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Plateau Acquisition (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Summary of Fair Value Consideration Transferred

Cash consideration transferred, net of $2,425 of cash acquired	$	375,000
Target working capital adjustment	21,323
Equity consideration transferred (1,245 shares at $13.01 per share(1))	16,195
Note payable to seller (See Note 9 - Debt)	10,000
Estimated tax basis election	5,141
Total consideration	$	427,659

⁽¹⁾ Sterling’s closing stock price on October 1, 2019

Summary of Preliminary Purchase Price Allocation

The following table summarizes our purchase price allocation at the acquisition closing date, net of cash acquired:

Net tangible assets:
Accounts receivable, including retainage	$	81,921
Costs and estimated earnings in excess of billings	974
Other current assets	249
Property and equipment, net	65,492
Other non-current assets, net	10
Accounts payable	(22,039		)
Billings in excess of costs and estimated earnings	(16,540		)
Other current liabilities	(7,669		)
Total net tangible assets	102,398
Preliminary identifiable intangible assets	218,600
Goodwill	106,661
Total consideration transferred	$	427,659

Schedule of Identifiable Intangible Assets Acquired

	Weighted Average Life (Years)		October 2, 2019 Fair Value
Customer relationships	25		$	191,800
Trade name	25		24,800
Non-compete agreements	5		2,000
Total			$	218,600

Summary of Proforma Information

	Years Ended December 31,
	2019				2018
Pro forma revenue	$	1,358,736			$	1,326,854
Pro forma net income attributable to Sterling	$	90,408			$	54,282

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- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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