal , purchasing vehicles and reselling them for our own account . we also purchase vehicles in the open market , primarily from individuals , and resell them for our own account . our revenue is impacted by several factors , including total loss frequency and the average vehicle auction selling price , as a significant amount of our service revenue is associated in some manner with the ultimate selling price of the vehicle . vehicle auction selling prices are driven primarily by : ( i ) changes in commodity prices , particularly the per ton price for crushed car bodies , as we believe this has an impact on the ultimate selling price of vehicles sold for scrap and vehicles sold for dismantling ; ( ii ) used car pricing , which we also believe has an impact on total loss frequency ; ( iii ) the mix of cars sold ; and ( iv ) changes in the u.s. dollar exchange rate to foreign currencies , which we believe has an impact on auction participation by international buyers . we can not specifically quantify the financial impact that commodity pricing , used car pricing , and product sales mix has on the selling price of vehicles , our service revenues or financial results . story_separator_special_tag we may be required to raise additional cash through drawdowns on our revolving loan facility or issuance of additional equity to fund this expansion . although the timing and magnitude of growth through expansion and acquisitions are not predictable , the opening of new greenfield yards is contingent upon our ability to locate property that ( i ) is in an area in which we have a need for more capacity ; ( ii ) has adequate size given the capacity needs ; ( iii ) has the appropriate shape and topography for our operations ; ( iv ) is reasonably close to a major road or highway ; and ( v ) most importantly , has the appropriate zoning for our business . costs to develop a new yard can range from $ 3.0 to $ 50.0 million , depending on size , location and developmental infrastructure requirements . as of july 31 , 2019 , $ 75.3 million of the $ 186.3 million of cash and cash equivalents was held by our foreign subsidiaries . if these funds are needed for our operations in the u.s. the repatriation of these funds could still be subject to the foreign withholding tax related to the u.s. tax reform and the mandatory transition tax , which is imposed on the post-1986 undistributed foreign earnings and profits . however , our intent is to permanently reinvest these funds outside of the u.s. and our current plans do not require repatriation to fund our u.s. operations . net cash used in operating activities increased for fiscal 2019 as compared to fiscal 2018 due to improved cash operating results from an increase in service and vehicle sales revenues and lower asset impairments , partially offset by an increase in yard operations and general and administrative expenses , and changes in operating assets and liabilities . the change in operating assets and liabilities was primarily the result of an increase in income taxes payable of $ 13.8 million offset by a decrease in funds used to pay accounts payable of $ 42.2 million , decrease in funds received on accounts receivable of $ 20.5 million and an increase in vehicle pooling costs deferred of $ 13.1 million , primarily from the adoption of asc 606 , as we began deferring the inbound transportation costs and titling fees directly associated with the vehicles during fiscal 2019. net cash used in investing activities increased for fiscal 2019 as compared to fiscal 2018 due primarily to increases in capital expenditures partially offset by proceeds from the sale of assets and a decrease in acquisitions . our capital expenditures are primarily related to lease buyouts of certain facilities , opening and improving facilities , software development , and acquiring yard equipment . we continue to expand and invest in new and existing facilities and standardize the appearance of existing locations . we have no material non-cancelable commitments for future capital expenditures as of july 31 , 2019 . included in capital expenditures were capitalized software development costs for new software for internal use and major software enhancements to existing software . capitalized software development costs were $ 6.1 million , $ 7.4 million and $ 7.1 million for fiscal 2019 , 2018 and 2017 , respectively . if , at any time it is determined that capitalized software provides a reduced economic benefit , the unamortized portion of the capitalized development costs will be impaired . additionally , during fiscal 2017 , we recognized a $ 19.4 million charge primarily related to fully impairing costs previously capitalized in connection with the development of business operating software . see notes to consolidated financial statements , capitalized software costs in note 1 — summary of significant accounting policies . