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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents ($26,449 and $35,378 related to variable interest entities (“VIEs”)) $ 80,395 $ 81,840
Accounts receivable ($24,537 and $26,176 related to VIEs) 226,397 232,153
Contract assets ($14,348 and $10,249 related to VIEs) 87,865 83,310
Receivables from and equity in construction joint ventures ($7,581 and $7,058 related to VIEs) 19,292 16,896
Other current assets ($206 and $1,087 related to VIEs) 21,941 20,492
Total current assets 435,890 434,691
Property and equipment, net ($10,189 and $10,420 related to VIEs) 212,603 204,316
Operating lease right-of-use assets, net ($5,702 and $5,097 related to VIEs) 37,344 24,520
Goodwill ($1,501 and $1,501 related to VIEs) 252,353 259,791
Other intangibles, net 300,055 303,223
Other non-current assets, net 4,488 4,455
Total assets 1,242,733 1,230,996
Current liabilities:    
Accounts payable ($23,593 and $23,611 related to VIEs) 143,400 144,982
Contract liabilities ($15,461 and $22,583 related to VIEs) 116,182 127,932
Current maturities of long-term debt ($0 and $4,857 related to VIEs) 30,368 28,230
Current portion of long-term lease obligations ($2,370 and $2,334 related to VIEs) 10,117 8,841
Accrued compensation ($3,397 and $2,388 related to VIEs) 25,815 22,803
Other current liabilities ($871 and $889 related to VIEs) 13,632 18,972
Total current liabilities 339,514 351,760
Long-term debt ($0 and $81 related to VIEs) 417,331 428,588
Long-term lease obligations ($3,332 and $2,763 related to VIEs) 27,326 15,831
Members’ interest subject to mandatory redemption and undistributed earnings 55,754 55,115
Deferred tax liability, net 20,758 14,656
Other long-term liabilities 4,410 4,819
Total liabilities 865,093 870,769
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 38,000 shares authorized, 30,263 and 29,838 shares issued and outstanding 302 298
Additional paid in capital 276,597 280,274
Retained earnings 99,170 79,918
Accumulated other comprehensive loss (160) (1,723)
Total Sterling stockholders’ equity 375,909 358,767
Noncontrolling interests 1,731 1,460
Total stockholders’ equity 377,640 360,227
Total liabilities and stockholders’ equity $ 1,242,733 $ 1,230,996