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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents ($36,809 and $26,122 related to variable interest entities (“VIEs”)) $ 117,702 $ 66,185
Accounts receivable ($29,761 and $25,789 related to VIEs) 218,683 177,424
Contract assets ($11,655 and $8,370 related to VIEs) 85,498 84,975
Receivables from and equity in construction joint ventures ($7,024 and $9,708 related to VIEs) 21,656 16,653
Other current assets ($3,569 and $1,493 related to VIEs) 22,483 16,306
Total current assets 466,022 361,543
Property and equipment, net ($9,943 and $6,010 related to VIEs) 148,444 126,668
Operating lease right-of-use assets, net ($5,133 and $4,213 related to VIEs) 17,470 16,515
Goodwill ($1,501 and $1,501 related to VIEs) 192,014 192,014
Other intangibles, net 236,289 244,887
Deferred tax asset, net 0 7,817
Other non-current assets, net 4,078 3,250
Total assets 1,064,317 952,694
Current liabilities:    
Accounts payable ($30,264 and $19,505 related to VIEs) 142,740 95,201
Contract liabilities ($23,410 and $17,678 related to VIEs) 141,236 114,019
Current maturities of long-term debt ($4,857 and $6,793 related to VIEs) 21,239 77,434
Current portion of long-term lease obligations ($2,253 and $1,801 related to VIEs) 8,314 7,588
Income taxes payable 306 0
Accrued compensation ($4,235 and $2,141 related to VIEs) 34,801 18,013
Other current liabilities ($1,351 and $1,374 related to VIEs) 9,088 9,629
Total current liabilities 357,724 321,884
Long-term debt ($69 and $53 related to VIEs) 299,923 291,249
Long-term lease obligations ($2,880 and $2,412 related to VIEs) 9,306 8,958
Members’ interest subject to mandatory redemption and undistributed earnings 54,766 51,290
Deferred tax liability, net 10,287 0
Other long-term liabilities ($722 and $722 related to VIEs) 9,218 10,584
Total liabilities 741,224 683,965
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 38,000 shares authorized, 28,782 and 28,279 shares issued, 28,782 and 28,184 shares outstanding 288 283
Additional paid in capital 255,313 256,423
Treasury stock, at cost: 0 and 95 shares 0 (1,445)
Retained earnings 69,010 17,273
Accumulated other comprehensive loss (2,923) (5,264)
Total Sterling stockholders’ equity 321,688 267,270
Noncontrolling interests 1,405 1,459
Total stockholders’ equity 323,093 268,729
Total liabilities and stockholders’ equity $ 1,064,317 $ 952,694