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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents ($25,186 and $25,014 related to variable interest entities (“VIEs”)) $ 202,576 $ 181,544
Accounts receivable ($1,916 and $0 related to VIEs) 230,148 262,646
Contract assets 125,494 109,803
Receivables from and equity in construction joint ventures 13,648 14,122
Other current assets 16,094 29,139
Total current assets 587,960 597,254
Property and equipment, net 215,217 215,482
Operating lease right-of-use assets, net 62,278 59,415
Goodwill 262,671 262,692
Other intangibles, net 295,387 299,123
Other non-current assets, net 7,615 7,654
Total assets 1,431,128 1,441,620
Current liabilities:    
Accounts payable ($4,070 and $2,540 related to VIEs) 119,450 121,887
Contract liabilities ($15,413 and $15,551 related to VIEs) 242,326 239,297
Current maturities of long-term debt 35,059 32,610
Current portion of long-term lease obligations 17,376 19,715
Accrued compensation 16,904 24,136
Other current liabilities 13,574 8,966
Total current liabilities 444,689 446,611
Long-term debt 365,548 398,735
Long-term lease obligations 45,164 40,103
Members’ interest subject to mandatory redemption and undistributed earnings 18,419 21,597
Deferred tax liability, net 54,387 51,659
Other long-term liabilities 4,666 5,116
Total liabilities 932,873 963,821
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 38,000 shares authorized, 30,790 and 30,585 shares issued and outstanding 308 306
Additional paid in capital 288,328 287,914
Retained earnings 206,028 186,379
Total Sterling stockholders’ equity 494,664 474,599
Noncontrolling interests 3,591 3,200
Total stockholders’ equity 498,255 477,799
Total liabilities and stockholders’ equity $ 1,431,128 $ 1,441,620