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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents ($28,478 and $25,014 related to variable interest entities (“VIEs”)) $ 409,398 $ 181,544
Accounts receivable ($2,299 and $0 related to VIEs) 326,331 262,646
Contract assets ($112 and $0 related to VIEs) 107,327 109,803
Receivables from and equity in construction joint ventures 14,593 14,122
Other current assets 18,315 29,139
Total current assets 875,964 597,254
Property and equipment, net 231,058 215,482
Operating lease right-of-use assets, net 58,492 59,415
Goodwill 262,692 262,692
Other intangibles, net 287,914 299,123
Other non-current assets, net 7,685 7,654
Total assets 1,723,805 1,441,620
Current liabilities:    
Accounts payable ($4,260 and $2,540 related to VIEs) 150,218 121,887
Contract liabilities ($16,588 and $15,551 related to VIEs) 432,213 239,297
Current maturities of long-term debt 35,142 32,610
Current portion of long-term lease obligations 18,403 19,715
Accrued compensation 35,506 24,136
Other current liabilities 14,355 8,966
Total current liabilities 685,837 446,611
Long-term debt 321,589 398,735
Long-term lease obligations 40,204 40,103
Members’ interest subject to mandatory redemption and undistributed earnings 22,612 21,597
Deferred tax liability, net 61,847 51,659
Other long-term liabilities 6,242 5,116
Total liabilities 1,138,331 963,821
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 58,000 and 38,000 shares authorized, 30,828 and 30,585 shares issued and outstanding 308 306
Additional paid in capital 295,178 287,914
Retained earnings 284,861 186,379
Total Sterling stockholders’ equity 580,347 474,599
Noncontrolling interests 5,127 3,200
Total stockholders’ equity 585,474 477,799
Total liabilities and stockholders’ equity $ 1,723,805 $ 1,441,620