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Sterling Reports Record Fourth Quarter and Full Year 2022 Results

Provides 2023 Full Year Guidance

Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today announced financial results for the fourth quarter and full year 2022 and provided full year 2023 guidance.

Fourth Quarter 2022 Results (compared with prior year period)

(The financial information herein is from continuing operations unless otherwise noted)

  • Revenues of $448.6 million, an increase of 26%
  • Gross margin of 15.4%, an increase from 14.8%
  • Net Income was $20.2 million, or $0.66 per diluted share, an increase of 80% and 74%, respectively
  • EBITDA(1) of $49.9 million, an increase of 78%; Adjusted EBITDA(1) of $50.1 million, an increase of 58%
  • Cash flows from operations(2) of $88.5 million and $219.1 million for the fourth quarter and year ended December 31, 2022, respectively
  • Cash and Cash Equivalents totaled $181.5 million at December 31, 2022
  • Backlog at December 31, 2022 was $1.41 billion, an increase of 7% over December 31, 2021
  • Combined backlog(3) at December 31, 2022 was $1.69 billion, an increase of 25% over December 31, 2021

Continuing Operations–For the full year ended December 31, 2022, the Company reported net income of $96.7 million, or $3.16 per diluted share, versus $61.5 million, or $2.11 per diluted share, for 2021. Revenue increased by 25% over 2021. EBITDA(1) increased 51% to $208.7 million in 2022, versus $138.1 million in 2021. Adjusted EBITDA(1) increased 49% to $209.5 million in 2022, versus $140.9 million in 2021.

Discontinued Operations–For the full year ended December 31, 2022, the Company reported net income of $9.7 million, or $0.32 per diluted share, versus $1.2 million, or $0.04 per diluted share, for 2021. The increase was primarily driven by a pretax gain of $16.7 million, as the result of the disposition of the Company’s 50% ownership interest in its partnership with Myers & Sons Construction L.P.

For the full year ended December 31, 2022, the Company reported net income attributable to Sterling common stockholders(2) of $106.5 million, or $3.48 per diluted share, versus $62.6 million, or $2.15 per diluted share, for 2021.

(1) The Company defines EBITDA as GAAP net income from Continuing Operations, adjusted for depreciation and amortization, net interest expense and taxes. The Company defines Adjusted EBITDA as EBITDA excluding the impact of the net gain on extinguishment of debt and acquisition related costs. See the “Non-GAAP Measures” and “EBITDA Reconciliation” sections below for more information.

(2) Includes both Continuing and Discontinued Operations.

(3) Combined Backlog includes Unsigned Low-bid Awards of $275.0 million and $22.5 million at December 31, 2022 and December 31, 2021, respectively.

CEO Remarks and Outlook

“2022 marked another year of significant progress in transforming the company into a leading Infrastructure Service Provider. During a time of increased inflation and supply chain disruptions, our team’s ability to grow revenue 25% and improve margins 110 basis points over the prior year is truly amazing,” stated Joe Cutillo, Sterling’s Chief Executive Officer.

“Our E-Infrastructure Solutions segment delivered remarkable top-line growth of 93% compared to the prior year and remained our largest revenue, fastest-growing and highest-margin segment. E-Infrastructure organic growth was 31% while 62% was from the acquisition of Petillo. In our Building Solutions and Transportation Solutions segments we saw slower growth but significant operating income improvements. In Building Solutions, our operating income improved 13% and in Transportation Solutions, our operating income improved 34%,” continued Mr. Cutillo.

“We enter 2023 stronger than ever. With our record backlog and strong demand in E-Infrastructure and Transportation Solutions, we are confident in our ability to deliver another year of record earnings and value to our customers and investors,” Mr. Cutillo concluded.

Full Year 2023 Guidance:

  • Revenue of $1.9 billion to $2.0 billion
  • Net Income of $104 million to $110 million
  • EPS of $3.33 to $3.53
  • EBITDA(1) of $220 million to $235 million

Conference Call

Sterling’s management will hold a conference call to discuss these results and recent corporate developments on Tuesday, February 28, 2023 at 9:00 a.m. ET/8:00 a.m. CT. Interested parties may participate in the call by dialing (201) 493-6744 or (877) 445-9755. Please call in 10 minutes before the conference call is scheduled to begin and ask for the Sterling Infrastructure call. To coincide with the conference call, Sterling will post a slide presentation at www.strlco.com on the Events & Presentations section of the Investor Relations tab. Following management’s opening remarks, there will be a question and answer session.

