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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents ($97,796 and $24,325 related to variable interest entities (“VIEs”)) $ 664,195 $ 471,563
Accounts receivable ($17,851 and $1,771 related to VIEs) 247,050 252,435
Contract assets 55,387 88,600
Receivables from and equity in construction joint ventures 5,811 17,506
Receivable from affiliate 32,054 0
Other current assets 17,383 17,875
Total current assets 1,021,880 847,979
Property and equipment, net 236,795 243,648
Investment in unconsolidated subsidiary 107,400 0
Operating lease right-of-use assets, net 52,668 57,235
Goodwill 264,597 281,117
Other intangibles, net 316,390 328,397
Other non-current assets, net 17,044 18,808
Total assets 2,016,774 1,777,184
Current liabilities:    
Accounts payable ($23,964 and $2,973 related to VIEs) 130,420 145,968
Contract liabilities ($51,660 and $15,741 related to VIEs) 508,846 444,160
Current maturities of long-term debt 26,423 26,520
Current portion of long-term lease obligations 20,498 19,641
Accrued compensation 36,774 27,758
Other current liabilities 18,997 14,121
Total current liabilities 741,958 678,168
Long-term debt 289,898 314,996
Long-term lease obligations 32,455 37,722
Members’ interest subject to mandatory redemption and undistributed earnings 0 29,108
Deferred tax liability, net 109,360 76,764
Other long-term liabilities 16,625 16,573
Total liabilities 1,190,296 1,153,331
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 58,000 shares authorized, 31,170 and 30,926 shares issued and 30,669 and 30,926 shares outstanding 312 309
Additional paid in capital 288,395 293,570
Treasury stock, at cost: 501 and 0 shares (63,121) 0
Retained earnings 582,495 325,034
Total Sterling stockholders’ equity 808,081 618,913
Noncontrolling interests 18,397 4,940
Total stockholders’ equity 826,478 623,853
Total liabilities and stockholders’ equity $ 2,016,774 $ 1,777,184