Sterling Infrastructure, Inc. 10-Q Filing
Ticker: STRL · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 874238
| Field | Detail |
|---|---|
| Company | Sterling Infrastructure, Inc. (STRL) |
| Form Type | 10-Q |
| Filed Date | Nov 7, 2024 |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
FAQ
What type of filing is this?
This is a 10-Q filing submitted by Sterling Infrastructure, Inc. (ticker: STRL) to the SEC on Nov 7, 2024.
What are the key financial figures in this filing?
Key dollar amounts include: $0.01 (ection 12(b) of the Act: Common Stock, $0.01 par value per share STRL NASDAQ (Title).
How long is this filing?
Sterling Infrastructure, Inc.'s 10-Q filing is 15 pages with approximately 4,599 words. Estimated reading time is 18 minutes.
Where can I view the full 10-Q filing?
The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.
Filing Stats: 4,599 words · 18 min read · ~15 pages · Grade level 18 · Accepted 2024-11-07 09:25:37
Key Financial Figures
- $0.01 — ection 12(b) of the Act: Common Stock, $0.01 par value per share STRL NASDAQ (Title
Filing Documents
- strl-20240930.htm (10-Q) — 1145KB
- strl-amendedandrestatedb.htm (EX-3.2) — 69KB
- a2024093010-kexhibit311.htm (EX-31.1) — 14KB
- a2024093010-kexhibit312.htm (EX-31.2) — 14KB
- a2024093010-kexhibit321.htm (EX-32.1) — 7KB
- a2024093010-kexhibit322.htm (EX-32.2) — 7KB
- strl-20240930_g1.jpg (GRAPHIC) — 852KB
- strl-amendedandrestatedb001.jpg (GRAPHIC) — 179KB
- strl-amendedandrestatedb002.jpg (GRAPHIC) — 288KB
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- strl-amendedandrestatedb020.jpg (GRAPHIC) — 220KB
- strl-amendedandrestatedb021.jpg (GRAPHIC) — 58KB
- 0000874238-24-000144.txt ( ) — 15718KB
- strl-20240930.xsd (EX-101.SCH) — 44KB
- strl-20240930_cal.xml (EX-101.CAL) — 81KB
- strl-20240930_def.xml (EX-101.DEF) — 196KB
- strl-20240930_lab.xml (EX-101.LAB) — 588KB
- strl-20240930_pre.xml (EX-101.PRE) — 426KB
- strl-20240930_htm.xml (XML) — 1066KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements 3 3 Balance Sheets 4 5 6 Notes to the Condensed Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 26
Controls and Procedures
Item 4. Controls and Procedures 27
—OTHER INFORMATION
PART II—OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 28
Risk Factors
Item 1A. Risk Factors 28
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28
Other Information
Item 5. Other Information 28
Exhibits
Item 6. Exhibits 29
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues $ 593,741 $ 560,347 $ 1,616,923 $ 1,486,251 Cost of revenues ( 463,942 ) ( 468,480 ) ( 1,297,477 ) ( 1,240,368 ) Gross profit 129,799 91,867 319,446 245,883 General and administrative expense ( 30,672 ) ( 25,237 ) ( 85,826 ) ( 72,592 ) Intangible asset amortization ( 4,280 ) ( 3,736 ) ( 12,857 ) ( 11,209 ) Acquisition related costs ( 72 ) ( 103 ) ( 209 ) ( 352 ) Other operating expense, net ( 7,283 ) ( 5,654 ) ( 18,203 ) ( 11,703 ) Operating income 87,492 57,137 202,351 150,027 Interest income 7,591 4,150 19,798 8,327 Interest expense ( 6,286 ) ( 7,257 ) ( 19,463 ) ( 22,516 ) Income before income taxes 88,797 54,030 202,686 135,838 Income tax expense ( 23,404 ) ( 13,891 ) ( 48,960 ) ( 35,429 ) Net income, including noncontrolling interests 65,393 40,139 153,726 100,409 Less: Net income attributable to noncontrolling interests ( 4,072 ) ( 786 ) ( 9,478 ) ( 1,927 ) Net income attributable to Sterling common stockholders $ 61,321 $ 39,353 $ 144,248 $ 98,482 Net income per share attributable to Sterling common stockholders: Basic $ 2.00 $ 1.28 $ 4.67 $ 3.20 Diluted $ 1.97 $ 1.26 $ 4.63 $ 3.17 Weighted average common shares outstanding: Basic 30,735 30,800 30,875 30,733 Diluted 31,070 31,217 31,184 31,048 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements. 3 STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents ($ 69,549 and $ 24,325 related to variable interest entities ("VIEs")) $ 648,127 $ 471,563 Accounts receivable ($ 8,749 and