Company Quick10K Filing
⚲
Sterling Construction
Financials
Price13.18 EPS1
Shares27 P/E19
MCap351 P/FCF41
Net Debt3 EBIT20
TEV355 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-11-03
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
Reports
8-K 2020-11-02
8-K 2020-09-01
8-K 2020-08-04
8-K 2020-08-03
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

Content
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 5. Other Information
Item 6. Exhibits
Exhibits
EX-31.1 a2020093010-qexhibit311.htm
EX-31.2 a2020093010-qexhibit312.htm
EX-32.1 a2020093010-qexhibit321.htm
EX-32.2 a2020093010-qexhibit322.htm

Sterling Construction Earnings 2020-09-30

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 September 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. þYes ¨ 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 October 30, 2020 – 28,101,317


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 September 30,Nine Months Ended September 30,
 2020201920202019
Revenues$383,458 $291,699 $1,080,184 $779,734 
Cost of revenues(333,542)(262,483)(935,424)(705,519)
Gross profit49,916 29,216 144,760 74,215 
General and administrative expense(15,154)(10,239)(51,209)(32,302)
Intangible asset amortization(2,866)(600)(8,569)(1,800)
Acquisition related costs(401)(1,896)(1,013)(2,158)
Other operating expense, net(2,664)(4,366)(9,989)(9,936)
Operating income28,831 12,115 73,980 28,019 
Interest income23 331 146 986 
Interest expense(7,177)(3,024)(22,537)(8,988)
Income before income taxes21,677 9,422 51,589 20,017 
Income tax expense(6,280)(913)(14,712)(1,782)
Net income 15,397 8,509 36,877 18,235 
Less: Net income attributable to noncontrolling interests(240)(552)(395)(635)
Net income attributable to Sterling common stockholders$15,157 $7,957 $36,482 $17,600 
Net income per share attributable to Sterling common stockholders:   
Basic$0.54 $0.30 $1.31 $0.67 
Diluted$0.54 $0.30 $1.30 $0.66 
Weighted average common shares outstanding:
Basic28,003 26,365 27,832 26,359 
Diluted28,233 26,637 27,986 26,661 
 
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 September 30,Nine Months Ended September 30,
2020201920202019
Net income$15,397 $8,509 $36,877 $18,235 
Other comprehensive income, net of tax
Change in interest rate swap, net of tax (Note 11)
1,010 — (6,104)— 
Total comprehensive income16,407 8,509 30,773 18,235 
Less: Comprehensive income attributable to noncontrolling interests(240)(552)(395)(635)
Comprehensive income attributable to Sterling common stockholders$16,167 $7,957 $30,378 $17,600 
 
