services segment our services primarily include the following categories : specialty contracting , including the design and construction of hvac , plumbing and or electrical systems within commercial and institutional buildings ; general contracting , including construction on projects that primarily involve hvac , plumbing and or electrical ; maintenance of hvac , plumbing and or electrical systems ; service projects for system and equipment upgrades , including energy retrofits ; emergency service work , which we refer to as “ spot work ” ; water treatment ; automatic temperature controls ( “ atc ” ) ; and performance contracting , including significant building energy retrofits . typical maintenance and water treatment agreements range in value from $ 2,500 to over $ 200,000. service projects typically range in value from $ 1,000 to $ 500,000. spot work varies in value and is typically billed at preapproved billing rates . atc projects vary in size from $ 10,000 to over $ 250,000. specialty contracting , general contracting and performance contracting can range from $ 100,000 to $ 100 million . the durations of our contracts generally range from six months to three years . while these ranges are typical for our services , certain projects may be below or above these stated ranges . 27 jobs act we are an “ emerging growth company ” ( “ egc ” ) pursuant to the jobs act . the jobs act contains provisions that , among other things , reduce certain reporting requirements for qualifying companies . under the jobs act , we will remain an egc until the earliest of : december 31 , 2019 ( the last day of the fiscal year following the fifth anniversary of our initial public offering of common equity securities ) ; the last day of the fiscal year in which we have annual gross revenue of $ 1.07 billion or more ; the date on which we have , during the previous three-year period , issued more than $ 1.0 billion in non-convertible debt ; and the date on which we are deemed to be a “ large accelerated filer , ” which will occur at such time as the company has an aggregate worldwide market value of common equity securities held by non-affiliates of $ 700.0 million or more as of the last business day of our most recently completed second fiscal quarter . pursuant to section 107 ( b ) of the jobs act , as an egc we elected to delay adoption of accounting pronouncements newly issued or revised after april 5 , 2012 applicable to public companies until such pronouncements are made applicable to private companies . as a result , our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies . industry forecast industry forecasting by dodge data and analytics , fmi and the aia anticipate continued growth in all of our sectors in the near and midterm . as noted in fmi 's fourth quarter 2017 construction outlook report , our top four sectors healthcare , education , sports & amusement , and transportation are projected to be relatively stable , with growth in line with the rate of inflation through 2021. combining the expansion of the market opportunities , our competitive differentiation and the growth strategies we are employing , we believe we will continue to realize steady sales and improve margin opportunities . trends that could affect the company 's business are discussed in “ risk factors-risks related to our business and industry ” in item 1a . 28 key components of consolidated statements of operations revenue we generate revenue principally from fixed-price construction contracts to deliver hvac , plumbing , and electrical construction services to our customers . the duration of our contracts generally range from six months to three years . revenue from fixed price contracts are recognized on the percentage-of-completion method , measured by the relationship of total cost incurred to total estimated contract costs ( cost-to-cost method ) . revenue from time and materials service contracts is recognized as services are performed . we believe that our extensive experience in hvac , plumbing , and electrical projects , and our internal cost review procedures during the bidding process , enable us to reasonably estimate costs and mitigate the risk of cost overruns on fixed price contracts . we generally invoice customers on a monthly basis , based on a schedule of values that breaks down the contract amount into discrete billing items . costs and estimated earnings in excess of billings on uncompleted contracts are recorded as an asset until billable under the contract terms . billings in excess of costs and estimated earnings on uncompleted contracts are recorded as a liability until the related revenue is recognizable . cost of revenue cost of revenue primarily consists of the labor , equipment , material , subcontract , and other job costs in connection with fulfilling the terms of our contracts . labor costs consist of wages plus taxes , fringe benefits , and insurance . equipment costs consist of the ownership and operating costs of company-owned assets , in addition to outside-rented equipment . if applicable , job costs include