EX-99.1 2 a20250505ex991earningsrele.htm EX-99.1 Document

Exhibit 99.1

sterlinginfrainclogo_4ca.jpg
NEWS RELEASE
For Immediate Release:
May 5, 2025
Sterling Reports First Quarter 2025 Results and Increases Full Year Guidance

THE WOODLANDS, TX – May 5, 2025 – Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or the “Company”) today announced financial results for the first quarter of 2025.
The financial comparisons herein are to the prior year quarter, unless otherwise noted.
Due to the deconsolidation of the RHB joint venture on December 31, 2024, RHB is no longer included in consolidated revenue or backlog. As such, prior-year comparisons for these metrics are on an adjusted, pro forma basis to exclude RHB. Please see the "Historical Quarterly Backlog Information” section below for reconciliations to historical figures.
First Quarter 2025 Results
•Revenues of $430.9 million. Revenues increased 7% excluding RHB from the prior year quarter.
•Gross margin of 22.0%, up from 17.5%
•Net income of $39.5 million, or $1.28 per diluted share, increases of 27% and 28%, respectively
•Adjusted net income(1) of $50.2 million, or $1.63 per diluted share, increases of 28% and 29%, respectively
•EBITDA(1) of $72.1 million, an increase of 30%
•Adjusted EBITDA(1) of $80.3 million, an increase of 31%
•Cash flows from operations totaled $84.9 million
•Cash and cash equivalents totaled $638.6 million at March 31, 2025
•Backlog at March 31, 2025 was $2.13 billion
•Combined backlog(2) at March 31, 2025 was $2.23 billion
Drake Concrete Acquisition
During the first quarter of 2025, Sterling closed on the acquisition of Drake Concrete, LLC, a provider of concrete slabs for residential home builders in the Dallas-Fort Worth market. The acquisition strengthens Sterling’s geographic footprint within the DFW metroplex and expands and deepens the customer base, given limited customer overlap with Tealstone. Sterling anticipates that Drake will contribute approximately $55 million of revenue and $6.5 million in adjusted EBITDA in 2025. The purchase price was $25 million in cash plus a four year earn-out opportunity. Drake will be included in the Building Solutions segment.
CEO Remarks and Outlook
“Sterling is off to a great start in 2025, as we grew our first quarter adjusted net income by 28% to deliver adjusted diluted EPS of $1.63,” stated Joe Cutillo, Sterling’s Chief Executive Officer. “Revenue growth in the quarter was a solid 7%, on a pro forma basis, fueled by strong 18% growth in E-Infrastructure Solutions and 9% growth in Transportation Solutions. Gross profit margins in the quarter of 22% remained extremely strong as we have shifted the business toward higher-margin service offerings, and contributed to adjusted EBITDA growth of 31%.”
Mr. Cutillo continued, “We ended the quarter with backlog of $2.1 billion, a 17% increase compared to the prior year first quarter on a like-for-like basis. Our book-to-burn ratio in the quarter was 2.2x. Notably, E-Infrastructure Solutions had
(1) See “Non-GAAP Measures”, “Adjusted Net Income Reconciliation”, and “EBITDA Reconciliation” sections below for more information.
(2) Combined Backlog includes Unsigned Awards of $103.2 million at March 31, 2025.

another strong quarter for awards, as backlog reached over $1.2 billion and grew 27% compared to the prior year. Additionally, our pipeline of high-probability future phase work continues to grow. Our operating cash flow generation in the first quarter was again excellent at $85 million, driving our net cash position to $329 million, and supporting share repurchases of $44 million.”
Mr. Cutillo added, “In E-Infrastructure Solutions, we achieved 18% revenue growth and 61% adjusted operating income growth in the first quarter as adjusted operating margins expanded nearly 618 basis points to reach 23.2%. 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. The data center market remains very active and now represents over 65% of E-Infrastructure backlog.
Transportation Solutions revenue increased 9% and adjusted operating income grew 60%. We continue to see good demand and project opportunities in our core Rocky Mountain and Arizona regions. The downsizing of our low-bid Texas heavy highway business is progressing to plan. This shift will weigh on revenue and backlog in the near term, but will benefit margins as we move through 2025.
In Building Solutions, revenue declined 14% and adjusted operating income declined 18%. Our residential businesses continued to be impacted by the slowdown in the housing market, as prospective homebuyers are facing affordability challenges. Additionally, weather conditions were unusually severe in the quarter. We remain bullish on the multi-year demand trends in our key geographies.”
“We believe 2025 will be another excellent year for Sterling as we continue to drive bottom line growth that outpaces top line growth. We are raising our 2025 guidance to reflect our strong first quarter performance, backlog, and the impact of share repurchases. The midpoint of our revised 2025 guidance would represent 12% revenue growth pro forma for the new RHB accounting methodology, 22% adjusted diluted earnings per share growth and 23% adjusted EBITDA growth,” Mr. Cutillo concluded.
Full Year 2025 Guidance
•Revenue of $2.05 billion to $2.15 billion
•Net Income of $222 million to $239 million
•Diluted EPS of $7.15 to $7.65
•EBITDA(1) of $381 million to $403 million
Full Year 2025 Adjusted Guidance
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 $262 million to $278 million
•Adjusted Diluted EPS(1) of $8.40 to $8.90
•Adjusted EBITDA(1) of $410 million to $432 million
Conference Call
Sterling’s management will hold a conference call to discuss these results and recent corporate developments on Tuesday, May 6, 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.
(1) See “Non-GAAP Measures”, “Adjusted Net Income Guidance Reconciliation” and “EBITDA Guidance Reconciliation” sections below for more information.


