PART I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) Sterling Infrastructure operates three segments, focusing on margin improvement, strategic acquisitions, and robust backlog growth [Overview of the Company's Business](index=5&type=section&id=Overview%20of%20the%20Company's%20Business) - Sterling Infrastructure, Inc. operates through three segments: E-Infrastructure Solutions, Transportation Solutions, and Building Solutions, primarily across the Southern, Northeastern, Mid-Atlantic, and Rocky Mountain regions and the Pacific Islands[15](index=15&type=chunk) - E-Infrastructure Solutions provides advanced, large-scale site development for manufacturing, data centers, e-commerce distribution centers, warehousing, and power generation[15](index=15&type=chunk) - Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail, and storm drainage systems[15](index=15&type=chunk) - Building Solutions includes residential and commercial concrete foundations, other concrete work, and plumbing services for new single-family residential builds[15](index=15&type=chunk) [Business Strategy](index=5&type=section&id=Business%20Strategy) - Strategic vision since 2016 focuses on risk reduction, bottom-line growth, exceeding peer performance, and building a platform for future accretive growth[17](index=17&type=chunk) - Improved heavy highway backlog gross margin to **11.3%** at December 31, 2023, from approximately **4%** prior to 2016, through improved bid discipline[18](index=18&type=chunk) - Shifted project mix from low-bid heavy highway (**79%** of revenue in 2016) to alternative delivery and higher-margin work (**15%** of revenue as of December 31, 2023), targeting gross margins of **12%-15%**[19](index=19&type=chunk) - Completed six acquisitions since 2016 to expand into adjacent markets and diversify, targeting businesses with gross margins of **15%** or more[20](index=20&type=chunk) [Recent Strategic Transactions](index=5&type=section&id=Recent%20Strategic%20Transactions) - Sold **50%** ownership interest in Myers & Sons Construction L.P. for **$18 million** in November 2022 (received **$14 million** in Q1 2023) to reduce low-bid heavy highway risk and focus outside California[21](index=21&type=chunk)[22](index=22&type=chunk) - Acquired Concrete Construction Services of Arizona LLC (CCS) for approximately **$21 million** in December 2022, adding residential concrete foundation services in the greater Phoenix area to the Building Solutions segment[23](index=23&type=chunk) - Acquired Professional Plumbers Group, Incorporated (PPG) for approximately **$57 million** in November 2023, expanding residential plumbing services in the Dallas-Fort Worth market within the Building Solutions segment[24](index=24&type=chunk) [Segments, Markets and Customers](index=6&type=section&id=Segments%2C%20Markets%20and%20Customers) - E-Infrastructure Solutions serves large blue-chip clients in e-commerce, data centers, manufacturing, warehousing, and power generation sectors, with four customers accounting for **40%** of segment revenue in 2023[26](index=26&type=chunk) - Transportation Solutions focuses on heavy highway, aviation, and rail projects, primarily for state DOTs and regional authorities in Arizona, Colorado, Nevada, Texas, Utah, and the Pacific Islands, with four state DOTs accounting for **50%** of segment revenue in 2023[27](index=27&type=chunk) - Building Solutions serves leading national, regional, and custom home builders in Texas (Dallas-Fort Worth, Houston) and Phoenix for residential, and developers/general contractors for commercial concrete construction; four customers accounted for **42%** of segment revenue in 2023[28](index=28&type=chunk) - No individual customer accounted for more than **10%** of consolidated revenues in 2023[29](index=29&type=chunk) [Competition](index=6&type=section&id=Competition) - The Company positions itself in the mid-level market, bidding on work too large for small local contractors yet too small for large national/international construction companies[30](index=30&type=chunk) - Anticipates increased competitive bidding pressure and reduced revenue growth and margins if market conditions become less favorable, leading to convergence from both small local and large international competitors[30](index=30&type=chunk)[31](index=31&type=chunk) [Seasonality](index=7&type=section&id=Seasonality) - Operations are often affected by weather conditions, particularly in the first and fourth quarters, leading to variability in revenues, profitability, and employee requirements[32](index=32&type=chunk) [Resources](index=7&type=section&id=Resources) - Procures essential raw materials such as cement, aggregate, concrete, liquid asphalt, lumber, steel, and fuels from a broad network, with prices and availability subject to market fluctuations[32](index=32&type=chunk) [Backlog](index=7&type=section&id=Backlog) Backlog and Combined Backlog (2023 vs. 2022) | Metric | December 31, 2023 | December 31, 2022 | | :------------------- | :------------------ | :------------------ | | Backlog | $2.07 billion | $1.41 billion | | Unsigned Awards | $303.2 million | $275.0 million | | Combined Backlog | $2.37 billion | $1.69 billion | | Book-to-Burn Ratio (2023) | 1.38 | N/A | | Combined Backlog Book-to-Burn Ratio (2023) | 1.40 | N/A | | Gross Margin in Backlog | 15.2% | 14.3% | | Combined Backlog Margin | 15.4% | 14.2% | - Backlog represents expected future revenues from contract commitments, typically completed in 6 to 36 months, with approximately **65%** of the December 31, 2023 backlog anticipated to be recognized as revenue during 2024[33](index=33&type=chunk)[155](index=155&type=chunk) [Contracts](index=7&type=section&id=Contracts) - Contracts are awarded on a competitively bid or negotiated basis, utilizing fixed-unit price, lump sum, and cost-reimbursable options, with substantially all of the December 31, 2023 backlog contracted on a fixed-unit price or lump sum basis[34](index=34&type=chunk) - Most contracts in the backlog contain termination for convenience clauses, allowing customers to cancel but requiring compensation for work performed and additional contractual costs[35](index=35&type=chunk) [Insurance and Bonding](index=7&type=section&id=Insurance%20and%20Bonding) - Maintains general liability, excess liability, workers' compensation, and auto insurance, and is required to provide various types of surety and payment bonds for Transportation and E-Infrastructure Solutions projects[36](index=36&type=chunk)[37](index=37&type=chunk) - Ability to obtain bonds depends on capitalization, working capital, aggregate contract size, past performance, management