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > $ 93.8 million principal amount of the incremental term loan concurrent with the closing of the amendment to credit agreement . on july 21 , 2016 , we entered into a second amendment to credit agreement ( the “ second amendment to credit agreement ” ) with wells fargo bank , national association , suntrust bank , and bank of america , n.a . , as administrative agent ( as successor in interest to wells fargo bank ) . the second amendment to credit agreement amends certain terms of the credit agreement , dated as of december 3 , 2014 as amended by the amendment to credit agreement , dated as of march 15 , 2016 . the second amendment to credit agreement provides for , among other things , ( a ) an increase in the secured revolving credit commitments by $ 500.0 million , bringing the aggregate principal amount of the revolving credit commitments under the credit agreement to $ 850.0 million , ( b ) the repayment of existing term loans outstanding under the credit agreement , ( c ) an extension of the termination date of the revolving credit facility under the credit agreement from march 15 , 2021 to july 21 , 2021 , and ( d ) increased covenant flexibility . concurrent with the closing of the second amendment to credit agreement , we prepaid in full the outstanding $ 242.5 million principal amount of the term loan and incremental term loan under the credit agreement without premium or penalty . the second amendment to credit agreement reduced the pricing levels under the credit agreement to a range of 0.125 % to 0.20 % in the case of the commitment fee , 1.00 % to 1.75 % in the case of the applicable margin for libor loans , and 0.0 % to 0.75 % in the case of the applicable margin for base rate loans , in each case depending on our consolidated total net leverage ratio during the preceding fiscal quarter . the principal purposes of these financing transactions were to increase the size and availability under our revolving loan facility and to provide

net cash used in financing activities increased in fiscal 2019 as compared to fiscal 2018 primarily due to repurchases of our common stock as part of our stock repurchase program as discussed in further detail under the subheading “ stock repurchases ” , an increase in payments for employee stock-based tax withholdings and a decrease in proceeds from the exercise of stock options , partially offset by net repayments on our revolving loan facility . for further detail , see notes to consolidated financial statements , note 9 — stockholders ' equity . 39 for a discussion of fiscal 2018 as compared to fiscal 2017 , please refer to part ii , item 7 , management 's discussion and analysis of financial condition and results of operations in our form 10-k for the fiscal year ended july 31 , 2018 , filed with the securities and exchange commission on october 1 , 2018 . stock repurchases on september 22 , 2011 , our board of directors approved an 80 million share increase in the stock repurchase program , bringing the total current authorization to 196 million shares . the repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions . no time limit has been placed on the duration of the stock repurchase program . subject to applicable securities laws , such repurchases will be made at such times and in such amounts as we deem appropriate and may be discontinued at any time . for fiscal 2019 , we repurchased 7,635,596 shares of our common stock under the program at a weighted average price of $ 47.81 per share totaling $ 365.0 million . for fiscal 2018 and 2017 , we did not repurchase any shares of our common stock under the program . as of july 31 , 2019 , the total number of shares repurchased under the program was 114,549,198 and 81,450,802 shares were available for repurchase under our program . during fiscal 2018 and 2017 , certain executive officers and members of our board of directors exercised stock options through cashless exercises . during fiscal 2019 , our former president exercised all of his vested stock options through a cashless exercise .


 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 increased in fiscal 2019 as compared to fiscal 2018 primarily due to repurchases of our common stock as part of our stock repurchase program as discussed in further detail under the subheading “ stock repurchases ” , an increase in payments for employee stock-based tax withholdings and a decrease in proceeds from the exercise of stock options , partially offset by net repayments on our revolving loan facility . for further detail , see notes to consolidated financial statements , note 9 — stockholders ' equity . 39 for a discussion of fiscal 2018 as compared to fiscal 2017 , please refer to part ii , item 7 , management 's discussion and analysis of financial condition and results of operations in our form 10-k for the fiscal year ended july 31 , 2018 , filed with the securities and exchange commission on october 1 , 2018 . stock repurchases on september 22 , 2011 , our board of directors approved an 80 million share increase in the stock repurchase program , bringing the total current authorization to 196 million shares . the repurchases may be effected through solicited or unsolicited transactions in the open market or in privately negotiated transactions . no time limit has been placed on the duration of the stock repurchase program . subject to applicable securities laws , such repurchases will be made at such times and in such amounts as we deem appropriate and may be discontinued at any time . for fiscal 2019 , we repurchased 7,635,596 shares of our common stock under the program at a weighted average price of $ 47.81 per share totaling $ 365.0 million . for fiscal 2018 and 2017 , we did not repurchase any shares of our common stock under the program . as of july 31 , 2019 , the total number of shares repurchased under the program was 114,549,198 and 81,450,802 shares were available for repurchase under our program . during fiscal 2018 and 2017 , certain executive officers and members of our board of directors exercised stock options through cashless exercises . during fiscal 2019 , our former president exercised all of his vested stock options through a cashless exercise .