To listen to a simultaneous webcast of the call, please go to the Company’s website at www.strlco.com at least 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call webcast will be archived on the Company’s website for 30 days.

About Sterling

Sterling 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 and Mid-Atlantic U.S., the Rocky Mountain States, and Hawaii, as well as other areas with strategic construction opportunities. E-Infrastructure Solutions projects include 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 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.

Joe Cutillo, CEO, “We build and service the infrastructure that enables our economy to run, our people to move and our country to grow.”

(1) The Company defines EBITDA as GAAP net income attributable to Sterling’s common stockholders, adjusted for depreciation and amortization, net interest expense and taxes. See the “Non-GAAP Measures” and “EBITDA Reconciliation” sections below for more information.

Important Information for Investors and Stockholders

Non-GAAP Measures

This press release contains “Non-GAAP” financial measures as defined under Regulation G of the amended U.S. Securities Exchange Act of 1934. The Company reports financial results in accordance with U.S. generally accepted accounting principles (“GAAP”), but the Company believes that certain Non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of the Company’s ongoing operations and are useful for period-over-period comparisons of those operations.

Non-GAAP measures may include adjusted net income, adjusted EPS, EBITDA and adjusted EBITDA, in each case excluding the impacts of certain identified items. The excluded items represent items that the Company does not consider to be representative of its normal operations. The Company believes that these measures are useful for investors to review, because they provide a consistent measure of the underlying financial results of the Company’s ongoing business and, in the Company’s view, allow for a supplemental comparison against historical results and expectations for future performance. Furthermore, the Company uses each of these to measure the performance of the Company’s operations for budgeting and forecasting, as well as employee incentive compensation. However, Non-GAAP measures should not be considered as substitutes for net income, EPS, or other data prepared and reported in accordance with GAAP and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Reconciliations of Non-GAAP financial measures to the most comparable GAAP measures are provided in the tables included within this press release.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that are considered forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about: our business strategy; our financial strategy; our industry outlook; our guidance; and our plans, objectives, expectations, forecasts, outlook and intentions. All of these types of statements, other than statements of historical fact included in this press release, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the negative of such terms or other comparable terminology. The forward-looking statements contained in this press release are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this press release are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the “Risk Factors” section in our filings with the U.S. Securities and Exchange Commission and elsewhere in those filings. Additional factors or risks that we currently deem immaterial, that are not presently known to us or that arise in the future could also cause our actual results to differ materially from our expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after the date the forward-looking statements are made. The forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Continuing Operations:

 

 

 

 

 

 

 

Revenues

$

448,607

 

 

$

355,375

 

 

$

1,769,436

 

 

$

1,414,374

 

Cost of revenues

 

(379,641

)

 

 

(302,863

)

 

 

(1,494,869

)

 

 

(1,210,842

)

Gross profit

 

68,966

 

 

 

52,512

 

 

 

274,567

 

 

 

203,532

 

General and administrative expense

 

(23,104

)

 

 

(22,971

)

 

 

(86,480

)

 

 

(69,153

)

Intangible asset amortization

 

(3,509

)

 

 

(2,866

)

 

 

(14,100

)

 

 

(11,464

)

Acquisition related costs

 

(265

)

 

 

(3,877

)

 

 

(827

)

 

 

(3,877

)

Other operating expense, net

 

(5,045

)

 

 

(2,740

)

 

 

(13,290

)

 

 

(12,027

)

Operating income

 

37,043

 

 

 

20,058

 

 

 

159,870

 

 

 

107,011

 

Interest income

 

684

 

 

 

12

 

 

 

885

 

 

 

45

 

Interest expense

 

(6,329

)

 

 

(3,675

)

 

 

(20,591

)

 

 

(19,311

)

Gain on extinguishment of debt, net

 

 

