STERLING INFRASTRUCTURE INC
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
STRL$290.67+15.0%Stored close · as of Nov 9, 2026
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Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $33,759 | $20,040 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 16,258 | 13,692 |
| Amortization of debt issuance costs and non-cash interest | 305 | 422 |
| Gain on disposal of property and equipment | (585) | (1,672) |
| Deferred taxes | 1,517 | 2,728 |
| Stock-based compensation | 4,586 | 3,240 |
| Changes in operating assets and liabilities (Note 14) | (6,249) | 10,608 |
| Net cash provided by operating activities | 49,591 | 49,058 |
| Cash flows from investing activities: | ||
| Acquisitions, net of cash acquired | (1,016) | — |
| Disposition proceeds | — | 14,000 |
| Capital expenditures | (22,432) | (14,221) |
| Proceeds from sale of property and equipment | 2,401 | 6,726 |
| Net cash (used in) provided by investing activities | (21,047) | 6,505 |
| Cash flows from financing activities: | ||
| Repayments of debt | (6,678) | (30,843) |
| Withholding taxes paid on net share settlement of equity awards | (13,015) | (4,288) |
| Net cash used in financing activities | (19,693) | (35,131) |
| Net change in cash, cash equivalents, and restricted cash | 8,851 | 20,432 |
| Cash, cash equivalents and restricted cash at beginning of period | 471,563 | 185,265 |
| Cash, cash equivalents and restricted cash at end of period | 480,414 | 205,697 |
| Less: restricted cash | — | (3,121) |
| Cash and cash equivalents at end of period | $480,414 | $202,576 |
| Non-cash items: | ||
| Capital expenditures | $6,499 | $998 |
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