estimated contract losses to be incurred in future periods . due to the varied nature of our services , and the risks associated therewith , contract costs as a percentage of contract revenue have historically fluctuated and we expect this fluctuation to continue in future periods . selling , general and administrative expenses selling , general and administrative expenses consist primarily of personnel costs for our administrative , estimating , human resources , safety , information technology , legal , finance and accounting employees and executives . story_separator_special_tag many of our contracts contain provisions that allow the contract to be canceled at any time ; however , if this occurs , we can generally recover costs incurred up to the date of cancellation . construction backlog at december 31 , 2017 and december 31 , 2016 was $ 426.7 million and $ 390.2 million , respectively . the increase in construction backlog was driven by an increase in new construction projects in the mid-atlantic and michigan branches , offset by decreases in construction projects in florida , ohio and new england . of the construction backlog at december 31 , 2017 , we expect to recognize approximately $ 302.0 million by the end of 2018. in addition , service backlog as of december 31 , 2017 and december 31 , 2016 was $ 34.7 million and $ 44.1 million , respectively . service backlog decreased due to lower than expected sales of owner direct and mep prime projects in the mid-atlantic and florida branches . because of the short duration of our service work , we expect approximately 90 % of this backlog to be recognized by the end of 2018. upon the closing of the business combination , the company recognized intangible assets for the fair value of both construction and service backlogs . see note 4 – business combination in the notes to consolidated financial statements . seasonality , cyclicality and quarterly trends severe weather can impact our operations . in the northern climates where we operate , and to a lesser extent the southern climates as well , severe winters can slow our productivity on construction projects , which shifts revenue and gross profit recognition to a later period . our maintenance operations may also be impacted by mild or severe weather . mild weather tends to reduce demand for our maintenance services , whereas severe weather may increase the demand for our maintenance and spot services . our operations also experience mild cyclicality , as building owners typically work through maintenance and capital projects at an increased level during the third and fourth calendar quarters of each year . liquidity and capital resources story_separator_special_tag through july 19 , 2016 ( predecessor ) . at december 31 , 2017 , the company had a bank overdraft of $ 7.8 million , representing an increase in the company 's short-term obligation to its bank . bank overdrafts represent outstanding checks in excess of cash on hand with a specific financial institution as of any balance sheet date . for the year ended december 31 , 2017 , we borrowed $ 111.6 million and repaid a total of $ 105.9 million on the credit agreement revolver ( as defined below ) , paid $ 4.1 million to redeem 120,000 preferred shares ( including $ 0.2 million of a preferred stock share redemption premium ) , made repayments of $ 4.9 million on the credit agreement term loan ( as defined below ) , made capital lease payments of $ 1.7 million , and paid $ 2.1 million for insurance premiums previously financed . 36 the following table reflects our available funding capacity as of december 31 , 2017 : ( in thousands ) cash & cash equivalents $ 626 credit agreement : undrawn amount on revolving credit facility $ 19,342 outstanding letters of credit ( 3,490 ) net credit agreement capacity available 15,852 total available funding capacity $ 16,478 on july 20 , 2016 , concurrently with the closing of the business combination , the company entered into a $ 25.0 million revolving credit facility ( the “ credit agreement revolver ” ) , a $ 24.0 million term loan ( the “ credit agreement term loan ” ) and a $ 13.0 million subordinated loan . the company repaid in full its previous subordinated debt facility of $ 23.6 million , its revolving credit facility of $ 8.3 million and made term loan payments of $ 1.3 million . at the closing of the business combination , the company also received proceeds of $ 9.9 million from the issuance of redeemable preferred convertible preferred stock . in december 2016 , the company repaid all amounts outstanding under the subordinated loan agreement , including deferred interest and prepayment penalties , totaling $ 15.3 million in full settlement of the subordinated loan agreement . for january 1 , 2016 through july 19 , 2016 ( predecessor ) , we used cash and cash equivalents of $ 5.4 million , in financing activities , primarily due to net reduction of long-term debt in the form of revolver credit of $ 3.5 million , term loan payments of $ 1.0 million , and capital lease payments of $ 0.7 million . cash flow