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, 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 March 31,
20252024
Revenues$430,949 $440,360 
Cost of revenues(336,109)(363,456)
Gross profit94,840 76,904 
General and administrative expense(34,631)(27,298)
Intangible asset amortization(4,503)(4,297)
Acquisition related costs(179)(36)
Earn-out expense(1,343)(1,000)
Other operating income (expense), net1,892 (2,148)
Operating income56,076 42,125 
Interest income6,827 5,902 
Interest expense(5,232)(6,664)
Income before income taxes57,671 41,363 
Income tax expense(15,080)(7,604)
Net income, including noncontrolling interests42,591 33,759 
Less: Net income attributable to noncontrolling interests(3,114)(2,711)
Net income attributable to Sterling common stockholders$39,477 $31,048 
Net income per share attributable to Sterling common stockholders:
Basic$1.29 $1.00 
Diluted$1.28 $1.00 
Weighted average common shares outstanding:
Basic30,54730,977
Diluted30,88131,186



STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
SEGMENT INFORMATION
(In thousands)
(Unaudited)
Three Months Ended March 31,
Revenues2025% of Revenue2024% of Revenue
E-Infrastructure Solutions$218,263 51%$184,476 42%
Transportation Solutions120,661 28%148,969 34%
Building Solutions92,025 21%106,915 24%
Total Revenues$430,949 $440,360 
Operating Income
E-Infrastructure Solutions$46,642 21.4%$27,169 14.7%
Transportation Solutions11,253 9.3%8,132 5.5%
Building Solutions12,352 13.4%15,775 14.8%
Segment Operating Income70,247 16.3%51,076 11.6%
Corporate G&A Expense(12,649)(7,915)
Acquisition Related Costs(179)(36)
Earn-out Expense(1,343)(1,000)
Total Operating Income$56,076 13.0%$42,125 9.6%


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
March 31, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$638,647 $664,195 
Accounts receivable285,751 247,050 
Contract assets48,704 55,387 
Receivables from and equity in construction joint ventures6,912 5,811 
Receivable from affiliate— 32,054 
Other current assets 17,720 17,383 
Total current assets997,734 1,021,880 
Property and equipment, net244,659 236,795 
Investment in unconsolidated subsidiary109,291 107,400 
Operating lease right-of-use assets, net48,264 52,668 
Goodwill283,664 264,597 
Other intangibles, net333,694 316,390 
Other non-current assets, net17,233 17,044 
Total assets$2,034,539 $2,016,774 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$128,885 $130,420 
Contract liabilities534,388 508,846 
Current maturities of long-term debt 26,419 26,423 
Current portion of long-term lease obligations19,333 20,498 
Accrued compensation 24,918 36,774 
Other current liabilities22,826 18,997 
Total current liabilities756,769 741,958 
Long-term debt 283,603 289,898 
Long-term lease obligations29,334 32,455 
Deferred tax liability, net110,010 109,360 
Other long-term liabilities27,896 16,625 
Total liabilities1,207,612 1,190,296 
Stockholders’ equity:
Common stock312 312 
Additional paid in capital283,050 288,395 
Treasury stock, at cost(99,918)(63,121)
Retained earnings621,972 582,495 
Total Sterling stockholders’ equity805,416 808,081 
Noncontrolling interests21,511 18,397 
Total stockholders’ equity826,927 826,478 
Total liabilities and stockholders’ equity$2,034,539 $2,016,774 


