Exhibit 99.1

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NEWS RELEASE
For Immediate Release:
February 27, 2023
Sterling Reports Record Fourth Quarter and Full Year 2022 Results
Provides 2023 Full Year Guidance
THE WOODLANDS, TX – February 27, 2023 – Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today announced financial results for the fourth quarter and full year 2022 and provided full year 2023 guidance.
Fourth Quarter 2022 Results (compared with prior year period)
(The financial information herein is from continuing operations unless otherwise noted)
•Revenues of $448.6 million, an increase of 26%
•Gross margin of 15.4%, an increase from 14.8%
•Net Income was $20.2 million, or $0.66 per diluted share, an increase of 80% and 74%, respectively
•EBITDA(1) of $49.9 million, an increase of 78%; Adjusted EBITDA(1) of $50.1 million, an increase of 58%
•Cash flows from operations(2) of $88.5 million and $219.1 million for the fourth quarter and year ended December 31, 2022, respectively
•Cash and Cash Equivalents totaled $181.5 million at December 31, 2022
•Backlog at December 31, 2022 was $1.41 billion, an increase of 7% over December 31, 2021
•Combined backlog(3) at December 31, 2022 was $1.69 billion, an increase of 25% over December 31, 2021
Continuing Operations–For the full year ended December 31, 2022, the Company reported net income of $96.7 million, or $3.16 per diluted share, versus $61.5 million, or $2.11 per diluted share, for 2021. Revenue increased by 25% over 2021. EBITDA(1) increased 51% to $208.7 million in 2022, versus $138.1 million in 2021. Adjusted EBITDA(1) increased 49% to $209.5 million in 2022, versus $140.9 million in 2021.
Discontinued Operations–For the full year ended December 31, 2022, the Company reported net income of $9.7 million, or $0.32 per diluted share, versus $1.2 million, or $0.04 per diluted share, for 2021. The increase was primarily driven by a pretax gain of $16.7 million, as the result of the disposition of the Company’s 50% ownership interest in its partnership with Myers & Sons Construction L.P.
For the full year ended December 31, 2022, the Company reported net income attributable to Sterling common stockholders(2) of $106.5 million, or $3.48 per diluted share, versus $62.6 million, or $2.15 per diluted share, for 2021.
CEO Remarks and Outlook
“2022 marked another year of significant progress in transforming the company into a leading Infrastructure Service Provider. During a time of increased inflation and supply chain disruptions, our team’s ability to grow revenue 25% and improve margins 110 basis points over the prior year is truly amazing,” stated Joe Cutillo, Sterling’s Chief Executive Officer.
“Our E-Infrastructure Solutions segment delivered remarkable top-line growth of 93% compared to the prior year and remained our largest revenue, fastest-growing and highest-margin segment. E-Infrastructure organic growth was 31% while 62% was from the acquisition of Petillo. In our Building Solutions and Transportation Solutions segments we saw
(1) The Company defines EBITDA as GAAP net income from Continuing Operations, adjusted for depreciation and amortization, net interest expense and taxes. The Company defines Adjusted EBITDA as EBITDA excluding the impact of the net gain on extinguishment of debt and acquisition related costs. See the “Non-GAAP Measures” and “EBITDA Reconciliation” sections below for more information.
(2) Includes both Continuing and Discontinued Operations.
(3) Combined Backlog includes Unsigned Low-bid Awards of $275.0 million and $22.5 million at December 31, 2022 and December 31, 2021, respectively.

slower growth but significant operating income improvements. In Building Solutions, our operating income improved 13% and in Transportation Solutions, our operating income improved 34%,” continued Mr. Cutillo.
“We enter 2023 stronger than ever. With our record backlog and strong demand in E-Infrastructure and Transportation Solutions, we are confident in our ability to deliver another year of record earnings and value to our customers and investors,” Mr. Cutillo concluded.
Full Year 2023 Guidance:
•Revenue of $1.9 billion to $2.0 billion
•Net Income of $104 million to $110 million
•EPS of $3.33 to $3.53
•EBITDA(1) of $220 million to $235 million
Conference Call
Sterling’s management will hold a conference call to discuss these results and recent corporate developments on Tuesday, February 28, 2023 at 9:00 a.m. ET/8:00 a.m. CT. Interested parties may participate in the call by dialing (201) 493-6744 or (877) 445-9755. Please call in 10 minutes before the conference call is scheduled to begin and ask for the Sterling Infrastructure call. To coincide with the conference call, Sterling will post a slide presentation at www.strlco.com on the Events & Presentations section of the Investor Relations tab. Following management’s opening remarks, there will be a question and answer session.
To listen to a simultaneous webcast of the call, please go to the Company’s website at www.strlco.com at least 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call webcast will be archived on the Company’s website for 30 days.
About Sterling
Sterling operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States (the “U.S.”), primarily across the Southern, Northeastern and Mid-Atlantic U.S., the Rocky Mountain States, and Hawaii, as well as other areas with strategic construction opportunities. E-Infrastructure Solutions projects include advanced, large-scale site development systems and services for data centers, e-commerce distribution centers, warehousing, transportation, energy and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail and storm drainage systems. Building Solutions projects include residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs and other concrete work. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.
Joe Cutillo, CEO, “We build and service the infrastructure that enables our economy to run,
our people to move and our country to grow.”

