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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents ($30,328 and $35,378 related to variable interest entities (“VIEs”)) $ 72,905 $ 81,840
Accounts receivable ($26,282 and $26,176 related to VIEs) 302,844 232,153
Contract assets ($15,345 and $10,249 related to VIEs) 121,667 83,310
Receivables from and equity in construction joint ventures ($6,696 and $7,058 related to VIEs) 16,910 16,896
Other current assets ($865 and $1,087 related to VIEs) 23,170 20,492
Total current assets 537,496 434,691
Property and equipment, net ($10,095 and $10,420 related to VIEs) 214,976 204,316
Operating lease right-of-use assets, net ($5,246 and $5,097 related to VIEs) 46,628 24,520
Goodwill ($1,501 and $1,501 related to VIEs) 252,887 259,791
Other intangibles, net 297,041 303,223
Other non-current assets, net 4,502 4,455
Total assets 1,353,530 1,230,996
Current liabilities:    
Accounts payable ($33,597 and $23,611 related to VIEs) 164,506 144,982
Contract liabilities ($15,919 and $22,583 related to VIEs) 161,961 127,932
Current maturities of long-term debt ($0 and $4,857 related to VIEs) 26,273 28,230
Current portion of long-term lease obligations ($2,396 and $2,334 related to VIEs) 12,582 8,841
Accrued compensation ($3,175 and $2,388 related to VIEs) 33,044 22,803
Other current liabilities ($700 and $889 related to VIEs) 9,023 18,972
Total current liabilities 407,389 351,760
Long-term debt ($0 and $81 related to VIEs) 415,998 428,588
Long-term lease obligations ($2,850 and $2,763 related to VIEs) 34,103 15,831
Members’ interest subject to mandatory redemption and undistributed earnings 54,214 55,115
Deferred tax liability, net 29,871 14,656
Other long-term liabilities 4,580 4,819
Total liabilities 946,155 870,769
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 38,000 shares authorized, 30,299 and 29,838 shares issued and outstanding 303 298
Additional paid in capital 279,120 280,274
Retained earnings 125,131 79,918
Accumulated other comprehensive gain (loss) 679 (1,723)
Total Sterling stockholders’ equity 405,233 358,767
Noncontrolling interests 2,142 1,460
Total stockholders’ equity 407,375 360,227
Total liabilities and stockholders’ equity $ 1,353,530 $ 1,230,996