10-Q Filing

STERLING INFRASTRUCTURE, INC. CIK: 874238 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000874238-18-000046`
Period End Date	20180331
Filing Date	20180508
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	strl-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 34 Cash Flow Statement 60 Stockholders Equity 8

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$55.46M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$83.95M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.78M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Receivables, including retainage	`ReceivablesLongTermContractsOrPrograms`	$140.88M	USD	Point-in-time
Receivables, including retainage	`ReceivablesLongTermContractsOrPrograms`	$133.93M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$40.01M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	38.00M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$37.11M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	38.00M	shares	Point-in-time
Inventories	`InventoryNet`	$4.62M	USD	Point-in-time
Inventories	`InventoryNet`	$1.86M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	27.03M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	27.05M	shares	Point-in-time
Receivables from and equity in construction joint ventures	`ReceivablesFromAndEquityInConstructionJointVenture`	$11.38M	USD	Point-in-time
Receivables from and equity in construction joint ventures	`ReceivablesFromAndEquityInConstructionJointVenture`	$12.48M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$6.48M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$7.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$257.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$278.53M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$52.14M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$54.41M	USD	Point-in-time
Goodwill	`Goodwill`	$85.23M	USD	Point-in-time
Goodwill	`Goodwill`	$85.23M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$44.82M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$44.22M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$265.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$317.00K	USD	Point-in-time
Total assets	`Assets`	$463.30M	USD	Point-in-time
Total assets	`Assets`	$439.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$85.12M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$97.46M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$54.69M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$62.37M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$62.66M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$3.98M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$1.06M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$63.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$81.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$9.01M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$9.05M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$9.35M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$8.52M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$182.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$158.46M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$85.11M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$86.16M	USD	Point-in-time
Members' interest subject to mandatory redemption and undistributed earnings	`MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$47.39M	USD	Point-in-time
Members' interest subject to mandatory redemption and undistributed earnings	`MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$43.92M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.27M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.25M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$134.82M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$130.28M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.01 per share; 1,000,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.01 per share; 1,000,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.01 per share; 38,000,000 shares authorized, 27,034,575 and 27,051,468 shares issued	`CommonStockValue`	$271.00K	USD	Point-in-time
Common stock, par value $0.01 per share; 38,000,000 shares authorized, 27,034,575 and 27,051,468 shares issued	`CommonStockValue`	$270.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$231.18M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$231.61M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-90.12M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-87.63M	USD	Point-in-time
Total Sterling common stockholders equity	`StockholdersEquity`	$144.25M	USD	Point-in-time
Total Sterling common stockholders equity	`StockholdersEquity`	$141.33M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$6.05M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$4.86M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$150.29M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$146.19M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$463.30M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$439.04M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$222.49M	USD	1 Quarter
Revenues	`Revenues`	$153.42M	USD	1 Quarter
Cost of revenues	`CostOfGoodsSold`	$144.13M	USD	1 Quarter
Cost of revenues	`CostOfGoodsSold`	$201.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$20.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.29M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.60M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$13.10M	USD	1 Quarter
Other operating expense, net	`OtherOperatingIncomeExpenseNet`	$-471.00K	USD	1 Quarter
Other operating expense, net	`OtherOperatingIncomeExpenseNet`	$-815.00K	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$6.68M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-1.79M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$129.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$41.00K	USD	1 Quarter
Interest expense	`InterestExpenseAndAccretedInterest`	$112.00K	USD	1 Quarter
Interest expense	`InterestExpenseAndAccretedInterest`	$3.09M	USD	1 Quarter
Income (loss) before income taxes and noncontrolling interests in earnings	`IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests`	$3.72M	USD	1 Quarter
Income (loss) before income taxes and noncontrolling interests in earnings	`IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests`	$-1.86M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$41.00K	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$27.00K	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$3.68M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-1.89M	USD	1 Quarter
Noncontrolling interests in earnings	`NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable`	$1.19M	USD	1 Quarter
Noncontrolling interests in earnings	`NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable`	$371.00K	USD	1 Quarter
Net income (loss) attributable to Sterling common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.26M	USD	1 Quarter
Net income (loss) attributable to Sterling common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.49M	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$-0.09	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$-0.09	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.02M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.85M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.08M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.02M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income (loss) attributable to Sterling common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.26M	USD	1 Quarter
Net income (loss) attributable to Sterling common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.49M	USD	1 Quarter
Plus: Noncontrolling interests in earnings	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.19M	USD	1 Quarter
Plus: Noncontrolling interests in earnings	`NetIncomeLossAttributableToNoncontrollingInterest`	$371.00K	USD	1 Quarter
Net income	`ProfitLoss`	$3.68M	USD	1 Quarter
Net income	`ProfitLoss`	$-1.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.12M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.07M	USD	1 Quarter
Gain on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$358.00K	USD	1 Quarter
Gain on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$250.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$617.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$640.00K	USD	1 Quarter
Contracts receivable	`IncreaseDecreaseInContractReceivablesNet`	$6.95M	USD	1 Quarter
Contracts receivable	`IncreaseDecreaseInContractReceivablesNet`	$6.96M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$1.77M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$2.90M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.76M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$49.00K	USD	1 Quarter
Receivables from and equity in construction joint ventures	`IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures`	$760.00K	USD	1 Quarter
Receivables from and equity in construction joint ventures	`IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures`	$1.10M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.10M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.06M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-12.33M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.35M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-7.68M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-1.44M	USD	1 Quarter
Accrued compensation and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-891.00K	USD	1 Quarter
Accrued compensation and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$3.21M	USD	1 Quarter
Members' interest subject to mandatory redemption and undistributed earnings	`IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$-3.46M	USD	1 Quarter
Members' interest subject to mandatory redemption and undistributed earnings	`IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$-1.05M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.06M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-23.29M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.90M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.82M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$588.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$886.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.01M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.24M	USD	1 Quarter
Repayments equipment-based term loan and other (Nations Facility)	`ProceedsFromRepaymentsOfOtherDebt`	-	USD	1 Quarter
Repayments equipment-based term loan and other (Nations Facility)	`ProceedsFromRepaymentsOfOtherDebt`	$-1.33M	USD	1 Quarter
Equipment based term loan (Oaktree Facility)	`RepaymentsOfSecuredDebt`	-	USD	1 Quarter
Equipment based term loan (Oaktree Facility)	`RepaymentsOfSecuredDebt`	$4.68M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$492.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-6.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.19M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.34M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.64M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-28.49M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$37.15M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$55.46M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$83.95M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$42.78M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$37.15M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$55.46M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$83.95M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$42.78M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaid`	$3.06M	USD	1 Quarter
Cash paid during the period for interest	`InterestPaid`	$113.00K	USD	1 Quarter
Transportation and construction equipment acquired through financing arrangements	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$171.00K	USD	1 Quarter
Transportation and construction equipment acquired through financing arrangements	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$70.00K	USD	1 Quarter

Stockholders Equity 8 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$150.29M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$146.19M	USD	Point-in-time
Net income	`ProfitLoss`	$3.68M	USD	1 Quarter
Net income	`ProfitLoss`	$-1.89M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$617.00K	USD	1 Quarter
Other	`AdjustmentsToAdditionalPaidInCapitalOther`	$-194.00K	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$150.29M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$146.19M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.