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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents ($24,009 and $7,538 related to variable interest entities (“VIEs”)) $ 72,593 $ 45,733
Accounts receivable, including retainage ($37,721 and $24,642 related to VIEs) 271,342 248,247
Costs and estimated earnings in excess of billings ($7,213 and $8,328 related to VIEs) 55,310 42,555
Receivables from and equity in construction joint ventures ($9,684 and $7,406 related to VIEs) 13,802 9,196
Other current assets ($146 and $503 related to VIEs) 14,171 11,790
Total current assets 427,218 357,521
Property and equipment, net ($5,944 and $5,619 related to VIEs) 121,534 116,030
Operating lease right-of-use assets ($4,079 and $3,817 related to VIEs) 17,250 13,979
Goodwill ($1,501 and $1,501 related to VIEs) 192,014 191,892
Other intangibles, net 247,754 256,323
Deferred tax asset, net 16,589 26,012
Other non-current assets, net 153 183
Total assets 1,022,512 961,940
Current liabilities:    
Accounts payable ($25,276 and $18,213 related to VIEs) 127,336 137,593
Billings in excess of costs and estimated earnings ($18,533 and $9,649 related to VIEs) 126,986 85,011
Current maturities of long-term debt ($6,793 and $39 related to VIEs) 57,476 42,473
Current portion of long-term lease obligations ($1,716 and $1,838 related to VIEs) 7,624 7,095
Income taxes payable 2,251 1,212
Accrued compensation ($3,582 and $1,521 related to VIEs) 24,328 13,727
Other current liabilities ($2,256 and $1,429 related to VIEs) 11,368 6,393
Total current liabilities 357,369 293,504
Long-term debt ($37 and $2 related to VIEs) 335,237 390,627
Long-term lease obligations ($2,363 and $1,979 related to VIEs) 9,668 6,976
Members’ interest subject to mandatory redemption and undistributed earnings 50,798 49,003
Other long-term liabilities ($1,016 and $0 related to VIEs) 10,124 619
Total liabilities 763,196 740,729
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 38,000 shares authorized, 28,280 and 28,290 shares issued, 28,086 and 27,772 shares outstanding 283 283
Additional paid in capital 254,860 251,019
Treasury stock, at cost: 194 and 518 shares (2,651) (6,142)
Retained earnings (deficit) 11,449 (25,033)
Accumulated other comprehensive loss (6,313) (209)
Total Sterling stockholders’ equity 257,628 219,918
Noncontrolling interests 1,688 1,293
Total stockholders’ equity 259,316 221,211
Total liabilities and stockholders’ equity $ 1,022,512 $ 961,940