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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents ($28,994 and $35,378 related to variable interest entities (“VIEs”)) $ 146,479 $ 81,840
Accounts receivable ($38,617 and $26,176 related to VIEs) 329,548 232,153
Contract assets ($19,458 and $10,249 related to VIEs) 153,666 83,310
Receivables from and equity in construction joint ventures ($5,530 and $7,058 related to VIEs) 16,316 16,896
Other current assets ($4,317 and $4,451 related to VIEs) 23,549 20,492
Total current assets 669,558 434,691
Property and equipment, net ($9,880 and $10,420 related to VIEs) 222,647 204,316
Operating lease right-of-use assets, net ($5,033 and $5,097 related to VIEs) 60,384 24,520
Goodwill ($1,501 and $1,501 related to VIEs) 252,887 259,791
Other intangibles, net 293,532 303,223
Other non-current assets, net 4,325 4,455
Total assets 1,503,333 1,230,996
Current liabilities:    
Accounts payable ($45,728 and $23,611 related to VIEs) 192,902 144,982
Contract liabilities ($16,137 and $22,583 related to VIEs) 224,739 127,932
Current maturities of long-term debt ($0 and $4,857 related to VIEs) 29,705 28,230
Current portion of long-term lease obligations ($2,407 and $2,334 related to VIEs) 17,418 8,841
Accrued compensation ($3,383 and $2,388 related to VIEs) 37,448 22,803
Other current liabilities ($496 and $889 related to VIEs) 10,096 18,972
Total current liabilities 512,308 351,760
Long-term debt ($0 and $81 related to VIEs) 407,090 428,588
Long-term lease obligations ($2,626 and $2,763 related to VIEs) 43,121 15,831
Members’ interest subject to mandatory redemption and undistributed earnings 55,862 55,115
Deferred tax liability, net 40,311 14,656
Other long-term liabilities 4,754 4,819
Total liabilities 1,063,446 870,769
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 38,000 shares authorized, 30,318 and 29,838 shares issued and outstanding 303 298
Additional paid in capital 281,576 280,274
Retained earnings 154,654 79,918
Accumulated other comprehensive gain (loss) 578 (1,723)
Total Sterling stockholders’ equity 437,111 358,767
Noncontrolling interests 2,776 1,460
Total stockholders’ equity 439,887 360,227
Total liabilities and stockholders’ equity $ 1,503,333 $ 1,230,996