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March 31,
20252024
Cash flows from operating activities:
Net income$42,591 $33,759 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization16,991 16,258 
Amortization of debt issuance costs and non-cash interest256 305 
Gain on disposal of property and equipment(782)(585)
Equity in earnings from unconsolidated subsidiary(1,892)— 
Deferred taxes650 1,517 
Stock-based compensation6,683 4,586 
Changes in operating assets and liabilities20,386 (6,249)
Net cash provided by operating activities84,883 49,591 
Cash flows from investing activities:
Acquisitions, net of cash acquired(37,860)(1,016)
Capital expenditures(17,924)(22,432)
Proceeds from sale of property and equipment1,573 2,401 
Net cash used in investing activities(54,211)(21,047)
Cash flows from financing activities:
Repayments of debt(6,606)(6,678)
Repurchase of common stock(43,846)— 
Withholding taxes paid on net share settlement of equity awards(5,768)(13,015)
Net cash used in financing activities(56,220)(19,693)
Net change in cash, cash equivalents, and restricted cash(25,548)8,851 
Cash, cash equivalents and restricted cash at beginning of period664,195 471,563 
Cash, cash equivalents and restricted cash at end of period638,647 480,414 
Less: restricted cash— — 
Cash and cash equivalents at end of period$638,647 $480,414 


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
ADJUSTED NET INCOME RECONCILIATION
(In thousands)    
(Unaudited)
 Three Months Ended March 31,
 20252024
Net income attributable to Sterling common stockholders$39,477 $31,048 
Non-cash stock-based compensation6,683 4,586 
Intangible asset amortization (1)
6,374 4,297 
Acquisition related costs179 36 
Earn-out expense1,343 1,000 
Income tax impact of adjustments(3,812)(1,823)
Adjusted net income attributable to Sterling common stockholders (2)
$50,244 $39,144 
Net income per share attributable to Sterling common stockholders:
Basic$1.29 $1.00 
Diluted$1.28 $1.00 
Adjusted net income per share attributable to Sterling common stockholders:
Basic$1.64 $1.26 
Diluted$1.63 $1.26 
Weighted average common shares outstanding:
Basic30,54730,977
Diluted30,88131,186
(1) For the three months ended March 31, 2025, intangible asset amortization includes $1,871 related to the fair value step up recognized in the deconsolidation of RHB on December 31, 2024.
(2) The Company defines adjusted net income attributable to Sterling common stockholders as GAAP net income attributable to Sterling common stockholders excluding non-cash stock-based compensation, intangible asset amortization, acquisition related costs, earn-out expense, 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 March 31,
 20252024
Net income attributable to Sterling common stockholders$39,477 $31,048 
Depreciation and amortization (1)
19,137 16,258 
Interest (income) expense, net(1,595)762 
Income tax expense15,080 7,604 
EBITDA(2)
72,099 55,672 
Non-cash stock-based compensation6,683 4,586 
Acquisition related costs179 36 
Earn-out expense1,343 1,000 
Adjusted EBITDA(3)
$80,304 $61,294 
(1) For the three months ended March 31, 2025, depreciation and amortization includes $1,871 of intangible asset amortization and $275 of depreciation expense related to the fair value step up recognized in the deconsolidation of RHB on December 31, 2024.
(2) 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.
(3) The Company defines adjusted EBITDA as EBITDA excluding the impact of non-cash stock-based compensation, acquisition related costs, and earn-out expense.


STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
NON-GAAP SEGMENT INFORMATION
(In thousands)
(Unaudited)
The table below presents the three months ended March 31, 2025 and 2024 revenue and operating income by segment as adjusted for the 2024 period to conform to our 2025 presentation reflecting the deconsolidation of RHB on revenue and to exclude the impact of non-cash stock-based compensation, intangible asset amortization, acquisition related costs, and earn-out expense on operating income:
Three Months Ended March 31,
Revenues (Excluding RHB)2025% of Revenue2024% of Revenue
E-Infrastructure Solutions$218,263 51%$184,476 46%
Transportation Solutions120,661 28%110,505 27%
Building Solutions92,025 21%106,915 27%
Total Revenues (Excluding RHB) (1)
$430,949 $401,896 
Adjusted Operating Income
E-Infrastructure Solutions$50,583 23.2%$31,345 17.0%
Transportation Solutions13,577 11.3%8,512 7.7%
Building Solutions14,234 15.5%17,403 16.3%
Adjusted Segment Operating Income78,394 18.2%57,260 14.2%
Corporate G&A Expense(7,739)(5,216)
Total Adjusted Operating Income (2)
$70,655 16.4%$52,044 12.9%
(1) Due to the deconsolidation of RHB on December 31, 2024, beginning on January 1, 2025, the Company will report RHB’s operating income as a single line item (“Other operating income (expense), net”) in the Consolidated Statements of Operations. RHB’s revenue is no longer included in Sterling’s consolidated revenue in 2025. For the three months ended March 31, 2024, total GAAP revenue of $440,360 has been adjusted to exclude $38,464 of RHB revenue.
(2) The Company defines adjusted operating income as GAAP operating income excluding the impact of non-cash stock-based compensation, intangible asset amortization, acquisition related costs, and earn-out expense. For the three months ended March 31, 2025, GAAP operating income of $56,076 is adjusted to exclude $6,683 of non-cash stock-based compensation, $6,374 of intangible asset amortization (including $1,871 related to the fair value step up of RHB), $179 of acquisition related costs, and $1,343 of earn-out expense. For the three months ended March 31, 2024, GAAP operating income of $42,125 is adjusted to exclude $4,586 of non-cash stock-based compensation, $4,297 of intangible asset amortization, $36 of acquisition related costs, and $1,000 of earn-out expense.


