Provides 2024 Full Year Guidance
THE
WOODLANDS, Texas, Feb. 26,
2024 /PRNewswire/ -- 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, unless otherwise
noted.
Fourth Quarter 2023 Results
- Revenues of $486.0 million, an
increase of 8%
- Gross margin of 18.9%, an increase from 15.4%
- Net Income of $40.2 million, or
$1.28 per diluted share, an increase
of 99% and 94%, respectively
- Adjusted Net Income(1) of $40.7 million, or $1.30 per diluted share, and increase of 99% and
94%, respectively
- EBITDA(1) of $68.4
million, an increase of 37%
- Adjusted EBITDA(1) of $68.9
million, an increase of 37%
- Cash flows from operations totaled $478.6 million for the twelve months ended
December 31, 2023
- Cash and Cash Equivalents totaled $471.6
million at December 31,
2023
- Backlog at December 31, 2023 was
$2.07 billion, an increase of 46%
over December 31, 2022
- Combined backlog(2) at December 31, 2023 was $2.37 billion, an increase of 40% over
December 31, 2022
For the full year ended December 31,
2023, revenue increased by 11.5% over 2022. The Company
reported net income of $138.7
million, or $4.44 per diluted
share in 2023, versus $96.7 million,
or $3.16 per diluted share, in 2022.
Adjusted net income(1) was $139.5
million, or $4.47 per diluted
share in 2023, versus $97.5 million,
or $3.19 per diluted share, in 2022.
EBITDA(1) increased 24% to $259.0
million in 2023, versus $208.7
million in 2022. Adjusted EBITDA(1)
increased 24% to $259.9 million in
2023, versus $209.5 million in
2022.
|
(1) See the "Non-GAAP Measures", "Adjusted
Net Income From Continuing Operations Reconciliation", and "EBITDA
From Continuing Operations Reconciliation" sections below for more
information.
|
|
|
(2) Combined Backlog includes Unsigned
Awards of $303.2 million and $275.0 million at December 31, 2023
and December 31, 2022, respectively.
|
CEO Remarks and Outlook
"2023 was another record year for Sterling as we grew our
adjusted net income by 43% to deliver adjusted diluted EPS of
$4.47, which was above the high
end of our previously guided range," stated Joe Cutillo, Sterling's Chief Executive Officer.
"For the fourth quarter, we delivered adjusted diluted EPS of
$1.30, a 94% increase from the
corresponding period last year. Our gross margins expanded 350
basis points to 18.9%, reflecting the benefits of project
selectivity and mix. We closed the year with backlog of over
$2 billion, a 46% increase from
year-end 2022 levels, supporting our expectation for continued
momentum in 2024. Cash flow from operations for the year was
outstanding at $479 million. We
remain extremely well positioned to grow the business through both
organic initiatives and acquisitions."
"The drivers of multi-year profitability growth across each of
our business segments remain strong. In our E-Infrastructure
Solutions business, we are seeing strength in data center and large
manufacturing activity, particularly in the Southeast. The
Northeastern market continues to see softness related to the
slowdown in the e-commerce and small warehouse markets. Fourth
quarter E-Infrastructure operating margins expanded 520 basis
points and operating income grew 26%, driven by a shift toward
large, mission critical projects. E-Infrastructure Solutions
backlog at year end was up 35%, supporting our expectation for high
single to low double-digit revenue growth in 2024. Transportation
Solutions had another excellent quarter, with revenue growth of 39%
and operating margin expansion of 300 basis points. We are seeing
broad-based demand across our Transportation Solutions footprint
and end markets and anticipate continued strength in 2024. Building
Solutions revenue grew 24% in the fourth quarter, including
$16.6 million from acquisitions. Our
residential markets remained strong, up 25% on an organic basis,
however, the commercial market declined 27%. This had a favorable
mix impact on segment margins, contributing to 100 basis points of
expansion and operating income growth of 35%," continued Mr.
Cutillo.
"We believe 2024 will be another year of bottom line growth well
in excess of our top line growth. Our strong backlog position,
visibility into future opportunities, and laser focus on maximizing
returns give us confidence in our ability to deliver on our
guidance for the year," Mr. Cutillo concluded.
