FALSE000087423800008742382025-02-252025-02-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2025

Sterling Infra Inc Logo_4C.jpg
STERLING INFRASTRUCTURE, INC.
(Exact name of registrant as specified in its charter)
Delaware001-3199325-1655321
(State or other jurisdiction of incorporation
or organization)		(Commission File Number)(I.R.S. Employer
Identification No.)
1800 Hughes Landing Blvd.
The Woodlands, Texas
 
77380
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:  (281) 214-0777
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $0.01 par value per shareSTRLThe NASDAQ Stock Market LLC
(Title of Class)(Trading Symbol)(Name of each exchange on which registered)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐



Item 2.02     Results of Operations and Financial Condition.
On February 25, 2025, Sterling Infrastructure, Inc. (the “Company”) issued a press release announcing financial results for the three and twelve months ended December 31, 2024 and providing full year 2025 guidance. The press release is being furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
 
The information provided in this Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.
Item 7.01     Regulation FD Disclosure.
On February 26, 2025, the Company will host a conference call to discuss the fourth quarter and full year 2024 results as well as corporate developments. The slides to be used during the conference call are being furnished with this Current Report on Form 8-K as Exhibit 99.2 and are incorporated herein by reference.

The information provided in this Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Exchange Act or the Securities Act, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.

Item 9.01     Financial Statements and Exhibits.
(d)    Exhibits
Exhibit Number Description
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 STERLING INFRASTRUCTURE, INC.
   
Date:February 25, 2025By:/s/ Sharon R. Villaverde
  Sharon R. Villaverde
  Chief Financial Officer





Exhibit 99.1

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NEWS RELEASE
For Immediate Release:
February 25, 2025
Sterling Reports Record Fourth Quarter and Full Year 2024 Results
Provides Full Year 2025 Guidance
THE WOODLANDS, TX – February 25, 2025 – Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today announced financial results for the fourth quarter and full year 2024 and provided full year 2025 guidance.
The financial comparisons herein are to the prior year quarter, unless otherwise noted.
Due to the deconsolidation of our RHB joint venture on December 31, 2024, RHB is not included in year-end 2024 consolidated backlog. As such, our prior-year comparisons for these metrics are on an adjusted basis to exclude RHB. Please see the "Historical Quarterly Backlog Information” section below for reconciliations to historical figures.
Fourth Quarter 2024 Results
•Revenues of $498.8 million, an increase of 3%
•Gross margin of 21.4%, up from 18.9%
•Net income of $113.2 million, or $3.64 per diluted share, an increase of 182% and 184% respectively
•Excluding the impact of a one-time gain on the deconsolidation of a subsidiary and acquisition-related costs, net income was $45.5 million, or $1.46 per diluted share, an increase of 12% and 13%, respectively
•EBITDA(1) of $167.4 million, an increase of 145%
•Adjusted EBITDA(1) of $76.4 million, an increase of 11%
•Cash flows from operations totaled $497.1 million for the twelve months ended December 31, 2024
•Cash and cash equivalents totaled $664.2 million at December 31, 2024
•Backlog at December 31, 2024 was $1.69 billion
•Combined backlog(2) at December 31, 2024 was $1.83 billion

For the full year ended December 31, 2024, revenue increased by 7% over 2023. The Company reported net income of $257.5 million, or $8.27 per diluted share in 2024, versus $138.7 million, or $4.44 per diluted share, in 2023. Adjusted net income(1) increased 36.3% to $189.9 million, or $6.10 per diluted share in 2024, versus $139.3 million, or $4.46 per diluted share, in 2023. EBITDA(1) increased 59% to $410.9 million in 2024, versus $259.0 million in 2023. Adjusted EBITDA(1) increased 23% to $320.0 million in 2024, versus $259.9 million in 2023.
CEO Remarks and Outlook
“2024 was another record year for Sterling as we grew our adjusted net income by 36% to deliver diluted EPS of $6.10, which was above the high end of our previously guided range,” stated Joe Cutillo, Sterling’s Chief Executive Officer. “Additionally, our gross margins exceeded 20% on an annual basis, a new record, and we generated nearly $500 million of operating cash flow.”
Mr. Cutillo continued, “In the fourth quarter we delivered 3% revenue growth and a 13% increase in adjusted diluted EPS. Our focus on margin expansion continues to drive profitability growth well in excess of revenue growth, and we expect this
(1) See “Non-GAAP Measures”, “Adjusted Net Income Reconciliation”, and “EBITDA Reconciliation” sections below for more information.
(2) Combined Backlog includes Unsigned Awards of $137.9 million at December 31, 2024.

