key components of our results of operations the following discussion describes certain line items in our consolidated statements of operations . revenues we generate revenue from the sale of solar tracking systems and parts . our customers include epcs , utilities , solar developers and independent power producers . for each individual solar project , we enter into a contract with our customers covering the price , specifications , delivery dates and warranty for the products being purchased , among other things . our contractual delivery period for the tracker system and parts can vary from days to several months . contracts can range in value from hundreds of thousands to tens of millions of dollars . our revenue is affected by changes in the volume and asps of solar tracking systems purchased by our customers . the quarterly volume and asp of our systems is driven by the supply of , and demand for , our products , changes in product mix between module type and wattage , geographic mix of our customers , strength of competitors ' product offerings , and availability of government incentives to the end-users of our products . our revenue growth is dependent on continued growth in the amount of solar energy projects installed each year as well as our ability to increase our share of demand in each of the geographies where we compete , expand our global footprint to new evolving markets , grow our production capabilities to meet demand and to continue to develop and introduce new and innovative products that address the changing technology and performance requirements of our customers . cost of revenues and gross profit cost of revenues consists primarily of product costs , including purchased components , as well as costs related to shipping , tariffs , customer support , product warranty , personnel and depreciation of test and manufacturing equipment . personnel costs in cost of revenues includes both direct labor costs as well as costs attributable to any individuals whose activities relate to the transformation of raw materials or component parts into finished goods or the transportation of materials to the customer . our product costs are affected by the underlying cost of raw materials , including steel and aluminum ; component costs , including electric motors and gearboxes ; technological innovation ; economies of scale resulting in lower component costs , and improvements in production processes and automation . we do not currently hedge against changes in the price of raw materials . some of these costs , primarily personnel and depreciation of test and manufacturing equipment , are not directly affected by sales volume . 41 gross profit may vary from quarter to quarter and is primarily affected by our asps , product costs , product mix , customer mix , geographical mix , shipping method , warranty costs and seasonality . operating expenses operating expenses consist of general and administrative costs , contingent consideration , as well as depreciation and amortization expense . personnel-related costs are the most significant component of our operating expenses and include salaries , benefits , payroll taxes and commissions . our full-time employee headcount in our general and administrative departments has grown from approximately 150 as of december 31 , 2019 to 177 at december 31 , 2020 , and we expect to continue to hire new employees to support our growth . the timing of these additional hires could materially affect our operating expenses in any particular period , both in absolute dollars and as a percentage of revenue . we expect to continue to invest substantial resources to support our growth and continued technological advancement and anticipate that general and administrative and depreciation expenses will increase in absolute dollar amounts for the foreseeable future . general and administrative expenses general and administrative expenses consist primarily of salaries , equity-based compensation , employee benefits and payroll taxes related to our executives , sales , finance , human resources , information technology , engineering and legal organizations , as well as travel , facilities costs , marketing , bad debt and fees for professional services . professional services consist of audit , legal , tax , insurance , information technology and other costs . we expect an increase in the number of sales and marketing personnel in connection with the expansion of our global sales and marketing footprint , enabling us to penetrate new markets . the majority of our sales in 2020 were in the u.s. ; however , during the year we expanded our international presence with additional global sales staff . we currently have a sales presence in the u.s. , australia , the u.k. and brazil . we intend to continue to expand our sales presence and marketing efforts to additional countries . we also expect that as a public company we will incur additional audit , tax , accounting , legal and other costs related to compliance with applicable securities and other regulations , as well as additional insurance , investor relations and other costs associated with being a public company . we also anticipate an increase in our spend related to product innovation as we hire additional engineering resources