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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Summary of Fair Value Consideration Transferred

Sterling completed the Petillo Acquisition for a purchase price of $204,563, net of cash acquired, detailed as follows:

Cash consideration transferred, net of cash acquired			$	175,000
Equity consideration transferred (759 shares at $26.87 per share(1))			20,406
Estimated tax basis step-up payment			7,800
Target working capital adjustment			1,357
Total consideration			$	204,563

(1) Sterling’s closing stock price on December 29, 2021.

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			$	45,069
Contract assets			5,953
Other current assets			193
Property and equipment, net			48,936
Other non-current assets, net			5,498
Accounts payable			(21,863)
Contract liabilities			(8,585)
Other current liabilities			(8,215)
Total net tangible assets			66,986
Identifiable intangible assets			69,800
Goodwill			67,777
Total consideration transferred			$	204,563

Schedule of Identifiable Intangible Assets Acquired

			Weighted Average Life (Years)						December 30, 2021 Fair Value
Customer Relationships			25						$	42,300
Trade Names			25						27,500
Total									$	69,800

Summary of Proforma Information

			Years Ended December 31,
			2021						2020
Pro forma revenue			$	1,785,133					$	1,650,096
Pro forma net income attributable to Sterling			$	76,561					$	58,639

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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