trend to continue in 2025. Gross profit margins in the quarter of 21.4% remained extremely strong as we have shifted the business toward higher-margin service offerings.
We closed the year with combined backlog of $1.83 billion, which was up slightly from prior year levels on a like-for-like basis. Notably, E-Infrastructure Solutions backlog reached over $1 billion and grew 27% relative to the prior year. Additionally, award activity has been strong in the first quarter of 2025 and our pipeline of high-probability future phase work continues to grow. Our operating cash flow generation in the fourth quarter of 2024 was again excellent at $174 million, driving our net cash position to $348 million, and supporting share repurchases of $20 million.”
Mr. Cutillo added, “In E-Infrastructure Solutions, we achieved 50% operating income growth in the fourth quarter as operating margins expanded nearly 700 basis points to reach 24.1%. This excellent margin profile reflects our shift toward large mission-critical projects, including data centers and manufacturing, where our scale, superior execution, and track record of delivering projects on time are extremely valuable to our customers.
E-Infrastructure revenue increased 8% compared to the prior year quarter, driven by strength in data center work. Notably, data center-related revenue increased over 50% compared to the prior year quarter and now represents over 60% of segment backlog.
Transportation Solutions revenue increased 24% for the full year and operating margins were 6.5%. In the fourth quarter, revenue and operating income declined against a challenging comparison to 4Q23 which benefited from very favorable weather and project timing. We continue to see good demand and project opportunities in our core Rocky Mountain and Arizona regions. We have made the strategic decision to accelerate our shift away from low bid heavy highway work in Texas, which will weigh on revenue and backlog in the near term, but will benefit margins as we move through 2025.
In Building Solutions, full year 2024 revenue increased 1.1% and operating income increased 6.3%. In the quarter, revenue declined 3% and operating income declined 17%. The decline in operating income is entirely attributable to $1.8 million of earn-out expense related to the acquisition of PPG. Our residential businesses continued to be impacted by the slowdown in the Dallas-Fort Worth market, as prospective homebuyers are facing affordability challenges. We remain bullish on the multi-year demand trends in our key geographies and are cautiously optimistic of a rebound in the second half of 2025.”
“We believe 2025 will be another excellent year for Sterling as we continue to drive bottom line growth that outpaces top line growth. The midpoint of our 2025 guidance would represent 10% revenue growth pro forma for the new RHB accounting methodology, 18% adjusted net income growth and 18% adjusted EBITDA growth,” Mr. Cutillo concluded.
Full Year 2025 Guidance
•Revenue of $2.00 billion to $2.15 billion
•Net Income of $215 million to $230 million
•Diluted EPS of $6.75 to $7.25
•EBITDA(1) of $370 million to $395 million
Full Year 2025 Non-GAAP Guidance
Sterling is introducing new non-GAAP methodology for 2025 that includes new adjustments for non-cash stock-based compensation and amortization of intangible assets. In addition, we are expanding our definition of acquisition related costs to include earn-outs. Please see the “Adjusted Net Income Guidance Reconciliation” and “EBITDA Guidance Reconciliation” sections below for reconciliations of GAAP to non-GAAP measures and comparable 2024 results.
•Adjusted Net Income(1) of $252 million to $267 million
•Adjusted Diluted EPS(1) of $7.90 to $8.40
•Adjusted EBITDA(1) of $395 million to $420 million
(1) See “Non-GAAP Measures”, “Adjusted Net Income Guidance Reconciliation” 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 Wednesday, February 26, 2025 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, large scale 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, plumbing services, and surveys 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.”

(1) See “Non-GAAP Measures”, “Adjusted Net Income Guidance Reconciliation” and “EBITDA Guidance 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 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 Investor Relations 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,
2024202320242023
Revenues$498,833 $485,978 $2,115,756 $1,972,229 
Cost of revenues(392,156)(394,223)(1,689,633)(1,634,591)
Gross profit106,677 91,755 426,123 337,638 
General and administrative expense(32,598)(26,111)(118,424)(98,703)
Intangible asset amortization(4,180)(4,017)(17,037)(15,226)
Acquisition related costs(212)(521)(421)(873)
Other operating expense, net(7,416)(5,338)(25,619)(17,041)
Operating income62,271 55,768 264,622 205,795 
Interest income7,824 5,813 27,622 14,140 
Interest expense(5,792)(6,804)(25,255)(29,320)
Gain on deconsolidation of subsidiary, net91,289 — 91,289 — 
Income before income taxes155,592 54,777 358,278 190,615 
Income tax expense(38,400)(12,341)(87,360)(47,770)
Net income, including noncontrolling interests117,192 42,436 270,918 142,845 
Less: Net income attributable to noncontrolling interests(3,979)(2,263)(13,457)(4,190)
Net income attributable to Sterling common stockholders$113,213 $40,173 $257,461 $138,655 
Net income per share attributable to Sterling common stockholders:
Basic$3.69 $1.30 $8.35 $4.51 
Diluted$3.64 $1.28 $8.27 $4.44 
Weighted average common shares outstanding:
Basic30,69630,81930,83030,755
Diluted31,12131,33431,14631,208



STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
(Unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
Revenues2024% of Revenue2023% of Revenue2024% of Revenue2023% of Revenue
E-Infrastructure Solutions$234,041 47%$217,472 45%$923,728 44%$937,408 48%
Transportation Solutions174,664 35%175,685 36%783,659 37%630,908 32%
Building Solutions90,128 18%92,821 19%408,369 19%403,913 20%
Total Revenues$498,833 $485,978 $2,115,756 $1,972,229 
Operating Income
E-Infrastructure Solutions$56,437 24.1%$37,616 17.3%$203,359 22.0%$140,997 15.0%
Transportation Solutions8,715 5.0%12,262 7.0%50,869 6.5%41,911 6.6%
Building Solutions9,246 10.3%11,164 12.0%49,083 12.0%46,193 11.4%
Segment Operating Income74,398 14.9%61,042 12.6%303,311 14.3%229,101 11.6%
Corporate G&A Expense(11,915)(4,753)(38,268)(22,433)
Acquisition Related Costs(212)(521)(421)(873)
Total Operating Income$62,271 12.5%$55,768 11.5%$264,622 12.5%$205,795 10.4%


