as electronic payment transaction volumes increase , third-party processors tend to provide competition to our solutions , particularly among customers that do not seek to differentiate their electronic payment offerings or are eliminating banks from the payments service , reducing the need for our solutions . as consolidation in the financial services industry continues , we anticipate that competition for those customers will intensify . adoption of cloud technology . to leverage lower-cost computing technologies , some banks , financial intermediaries , merchants and corporates are seeking to transition their systems to make use of cloud technology . our investments provide us the grounding to deliver cloud capabilities in the future . market sizing data from ovum indicates that spend on saas and paas payment systems is growing faster than spend on installed applications . electronic payments fraud and compliance . as electronic payment transaction volumes increase , organized criminal organizations continue to find ways to commit a growing volume of fraudulent transactions using a wide range of techniques . banks , financial intermediaries , merchants and corporates continue to seek ways to leverage new technologies to identify and prevent fraudulent transactions and other attacks such as denial of service attacks . due to concerns with international terrorism and money laundering , banks and financial intermediaries in particular are being faced with increasing scrutiny and regulatory pressures . we continue to see opportunity to offer our fraud detection solutions to help customers manage the growing levels of electronic payments fraud and compliance activity . adoption of smartcard technology . in many markets , card issuers are being required to issue new cards with embedded chip technology , with the liability shift having gone into effect in 2015 in the united states . chip-based cards are more secure , harder to copy , and offer the opportunity for multiple functions on one card ( e.g . , debit , credit , electronic purse , identification , health records , etc . ) . this results in greater card-not-present fraud ( e.g . , fraud at ecommerce sites ) . single euro payments area ( sepa ) . the sepa , primarily focused on the european economic community and the u.k. , is designed to facilitate lower costs for cross-border payments and reduce timeframes for settling electronic payment transactions . the transition to sepa payment mechanisms will drive more volume to these 34 systems with the potential to cause banks to review the capabilities of the systems supporting these payments . our retail payments and real-time payments solutions facilitate key functions that help banks and financial intermediaries address these mandated regulations . european payment service directive ( psd2 ) . psd2 , which was ratified by the european parliament in 2015 , required member states to implement new payments regulations in 2018. the xs2a provision effectively creates a new market opportunity where banks in european union member countries must provide open api standards to customer data , thus allowing authorized third-party providers to enter the market . financial institution consolidation . consolidation continues on a national and international basis , as financial institutions seek to add market share and increase overall efficiency . such consolidations have increased , and may continue to increase , in their number , size , and market impact as a result of recent economic conditions affecting the banking and financial industries . there are several potential negative effects of increased consolidation activity . continuing consolidation of financial institutions may result in a smaller number of existing and potential customers for our products and services . consolidation of two of our customers could result in reduced revenues if the combined entity were to negotiate greater volume discounts or discontinue use of certain of our products . additionally , if a non-customer and a customer combine and the combined entity decides to forego future use of our products , our revenue would decline . conversely , we could benefit from the combination of a non-customer and a customer when the combined entity continues use of our products and , as a larger combined entity , increases its demand for our products and services . we tend to focus on larger financial institutions as customers , often resulting in our solutions being the solutions that survive in the consolidated entity . global vendor sourcing . global and regional banks , financial intermediaries , merchants and corporates are aiming to reduce the costs in supplier management by picking suppliers who can service them across all their geographies instead of allowing each country operation to choose suppliers independently . our global footprint from both a customer and a delivery perspective enable us to be successful in this global sourced market . however , projects in these environments tend to be more complex and therefore of higher risk . electronic payments convergence . as electronic payment volumes grow and pressures to lower overall cost per transaction increase , banks and financial intermediaries are seeking methods to consolidate their payments processing across the enterprise . we believe that the strategy of using soa to allow for re-use of common electronic payment functions , such as authentication , authorization , routing and settlement , will become more common . using these techniques , banks and financial intermediaries will be able to reduce costs , increase overall service levels , enable one-to-one marketing in multiple bank channels , leverage volumes for improved pricing and liquidity , and manage enterprise risk . our product strategy is , in part , focused on this trend , by creating integrated payment functions that can be re-used by multiple bank channels , across both the consumer and wholesale bank . while this trend presents an opportunity for us , it may also expand the competition from third-party electronic payment technology and service providers specializing in other forms of electronic payments . many of these providers are larger than us and have significantly greater financial , technical and marketing resources . story_separator_special_tag the number and magnitude of such projects was lower during the year ended december 31 , 2018. operating expenses total operating expenses for the year ended december 31 , 2018 , decreased $ 55.7 million , or 6 % , as compared to the same period in 2017. during the year ended december 31 , 2017 , there was $ 46.7 million of expense recorded related to the bhmi judgment . the application of asc 606 resulted in a $ 7.5 million increase in total operating expenses for the year ended december 31 , 2018 , primarily due to differences in the timing of expense recognition for sales commissions . total operating expenses were $ 3.0 million higher for the year ended december 31 , 2018 , compared to the same period in 2017 , due to the impact of foreign currencies strengthening against the u.s. dollar . excluding the impact of the bhmi judgment , applying asc 606 , and foreign currency , total operating expenses for the year ended december 31 , 2018 , decreased $ 19.5 million , or 2 % , compared to the same period in 2017 , primarily because of lower cost of revenue and depreciation and amortization expenses , partially offset by higher research and development , selling and marketing , and general and administrative expenses . cost of revenue cost of revenue includes costs to provide saas and paas services , third-party royalties , amortization of purchased and developed software for resale , the costs of maintaining our software products , as well as the costs required to deliver , install , and support software at customer sites . saas and paas service costs include payment card interchange fees , amounts payable to banks , and payment card processing fees . maintenance costs include the efforts associated with providing the customer with upgrades , 24-hour help desk , post go-live ( remote ) support , and production-type support for software that was previously installed at a customer location . service costs include human resource costs and other incidental costs such as travel and training required for both pre go-live and post go-live support . such efforts include project management , delivery , product customization and implementation , installation support , consulting , configuration , and on-site support . 41 cost of revenue decreased $ 21.9 million , or 5 % , during the year ended december 31 , 2018 , compared to the same period in 2017. cost of revenue was $ 0.8 million higher for the year ended december 31 , 2018 , as compared to the same period in 2017 , due to the impact of foreign currencies strengthening against the u.s. dollar . excluding the impact of foreign currency , cost of revenue decreased $ 22.7 million , or 5 % , for the year ended december 31 , 2018 , as compared to the same period in 2017 , primarily due to lower personnel and related costs of $ 29.5 million , partially offset by a $ 6.8 million increase in payment card interchange and processing fees . research and development research and development ( r & d ) expenses are primarily human resource costs related to the creation of new products , improvements made to existing products as well as compatibility with new operating system releases and generations of hardware . r & d expense increased $ 6.7 million , or 5 % , during the year ended december 31 , 2018 , as compared to the same period in 2017. r & d expense was $ 0.5 million higher for the year ended december 31 , 2018 , as compared to the same period in 2017 , due to the impact of foreign currencies strengthening against the u.s. dollar . excluding the impact of foreign currency , r & d expense increased $ 6.2 million , or 5 % , for the year ended december 31 , 2018 , as compared to the same period in 2017 , primarily due to an increase in personnel and related expenses . selling and marketing selling and marketing includes both the costs related to selling our products to current