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)
 September 30,
2020		December 31,
2019
Assets
Current assets:
Cash and cash equivalents ($24,009 and $7,538 related to variable interest entities (“VIEs”))
$72,593 $45,733 
Accounts receivable, including retainage ($37,721 and $24,642 related to VIEs)
271,342 248,247 
Costs and estimated earnings in excess of billings ($7,213 and $8,328 related to VIEs)
55,310 42,555 
Receivables from and equity in construction joint ventures ($9,684 and $7,406 related to VIEs)
13,802 9,196 
Other current assets ($146 and $503 related to VIEs)
14,171 11,790 
Total current assets427,218 357,521 
Property and equipment, net ($5,944 and $5,619 related to VIEs)
121,534 116,030 
Operating lease right-of-use assets ($4,079 and $3,817 related to VIEs)
17,250 13,979 
Goodwill ($1,501 and $1,501 related to VIEs)
192,014 191,892 
Other intangibles, net247,754 256,323 
Deferred tax asset, net16,589 26,012 
Other non-current assets, net153 183 
Total assets$1,022,512 $961,940 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable ($25,276 and $18,213 related to VIEs)
$127,336 $137,593 
Billings in excess of costs and estimated earnings ($18,533 and $9,649 related to VIEs)
126,986 85,011 
Current maturities of long-term debt ($6,793 and $39 related to VIEs)
57,476 42,473 
Current portion of long-term lease obligations ($1,716 and $1,838 related to VIEs)
7,624 7,095 
Income taxes payable2,251 1,212 
Accrued compensation ($3,582 and $1,521 related to VIEs)
24,328 13,727 
Other current liabilities ($2,256 and $1,429 related to VIEs)
11,368 6,393 
Total current liabilities357,369 293,504 
Long-term debt ($37 and $2 related to VIEs)
335,237 390,627 
Long-term lease obligations ($2,363 and $1,979 related to VIEs)
9,668 6,976 
Members’ interest subject to mandatory redemption and undistributed earnings50,798 49,003 
Other long-term liabilities ($1,016 and $0 related to VIEs)
10,124 619 
Total liabilities763,196 740,729 
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, 28,086 and 27,772 shares outstanding
283 283 
Additional paid in capital254,860 251,019 
Treasury stock, at cost: 194 and 518 shares
(2,651)(6,142)
Retained earnings (deficit)11,449 (25,033)
Accumulated other comprehensive loss(6,313)(209)
Total Sterling stockholders’ equity257,628 219,918 
Noncontrolling interests1,688 1,293 
Total stockholders’ equity259,316 221,211 
Total liabilities and stockholders’ equity$1,022,512 $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)
Nine Months Ended September 30,
20202019
Cash flows from operating activities:
Net income$36,877 $18,235 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization24,639 12,288 
Amortization of debt issuance costs and non-cash interest2,489 2,375 
Gain on disposal of property and equipment(1,042)(466)
Deferred taxes10,946 1,561 
Stock-based compensation expense7,961 2,489 
Change in interest rate hedge251 — 
Changes in operating assets and liabilities (Note 17)
8,828 (28,005)
Net cash provided by operating activities90,949 8,477 
Cash flows from investing activities:
Capital expenditures(22,088)(7,871)
Proceeds from sale of property and equipment1,557 1,265 
Net cash used in investing activities(20,531)(6,606)
Cash flows from financing activities:
Repayments of debt(52,695)(10,435)
Distributions to noncontrolling interest owners— (5,900)
Purchase of treasury stock— (3,201)
Other borrowings9,137 100 
Net cash used in financing activities(43,558)(19,436)
Net change in cash and cash equivalents26,860 (17,565)
Cash and cash equivalents at beginning of period45,733 94,095 
Cash and cash equivalents at end of period$72,593 $76,530 
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) 
Nine Months Ended September 30, 2020
Common StockAdditional Paid in CapitalTreasury StockRetained Earnings (Deficit)Accumulated 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 
Change in 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 
Change in 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 
Net income— — — — — 15,157 — 15,157 240 15,397 
Change in interest rate swap— — — — — — 1,010 1,010 — 1,010 
Stock-based compensation— — 1,765 — — — — 1,765 — 1,765 
Issuance of stock66 — (714)(66)917 — — 203 — 203 
Shares withheld for taxes(14)— — 14 (133)— — (133)— (133)
Other— — (11)— — — — (11)— (11)
Balance at September 30, 202028,086 $283 $254,860 194 $(2,651)$11,449 $(6,313)$257,628 $1,688 $259,316 
7

STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited) 
Nine Months Ended September 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(7)— (98)— — — — (98)— (98)
Balance at June 30, 201926,466 $271 $233,559 583 $(6,688)$(55,291)$— $171,851 $2,842 $174,693 
Net income— — — — — 7,957 — 7,957 552 8,509 
Stock-based compensation— — 819 — — — — 819 — 819 
Distributions to owners— — — — — — — — (800)(800)
Issuance of stock13 — (69)(13)139 — — 70 — 70 
Shares withheld for taxes(3)— — 3 (32)— — (32)— (32)
Balance at September 30, 201926,476 $271 $234,309 573 $(6,581)$(47,334)$— $180,665 $2,594 $183,259 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
8

STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2020
($ and share values in thousands, except per share data)
(Unaudited)
1.NATURE OF OPERATIONS
Business Summary
Sterling Construction Company, Inc., (“Sterling,” “the Company,” “we,” “our” or “us”), a Delaware corporation, is a construction company that has been involved in the construction industry since its founding in 1955. The Company 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 construction 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.
2.BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
Presentation Basis—The accompanying Condensed Financial Statements are presented in accordance with accounting policies generally accepted in the United States (“GAAP”) and reflect all wholly owned subsidiaries and those entities the Company is required to consolidate. See the “Consolidated 50% Owned Subsidiaries” and “Construction Joint Ventures” section of the Notes for further discussion of the Company’s consolidation policy for those entities that are not wholly owned. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation have been included. All significant intercompany accounts and transactions have been eliminated in consolidation. Values presented within tables (excluding per share data) are in thousands. Reclassifications have been made to historical financial data in the Condensed Consolidated Financial Statements to conform to the current year presentation.
Estimates and Judgments—The preparation of the accompanying Condensed Consolidated Financial Statements in conformity 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, income taxes and purchase accounting estimates, including goodwill and other intangible assets. Management continually evaluates all of its estimates and judgments based on available information and experience; however, actual results could differ from these estimates.
Significant Accounting Policies
Consistent with Regulation S-X Rule 10-1(a), the Company has omitted significant accounting policies in this quarterly report that would duplicate the disclosures contained in the Company’s annual report on Form 10-K for the year ended December 31, 2019 under “Part II, Item 8. - Notes to Consolidated Financial Statements.”
Receivables, including Retainage—Receivables are generally based on amounts billed to the customer in accordance with contractual provisions. Many of the contracts under which the Company performs work also contain retainage provisions. Retainage refers to that portion of our billings held for payment by the customer pending satisfactory completion of the project. Unless reserved, the Company assumes that all amounts retained by customers under such provisions are fully collectible. Retainage on active contracts is classified as a current asset regardless of the term of the contract and is generally collected within one year of the completion of a contract. At September 30, 2020 and December 31, 2019, receivables included $78,300 and $79,400 of retainage (contract asset), respectively.
 Receivables are written off based on individual credit evaluation and specific circumstances of the customer, when such treatment is warranted. The Company performs a review of outstanding receivables, historical collection information and existing economic conditions to determine if there are potential uncollectible receivables. At both September 30, 2020 and December 31, 2019, our allowance for doubtful accounts against contracts receivable was zero.
9

Cash and Restricted cash—Our cash is comprised of highly liquid investments with maturities of three months or less. Restricted cash of approximately $6,100 and $4,800 is included in “Other current assets” on the Condensed Consolidated Balance Sheets at September 30, 2020 and December 31, 2019, respectively. This primarily represents cash deposited by the Company into separate accounts and designated as collateral for standby letters of credit in the same amount in accordance with contractual agreements.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13 to add the guidance in ASC 326 on the impairment of financial instruments. The ASU introduces an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The ASU is also intended to reduce the complexity of GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. The amendments in the ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2020 and noted no material impact to the Company’s Condensed Consolidated Financial Statements.
3.PLATEAU ACQUISITION
General—On October 2, 2019, Sterling consummated the acquisition (the “Plateau Acquisition”) of all of the issued and outstanding shares of capital stock of LK Gregory Construction, Inc. and Plateau Excavation, Inc., and all of the issued and outstanding equity interests in DeWitt Excavation, LLC. The Plateau Acquisition was accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations.
Purchase Consideration—Sterling completed the Plateau Acquisition for a purchase price of $427,533, net of cash acquired, detailed as follows:
Cash consideration transferred, net of $2,425 of cash acquired
$375,000 
Target working capital adjustment21,323 
Equity consideration transferred (1,245 shares at $13.01 per share(1))
16,195 
Note payable to seller (See Note 9 - Debt)
10,000 
Tax basis election5,015 
Total consideration$427,533 
(1) Sterling’s closing stock price on October 1, 2019
Purchase Price Allocation—The aggregate purchase price noted above was allocated to the assets and liabilities acquired based upon their estimated fair values at the acquisition closing date, which were based, in part, upon an external appraisal and valuation of certain assets, including specifically identified intangible assets. The excess of the purchase price over the estimated fair value of the net tangible and identifiable intangible assets acquired totaling $106,784 was recorded as goodwill.
The following table summarizes our purchase price allocation at the acquisition closing date, net of cash acquired:
Net tangible assets:
Accounts receivable, including retainage$81,921 
Costs and estimated earnings in excess of billings974 
Other current assets249 
Property and equipment, net65,492 
Other non-current assets, net10 
Accounts payable(22,039)
Billings in excess of costs and estimated earnings(16,540)
Other current and non-current liabilities(7,918)
Total net tangible assets102,149 
Identifiable intangible assets218,600 
Goodwill106,784 
Total consideration transferred$427,533 
10

Identifiable Intangible Assets—Intangible assets identified as part of the Plateau Acquisition are reflected in the table below and are recorded at their estimated fair value, as determined by the Company’s management, based on available information which includes a valuation from external experts. The estimated useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows.
 Weighted Average Life (Years)October 2, 2019
Fair Value
Customer relationships25$191,800 
Trade name2524,800 
Non-compete agreements5