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
December 31, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$664,195 $471,563 
Accounts receivable247,050 252,435 
Contract assets55,387 88,600 
Receivables from and equity in construction joint ventures5,811 17,506 
Receivable from affiliate32,054 — 
Other current assets 17,383 17,875 
Total current assets1,021,880 847,979 
Property and equipment, net236,795 243,648 
Investment in unconsolidated subsidiary107,400 — 
Operating lease right-of-use assets, net52,668 57,235 
Goodwill264,597 281,117 
Other intangibles, net316,390 328,397 
Other non-current assets, net17,044 18,808 
Total assets$2,016,774 $1,777,184 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$130,420 $145,968 
Contract liabilities508,846 444,160 
Current maturities of long-term debt 26,423 26,520 
Current portion of long-term lease obligations20,498 19,641 
Accrued compensation 36,774 27,758 
Other current liabilities18,997 14,121 
Total current liabilities741,958 678,168 
Long-term debt 289,898 314,996 
Long-term lease obligations32,455 37,722 
Members’ interest subject to mandatory redemption and undistributed earnings— 29,108 
Deferred tax liability, net109,360 76,764 
Other long-term liabilities16,625 16,573 
Total liabilities1,190,296 1,153,331 
Stockholders’ equity:
Common stock312 309 
Additional paid in capital288,395 293,570 
Treasury stock, at cost(63,121)— 
Retained earnings582,495 325,034 
Total Sterling stockholders’ equity808,081 618,913 
Noncontrolling interests18,397 4,940 
Total stockholders’ equity826,478 623,853 
Total liabilities and stockholders’ equity$2,016,774 $1,777,184 


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Twelve Months Ended December 31,
20242023
Cash flows from operating activities:
Net income$270,918 $142,845 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization68,410 57,403 
Amortization of debt issuance costs and non-cash interest1,146 1,727 
Gain on disposal of property and equipment(3,473)(5,286)
Gain on deconsolidation of subsidiary, net
(91,289)— 
Deferred taxes32,573 14,746 
Stock-based compensation19,003 14,622 
Changes in operating assets and liabilities199,816 252,527 
Net cash provided by operating activities497,104 478,584 
Cash flows from investing activities:
Acquisitions, net of cash acquired(11,223)(51,177)
Disposition, net of cash disposed— 14,000 
Deconsolidation, net of cash
(103,829)— 
Capital expenditures(80,954)(64,379)
Proceeds from sale of property and equipment10,157 13,804 
Net cash used in investing activities(185,849)(87,752)
Cash flows from financing activities:
Cash received from credit facility— 2,562 
Repayments of debt(26,539)(93,491)
Repurchase of common stock(70,596)— 
Distributions to noncontrolling interest owners— (2,450)
Withholding taxes paid on net share settlement of equity awards(21,452)(9,567)
Debt issuance costs— (1,572)
Other(36)(16)
Net cash used in financing activities(118,623)(104,534)
Net change in cash, cash equivalents, and restricted cash192,632 286,298 
Cash, cash equivalents and restricted cash at beginning of period471,563 185,265 
Cash, cash equivalents and restricted cash at end of period664,195 471,563 
Less: restricted cash— — 
Cash and cash equivalents at end of period$664,195 $471,563 



STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
HISTORICAL QUARTERLY SEGMENT INFORMATION
(In thousands)
(Unaudited)
The following tables present our 2024, 2023 and 2022 quarterly revenue and income from operations by segment adjusted to conform to our 2025 presentation reflecting the deconsolidation of RHB and continuing operations:
2024 Quarters Ended (Unaudited)
RevenuesMarch 31June 30September 30December 31Total
E-Infrastructure Solutions$184,476 $241,312 $263,899 $234,041 $923,728 
Transportation Solutions110,505 158,828 155,063 123,387 547,783 
Building Solutions106,915 108,735 102,591 90,128 408,369 
Revenues$401,896 $508,875 $521,553 $447,556 $1,879,880 
Operating Income
E-Infrastructure Solutions$27,169 $51,677 $68,076 $56,437 $203,359 
Transportation Solutions8,132 15,449 18,573 8,715 50,869 
Building Solutions14,775 13,813 11,249 9,246 49,083 
Segment Operating Income50,076 80,939 97,898 74,398 303,311 
Corporate(7,915)(8,104)(10,334)(11,915)(38,268)
Acquisition related costs(36)(101)(72)(212)(421)
Operating Income$42,125 $72,734 $87,492 $62,271 $264,622 
2023 Quarters Ended (Unaudited)
RevenuesMarch 31June 30September 30December 31Total
E-Infrastructure Solutions$205,840 $260,148 $253,948 $217,472 $937,408 
Transportation Solutions89,702 108,890 123,550 115,711 437,853 
Building Solutions86,600 111,089 113,403 92,821 403,913 
Revenues$382,142 $480,127 $490,901 $426,004 $1,779,174 
Operating Income
E-Infrastructure Solutions$24,269 $43,167 $35,945 $37,616 $140,997 
Transportation Solutions5,306 9,856 14,487 12,262 41,911 
Building Solutions8,701 13,480 12,848 11,164 46,193 
Segment Operating Income38,276 66,503 63,280 61,042 229,101 
Corporate(5,459)(6,181)(6,040)(4,753)(22,433)
Acquisition related costs(190)(59)(103)(521)(873)
Operating Income$32,627 $60,263 $57,137 $55,768 $205,795 
2022 Quarters Ended (Unaudited)
RevenuesMarch 31June 30September 30December 31Total
E-Infrastructure Solutions$168,927 $233,548 $255,530 $247,272 $905,277 
Transportation Solutions95,716 111,424 116,055 91,834 415,029 
Building Solutions80,894 85,639 80,286 74,790 321,609 
Revenues$345,537 $430,611 $451,871 $413,896 $1,641,915 
Operating Income
E-Infrastructure Solutions$21,285 $32,824 $37,533 $29,811 $121,453 
Transportation Solutions4,443 7,410 9,700 5,070 26,623 
Building Solutions9,358 9,751 9,324 8,260 36,693 
Segment Operating Income35,086 $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 


