2022 Q1 Form 10-Q Financial Statement

#000087423822000048 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $410.3M $315.3M
YoY Change 30.13% 6.28%
Cost Of Revenue $354.2M $270.3M
YoY Change 31.04% 3.38%
Gross Profit $56.14M $45.03M
YoY Change 24.66% 27.77%
Gross Profit Margin 13.68% 14.28%
Selling, General & Admin $23.07M $17.10M
YoY Change 34.92% -2.84%
% of Gross Profit 41.1% 37.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.77M $8.305M
YoY Change 41.69% 0.24%
% of Gross Profit 20.96% 18.44%
Operating Expenses $27.62M $22.30M
YoY Change 23.83% -1.76%
Operating Profit $28.27M $22.76M
YoY Change 24.23% 88.01%
Interest Expense -$4.577M -$6.000M
YoY Change -23.72% -22.08%
% of Operating Profit -16.19% -26.37%
Other Income/Expense, Net
YoY Change
Pretax Income $26.12M $16.40M
YoY Change 59.27% 272.73%
Income Tax $6.597M $4.760M
% Of Pretax Income 25.26% 29.02%
Net Earnings $19.52M $11.67M
YoY Change 67.32% 262.92%
Net Earnings / Revenue 4.76% 3.7%
Basic Earnings Per Share $0.64 $0.37
Diluted Earnings Per Share $0.64 $0.37
COMMON SHARES
Basic Shares Outstanding 29.96M shares 28.28M shares
Diluted Shares Outstanding 30.11M shares 28.76M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.40M $61.40M
YoY Change 30.94% -16.91%
Cash & Equivalents $80.40M $61.40M
Short-Term Investments
Other Short-Term Assets $21.94M $15.37M
YoY Change 42.79% 48.68%
Inventory $90.10M
Prepaid Expenses
Receivables $314.3M $170.2M
Other Receivables $19.29M $18.20M
Total Short-Term Assets $435.9M $355.2M
YoY Change 22.71% -4.27%
LONG-TERM ASSETS
Property, Plant & Equipment $249.9M $151.2M
YoY Change 65.31% 28.33%
Goodwill $252.4M $192.0M
YoY Change 31.42% 0.06%
Intangibles $300.1M $242.0M
YoY Change 23.98% -4.52%
Long-Term Investments
YoY Change
Other Assets $4.488M $3.310M
YoY Change 35.59% 1824.42%
Total Long-Term Assets $806.8M $592.0M
YoY Change 36.29% -2.2%
TOTAL ASSETS
Total Short-Term Assets $435.9M $355.2M
Total Long-Term Assets $806.8M $592.0M
Total Assets $1.243B $947.2M
YoY Change 31.2% -2.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $143.4M $111.1M
YoY Change 29.04% -9.78%
Accrued Expenses $35.93M $29.80M
YoY Change 20.58% 37.96%
Deferred Revenue $116.2M $111.2M
YoY Change 4.45% 40.28%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.37M $59.96M
YoY Change -49.35% 19.42%
Total Short-Term Liabilities $339.5M $322.2M
YoY Change 5.36% 12.54%
LONG-TERM LIABILITIES
Long-Term Debt $417.3M $279.2M
YoY Change 49.49% -31.71%
Other Long-Term Liabilities $4.410M $10.29M
YoY Change -57.12% 81.91%
Total Long-Term Liabilities $421.7M $289.5M
YoY Change 45.7% -30.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $339.5M $322.2M
Total Long-Term Liabilities $421.7M $289.5M
Total Liabilities $865.1M $671.5M
YoY Change 28.83% -11.35%
SHAREHOLDERS EQUITY
Retained Earnings $99.17M $27.83M
YoY Change 256.37% -226.96%
Common Stock $302.0K $286.0K
YoY Change 5.59% 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 0.000 shares
Shareholders Equity $375.9M $275.1M
YoY Change
Total Liabilities & Shareholders Equity $1.243B $947.2M
YoY Change 31.2% -2.99%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $19.52M $11.67M
YoY Change 67.32% 262.92%
Depreciation, Depletion And Amortization $11.77M $8.305M
YoY Change 41.69% 0.24%
Cash From Operating Activities $19.18M $38.09M
YoY Change -49.64% 253.63%
INVESTING ACTIVITIES
Capital Expenditures $14.97M $11.21M
YoY Change 33.54% 52.42%
Acquisitions
YoY Change
Other Investing Activities $406.0K $200.0K
YoY Change 103.0% -60.0%
Cash From Investing Activities -$14.56M -$11.00M
YoY Change 32.38% 60.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.928M $30.54M
YoY Change -80.59% 501.0%
Cash From Financing Activities -$5.928M -$32.50M
YoY Change -81.76% -234.07%
NET CHANGE
Cash From Operating Activities $19.18M $38.09M
Cash From Investing Activities -$14.56M -$11.00M
Cash From Financing Activities -$5.928M -$32.50M
Net Change In Cash -$1.308M -$5.413M
YoY Change -75.84% -119.21%
FREE CASH FLOW
Cash From Operating Activities $19.18M $38.09M
Capital Expenditures $14.97M $11.21M
Free Cash Flow $4.214M $26.88M
YoY Change -84.32% 686.68%

