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Plateau Acquisition (Tables)
 12 Months Ended
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 adjustment21,323
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 election5,015
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 assets13,035 
Other current assets249 
Property and equipment, net65,492 
Other non-current assets, net10 
Accounts payable(22,039)
Contract liabilities(7,790)
Other current and non-current liabilities(7,918)
Total net tangible assets102,149 
Identifiable intangible assets218,600 
Goodwill106,784 
Total consideration transferred$427,533 
Schedule of Identifiable Intangible Assets Acquired
 Weighted Average Life (Years)October 2, 2019
Fair Value
Customer relationships25$191,800 
Trade name2524,800 
Non-compete agreements52,000 
Total$218,600 
Summary of Proforma Information
 Years Ended December 31,
 20192018
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.