Sterling Infrastructure, Inc. (STRL) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	391	460	501	631	556	672	624	690	958	1,038	1,126	1,427	1,582	1,769	1,972
+ Sales & Services Revenue	391	460	501	631	556	672	624	690	958	1,038	1,126	1,427	1,582	1,769	1,972
- Cost of Revenue	336	397	461	583	586	640	595	646	869	927	1,018	1,236	1,367	1,495	1,635
+ Cost of Goods & Services	336	397	461	583	586	640	595	646	869	927	1,018	1,236	1,367	1,495	1,635
Gross Profit	54	63	40	47	-30	32	29	44	89	110	108	191	215	275	338
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	17	27	25	32	40	37	43	49	63	68	66	95	104	114	131
+ Selling, General & Admin	17	25	25	35	41	37	42	39	48	51	49	71	79	86	99
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	2	- -	-3	-1	- -	1	10	15	17	17	24	25	27	32
Operating Income (Loss)	37	36	15	15	-70	-4	-14	-5	26	43	42	96	111	161	207
- Non-Operating (Income) Loss	- -	-1	67	-2	-1	- -	3	3	10	11	28	31	21	21	16
+ Interest Expense, Net	- -	-1	- -	- -	- -	- -	3	3	9	11	16	29	19	20	15
+ Interest Expense	- -	1	1	1	1	1	3	3	10	12	17	29	19	21	29
- Interest Income	1	2	2	1	1	1	- -	- -	- -	1	1	- -	- -	1	14
+ Other Non-Op (Income) Loss	- -	- -	67	-2	-1	- -	- -	- -	1	- -	12	1	2	1	1
Pretax Income	38	36	-52	17	-69	-5	-17	-7	16	31	14	65	90	140	191
- Income Tax Expense (Benefit)	12	10	-17	-1	1	1	- -	- -	- -	2	-26	22	25	42	48
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	26	26	-35	18	-70	-5	-17	-7	16	30	41	43	65	98	143
- Net Extraordinary Losses (Gains)	4	14	2	36	8	9	6	4	8	9	2	1	5	-6	8
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	1	10	- -
+ Extraord. & Accounting Changes	4	14	2	36	8	9	6	4	8	9	2	2	4	-16	8
Income (Loss) Incl. MI	22	12	-37	-18	-78	-14	-24	-11	7	21	39	42	60	105	134
- Minority Interest	-2	-7	-1	-18	-4	-5	-3	-2	-4	-4	-1	-1	-2	-2	-4
Net Income, GAAP	24	19	-36	- -	-74	-10	-20	-9	12	25	40	42	63	106	139
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	24	19	-36	- -	-74	-10	-20	-9	12	25	40	42	63	106	139
Basic Weighted Avg Shares	13	16	16	16	17	18	19	23	26	27	27	28	29	30	31
Basic EPS, GAAP	1.77	1.18	-2.19	-0.02	-4.44	-0.54	-1.05	-0.4	0.44	0.94	1.5	1.52	2.19	3.53	4.51
Basic EPS from Cont Ops	1.91	1.62	-2.12	1.08	-4.21	-0.29	-0.89	-0.32	0.6	1.1	1.53	1.54	2.28	3.26	4.64
Diluted Weighted Avg Shares	14	17	16	16	17	18	19	23	27	27	27	28	29	31	31
Diluted EPS, GAAP	1.71	1.15	-2.19	-0.02	-4.44	-0.54	-1.05	-0.4	0.43	0.93	1.47	1.5	2.15	3.48	4.44
Diluted EPS from Cont Ops	1.84	1.58	-2.12	1.08	-4.21	-0.29	-0.89	-0.32	0.59	1.09	1.5	1.52	2.24	3.22	4.58
EBITDA	51	52	33	34	-51	14	2	11	43	59	63	129	145	213	264
EBITDA Margin (%)	13.1	11.24	6.49	5.42	-9.16	2.1	0.34	1.64	4.51	5.72	5.58	9.02	9.19	12.02	13.39
EBITA	37	36	15	15	-70	-4	-14	-5	26	43	42	96	111	161	207
EBIT	37	36	15	15	-70	-4	-14	-5	26	43	42	96	111	161	207
Gross Margin (%)	13.91	13.63	7.95	7.53	-5.38	4.82	4.64	6.35	9.3	10.63	9.57	13.41	13.58	15.52	17.12
Operating Margin (%)	9.58	7.81	3.04	2.41	-12.51	-0.63	-2.31	-0.69	2.73	4.11	3.73	6.72	7.03	9.08	10.48
Profit Margin (%)	6.06	4.15	-7.16	-0.05	-13.29	-1.46	-3.27	-1.34	1.21	2.43	3.54	2.96	3.96	6.02	7.03
Sales per Employee	355,315	353,764	312,052	374,188	336,094	373,669	398,463	409,812	550,551	536,262	402,242	549,005	545,437	552,949	657,410
Dividend per Share	- -	- -	0.48	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	14	16	17	19	19	18	17	16	17	17	21	33	34	52	57