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
HISTORICAL QUARTERLY BACKLOG INFORMATION
(In thousands)
(Unaudited)
The following tables present our 2024, 2023 and 2022 backlog and combined backlog adjusted to conform to our December 31, 2024 presentation reflecting the deconsolidation of RHB and continuing operations:
2024 Quarters Ended (Unaudited)
March 31June 30September 30December 31
Backlog
Backlog including RHB$2,352,126 $2,098,781 $2,055,081 $2,184,478 
Less: RHB Backlog(528,043)(476,842)(485,050)(491,255)
Backlog excluding RHB$1,824,083 $1,621,939 $1,570,031 $1,693,223 
Combined Backlog
Combined Backlog including RHB$2,419,748 $2,445,992 $2,374,690 $2,322,391 
Less: RHB Backlog(528,043)(536,165)(539,494)(491,255)
Combined Backlog excluding RHB$1,891,705 $1,909,827 $1,835,196 $1,831,136 
2023 Quarters Ended (Unaudited)
March 31June 30September 30December 31
Backlog
Backlog including RHB$1,624,233 $1,735,669 $2,010,407 $2,067,016 
Less: RHB Backlog(302,189)(281,500)(271,894)(405,799)
Backlog excluding RHB$1,322,044 $1,454,169 $1,738,513 $1,661,217 
Combined Backlog
Combined Backlog including RHB$1,754,736 $2,392,910 $2,385,587 $2,370,248 
Less: RHB Backlog(318,633)(446,422)(432,483)(561,355)
Combined Backlog excluding RHB$1,436,103 $1,946,488 $1,953,104 $1,808,893 
2022 Quarters Ended (Unaudited)
March 31June 30September 30December 31
Backlog
Backlog including RHB$1,378,335 $1,327,218 $1,411,271 $1,414,342 
Less: RHB Backlog(273,382)(277,158)(272,103)(301,223)
Backlog excluding RHB$1,104,953 $1,050,060 $1,139,168 $1,113,119 
Combined Backlog
Combined Backlog including RHB$1,466,439 $1,466,943 $1,625,630 $1,689,323 
Less: RHB Backlog(297,695)(309,198)(329,901)(323,556)
Combined Backlog excluding RHB$1,168,744 $1,157,745 $1,295,729 $1,365,767 


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
ADJUSTED NET INCOME RECONCILIATION
(In thousands)    
(Unaudited)
 Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Net income attributable to Sterling common stockholders$113,213 $40,173 $257,461 $138,655 
Gain on deconsolidation of subsidiary, net(91,289)— (91,289)— 
Acquisition related costs212 521 421 873 
Income tax impact of adjustments23,354 (117)23,303 (219)
Adjusted net income attributable to Sterling common stockholders (1)
$45,490 $40,577 $189,896 $139,309 
Net income per share attributable to Sterling common stockholders:
Basic$3.69 $1.30 $8.35 $4.51 
Diluted$3.64 $1.28 $8.27 $4.44 
Adjusted net income per share attributable to Sterling common stockholders:
Basic$1.48 $1.32 $6.16 $4.53 
Diluted$1.46 $1.29 $6.10 $4.46 
Weighted average common shares outstanding:
Basic30,69630,81930,83030,755
Diluted31,12131,33431,14631,208
(1) The Company defines adjusted net income attributable to Sterling common stockholders as GAAP net income attributable to Sterling common stockholders excluding the impact of the net gain on deconsolidation of subsidiary, acquisition related costs, and the income tax impact of these adjustments. The tax impact of adjustments is determined by using the Company's quarterly and annual effective tax rate, as applicable, unless the nature of the item requires application of a specific tax rate.


