Sterling Infrastructure, Inc.

NasdaqGS-STRL

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Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	121.7	182.6	88.3	82.6	60.3	62.3
Net Income
Depreciation & Amortization	34.6	35.2	33.2	29.7	27.7	26.7
Depreciation and Amortization
Share-Based Compensation Expense	12.3	9.6	9.4	7.6	7	7.5
Stock-Based Compensation
Other Adjustments	9.2	-62.2	1.2	6.2	5	4.4
Revaluation of Noncontrolling Interest Due to a New Agreement
Amortization of Debt Issuance Costs and Non-Cash Interest
Gain on Disposal of Property and Equipment
Gain on Deconsolidation of Subsidiary, Net
Gain on Debt Extinguishment, Net
Gain on Disposition of Myers
Distribution of Earnings from Unconsolidated Subsidiary
Equity in Earnings from Unconsolidated Subsidiary
Deferred Taxes
Impairment on Building Held-for-Sale
Change in Fair Value of Interest Rate Swap
Changes in Trade Receivables	—	—	—	—	—	—
Change in Contracts Receivable
Change in Contract Assets
Change in Receivables from and Equity in Construction Joint Ventures
Changes in Inventories	—	—	—	—	—	—
Change in Inventories
Changes in Accounts Payable	—	—	—	—	—	—
Accounts Payable
Changes in Accrued Expenses	—	—	—	—	—	—
Accrued Expenses and Other Liabilities
Changes in Income Taxes Payable	—	—	—	—	—	—
Change in Corporate Taxes Payable
Changes in Unearned Revenue	—	—	—	—	—	—
Change in Contract Liabilities
Changes in Other Operating Activities	—	—	—	—	—	—
Prepaid Expenses and Other Current Assets
Member's Interest Subject to Mandatory Redemption and Undistributed Earnings
Cash from Operating Activities	170.3	326.5	170.6	297.5	181.1	177.1
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-31.3	-29.6	-51.3	-25.5	-38.9	-32
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	2.6	3.2	6.9	5.3	8.5	4
Proceeds from Sale of Property and Equipment
Payments for Business Acquisitions	-37.9	-10.2	-1	-51.2	—	-15
Acquisitions, Net of Cash Acquired
Tealstone Acquisition, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	14	-15.8
Disposition, Net of Cash Disposed
Other Investing Activities	—	-103.8	—	—	—	—
Deconsolidation, Net of Cash
Restricted Cash Used as Collateral for Letter of Credit
Cash from Investing Activities	-66.5	-140.5	-45.4	-71.4	-16.3	-58.7
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Short-Term Debt	—	—	—	2.6	—	—
Cumulative Daily Drawdowns - Credit Facility
Cash Received from Credit Facility
Cumulative Daily Drawdowns - Prior Credit Facility
Repayments of Short-Term Debt	—	—	—	—	—	—
Line of Credit Repayments
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	2.6	—	—
Issuance of Long-Term Debt	—	—	—	—	—	—
Cash Received from Equipment-Based Term Loan
Cumulative Drawdowns - Equipment-Based Revolver
Repayments of Long-Term Debt	-17.3	-13.2	-13.3	-25.9	-67.6	-11.6
Repayments - Equipment-Based Term Loan and Other
Cumulative Repayments - Equipment-Based Revolver
Repayments of Debt
Net Issuance / (Repayments) of Long-Term Debt	-17.3	-13.2	-13.3	-25.9	-67.6	-11.6
Issuance of Common Shares	—	—	—	—	—	—
Net Proceeds from Stock Issued
Repurchases of Common Shares	-50	-48.6	-43.4	-5.2	-4.3	-2
Repurchase of Common Stock
Withholding Taxes Paid on Net Share Settlement of Equity Awards
Net Issuance / (Repurchases) of Common Shares	-50	-48.6	-43.4	-5.2	-4.3	-2
Other Financing Activities	-1.4	-0	-0	-4	—	—
Distributions to Noncontrolling Interest Owners
Debt Issuance Costs
Other
Cash from Financing Activities	-68.7	-61.9	-56.8	-32.6	-71.9	-13.6
Net Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Free Cash Flow	139	296.9	119.3	272	142.2	145.2
NOPAT	119.1	111.9	89.1	85.7	68.4	59.3
Levered Free Cash Flow	96.5	166.9	51.5	60.4	-19.6	44.3
Unlevered Free Cash Flow	122.5	117.5	71	89.9	57.2	53.9
Net Change in Cash	35.2	124.2	68.4	193.4	92.9	104.8