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	189	176	164	165	114	157	135	176	279	303	358	362	435	597	848
+ Cash, Cash Equivalents & STI	96	85	61	52	2	23	4	43	84	94	46	66	82	182	472
+ Cash & Cash Equivalents	54	49	16	3	2	23	4	43	84	94	46	66	82	182	472
+ ST Investments	42	36	45	49	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	80	77	81	102	95	121	122	124	182	197	300	279	332	387	359
+ Accounts Receivable, Net	- -	- -	75	71	77	79	82	84	134	145	248	177	232	263	252
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	80	77	6	32	18	43	40	40	48	52	52	102	100	124	106
+ Inventories	1	1	2	4	6	7	3	4	5	3	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	1	1	2	4	6	7	3	4	5	3	- -	- -	- -	- -	- -
+ Other ST Assets	12	13	20	6	11	5	6	5	8	8	12	16	20	29	18
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	197	191	140	167	159	149	132	126	185	180	604	591	796	844	929
+ Property, Plant & Equip, Net	80	75	83	102	94	87	73	68	54	52	7	10	86	117	301
+ Property, Plant & Equip	128	134	155	166	165	168	154	161	153	161	130	143	229	275	491
- Accumulated Depreciation	47	59	71	64	72	81	80	93	99	109	123	133	143	157	190
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	116	116	56	64	65	62	59	58	130	128	598	581	711	727	628
+ Total Intangible Assets	115	115	54	55	55	55	55	55	130	128	448	437	563	562	610
+ Goodwill	115	115	54	55	55	55	55	55	85	85	192	192	260	263	281
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	45	42	256	245	303	299	328
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	2	1	2	10	10	8	4	3	- -	- -	149	144	148	165	19
Total Assets	386	367	304	332	273	306	267	302	463	483	962	953	1,231	1,442	1,777
+ Payables & Accruals	44	51	42	48	64	69	59	67	98	100	139	95	145	122	146
+ Accounts Payable	33	35	34	48	62	67	59	67	97	99	138	95	145	122	146
+ Accrued Taxes	- -	1	2	- -	2	2	- -	- -	- -	- -	1	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	11	14	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	- -	- -	1	- -	- -	1	5	4	4	3	50	85	37	52	46
+ ST Borrowings	- -	- -	1	- -	- -	1	5	4	4	3	42	77	28	33	27
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7	8	9	20	20
+ Other ST Liabilities	31	18	27	29	42	35	40	76	81	77	105	142	170	272	486
+ Deferred Revenue	- -	- -	19	19	32	26	31	64	62	62	85	114	128	239	444
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	31	18	8	10	10	9	10	11	18	14	20	28	42	33	42
Total Current Liabilities	75	69	69	77	106	105	105	147	182	179	294	322	352	447	678
+ LT Debt	40	- -	- -	24	8	37	16	2	86	79	398	300	444	439	353
+ LT Borrowings	40	- -	- -	24	8	37	16	2	86	79	391	291	429	399	315
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7	9	16	40	38
+ Other LT Liabilities	39	19	19	17	26	24	51	46	49	52	50	62	75	78	122
+ Accrued Liabilities	15	19	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	15	52	77
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	24	- -	19	17	26	24	51	46	49	51	50	62	60	27	46
Total Noncurrent Liabilities	80	19	20	42	34	61	67	47	135	131	447	362	519	517	475
Total Liabilities	155	88	89	119	140	165	172	194	317	310	741	684	871	964	1,153
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	198	199	196	197	191	206	188	209	231	234	251	257	281	288	294
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	198	199	196	197	191	206	188	209	231	234	251	256	280	288	294
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	5	6	1	- -	- -	- -
+ Retained Earnings	33	52	17	12	-62	-72	-92	-102	-90	-65	-25	17	80	186	325
+ Other Equity	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	-5	-2	- -	- -
Equity Before Minority Interest	207	250	213	210	129	134	96	107	141	164	220	267	359	475	619
+ Minority/Non Controlling Interest	24	29	2	2	4	7	- -	1	5	8	1	1	1	3	5
Total Equity	231	279	215	213	133	141	96	108	146	172	221	269	360	478	624
Total Liabilities & Equity	386	367	304	332	273	306	267	302	463	483	962	953	1,231	1,442	1,777
Shares Outstanding	16	16	16	16	17	19	20	25	27	27	28	28	30	31	31
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14	17	25	60	57
Net Debt	-14	-49	-16	21	7	15	17	-37	6	-12	387	302	375	250	-130
Net Debt to Equity	-6.03	-17.56	-7.23	9.94	4.96	10.73	17.62	-34.59	4.23	-7.01	175.11	112.57	104.09	52.28	-20.85
Tangible Common Equity Ratio	42.81	65.14	64.37	57.02	35.74	34.31	19.27	21.57	4.84	12.57	-44.19	-32.6	-30.36	-9.55	1.23
Current Ratio	2.51	2.55	2.37	2.13	1.08	1.5	1.29	1.2	1.53	1.69	1.22	1.12	1.24	1.34	1.25
Cash Conversion Cycle	-11.35	-30	1	18.28	17.75	9.71	11.26	10.19	8.77	11.78	21.69	20.05	15.19	18.45	17.76
Number of Employees	1,100	1,300	1,606	1,685	1,655	1,799	1,565	1,684	1,740	1,935	2,800	2,600	2,900	3,200	3,000