and increase our external r & d spend . contingent consideration contingent consideration consists of the changes in fair value of the earn-out and the tra entered into with ron p. corio , our indirect stockholder , concurrent with former parent 's acquisition of patent , llc . the earn-out liability was recorded at fair value at the acquisition date and subsequent changes in the fair value are recognized in earnings . fair value of the earn-out liability is measured based upon the expected return of investment of former parent , among other things . story_separator_special_tag for the relevant currency , adjusted for statutory reserve requirements , and ( b ) 100 basis points , plus , in each case , the applicable margin of 400 basis points per annum . pursuant to the first amendment , ( i ) the applicable margin ( a ) with respect to abr borrowings was reduced to 225 basis points and ( b ) with respect to eurocurrency borrowings was reduced to 325 basis points and ( ii ) the libor floor referred to in clause ( ii ) ( b ) above was reduced from 100 to 50 basis points . the interest rates applicable to the loans under the revolving facility equal , at our option , either , ( i ) in the case of abr borrowings , the highest of ( a ) the federal funds rate as of such day plus 50 basis points , ( b ) the prime rate and ( c ) the adjusted libor rate as of such day for a deposit in u.s. dollars with a maturity of one month plus 100 basis points , provided that in no event shall the abr be less than 150 basis points , plus , in each case , the applicable margin of 225 basis points per annum ; or ( ii ) in the case of eurocurrency borrowings , the greater of ( a ) the libor for the relevant currency , adjusted for statutory reserve requirements , and ( b ) 50 basis points , plus , in each case , the applicable margin of 325 basis points per annum . guarantees and security 50 the obligations under the senior secured credit facility are guaranteed by ati investment sub , inc. and its wholly owned domestic subsidiaries other than certain immaterial subsidiaries and other excluded subsidiaries . the obligations under the senior secured credit facility are secured by a first priority security interest in substantially all of array tech , inc. 's and the guarantors ' existing and future property and assets , including accounts receivable , inventory , equipment , general intangibles , intellectual property , investment property , other personal property , material owned real property , cash and proceeds of the foregoing . prepayments and amortization loans under the revolving credit facility may be voluntarily prepaid in whole , or in part , in each case without premium or penalty . loans under the term loan facility may be voluntarily prepaid in whole , or in part , in each case without premium or penalty ( other than a 1 % premium with respect to prepayments on account of certain “ repricing events , ” subject to exceptions , occurring within 12 months of the closing date of the senior secured credit facility ) . the senior secured credit facility requires mandatory prepayments , but not permanent reductions of commitments thereunder , for excess cash flow , asset sales , subject to a right of reinvestment , and refinancing facilities . the term loan facility amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00 % per annum of the original principal amount of the loans funded thereunder . there is no scheduled amortization under the revolving credit facility . restrictive covenants and other matters the senior secured credit facility contains affirmative and negative covenants including covenants that restrict our incurrence of indebtedness , incurrence of liens , dispositions , investments , acquisitions , restricted payments , transactions with affiliates , as well as other negative covenants customary for financings of this type . the revolving credit facility also includes a springing financial maintenance covenant that is tested on the last day of each fiscal quarter if the outstanding loans and certain other credit extensions under the new revolving credit facility exceed 35 % of the aggregate amount of commitments thereunder . if the financial maintenance covenant is triggered , the first lien net leverage ratio will be tested for compliance not to exceed 7.10 to 1.00. the senior secured credit facility also includes customary events of default , including the occurrence of a change of control . senior abl facility the company had a senior abl facility which , as amended on march 23 , 2020 , had maximum availability of $ 100.0 million and matures on march 23 , 2025. the amount available to be borrowed under the senior abl facility was determined by a borrowing base consisting of our eligible inventory , eligible accounts receivable and cash . on october 14 , 2020 , we repaid the entire outstanding balance of the senior abl facility and closed this facility . the interest rates applicable to the loans under the senior abl facility were based on a fluctuating rate of interest determined by reference to a base rate plus an applicable margin ranging from 0.50 % to 1.00 % or a prime rate or eurocurrency rate plus an applicable margin ranging from 1.50 % to 2.00 % . the applicable margin was adjusted after the completion of each full fiscal quarter based upon the pricing grid in the senior abl facility . 