2021 Q1 Form 10-Q Financial Statement

#000087423821000028 Filed on May 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $315.3M $296.7M
YoY Change 6.28% 32.48%
Cost Of Revenue $270.3M $261.4M
YoY Change 3.38% 27.88%
Gross Profit $45.03M $35.25M
YoY Change 27.77% 80.72%
Gross Profit Margin 14.28% 11.88%
Selling, General & Admin $17.10M $17.60M
YoY Change -2.84% 40.8%
% of Gross Profit 37.97% 49.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.305M $8.285M
YoY Change 0.24% 92.58%
% of Gross Profit 18.44% 23.51%
Operating Expenses $22.30M $22.70M
YoY Change -1.76% 53.38%
Operating Profit $22.76M $12.10M
YoY Change 88.01% 156.42%
Interest Expense -$6.000M -$7.700M
YoY Change -22.08% 185.19%
% of Operating Profit -26.37% -63.62%
Other Income/Expense, Net
YoY Change
Pretax Income $16.40M $4.400M
YoY Change 272.73% 120.0%
Income Tax $4.760M $1.184M
% Of Pretax Income 29.02% 26.91%
Net Earnings $11.67M $3.215M
YoY Change 262.92% 72.76%
Net Earnings / Revenue 3.7% 1.08%
Basic Earnings Per Share $0.37 $0.11
Diluted Earnings Per Share $0.37 $0.11
COMMON SHARES
Basic Shares Outstanding 28.28M shares 27.74M shares
Diluted Shares Outstanding 28.76M shares 27.99M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.40M $73.90M
YoY Change -16.91% 30.11%
Cash & Equivalents $61.40M $73.91M
Short-Term Investments
Other Short-Term Assets $15.37M $10.34M
YoY Change 48.68% 54.35%
Inventory $90.10M $54.80M
Prepaid Expenses
Receivables $170.2M $221.3M
Other Receivables $18.20M $10.80M
Total Short-Term Assets $355.2M $371.1M
YoY Change -4.27% 37.99%
LONG-TERM ASSETS
Property, Plant & Equipment $151.2M $117.8M
YoY Change 28.33% 126.53%
Goodwill $192.0M $191.9M
YoY Change 0.06% 125.14%
Intangibles $242.0M $253.5M
YoY Change -4.52% 506.16%
Long-Term Investments
YoY Change
Other Assets $3.310M $172.0K
YoY Change 1824.42% -30.08%
Total Long-Term Assets $592.0M $605.3M
YoY Change -2.2% 211.06%
TOTAL ASSETS
Total Short-Term Assets $355.2M $371.1M
Total Long-Term Assets $592.0M $605.3M
Total Assets $947.2M $976.4M
YoY Change -2.99% 110.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.1M $123.2M
YoY Change -9.78% 50.45%
Accrued Expenses $29.80M $21.60M
YoY Change 37.96% 23.43%
Deferred Revenue $111.2M $79.29M
YoY Change 40.28% 42.62%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $59.96M $50.21M
YoY Change 19.42% 12676.34%
Total Short-Term Liabilities $322.2M $286.3M
YoY Change 12.54% 76.74%
LONG-TERM LIABILITIES
Long-Term Debt $279.2M $408.8M
YoY Change -31.71% 431.48%
Other Long-Term Liabilities $10.29M $5.654M
YoY Change 81.91% 407.09%
Total Long-Term Liabilities $289.5M $414.5M
YoY Change -30.16% 431.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $322.2M $286.3M
Total Long-Term Liabilities $289.5M $414.5M
Total Liabilities $671.5M $757.5M
YoY Change -11.35% 154.84%
SHAREHOLDERS EQUITY
Retained Earnings $27.83M -$21.92M
YoY Change -226.96% -65.28%
Common Stock $286.0K $283.0K
YoY Change 1.06% 4.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $4.247M
YoY Change -100.0% -40.87%
Treasury Stock Shares 0.000 shares 316.0K shares
Shareholders Equity $275.1M $217.5M
YoY Change
Total Liabilities & Shareholders Equity $947.2M $976.4M
YoY Change -2.99% 110.65%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $11.67M $3.215M
YoY Change 262.92% 72.76%
Depreciation, Depletion And Amortization $8.305M $8.285M
YoY Change 0.24% 92.58%
Cash From Operating Activities $38.09M $10.77M
YoY Change 253.63% -155.98%
INVESTING ACTIVITIES
Capital Expenditures $11.21M $7.354M
YoY Change 52.42% 92.82%
Acquisitions
YoY Change
Other Investing Activities $200.0K $500.0K
YoY Change -60.0% 400.0%
Cash From Investing Activities -$11.00M -$6.842M
YoY Change 60.79% 86.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $30.54M $5.082M
YoY Change 501.0% -9.41%
Cash From Financing Activities -$32.50M $24.24M
YoY Change -234.07% -268.21%
NET CHANGE
Cash From Operating Activities $38.09M $10.77M
Cash From Investing Activities -$11.00M -$6.842M
Cash From Financing Activities -$32.50M $24.24M
Net Change In Cash -$5.413M $28.17M
YoY Change -119.21% -175.47%
FREE CASH FLOW
Cash From Operating Activities $38.09M $10.77M
Capital Expenditures $11.21M $7.354M
Free Cash Flow $26.88M $3.417M
YoY Change 686.68% -114.82%