summary our cash used in operating activities for the year ended december 31 , 2017 was due to the commencement of new projects and billing and collections that were not at a sufficient level to support the short-term needs for project start-ups . billing and collections on both construction and service projects are increasing on a monthly basis and management expects this operating cash flow trend will improve as these projects mature , cash is collected , and profits increase . management further expects that high volumes of service work , which is less sensitive to the cash flow issues presented by large construction projects , will further continue to positively impact our cash flow trends . we believe our current cash and cash equivalents of $ 0.6 million , cash to be received from existing and new customers , and availability of borrowing under a revolving line of credit under our credit agreement ( pursuant to which we had $ 15.9 million of availability as of december 31 , 2017 ) will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months . additionally , we expect that certain non-cash items , certain permanent book-tax differences originating in

cash flows our liquidity needs relate primarily to the provision of working capital ( defined as current assets less current liabilities ) to support operations , funding of capital expenditures , and investment in strategic opportunities . historically , liquidity has been provided by operating activities and borrowing from commercial banks and institutional lenders . the following table presents summary cash flow information for the periods indicated : replace_table_token_4_th our cash flows are primarily impacted from period to period by fluctuations in working capital . factors such as our contract mix , commercial terms , days sales outstanding ( “ dso ” ) , and delays in the start of projects may impact our working capital . in line with industry practice , we accumulate costs during a given month then bill those costs in the current month for many of our contracts . while labor costs associated with these contracts are paid weekly and salary costs associated with the contracts are paid bi-weekly , certain subcontractor costs are generally not paid until we receive payment from our customers ( contractual “ pay-if-paid ” terms ) . we have not historically experienced a large volume of write-offs related to our receivables and our unbilled revenue on contracts in progress . we regularly assess our receivables and costs in excess of billings for collectability and provide allowances for doubtful accounts where appropriate . we believe that our reserves for doubtful accounts are appropriate as of december 31 , 2017 , but adverse changes in the economic environment may impact certain of our customers ' ability to access capital and compensate us for our services , as well as impact project activity for the foreseeable future . the following table represents our summarized working capital information : replace_table_token_5_th * current ratio is calculated by dividing current assets by current liabilities .


 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 flows our liquidity needs relate primarily to the provision of working capital ( defined as current assets less current liabilities ) to support operations , funding of capital expenditures , and investment in strategic opportunities . historically , liquidity has been provided by operating activities and borrowing from commercial banks and institutional lenders . the following table presents summary cash flow information for the periods indicated : replace_table_token_4_th our cash flows are primarily impacted from period to period by fluctuations in working capital . factors such as our contract mix , commercial terms , days sales outstanding ( “ dso ” ) , and delays in the start of projects may impact our working capital . in line with industry practice , we accumulate costs during a given month then bill those costs in the current month for many of our contracts . while labor costs associated with these contracts are paid weekly and salary costs associated with the contracts are paid bi-weekly , certain subcontractor costs are generally not paid until we receive payment from our customers ( contractual “ pay-if-paid ” terms ) . we have not historically experienced a large volume of write-offs related to our receivables and our unbilled revenue on contracts in progress . we regularly assess our receivables and costs in excess of billings for collectability and provide allowances for doubtful accounts where appropriate . we believe that our reserves for doubtful accounts are appropriate as of december 31 , 2017 , but adverse changes in the economic environment may impact certain of our customers ' ability to access capital and compensate us for our services , as well as impact project activity for the foreseeable future . the following table represents our summarized working capital information : replace_table_token_5_th * current ratio is calculated by dividing current assets by current liabilities .
