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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Summary of Fair Value Consideration Transferred | Purchase Consideration—Sterling completed the Acquisition for a purchase price of $196,763, 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
Target working capital adjustment | 1,357
Total consideration | $ | 196,763 |
(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 | $ | 45,016 |
Contract assets | 5,953 |
Other current assets | 193 |
Property and equipment, net | 47,141 |
Other non-current assets, net | 5,498 |
Accounts payable | (21,810) |
Contract liabilities | (8,585) |
Other current liabilities | (8,216) |
Total net tangible assets | 65,190 |
Identifiable intangible assets | 70,700 |
Goodwill | 60,873 |
Total consideration transferred | $ | 196,763 |
Schedule of Identifiable Intangible Assets Acquired |
| Weighted Average Life (Years) |  | December 30, 2021 Fair Value
Customer relationships | 25 |  | $ | 43,200 |
Trade names | 25 |  | 27,500 |
Total |  |  | $ | 70,700 |
Summary of Proforma Information |
| Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021 |  |  |  |
Pro forma revenue | $ | 524,405 |  |  | $ | 1,323,771 |  |  |  |  |
Pro forma net income attributable to Sterling | $ | 27,985 |  |  | $ | 62,330 |  |  |  |  |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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