expertise, and the capacity of the overall surety market[37](index=37&type=chunk) [Government and Environmental Regulations](index=8&type=section&id=Government%20and%20Environmental%20Regulations) - Operations must comply with federal, state, and local regulatory requirements, including safety (OSHA), wage and hour, immigration, and environmental laws (CERCLA, RCRA)[39](index=39&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk) - Environmental laws impose substantial penalties for non-compliance and strict, retroactive joint and several liability for hazardous substance releases, potentially requiring significant cleanup costs[40](index=40&type=chunk)[41](index=41&type=chunk) [Human Capital](index=8&type=section&id=Human%20Capital) Employee Demographics (as of December 31, 2023) | Category | Value | | :------------------- | :--------- | | Total Employees | ~3,000 | | Salaried Employees | ~700 | | Hourly Employees | ~2,300 | | Unionized Employees | ~20% | | Hispanic | 47.4% | | White | 47.2% | | Black | 2.9% | | Pacific Islander | 1.4% | | Other | 1.1% | - The Company focuses on hiring, developing, and retaining talented employees, fostering an inclusive culture, and maintaining high safety standards through hazard-specific training and daily briefings[45](index=45&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk) [Access to Company's Filings](index=9&type=section&id=Access%20to%20Company's%20Filings) - The Company's annual, quarterly, and current reports (Form 10-K, 10-Q, 8-K) and other information are available free of charge on its website (www.strlco.com) and through a link to the SEC's website[49](index=49&type=chunk) [Item 1A. Risk Factors](index=9&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks from economic conditions, supply chain, contract execution, market sensitivities, workforce, regulations, and financial factors [Risks Related to Our Business and Industry](index=10&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) - Demand for services may decrease during economic recessions, volatile economic cycles, supply chain disruptions, inflationary pressures, and interest rate fluctuations, leading to project delays, reductions, or cancellations[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - Dependence on third-party suppliers for materials (aggregates, cement, asphalt, steel, fuel) and subcontractors exposes the Company to price volatility, shortages, and delays, which can adversely impact profit margins[55](index=55&type=chunk)[56](index=56&type=chunk) - Inaccurate cost estimates for fixed-unit price and lump sum contracts can result in lower-than-anticipated profits or losses due to cost overruns, differing onsite conditions, or contract modifications[57](index=57&type=chunk)[58](index=58&type=chunk) - Adverse weather conditions, particularly in the first and fourth quarters, can cause project delays, inefficiencies, and reduced profitability, with potential for increased frequency or severity due to climate change[66](index=66&type=chunk)[67](index=67&type=chunk) - Reliance on information technology systems makes the business vulnerable to damage or disruption from catastrophic events, power outages, cyber-attacks, or other malicious programs, potentially leading to decreased performance, remediation costs, and data loss[68](index=68&type=chunk) [Risks Related to Our Segments](index=12&type=section&id=Risks%20Related%20to%20Our%20Segments) - E-Infrastructure Solutions business is cyclical and vulnerable to economic downturns, market interest rate fluctuations, and reductions in private industry spending, which may cause customers to delay, curtail, or cancel projects[70](index=70&type=chunk) - The homebuilding industry, which drives Building Solutions, is sensitive to economic conditions, interest rates, and financing availability, with rising inflation and interest rates in 2022 leading to decreased demand for single-family homes[71](index=71&type=chunk)[75](index=75&type=chunk) - Transportation Solutions operates in a highly competitive and regulated industry, relying heavily on limited federal, state, and local government funding, which creates pricing pressures and risks of contract termination for non-compliance[72](index=72&type=chunk)[74](index=74&type=chunk) - Design-build projects in Transportation Solutions expose the Company to risks of design errors and omissions, potentially leading to liabilities not fully covered by insurance[76](index=76&type=chunk) - Inability to obtain adequate bonding for Transportation Solutions projects could limit the Company's ability to bid on new contracts, materially affecting future revenues and business prospects[77](index=77&type=chunk) [Risks Related to Our Construction Joint Venture Partners and Customers](index=14&type=section&id=Risks%20Related%20to%20Our%20Construction%20Joint%20Venture%20Partners%20and%20Customers) - Participation in construction joint ventures exposes the Company to joint and several liability for partner failures, potentially requiring additional investments or services, and risking reputational harm[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) - Difficulty in recovering on claims or change orders against clients for payment, or against subcontractors for performance, can negatively impact cash flows and financial condition[86](index=86&type=chunk) - Dependence on a limited number of significant customers means the loss of business or a default/delay in payment from any one customer could have a material adverse effect on business, results of operations, cash flows, and financial condition[87](index=87&type=chunk) - Most contracts contain termination for convenience clauses, allowing customers to cancel on short notice, which could lead to idle equipment and work crews, materially affecting business and results of operations[88](index=88&type=chunk) [Risks Related to Our Workforce](index=15&type=section&id=Risks%20Related%20to%20Our%20Workforce) - The Company's business depends on its ability to attract and retain reliable, qualified personnel, facing intense competition for experienced workers in all markets[89](index=89&type=chunk) - Risk of increased unionization, work stoppages, slowdowns, or higher labor costs, which could limit workforce flexibility, increase operating expenses, and adversely affect profitability[90](index=90&type=chunk) - Operations are subject to hazards causing personal injury or property damage, potentially leading to liabilities not fully covered by insurance and negative reputational impacts[92](index=92&type=chunk)[93](index=93&type=chunk) - Contributions to multiemployer pension plans could result