Full Year 2024 Guidance
- Revenue of $2.125 billion to
$2.215 billion
- Net Income of $155 million to
$165 million
- Diluted EPS of $4.85 to
$5.15
- EBITDA(1) of $285
million to $300 million
|
(1) See
the "Non-GAAP Measures" and "EBITDA Guidance Reconciliation"
sections below for more information.
|
Conference Call
Sterling's management will hold a conference call to discuss
these results and recent corporate developments on Tuesday,
February 27, 2024 at 9:00 a.m.
ET/8:00 a.m. CT. Interested
parties may participate in the call by dialing (800) 836-8184.
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, primarily across the Southern, Northeastern,
Mid-Atlantic and Rocky Mountain regions and the Pacific Islands.
E-Infrastructure Solutions provides advanced, large-scale site
development services for manufacturing, data centers, e-commerce
distribution centers, warehousing, power generation and more.
Transportation Solutions includes infrastructure and rehabilitation
projects for highways, roads, bridges, airports, ports, rail and
storm drainage systems. Building Solutions includes residential and
commercial concrete foundations for single-family and multi-family
homes, parking structures, elevated slabs, other concrete work, and
plumbing services for new single-family residential builds. 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."
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 for determining 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; our
expected margin growth; 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," "would," "should," "expect," "plan,"
"project," "intend," "anticipate," "believe," "estimate,"
"predict," "potential," "pursue," "target," "guidance," "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.
Company Contact:
Sterling
Infrastructure, Inc.
Noelle Dilts, VP IR and Corporate
Strategy
281-214-0795
|
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,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Continuing
Operations:
|
|
|
|
|
|
|
|
|
Revenues
|
$
485,978
|
|
$
448,607
|
|
$
1,972,229
|
|
$
1,769,436
|
|
Cost of
revenues
|
(394,223)
|
|
(379,641)
|
|
(1,634,591)
|
|
(1,494,869)
|
|
Gross
profit
|
91,755
|
|
68,966
|
|
337,638
|
|
274,567
|
|
General and
administrative expense
|
(26,111)
|
|
(23,104)
|
|
(98,703)
|
|
(86,480)
|
|
Intangible asset
amortization
|
(4,017)
|
|
(3,509)
|
|
(15,226)
|
|
(14,100)
|
|
Acquisition related
costs
|
(521)
|
|
(265)
|
|
(873)
|
|
(827)
|
|
Other operating
expense, net
|
(5,338)
|
|
(5,045)
|
|
(17,041)
|
|
(13,290)
|
|
Operating
income
|
55,768
|
|
37,043
|
|
205,795
|
|
159,870
|
|
Interest
income
|
5,813
|
|
684
|
|
14,140
|
|
885
|
|
Interest
expense
|
(6,804)
|
|
(6,329)
|
|
(29,320)
|
|
(20,591)
|
|
Income before income
taxes
|
54,777
|
|
31,398
|
|
190,615
|
|
140,164
|
|
Income tax
expense
|
(12,341)
|
|
(10,741)
|
|
(47,770)
|
|
(41,707)
|
|
Net income, including
noncontrolling interests
|
42,436
|
|
20,657
|
|
142,845
|
|
98,457
|
|
Less: Net income
attributable to noncontrolling interests
|
(2,263)
|
|
(424)
|
|
(4,190)
|
|
(1,740)
|
|
Net income from
Continuing Operations
|
$
40,173
|
|
$
20,233
|
|
$
138,655
|
|
$
