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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents ($147,572 and $97,796 related to variable interest entities (“VIEs”)) $ 699,373 $ 664,195
Accounts receivable ($36,550 and $17,851 related to VIEs) 347,661 247,050
Contract assets ($20 and $0 related to VIEs) 51,778 55,387
Receivables from and equity in construction joint ventures 7,968 5,811
Receivable from affiliate (Note 15) 2,540 32,054
Other current assets 22,979 17,383
Total current assets 1,132,299 1,021,880
Property and equipment, net 244,810 236,795
Investment in unconsolidated subsidiary 109,040 107,400
Operating lease right-of-use assets, net 44,470 52,668
Goodwill 283,664 264,597
Other intangibles, net 329,158 316,390
Other non-current assets, net 17,449 17,044
Total assets 2,160,890 2,016,774
Current liabilities:    
Accounts payable ($38,932 and $23,964 related to VIEs) 159,259 130,420
Contract liabilities ($80,640 and $51,660 related to VIEs) 553,171 508,846
Current maturities of long-term debt ($20 and $0 related to VIEs) 15,162 26,423
Current portion of long-term lease obligations 18,202 20,498
Accrued compensation 36,596 36,774
Other current liabilities 13,841 18,997
Total current liabilities 796,231 741,958
Long-term debt 283,050 289,898
Long-term lease obligations 26,729 32,455
Deferred tax liability, net 114,774 109,360
Other long-term liabilities 28,733 16,625
Total liabilities 1,249,517 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 30,419 and 30,669 shares outstanding 312 312
Additional paid in capital 287,596 288,395
Treasury stock, at cost: 751 and 501 shares (99,126) (63,121)
Retained earnings 692,963 582,495
Total Sterling stockholders’ equity 881,745 808,081
Noncontrolling interests 29,628 18,397
Total stockholders’ equity 911,373 826,478
Total liabilities and stockholders’ equity $ 2,160,890 $ 2,016,774