in significant liabilities if those plans are terminated or if the Company withdraws from them[94](index=94&type=chunk) [Risks Related to Regulatory Matters](index=17&type=section&id=Risks%20Related%20to%20Regulatory%20Matters) - Environmental and other regulatory matters, including those related to climate change, could require significant expenditures, increase project costs, or prevent projects from proceeding, adversely affecting operations and financial condition[95](index=95&type=chunk) - Recent and potential changes in U.S. trade policies and retaliatory responses from other countries may significantly increase costs or limit supplies of materials (e.g., steel, lumber) used in construction projects[97](index=97&type=chunk) - Tax matters, including changes in corporate tax laws and disagreements with taxing authorities, could impact the Company's results of operations and financial condition[98](index=98&type=chunk) [Risks Related to Strategy and Acquisitions](index=18&type=section&id=Risks%20Related%20to%20Strategy%20and%20Acquisitions) - The Company's growth strategy, including expanding into adjacent markets through acquisitions, may not be successful due to difficulties in integration, failure to implement proper controls, termination of key personnel/customer relationships, or inability to realize anticipated financial benefits[99](index=99&type=chunk)[103](index=103&type=chunk) [Risks Related to Our Financial Results, Financing and Liquidity](index=18&type=section&id=Risks%20Related%20to%20Our%20Financial%20Results%2C%20Financing%20and%20Liquidity) - The use of 'over time' revenue recognition (percentage-of-completion method) involves significant estimates, and revisions to these estimates can lead to reductions or eliminations of previously reported revenue and profits[100](index=100&type=chunk)[101](index=101&type=chunk) - Backlog may not accurately represent the revenue that will be realized or guarantee earnings, as projects can be canceled or modified, potentially having an adverse effect on the business[102](index=102&type=chunk)[103](index=103&type=chunk) - The Company may need to raise additional capital for working capital, capital expenditures, and/or acquisitions, but may not be able to do so on favorable terms or at all, impairing its ability to operate or achieve growth objectives[104](index=104&type=chunk)[106](index=106&type=chunk) - Significant indebtedness (**$343.4 million** outstanding under the Credit Facility as of December 31, 2023) imposes restrictive covenants and financial ratios, limiting operational flexibility and increasing vulnerability to adverse economic conditions[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) - The ability to generate sufficient cash to service indebtedness and fund working capital depends on operational performance and external factors, with potential for liquidity constraints if additional financing is unavailable or cannot be refinanced on reasonable terms[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - The Company may be required to write down all or part of its goodwill and intangibles (**$281 million** goodwill, **$328 million** intangibles at Dec 31, 2023) if fair value declines, materially affecting net earnings and equity[116](index=116&type=chunk)[117](index=117&type=chunk) - Failure to maintain adequate financial and management processes and internal controls could lead to errors in reporting financial results, harming business and operating results[118](index=118&type=chunk) [Risks Related to Our Common Stock](index=22&type=section&id=Risks%20Related%20to%20Our%20Common%20Stock) - The Stock Repurchase Program may not be fully implemented or enhance long-term stockholder value, and its suspension or discontinuation could negatively impact the stock price[119](index=119&type=chunk) - Provisions in the amended and restated certificate of incorporation and Delaware law, such as the authorization of 'blank-check' preferred stock, may discourage takeover attempts[120](index=120&type=chunk) - The price of the Company's common stock has experienced and may continue to experience significant volatility due to market and other factors, including variations in operating results and announcements[121](index=121&type=chunk) [Item 1B. Unresolved Staff Comments](index=22&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The Company is involved in ordinary course legal proceedings, with management anticipating no material adverse financial impact - No unresolved staff comments were reported[122](index=122&type=chunk) [Item 1C. Cybersecurity](index=23&type=section&id=Item%201C.%20Cybersecurity) Sterling Infrastructure maintains a robust cybersecurity program with policies, controls, and board oversight, reporting no material threats - The Company has implemented a cybersecurity program with policies, procedures, and controls, continuously monitoring external threats (hacking, malware, phishing) and internal risks (employee negligence)[124](index=124&type=chunk)[125](index=125&type=chunk) - Regular IT service monitoring, network/system audits, and ongoing employee awareness and training (Security Awareness Proficiency Assessment scores higher than industry average) are critical components of the cybersecurity strategy[125](index=125&type=chunk) - A well-defined incident response plan is in place, and a dedicated cybersecurity governance structure, including the Board of Directors (via the audit committee) for risk oversight, ensures compliance and continuous improvement[126](index=126&type=chunk)[127](index=127&type=chunk)[129](index=129&type=chunk) - No identified risks from known cybersecurity threats have materially affected or are reasonably likely to materially affect the Company's operations, business strategy, results of operations, or financial condition[131](index=131&type=chunk) [Item 2. Properties](index=24&type=section&id=Item%202.%20Properties) Sterling Infrastructure owns or leases adequate facilities across the U.S. for its segments and headquarters, with all owned property encumbered - The Company owns or leases administrative, operations, and equipment yard facilities in locations throughout the U.S. to conduct its business, serving its E-Infrastructure, Building, and Transportation Solutions segments, and corporate headquarters[132](index=132&type=chunk) - These facilities are believed to be adequate to meet current and near-term requirements[132](index=132&type=chunk) - All of the Company's wholly-owned real property is encumbered[133](index=133&type=chunk) [Item 3. Legal Proceedings](index=24&type=section&id=Item%203.