 

 

 

 

 

 

 

 

1,064

 

Income before income taxes

 

31,398

 

 

 

16,395

 

 

 

140,164

 

 

 

88,809

 

Income tax expense

 

(10,741

)

 

 

(4,552

)

 

 

(41,707

)

 

 

(24,874

)

Net income, including noncontrolling interests

 

20,657

 

 

 

11,843

 

 

 

98,457

 

 

 

63,935

 

Less: Net income attributable to noncontrolling interests

 

(424

)

 

 

(573

)

 

 

(1,740

)

 

 

(2,478

)

Net income from Continuing Operations

$

20,233

 

 

$

11,270

 

 

$

96,717

 

 

$

61,457

 

 

 

 

 

 

 

 

 

Discontinued Operations:

 

 

 

 

 

 

 

Pretax (loss) income

$

(1,561

)

 

$

(289

)

 

$

(4,848

)

 

$

1,214

 

Pretax gain on disposition

 

16,687

 

 

 

 

 

 

16,687

 

 

 

 

Income tax expense

 

(3,634

)

 

 

(73

)

 

 

(2,095

)

 

 

(26

)

Net income (loss) from Discontinued Operations

$

11,492

 

 

$

(362

)

 

$

9,744

 

 

$

1,188

 

 

 

 

 

 

 

 

 

Net income attributable to Sterling common stockholders

$

31,725

 

 

$

10,908

 

 

$

106,461

 

 

$

62,645

 

 

 

 

 

 

 

 

 

Net income per share from Continuing Operations:

 

 

 

 

 

 

 

Basic

$

0.67

 

 

$

0.39

 

 

$

3.20

 

 

$

2.15

 

Diluted

$

0.66

 

 

$

0.38

 

 

$

3.16

 

 

$

2.11

 

 

 

 

 

 

 

 

 

Net income (loss) per share from Discontinued Operations:

 

 

 

 

 

 

 

Basic

$

0.38

 

 

$

(0.01

)

 

$

0.32

 

 

$

0.04

 

Diluted

$

0.37

 

 

$

(0.01

)

 

$

0.32

 

 

$

0.04

 

 

 

 

 

 

 

 

 

Net income per share attributable to Sterling common stockholders:

 

 

 

 

 

 

 

Basic

$

1.05

 

 

$

0.38

 

 

$

3.53

 

 

$

2.19

 

Diluted

$

1.03

 

 

$

0.37

 

 

$

3.48

 

 

$

2.15

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

30,324

 

 

 

28,818

 

 

 

30,199

 

 

 

28,600

 

Diluted

 

30,739

 

 

 

29,756

 

 

 

30,564

 

 

 

29,101

 

STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES

SEGMENT INFORMATION

(In thousands)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

Revenues

2022

 

% of

Revenue

 

2021

 

% of

Revenue

 

2022

 

% of

Revenue

 

2021

 

% of

Revenue

E-Infrastructure Solutions

$

247,272

 

 

55%

 

$

127,183

 

 

36%

 

$

905,277

 

 

51%

 

$

468,784

 

 

33%

Transportation Solutions

 

126,545

 

 

28%

 

 

149,517

 

 

42%

 

 

542,550

 

 

31%

 

 

628,190

 

 

45%

Building Solutions

 

74,790

 

 

17%

 

 

78,675

 

 

22%

 

 

321,609

 

 

18%

 

 

317,400

 

 

22%

Total Revenues

$

448,607

 

 

 

 

$

355,375

 

 

 

 

$

1,769,436

 

 

 

 

$

1,414,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E-Infrastructure Solutions

$

29,811

 

 

12.1%

 

$

18,734

 

 

14.7%

 

$

121,453

 

 

13.4%

 

$

80,478

 

 

17.2%

Transportation Solutions

 

5,070

 

 

4.0%

 

 

4,238

 

 

2.8%

 

 

26,623

 

 

4.9%

 

 

19,888

 

 

3.2%

Building Solutions

 

8,260

 

 

11.0%

 

 

9,175

 

 

11.7%

 

 

36,693

 

 

11.4%

 

 

32,564

 

 

10.3%

Segment Operating Income

 