(1) The Company defines EBITDA as GAAP net income attributable to Sterling’s common stockholders, adjusted for depreciation and amortization, net interest expense and taxes. See the “Non-GAAP Measures” and “EBITDA Reconciliation” sections below for more information.


Important Information for Investors and Stockholders
Non-GAAP Measures
This press release contains “Non-GAAP” financial measures as defined under Regulation G of the amended U.S. Securities Exchange Act of 1934. The Company reports financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), but the Company believes that certain Non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of the Company’s ongoing operations and are useful for period-over-period comparisons of those operations.
Non-GAAP measures may include adjusted net income, adjusted EPS, EBITDA and adjusted EBITDA, in each case excluding the impacts of certain identified items. The excluded items represent items that the Company does not consider to be representative of its normal operations. The Company believes that these measures are useful for investors to review, because they provide a consistent measure of the underlying financial results of the Company’s ongoing business and, in the Company’s view, allow for a supplemental comparison against historical results and expectations for future performance. Furthermore, the Company uses each of these to measure the performance of the Company’s operations for budgeting and forecasting, as well as employee incentive compensation. However, Non-GAAP measures should not be considered as substitutes for net income, EPS, or other data prepared and reported in accordance with GAAP and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.
Reconciliations of Non-GAAP financial measures to the most comparable GAAP measures are provided in the tables included within this press release.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about: our business strategy; our financial strategy; our industry outlook; our guidance; and our plans, objectives, expectations, forecasts, outlook and intentions. All of these types of statements, other than statements of historical fact included in this press release, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the negative of such terms or other comparable terminology. The forward-looking statements contained in this press release are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this press release are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the “Risk Factors” section in our filings with the U.S. Securities and Exchange Commission and elsewhere in those filings. Additional factors or risks that we currently deem immaterial, that are not presently known to us or that arise in the future could also cause our actual results to differ materially from our expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after the date the forward-looking statements are made. The forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
Company Contact:
Sterling Infrastructure, Inc.
Ron Ballschmiede, Chief Financial Officer
281-214-0777
Investor Relations Contact:
The Equity Group Inc.
Jeremy Hellman, CFA 
212-836-9626



STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

Three Months Ended December 31,Twelve Months Ended December 31,
2022202120222021
Continuing Operations:
Revenues$448,607 $355,375 $1,769,436 $1,414,374 
Cost of revenues(379,641)(302,863)(1,494,869)(1,210,842)
Gross profit68,966 52,512 274,567 203,532 
General and administrative expense(23,104)(22,971)(86,480)(69,153)
Intangible asset amortization(3,509)(2,866)(14,100)(11,464)
Acquisition related costs(265)(3,877)(827)(3,877)
Other operating expense, net(5,045)(2,740)(13,290)(12,027)
Operating income37,043 20,058 159,870 107,011 
Interest income684 12 885 45 
Interest expense(6,329)(3,675)(20,591)(19,311)
Gain on extinguishment of debt, net— — — 1,064 
Income before income taxes31,398 16,395 140,164 88,809 
Income tax expense(10,741)(4,552)(41,707)(24,874)
Net income, including noncontrolling interests20,657 11,843 98,457 63,935 
Less: Net income attributable to noncontrolling interests(424)(573)(1,740)(2,478)
Net income from Continuing Operations$20,233 $11,270 $96,717 $61,457 
Discontinued Operations:
Pretax (loss) income$(1,561)$(289)$(4,848)$1,214 
Pretax gain on disposition16,687 — 16,687 — 
Income tax expense(3,634)(73)(2,095)(26)
Net income (loss) from Discontinued Operations$11,492 $(362)$9,744 $1,188 
Net income attributable to Sterling common stockholders$31,725 $10,908 $106,461 $62,645 
Net income per share from Continuing Operations:
Basic$0.67 $0.39 $3.20 $2.15 
Diluted$0.66 $0.38 $3.16 $2.11 
Net income (loss) per share from Discontinued Operations:
Basic$0.38 $(0.01)$0.32 $0.04 
Diluted$0.37 $(0.01)$0.32 $0.04 
Net income per share attributable to Sterling common stockholders:
Basic$1.05 $0.38 $3.53 $2.19 
Diluted$1.03 $0.37 $3.48 $2.15 
Weighted average common shares outstanding:
Basic30,324 28,818 30,199 28,600 
Diluted30,739 29,756 30,564 29,101 



STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
(Unaudited)

Three Months Ended December 31,Twelve Months Ended December 31,
Revenues2022% of Revenue2021% of Revenue2022% of Revenue2021% of Revenue
E-Infrastructure Solutions$247,272 55%$127,183 36%$905,277 51%$468,784 33%
Transportation Solutions126,545 28%149,517 42%542,550 31%628,190 45%
Building Solutions74,790 17%78,675 22%321,609 18%317,400 22%
Total Revenues$448,607 $355,375 $1,769,436 $1,414,374 
Operating Income (Loss)
E-Infrastructure Solutions$29,811 12.1%$18,734 14.7%$121,453 13.4%$80,478 17.2%
Transportation Solutions5,070 4.0%4,238 2.8%26,623 4.9%19,888 3.2%
Building Solutions8,260 11.0%9,175 11.7%36,693 11.4%32,564 10.3%
Segment Operating Income43,141 9.6%32,147 9.0%184,769 10.4%132,930 9.4%
Corporate(5,833)(8,212)(24,072)(22,042)
Acquisition Related Costs(265)(3,877)(827)(3,877)
Total Continued Operating Income$37,043 8.3%$20,058 5.6%$159,870 9.0%$107,011 7.6%


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)

December 31,
2022		December 31,
2021
Assets
Current assets:
Cash and cash equivalents$181,544 $60,945 
Accounts receivable262,646 200,185 
Contract assets109,803 75,796 
Receivables from and equity in construction joint ventures14,122 9,839 
Current assets of Discontinued Operations— 71,886 
Other current assets 29,139 16,040 
Total current assets597,254 434,691 
Property and equipment, net215,482 193,896 
Operating lease right-of-use assets, net59,415 19,473 
Goodwill262,692 258,290 
Other intangibles, net299,123 303,223 
Non-current assets of Discontinued Operations— 20,746 
Other non-current assets, net7,654 4,455 
Total assets$1,441,620 $1,234,774 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$121,887 $112,746 
Contract liabilities239,297 118,672 
Current maturities of long-term debt 32,610 23,373 
Current portion of long-term lease obligations19,715 6,557 
Accrued compensation 24,136 20,415 
Current liabilities of Discontinued Operations— 51,914 
Other current liabilities8,966 18,083 
Total current liabilities446,611 351,760 
Long-term debt 398,735 428,507 
Long-term lease obligations40,103 13,068 
Members’ interest subject to mandatory redemption and undistributed earnings21,597 19,322 
Deferred tax liability, net51,659 18,434 
Long-term liabilities of Discontinued Operations— 38,637 
Other long-term liabilities5,116 4,819 
Total liabilities963,821 874,547 
Stockholders’ equity:
Common stock306 298 
Additional paid in capital287,914 280,274 
Retained earnings186,379 79,918 
Accumulated other comprehensive loss— (1,723)
Total Sterling stockholders’ equity474,599 358,767 
Noncontrolling interests3,200 1,460 
Total stockholders’ equity477,799 360,227 
Total liabilities and stockholders’ equity$1,441,620 $1,234,774 


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

Years Ended December 31,
20222021
Cash flows from operating activities:
Net income$108,201 $65,123 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization52,066 34,201 
Amortization of debt issuance costs and non-cash interest2,136 2,242 
Gain on disposal of property and equipment(2,637)(1,396)
Gain on debt extinguishment, net(2,428)(2,032)
Gain on disposition of Myers(16,687)— 
Deferred taxes36,492 21,428 
Stock-based compensation12,726 11,771 
Change in fair value of interest rate swap(203)(32)
Changes in operating assets and liabilities 29,450 27,627 
Net cash provided by operating activities219,116 158,932 
Cash flows from investing activities:
Acquisitions, net of cash acquired(18,004)(180,911)
Disposition, net of cash disposed(15,789)— 
Capital expenditures(60,909)(46,651)
Proceeds from sale of property and equipment4,947 4,113 
Net cash used in investing activities(89,755)(223,449)
Cash flows from financing activities:
Cash received from credit facility— 140,000 
Repayments of debt(23,373)(48,273)
Distributions to noncontrolling interest owners— (2,477)
Withholding taxes paid on net share settlement of equity awards(9,416)(7,338)
Debt issuance costs— (1,340)
Other— (4)
Net cash used in financing activities(32,789)80,568 
Net change in cash, cash equivalents, and restricted cash96,572 16,051 
Cash, cash equivalents and restricted cash at beginning of period88,693 72,642 
Cash, cash equivalents and restricted cash at end of period185,265 88,693 
Less: restricted cash (other current assets) - Continuing Operations(3,721)(3,821)
Less: cash, cash equivalents and restricted cash - Discontinued Operations— (23,927)
Cash and cash equivalents at end of period - Continuing Operations$181,544 $60,945 



STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
HISTORICAL QUARTERLY SEGMENT INFORMATION
(In thousands)
(Unaudited)
The following tables present our 2022, 2021 and 2020 quarterly revenue and income from operations by segment adjusted to conform to our 2022 continuing operations presentation:
2022 Quarters Ended (unaudited)
RevenuesMarch 31June 30September 30December 31Total
E-Infrastructure Solutions$168,927 $233,548 $255,530 $247,272 $905,277 
Transportation Solutions116,141 142,640 157,224 126,545 542,550 
Building Solutions80,894 85,639 80,286 74,790 321,609 
Revenues$365,962 $461,827 $493,040 $448,607 $1,769,436 
Operating Income (Loss)
E-Infrastructure Solutions$21,285 $32,824 $37,533 $29,811 $121,453 
Transportation Solutions4,443 7,410 9,700 5,070 26,623 
Building Solutions9,358 9,751 9,324 8,260 36,693 
Segment Operating Income35,086 49,985 56,557 43,141 184,769 
Corporate(5,468)(5,766)(7,005)(5,833)(24,072)
Acquisition related costs(255)(230)(77)(265)(827)
Operating Income$29,363 $43,989 $49,475 $37,043 $159,870 
2021 Quarters Ended (unaudited)
RevenuesMarch 31June 30September 30December 31Total
E-Infrastructure Solutions$96,572 $123,743 $121,286 $127,183 $468,784 
Transportation Solutions119,097 160,017 199,559 149,517 628,190 
Building Solutions71,690 74,769 92,266 78,675 317,400 
Revenues$287,359 $358,529 $413,111 $355,375 $1,414,374 
Operating Income (Loss)
E-Infrastructure Solutions$17,812 $24,714 $19,218 $18,734 $80,478 
Transportation Solutions2,300 4,414 8,936 4,238 19,888 
Building Solutions7,361 6,790 9,238 9,175 32,564 
Segment Operating Income27,473 35,918 37,392 32,147 132,930 
Corporate(5,044)(3,404)(5,382)(8,212)(22,042)
Acquisition related costs— — — (3,877)(3,877)
Operating Income$22,429 $32,514 $32,010 $20,058 $107,011 
2020 Quarters Ended (unaudited)
RevenuesMarch 31June 30September 30December 31Total
E-Infrastructure Solutions$78,574 $103,310 $114,961 $100,408 $397,253 
Transportation Solutions108,924 168,413 143,512 132,301 553,150 
Building Solutions64,828 73,951 67,419 70,137 276,335 
Revenues$252,326 $345,674 $325,892 $302,846 $1,226,738 
Operating Income (Loss)
E-Infrastructure Solutions$13,630 $23,573 $22,416 $16,903 $76,522 
Transportation Solutions(1,387)6,739 3,714 2,932 11,998 
Building Solutions7,438 8,950 7,687 6,366 30,441 
Segment Operating Income19,681 39,262 33,817 26,201 118,961 
Corporate(7,195)(6,589)(5,529)(6,007)(25,320)
Acquisition related costs(473)(139)(401)(13)(1,026)
Operating Income$12,013 $32,534 $27,887 $20,181 $92,615 


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
EBITDA FROM CONTINUING OPERATIONS RECONCILIATION
(In thousands)
(Unaudited)
 Three Months Ended December 31,Twelve Months Ended December 31,
 2022202120222021
Net income from Continuing Operations$20,233 $11,270 $96,717 $61,457 
Depreciation and amortization13,253 8,456 50,575 32,503 
Interest expense, net of interest income5,645 3,663 19,706 19,266 
Income tax expense10,741 4,552 41,707 24,874 
EBITDA from Continuing Operations (1)
49,872 27,941 208,705 138,100 
Gain on extinguishment of debt, net— — — (1,064)
Acquisition related costs265 3,877 827 3,877 
Adjusted EBITDA from Continuing Operations (2)
$50,137 $31,818 $209,532 $140,913 
(1) The Company defines EBITDA as GAAP net income from Continuing Operations, adjusted for depreciation and amortization, net interest expense and taxes.
(2) Adjusted EBITDA excludes the impact of the net gain on extinguishment of debt and acquisition related costs.



STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
EBITDA GUIDANCE RECONCILIATION
(In millions)
(Unaudited)
 Full Year 2023 Guidance
 LowHigh
Net income attributable to Sterling common stockholders$104 $110 
Depreciation and amortization55 59 
Interest expense, net of interest income21 24 
Income tax expense40 42 
EBITDA (1)
$220 $235 
(1) The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders, adjusted for depreciation and amortization, net interest expense, and taxes.