STRL - Earnings call transcript Q4 2018 | Sterling Infrastructure, Inc.

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Operator

Greetings and welcome to the Sterling Construction Fourth Quarter and Full Year 2018 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jennifer Maxwell, Director of Investor Relations. you. Thank

begin. may You

Jennifer Maxwell

fourth morning and joining call. full be Chief discuss pleased Good with year XXXX Cutillo, Joe I for fourth to Sterling's our to today quarter year Officer; here and to Joanne. full Ron us results and everyone of up Executive Sterling's am as quarter Thanks, Financial earnings full year, the detailed Chief Sterling's open well Ballschmiede, the for quarter, the Joe will financial that the the XXXX the outlook, will call discussion of Ron quarter. Officer. with with discuss market. conference an follow overview results and

Following to open begin up Company's will that, overview an call of the we for like with language. safe questions. I’d harbor the

statements. statements recent more materially Actual results Some that the for XX-Q to risk The of could With forward-looking these factors that assumptions. made Sterling's affect otherwise. to most like projections Please could the of forward-looking as out from refer or a to update statements XX-K to and description of and call of way, a filings Company discussions information, today events complete include today. Joe. over the result I'd no differ new future turn assumes obligation may

Joe Cutillo

$X.X It's done what Thanks, record, is amazing in a off achieving new X,XXX year. year accomplishment like Sterling fourth relatively increased XX.X%, an and XX% great but was good a and a everyone. employees accomplishment this and basis our set but record to Jennifer. per our per always a seen And increased a by even I record it to conditions would all-time for morning, weather to our start our thanking gross our makes to fourth $X.XX quarter more quarter income revenues of earnings to million, Company's were that we flat, the worst share. year, had history. points net XX% the Versus prior ever increased share in quarter our XXX margin have some

XXX%, revenues backlog points, For XX% margin greater. non-heavy significant mix $X.XX X.X%, XXXX grew another XXX to year, our our XX% XX%, to combined a grew solid the gross improved or forward of our increased goal grew towards of and revenue highway basis the income net and step billion,

In and over debt through These and strategy the million. of XXX,XXX our our continued also show today, $XX focus off in line addition, only $XX we repurchased over skill year-end growth. results paid people, bottom our nearly of while balance our and not but of million the adverse all caliber to on of shares demonstrates conditions, cash growing strength types

As we look of see in ahead to signs spending. we to have XXXX, our and slowdowns markets remain any strong yet

at high record is our continue backlog margins backlog a to and Our and grow.

the of focus next that highway first transportation two will seen funding. remain builds and through bill three go and the optimistic federal have We infrastructure on

housing to increase states relative the still overtake material the continue to predictions markets US, migrating the starts Houston from. Texas. number XXXX. and people Dallas strong Texas continue people to Houston remain prices to X,XXX and front, housing On housing in versus very is in the with markets sometime number which and affordable still could in markets one actually in are three the And home Dallas Though cost a day, be in inflation, to a have our seen as we interest of Over the as both ever. due move

best external even we further people and enough people both In with we element to developing the XXXX, brightest strategy additional effort. added only forward and as diverse retaining and way, believe, outside along the as our our right the we an objectives developing accomplishing on having imagined. attracting, remains take one our Our of talent employees well strategic thing exception. spot have going our than the adding inside the By ever the same, standing industry. in our focused the way and We Company support of is further will

full For year-over-year million. to represents and XXXX, that, million turn Ron? year more revenues XXXX be between Ron our organic on and and $X.XXX we and be XX% billion, This it expect to quarter, to $XX improvement. a like to billion give year $XX between With over details I'd net our to income the $X.XXX outlook. you the