43,141

 

 

9.6%

 

 

32,147

 

 

9.0%

 

 

184,769

 

 

10.4%

 

 

132,930

 

 

9.4%

Corporate

 

(5,833

)

 

 

 

 

(8,212

)

 

 

 

 

(24,072

)

 

 

 

 

(22,042

)

 

 

Acquisition Related Costs

 

(265

)

 

 

 

 

(3,877

)

 

 

 

 

(827

)

 

 

 

 

(3,877

)

 

 

Total Continued Operating Income

$

37,043

 

 

8.3%

 

$

20,058

 

 

5.6%

 

$

159,870

 

 

9.0%

 

$

107,011

 

 

7.6%

STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

 

 

December 31,

2022

 

December 31,

2021

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

181,544

 

$

60,945

 

Accounts receivable

 

262,646

 

 

200,185

 

Contract assets

 

109,803

 

 

75,796

 

Receivables from and equity in construction joint ventures

 

14,122

 

 

9,839

 

Current assets of Discontinued Operations

 

 

 

71,886

 

Other current assets

 

29,139

 

 

16,040

 

Total current assets

 

597,254

 

 

434,691

 

Property and equipment, net

 

215,482

 

 

193,896

 

Operating lease right-of-use assets, net

 

59,415

 

 

19,473

 

Goodwill

 

262,692

 

 

258,290

 

Other intangibles, net

 

299,123

 

 

303,223

 

Non-current assets of Discontinued Operations

 

 

 

20,746

 

Other non-current assets, net

 

7,654

 

 

4,455

 

Total assets

$

1,441,620

 

$

1,234,774

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

121,887

 

$

112,746

 

Contract liabilities

 

239,297

 

 

118,672

 

Current maturities of long-term debt

 

32,610

 

 

23,373

 

Current portion of long-term lease obligations

 

19,715

 

 

6,557

 

Accrued compensation

 

24,136

 

 

20,415

 

Current liabilities of Discontinued Operations

 

 

 

51,914

 

Other current liabilities

 

8,966

 

 

18,083

 

Total current liabilities

 

446,611

 

 

351,760

 

Long-term debt

 

398,735

 

 

428,507

 

Long-term lease obligations

 

40,103

 

 

13,068

 

Members’ interest subject to mandatory redemption and undistributed earnings

 

21,597

 

 

19,322

 

Deferred tax liability, net

 

51,659

 

 

18,434

 

Long-term liabilities of Discontinued Operations

 

 

 

38,637

 

Other long-term liabilities

 

5,116

 

 

4,819

 

Total liabilities

 

963,821

 

 

874,547

 

Stockholders’ equity:

 

 

 

Common stock

 

306

 

 

298

 

Additional paid in capital

 

287,914

 

 

280,274

 

Retained earnings

 

186,379

 

 

79,918

 

Accumulated other comprehensive loss

 

 

 

(1,723

)

Total Sterling stockholders’ equity

 

474,599

 

 

358,767

 

Noncontrolling interests

 

3,200

 

 

1,460

 

Total stockholders’ equity

 

477,799

 

 

360,227

 

Total liabilities and stockholders’ equity

$

1,441,620

 

$

1,234,774

 

STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Years Ended December 31,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net income

$

108,201

 

 

$

65,123

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

52,066

 

 

 

34,201

 

Amortization of debt issuance costs and non-cash interest

 

2,136

 

 

 

2,242

 

Gain on disposal of property and equipment

 

(2,637

)

 

 

(1,396

)

Gain on debt extinguishment, net

 

(2,428

)

 

 

(2,032

)

Gain on disposition of Myers

 

(16,687

)

 

 

 

Deferred taxes

 

36,492

 

 

 

21,428

 

Stock-based compensation

 

12,726

 

 

 

11,771

 

Change in fair value of interest rate swap

 

(203

)

 

 

(32

)

Changes in operating assets and liabilities

 

29,450

 

 

 

27,627

 

Net cash provided by operating activities

 

219,116

 

 

 

158,932

 

Cash flows from investing activities:

 

 

 

Acquisitions, net of cash acquired

 

(18,004

)

