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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents ($100,095 and $97,796 related to variable interest entities (“VIEs”)) $ 638,647 $ 664,195
Accounts receivable ($30,532 and $17,851 related to VIEs) 285,751 247,050
Contract assets ($9 and $0 related to VIEs) 48,704 55,387
Receivables from and equity in construction joint ventures 6,912 5,811
Receivable from affiliate (Note 15) 0 32,054
Other current assets 17,720 17,383
Total current assets 997,734 1,021,880
Property and equipment, net 244,659 236,795
Investment in unconsolidated subsidiary 109,291 107,400
Operating lease right-of-use assets, net 48,264 52,668
Goodwill 283,664 264,597
Other intangibles, net 333,694 316,390
Other non-current assets, net 17,233 17,044
Total assets 2,034,539 2,016,774
Current liabilities:    
Accounts payable ($21,334 and $23,964 related to VIEs) 128,885 130,420
Contract liabilities ($62,413 and $51,660 related to VIEs) 534,388 508,846
Current maturities of long-term debt 26,419 26,423
Current portion of long-term lease obligations 19,333 20,498
Accrued compensation 24,918 36,774
Other current liabilities 22,826 18,997
Total current liabilities 756,769 741,958
Long-term debt 283,603 289,898
Long-term lease obligations 29,334 32,455
Deferred tax liability, net 110,010 109,360
Other long-term liabilities 27,896 16,625
Total liabilities 1,207,612 1,190,296
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Common stock, par value $0.01 per share; 58,000 shares authorized, 31,170 and 31,170 shares issued and 30,411 and 30,669 shares outstanding 312 312
Additional paid in capital 283,050 288,395
Treasury stock, at cost: 759 and 501 shares (99,918) (63,121)
Retained earnings 621,972 582,495
Total Sterling stockholders’ equity 805,416 808,081
Noncontrolling interests 21,511 18,397
Total stockholders’ equity 826,927 826,478
Total liabilities and stockholders’ equity $ 2,034,539 $ 2,016,774