96,717
|
|
|
|
|
|
|
|
|
|
Discontinued
Operations:
|
|
|
|
|
|
|
|
|
Pretax loss
|
$
—
|
|
$
(1,561)
|
|
$
—
|
|
$
(4,848)
|
|
Pretax gain on
disposition
|
—
|
|
16,687
|
|
—
|
|
16,687
|
|
Income tax
expense
|
—
|
|
(3,634)
|
|
—
|
|
(2,095)
|
|
Net income from
Discontinued Operations
|
$
—
|
|
$
11,492
|
|
$
—
|
|
$
9,744
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Sterling common stockholders
|
$
40,173
|
|
$
31,725
|
|
$
138,655
|
|
$
106,461
|
|
|
|
|
|
|
|
|
|
Net income per share
from Continuing Operations:
|
|
|
|
|
|
|
|
|
Basic
|
$
1.30
|
|
$
0.67
|
|
$
4.51
|
|
$
3.20
|
|
Diluted
|
$
1.28
|
|
$
0.66
|
|
$
4.44
|
|
$
3.16
|
|
|
|
|
|
|
|
|
|
Net loss per share
from Discontinued Operations:
|
|
|
|
|
|
|
|
|
Basic
|
$
—
|
|
$
0.38
|
|
$
—
|
|
$
0.32
|
|
Diluted
|
$
—
|
|
$
0.37
|
|
$
—
|
|
$
0.32
|
|
|
|
|
|
|
|
|
|
Net income per share
attributable to Sterling common stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
$
1.30
|
|
$
1.05
|
|
$
4.51
|
|
$
3.53
|
|
Diluted
|
$
1.28
|
|
$
1.03
|
|
$
4.44
|
|
$
3.48
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
30,819
|
|
30,324
|
|
30,755
|
|
30,199
|
|
Diluted
|
31,334
|
|
30,739
|
|
31,208
|
|
30,564
|
|
STERLING
INFRASTRUCTURE, INC. & SUBSIDIARIES
SEGMENT
INFORMATION
(In
thousands)
(Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
Revenues
|
2023
|
|
% of
Revenue
|
|
2022
|
|
% of
Revenue
|
|
2023
|
|
% of
Revenue
|
|
2022
|
|
% of
Revenue
|
|
E-Infrastructure
Solutions
|
$
217,472
|
|
45 %
|
|
$
247,272
|
|
55 %
|
|
$
937,408
|
|
48 %
|
|
$
905,277
|
|
51 %
|
|
Transportation
Solutions
|
175,685
|
|
36 %
|
|
126,545
|
|
28 %
|
|
630,908
|
|
32 %
|
|
542,550
|
|
31 %
|
|
Building
Solutions
|
92,821
|
|
19 %
|
|
74,790
|
|
17 %
|
|
403,913
|
|
20 %
|
|
321,609
|
|
18 %
|
|
Total
Revenues
|
$
485,978
|
|
|
|
$
448,607
|
|
|
|
$
1,972,229
|
|
|
|
$
1,769,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E-Infrastructure
Solutions
|
$ 37,616
|
|
17.3 %
|
|
$ 29,811
|
|
12.1 %
|
|
$
140,997
|
|
15.0 %
|
|
$
121,453
|
|
13.4 %
|
|
Transportation
Solutions
|
12,262
|
|
7.0 %
|
|
5,070
|
|
4.0 %
|
|
41,911
|
|
6.6 %
|
|
26,623
|
|
4.9 %
|
|
Building
Solutions
|
11,164
|
|
12.0 %
|
|
8,260
|
|
11.0 %
|
|
46,193
|
|
11.4 %
|
|
36,693
|
|
11.4 %
|
|
Segment Operating
Income
|
61,042
|
|
12.6 %
|
|
43,141
|
|
9.6 %
|
|
229,101
|
|
11.6 %
|
|
184,769
|
|
10.4 %
|
|
Corporate G&A
Expense
|
(4,753)
|
|
|
|
(5,833)
|
|
|
|
(22,433)
|
|
|
|
(24,072)
|
|
|
|
Acquisition Related
Costs
|
(521)
|
|
|
|
(265)
|
|
|
|
(873)
|
|
|
|
(827)
|
|
|
|
Total Operating
Income
|
$ 55,768
|
|
11.5 %
|
|
$ 37,043
|
|
8.3 %
|
|
$
205,795
|
|
10.4 %
|
|
$
159,870
|
|
9.0 %
|
|
STERLING
INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands,
except per share data)
(Unaudited)
|
|
|
December 31,
2023
|
|
December 31,
2022
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
471,563
|
|
$
181,544
|
|
Accounts
receivable
|
252,435
|
|
262,646
|
|
Contract
assets
|
88,600
|
|
109,803
|
|
Receivables from and
equity in construction joint ventures
|
17,506
|
|
14,122
|
|
Other current
assets
|
17,875
|
|
29,139
|
|
Total current
assets
|
847,979
|
|
597,254
|
|
Property and equipment,