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
EBITDA RECONCILIATION
(In thousands)
(Unaudited)
 Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Net income attributable to Sterling common stockholders$113,213 $40,173 $257,461 $138,655 
Depreciation and amortization17,864 14,874 68,410 57,403 
Interest (income) expense, net(2,032)991 (2,367)15,180 
Income tax expense38,400 12,341 87,360 47,770 
EBITDA(1)
167,445 68,379 410,864 259,008 
Gain on deconsolidation of subsidiary, net(91,289)— (91,289)— 
Acquisition related costs212 521 421 873 
Adjusted EBITDA(2)
$76,368 $68,900 $319,996 $259,881 
(1) The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders adjusted for depreciation and amortization, net interest income/expense and income tax expense.
(2) The Company defines adjusted EBITDA as EBITDA excluding the impact of the net gain on deconsolidation of subsidiary and acquisition related costs.


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
ADJUSTED NET INCOME GUIDANCE RECONCILIATION
(In thousands)    
(Unaudited)
 Full Year 2025 GuidanceFull Year
 LowHigh2024 Actual
Net income attributable to Sterling common stockholders$215,000 $230,000 $257,461 
Gain on deconsolidation of subsidiary, net— — (91,289)
Non-cash stock-based compensation20,000 20,000 19,003 
Intangible asset amortization25,000 25,000 17,037 
Acquisition related costs5,000 5,000 5,177 
Income tax impact of adjustments(13,000)(13,000)13,356 
Adjusted net income attributable to Sterling common stockholders (1)
$252,000 $267,000 $220,745 
Net income per share attributable to Sterling common stockholders:
Diluted$6.75 $7.25 $8.27 
Adjusted net income per share attributable to Sterling common stockholders:
Diluted$7.90 $8.40 $7.09 
Weighted average common shares outstanding:
Diluted32,00032,00031,146
(1) Starting in 2025, the Company will define adjusted net income as GAAP net income excluding the impact of the net gain on deconsolidation of subsidiary, non-cash stock-based compensation, intangible asset amortization, acquisition related costs (including earn-outs), and the income tax impact of these adjustments. The tax impact of adjustments is determined by using the Company's quarterly and annual effective tax rate, as applicable, unless the nature of the item requires application of a specific tax rate.


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
EBITDA GUIDANCE RECONCILIATION
(In millions)
(Unaudited)
 Full Year 2025 GuidanceFull Year 2024
 LowHighActual
Net income attributable to Sterling common stockholders$215 $230 $257 
Depreciation and amortization76 81 68 
Interest income, net of interest expense(2)(4)(2)
Income tax expense81 88 87 
EBITDA (1)
370 395 411 
Gain on deconsolidation of subsidiary, net— — (91)
Non-cash stock-based compensation20 20 19 
Acquisition related costs5 5 5 
Adjusted EBITDA(2)
$395 $420 $344 
(1) The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders, adjusted for depreciation and amortization, net interest income, and income tax expense.
(2) In 2025, the Company will define adjusted EBITDA as EBITDA excluding the impact of the net gain on deconsolidation of subsidiary, non-cash stock-based compensation, and acquisition related costs (including earn-outs).

We build and service the infrastructure that enables our economy to run, our people to move, and our country to grow. Q4 2024 Earnings Call February 26, 2025

 
2Sterling | STRL: Fourth Quarter 2024 DISCLOSURE: Forward-Looking Statements This presentation contains, and the officers and directors of the Company may from time to time make, statements that are considered forward- looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. 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 presentation, 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 presentation 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 presentation 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. This presentation may contain the financial measures: adjusted net income, EBITDA, adjusted EBITDA, and adjusted EPS, which are not calculated in accordance with U.S. GAAP. When presented, a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure will be provided in the Appendix to this presentation.

 
E-Infrastructure Solutions + Largest, highest margin segment + Provides value-added solutions to blue-chip customers in all major East Coast markets and the Rocky Mountain region + Develops advanced, large-scale site development services for data centers, manufacturing, e-commerce distribution centers, warehousing and more Building Solutions + Serves the Top Builders in the Nation's Top Housing Markets: Texas & Arizona + Residential and commercial concrete foundations for single-family and multi-family homes, plumbing services, and surveying for new single-family residential builds Transportation Solutions + Provides infrastructure solutions in the Rocky Mountain States and Texas + Infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail and storm drainage systems Sterling | STRL: Fourth Quarter 2024 3 WHO is Sterling? NASDAQ STRL Shares outstanding(2) 30.6M HQ The Woodlands, TX Market cap(2) $3.33B Employees ~3,000(1) Revenue(3) $2.08B Segments E-Infrastructure Solutions Building Solutions Transportation Solutions Adjusted EBITDA(3) $408M Projects underway ~180(1) Total Backlog(1) $1.69B A market-leading infrastructure service provider of e-infrastructure, building and transportation solutions. A story of successful execution of a multi-year strategic business transformation; born of a vision that levers our entrepreneurial spirit. We offer a customer-centric, market-focused portfolio of goods and services geographically positioned in the right markets. (1) At December 31, 2024. (2) Shares outstanding and Market Cap as of February 24, 2025. (3) Full Year 2025 Revenue and Adjusted EBITDA Mid-Point Guidance. *See EBITDA Reconciliation in the Appendix.

