10-Q Filing

STERLING INFRASTRUCTURE, INC. CIK: 874238 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000874238-19-000068`
Period End Date	20190331
Filing Date	20190507
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	strl-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 94 Income Statement 34 Cash Flow Statement 42 Stockholders Equity 20

Balance Sheet 94 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`	$83.95M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$94.09M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$56.76M	USD	Point-in-time
Receivables, including retainage	`ReceivablesLongTermContractsOrPrograms`	$147.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Receivables, including retainage	`ReceivablesLongTermContractsOrPrograms`	$145.03M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	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	`CapitalizedContractCostGross`	$41.54M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CapitalizedContractCostGross`	$44.13M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	38.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	27.06M	shares	Point-in-time
Inventories	`InventoryNet`	$3.16M	USD	Point-in-time
Inventories	`InventoryNet`	$2.70M	USD	Point-in-time
Receivables from and equity in construction joint ventures	`ReceivablesFromAndEquityInConstructionJointVenture`	$10.72M	USD	Point-in-time
Shares, Outstanding	`SharesOutstanding`	27.06M	shares	Point-in-time
Receivables from and equity in construction joint ventures	`ReceivablesFromAndEquityInConstructionJointVenture`	$11.62M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	26.60M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$6.70M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$8.07M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	26.42M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$302.62M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$268.92M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	632,000.00	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	467,000.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$52.01M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$52.00M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$15.29M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$13.60M	USD	Point-in-time
Goodwill	`Goodwill`	$85.23M	USD	Point-in-time
Goodwill	`Goodwill`	$85.23M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$42.42M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$41.82M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$246.00K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$309.00K	USD	Point-in-time
Total assets	`Assets`	$463.51M	USD	Point-in-time
Total assets	`Assets`	$482.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$99.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$81.87M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`ContractWithCustomerLiabilityCurrent`	$62.41M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`ContractWithCustomerLiabilityCurrent`	$55.60M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$2.90M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$393.00K	USD	Point-in-time
Current portion of long-term lease obligations	`OperatingLeaseLiabilityCurrent`	$7.01M	USD	Point-in-time
Current portion of long-term lease obligations	`OperatingLeaseLiabilityCurrent`	$6.20M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$318.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$340.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$9.45M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$10.50M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$6.30M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$4.68M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$179.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$162.01M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$79.12M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$76.92M	USD	Point-in-time
Long-term lease obligations	`OperatingLeaseLiabilityNoncurrent`	$8.47M	USD	Point-in-time
Long-term lease obligations	`OperatingLeaseLiabilityNoncurrent`	$7.40M	USD	Point-in-time
Members interest subject to mandatory redemption and undistributed earnings	`MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$47.13M	USD	Point-in-time
Members interest subject to mandatory redemption and undistributed earnings	`MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$49.34M	USD	Point-in-time
Deferred taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.59M	USD	Point-in-time
Deferred taxes	`DeferredIncomeTaxLiabilitiesNet`	$1.45M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.23M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$297.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$310.31M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.01 per share; 1,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.01 per share; 1,000 shares authorized, none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.01 per share; 38,000 shares authorized, 27,056 and 27,064 shares issued, 26,424 and 26,597 shares outstanding	`CommonStockValue`	$271.00K	USD	Point-in-time
Common stock, par value $0.01 per share; 38,000 shares authorized, 27,056 and 27,064 shares issued, 26,424 and 26,597 shares outstanding	`CommonStockValue`	$271.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$233.79M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$233.50M	USD	Point-in-time
Treasury Stock, at cost: 632 and 467 shares	`TreasuryStockValue`	$7.18M	USD	Point-in-time
Treasury Stock, at cost: 632 and 467 shares	`TreasuryStockValue`	$4.73M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-63.12M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-64.93M	USD	Point-in-time
Total Sterling stockholders equity	`StockholdersEquity`	$163.47M	USD	Point-in-time