Ron Ballschmiede

in and morning. gross good XX, XX% $XXX our X.X% our At December combined quarterly the and in backlog. of best backlog end We $XXX million end discuss million year. Sterling increase construction finished totaled million, results Joe, margin at has at compared Thanks, increase $XXX to Unsigned results awards backlog segment of refer the end an compared XXXX civil to the combination at was backlog X.X% best low-bid of of of million The at XXXX XXXX. to $XXX the to and pleased $XXX million, with the our heavy as $X,XXX had the a its XXXX. that annual awards from was million I’m history. backlog the XXXX. over We unsigned of low-bid combined the beginning XXXX year-end

increased XXst, XXXX Our X.X% gross X.X% the at profit from at and XXXX. December to combined end backlog of

to Our XXXX XXX% book combined for and backlog was factor and respectively. XXX% burn backlog

heavy quarter does concrete is consolidated comparable our short-term projects. performance quarter. fourth the report our XX% were for million, revenues of construction the that of construction, essentially Revenues reminder not of comprised slabs. with a accounted reflecting XXXX flat civil backlog Residential XXXX as $XXX for backlog city combined, which cycle our of Just entirely residential

XXXX XXXX. residential related our primary XX% to of year full revenue attributable the of construction residential annual billion, in $X.XXX to markets Our continue steady is increase with construction. balance The X% see over civil heavy of XX% construction an increase to or the geographies growth. totaled revenues $XX Approximately million

residential rates. projects large for venture Both business completed construction were of excess growth Period-over-period construction heavy full were Worth, market $XXX These Our decreased market year significant of the projects periods XXXX. is primarily in and the from two Mountain $XX in these in our commercial, principle highway these non-heavy totaling continues Rocky both substantially civil XXXX. perform late Dallas-Fort revenue million joint region. for the to our other in declines overall which heavy by projects The in variation XXXX by revenue the for revenues in XXXX quarter fourth were $XX $XX year. XXXX and offset of aviation increases other fourth from and million million the million -- quarter full

results and Gross to heavy other XX-XX from highway $XX.X result to of of million provided improved construction the grew profit heavy civil in gross and was civil profit margin to gross of of XX% XXXX. compared the XX% accounted improvement basis Heavy million construction gross of XXXX the civil our activities results consolidated quarter. closer basis fourth increase residential quarter, was in margin. revenues of The our inclusion a primarily the X.X% strategic to our of basis XX.X% year-over-year and aviation improving points construction to million an increased XXXX. our in XXXX. related a profit improve incremental year commercial non-heavy XXXX balance. reflects increase Full toward revenues, highway metric progress by XXX organic XX% year to XXX Residential in to civil an for construction increase of XX.X%. in margin to intent of construction. the prior quarter significant a bring $XXX.X as XX% Our of in of attributable growth backlog. of points Gross $XX fourth year our $X.X profit remaining revenues revenues or from or mix projects XXX This the full Approximately XXXX gross gross other million points, heavy XX%

and and million and full fourth Our administrative of year quarter expense $XX.X the was general million respectively. for the $XX.X XXXX

higher XXXX. an full consolidated expense XXXX, income $X increase the was for subsidiaries. of the improved fourth our year operating segments. year Hawaii a of operating to quarter. $XX.X of is driven -- the XX% XXXX. XXXX X.X% XXXX full Heavy for from revenue full operating $X.X as XXXX completion basis million projects the of million, result $XX.X quarter was million. over successful was from Rocky the Mountain the totaled growth G&A the essentially the XX% driven quarters operating increased several million million civil from was income by gross increase earnings our and sharing of as which XX The a ownership member's of of for decrease XXXX, interest sorry, million, increase was of of backlog The driven $X.X in percent results from months profit over year Operating Residential doubled results own XXXX. the of income constructions for expense, income improved Operating for operating three construction in expense and $XX.X by comparable was an in XX.X% -- operating region. performance XXXX. large The primarily a higher XXXX, the expense result inclusion and Our points the Other year in by of XXXX a compared three full the stronger both performance to improved

in in interest flat Additionally, total XXXX increase of area acquisition-related the quarter Income The borrowings the from of the tax by XXXX. revenues. and rate significant margins being non-cash, of million tax comparable fourth in to borrowings income reflects XXXX of was growth with increased quarter year XXXX million, quarter $X.X totaling due the Dallas-Fort million the XXXX most XXXX by year $X.X the The higher tax the was Worth for relating full environment. the a million amortization continued deductible deferred housing interest and expense goodwill. in provision, to increased $X.X increase Interest tax the essentially $X.X starts full year. for the expense lower for delivered fourth expense offset savings expense