net
|
243,648
|
|
215,482
|
|
Operating lease
right-of-use assets, net
|
57,235
|
|
59,415
|
|
Goodwill
|
281,117
|
|
262,692
|
|
Other intangibles,
net
|
328,397
|
|
299,123
|
|
Other non-current
assets, net
|
18,808
|
|
7,654
|
|
Total
assets
|
$ 1,777,184
|
|
$ 1,441,620
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
145,968
|
|
$
121,887
|
|
Contract
liabilities
|
444,160
|
|
239,297
|
|
Current maturities of
long-term debt
|
26,520
|
|
32,610
|
|
Current portion of
long-term lease obligations
|
19,641
|
|
19,715
|
|
Accrued
compensation
|
27,758
|
|
24,136
|
|
Other current
liabilities
|
14,121
|
|
8,966
|
|
Total current
liabilities
|
678,168
|
|
446,611
|
|
Long-term
debt
|
314,996
|
|
398,735
|
|
Long-term lease
obligations
|
37,722
|
|
40,103
|
|
Members' interest
subject to mandatory redemption and undistributed
earnings
|
29,108
|
|
21,597
|
|
Deferred tax liability,
net
|
76,764
|
|
51,659
|
|
Other long-term
liabilities
|
16,573
|
|
5,116
|
|
Total
liabilities
|
1,153,331
|
|
963,821
|
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
309
|
|
306
|
|
Additional paid in
capital
|
293,570
|
|
287,914
|
|
Retained
earnings
|
325,034
|
|
186,379
|
|
Total Sterling
stockholders' equity
|
618,913
|
|
474,599
|
|
Noncontrolling
interests
|
4,940
|
|
3,200
|
|
Total stockholders'
equity
|
623,853
|
|
477,799
|
|
Total liabilities and
stockholders' equity
|
$ 1,777,184
|
|
$ 1,441,620
|
|
STERLING
INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
|
|
|
Years Ended December
31,
|
|
2023
|
|
2022
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
|
$
142,845
|
|
$
108,201
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
57,403
|
|
52,066
|
|
Amortization of debt
issuance costs and non-cash interest
|
1,727
|
|
2,136
|
|
Gain on disposal of
property and equipment
|
(5,286)
|
|
(2,637)
|
|
Gain on debt
extinguishment, net
|
—
|
|
(2,428)
|
|
Gain on disposition of
Myers
|
—
|
|
(16,687)
|
|
Deferred
taxes
|
14,746
|
|
36,492
|
|
Stock-based
compensation
|
14,622
|
|
12,726
|
|
Change in fair value
of interest rate swap
|
—
|
|
(203)
|
|
Changes in operating
assets and liabilities
|
252,527
|
|
29,450
|
|
Net cash provided by
operating activities
|
478,584
|
|
219,116
|
|
Cash flows from
investing activities:
|
|
|
|
|
Acquisitions, net of
cash acquired
|
(51,177)
|
|
(18,004)
|
|
Disposition, net of
cash disposed
|
14,000
|
|
(15,789)
|
|
Capital
expenditures
|
(64,379)
|
|
(60,909)
|
|
Proceeds from sale of
property and equipment
|
13,804
|
|
4,947
|
|
Net cash used in
investing activities
|
(87,752)
|
|
(89,755)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Cash received from
credit facility
|
2,562
|
|
—
|
|
Repayments of
debt
|
(93,491)
|
|
(23,373)
|
|
Distributions to
noncontrolling interest owners
|
(2,450)
|
|
—
|
|
Withholding taxes paid
on net share settlement of equity awards
|
(9,567)
|
|
(9,416)
|
|
Debt issuance
costs
|
(1,572)
|
|
—
|
|
Other
|
(16)
|
|
—
|
|
Net cash used in
financing activities
|
(104,534)
|
|
(32,789)
|
|
Net change in cash,
cash equivalents, and restricted cash
|
286,298
|
|
96,572
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
185,265
|
|
88,693