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 Suspicious Activity Report : services segment our services primarily include the following categories : specialty contracting , including the design and construction of hvac , plumbing and or electrical systems within commercial and institutional buildings ; general contracting , including construction on projects that primarily involve hvac , plumbing and or electrical ; maintenance of hvac , plumbing and or electrical systems ; service projects for system and equipment upgrades , including energy retrofits ; emergency service work , which we refer to as “ spot work ” ; water treatment ; automatic temperature controls ( “ atc ” ) ; and performance contracting , including significant building energy retrofits . typical maintenance and water treatment agreements range in value from $ 2,500 to over $ 200,000. service projects typically range in value from $ 1,000 to $ 500,000. spot work varies in value and is typically billed at preapproved billing rates . atc projects vary in size from $ 10,000 to over $ 250,000. specialty contracting , general contracting and performance contracting can range from $ 100,000 to $ 100 million . the durations of our contracts generally range from six months to three years . while these ranges are typical for our services , certain projects may be below or above these stated ranges . 27 jobs act we are an “ emerging growth company ” ( “ egc ” ) pursuant to the jobs act . the jobs act contains provisions that , among other things , reduce certain reporting requirements for qualifying companies . under the jobs act , we will remain an egc until the earliest of : december 31 , 2019 ( the last day of the fiscal year following the fifth anniversary of our initial public offering of common equity securities ) ; the last day of the fiscal year in which we have annual gross revenue of $ 1.07 billion or more ; the date on which we have , during the previous three-year period , issued more than $ 1.0 billion in non-convertible debt ; and the date on which we are deemed to be a “ large accelerated filer , ” which will occur at such time as the company has an aggregate worldwide market value of common equity securities held by non-affiliates of $ 700.0 million or more as of the last business day of our most recently completed second fiscal quarter . pursuant to section 107 ( b ) of the jobs act , as an egc we elected to delay adoption of accounting pronouncements newly issued or revised after april 5 , 2012 applicable to public companies until such pronouncements are made applicable to private companies . as a result , our financial statements may not be comparable to the financial statements of issuers who are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies . industry forecast industry forecasting by dodge data and analytics , fmi and the aia anticipate continued growth in all of our sectors in the near and midterm . as noted in fmi 's fourth quarter 2017 construction outlook report , our top four sectors healthcare , education , sports & amusement , and transportation are projected to be relatively stable , with growth in line with the rate of inflation through 2021. combining the expansion of the market opportunities , our competitive differentiation and the growth strategies we are employing , we believe we will continue to realize steady sales and improve margin opportunities . trends that could affect the company 's business are discussed in “ risk factors-risks related to our business and industry ” in item 1a . 28 key components of consolidated statements of operations revenue we generate revenue principally from fixed-price construction contracts to deliver hvac , plumbing , and electrical construction services to our customers . the duration of our contracts generally range from six months to three years . revenue from fixed price contracts are recognized on the percentage-of-completion method , measured by the relationship of total cost incurred to total estimated contract costs ( cost-to-cost method ) . revenue from time and materials service contracts is recognized as services are performed . we believe that our extensive experience in hvac , plumbing , and electrical projects , and our internal cost review procedures during the bidding process , enable us to reasonably estimate costs and mitigate the risk of cost overruns on fixed price contracts . we generally invoice customers on a monthly basis , based on a schedule of values that breaks down the contract amount into discrete billing items . costs and estimated earnings in excess of billings on uncompleted contracts are recorded as an asset until billable under the contract terms . billings in excess of costs and estimated earnings on uncompleted contracts are recorded as a liability until the related revenue is recognizable . cost of revenue cost of revenue primarily consists of the labor , equipment , material , subcontract , and other job costs in connection with fulfilling the terms of our contracts . labor costs consist of wages plus taxes , fringe benefits , and insurance . equipment costs consist of the ownership and operating costs of company-owned assets , in addition to outside-rented equipment . if applicable , job costs include estimated contract losses to be incurred in future periods . due to the varied nature of our services , and the risks associated therewith , contract costs as a percentage of contract revenue have historically fluctuated and we expect this fluctuation to continue in future periods . selling , general and administrative expenses selling , general and administrative expenses consist primarily of personnel costs for our administrative , estimating , human resources , safety , information technology , legal , finance and accounting employees and executives . story_separator_special_tag many of our contracts contain provisions that allow the contract to be canceled at any time ; however , if this occurs , we can generally recover costs incurred up to the date of cancellation . construction backlog at december 31 , 2017 and december 31 , 2016 was $ 426.7 million and $ 390.2 million , respectively . the increase in construction backlog was driven by an increase in new construction projects in the mid-atlantic and michigan branches , offset by decreases in construction projects in florida , ohio and new england . of the construction backlog at december 31 , 2017 , we expect to recognize approximately $ 302.0 million by the end of 2018. in addition , service backlog as of december 31 , 2017 and december 31 , 2016 was $ 34.7 million and $ 44.1 million , respectively . service backlog decreased due to lower than expected sales of owner direct and mep prime projects in the mid-atlantic and florida branches . because of the short duration of our service work , we expect approximately 90 % of this backlog to be recognized by the end of 2018. upon the closing of the business combination , the company recognized intangible assets for the fair value of both construction and service backlogs . see note 4 – business combination in the notes to consolidated financial statements . seasonality , cyclicality and quarterly trends severe weather can impact our operations . in the northern climates where we operate , and to a lesser extent the southern climates as well , severe winters can slow our productivity on construction projects , which shifts revenue and gross profit recognition to a later period . our maintenance operations may also be impacted by mild or severe weather . mild weather tends to reduce demand for our maintenance services , whereas severe weather may increase the demand for our maintenance and spot services . our operations also experience mild cyclicality , as building owners typically work through maintenance and capital projects at an increased level during the third and fourth calendar quarters of each year . liquidity and capital resources story_separator_special_tag through july 19 , 2016 ( predecessor ) . at december 31 , 2017 , the company had a bank overdraft of $ 7.8 million , representing an increase in the company 's short-term obligation to its bank . bank overdrafts represent outstanding checks in excess of cash on hand with a specific financial institution as of any balance sheet date . for the year ended december 31 , 2017 , we borrowed $ 111.6 million and repaid a total of $ 105.9 million on the credit agreement revolver ( as defined below ) , paid $ 4.1 million to redeem 120,000 preferred shares ( including $ 0.2 million of a preferred stock share redemption premium ) , made repayments of $ 4.9 million on the credit agreement term loan ( as defined below ) , made capital lease payments of $ 1.7 million , and paid $ 2.1 million for insurance premiums previously financed . 36 the following table reflects our available funding capacity as of december 31 , 2017 : ( in thousands ) cash & cash equivalents $ 626 credit agreement : undrawn amount on revolving credit facility $ 19,342 outstanding letters of credit ( 3,490 ) net credit agreement capacity available 15,852 total available funding capacity $ 16,478 on july 20 , 2016 , concurrently with the closing of the business combination , the company entered into a $ 25.0 million revolving credit facility ( the “ credit agreement revolver ” ) , a $ 24.0 million term loan ( the “ credit agreement term loan ” ) and a $ 13.0 million subordinated loan . the company repaid in full its previous subordinated debt facility of $ 23.6 million , its revolving credit facility of $ 8.3 million and made term loan payments of $ 1.3 million . at the closing of the business combination , the company also received proceeds of $ 9.9 million from the issuance of redeemable preferred convertible preferred stock . in december 2016 , the company repaid all amounts outstanding under the subordinated loan agreement , including deferred interest and prepayment penalties , totaling $ 15.3 million in full settlement of the subordinated loan agreement . for january 1 , 2016 through july 19 , 2016 ( predecessor ) , we used cash and cash equivalents of $ 5.4 million , in financing activities , primarily due to net reduction of long-term debt in the form of revolver credit of $ 3.5 million , term loan payments of $ 1.0 million , and capital lease payments of $ 0.7 million . cash flow summary our cash used in operating activities for the year ended december 31 , 2017 was due to the commencement of new projects and billing and collections that were not at a sufficient level to support the short-term needs for project start-ups . billing and collections on both construction and service projects are increasing on a monthly basis and management expects this operating cash flow trend will improve as these projects mature , cash is collected , and profits increase . management further expects that high volumes of service work , which is less sensitive to the cash flow issues presented by large construction projects , will further continue to positively impact our cash flow trends . we believe our current cash and cash equivalents of $ 0.6 million , cash to be received from existing and new customers , and availability of borrowing under a revolving line of credit under our credit agreement ( pursuant to which we had $ 15.9 million of availability as of december 31 , 2017 ) will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months . additionally , we expect that certain non-cash items , certain permanent book-tax differences originating in