 
4 Revenue CAGR 2019-2024: +18% R ev en ue ($ m ill io ns )* O p erating m arg in % * (4.9)% (2.0)% 2.2% 4.0% 3.4% 7.5% 7.6% 9.0% 10.4% 12.5% E-Infrastructure Solutions Transportation Solutions Building Solutions Operating Margin 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 -1,000 -500 0 500 1,000 1,500 2,000 2,500 (6)% (4)% (2)% 0% 2% 4% 6% 8% 10% 12% 2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform Transformation Built the Foundation for Success * Revenue and Operating margin from continuing operations Sterling | STRL: Fourth Quarter 2024

 
5 EPS CAGR 2019-2024: +38% 2015 – 2019: Strategic Transformation 2020 +: Leveraging the Platform D ilu te d E PS * $0.10 $0.60 $1.24 $1.53 $2.11 $3.16 $4.44 $8.27 $(2.40) $(0.66) $6.10 GAAP Diluted EPS Adjusted Diluted EPS 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $(3.00) $(2.00) $(1.00) $— $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 Transformation Built the Foundation for Success * Diluted EPS from continuing operations. See "Adjusted Net Income Reconciliation" in the appendix for the reconciliation of GAAP to non-GAAP measures. Sterling | STRL: Fourth Quarter 2024

 
+ Fourth Quarter 2024 Results Sterling | STRL: Fourth Quarter 2024 6

 
Fourth Quarter and Full Year 2024 Results Highlights + Revenues: $498.8 million and $2,115.8 million, respectively + Net Income: $113.2 million and $257.5 million, respectively + Adjusted Net Income(1): $45.5 million and $189.9 million, respectively + Diluted EPS: $3.64 and $8.27, respectively + Adjusted Diluted EPS(1): $1.46 and $6.10, respectively + EBITDA(1): $167.4 million and $410.9 million, respectively + Adjusted EBITDA(1): $76.4 million and $320.0 million, respectively + Cash Flow from Operations(2): $174.3 million and $497.1 million, respectively + Cash & Cash Equivalents(2): $664.2 million + Backlog(2): $1.69 billion with 16.7% margin + Combined Backlog(3): $1.83 billion Sterling | STRL: Fourth Quarter 2024 7 (1) See the Adjusted Net Income and EBITDA reconciliations in the appendix for reconciliations of GAAP to Non-GAAP measures. (2) Cash flow from operations for the twelve months ended December 31, 2024. (3) Combined Backlog includes Unsigned Awards of $138 million at December 31, 2024.

 
Sterling | STRL: Fourth Quarter 2024 8 Quarterly Consolidated and Segment Results ($ in millions, except per share data) Q4 2024 Q4 2023 Revenues $ 498.8 $ 486.0 Gross Profit 106.7 91.8 G&A Expense (32.6) (26.1) Intangible Amortization (4.2) (4.0) Acquisition Related Costs (0.2) (0.5) Other Operating Expense, Net (7.4) (5.3) Operating Income 62.3 55.8 Interest, Net 2.0 (1.0) Gain on deconsolidation of subsidiary, net 91.3 — Income Tax Expense (38.4) (12.3) Less: Net Income Attributable to NCI (4.0) (2.3) Net income 113.2 40.2 Diluted EPS $ 3.64 $ 1.28 EBITDA (1) $ 167.4 $ 68.4 ($ in millions) Q4 2024 Q4 2023 E-Infrastructure Solutions Revenue $ 234.0 $ 217.5 Operating Income $ 56.4 $ 37.6 Operating Margin 24.1 % 17.3 % Transportation Solutions Revenue $ 174.7 $ 175.7 Operating Income $ 8.7 $ 12.3 Operating Margin 5.0 % 7.0 % Building Solutions Revenue $ 90.1 $ 92.8 Operating Income $ 9.2 $ 11.2 Operating Margin 10.3 % 12.0 % (1) See the "EBITDA Reconciliation" in the appendix for a reconciliation of GAAP to Non-GAAP measures.

 
Sterling | STRL: Fourth Quarter 2024 9 Full Year Consolidated and Segment Results ($ in millions) 2024 2023 Revenues $ 2,115.8 $ 1,972.2 Gross Profit 426.1 337.6 G&A Expense (118.4) (98.7) Intangible Amortization (17.0) (15.2) Acquisition Related Costs (0.4) (0.9) Other Operating Expense, Net (25.6) (17.0) Operating Income 264.6 205.8 Interest, Net 2.4 (15.2) Gain on deconsolidation of subsidiary, net 91.3 — Income Tax Expense (87.4) (47.8) Less: Net Income Attributable to NCI (13.5) (4.2) Net income 257.5 138.7 Diluted EPS $ 8.27 $ 4.44 EBITDA (1) $ 410.9 $ 259.0 ($ in millions) 2024 2023 E-Infrastructure Solutions Revenue $ 923.7 $ 937.4 Operating Income $ 203.4 $ 141.0 Operating Margin 22.0 % 15.0 % Transportation Solutions Revenue $ 783.7 $ 630.9 Operating Income $ 50.9 $ 41.9 Operating Margin 6.5 % 6.6 % Building Solutions Revenue $ 408.4 $ 403.9 Operating Income $ 49.1 $ 46.2 Operating Margin 12.0 % 11.4 % (1) See the EBITDA reconciliation in the appendix for a reconciliation of GAAP to Non-GAAP measures.