|
|
Cash, cash equivalents
and restricted cash at end of period
|
471,563
|
|
185,265
|
|
Less: restricted cash -
Continuing Operations
|
—
|
|
(3,721)
|
|
Cash and cash
equivalents at end of period - Continuing Operations
|
$
471,563
|
|
$
181,544
|
|
STERLING
INFRASTRUCTURE, INC. & SUBSIDIARIES
ADJUSTED NET INCOME
FROM CONTINUING OPERATIONS RECONCILIATION
(In
thousands)
(Unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Net income from
Continuing Operations
|
$
40,173
|
|
$
20,233
|
|
$
138,655
|
|
$
96,717
|
|
Acquisition related
costs
|
521
|
|
265
|
|
873
|
|
827
|
|
Adjusted Net Income
from Continuing Operations (1)
|
$
40,694
|
|
$
20,498
|
|
$
139,528
|
|
$
97,544
|
|
|
|
|
|
|
|
|
|
Net income per share
from Continuing Operations:
|
|
|
|
|
|
|
|
|
Basic
|
$
1.30
|
|
$
0.67
|
|
$
4.51
|
|
$
3.20
|
|
Diluted
|
$
1.28
|
|
$
0.66
|
|
$
4.44
|
|
$
3.16
|
|
|
|
|
|
|
|
|
|
Adjusted Net income
per share from Continuing Operations:
|
|
|
|
|
|
|
|
|
Basic
|
$
1.32
|
|
$
0.68
|
|
$
4.54
|
|
$
3.23
|
|
Diluted
|
$
1.30
|
|
$
0.67
|
|
$
4.47
|
|
$
3.19
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
30,819
|
|
30,324
|
|
30,755
|
|
30,199
|
|
Diluted
|
31,334
|
|
30,739
|
|
31,208
|
|
30,564
|
|
|
|
|
|
|
|
|
|
(1) The Company defines
adjusted net income from continuing operations as net income from
continuing operations excluding the impact of acquisition related
costs.
|
|
STERLING
INFRASTRUCTURE, INC. & SUBSIDIARIES
EBITDA FROM
CONTINUING OPERATIONS RECONCILIATION
(In
thousands)
(Unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Net income from
Continuing Operations
|
$
40,173
|
|
$
20,233
|
|
$
138,655
|
|
$
96,717
|
|
Depreciation and
amortization
|
14,874
|
|
13,253
|
|
57,403
|
|
50,575
|
|
Interest expense, net
of interest income
|
991
|
|
5,645
|
|
15,180
|
|
19,706
|
|
Income tax
expense
|
12,341
|
|
10,741
|
|
47,770
|
|
41,707
|
|
EBITDA from Continuing
Operations (1)
|
68,379
|
|
49,872
|
|
259,008
|
|
208,705
|
|
Acquisition related
costs
|
521
|
|
265
|
|
873
|
|
827
|
|
Adjusted EBITDA from
Continuing Operations (2)
|
$
68,900
|
|
$
50,137
|
|
$
259,881
|
|
$
209,532
|
|
|
|
|
|
|
|
|
|
(1) The
Company defines EBITDA from continuing operations as GAAP net
income from continuing operations, adjusted for depreciation
and amortization, net interest expense and taxes.
|
|
|
|
|
|
|
|
|
|
(2) The Company defines
adjusted EBITDA from continuing operations as EBITDA from
continuing operations excluding the impact of acquisition related
costs.
|
|
STERLING
INFRASTRUCTURE, INC. & SUBSIDIARIES
EBITDA GUIDANCE
RECONCILIATION
(In
millions)
(Unaudited)
|
|
|
Full Year 2024
Guidance
|
|
Low
|
|
High
|
|
Net income attributable
to Sterling common stockholders
|
$
155
|
|
$
165
|
|
Depreciation and
amortization
|
62
|
|
64
|
|
Interest expense, net
of interest income
|
5
|
|
6
|
|
Income tax
expense
|
63
|
|
65
|
|
EBITDA
(1)
|
$
285
|
|
$
300
|
|
|
|
|
|
(1) The
Company defines EBITDA as GAAP net income attributable to
Sterling common stockholders, adjusted for depreciation and
amortization, net interest expense, and taxes.
|
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SOURCE Sterling Infrastructure, Inc.