%20Legal%20Proceedings) The Company is involved in ordinary course legal proceedings, with management anticipating no material adverse financial impact - The Company, including its construction joint ventures and consolidated **50%** owned subsidiary, is involved in legal proceedings incidental to the ordinary course of business[134](index=134&type=chunk) - Management, after consultation with legal counsel, believes there are no threatened or pending legal matters that would reasonably be expected to have a material adverse impact on the Company's Consolidated Results of Operations, Financial Position, or Cash Flows[135](index=135&type=chunk) [Item 4. Mine Safety Disclosures](index=24&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Sterling Infrastructure, Inc - Not applicable[136](index=136&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=24&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Sterling Infrastructure's common stock trades on NASDAQ, has no cash dividends, a $200 million repurchase program, and strong market outperformance [Market for Registrant's Common Equity](index=24&type=section&id=Market%20for%20Registrant's%20Common%20Equity) - The Company's common stock is traded on the NASDAQ Global Select Market under the trading symbol 'STRL'[137](index=137&type=chunk) - As of February 23, 2024, there were **636** holders of record of the Company's common stock[137](index=137&type=chunk) [Dividend Policy](index=24&type=section&id=Dividend%20Policy) - The Company has never paid any cash dividends on its common stock and intends to retain any earnings for the foreseeable future, not anticipating paying cash dividends[138](index=138&type=chunk) - The Company's Credit Agreement restricts the payout of dividends[138](index=138&type=chunk) [Issuer Purchases of Equity Securities](index=25&type=section&id=Issuer%20Purchases%20of%20Equity%20Securities) - On December 5, 2023, the Board of Directors approved a program authorizing the Company to repurchase up to **$200 million** of its outstanding common stock over a 24-month period, expiring on December 5, 2025[140](index=140&type=chunk) - No shares were repurchased under the program during the quarter ended December 31, 2023[140](index=140&type=chunk) [Performance Graph](index=25&type=section&id=Performance%20Graph) Five-Year Cumulative Total Stockholder Return (December 31, 2018 - December 31, 2023) | | December 2018 | December 2019 | December 2020 | December 2021 | December 2022 | December 2023 | | :-------------------------- | :------------ | :------------ | :------------ | :------------ | :------------ | :------------ | | Sterling Infrastructure, Inc. | $100.00 | $129.29 | $170.89 | $241.51 | $301.19 | $807.44 | | Dow Jones US Total Return Index | $100.00 | $131.15 | $157.90 | $199.74 | $160.99 | $203.70 | | Peer Group | $100.00 | $124.38 | $156.81 | $228.59 | $189.22 | $277.86 | - The Company's common stock performance significantly outpaced both the Dow Jones US Total Return Index and its selected Peer Group over the five-year period ended December 31, 2023[145](index=145&type=chunk) [Item 6. [Reserved]](index=26&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Sterling Infrastructure achieved significant 2023 financial growth, driven by strategic project mix, increased backlog, and improved operating cash flow [OVERVIEW](index=27&type=section&id=OVERVIEW) - Sterling operates through three segments: E-Infrastructure, Transportation, and Building Solutions, specializing in site development, infrastructure, and concrete/plumbing services across the U.S[147](index=147&type=chunk) - The Company is committed to sustainability, operating responsibly to safeguard and improve society's quality of life[147](index=147&type=chunk) [SIGNIFICANT TRANSACTIONS](index=27&type=section&id=SIGNIFICANT%20TRANSACTIONS) - Sold **50%** ownership in Myers & Sons Construction L.P. for **$18 million** in November 2022, receiving **$14 million** in Q1 2023, as part of a strategic shift to reduce low-bid heavy highway risk and improve margins[148](index=148&type=chunk) - Acquired Professional Plumbers Group, Incorporated (PPG) for approximately **$57 million** in November 2023, expanding residential plumbing services in the Dallas-Fort Worth market[149](index=149&type=chunk) [MARKET OUTLOOK AND TRENDS](index=27&type=section&id=MARKET%20OUTLOOK%20AND%20TRENDS) - Favorable long-term growth opportunities are expected across all business segments, driven by strategic objectives including growth in E-Infrastructure, risk reduction in Transportation, and market share expansion in Building Solutions[150](index=150&type=chunk) - E-Infrastructure Solutions anticipates significant growth from customer investments in advanced manufacturing (EV, battery, solar, semiconductor) and hyperscale data centers, supported by federal initiatives, despite a decline in large e-commerce and small warehouse activity in 2023[151](index=151&type=chunk) - Transportation Solutions benefits from federal, state, and municipal funding, including the November 2021 Infrastructure Investments and Jobs Act (IIJA), which led to increased bid activity and project awards in 2022-2023, expected to continue[152](index=152&type=chunk) - Building Solutions experienced strong residential activity recovery and volume growth in 2023, driven by population growth and housing shortages, but expects continued declines in the multi-family home market in 2024[153](index=153&type=chunk) [BACKLOG](index=28&type=section&id=BACKLOG) Backlog and Gross Margin Trends (2022-2023) | Metric | December 31, 2023 | December 31, 2022 | | :-------------------------------- | :------------------ | :------------------ | | Backlog | $2.07 billion | $1.41 billion | | Unsigned Awards | $303.2 million | $275.0 million | | Combined Backlog | $2.37 billion | $1.69 billion | | Book-to-Burn Ratio (2023) | 1.38 | N/A | | Combined Backlog Book-to-Burn Ratio (2023) | 1.40 | N/A | | Gross Margin in Backlog | 15.2% | 14.3% | | Combined Backlog Margin | 15.4% | 14.2% | - The increase in backlog gross margin to **15.2%** (from **14.3%** in 2022) and combined backlog margin to **15.4%** (from **14.2%** in 2022) was driven by a greater mix of E-Infrastructure Solutions backlog and an improved margin mix within Transportation Solutions[157](index=157&type=chunk) - Approximately **65%** of the December 31, 2023 backlog is anticipated to be recognized as revenues during 2024[155](index=155&type=chunk) [RESULTS OF OPERATIONS](index=29&type=section&id=RESULTS%20OF%20OPERATIONS) Consolidated Financial Highlights (2023 vs. 2022) | Metric (in thousands) | 2023 | 2022 | Change (%) | | :-------------------------------- | :----------- | :----------- | :--------- | | Revenues | $1,972,229 | $1,769,436 | 11.5% | | Gross profit | $337,638 | $274,567 | 23.0% | | General and administrative expenses | $(98,703) | $(86,480) | 14.1% | | Intangible asset amortization | $(15,226) | $(14,100) | 8.0% | | Acquisition related costs | $(873) | $(827) | 5.6% | | Other operating expense, net | $(17,041) | $(13,290) | 28.2% | | Operating income | $205,795 | $159,870 | 28.7% | | Interest, net | $(15,180) | $(19,706) | -23.0% | | Income before income taxes and noncontrolling interests | $190,615 | $140,164 | 36.0% | | Income tax expense | $(47,770) | $(41,707) | 14.5% | | Net income from Continuing Operations | $138,655 | $96,717 | 43.4% | | Gross margin | 17.1% | 15.5% | 1.6 pp | | Effective income tax rate | 25.1% | 29.8% | -4.7 pp | - Revenues increased by **$202.8 million** (**11.5%**) in 2023, with **9.1%** organic growth, driven by increases across all three segments[159](index=159&type=chunk) - Gross profit increased by **$63.1 million** (**23.0%**) in 2023, and gross margin improved to **17.1%** (from **15.5%**), primarily due to higher volume, an improved project margin mix in Transportation Solutions, and easing supply chain challenges[160](index=160&type=chunk)[161](index=161&type=chunk) - Net interest expense decreased by **$4.5 million** in 2023 due to higher interest income from a growing cash balance, partly offset by increased interest rates on the Credit Facility[165](index=165&type=chunk) - The effective income tax rate decreased to **25.1%** in 2023 from **29.8%** in 2022, mainly due to increased tax deductions related to stock compensation offsetting non-deductible compensation[166](index=166&type=chunk) [Segment Results](index=30&type=section&id=Segment%20Results) Segment Revenues and Operating Income (2023 vs. 2022) | Segment (in thousands) | 2023 Revenues | % of Total | 2022 Revenues | % of Total | 2023 Operating Income | 2023 Op. Margin | 2022 Operating Income | 2022 Op. Margin | | :----------------------- | :------------ | :--------- | :------------ | :--------- | :-------------------- | :-------------- | :-------------------- | :-------------- | | E-Infrastructure Solutions | $937,408 | 48% | $905,277 | 51% | $140,997 | 15.0% | $121,453 | 13.4% | | Transportation Solutions | $630,908 | 32% | $542,550 | 31% | $41,911 | 6.6% | $26,623 | 4.9% | | Building Solutions | $403,913 | 20% | $321,609 | 18% | $46,193 | 11.4% | $36,693 | 11.4% | | Total Revenues | $1,972,229 | | $1,769,436 | | | | | | | Total Operating Income | $205,795 | 10.4% | $159,870 | 9.0% | | | | | - E-Infrastructure Solutions revenues increased by **3.5%** to **$937.4 million**, and operating income grew by **$19.5 million** to **$141.0 million** (**15.0%** margin), driven by higher volume from advanced manufacturing and data centers[169](index=169&type=chunk)[170](index=170&type=chunk) - Transportation Solutions revenues increased by **16.3%** to **$630.9 million**, and operating income rose by **$15.3 million** to **$41.9 million** (**6.6%** margin), due to higher heavy highway and non-highway services revenue and an improved project margin mix[171](index=171&type=chunk)[172](index=172&type=chunk) - Building Solutions revenues increased by **25.6%** to **$403.9 million** (**12.8%** organic growth), and operating income increased by **$9.5 million** to **$46.2 million** (**11.4%** margin), primarily from a record number of residential slabs poured and the acquisition of the Arizona concrete foundation business[173](index=173&type=chunk)[174](index=174&type=chunk) [LIQUIDITY AND SOURCES OF CAPITAL](index=31&type=section&id=LIQUIDITY%20AND%20SOURCES%20OF%20CAPITAL) Cash and Cash Equivalents (2023 vs. 2022) | Category (in thousands) | December 31, 2023 | December 31, 2022 | | :-------------------------------- | :------------------ | :------------------ | | Generally available | $362,884 | $100,825 | | Consolidated 50% owned subsidiary | $72,007 | $55,700 | | Construction joint ventures | $36,672 | $25,019 | | Total Cash and Cash Equivalents | $471,563 | $181,544 | Consolidated Cash Flows (2023 vs. 2022) | Cash Flow Activity (in thousands) | 2023 | 2022 | | :-------------------------------- | :----------- | :----------- | | Operating activities | $478,584 | $219,116 | | Investing activities | $(87,752) | $(89,755) | | Financing activities | $(104,534) | $(32,789) | | Net change in cash and cash equivalents | $286,298 | $96,572 | - Net cash provided by operating activities significantly improved to **$478.6 million** in 2023 (from **$219.1 million** in 2022), driven by higher net income and improvements in Contract Capital (accounts receivable, net contracts in progress, and accounts payable)[175](index=175&type=chunk) - Net cash used in investing activities was **$87.8 million** in 2023, primarily for the PPG acquisition (**$51.2 million**) and capital equipment purchases (**$50.6 million**), partly offset by **$14 million** from the Myers disposition[177](index=177&type=chunk) - Net cash used in financing activities was **$104.5 million** in 2023, mainly due to **$93.5 million** in debt repayments (including **$53 million** in voluntary early payments on the Term Loan Facility) and **$9.6 million** for withholding taxes on equity awards[178](index=178&type=chunk) Material Cash Requirements from Contractual Obligations (as of December 31, 2023) | (In thousands) | Total | <1 Year | 1 - 3 Years | 4 – 5 Years | >5 Years | | :---------------------------------------------------------------- | :-------- | :-------- | :---------- | :---------- | :------- | | Credit Facility | $343,438 | $26,250 | $317,188 | $— | $— | | Credit Facility interest | $57,923 | $26,089 | $31,834 | $— | $— | | Other notes payable (inclusive of outstanding interest) | $843 | $275 | $333 | $235 | $— | | Members' interest subject to mandatory redemption and undistributed earnings | $29,108 | $29,108 | $— | $— | $— | | Total | $431,312 | $81,722 | $349,355 | $235 | $— | - Management expects net capital expenditures in 2024 to be in the range of **$55 million** to **$60 million**[191](index=191&type=chunk) [NEW ACCOUNTING STANDARDS](index=33&type=section&id=NEW%20ACCOUNTING%20STANDARDS) - Adopted ASU 2020-04 (Reference Rate Reform) in Q2 2023, which did not materially impact financial statements[269](index=269&type=chunk) - New ASUs 2023-07 (Segment Reporting) and 2023-09 (Income Tax Disclosure) are effective for fiscal years beginning after December 15, 2023, and December 15, 2024, respectively, and will affect disclosures but not results of operations or financial position[270](index=270&type=chunk)[271](index=271&type=chunk) [CRITICAL ACCOUNTING