reflection the owners' profit The non-controlling XXXX of income income XXXX Mountain EPS. million for the $X.X The $X.X in projects. $X.XX Rocky Finally, year. of construction per items resulted diluted of effect joint expense quarter net $XXX,XXX of fourth to all these totaled quarter periods the interest compared million is these quarter million venture of and $X.X full a $X.XX share, or net our of or in for fourth sharing of each fourth net

or full to $XX.X $X.XX net income per compared a income share. million net XXXX diluted or $XX.X Our per $X.XX share year of year was full million

improvement over defined EBITDA, amortization interest we income million, plus $XX.X income XXXX. million a $XX expense, XXXX XX% which depreciation net taxes, in and Our totaled net as

move to Now, balance sheet. and our let's liquidity

the During $XX.X at operating assets, in of our debt stock shareholders $XX.X cash weighted XXXX, a average XXX,XXX from debt activities cash to our of an exceeded $X.X $XX.X XXXX, of end share. our year to million utilized cash of of per return fixed of debt million over $XX $XX $XX.X improvement and the shares million. million flow from million $XX.X repurchasing million and of million of a common with invest consolidated cost We our end million, $XX.XX of balance At the by XXXX. repay we by ended

opening year growth into move billion. we civil XXXX. Using billion, $X.X exceeds prior construction our provided anticipate Consistent foundation guidance to revenue revenue XXXX let's we XXXX of heavy XXXX. combined $X.XXX backlog, $X.XXX expectations, our the Now, billion with have which low-single-digit full of in

Our $XX XXXX. million of the revenue construction XXXX XXXX completion heavy construction large negatively These is joint venture revenue impacted our in late by generated growth of projects. highway substantial projects

We Mountain expect projects our XXXX. construction unsigned large to in region begin Rocky

do year. not new these late revenue anticipate from in we projects However, substantial until the

revenue in low range XXXX double $XX of residential outstanding starts we in attributable the primary construction to to our $XX million, approximately strong net million Sterling be results continuing digits. to housing Houston including construction and average expectations and market, to Given shareholders XXXX into the expect our year be $XX our markets, of million diluted shares anticipate growth our we entry our residential common We the shares. believe full recent will in solid income

XXXX of Additionally, million million. in $XX EBITDA to range we expect $XX be to the our

and recent income items typical top model, we matters year history. full a seasonality basis, on other to other XXXX. anticipate expect consistent of the significant We with some Lastly, our in statement our our following be line

sharing is of quarters. and General revenue is will second and is X% be XX% expense, less owned Other -- expense be million the and third $XX And And XX.X%. and Our gross is will the to fourth to subsidiaries. margin first strongest quarters million earn interest between our out the be than be expected related to in net the XX% expense of will than seasonally Tealstone net We range quarters administrative $XX million believe, income our interest expected Consolidated to and million. expense. members' revenues. $XX expense to remain lowest slightly anticipated which consolidated include quarters. revenue of $XX of be less

rate approximately year. NOLs of $X for covered be A is significant be the will tax tax and income tax income by expected to of income or Our be will effective pre-tax expense majority of a charge. approximately expense X% accordingly million non-cash our

our expense interest $X expect we and $X JV between construction million. Lastly, non-controlling to be million

the Now, over to Joe. turn back I'll call

Joe Cutillo

Thanks, a conditions. adverse record by quarter off another QX. that QX outstanding year the back We were performance Ron. one Sterling in In in and and some few record summary, of the a very guidance not team, raise did in companies

remain markets we and Our an our all-time as XXXX high. into strong backlog go is

Our strategy our to our planned, working execution continue is excel. as and continues and backlog to margins grow

I'd for happy continue up cash to But grow stock. have is be another we always year and buyback questions. to that, open further to through positioned have will utilize XXXX. buy excess to it down Sterling our to We record do, With more in acquisitions, debt

Operator

Newby first Our Please your question. ahead Davidson. D. go is Instructions] of Bill from A. [Operator coming with question

Bill Newby

congrats Good and and year. quarter on morning, great a guys,

kick in little are guess hoping to a and on mentioned little more strategy implementing? color accomplish you you Joe, retaining bit what just and off, the and attracting guys more are to on you the Just you emphasis it provide there labor, a what guys shift could I

