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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Current assets:      
Cash and cash equivalents ($7,126 and $7,538 related to variable interest entities (“VIEs”)) $ 73,905 $ 45,733  
Accounts receivable, including retainage ($30,550 and $24,642 related to VIEs) 221,268 248,247  
Costs and estimated earnings in excess of billings ($9,078 and $8,328 related to VIEs) 54,791 42,555  
Receivables from and equity in construction joint ventures ($7,729 and $7,406 related to VIEs) 10,789 9,196  
Other current assets ($1,047 and $503 related to VIEs) 10,335 11,790  
Total current assets 371,088 357,521  
Property and equipment, net ($5,627 and $5,619 related to VIEs) 117,818 116,030  
Operating lease right-of-use assets ($3,938 and $3,817 related to VIEs) 14,790 13,979  
Goodwill ($1,501 and $1,501 related to VIEs) 191,892 191,892  
Other intangibles, net 253,486 256,323  
Deferred tax asset, net 27,149 26,012  
Other non-current assets, net 172 183  
Total assets 976,395 961,940  
Current liabilities:      
Accounts payable ($26,664 and $18,213 related to VIEs) 123,172 137,593  
Billings in excess of costs and estimated earnings ($7,443 and $9,649 related to VIEs) 79,293 85,011  
Current maturities of long-term debt ($13 and $39 related to VIEs) 50,211 42,473  
Current portion of long-term lease obligations ($1,742 and $1,838 related to VIEs) 7,410 7,095  
Income taxes payable 1,656 1,212  
Accrued compensation ($2,298 and $1,521 related to VIEs) 14,187 13,727  
Other current liabilities ($1,097 and $1,429 related to VIEs) 10,403 6,393  
Total current liabilities 286,332 293,504  
Long-term debt ($2 and $2 related to VIEs) 408,828 390,627  
Long-term lease obligations ($2,196 and $1,979 related to VIEs) 7,465 6,976  
Members’ interest subject to mandatory redemption and undistributed earnings 49,186 49,003  
Other long-term liabilities 5,654 619  
Total liabilities 757,465 740,729  
Commitments and contingencies (Note 12)  
Stockholders’ equity:      
Common stock, par value $0.01 per share; 38,000 shares authorized, 28,282 and 28,290 shares issued, 27,966 and 27,772 shares outstanding 283 283  
Additional paid in capital 250,689 251,019  
Treasury Stock, at cost: 316 and 518 shares (4,247) (6,142)  
Retained deficit (21,918) (25,033)  
Accumulated other comprehensive loss (7,270) (209)  
Total Sterling stockholders’ equity 217,537 219,918  
Noncontrolling interests 1,393 1,293  
Total stockholders’ equity 218,930 221,211  
Total liabilities and stockholders’ equity $ 976,395 $ 961,940