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Acquisitions (Tables)
3 Months Ended
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Summary of Fair Value Consideration Transferred
Purchase Consideration—Sterling completed the Acquisition for a purchase price of $196,763, net of cash acquired, detailed as follows:
Cash consideration transferred, net of cash acquired$175,000 
Equity consideration transferred (759 shares at $26.87 per share(1))
20,406
Target working capital adjustment1,357
Total consideration$196,763 
(1) Sterling’s closing stock price on December 29, 2021.
Summary of Preliminary Purchase Price Allocation
The following table summarizes our purchase price allocation at the Acquisition Closing Date, net of cash acquired:
Net tangible assets:
Accounts receivable$45,016 
Contract assets5,953 
Other current assets193 
Property and equipment, net48,175 
Other non-current assets, net5,498 
Accounts payable(21,810)
Contract liabilities(8,585)
Other current liabilities(8,216)
Total net tangible assets66,224 
Identifiable intangible assets70,200 
Goodwill60,339 
Total consideration transferred$196,763 
Schedule of Identifiable Intangible Assets Acquired
Weighted Average Life (Years)December 30, 2021
Fair Value
Customer relationships25$42,700 
Trade names2527,500 
Total$70,200 
Summary of Proforma Information
Three Months Ended
March 31, 2021
Pro forma revenue$343,539 
Pro forma net income attributable to Sterling$10,814