and prospective customers as well as the costs related to promoting the company , its products and the research efforts required to measure customers ' future needs and satisfaction levels . selling costs are primarily the human resource and travel costs related to the effort expended to license our products and services to current and potential clients within defined territories and or industries as well as the management of the overall relationship with customer accounts . selling costs also include the costs associated with assisting distributors in their efforts to sell our products and services in their respective local markets . marketing costs include costs incurred to promote the company and its products , perform or acquire market research to help the company better understand impending changes in customer demand for and of our products , and the costs associated with measuring customers ' opinions toward the company , our products and personnel . selling and marketing expense increased $ 10.0 million , or 9 % , during the year ended december 31 , 2018 , as compared to the same period in 2017. the application of asc 606 resulted in a $ 7.5 million increase in selling and marketing expense for the year ended december 31 , 2018 , as compared to the same period in 2017. selling and marketing expense was $ 0.8 million higher for the year ended december 31 , 2018 , as compared to the same period in 2017 , due to the impact of foreign currencies strengthening against the u.s. dollar . excluding the impact of applying asc 606 and foreign currency , selling and marketing expense increased $ 1.7 million , or 2 % , for the year ended december 31 , 2018 , as compared to the same period in 2017 ,

cash flow from investing activities net cash flows used by investing activities for the year ended december 31 , 2018 , was $ 45.4 million compared to $ 54.4 million during the same period in 2017. during 2018 , we used cash of $ 43.9 million to purchase software , property and equipment compared to $ 54.4 million during the same period in 2017. cash flow from financing activities net cash flows used by financing activities for the year ended december 31 , 2018 , was $ 57.7 million compared to $ 98.1 million during the same period in 2017. during 2018 , we received proceeds of $ 400.0 million from the issuance of the 2026 notes . we used $ 300.0 million of the proceeds to redeem , in full , the company 's outstanding 6.375 % senior notes due 2020 ( 2020 notes ) and repaid $ 109.3 million on the term credit facility . in addition , during 2018 , we received proceeds of $ 22.8 million from the exercises of stock options and the issuance of common stock under our 2017 employee stock purchase plan and used $ 2.6 million for the repurchase of restricted stock for tax withholdings . during 2018 , we also used $ 54.5 million to repurchase common stock . during 2017 , we received net proceeds of $ 29.0 million on the term credit facility and repaid a net of $ 86.0 million on the revolving credit facility . in addition , during 2017 , we used $ 37.4 million to repurchase shares of common stock . during 2017 , we also received proceeds of $ 16.8 million from the exercises of stock options and issuance of common stock under our 2017 employee stock purchase plan , and used $ 5.3 million for the repurchase of restricted stock for tax withholdings .


 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.
     ```cash flow from investing activities net cash flows used by investing activities for the year ended december 31 , 2018 , was $ 45.4 million compared to $ 54.4 million during the same period in 2017. during 2018 , we used cash of $ 43.9 million to purchase software , property and equipment compared to $ 54.4 million during the same period in 2017. cash flow from financing activities net cash flows used by financing activities for the year ended december 31 , 2018 , was $ 57.7 million compared to $ 98.1 million during the same period in 2017. during 2018 , we received proceeds of $ 400.0 million from the issuance of the 2026 notes . we used $ 300.0 million of the proceeds to redeem , in full , the company 's outstanding 6.375 % senior notes due 2020 ( 2020 notes ) and repaid $ 109.3 million on the term credit facility . in addition , during 2018 , we received proceeds of $ 22.8 million from the exercises of stock options and the issuance of common stock under our 2017 employee stock purchase plan and used $ 2.6 million for the repurchase of restricted stock for tax withholdings . during 2018 , we also used $ 54.5 million to repurchase common stock . during 2017 , we received net proceeds of $ 29.0 million on the term credit facility and repaid a net of $ 86.0 million on the revolving credit facility . in addition , during 2017 , we used $ 37.4 million to repurchase shares of common stock . during 2017 , we also received proceeds of $ 16.8 million from the exercises of stock options and issuance of common stock under our 2017 employee stock purchase plan , and used $ 5.3 million for the repurchase of restricted stock for tax withholdings .