 

 

(180,911

)

Disposition, net of cash disposed

 

(15,789

)

 

 

 

Capital expenditures

 

(60,909

)

 

 

(46,651

)

Proceeds from sale of property and equipment

 

4,947

 

 

 

4,113

 

Net cash used in investing activities

 

(89,755

)

 

 

(223,449

)

Cash flows from financing activities:

 

 

 

Cash received from credit facility

 

 

 

 

140,000

 

Repayments of debt

 

(23,373

)

 

 

(48,273

)

Distributions to noncontrolling interest owners

 

 

 

 

(2,477

)

Withholding taxes paid on net share settlement of equity awards

 

(9,416

)

 

 

(7,338

)

Debt issuance costs

 

 

 

 

(1,340

)

Other

 

 

 

 

(4

)

Net cash used in financing activities

 

(32,789

)

 

 

80,568

 

Net change in cash, cash equivalents, and restricted cash

 

96,572

 

 

 

16,051

 

Cash, cash equivalents and restricted cash at beginning of period

 

88,693

 

 

 

72,642

 

Cash, cash equivalents and restricted cash at end of period

 

185,265

 

 

 

88,693

 

Less: restricted cash (other current assets) - Continuing Operations

 

(3,721

)

 

 

(3,821

)

Less: cash, cash equivalents and restricted cash - Discontinued Operations

 

 

 

 

(23,927

)

Cash and cash equivalents at end of period - Continuing Operations

$

181,544

 

 

$

60,945

 

STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES

HISTORICAL QUARTERLY SEGMENT INFORMATION

(In thousands)

(Unaudited)

 

The following tables present our 2022, 2021 and 2020 quarterly revenue and income from operations by segment adjusted to conform to our 2022 continuing operations presentation:

 

 

 

 

 

 

 

2022 Quarters Ended (unaudited)

 

Revenues

March 31

June 30

September 30

December 31

Total

E-Infrastructure Solutions

$

168,927

 

$

233,548

 

$

255,530

 

$

247,272

 

$

905,277

 

Transportation Solutions

 

116,141

 

 

142,640

 

 

157,224

 

 

126,545

 

 

542,550

 

Building Solutions

 

80,894

 

 

85,639

 

 

80,286

 

 

74,790

 

 

321,609

 

Revenues

$

365,962

 

$

461,827

 

$

493,040

 

$

448,607

 

$

1,769,436

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

E-Infrastructure Solutions

$

21,285

 

$

32,824

 

$

37,533

 

$

29,811

 

$

121,453

 

Transportation Solutions

 

4,443

 

 

7,410

 

 

9,700

 

 

5,070

 

 

26,623

 

Building Solutions

 

9,358

 

 

9,751

 

 

9,324

 

 

8,260

 

 

36,693

 

Segment Operating Income

 

35,086

 

 

49,985

 

 

56,557

 

 

43,141

 

 

184,769

 

Corporate

 

(5,468

)

 

(5,766

)

 

(7,005

)

 

(5,833

)

 

(24,072

)

Acquisition related costs

 

(255

)

 

(230

)

 

(77

)

 

(265

)

 

(827

)

Operating Income

$

29,363

 

$

43,989

 

$

49,475

 

$

37,043

 

$

159,870

 

 

 

2021 Quarters Ended (unaudited)

Revenues

March 31

June 30

September 30

December 31

Total

E-Infrastructure Solutions

$

96,572

 

$

123,743

 

$

121,286

 

$

127,183

 

$

468,784

 

Transportation Solutions

 

119,097

 

 

160,017

 

 

199,559

 

 

149,517

 

 

628,190

 

Building Solutions

 

71,690

 

 

74,769

 

 

92,266

 

 

78,675

 

 

317,400

 

Revenues

$

287,359

 

$

358,529

 

$

413,111

 

$

355,375

 

$

1,414,374

 

 

Operating Income (Loss)

E-Infrastructure Solutions

$

17,812

 

$

24,714

 

$

19,218

 

$

18,734

 

$

80,478

 

Transportation Solutions

 

2,300

 

 

4,414

 

 

8,936

 

 

4,238

 

 