ESTIMATES](index=33&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES) - Critical accounting estimates include revenue recognition for long-term contracts (over time), fair value measurements for acquisitions and impairment testing, goodwill impairment testing, and long-lived asset impairment testing[193](index=193&type=chunk)[196](index=196&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk) - Revenue recognition over time relies on cost-to-cost measure of progress and estimates of total contract costs and variable consideration, where changes can materially impact recognized revenue and profit[194](index=194&type=chunk)[195](index=195&type=chunk) - Goodwill and long-lived assets are reviewed for impairment annually or when indicators exist; no impairment was recorded for goodwill or long-lived assets in 2023, 2022, or 2021[198](index=198&type=chunk)[199](index=199&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Sterling Infrastructure's primary market risk is interest rate fluctuations affecting its Credit Facility and cash, and ongoing inflationary pressures - Primary market risk is interest rate risk, related to variable interest rates on the Credit Facility (**$343.4 million** outstanding at Dec 31, 2023) and cash and cash equivalents (**$471.6 million** at Dec 31, 2023)[201](index=201&type=chunk) - A **100-basis point (1%)** increase or decrease in interest rates would increase or decrease annual interest expense by approximately **$3.4 million** and interest income by approximately **$4.7 million**[201](index=201&type=chunk) - The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate their fair values due to their short-term nature[202](index=202&type=chunk) - Inflation has increased costs of operations (oil, fuel, lumber, concrete, steel, labor) and general and administrative expenses since 2021, and despite being considered in bids, it continues to negatively impact financial results[203](index=203&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=37&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Sterling Infrastructure's audited consolidated financial statements and notes, with an unqualified opinion from Grant Thornton LLP, noting revenue recognition as a critical audit matter [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](index=38&type=section&id=REPORT%20OF%20INDEPENDENT%20REGISTERED%20PUBLIC%20ACCOUNTING%20FIRM) - Grant Thornton LLP issued an unqualified opinion on the consolidated financial statements of Sterling Infrastructure, Inc. as of December 31, 2023 and 2022, and for the three years ended December 31, 2023[209](index=209&type=chunk) - The firm also expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting as of December 31, 2023[210](index=210&type=chunk) - Revenue recognition over time was identified as a critical audit matter due to the complexity and subjectivity in auditing management's estimates of project completion and variable consideration[214](index=214&type=chunk)[215](index=215&type=chunk) [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Internal Control)](index=40&type=section&id=REPORT%20OF%20INDEPENDENT%20REGISTERED%20PUBLIC%20ACCOUNTING%20FIRM%20(Internal%20Control)) - Grant Thornton LLP audited the internal control over financial reporting of Sterling Infrastructure, Inc. as of December 31, 2023, and expressed an unqualified opinion that the Company maintained effective internal control over financial reporting[219](index=219&type=chunk) - The audit of internal control over financial reporting excluded Professional Plumbers Group, Incorporated (PPG), which was acquired during 2023 and constituted **4%** of total assets and **0%** of revenues[223](index=223&type=chunk) [CONSOLIDATED STATEMENTS OF OPERATIONS](index=41&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Consolidated Statements of Operations (Years Ended December 31, 2023, 2022, 2021) | (In thousands, except per share data) | 2023 | 2022 | 2021 | | :------------------------------------ | :----------- | :----------- | :----------- | | Revenues | $1,972,229 | $1,769,436 | $1,414,374 | | Cost of revenues | $(1,634,591) | $(1,494,869) | $(1,210,842) | | Gross profit | $337,638 | $274,567 | $203,532 | | Operating income | $205,795 | $159,870 | $107,011 | | Income before income taxes | $190,615 | $140,164 | $88,809 | | Net income from Continuing Operations | $138,655 | $96,717 | $61,457 | | Net income from Discontinued Operations | $— | $9,744 | $1,188 | | Net income attributable to Sterling common stockholders | $138,655 | $106,461 | $62,645 | | Diluted EPS from Continuing Operations | $4.44 | $3.16 | $2.11 | | Diluted EPS attributable to Sterling common stockholders | $4.44 | $3.48 | $2.15 | [CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME](index=42&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) Consolidated Statements of Comprehensive Income (Years Ended December 31, 2023, 2022, 2021) | (In thousands) | 2023 | 2022 | 2021 | | :------------------------------------------------ | :----------- | :----------- | :----------- | | Net income from Continuing Operations, including noncontrolling interests | $142,845 | $98,457 | $63,935 | | Net income from Discontinued Operations | $— | $9,744 | $1,188 | | Net income, including noncontrolling interests | $142,845 | $108,201 | $65,123 | | Change in interest rate swap, net of tax | $— | $1,723 | $3,541 | | Total comprehensive income | $142,845 | $109,924 | $68,664 | | Comprehensive income attributable to Sterling common stockholders | $138,655 | $108,184 | $66,186 | [CONSOLIDATED BALANCE SHEETS](index=43&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Consolidated Balance Sheets (as of December 31, 2023 and 2022) | (In thousands) | December 31, 2023 | December 31, 2022 | | :---------------------------------------------------------------- | :------------------ | :------------------ | | **Assets** | | | | Cash and cash equivalents | $471,563 | $181,544 | | Accounts receivable | $252,435 | $262,646 | | Contract assets | $88,600 | $109,803 | | Total current assets | $847,979 | $597,254 | | Property and equipment, net | $243,648 | $215,482 | | Goodwill | $281,117 | $262,692 | | Other intangibles, net | $328,397 | $299,123 | | Total assets | $1,777,184 | $1,441,620 | | **Liabilities and Stockholders' Equity** | | | | Accounts payable | $145,968 | $121,887 | | Contract liabilities | $444,160 | $239,297 | | Current maturities of long-term debt | $26,520 | $32,610 | | Total current liabilities | $678,168 | $446,611 | | Long-term debt | $314,996 | $398,735 | | Deferred tax liability, net | $76,764 | $51,659 | | Total liabilities | $1,153,331 | $963,821 | | Total Sterling