Total Sterling stockholders equity	`StockholdersEquity`	$164.40M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$2.81M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$7.86M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$146.19M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$150.29M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$172.26M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$166.28M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$482.57M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$463.51M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$222.49M	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$223.95M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$202.66M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$204.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.83M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$12.34M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$12.49M	USD	1 Quarter
Other operating expense, net	`OtherOperatingIncomeExpenseNet`	$-2.29M	USD	1 Quarter
Other operating expense, net	`OtherOperatingIncomeExpenseNet`	$-815.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$4.72M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.68M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$364.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$129.00K	USD	1 Quarter
Interest expense	`InterestExpenseAndAccretedInterest`	$3.06M	USD	1 Quarter
Interest expense	`InterestExpenseAndAccretedInterest`	$3.09M	USD	1 Quarter
Income before income taxes	`IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests`	$2.02M	USD	1 Quarter
Income before income taxes	`IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests`	$3.72M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$41.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$163.00K	USD	1 Quarter
Net income	`ProfitLoss`	$1.86M	USD	1 Quarter
Net income	`ProfitLoss`	$3.68M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable`	$1.19M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable`	$46.00K	USD	1 Quarter
Net income attributable to Sterling common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.49M	USD	1 Quarter
Net income attributable to Sterling common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.81M	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.85M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.38M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.08M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.72M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.86M	USD	1 Quarter
Net income	`ProfitLoss`	$3.68M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.39M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.12M	USD	1 Quarter
Amortization of deferred loan costs	`AmortizationOfFinancingCosts`	$833.00K	USD	1 Quarter
Amortization of deferred loan costs	`AmortizationOfFinancingCosts`	$801.00K	USD	1 Quarter
Gain on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$38.00K	USD	1 Quarter
Gain on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$250.00K	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	$141.00K	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$617.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.02M	USD	1 Quarter
Changes in operating assets and liabilities (Note 15)	`IncreaseDecreaseInOperatingCapital`	$31.46M	USD	1 Quarter
Changes in operating assets and liabilities (Note 15)	`IncreaseDecreaseInOperatingCapital`	$27.45M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-19.24M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-22.49M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.90M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.81M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$886.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$137.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.68M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.01M	USD	1 Quarter
Repayments on long-term debt	`RepaymentsOfSecuredDebt`	$5.61M	USD	1 Quarter
Repayments on long-term debt	`RepaymentsOfSecuredDebt`	$4.68M	USD	1 Quarter
Distributions to noncontrolling interest owners	`PaymentsToMinorityShareholders`	$5.10M	USD	1 Quarter
Distributions to noncontrolling interest owners	`PaymentsToMinorityShareholders`	-	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$3.20M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-501.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-309.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.99M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.41M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-37.33M	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`	$83.95M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$94.09M	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`	$56.76M	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`	$94.09M	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`	$56.76M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$146.19M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$150.29M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$172.26M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$166.28M	USD	Point-in-time
Beginning balance (in shares)	`SharesOutstanding`	27.06M	shares	Point-in-time
Net income	`ProfitLoss`	$1.86M	USD	1 Quarter
Net income	`ProfitLoss`	$3.68M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$617.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.02M	USD	1 Quarter
Distributions to owners	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$5.10M	USD	1 Quarter
Distributions to owners	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	-	USD	1 Quarter
Purchase of treasury stock	`StockRepurchasedDuringPeriodValue`	$3.20M	USD	1 Quarter
Issuance of stock	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Shares withheld for taxes	`AdjustmentsToAdditionalPaidInCapitalOther`	$-194.00K	USD	1 Quarter
Shares withheld for taxes	`AdjustmentsToAdditionalPaidInCapitalOther`	$-564.00K	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$146.19M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$150.29M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$172.26M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$166.28M	USD	Point-in-time
Ending balance (in shares)	`SharesOutstanding`	27.06M	shares	Point-in-time

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