Sterling Infrastructure(STRL)2025-02-26 14:10Financial Performance - In 2024, the value of the Company's Backlog was 2.07 billion in 2023, primarily due to the deconsolidation of a 50% owned subsidiary[34]. - Four customers accounted for 31% of the E-Infrastructure Solutions segment's revenue in 2024, compared to 40% in 2023 and 35% in 2022[27]. - Four state Departments of Transportation accounted for 47% of the Transportation Solutions segment's revenue in 2024, down from 50% in 2023 and 44% in 2022[28]. - Four customers accounted for 36% of the Building Solutions segment's revenue in 2024, compared to 42% in 2023 and 60% in 2022[29]. Workforce and Employment - As of December 31, 2024, the Company had approximately 3,000 employees, with 20% represented by unions[45]. - The Company has a strategic plan for hiring and managing its workforce to address challenges in attracting and retaining personnel[48]. Financial Position - The Company held 317.2 million as of December 31, 2024, with a potential interest expense fluctuation of approximately $3.2 million per year for a 100-basis point change[204]. - The carrying values of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate their fair values due to their short-term nature[205]. Operational Challenges - Since 2021, supply chain volatility and inflation have led to price increases in oil, fuel, lumber, concrete, steel, and labor, increasing the Company's operational costs[206]. - Inflation has also raised the Company's general and administrative expenses, negatively impacting financial results[206]. - The Company’s operations are subject to various regulatory requirements, including environmental laws, which may impact future operations and costs[41]. Business Expansion - The Company expanded its residential business into the greater Phoenix area in 2021 and continued this expansion in 2022 with the acquisition of the CCS business[29].