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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents ($28,484 and $25,014 related to variable interest entities (“VIEs”)) $ 278,121 $ 181,544
Accounts receivable ($2,280 and $0 related to VIEs) 296,496 262,646
Contract assets 115,011 109,803
Receivables from and equity in construction joint ventures 11,407 14,122
Other current assets 14,765 29,139
Total current assets 715,800 597,254
Property and equipment, net 228,461 215,482
Operating lease right-of-use assets, net 61,106 59,415
Goodwill 262,692 262,692
Other intangibles, net 291,650 299,123
Other non-current assets, net 7,649 7,654
Total assets 1,567,358 1,441,620
Current liabilities:    
Accounts payable ($4,658 and $2,540 related to VIEs) 140,620 121,887
Contract liabilities ($17,030 and $15,551 related to VIEs) 335,877 239,297
Current maturities of long-term debt 35,062 32,610
Current portion of long-term lease obligations 18,129 19,715
Accrued compensation 25,335 24,136
Other current liabilities 12,742 8,966
Total current liabilities 567,765 446,611
Long-term debt 329,284 398,735
Long-term lease obligations 43,087 40,103
Members’ interest subject to mandatory redemption and undistributed earnings 21,296 21,597
Deferred tax liability, net 58,449 51,659
Other long-term liabilities 5,563 5,116
Total liabilities 1,025,444 963,821
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 58,000 and 38,000 shares authorized, 30,816 and 30,585 shares issued and outstanding 308 306
Additional paid in capital 291,757 287,914
Retained earnings 245,508 186,379
Total Sterling stockholders’ equity 537,573 474,599
Noncontrolling interests 4,341 3,200
Total stockholders’ equity 541,914 477,799
Total liabilities and stockholders’ equity $ 1,567,358 $ 1,441,620