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Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2022

Basis of Presentation

Reclassification

Reclassification — Certain previously reported amounts have been reclassified to conform to the current period presentation.

Restricted cash

Restricted cash — Restricted cash consists primarily of contract retention payments made by customers into escrow bank accounts and are included in prepaid expenses and other current assets in our Condensed Consolidated Balance Sheets. Escrow cash accounts are released to us by customers as projects are completed in accordance with contract terms. The following tables provide a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals of such amounts shown in the Condensed Consolidated Statements of Cash Flows (in thousands):

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​	​	​	​	​	​	​
​	​	March 31,
​		2022			2021
Cash and cash equivalents	​	$	173,505	​	$	212,770
Restricted cash included in prepaid expense and other current assets	​	​	5,117	​	​	4,690
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	​	$	178,622	​	$	217,460

​

​	​	​	​	​	​	​
​		​	​		​
​	​	December 31,
​		2021			2020
Cash and cash equivalents	​	$	200,512	​	$	326,744
Restricted cash included in prepaid expense and other current assets	​	​	5,131	​	​	4,231
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	​	$	205,643	​	$	330,975

Depreciation

Depreciation — Effective January 1, 2022, we changed our estimates of the useful lives of certain equipment to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of equipment that previously ranged three to seven years were increased to a range of three to ten years. The effect of this change in estimate reduced depreciation expense by $5.8 million, decreased net loss by $4.2 million, and decreased basic and diluted loss per share by $0.08 for the three months ended March 31, 2022.

Customer concentration

Customer concentration — We operate in multiple industry segments encompassing the construction of commercial, industrial and public works infrastructure assets primarily throughout the United States. Typically, the top ten customers in any one calendar year generate revenue that is approximately 40% to 50% of total revenue; however, the companies that comprise the top ten vary from year to year.

​

For each of the three months ended March 31, 2022 and 2021, approximately 45.4% of total revenue was generated from our top ten customers. For the three months ended March 31, 2022 one solar energy customer represented approximately 10.1% of total revenue and for the three months ended March 31, 2021, no single customer accounted for more than 10% of total revenue.

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Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.

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