stockholders' equity | $618,913 | $474,599 | | Total stockholders' equity | $623,853 | $477,799 | | Total liabilities and stockholders' equity | $1,777,184 | $1,441,620 | [CONSOLIDATED STATEMENTS OF CASH FLOWS](index=44&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Consolidated Statements of Cash Flows (Years Ended December 31, 2023, 2022, 2021) | (In thousands) | 2023 | 2022 | 2021 | | :------------------------------------------------ | :----------- | :----------- | :----------- | | Net cash provided by operating activities | $478,584 | $219,116 | $158,932 | | Net cash used in investing activities | $(87,752) | $(89,755) | $(223,449) | | Net cash used in financing activities | $(104,534) | $(32,789) | $80,568 | | Net change in cash, cash equivalents, and restricted cash | $286,298 | $96,572 | $16,051 | | Cash, cash equivalents and restricted cash at end of period | $471,563 | $185,265 | $88,693 | | Cash paid during the period for interest | $27,011 | $19,322 | $17,236 | | Cash paid during the period for income taxes | $36,906 | $5,602 | $3,061 | [CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY](index=45&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20SHAREHOLDERS'%20EQUITY) Consolidated Statements of Changes in Stockholders' Equity (Years Ended December 31, 2023, 2022, 2021) | (In thousands) | Balance at Dec 31, 2020 | Net Income | Stock-based Compensation | Stock Issued for Acquisitions | Shares Withheld for Taxes | Balance at Dec 31, 2023 | | :------------------------------------ | :---------------------- | :--------- | :----------------------- | :-------------------------- | :------------------------ | :---------------------- | | Common Stock | $283 | — | — | $8 | $(3) | $309 | | Additional Paid in Capital | $256,423 | — | $11,771 | $20,398 | $(7,039) | $293,570 | | Retained Earnings | $17,273 | $62,645 | — | — | — | $325,034 | | Total Sterling Stockholders' Equity | $267,270 | $62,645 | $11,771 | $20,406 | $(7,338) | $618,913 | | Noncontrolling Interests | $1,459 | $2,478 | — | — | — | $4,940 | | Total Stockholders' Equity | $268,729 | $65,123 | $11,771 | $20,406 | $(7,338) | $623,853 | [Notes to Consolidated Financial Statements](index=46&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The notes provide detailed information on the Company's nature of operations, basis of presentation, significant accounting policies (including revenue recognition, fair value measurements, goodwill, and long-lived assets), recent accounting pronouncements, acquisitions (PPG, CCS), dispositions (Myers), revenue from customers, consolidated **50%** owned subsidiary, construction joint ventures, property and equipment, goodwill and other intangible assets, debt, lease obligations, commitments and contingencies, income taxes, stockholders' equity, stock incentive plan, earnings per share, retirement benefits, and concentration of risk[241](index=241&type=chunk)[242](index=242&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk)[279](index=279&type=chunk)[280](index=280&type=chunk)[284](index=284&type=chunk)[288](index=288&type=chunk)[292](index=292&type=chunk)[296](index=296&type=chunk)[297](index=297&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk)[311](index=311&type=chunk)[313](index=313&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk)[323](index=323&type=chunk)[324](index=324&type=chunk)[325](index=325&type=chunk)[326](index=326&type=chunk)[328](index=328&type=chunk)[329](index=329&type=chunk)[331](index=331&type=chunk)[333](index=333&type=chunk)[334](index=334&type=chunk)[335](index=335&type=chunk)[336](index=336&type=chunk)[337](index=337&type=chunk)[338](index=338&type=chunk)[340](index=340&type=chunk)[342](index=342&type=chunk)[343](index=343&type=chunk)[344](index=344&type=chunk)[345](index=345&type=chunk)[346](index=346&type=chunk)[350](index=350&type=chunk)[351](index=351&type=chunk)[353](index=353&type=chunk)[354](index=354&type=chunk)[355](index=355&type=chunk) [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=73&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The Company reported no changes in or disagreements with its accountants on accounting and financial disclosure matters - No changes in or disagreements with accountants on accounting and financial disclosure were reported[356](index=356&type=chunk) [Item 9A. Controls and Procedures](index=73&type=section&id=Item%209A.%20Controls%20and%20Procedures) Sterling Infrastructure's management concluded disclosure controls and internal control over financial reporting were effective as of December 31, 2023 - The Company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of December 31, 2023[358](index=358&type=chunk) - Management assessed and concluded that internal control over financial reporting was effective as of December 31, 2023, excluding the newly acquired PPG business from the scope of assessment as permitted by SEC guidance[361](index=361&type=chunk) - No changes in internal control over financial reporting occurred during the three months ended December 31, 2023, that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[363](index=363&type=chunk) [Item 9B. Other Information](index=74&type=section&id=Item%209B.%20Other%20Information) CEO Joseph Cutillo entered a Rule 10b5-1 trading arrangement for 300,000 shares in December 2023, with no other similar arrangements - On December 20, 2023, CEO Joseph Cutillo entered into a Rule 10b5-1 trading arrangement for the sale of **300,000** shares of common stock, set to terminate upon sale or by December 6, 2024[365](index=365&type=chunk) - No other directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended December 31, 2023[365](index=365&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=74&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to Sterling Infrastructure, Inc - Not applicable[366](index=366&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=74&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2024 proxy statement - Information required by this item is incorporated by reference from the definitive proxy statement for the 2024 annual meeting of shareholders[368](index=368&type=chunk) - The Company's code of business conduct is available on its website (www.strlco.com) under Investor Relations and is available in print upon request[368](index=368&type=chunk) [Item 11. Executive Compensation](index=75&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the Company's definitive 2024 annual meeting proxy statement - Information required by this item is incorporated by reference from the definitive proxy statement to be filed with the SEC for the 2024 annual meeting of