Joe Cutillo

not to talent planning a lay We of keeping, continuing do fast tighten our attract level as market shift, as labor next three we and what our we next talent more both in to outside the to an also evolution to as we and and realized just can on developing and going sure outside last the to got Company, We Company. and go but competitive, continuing we're kind strategic labor out grow over years, -- as a we keeping we go the addition. do these the for forward. the year. of them next are and year as -- get We of key not retain every the making markets The more were company to through more go So kind that, grow the industry can continuing watching through just and session. only but

So Kate, place looking of vast who a Officer, we're think up a experience. in operator, recently that, the you And the we it Talent Company all at amount if has put joined to of the Chief way from C-suite. Bill, the

them difficult people three And how to two develop? in get hopefully then got they end, our are, running the level, leaders who universities, potentially college on done other We they universities, that Company, how the them who when We start the we can point bring lot in it's and to on run out the in be throughout so instituting going our run have a of internships how operators, have business develop level, as that the some become for understand Company, we or to to do back that it people. And we programs co-op operator Company both some business, getting we and pulling late be great early the them hit of individuals was a working into more to kids we're best with that years I'm not and company? that employees key State to professional you're money we're these those historically. college. but sure we we school looking business college, interested they future the you do some funding, that understand back with the So get for really on level. and operators that? get understand. and point, involved can develop we would working go in they're ultimately and ground that above the into working do they as at to the in So help around the to we we're time, in do invest do It's, how day we And high at so with the their states are not making for in being before the and at would Texas early and move our other of kids train career, be

Bill Newby

toward you non-heavy Is And pretty in guys something can there, guess, That's versus dramatic then highway bit Right. -- move split a mean guys highway. progress helpful. you target I this to some making heavy chance XX-XX this up XXXX is are I a little there from sooner?

Joe Cutillo

the down are like acquisitions, up, price that's candidly, and the get and XXXX then area uses priority be of a us the of at what's first to. We would the talk We be what's as further that benefit? before talk diversification XXXX. to the would about buy as fast to I we have we think we're balance on like we but we unfortunately something acquisition point that are maybe lined there second We're we'd the to can. and about there the that and stock debt could And get our accelerate our still third as between at not looking earlier slightly front. and But, track cash, there

Bill Newby

Joe, a share that and more there to guys work? non-heavy that split highway it is start chance XX-XX you pass even toward type could

Joe Cutillo

Yes, I think.

Bill Newby

on. go can you think You

Joe Cutillo

think I split. us going to XX-XX Yes. see go don't you're

XX-XX if non would very were I and a of good, we more feel highway. split think we of heavy

Bill Newby

Okay.

Ron Ballschmiede

year, that the of what for of and detail is really, I I Rocky we the of year revenue. the growth, consistent some do have elephants and would spoke this say, reasons revenue first but trends time Mountain last sort not the maybe a project unique Is, are business one elephants the to some in revenues. and cause timing

at probably projects is our XXXX its probably back -- X,XXX mentioned, kick off. I low to as think major I for So

they or projects, news good -- two so a while. are three year take the is Now, these

that success in variation of had because of some doing just large, the in project. multi-year So we'll we've larger projects, region that see

help, So of that the march that's predictable us, is the mix why new I objective. to things wrench one of for a to totally and which try into steady that's relatively that drove XX-XX revenues

Bill Newby

got back a else take But queue shot. in Understood. someone couple jump I'll I guys. the more. and let a Thanks,

Joe Cutillo

Thanks, Bill.