19,888

 

Building Solutions

 

7,361

 

 

6,790

 

 

9,238

 

 

9,175

 

 

32,564

 

Segment Operating Income

 

27,473

 

 

35,918

 

 

37,392

 

 

32,147

 

 

132,930

 

Corporate

 

(5,044

)

 

(3,404

)

 

(5,382

)

 

(8,212

)

 

(22,042

)

Acquisition related costs

 

 

 

 

 

 

 

(3,877

)

 

(3,877

)

Operating Income

$

22,429

 

$

32,514

 

$

32,010

 

$

20,058

 

$

107,011

 

 

 

2020 Quarters Ended (unaudited)

 

Revenues

March 31

June 30

September 30

December 31

Total

E-Infrastructure Solutions

$

78,574

 

$

103,310

 

$

114,961

 

$

100,408

 

$

397,253

 

Transportation Solutions

 

108,924

 

 

168,413

 

 

143,512

 

 

132,301

 

 

553,150

 

Building Solutions

 

64,828

 

 

73,951

 

 

67,419

 

 

70,137

 

 

276,335

 

Revenues

$

252,326

 

$

345,674

 

$

325,892

 

$

302,846

 

$

1,226,738

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

E-Infrastructure Solutions

$

13,630

 

$

23,573

 

$

22,416

 

$

16,903

 

$

76,522

 

Transportation Solutions

 

(1,387

)

 

6,739

 

 

3,714

 

 

2,932

 

 

11,998

 

Building Solutions

 

7,438

 

 

8,950

 

 

7,687

 

 

6,366

 

 

30,441

 

Segment Operating Income

 

19,681

 

 

39,262

 

 

33,817

 

 

26,201

 

 

118,961

 

Corporate

 

(7,195

)

 

(6,589

)

 

(5,529

)

 

(6,007

)

 

(25,320

)

Acquisition related costs

 

(473

)

 

(139

)

 

(401

)

 

(13

)

 

(1,026

)

Operating Income

$

12,013

 

$

32,534

 

$

27,887

 

$

20,181

 

$

92,615

 

STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES

EBITDA FROM CONTINUING OPERATIONS RECONCILIATION

(In thousands)

(Unaudited)

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Net income from Continuing Operations

$

20,233

 

$

11,270

 

$

96,717

 

$

61,457

 

Depreciation and amortization

 

13,253

 

 

8,456

 

 

50,575

 

 

32,503

 

Interest expense, net of interest income

 

5,645

 

 

3,663

 

 

19,706

 

 

19,266

 

Income tax expense

 

10,741

 

 

4,552

 

 

41,707

 

 

24,874

 

EBITDA from Continuing Operations (1)

 

49,872

 

 

27,941

 

 

208,705

 

 

138,100

 

Gain on extinguishment of debt, net

 

 

 

 

 

 

 

(1,064

)

Acquisition related costs

 

265

 

 

3,877

 

 

827

 

 

3,877

 

Adjusted EBITDA from Continuing Operations (2)

$

50,137

 

$

31,818

 

$

209,532

 

$

140,913

 

(1) The Company defines EBITDA as GAAP net income from Continuing Operations, adjusted for depreciation and amortization, net interest expense and taxes.

 

 

 

 

 

 

 

 

(2) Adjusted EBITDA excludes the impact of the net gain on extinguishment of debt and acquisition related costs.

STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES

EBITDA GUIDANCE RECONCILIATION

(In millions)

(Unaudited)

 

 

Full Year 2023 Guidance

 

Low

 

High

Net income attributable to Sterling common stockholders

$

104

 

$

110

Depreciation and amortization

 

55

 

 

59

Interest expense, net of interest income

 

21

 

 

24

Income tax expense

 

40

 

 

42

EBITDA (1)

$

220

 

$

235

 

 

 

 

(1) The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders, adjusted for depreciation and amortization, net interest expense, and taxes.

 

Contacts

Company:

Sterling Infrastructure, Inc.

Ron Ballschmiede, Chief Financial Officer

281-214-0777

Investor Relations:

The Equity Group Inc.

Jeremy Hellman, CFA

212-836-9626

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