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$222,000 $238,700 $257,461 
Gain on deconsolidation of subsidiary, net— — (91,289)
Non-cash stock-based compensation23,000 23,000 19,003 
Intangible asset amortization (1)
24,539 24,539 17,037 
Acquisition related costs179 179 421 
Earn-out expense6,000 6,000 4,756 
Income tax impact of adjustments(14,000)(14,000)13,356 
Adjusted net income attributable to Sterling common stockholders (2)
$261,718 $278,418 $220,745 
Net income per share attributable to Sterling common stockholders:
Diluted$7.15 $7.65 $8.27 
Adjusted net income per share attributable to Sterling common stockholders:
Diluted$8.40 $8.90 $7.09 
Weighted average common shares outstanding:
Diluted31,20031,20031,146
(1) Intangible asset amortization includes approximately $7,500 related to the fair value step up recognized in the deconsolidation of RHB on December 31, 2024.
(2) 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, non-cash stock-based compensation, intangible asset amortization, acquisition related costs, earn-out expense, 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$222 $239 $257 
Depreciation and amortization (1)
79 80 68 
Interest income, net of interest expense(2)(4)(2)
Income tax expense82 88 87 
EBITDA (2)
381 403 411 
Gain on deconsolidation of subsidiary, net— — (91)
Non-cash stock-based compensation23 23 19 
Acquisition related costs— — — 
Earn-out expense6 6 5 
Adjusted EBITDA(3)
$410 $432 $344 
(1) Depreciation and intangible asset amortization includes approximately $1.1 million and $7.5 million, respectively, related to the fair value step up recognized in the deconsolidation of RHB on December 31, 2024.
(2) 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.
(3) The Company defines adjusted EBITDA as EBITDA excluding the impact of the net gain on deconsolidation of subsidiary, non-cash stock-based compensation, acquisition related costs and earn-out expense.



STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
HISTORICAL QUARTERLY SEGMENT INFORMATION
(In thousands)
(Unaudited)
The following tables present our 2024 quarterly revenue and operating income by segment as adjusted to conform to our 2025 presentation reflecting the deconsolidation of RHB and the separate presentation of earn-out expense:
2024 Quarters Ended (Unaudited)
Revenues (Excluding RHB)March 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 
Total Revenues (Excluding RHB) (1)
$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 Solutions15,775 14,813 12,249 11,002 53,839 
Segment Operating Income51,076 81,939 98,898 76,154 308,067 
Corporate G&A Expense(7,915)(8,104)(10,334)(11,915)(38,268)
Acquisition Related Costs(36)(101)(72)(212)(421)
Earn-out Expense(1,000)(1,000)(1,000)(1,756)(4,756)
Total Operating Income$42,125 $72,734 $87,492 $62,271 $264,622 
Adjusted Operating Income
E-Infrastructure Solutions$31,345 $55,841 $71,244 $60,316 $218,746 
Transportation Solutions8,512 15,874 19,070 9,180 52,636 
Building Solutions17,403 16,423 13,928 12,632 60,386 
Segment Operating Income57,260 88,138 104,242 82,128 331,768 
Corporate(5,216)(5,227)(7,027)(8,459)(25,929)
Adjusted Operating Income (2)
$52,044 $82,911 $97,215 $73,669 $305,839 
(1) Due to the deconsolidation of RHB on December 31, 2024, beginning on January 1, 2025, the Company will report RHB’s operating income as a single line item (“Other operating income (expense), net”) in the Consolidated Statements of Operations. RHB’s revenue is no longer included in Sterling’s consolidated revenue in 2025.
(2) The Company defines adjusted operating income as GAAP operating income excluding the impact of non-cash stock-based compensation, intangible asset amortization, acquisition related costs, and earn-out expense.




STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES
HISTORICAL QUARTERLY BACKLOG INFORMATION
(In thousands)
(Unaudited)
The following table presents our 2024 backlog and combined backlog as adjusted to conform to our 2025 presentation reflecting the deconsolidation of RHB:
2024 Quarters Ended (Unaudited)
BacklogMarch 31June 30September 30December 31
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