Operator

[Operator Capital Instructions] question with question. Afzal next KeyBanc ahead Our Tahira go your from is Markets. Please of coming

Tahira Afzal

couple given first be potentially out? in And been how So, do seeing, what diversification. my is, you peak backlog I you've question the terms a margins your years think given guess successful profile prospects you're of of could

Joe Cutillo

XX-XX we and as or call residential to, markets. grow evaluate one the get Well, it adjacent a into I'll to do the the continue and we said blend when get in past, how two we more

objective to combined is margins Our gross our of get north XX.X%.

to if So of kind teens, the non-heavy low blended where some toward you to digits, being in markets high-single in being get XX%. highway depending these the highway the the on kind of high call you of teens. heavy civil that's, being XX.X% moving and And adjacent revenue of think then mix in it the average the mid that

Tahira Afzal

years mean, a And embedding factors, if Joe, look few support about [technical secular you you do I trends residential difficulty] a trend. you on Texas strong if the years back in business? what are obviously, But, couple the residential out, of your look at

Joe Cutillo

Yes.

strategy. and But hope some and our it's And it reality. about at part think, markets really of down that's happens. do All never point to like we will we talk slow never it significant our a I a that time. in that

us the and can the offset feel picking expansion of replicating are -- market in of and is market that a So, Houston decline now three the so slowdown that importance we markets, housing today, Dallas is start and for more think the Houston be. number number time and we into hopefully full and that see Dallas some market don't even can what one markets, starts, impact or you that one share of between going other one through whatever up to decline the we if additional

Tahira Afzal

shift it. to, New bad looking for here be down at Got And a at me tax won't Joe. my own idea it to bill York,

Joe Cutillo

Door anytime. You're open. is welcome,

Tahira Afzal

clearly acquisitions stepping looking guess your feel Do queue, even at question So, you've your much I'll on doing last acquisitions, delivered really within out I or Company but is hop zone. and the this confident in back at you and transformations, comfort point transformational more the bigger stronger.

Joe Cutillo

Yes.

be do feeling there. with more out bigger I with want does What we'd critical absolutely feel run bigger what first, to more only from business far and like, have that but but are these Sterling. part go is times not a And knitting. because selling, think, business have one that, biggest very that it, to of we be us extremely be that can we're is team take opportunity We imagine, continue with, challenge looking we that of team comfortable for. can right that when fit, to not absolutely strategic great are lot our it's and that's you business too of step that going may they're it's -- the that. do, a businesses, been to it management of at may of things some critical as we comfortable but selective that that is something what you're kind out. And business, opportunities critical going as finding really not to looking and that we grow we The are went they people

of we're pretty an would management not pay on doing and it, flexible notch. today and adjacent fit the or sizable that for team what we're It's they that really acquisition. problem, one kind size top a strategic doing were going from a we on size, have the market critical, overlap to the step are into flexible So obviously, is an but

Tahira Afzal

got Got couple in But a I've I'll it. hop queue. more. the back Joe,

Joe Cutillo

you, Thank Tahira.

Operator

questions follow-up of Bill coming have A. Newby ahead. We D. Please Davidson. from Instructions] go [Operator

Bill Newby

Hey, Joe.

and talking market? just with a of the this in expanding expansion guess I Houston next the on that something are of is I guys that more couple guys you year, you more explore Texas. Is into you markets kind that could business, one where Just far about that resi mean, how mentioned away

Joe Cutillo

Yes.

give everybody video great in a a slabs The the about We efficiency and doing perspective could well show we're are very exceeding a I business you put and the has to which speed Tealstone team operate time-lapse done which can the Houston. of talking and job in in.

Houston happy progress of out So market. of Houston. we're what's runway some we into another go want market the to run Bill, with limit in in the to going is very to us the

you the could think the into market, theoretically size rather business, jump and double we three before Houston number yet market. If far of just of the potentially expanding give and one down would the number market into another by Houston that the we take and fairly road we the market up opportunities within

don't So, outside XXXX. Houston, I see us expanding of in certainly anywhere at

We the grow have market long a go the by way to to in Houston runway.

Operator

Thank you.

