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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents ($25,014 and $14,483 related to variable interest entities (“VIEs”)) $ 181,544 $ 60,945
Accounts receivable ($0 and $3,663 related to VIEs) 262,646 200,185
Contract assets 109,803 75,796
Receivables from and equity in construction joint ventures 14,122 9,839
Current assets of Discontinued Operations ($0 and $71,886 related to VIEs) 0 71,886
Other current assets 29,139 16,040
Total current assets 597,254 434,691
Property and equipment, net 215,482 193,896
Operating lease right-of-use assets, net ($0 and $50 related to VIEs) 59,415 19,473
Goodwill 262,692 258,290
Other intangibles, net 299,123 303,223
Non-current assets of Discontinued Operations ($0 and $20,746 related to VIEs) 0 20,746
Other non-current assets, net 7,654 4,455
Total assets 1,441,620 1,234,774
Current liabilities:    
Accounts payable ($2,540 and $4,194 related to VIEs) 121,887 112,746
Contract liabilities ($15,551 and $10,584 related to VIEs) 239,297 118,672
Current maturities of long-term debt 32,610 23,373
Current portion of long-term lease obligations ($0 and $50 related to VIEs) 19,715 6,557
Accrued compensation 24,136 20,415
Current liabilities of Discontinued Operations ($0 and $51,914 related to VIEs) 0 51,914
Other current liabilities 8,966 18,083
Total current liabilities 446,611 351,760
Long-term debt 398,735 428,507
Long-term lease obligations 40,103 13,068
Members’ interest subject to mandatory redemption and undistributed earnings 21,597 19,322
Deferred tax liability, net 51,659 18,434
Long-term liabilities of Discontinued Operations ($0 and $38,637 related to VIEs) 0 38,637
Other long-term liabilities 5,116 4,819
Total liabilities 963,821 874,547
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 38,000 shares authorized, 30,585 and 29,838 shares issued and outstanding 306 298
Additional paid in capital 287,914 280,274
Retained earnings 186,379 79,918
Accumulated other comprehensive loss 0 (1,723)
Total Sterling stockholders’ equity 474,599 358,767
Noncontrolling interests 3,200 1,460
Total stockholders’ equity 477,799 360,227
Total liabilities and stockholders’ equity $ 1,441,620 $ 1,234,774