Company Quick10K Filing
Sterling Construction
Price13.18 EPS1
Shares27 P/E19
MCap351 P/FCF41
Net Debt3 EBIT20
TEV355 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-03-03
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-03-05
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-03-06
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-03-09
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-03-14
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-17
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-15
8-K 2020-09-01 Officers, Exhibits
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-08-03 Earnings, Regulation FD, Exhibits
8-K 2020-06-02
8-K 2020-05-06
8-K 2020-05-05
8-K 2020-05-05
8-K 2020-05-04
8-K 2020-04-01
8-K 2020-03-03
8-K 2020-03-03
8-K 2020-03-02
8-K 2019-12-08
8-K 2019-11-05
8-K 2019-11-04
8-K 2019-10-02
8-K 2019-09-06
8-K 2019-08-13
8-K 2019-08-13
8-K 2019-08-06
8-K 2019-08-05
8-K 2019-05-29
8-K 2019-05-08
8-K 2019-05-07
8-K 2019-05-06
8-K 2019-03-18
8-K 2019-03-06
8-K 2018-12-18
8-K 2018-12-18
8-K 2018-12-18
8-K 2018-11-14
8-K 2018-11-05
8-K 2018-08-09
8-K 2018-08-06
8-K 2018-05-31
8-K 2018-05-08
8-K 2018-05-07
8-K 2018-05-02
8-K 2018-03-08
8-K 2018-03-05

STRL 10Q Quarterly Report

Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 a2020063010-qexhibit311.htm
EX-31.2 a2020063010-qexhibit312.htm
EX-32.1 a2020063010-qexhibit321.htm
EX-32.2 a2020063010-qexhibit322.htm

Sterling Construction Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
52542031521010502012201420172020
Assets, Equity
3052331618917-552012201420172020
Rev, G Profit, Net Income
9060300-30-602012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___ 
Commission File Number1-31993
STERLING CONSTRUCTION COMPANY, INC. 
(Exact name of registrant as specified in its charter)
Delaware25-1655321
(State or other jurisdiction of incorporation
or organization)
(I.R.S. Employer
Identification No.)
  
1800 Hughes Landing Blvd.
The Woodlands, Texas
 
77380
(Address of principal executive offices)(Zip Code)
  
Registrant’s telephone number, including area code:  (281) 214-0800
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $0.01 par value per shareSTRLThe NASDAQ Stock Market LLC
(Title of each class)(Trading Symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filerþ
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes þ No
The number of shares outstanding of the registrant’s common stock as of July 31, 2020 – 28,068,334



STERLING CONSTRUCTION COMPANY, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
 
Page
  
  
  
  
  
  
  
  
 


2


PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
 
STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited) 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenues$400,038  $264,086  $696,726  $488,035  
Cost of revenues(340,439) (238,590) (601,882) (443,036) 
Gross profit59,599  25,496  94,844  44,999  
General and administrative expense(18,451) (10,174) (36,055) (22,063) 
Intangible asset amortization(2,866) (600) (5,703) (1,200) 
Acquisition related costs(139) (262) (612) (262) 
Other operating expense, net(5,097) (3,276) (7,325) (5,570) 
Operating income33,046  11,184  45,149  15,904  
Interest income24  291  123  655  
Interest expense(7,557) (2,904) (15,360) (5,964) 
Income before income taxes25,513  8,571  29,912  10,595  
Income tax expense(7,248) (706) (8,432) (869) 
Net income 18,265  7,865  21,480  9,726  
Less: Net income attributable to noncontrolling interests(55) (37) (155) (83) 
Net income attributable to Sterling common stockholders$18,210  $7,828  $21,325  $9,643  
Net income per share attributable to Sterling common stockholders:   
Basic$0.65  $0.30  $0.77  $0.37  
Diluted$0.65  $0.29  $0.76  $0.36  
Weighted average common shares outstanding:  
Basic27,941  26,338  27,794  26,357  
Diluted27,957  26,623  27,887  26,657  
 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

3


STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited) 
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net income$18,265  $7,865  $21,480  $9,726  
Other comprehensive income, net of tax
Loss on interest rate swap, net of tax (Note 11)
(53)   (7,114)   
Total comprehensive income18,212  7,865  14,366  9,726  
Less: Comprehensive income attributable to noncontrolling interests(55) (37) (155) (83) 
Comprehensive income attributable to Sterling common stockholders$18,157  $7,828  $14,211  $9,643  
 
The accompanying Notes are an integral part of these Consolidated Financial Statements.
4


STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
 June 30,
2020
December 31,
2019
Assets 
Current assets:
Cash and cash equivalents ($15,877 and $7,538 related to variable interest entities (“VIEs”))
$70,612  $45,733  
Accounts receivable, including retainage ($39,085 and $24,642 related to VIEs)
269,406  248,247  
Costs and estimated earnings in excess of billings ($5,012 and $8,328 related to VIEs)
52,068  42,555  
Receivables from and equity in construction joint ventures ($8,302 and $7,406 related to VIEs)
12,396  9,196  
Other current assets ($110 and $503 related to VIEs)
11,965  11,790  
Total current assets416,447  357,521  
Property and equipment, net ($6,000 and $5,619 related to VIEs)
119,596  116,030  
Operating lease right-of-use assets ($3,951 and $3,817 related to VIEs)
17,076  13,979  
Goodwill ($1,501 and $1,501 related to VIEs)
192,014  191,892  
Other intangibles, net250,620  256,323  
Deferred tax asset, net21,604  26,012  
Other non-current assets, net153  183  
Total assets$1,017,510  $961,940  
Liabilities and Stockholders’ Equity 
Current liabilities:
Accounts payable ($21,943 and $18,213 related to VIEs)
$131,098  $137,593  
Billings in excess of costs and estimated earnings ($15,514 and $9,649 related to VIEs)
110,934  85,011  
Current maturities of long-term debt ($6,793 and $39 related to VIEs)
54,979  42,473  
Current portion of long-term lease obligations ($1,792 and $1,838 related to VIEs)
7,423  7,095  
Income taxes payable3,594  1,212  
Accrued compensation ($2,965 and $1,521 related to VIEs)
19,075  13,727  
Other current liabilities ($1,587 and $1,429 related to VIEs)
10,589  6,393  
Total current liabilities337,692  293,504  
Long-term debt ($9 and $2 related to VIEs)
367,028  390,627  
Long-term lease obligations ($2,159 and $1,979 related to VIEs)
9,733  6,976  
Members’ interest subject to mandatory redemption and undistributed earnings53,751  49,003  
Other long-term liabilities ($509 and $0 related to VIEs)
8,221  619  
Total liabilities776,425  740,729  
Commitments and contingencies (Note 12)
Stockholders’ equity: 
Common stock, par value $0.01 per share; 38,000 shares authorized, 28,280 and 28,290 shares issued, 28,034 and 27,772 shares outstanding
283  283  
Additional paid in capital253,820  251,019  
Treasury Stock, at cost: 246 and 518 shares
(3,435) (6,142) 
Retained deficit(3,708) (25,033) 
Accumulated other comprehensive loss(7,323) (209) 
Total Sterling stockholders’ equity239,637  219,918  
Noncontrolling interests1,448  1,293  
Total stockholders’ equity241,085  221,211  
Total liabilities and stockholders’ equity$1,017,510  $961,940  
 The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
5


STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Six Months Ended June 30,
 20202019
Cash flows from operating activities:  
Net income$21,480  $9,726  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization16,541  8,473  
Amortization of debt issuance costs and non-cash interest1,762  1,602  
Gain on disposal of property and equipment(598) (441) 
Deferred taxes6,223  761  
Stock-based compensation expense6,196  1,670  
Loss on interest rate hedge272    
Changes in operating assets and liabilities (Note 17)
385  (26,116) 
Net cash provided by (used in) operating activities52,261  (4,325) 
Cash flows from investing activities:
Capital expenditures(14,574) (4,854) 
Proceeds from sale of property and equipment769  802  
Net cash used in investing activities(13,805) (4,052) 
Cash flows from financing activities:
Repayments of debt(22,644) (5,763) 
Distributions to noncontrolling interest owners  (5,100) 
Purchase of treasury stock  (3,201) 
Other9,067  76  
Net cash used in financing activities(13,577) (13,988) 
Net change in cash and cash equivalents24,879  (22,365) 
Cash and cash equivalents at beginning of period45,733  94,095  
Cash and cash equivalents at end of period$70,612  $71,730  
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
6


STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited) 
 Six Months Ended June 30, 2020
Common StockAdditional Paid in CapitalTreasury StockRetained DeficitAccumulated Other Comprehensive LossTotal Sterling Stockholders’ EquityNon-controlling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance at December 31, 201927,772  $283  $251,019  518  $(6,142) $(25,033) $(209) $219,918  $1,293  $221,211  
Net income—  —  —  —  —  3,115  —  3,115  100  3,215  
Loss on interest rate swap—  —  —  —  —  —  (7,061) (7,061) —  (7,061) 
Stock-based compensation  —  2,234  —  —  —  —  2,234  —  2,234  
Issuance of stock248  —  (2,460) (248) 2,563  —  —  103  —  103  
Shares withheld for taxes(54) —  (104) 46  (668) —  —  (772) —  (772) 
Balance at March 31, 202027,966  $283  $250,689  316  $(4,247) $(21,918) $(7,270) $217,537  $1,393  $218,930  
Net income—  —  —  —  —  18,210  —  18,210  55  18,265  
Loss on interest rate swap—  —  —  —  —  —  (53) (53) —  (53) 
Stock-based compensation—  —  3,962  —  —  —  —  3,962  —  3,962  
Issuance of stock73  —  (740) (73) 844  —  —  104  —  104  
Shares withheld for taxes(5) —  (18) 3  (32) —  —  (50) —  (50) 
Other—  —  (73) —  —  —  —  (73) —  (73) 
Balance at June 30, 202028,034  $283  $253,820  246  $(3,435) $(3,708) $(7,323) $239,637  $1,448  $241,085  
7


Six Months Ended June 30, 2019
Common StockAdditional Paid in CapitalTreasury StockRetained DeficitAccumulated Other Comprehensive LossTotal Sterling Stockholders’ EquityNon-controlling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balance at December 31, 201826,597  $271  $233,795  467  $(4,731) $(64,934) $  $164,401  $7,859  $172,260  
Net income—  —  —  —  —  1,815  —  1,815  46  1,861  
Stock-based compensation(1) —  1,021  —  —  —  —  1,021  —  1,021  
Distributions to owners—  —  —  —  —  —  —    (5,100) (5,100) 
Purchase of treasury stock(250) —  —  250  (3,201) —  —  (3,201) —  (3,201) 
Issuance of stock130  —  (1,314) (130) 1,314  —  —    —    
Shares withheld for taxes(52) —  —  45  (564) —  —  (564) —  (564) 
Balance at March 31, 201926,424  $271  $233,502  632  $(7,182) $(63,119) $  $163,472  $2,805  $166,277  
Net income—  —  —  —  —  7,828  —  7,828  37  7,865  
Stock-based compensation—  —  649  —  —  —  —  649  —  649  
Issuance of stock49  —  (494) (49) 494  —  —    —    
Shares withheld for taxes(