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	26	26	-35	18	-70	-5	-17	-7	16	30	41	43	65	108	143
+ Depreciation & Amortization	14	16	17	19	19	18	17	16	17	17	21	33	34	52	57
+ Non-Cash Items	6	8	49	-4	4	- -	- -	1	4	7	-16	33	32	29	26
+ Stock-Based Compensation	1	1	1	1	1	1	2	2	3	3	4	12	12	13	15
+ Deferred Income Taxes	4	4	-19	-1	5	- -	- -	- -	- -	1	-27	19	21	36	15
+ Asset Impairment Charge	- -	- -	67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	- -	3	- -	-3	-2	-1	-1	- -	1	3	7	2	-1	-20	-4
+ Chg in Non-Cash Work Cap	3	-2	-11	-8	26	-23	9	34	-14	-14	-4	10	20	29	253
+ (Inc) Dec in Accts Receiv	15	6	3	-5	1	-22	1	-2	-36	-10	-14	50	4	9	235
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	-1	5	-1	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-2	2	- -	-9	- -	- -	13	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-11	7	-7	8	14	5	-8	8	14	2	11	-42	27	12	15
+ Inc (Dec) in Other	- -	-17	-7	-2	10	-6	-2	29	8	-6	-1	3	-11	8	2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	48	47	21	25	-22	-11	9	44	23	39	41	119	152	219	479
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	2	1	12	7	6	9	3	8	2	1	2	4	5	14
+ Disp of Fixed Prod Assets	- -	2	1	12	7	6	9	3	8	2	1	2	4	5	14
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-5	-13	-24	-37	-15	-14	-8	-11	-9	-13	-15	-33	-47	-61	-64
+ Acq of Fixed Prod Assets	-5	-13	-24	-37	-15	-14	-8	-11	-9	-13	-15	-33	-47	-61	-64
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-15	3	-8	-3	48	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	57	140	101	27	50	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	-71	-138	-109	-30	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-60	- -	-12	-23	- -	- -	- -	- -	-55	- -	-396	- -	-181	-34	-37
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14
+ Cash for Acq of Subs	-60	- -	-12	-23	- -	- -	- -	- -	-55	- -	-396	- -	-181	-34	-51
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	-5	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-80	-9	-43	-52	40	-7	-4	-8	-56	-11	-410	-30	-223	-90	-88
+ Dividends Paid	- -	- -	-8	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	-15	58	- -	24	-16	27	-18	-16	80	-12	772	-78	92	-23	-91
+ Cash From Debt	188	58	18	75	219	330	162	3	81	- -	860	- -	140	- -	3
+ Repayments of Debt	-203	- -	-18	-51	-235	-304	-179	-19	-1	-12	-88	-78	-48	-23	-93
+ Cash (Repurchase) of Equity	47	1	-3	- -	- -	14	- -	19	- -	-5	-3	- -	- -	- -	- -
+ Increase in Capital Stock	47	1	- -	- -	- -	14	- -	19	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	-4	- -	- -	- -	- -	- -	- -	-5	-3	- -	- -	- -	- -
+ Other Financing Activities	-1	-102	- -	-10	-4	-2	-5	-1	-6	-2	-448	9	-4	-9	-14
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	31	-43	-11	14	-20	39	-23	2	74	-18	321	-68	88	-33	-105
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-1	-5	-33	-13	-1	21	-18	38	41	10	-48	20	16	97	286
EBITDA	51	52	33	34	-51	14	2	11	43	59	63	129	145	213	264
EBITDA Margin (%)	13.1	11.24	6.49	5.42	-9.16	2.1	0.34	1.64	4.51	5.72	5.58	9.02	9.19	12.02	13.39
Net Cash Paid for Acquisitions	60	- -	12	23	- -	- -	- -	- -	55	- -	396	- -	181	34	37
Free Cash Flow	43	34	-3	-13	-36	-24	1	34	14	26	26	86	105	158	414
Free Cash Flow to Firm	43	35	- -	- -	- -	- -	- -	- -	23	38	- -	106	119	173	436
Free Cash Flow to Equity	28	93	-2	24	-46	9	-8	20	102	17	799	11	201	140	337
Free Cash Flow per Basic Share	3.19	2.08	-0.18	-0.77	-2.19	-1.33	0.05	1.45	0.52	0.98	0.96	3.1	3.67	5.24	13.47
Price/Free Cash Flow	5.01	3.52	4.01	2.52	-29.29	38.47	6.8	3.51	13.71	5.38	6.88	3.45	3.86	3.55	5.13
Cash Flow to Net Income	2.02	2.47	-0.58	-83.46	0.29	1.07	-0.44	-4.82	1.98	1.57	1.03	2.82	2.42	2.06	3.45

Sterling Infrastructure, Inc.

STRL US

114.20

114.20