10-Q Filing

STERLING INFRASTRUCTURE, INC. CIK: 874238 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001171843-17-002553`
Period End Date	20170331
Filing Date	20170503
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	strl-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 30 Cash Flow Statement 64 Stockholders Equity 7

Balance Sheet 76 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.78M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.92M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	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
Contracts receivable, including retainage	`ReceivablesLongTermContractsOrPrograms`	$91.09M	USD	Point-in-time
Contracts receivable, including retainage	`ReceivablesLongTermContractsOrPrograms`	$84.13M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$34.48M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$32.70M	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`	28.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	28.00M	shares	Point-in-time
Inventories	`InventoryNet`	$3.76M	USD	Point-in-time
Inventories	`InventoryNet`	$3.71M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	25.05M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	24.99M	shares	Point-in-time
Receivables from and equity in construction joint ventures	`ReceivablesFromAndEquityInConstructionJointVenture`	$7.89M	USD	Point-in-time
Receivables from and equity in construction joint ventures	`ReceivablesFromAndEquityInConstructionJointVenture`	$7.13M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$6.61M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$5.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$180.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$175.91M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$68.13M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$65.82M	USD	Point-in-time
Goodwill	`Goodwill`	$54.82M	USD	Point-in-time
Goodwill	`Goodwill`	$54.82M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$2.97M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$2.97M	USD	Point-in-time
Total assets	`Assets`	$301.82M	USD	Point-in-time
Total assets	`Assets`	$304.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$71.45M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$67.10M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$62.66M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$64.10M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$3.85M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$2.94M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$78.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$105.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$7.88M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$5.32M	USD	Point-in-time
Other current liabilities	`AccruedLiabilitiesCurrent`	$6.15M	USD	Point-in-time
Other current liabilities	`AccruedLiabilitiesCurrent`	$6.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$146.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$151.78M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$1.55M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$1.36M	USD	Point-in-time
Members interest subject to mandatory redemption and undistributed earnings	`MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$45.23M	USD	Point-in-time
Members interest subject to mandatory redemption and undistributed earnings	`MembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$44.18M	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$362.00K	USD	Point-in-time
Other long-term liabilities	`LiabilitiesOtherThanLongtermDebtNoncurrent`	$419.00K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$45.96M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$47.14M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`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; 28,000,000 shares authorized, 25,050,501 and 24,987,306 shares issued	`CommonStockValue`	$251.00K	USD	Point-in-time
Common stock, par value $0.01 per share; 28,000,000 shares authorized, 25,050,501 and 24,987,306 shares issued	`CommonStockValue`	$250.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$208.92M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$209.56M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-101.74M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-104.00M	USD	Point-in-time
Total Sterling common stockholders equity	`StockholdersEquity`	$105.81M	USD	Point-in-time
Total Sterling common stockholders equity	`StockholdersEquity`	$107.43M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.03M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$656.00K	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$108.09M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$106.84M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$301.82M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$304.58M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$126.57M	USD	1 Quarter
Revenues	`Revenues`	$153.42M	USD	1 Quarter
Cost of revenues	`CostOfGoodsSold`	$144.13M	USD	1 Quarter
Cost of revenues	`CostOfGoodsSold`	$123.02M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.55M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.29M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.09M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.60M	USD	1 Quarter
Other operating (expense) income, net	`OtherOperatingIncomeExpenseNet`	$71.00K	USD	1 Quarter
Other operating (expense) income, net	`OtherOperatingIncomeExpenseNet`	$-471.00K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-6.47M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.79M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$41.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$3.00K	USD	1 Quarter
Interest expense	`InterestExpenseAndAccretedInterest`	$112.00K	USD	1 Quarter
Interest expense	`InterestExpenseAndAccretedInterest`	$873.00K	USD	1 Quarter
Loss before income taxes and earnings attributable to noncontrolling interests	`IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests`	$-7.34M	USD	1 Quarter