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CY2021Q1 us-gaap Increase Decrease In Operating Capital
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CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
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38090000 USD
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406000 USD
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-11001000 USD
CY2022Q1 us-gaap Repayments Of Long Term Debt
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CY2021Q1 us-gaap Repayments Of Long Term Debt
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30543000 USD
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0 USD
CY2021Q1 us-gaap Payments To Minority Shareholders
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1959000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 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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88693000 USD
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72642000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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87385000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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67229000 USD
CY2022Q1 us-gaap Restricted Cash
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6990000 USD
CY2021Q1 us-gaap Restricted Cash
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CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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61402000 USD
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2457000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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3131000 USD
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19523000 USD
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1563000 USD
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3521000 USD
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192000 USD
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7386000 USD
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377640000 USD
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268729000 USD
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11668000 USD
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895000 USD
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1835000 USD
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1959000 USD
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144000 USD
CY2021Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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5619000 USD
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275693000 USD
CY2022Q1 us-gaap Nature Of Operations
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<div style="margin-bottom:4pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;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="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:115%">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 E-Infrastructure, Transportation and Building Solutions in the United States (the “U.S.”), primarily across the Southern, Northeastern, Mid-Atlantic and the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. E-Infrastructure Solutions projects develop advanced, large-scale site development systems and services for data centers, e-commerce distribution centers, warehousing, transportation, energy and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater and storm drainage systems. Building Solutions projects include residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs and other concrete work. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.</span></div>
CY2022Q1 us-gaap Number Of Reportable Segments
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3 segment
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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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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
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33016000 USD
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47308000 USD
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66361000 USD
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46882000 USD
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0.64
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227079000 USD
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155558000 USD
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P15Y
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1493115000 USD
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0.68
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P12M
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0.50
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2 entity
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0.50
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0.50
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40000000 USD
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2 insurancePolicy
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20000000 USD
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40000000 USD
CY2021Q4 strl Members Interest Subject To Mandatory Redemption
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40000000 USD
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15754000 USD
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15115000 USD
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2 entity
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0.50
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143268000 USD
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212603000 USD
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35362000 USD
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992000 USD
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126000 USD
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97000 USD
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236000 USD
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CY2021Q1 us-gaap Lease Cost
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1563000 USD
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1160000 USD
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895000 USD
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2693000 USD
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1512000 USD
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3168000 USD
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2124000 USD
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41000 USD
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50000 USD
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4000 USD
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6000 USD
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41000 USD
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896000 USD
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37344000 USD
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24520000 USD
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1479000 USD
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953000 USD
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907000 USD
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224000 USD
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331000 USD
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P5Y7M6D
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P2Y6M
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0.043
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8786000 USD
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116000 USD
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9507000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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154000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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7453000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
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77000 USD
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5713000 USD
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0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3926000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3579000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3978000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
42942000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
347000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5499000 USD
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
16000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
37443000 USD
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
331000 USD
CY2022Q1 strl Consolidated Entities Ownership Percentage
ConsolidatedEntitiesOwnershipPercentage
0.50
CY2022Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
957000 USD
CY2021Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
618000 USD
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
5640000 USD
CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
4142000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6597000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4760000 USD
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.253
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
254000 shares
CY2022Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
688000 shares
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2296000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1835000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
19252000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10555000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29964000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28279000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
148000 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
484000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30112000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28763000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.64
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.64
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
5703000 USD
CY2021Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
7238000 USD
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
16305000 USD
CY2021Q1 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
7921000 USD
CY2022Q1 strl Increase Decrease In Receivables From And Equity In Construction Joint Ventures
IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures
2396000 USD
CY2021Q1 strl Increase Decrease In Receivables From And Equity In Construction Joint Ventures
IncreaseDecreaseInReceivablesFromAndEquityInConstructionJointVentures
1513000 USD
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1399000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-246000 USD
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2876000 USD
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
12799000 USD
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-331000 USD
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
59000 USD
CY2022Q1 strl Increase Decrease In Members Interest Subject To Mandatory Redemption And Undistributed Earnings
IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings
-1789000 USD
CY2021Q1 strl Increase Decrease In Members Interest Subject To Mandatory Redemption And Undistributed Earnings
IncreaseDecreaseInMembersInterestSubjectToMandatoryRedemptionAndUndistributedEarnings
325000 USD
CY2022Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
19393000 USD
CY2021Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-11233000 USD
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2022Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
255000 USD
CY2021Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
28269000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
22755000 USD

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