51 the senior abl facility contained a number of customary affirmative and negative covenants , including covenants that restricted our ability to borrow money , grant liens , pay dividends or dispose of assets , and events of default . specifically , we were required to maintain a fixed charge coverage ratio , measured as of the last day of each full fiscal quarter , of at least 1.10 to 1.00. letter of credit facility on december 16 , 2019 , we entered into a letter of credit facility ( the “ lc facility ” ) to provide customers with additional credit support in the form of a standby letter of credit to secure our performance obligations under contracts for which certain customers elected to prepay for the design and manufacture of tracker systems . the lc facility has a commitment

liquidity and capital resources historical cash flow the following table compares the historical cash flow ( in thousands ) : 48 replace_table_token_6_th we have historically financed our operations primarily with the proceeds from contributions , operating cash flows and short and long-term borrowings . our ability to generate positive cash flow from operations is dependent on the strength our gross margins as well as our ability to quickly turn our working capital . based on our past performance and current expectations , we believe that operating cash flows will be sufficient to meet our future cash needs . our senior secured credit facility ( see discussion below ) provides an additional source of short and long-term liquidity to fund operations . as of december 31 , 2020 , our cash and cash equivalents was $ 108.4 million . net working capital as of december 31 , 2020 was $ 86.1 million . as of december 31 , 2020 , we had outstanding borrowings of $ 460.0 million under the term loan facility and $ 103.4 million available of our $ 150.0 million commitment under our revolving credit facility . operating activities for the year ended december 31 , 2020 , cash used by operating activities was $ 122.2 million primarily due to payments to our suppliers for products that were paid for by customers in 2019 , but that we did not ship until 2020. in order for our customers to take advantage of the itc credit , we received payment on these projects in the fourth quarter of 2019. for the year ended december 31 , 2019 cash provided by operating activities was $ 386.1 million , due to an increase in deferred revenue of $ 307.0 million resulting from payments made by customers


 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 historical cash flow the following table compares the historical cash flow ( in thousands ) : 48 replace_table_token_6_th we have historically financed our operations primarily with the proceeds from contributions , operating cash flows and short and long-term borrowings . our ability to generate positive cash flow from operations is dependent on the strength our gross margins as well as our ability to quickly turn our working capital . based on our past performance and current expectations , we believe that operating cash flows will be sufficient to meet our future cash needs . our senior secured credit facility ( see discussion below ) provides an additional source of short and long-term liquidity to fund operations . as of december 31 , 2020 , our cash and cash equivalents was $ 108.4 million . net working capital as of december 31 , 2020 was $ 86.1 million . as of december 31 , 2020 , we had outstanding borrowings of $ 460.0 million under the term loan facility and $ 103.4 million available of our $ 150.0 million commitment under our revolving credit facility . operating activities for the year ended december 31 , 2020 , cash used by operating activities was $ 122.2 million primarily due to payments to our suppliers for products that were paid for by customers in 2019 , but that we did not ship until 2020. in order for our customers to take advantage of the itc credit , we received payment on these projects in the fourth quarter of 2019. for the year ended december 31 , 2019 cash provided by operating activities was $ 386.1 million , due to an increase in deferred revenue of $ 307.0 million resulting from payments made by customers
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 Suspicious Activity Report : key components of our results of operations the following discussion describes certain line items in our consolidated statements of operations . revenues we generate revenue from the sale of solar tracking systems and parts . our customers include epcs , utilities , solar developers and independent power producers . for each individual solar project , we enter into a contract with our customers covering the price , specifications , delivery dates and warranty for the products being purchased , among other things . our contractual delivery period for the tracker system and parts can vary from days to several months . contracts can range in value from hundreds of thousands to tens of millions of dollars . our revenue is affected by changes in the volume and asps of solar tracking systems purchased by our customers . the quarterly volume and asp of our systems is driven by the supply of , and demand for , our products , changes in product mix between module type and wattage , geographic mix of our customers , strength of competitors ' product offerings , and availability of government incentives to the end-users of our products . our revenue growth is dependent on continued growth in the amount of solar energy projects installed each year as well as our ability to increase our share of demand in each of the geographies where we compete , expand our global footprint to new evolving markets , grow our production capabilities to meet demand and to continue to develop and introduce new and innovative products that address the changing technology and performance requirements of our customers . cost of revenues and gross profit cost of revenues consists primarily of product costs , including purchased components , as well as costs related to shipping , tariffs , customer support , product warranty , personnel and depreciation of test and manufacturing equipment . personnel costs in cost of revenues includes both direct labor costs as well as costs attributable to any individuals whose activities relate to the transformation of raw materials or component parts into finished goods or the transportation of materials to the customer . our product costs are affected by the underlying cost of raw materials , including steel and aluminum ; component costs , including electric motors and gearboxes ; technological innovation ; economies of scale resulting in lower component costs , and improvements in production processes and automation . we do not currently hedge against changes in the price of raw materials . some of these costs , primarily personnel and depreciation of test and manufacturing equipment , are not directly affected by sales volume . 41 gross profit may vary from quarter to quarter and is primarily affected by our asps , product costs , product mix , customer mix , geographical mix , shipping method , warranty costs and seasonality . operating expenses operating expenses consist of general and administrative costs , contingent consideration , as well as depreciation and amortization expense . personnel-related costs are the most significant component of our operating expenses and include salaries , benefits , payroll taxes and commissions . our full-time employee headcount in our general and administrative departments has grown from approximately 150 as of december 31 , 2019 to 177 at december 31 , 2020 , and we expect to continue to hire new employees to support our growth . the timing of these additional hires could materially affect our operating expenses in any particular period , both in absolute dollars and as a percentage of revenue . we expect to continue to invest substantial resources to support our growth and continued technological advancement and anticipate that general and administrative and depreciation expenses will increase in absolute dollar amounts for the foreseeable future . general and administrative expenses general and administrative expenses consist primarily of salaries , equity-based compensation , employee benefits and payroll taxes related to our executives , sales , finance , human resources , information technology , engineering and legal organizations , as well as travel , facilities costs , marketing , bad debt and fees for professional services . professional services consist of audit , legal , tax , insurance , information technology and other costs . we expect an increase in the number of sales and marketing personnel in connection with the expansion of our global sales and marketing footprint , enabling us to penetrate new markets . the majority of our sales in 2020 were in the u.s. ; however , during the year we expanded our international presence with additional global sales staff . we currently have a sales presence in the u.s. , australia , the u.k. and brazil . we intend to continue to expand our sales presence and marketing efforts to additional countries . we also expect that as a public company we will incur additional audit , tax , accounting , legal and other costs related to compliance with applicable securities and other regulations , as well as additional insurance , investor relations and other costs associated with being a public company . we also anticipate an increase in our spend related to product innovation as we hire additional engineering resources and increase our external r & d spend . contingent consideration contingent consideration consists of the changes in fair value of the earn-out and the tra entered into with ron p. corio , our indirect stockholder , concurrent with former parent 's acquisition of patent , llc . the earn-out liability was recorded at fair value at the acquisition date and subsequent changes in the fair value are recognized in earnings . fair value of the earn-out liability is measured based upon the expected return of investment of former parent , among other things . story_separator_special_tag for the relevant currency , adjusted for statutory reserve requirements , and ( b ) 100 basis points , plus , in each case , the applicable margin of 400 basis points per annum . pursuant to the first amendment , ( i ) the applicable margin ( a ) with respect to abr borrowings was reduced to 225 basis points and ( b ) with respect