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Plateau Acquisition (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Summary of Fair Value Consideration Transferred | Sterling completed the Plateau Acquisition for a purchase price of $427,533, net of cash acquired, detailed as follows:
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
Tax basis election | 5,015
Total consideration | $ | 427,533 |
(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 | $ | 61,110 |
Contract assets | 13,035 |
Other current assets | 249 |
Property and equipment, net | 65,492 |
Other non-current assets, net | 10 |
Accounts payable | (22,039) |
Contract liabilities | (7,790) |
Other current and non-current liabilities | (7,918) |
Total net tangible assets | 102,149 |
Identifiable intangible assets | 218,600 |
Goodwill | 106,784 |
Total consideration transferred | $ | 427,533 |
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 (1) | $ | 90,408 |  |  | $ | 54,282 |
(1) Pro forma net income attributable to Sterling does not include any non-cash income tax expense, as we had a valuation allowance in 2018 and 2019. Additionally, in 2019 we had a reversal of the valuation allowance on our net deferred tax assets. See Note 13 - Income Taxes for a further discussion of the reversal.

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