```    
 Suspicious Activity Report : many of our cars are purchased by dismantlers , who recycle and refurbish parts for vehicle repairs , again reducing new and aftermarket parts manufacturing . and finally , some of our vehicles are returned to their raw material inputs through scrapping , reducing the need for further de novo resource extraction . in each case , our business has reduced the carbon and other environmental footprint of the global transportation industry . beyond our environmental stewardship , we also support the world 's communities in two important ways . first , we believe that we contribute to economic development and well-being by enabling more affordable access to mobility around the world . for example , many of the automobiles sold through our auction platform are purchased for use in developing countries where affordable transportation is a critical enabler of education , health care , and well-being more generally . in addition , because of the special role we play in responding to catastrophic weather events , we believe we contribute to disaster recovery and resilience in the communities we serve . for example , we mobilized our people , entered into emergency leases , and engaged with a multitude of service providers to timely retrieve , store , and remarket tens of thousands of flood-damaged vehicles in the houston , texas metropolitan area in the wake of hurricane harvey in the summer of 2017. we provide vehicle sellers with a full range of services to process and sell vehicles primarily over the internet through our virtual bidding third generation internet auction-style sales technology , which we refer to as vb3 . vehicle sellers consist primarily of insurance companies , but also include banks , finance companies , charities , fleet operators , dealers and vehicles sourced directly from individual owners . we sell the vehicles principally to licensed vehicle dismantlers , rebuilders , repair licensees , used vehicle dealers and exporters and , at certain locations , to the general public . the majority of the vehicles sold on behalf of insurance companies are either damaged vehicles deemed a total loss ; not economically repairable by the insurance companies ; or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made . 31 we offer vehicle sellers a full range of services that help expedite each stage of the vehicle sales process , minimize administrative and processing costs , and maximize the ultimate sales price through the online auction process . in the u.s. , canada , brazil , the republic of ireland , finland , the u.a.e . , oman , bahrain , and spain , we sell vehicles primarily as an agent and derive revenue primarily from auction and auction related sales transaction fees charged for vehicle remarketing services as well as fees for services subsequent to the auction , such as delivery and storage . in the u.k. and germany , we operate both as an agent and on a principal basis , in some cases purchasing salvage vehicles outright and reselling the vehicles for our own account . in germany and spain , we also derive revenue from listing vehicles on behalf of insurance companies and insurance experts to determine the vehicle 's residual value and or to facilitate a sale for the insured . we monitor and analyze a number of key financial performance indicators in order to manage our business and evaluate our financial and operating performance . such indicators include : service and vehicle sales revenue : our service revenue consists of auction and auction related sales transaction fees charged for vehicle remarketing services . these auction and auction related services may include a combination of vehicle purchasing fees , vehicle listing fees , and vehicle selling fees that can be based on a predetermined percentage of the vehicle sales price , tiered vehicle sales price driven fees , or at a fixed fee based on the sale of each vehicle regardless of the selling price of the vehicle ; transportation fees for the cost of transporting the vehicle to or from our facility ; title processing and preparation fees ; vehicle storage fees ; bidding fees ; and vehicle loading fees . these fees are recognized as net revenue ( not gross vehicle selling price ) at the time of auction in the amount of such fees charged . purchased vehicle revenue includes the gross sales price of the vehicles which we have purchased or are otherwise considered to own . we have certain contracts with insurance companies , primarily in the u.k. , in which we act as a principal , purchasing vehicles and reselling them for our own account . we also purchase vehicles in the open market , primarily from individuals , and resell them for our own account . our revenue is impacted by several factors , including total loss frequency and the average vehicle auction selling price , as a significant amount of our service revenue is associated in some manner with the ultimate selling price of the vehicle . vehicle auction selling prices are driven primarily by : ( i ) changes in commodity prices , particularly the per ton price for crushed car bodies , as we believe this has an impact on the ultimate selling price of vehicles sold for scrap and vehicles sold for dismantling ; ( ii ) used car pricing , which we also believe has an impact on total loss frequency ; ( iii ) the mix of cars sold ; and ( iv ) changes in the u.s. dollar exchange rate to foreign currencies , which we believe has an impact on auction participation by international buyers . we can not specifically quantify the financial impact that commodity pricing , used car pricing , and product sales mix has on the selling price of vehicles , our service revenues or financial results . story_separator_special_tag we may be required to raise additional cash through drawdowns on our revolving loan facility or issuance of additional equity to fund this expansion . although the timing and magnitude of growth through expansion and acquisitions are not predictable , the opening of new greenfield yards is contingent upon our ability to locate property that ( i ) is in an area in which we have a need for more capacity ; ( ii ) has adequate size given the capacity needs ; ( iii ) has the appropriate shape and topography for our operations ; ( iv ) is reasonably close to a major road or highway ; and ( v ) most importantly , has the appropriate zoning for our business . costs to develop a new yard can range from $ 3.0 to $ 50.0 million , depending on size , location and developmental infrastructure requirements . as of july 31 , 2019 , $ 75.3 million of the $ 186.3 million of cash and cash equivalents was held by our foreign subsidiaries . if these funds are needed for our operations in the u.s. the repatriation of these funds could still be subject to the foreign withholding tax related to the u.s. tax reform and the mandatory transition tax , which is imposed on the post-1986 undistributed foreign earnings and profits . however , our intent is to permanently reinvest these funds outside of the u.s. and our current plans do not require repatriation to fund our u.s. operations . net cash used in operating activities increased for fiscal 2019 as compared to fiscal 2018 due to improved cash operating results from an increase in service and vehicle sales revenues and lower asset impairments , partially offset by an increase in yard operations and general and administrative expenses , and changes in operating assets and liabilities . the change in operating assets and liabilities was primarily the result of an increase in income taxes payable of $ 13.8 million offset by a decrease in funds used to pay accounts payable of $ 42.2 million , decrease in funds received on accounts receivable of $ 20.5 million and an increase in vehicle pooling costs deferred of $ 13.1 million , primarily from the adoption of asc 606 , as we began deferring the inbound transportation costs and titling fees directly associated with the vehicles during fiscal 2019. net cash used in investing activities increased for fiscal 2019 as compared to fiscal 2018 due primarily to increases in capital expenditures partially offset by proceeds from the sale of assets and a decrease in acquisitions . our capital expenditures are primarily related to lease buyouts of certain facilities , opening and improving facilities , software development , and acquiring yard equipment . we continue to expand and invest in new and existing facilities and standardize the appearance of existing locations . we have no material non-cancelable commitments for future capital expenditures as of july 31 , 2019 . included in capital expenditures were capitalized software development costs for new software for internal use and major software enhancements to existing software . capitalized software development costs were $ 6.1 million , $ 7.4 million and $ 7.1 million for fiscal 2019 , 2018 and 2017 , respectively . if , at any time it is determined that capitalized software provides a reduced economic benefit , the unamortized portion of the capitalized development costs will be impaired . additionally , during fiscal 2017 , we recognized a $ 19.4 million charge primarily related to fully impairing costs previously capitalized in connection with the development of business operating software . see notes to consolidated financial statements , capitalized software costs in note 1 — summary of significant accounting policies . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > $ 93.8 million principal amount of the incremental term loan concurrent with the closing of the amendment to credit agreement . on july 21 , 2016 , we entered into a second amendment to credit agreement ( the “ second amendment to credit agreement ” ) with wells fargo bank , national association , suntrust bank , and bank of america , n.a . , as administrative agent ( as successor in interest to wells fargo bank ) . the second amendment to credit agreement amends certain terms of the credit agreement , dated as of december 3 , 2014 as amended by the amendment to credit agreement , dated as of march 15 , 2016 . the second amendment to credit agreement provides for , among other things , ( a ) an increase in the secured revolving credit commitments by $ 500.0 million , bringing the aggregate principal amount of the revolving credit commitments under the credit agreement to $ 850.0 million , ( b ) the repayment of existing term loans outstanding under the credit agreement , ( c ) an extension of the termination date of the revolving credit facility under the credit agreement from march 15 , 2021 to july 21 , 2021 , and ( d ) increased covenant flexibility . concurrent with the closing of the second amendment to credit agreement , we prepaid in full the outstanding $ 242.5 million principal amount of the term loan and incremental term loan under the credit agreement without premium or penalty . the second amendment to credit agreement reduced the pricing levels under the credit agreement to a range of 0.125 % to 0.20 % in the case of the commitment fee , 1.00 % to 1.75 % in the case of the applicable margin for libor loans , and 0.0 % to 0.75 % in the case of the applicable margin for base rate loans , in each case depending on our consolidated total net leverage ratio during the preceding fiscal quarter . the principal purposes of these financing transactions were to increase the size and availability under our revolving loan facility and to provide