to eurocurrency borrowings was reduced to 325 basis points and ( ii ) the libor floor referred to in clause ( ii ) ( b ) above was reduced from 100 to 50 basis points . the interest rates applicable to the loans under the revolving facility equal , at our option , either , ( i ) in the case of abr borrowings , the highest of ( a ) the federal funds rate as of such day plus 50 basis points , ( b ) the prime rate and ( c ) the adjusted libor rate as of such day for a deposit in u.s. dollars with a maturity of one month plus 100 basis points , provided that in no event shall the abr be less than 150 basis points , plus , in each case , the applicable margin of 225 basis points per annum ; or ( ii ) in the case of eurocurrency borrowings , the greater of ( a ) the libor for the relevant currency , adjusted for statutory reserve requirements , and ( b ) 50 basis points , plus , in each case , the applicable margin of 325 basis points per annum . guarantees and security 50 the obligations under the senior secured credit facility are guaranteed by ati investment sub , inc. and its wholly owned domestic subsidiaries other than certain immaterial subsidiaries and other excluded subsidiaries . the obligations under the senior secured credit facility are secured by a first priority security interest in substantially all of array tech , inc. 's and the guarantors ' existing and future property and assets , including accounts receivable , inventory , equipment , general intangibles , intellectual property , investment property , other personal property , material owned real property , cash and proceeds of the foregoing . prepayments and amortization loans under the revolving credit facility may be voluntarily prepaid in whole , or in part , in each case without premium or penalty . loans under the term loan facility may be voluntarily prepaid in whole , or in part , in each case without premium or penalty ( other than a 1 % premium with respect to prepayments on account of certain “ repricing events , ” subject to exceptions , occurring within 12 months of the closing date of the senior secured credit facility ) . the senior secured credit facility requires mandatory prepayments , but not permanent reductions of commitments thereunder , for excess cash flow , asset sales , subject to a right of reinvestment , and refinancing facilities . the term loan facility amortizes in equal quarterly installments in aggregate annual amounts equal to 1.00 % per annum of the original principal amount of the loans funded thereunder . there is no scheduled amortization under the revolving credit facility . restrictive covenants and other matters the senior secured credit facility contains affirmative and negative covenants including covenants that restrict our incurrence of indebtedness , incurrence of liens , dispositions , investments , acquisitions , restricted payments , transactions with affiliates , as well as other negative covenants customary for financings of this type . the revolving credit facility also includes a springing financial maintenance covenant that is tested on the last day of each fiscal quarter if the outstanding loans and certain other credit extensions under the new revolving credit facility exceed 35 % of the aggregate amount of commitments thereunder . if the financial maintenance covenant is triggered , the first lien net leverage ratio will be tested for compliance not to exceed 7.10 to 1.00. the senior secured credit facility also includes customary events of default , including the occurrence of a change of control . senior abl facility the company had a senior abl facility which , as amended on march 23 , 2020 , had maximum availability of $ 100.0 million and matures on march 23 , 2025. the amount available to be borrowed under the senior abl facility was determined by a borrowing base consisting of our eligible inventory , eligible accounts receivable and cash . on october 14 , 2020 , we repaid the entire outstanding balance of the senior abl facility and closed this facility . the interest rates applicable to the loans under the senior abl facility were based on a fluctuating rate of interest determined by reference to a base rate plus an applicable margin ranging from 0.50 % to 1.00 % or a prime rate or eurocurrency rate plus an applicable margin ranging from 1.50 % to 2.00 % . the applicable margin was adjusted after the completion of each full fiscal quarter based upon the pricing grid in the senior abl facility . 51 the senior abl facility contained a number of customary affirmative and negative covenants , including covenants that restricted our ability to borrow money , grant liens , pay dividends or dispose of assets , and events of default . specifically , we were required to maintain a fixed charge coverage ratio , measured as of the last day of each full fiscal quarter , of at least 1.10 to 1.00. letter of credit facility on december 16 , 2019 , we entered into a letter of credit facility ( the “ lc facility ” ) to provide customers with additional credit support in the form of a standby letter of credit to secure our performance obligations under contracts for which certain customers elected to prepay for the design and manufacture of tracker systems . the lc facility has a commitment