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 Suspicious Activity Report : as electronic payment transaction volumes increase , third-party processors tend to provide competition to our solutions , particularly among customers that do not seek to differentiate their electronic payment offerings or are eliminating banks from the payments service , reducing the need for our solutions . as consolidation in the financial services industry continues , we anticipate that competition for those customers will intensify . adoption of cloud technology . to leverage lower-cost computing technologies , some banks , financial intermediaries , merchants and corporates are seeking to transition their systems to make use of cloud technology . our investments provide us the grounding to deliver cloud capabilities in the future . market sizing data from ovum indicates that spend on saas and paas payment systems is growing faster than spend on installed applications . electronic payments fraud and compliance . as electronic payment transaction volumes increase , organized criminal organizations continue to find ways to commit a growing volume of fraudulent transactions using a wide range of techniques . banks , financial intermediaries , merchants and corporates continue to seek ways to leverage new technologies to identify and prevent fraudulent transactions and other attacks such as denial of service attacks . due to concerns with international terrorism and money laundering , banks and financial intermediaries in particular are being faced with increasing scrutiny and regulatory pressures . we continue to see opportunity to offer our fraud detection solutions to help customers manage the growing levels of electronic payments fraud and compliance activity . adoption of smartcard technology . in many markets , card issuers are being required to issue new cards with embedded chip technology , with the liability shift having gone into effect in 2015 in the united states . chip-based cards are more secure , harder to copy , and offer the opportunity for multiple functions on one card ( e.g . , debit , credit , electronic purse , identification , health records , etc . ) . this results in greater card-not-present fraud ( e.g . , fraud at ecommerce sites ) . single euro payments area ( sepa ) . the sepa , primarily focused on the european economic community and the u.k. , is designed to facilitate lower costs for cross-border payments and reduce timeframes for settling electronic payment transactions . the transition to sepa payment mechanisms will drive more volume to these 34 systems with the potential to cause banks to review the capabilities of the systems supporting these payments . our retail payments and real-time payments solutions facilitate key functions that help banks and financial intermediaries address these mandated regulations . european payment service directive ( psd2 ) . psd2 , which was ratified by the european parliament in 2015 , required member states to implement new payments regulations in 2018. the xs2a provision effectively creates a new market opportunity where banks in european union member countries must provide open api standards to customer data , thus allowing authorized third-party providers to enter the market . financial institution consolidation . consolidation continues on a national and international basis , as financial institutions seek to add market share and increase overall efficiency . such consolidations have increased , and may continue to increase , in their number , size , and market impact as a result of recent economic conditions affecting the banking and financial industries . there are several potential negative effects of increased consolidation activity . continuing consolidation of financial institutions may result in a smaller number of existing and potential customers for our products and services . consolidation of two of our customers could result in reduced revenues if the combined entity were to negotiate greater volume discounts or discontinue use of certain of our products . additionally , if a non-customer and a customer combine and the combined entity decides to forego future use of our products , our revenue would decline . conversely , we could benefit from the combination of a non-customer and a customer when the combined entity continues use of our products and , as a larger combined entity , increases its demand for our products and services . we tend to focus on larger financial institutions as customers , often resulting in our solutions being the solutions that survive in the consolidated entity . global vendor sourcing . global and regional banks , financial intermediaries , merchants and corporates are aiming to reduce the costs in supplier management by picking suppliers who can service them across all their geographies instead of allowing each country operation to choose suppliers independently . our global footprint from both a customer and a delivery perspective enable us to be successful in this global sourced market . however , projects in these environments tend to be more complex and therefore of higher risk . electronic payments convergence . as electronic payment volumes grow and pressures to lower overall cost per transaction increase , banks and financial intermediaries are seeking methods to consolidate their payments processing across the enterprise . we believe that the strategy of using soa to allow for re-use of common electronic payment functions , such as authentication , authorization , routing and settlement , will become more common . using these techniques , banks and financial intermediaries will be able to reduce costs , increase overall service levels , enable one-to-one marketing in multiple bank channels , leverage volumes for improved pricing and liquidity , and manage enterprise risk . our product strategy is , in part , focused on this trend , by creating integrated payment functions that can be re-used by multiple bank