shareholders[370](index=370&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=75&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership details for beneficial owners and management are incorporated by reference from the Company's 2024 annual meeting proxy statement - Information required by this item is incorporated by reference from the definitive proxy statement to be filed with the SEC for the 2024 annual meeting of shareholders[371](index=371&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=75&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related transactions and director independence is incorporated by reference from the Company's 2024 annual meeting proxy statement - Information required by this item is incorporated by reference from the definitive proxy statement to be filed with the SEC for the 2024 annual meeting of shareholders[372](index=372&type=chunk) [Item 14. Principal Accountant Fees and Services](index=75&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Principal accountant fees and services information is incorporated by reference from the Company's 2024 annual meeting proxy statement - Information required by this item is incorporated by reference from the definitive proxy statement to be filed with the SEC for the 2024 annual meeting of shareholders[373](index=373&type=chunk) PART IV [Item 15. Exhibits, and Financial Statement Schedules](index=75&type=section&id=Item%2015.%20Exhibits%2C%20and%20Financial%20Statement%20Schedules) This section incorporates consolidated financial statements from Item 8, omits schedules, and provides a comprehensive Exhibit Index - The Consolidated Financial Statements and Reports of Independent Registered Public Accounting Firm are incorporated by reference from Item 8 of this report[375](index=375&type=chunk) - All financial statement schedules are omitted because they are not applicable, the required information is not sufficient to require submission, or the information is already shown in the Consolidated Financial Statements or notes[376](index=376&type=chunk) - A comprehensive Exhibit Index, detailing various agreements, certificates, and certifications, is submitted as part of this report[377](index=377&type=chunk) [Item 16. Form 10-K Summary](index=77&type=section&id=Item%2016.%20Form%2010-K%20Summary) The Company states that there is no Form 10-K Summary provided - No Form 10-K Summary is provided[381](index=381&type=chunk) [Signatures](index=78&type=section&id=Signatures) The report is duly signed by Sterling Infrastructure, Inc.'s CEO, CFO, and other authorized persons on February 27, 2024 - The report was signed on behalf of Sterling Infrastructure, Inc. by Joseph A. Cutillo, Chief Executive Officer, and Ronald A. Ballschmiede, Executive Vice President, Chief Financial Officer and Chief Accounting Officer, along with other directors, on February 27, 2024[383](index=383&type=chunk)[384](index=384&type=chunk)[385](index=385&type=chunk)

Exhibit 99.1 NEWS RELEASE For Immediate Release: February 26, 2024 Sterling Reports Record Fourth Quarter and Full Year 2023 Results Provides 2024 Full Year Guidance THE WOODLANDS, TX – February 26, 2024 – Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling" or the "Company") today announced financial results for the fourth quarter and full year 2023 and provided full year 2024 guidance. The financial information herein is from continuing operations and comparisons are to the prior year quarter, unles ...

Sterling Infrastructure, Inc. (NASDAQ:STRL) Q3 2023 Earnings Conference Call November 7, 2023 9:00 AM ET Company Participants Noelle Dilts - VP, IR & Corporate Strategy Joseph Cutillo - CEO, President & Director Ronald Ballschmiede - EVP, CFO, CAO & Treasurer Conference Call Participants Brent Thielman - D.A. Davidson & Co. Brian Russo - Sidoti & Company Operator Greetings, and welcome to the Sterling Infrastructure Third Quarter 2023 Conference Call and Webcast. [Operator Instructions]. It is now my pleasu ...

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 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 Number 1-31993 STERLING INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 25-1655321 (I.R. ...

Sterling Infrastructure, Inc. (NASDAQ:STRL) Q2 2023 Earnings Conference Call August 8, 2023 9:00 AM ET Company Participants Noelle Dilts - VP, IR Joseph Cutillo - CEO, President & Director Ronald Ballschmiede - EVP, CFO, CAO & Treasurer Conference Call Participants Jean Ramirez - D.A. Davidson & Co. Alexander Dwyer - KeyBanc Capital Markets Brian Russo - Sidoti & Company Operator Greetings, and welcome to the Sterling Infrastructure Second Quarter 2023 Conference Call and Webcast. [Operator Instructions]. A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 Number 1-31993 STERLING INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) 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, 2023 (State or other jurisdiction of incorporati ...

| --- | --- | |------------------------------------------------------------------------------------------------------------------------|-------| | | | | | | | SIDOTI MICRO-CAP CONFERENCE May 11, 2023 | | | We build and service the infrastructure that enables our economy to run, our people to move, and our country to grow. | | INFR/ This presentation contains, and the officers and directors of the Company may from time to time make, statements that are considered forwardlooking statements within the meaning ...

Sterling Infrastructure, Inc. (NASDAQ:STRL) Q1 2023 Earnings Conference Call May 2, 2023 9:00 AM ET Company Participants Noelle Dilts - VP of IR and Corporate Strategy Joseph Cutillo - CEO Ron Ballschmiede - CFO Conference Call Participants Sean Eastman - KeyBanc Brent Thielman - D.A. Davidson Brian Russo - Sidoti & Company Operator Greetings. And welcome to Sterling Infrastructure's 2023 First Quarter Earnings Conference Call and Webcast. At this time all participants are in a listen-only mode, a question- ...

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 March 31, 2023 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 Number 1-31993 STERLING INFRASTRUCTURE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...

-4% STERLING Fourth Quarter and Full Year 2022 Results Results Highlights + Cash & Cash Equivalents(3): $181.5 million + Backlog(3): $1.41 billion with 14.3% margin Continuing Operations (1) The Company defines EBITDA as GAAP net income attributable from Continuing Operations, adjusted for depreciation and amortization, net interest expense and taxes. See EBITDA reconciliation on page 13. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|-- ...