 
Sterling | STRL: Fourth Quarter 2024 10 Remaining Performance Obligations (RPOs)(1) ($ in millions) December 31, 2024 December 31, 2023 E-Infrastructure Solutions RPOs $ 1,032.1 $ 813.7 Transportation Solutions RPOs(2) 622.1 1,184.5 Building Solutions RPOs - Commercial 39.0 68.8 Total RPOs $ 1,693.2 $ 2,067.0 (1) Our remaining performance obligations do not differ from what we refer to as “Backlog,” and represent the amount of revenues we expect to recognize in the future from our contract commitments on projects. (2) The decrease is primarily due to the deconsolidation of our 50% owned subsidiary RHB as of December 31, 2024. RHB’s 2024 year end backlog of $491.3 is not included in the Company’s consolidated backlog at December 31, 2024.

 
Sterling | STRL: Fourth Quarter 2024 11 Increased EBITDA and Cash Flow Drives Liquidity Strategy Debt/EBITDA Leverage Ratio 1.3X 1.0X 12/31/23 12/31/24 0.0X 0.3X 0.5X 0.8X 1.0X 1.3X We expect to pursue strategic uses of our liquidity, such as strategic acquisitions, investing in capital equipment and managing leverage. Capital allocation focus • Long-term shareholder value • Complementing organic growth in existing and new markets • Strong cash flow profile provides flexibility and drives liquidity strategy Sterling is comfortable with a Debt/EBITDA leverage ratio of +/-2.5X. 5-Year Credit Facility $317M Term Loan Borrowings $75M Revolving Credit Facility (Undrawn) Key Cash Flow Considerations Q4 YTD 2024 Q4 YTD 2023 Cash flows from Operations $497.1M $478.6M Net CAPEX $70.8M $50.6M • Cash & Cash Equivalents at December 31, 2024 was $664.2 million • 2025 EBITDA guidance(1): $370M to $395M • Expected 2025 noncash expenses: $27M to $30M (Stock-based compensation, noncash interest expense, and deferred taxes) • Scheduled term loan debt payments total $26.3 million and $6.6 million for 2025 and 2026, respectively (1) See "EBITDA Guidance Reconciliation" in the appendix for a reconciliation of GAAP to Non-GAAP measures.

 
Robust balance sheet, FCF 12 Summary Successful strategic foundation with strong, diversified platform Continued opportunity for margin expansion Strong, multi-year, secular growth drivers Sterling, A Leading Provider of Infrastructure Services in the U.S. Strong historical stock performance Sterling | STRL: Fourth Quarter 2024

 
Sterling | STRL: Fourth Quarter 2024 13 Contact Us Sterling Infrastructure, Inc. Noelle Dilts, VP IR and Corporate Strategy Tel: (281) 214-0795 noelle.dilts@strlco.com

 
+ Appendix Sterling | STRL: Fourth Quarter 2024 14

 
RHB Amendment Impact Summary The RHB operating agreement was amended on December 31, 2024. Under GAAP, this contractual change requires that Sterling no longer consolidate RHB’s results. As a result of this amendment, Sterling: + recognized a non-cash gain on deconsolidation of $67.9 million, net of tax; + no longer consolidated RHB's $491 million of backlog(1) at December 31, 2024; + no longer consolidated RHB's balance sheet, but instead recognized Sterling's 50% investment in the unconsolidated subsidiary on one line of Sterling’s Consolidated Balance Sheet; + will no longer consolidate RHB's revenue in 2025, but instead recognize 50% of RHB’s operating income which will be presented on one line in Sterling’s Consolidated Statements of Operations. Sterling | STRL: Fourth Quarter 2024 15 (1) Remaining performance obligations do not differ from what we refer to as “Backlog”.

 
Sterling | STRL: Fourth Quarter 2024 16 2025 Modeling Considerations(1) (1) In millions except for EPS and percentages. (2) See the "Adjusted Net Income Guidance Reconciliation" on page 20. (3) See the "EBITDA Guidance Reconciliation" on page 21. Revenue $2,000 to $2,150 Gross Margin 21.0% to 22.0% G&A Expense as % of Revenue (Excluding Intangible Amortization) ~6% Other Operating Income $13 to $15 JV Non-Controlling Interest Expense ~$12 Effective Income Tax Rate ~26% Diluted EPS $6.75 to $7.25 Adjusted Diluted EPS(2) $7.90 to $8.40 Expected Dilutive Shares Outstanding 32.0 EBITDA(3) $370 to $395 Adjusted EBITDA(3) $395 to $420

 
2025 Modeling Considerations Continued* Sterling | STRL: Fourth Quarter 2024 17 * In Millions. Non-Cash Items FY 2025 Expectations FY 2024 Depreciation $51 to $56 $51.4 Intangible Amortization $25 $17.0 Debt Issuance Cost Amortization ~$1 $1.1 Stock-based Compensation $19 to $21 $19.0 Deferred Taxes $7 to $8 $32.6 Other Cash Flow Items FY 2025 Expectations FY 2024 Interest income, net $2 to $4 $2.4 CAPEX, net of disposals $70 to $80 $70.8

