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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents ($45,405 and $24,325 related to variable interest entities (“VIEs”)) $ 480,414 $ 471,563
Accounts receivable ($10,240 and $1,771 related to VIEs) 274,010 252,435
Contract assets 88,329 88,600
Receivables from and equity in construction joint ventures 18,222 17,506
Other current assets 17,883 17,875
Total current assets 878,858 847,979
Property and equipment, net 258,802 243,648
Operating lease right-of-use assets, net 55,169 57,235
Goodwill 281,363 281,117
Other intangibles, net 324,100 328,397
Other non-current assets, net 19,204 18,808
Total assets 1,817,496 1,777,184
Current liabilities:    
Accounts payable ($11,357 and $2,973 related to VIEs) 135,426 145,968
Contract liabilities ($27,745 and $15,741 related to VIEs) 485,049 444,160
Current maturities of long-term debt 26,469 26,520
Current portion of long-term lease obligations 19,143 19,641
Accrued compensation 19,831 27,758
Other current liabilities 19,799 14,121
Total current liabilities 705,717 678,168
Long-term debt 308,721 314,996
Long-term lease obligations 36,180 37,722
Members’ interest subject to mandatory redemption and undistributed earnings 19,097 29,108
Deferred tax liability, net 78,303 76,764
Other long-term liabilities 17,261 16,573
Total liabilities 1,165,279 1,153,331
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 58,000 shares authorized, 31,160 and 30,926 shares issued and outstanding 311 309
Additional paid in capital 288,173 293,570
Retained earnings 356,082 325,034
Total Sterling stockholders’ equity 644,566 618,913
Noncontrolling interests 7,651 4,940
Total stockholders’ equity 652,217 623,853
Total liabilities and stockholders’ equity $ 1,817,496 $ 1,777,184