channels , across both the consumer and wholesale bank . while this trend presents an opportunity for us , it may also expand the competition from third-party electronic payment technology and service providers specializing in other forms of electronic payments . many of these providers are larger than us and have significantly greater financial , technical and marketing resources . story_separator_special_tag the number and magnitude of such projects was lower during the year ended december 31 , 2018. operating expenses total operating expenses for the year ended december 31 , 2018 , decreased $ 55.7 million , or 6 % , as compared to the same period in 2017. during the year ended december 31 , 2017 , there was $ 46.7 million of expense recorded related to the bhmi judgment . the application of asc 606 resulted in a $ 7.5 million increase in total operating expenses for the year ended december 31 , 2018 , primarily due to differences in the timing of expense recognition for sales commissions . total operating expenses were $ 3.0 million higher for the year ended december 31 , 2018 , compared to the same period in 2017 , due to the impact of foreign currencies strengthening against the u.s. dollar . excluding the impact of the bhmi judgment , applying asc 606 , and foreign currency , total operating expenses for the year ended december 31 , 2018 , decreased $ 19.5 million , or 2 % , compared to the same period in 2017 , primarily because of lower cost of revenue and depreciation and amortization expenses , partially offset by higher research and development , selling and marketing , and general and administrative expenses . cost of revenue cost of revenue includes costs to provide saas and paas services , third-party royalties , amortization of purchased and developed software for resale , the costs of maintaining our software products , as well as the costs required to deliver , install , and support software at customer sites . saas and paas service costs include payment card interchange fees , amounts payable to banks , and payment card processing fees . maintenance costs include the efforts associated with providing the customer with upgrades , 24-hour help desk , post go-live ( remote ) support , and production-type support for software that was previously installed at a customer location . service costs include human resource costs and other incidental costs such as travel and training required for both pre go-live and post go-live support . such efforts include project management , delivery , product customization and implementation , installation support , consulting , configuration , and on-site support . 41 cost of revenue decreased $ 21.9 million , or 5 % , during the year ended december 31 , 2018 , compared to the same period in 2017. cost of revenue was $ 0.8 million higher for the year ended december 31 , 2018 , as compared to the same period in 2017 , due to the impact of foreign currencies strengthening against the u.s. dollar . excluding the impact of foreign currency , cost of revenue decreased $ 22.7 million , or 5 % , for the year ended december 31 , 2018 , as compared to the same period in 2017 , primarily due to lower personnel and related costs of $ 29.5 million , partially offset by a $ 6.8 million increase in payment card interchange and processing fees . research and development research and development ( r & d ) expenses are primarily human resource costs related to the creation of new products , improvements made to existing products as well as compatibility with new operating system releases and generations of hardware . r & d expense increased $ 6.7 million , or 5 % , during the year ended december 31 , 2018 , as compared to the same period in 2017. r & d expense was $ 0.5 million higher for the year ended december 31 , 2018 , as compared to the same period in 2017 , due to the impact of foreign currencies strengthening against the u.s. dollar . excluding the impact of foreign currency , r & d expense increased $ 6.2 million , or 5 % , for the year ended december 31 , 2018 , as compared to the same period in 2017 , primarily due to an increase in personnel and related expenses . selling and marketing selling and marketing includes both the costs related to selling our products to current and prospective customers as well as the costs related to promoting the company , its products and the research efforts required to measure customers ' future needs and satisfaction levels . selling costs are primarily the human resource and travel costs related to the effort expended to license our products and services to current and potential clients within defined territories and or industries as well as the management of the overall relationship with customer accounts . selling costs also include the costs associated with assisting distributors in their efforts to sell our products and services in their respective local markets . marketing costs include costs incurred to promote the company and its products , perform or acquire market research to help the company better understand impending changes in customer demand for and of our products , and the costs associated with measuring customers ' opinions toward the company , our products and personnel . selling and marketing expense increased $ 10.0 million , or 9 % , during the year ended december 31 , 2018 , as compared to the same period in 2017. the application of asc 606 resulted in a $ 7.5 million increase in selling and marketing expense for the year ended december 31 , 2018 , as compared to the same period in 2017. selling and marketing expense was $ 0.8 million higher for the year ended december 31 , 2018 , as compared to the same period in 2017 , due to the impact of foreign currencies strengthening against the u.s. dollar . excluding the impact of applying asc 606 and foreign currency , selling and marketing expense increased $ 1.7 million , or 2 % , for the year ended december 31 , 2018 , as compared to the same period in 2017 ,