 
Sterling | STRL: Fourth Quarter 2024 18 (1) The Company defines adjusted net income from Continuing Operations as GAAP net income from Continuing Operations excluding the impact of the net gain on deconsolidation of subsidiary, acquisition related costs, and the income tax impact of these adjustments. The tax impact of adjustments is determined by using the Company's quarterly and annual effective tax rate, as applicable, unless the nature of the item requires application of a specific tax rate. Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net income attributable to Sterling common stockholders $ 113,213 $ 40,173 $ 257,461 $ 138,655 Gain on deconsolidation of subsidiary, net (91,289) — (91,289) — Acquisition related costs 212 521 421 873 Tax impact of adjustments 23,354 (117) 23,303 (219) Adjusted net income attributable to Sterling common stockholders (1) $ 45,490 $ 40,577 $ 189,896 $ 139,309 Net income per share attributable to Sterling common stockholders: Basic $ 3.69 $ 1.30 $ 8.35 $ 4.51 Diluted $ 3.64 $ 1.28 $ 8.27 $ 4.44 Adjusted net income per share attributable to Sterling common stockholders: Basic $ 1.48 $ 1.32 $ 6.16 $ 4.53 Diluted $ 1.46 $ 1.29 $ 6.10 $ 4.46 Weighted average common shares outstanding: Basic 30,696 30,819 30,830 30,755 Diluted 31,121 31,334 31,146 31,208 STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES ADJUSTED NET INCOME RECONCILIATION (In thousands) (Unaudited)

 
Sterling | STRL: Fourth Quarter 2024 19 (1) The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders adjusted for depreciation and amortization, net interest income/expense and income tax expense. (2) The Company defines adjusted EBITDA as EBITDA excluding the impact of the net gain on deconsolidation of subsidiary and acquisition related costs. Three Months Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Net income attributable to Sterling common stockholders $ 113,213 $ 40,173 $ 257,461 $ 138,655 Depreciation and amortization 17,864 14,874 68,410 57,403 Interest (income) expense, net (2,032) 991 (2,367) 15,180 Income tax expense 38,400 12,341 87,360 47,770 EBITDA (1) 167,445 68,379 410,864 259,008 Gain on deconsolidation of subsidiary, net (91,289) — (91,289) — Acquisition related costs 212 521 421 873 Adjusted EBITDA (2) $ 76,368 $ 68,900 $ 319,996 $ 259,881 STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES EBITDA RECONCILIATION (In thousands) (Unaudited)

 
Sterling | STRL: Fourth Quarter 2024 20 (1) Starting in 2025, the Company will define adjusted net income as GAAP net income excluding the impact of the net gain on deconsolidation of subsidiary, non-cash stock-based compensation, intangible asset amortization, acquisition related costs (including earn-outs), and the income tax impact of these adjustments. The tax impact of adjustments is determined by using the Company's quarterly and annual effective tax rate, as applicable, unless the nature of the item requires application of a specific tax rate. Full Year 2025 Guidance Full Year Low High 2024 Actual Net income attributable to Sterling common stockholders $ 215,000 $ 230,000 $ 257,461 Gain on deconsolidation of subsidiary, net — — (91,289) Non-cash stock-based compensation 20,000 20,000 19,003 Intangible asset amortization 25,000 25,000 17,037 Acquisition related costs 5,000 5,000 5,177 Income tax impact of adjustments (13,000) (13,000) 13,356 Adjusted net income attributable to Sterling common stockholders (1) $ 252,000 $ 267,000 $ 220,745 Net income per share attributable to Sterling common stockholders: Diluted $ 6.75 $ 7.25 $ 8.27 Adjusted net income per share attributable to Sterling common stockholders: Diluted $ 7.90 $ 8.40 $ 7.09 Weighted average common shares outstanding: Diluted 32,000 32,000 31,146 STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES ADJUSTED NET INCOME GUIDANCE RECONCILIATION (In thousands) (Unaudited)

 
Sterling | STRL: Fourth Quarter 2024 21 (1) The Company defines EBITDA as GAAP net income attributable to Sterling common stockholders, adjusted for depreciation and amortization, net interest income, and income tax expense . (2) In 2025, the Company will define adjusted EBITDA as EBITDA excluding the impact of the net gain on deconsolidation of subsidiary, non-cash stock-based compensation, and acquisition related costs (including earn-outs). Full Year 2025 Guidance Full Year 2024 Low High Actual Net income attributable to Sterling common stockholders $ 215 $ 230 $ 257 Depreciation and amortization 76 81 68 Interest income, net of interest expense (2) (4) (2) Income tax expense 81 88 87 EBITDA (1) 370 395 411 Gain on deconsolidation of subsidiary, net — — (91) Non-cash stock-based compensation 20 20 19 Acquisition related costs 5 5 5 Adjusted EBITDA(2) $ 395 $ 420 $ 344 STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES EBITDA GUIDANCE RECONCILIATION (In millions) (Unaudited)

 
THANK YOU We build and service the infrastructure that enables our economy to run, our people to move, and our country to grow.

 
v3.25.0.1
Cover
Feb. 25, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 25, 2025
Entity Registrant Name STERLING INFRASTRUCTURE, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-31993
Entity Tax Identification Number 25-1655321
Entity Address, Address Line One 1800 Hughes Landing Blvd.
Entity Address, City or Town The Woodlands
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77380
City Area Code 281
Local Phone Number 214-0777
Title of 12(b) Security Common Stock, $0.01 par value per share
Trading Symbol STRL
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000874238
Sterling Infrastructure (NASDAQ:STRL)
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