Loss before income taxes and earnings attributable to noncontrolling interests	`IncomeBeforeIncomeTaxesAndEarningsAttributableToNoncontrollingInterests`	$-1.86M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$27.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-7.34M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.89M	USD	1 Quarter
Noncontrolling owners interests in earnings of subsidiaries and joint ventures	`NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable`	$371.00K	USD	1 Quarter
Noncontrolling owners interests in earnings of subsidiaries and joint ventures	`NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable`	$-8.00K	USD	1 Quarter
Net loss attributable to Sterling common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.33M	USD	1 Quarter
Net loss attributable to Sterling common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.26M	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.37	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.76M	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	25.02M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to Sterling common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.33M	USD	1 Quarter
Net loss attributable to Sterling common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.26M	USD	1 Quarter
Plus: Noncontrolling owners interests in earnings of subsidiaries and joint ventures	`NetIncomeLossAttributableToNoncontrollingInterest`	$-8.00K	USD	1 Quarter
Plus: Noncontrolling owners interests in earnings of subsidiaries and joint ventures	`NetIncomeLossAttributableToNoncontrollingInterest`	$371.00K	USD	1 Quarter
Net loss	`IncomeLossIncludingPortionAttributableToNoncontrollingInterest`	$-1.89M	USD	1 Quarter
Net loss	`IncomeLossIncludingPortionAttributableToNoncontrollingInterest`	$-7.34M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.16M	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`	$175.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$400.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$640.00K	USD	1 Quarter
Contracts receivable	`IncreaseDecreaseInContractReceivablesNet`	$12.65M	USD	1 Quarter
Contracts receivable	`IncreaseDecreaseInContractReceivablesNet`	$6.96M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$1.28M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$1.77M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$395.00K	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`	$-4.61M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.06M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-297.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.35M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$4.43M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-1.44M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$8.53M	USD	1 Quarter
Accrued compensation and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$3.21M	USD	1 Quarter
Accrued compensation and other liabilities	`IncreaseDecreaseInAccruedLiabilities`	$4.12M	USD	1 Quarter
Members interest subject to mandatory redemption and undistributed earnings	`IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$-1.05M	USD	1 Quarter
Members interest subject to mandatory redemption and undistributed earnings	`IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings`	$-4.23M	USD	1 Quarter
Net cash (used in) provided operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$490.00K	USD	1 Quarter
Net cash (used in) provided operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-3.06M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.82M	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.82M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.06M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$588.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.75M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.24M	USD	1 Quarter
Cumulative repayments equipment-based term loan and other	`RepaymentsOfLongTermDebt`	$1.30M	USD	1 Quarter
Cumulative repayments equipment-based term loan and other	`RepaymentsOfLongTermDebt`	$1.33M	USD	1 Quarter
Cumulative drawdowns equipment-based revolver	`ProceedsFromSecuredLinesOfCredit`	-	USD	1 Quarter
Cumulative drawdowns equipment-based revolver	`ProceedsFromSecuredLinesOfCredit`	$14.00M	USD	1 Quarter
Cumulative repayments equipment-based revolver	`RepaymentsOfSecuredDebt`	$900.00K	USD	1 Quarter
Cumulative repayments equipment-based revolver	`RepaymentsOfSecuredDebt`	-	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-6.00K	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-46.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.34M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$11.76M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$10.49M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.64M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$42.78M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$37.15M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.43M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.92M	USD	Point-in-time
Cash and cash equivalents at end 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`	$4.43M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.92M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaid`	$820.00K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaid`	$113.00K	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Transportation and construction equipment acquired through financing arrangements	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$81.00K	USD	1 Quarter
Transportation and construction equipment acquired through financing arrangements	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$70.00K	USD	1 Quarter

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$108.09M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$106.84M	USD	Point-in-time
Net (loss) income	`NetIncomeLossIncludingPortionAttributableToNoncontrollingInterest1`	$-1.89M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$640.00K	USD	1 Quarter
Other	`AdjustmentsToAdditionalPaidInCapitalOther`	$-6.00K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$108.09M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$106.84M	USD	Point-in-time

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