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CY2020Q1 us-gaap Increase Decrease In Operating Capital
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CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021Q1 us-gaap Proceeds From Lines Of Credit
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CY2020Q1 us-gaap Proceeds From Lines Of Credit
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CY2020Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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895000 USD
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CY2021Q1 us-gaap Nature Of Operations
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<div style="margin-bottom:10pt;margin-top:8pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:88.157%"><tr><td style="width:1.0%"/><td style="width:2.050%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:79.165%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.485%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">NATURE OF OPERATIONS</span></td><td colspan="3" style="padding:0 1pt"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Business Summary</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sterling Construction Company, Inc., (“Sterling,” “the Company,” “we,” “our” or “us”), a Delaware corporation, operates through a variety of subsidiaries within three segments specializing in Heavy Civil, Specialty Services and Residential projects in the United States (the “U.S.”), primarily across the southern U.S., the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. Heavy Civil includes infrastructure and rehabilitation projects for highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems. Specialty Services projects include land development activities (including site excavation and drainage, drilling and blasting for excavation), foundations for multi-family homes, parking structures and other commercial concrete projects. Residential projects include concrete foundations for single-family homes.</span></div>
CY2021Q1 us-gaap Use Of Estimates
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Estimates and Judgments—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the accompanying Condensed Consolidated Financial Statements in conformance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Certain accounting estimates of the Company require a higher degree of judgment than others in their application. These include the recognition of revenue and earnings from construction contracts over time, the valuation of long-lived assets, goodwill and purchase accounting estimates. Management continually evaluates all of its estimates and judgments based on available information and experience; however, actual results could differ from these estimates.</span>
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CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
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35832000 USD
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33856000 USD
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155558000 USD
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P12M
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315316000 USD
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2 entity
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0.50
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40000000 USD
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20000000 USD
CY2021Q1 strl Members Interest Subject To Mandatory Redemption
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40000000 USD
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CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Four
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528000 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
628000 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17513000 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
543000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1684000 USD
CY2021Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
34000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
15829000 USD
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
509000 USD
CY2021Q1 strl Consolidated Entities Ownership Percentage
ConsolidatedEntitiesOwnershipPercentage
0.50
CY2021Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
618000 USD
CY2020Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
271000 USD
CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
4142000 USD
CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
913000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4760000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1184000 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
44000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
247000 shares
CY2021Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
668000 shares
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1835000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2234000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10555000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3115000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27736000 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
484000 shares
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
256000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28763000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27992000 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-876000 USD
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2021Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
7238000 USD
CY2020Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
21026000 USD
CY2021Q1 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
7921000 USD
CY2020Q1 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
12001000 USD
CY2021Q1 strl Increase Decrease In Receivables From And Equity In Construction Joint Ventures
IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures
1513000 USD
CY2020Q1 strl Increase Decrease In Receivables From And Equity In Construction Joint Ventures
IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures
1593000 USD
CY2020Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1242000 USD
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
12799000 USD
CY2020Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-14421000 USD
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
59000 USD
CY2020Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
888000 USD
CY2021Q1 strl Increase Decrease In Members Interest Subject To Mandatory Redemption And Undistributed Earnings
IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings
325000 USD
CY2020Q1 strl Increase Decrease In Members Interest Subject To Mandatory Redemption And Undistributed Earnings
IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings
183000 USD
CY2021Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-11863000 USD
CY2020Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
4676000 USD
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2021Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0 USD
CY2020Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
473000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
22755000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
12103000 USD

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