Our is Markets. proceed questions. coming next your Please KeyBanc with to question from follow-up Afzal of Tahira Capital

Tahira Afzal

might more be Thanks a this And lot. for Ron. little

Just what that your DSOs Ron get should sense, take have customers, does profile of we a implications cash changing into flow, wanted account? your as is for that to your free

Ron Ballschmiede

DOTs, So pretty it's the you're far, it's with heavy -- the it flow. positive cash side is the a when working predictable has, that civil about news

in those bit to not developer predictable otherwise. shift of move little seen a significant But things haven't the bit, So, less side to we a when the but and much. you it, on commercial

think So the to coming didn't had out little a so I year, see it move flow wouldn't, our much. might projects, needle cash we we of going impact not but it's bit, I don't really good this

Tahira Afzal

and Texas stimulus potential buyers still happen anticipating. margin point? really Would your be of could I your us at you at were look what have higher really some be areas. on potentially the price --continue of secular than if seems this profile. your then stock then, infrastructure And market some you're your of could which what it and other a I mean big be to to much trends with, Take saying in which, side, about take agree I'd

Joe Cutillo

bullish I'm at Yes. it.

just nobody think, surprised but both knows, have predict, was all the who also. also airport, really passed has in about that bill And the and in highway the relating passed thing of before I come I tough to talking middle midst the he And the or focus night and and on They predicting tell out that there's you the I came is this bill water week a President always on the year. actually through. the funding. are that last it. something a of of pleasantly was transportation to gymnastics the going would is Washington talk, I gotten would out week would Vice including and little bullish lot

So we'll see.

-- help long going would matters. actually stability So to help that's the it. only creates and add It term I've there, everything a to seen funding

So -- and where get come long Tahira, over journey really the this beginning the in we of at this of we've are going still as couple I, next and just last I say can we're but three be way like years, feel the a to to we're what years. Company

Tahira Afzal

growing -- be the stimulus deep, yourselves sort It Joe? permitting, would see to digit mid-single some of could you from digits the high-single rate, constraints labor

Joe Cutillo

what see available. me the the would we will -- quickly increase exciting to is relatively be would had labor on the jobs pick X as up certainly, points things, amount people margins points more two or X One what business is, highway of Yes. or that less

Okay.

and the pricing ideally, we're see So, move we'd after incremental would to the pricing. some taking pick pick that naturally first volume. pricing And like the the then up up volume then of up

Operator

Thank you.

from coming Gerry Heffernan of Please your questions. is with question Walthausen. next go Our ahead

Gerry Heffernan

specifically, the acquisition how is most today, you -- an are you I business, associated gets Good the morning, a we bring wanted more bit to something bit more had kind today. with wanted gentlemen. looking of very to would the as point into if really what And much results the what me delivered where is, little here you thank say you the geographically? At a at could we about into talent, can the job this that talk important for I that you a manpower -- there their is past, is what or a it into us opposed view, When simply acquisitions is out moment. being if spoken I in at strategic that the non-highway morph acquisitions. And people be. there the part the idea about and the business, give people to

Joe Cutillo

customer if going to robust. Yes. that resources. some It's stays as for player or through, market look to like maybe little infrastructure with we in could very different What margin -- I shift and anything work at yet, flow, a be bill a Not resources the point Right. time to acquisition start much resource. highway I a would different it end but the of strategically an business but within what cash, interesting, could higher do a market there it companies business, would example pure in get economy an goes at actually it is to little as cash just see things. assets companies we at -- those We're differently. look Gerry, get I believe, it an better did not faster, the other because we would higher a we're by if else all a acquisition look Today to that at we grow

our businesses a continuing forward, So at only tighter activities bit all do but will differently today, to not at the as some spaces, for it we believe we've in as see just little horsepower. get as space, go we that buying I of raw labor, people but looked we've the looked acquisitions, and

Gerry Heffernan

non-highway that there that -- vein -- dynamic we're business, interesting whether guys that business here. about be significant interesting talk of aspects lot you're in a and energy related is that very energy anything or That's through that's growth something looking additional Okay. to plants regards are you interesting An find question energy very in living to projects certainly a at? of

Joe Cutillo

asked We you've the started inside. Yes. skunk-works It's initiative kind of a question. just interesting

and We underground a it foundations. foundation have shafts business, does,

stuff. even sense some in area. of related few filling of just renewable the into stuff utilities, LNG we're power So work think space, into us that pads with at with projects. going side And activity working all projects, lines highly concrete couple bridge particular kind get funding those them to it. with their to there's the projects When few we're a to overhead that and going expansions -- unlikely highway That's it for the small I predominantly of lines, the of but hole, make in may of with and to tremendous the that a of power projects things, started for in of heavy a projects bridges, a energy amount power to think of the some looking some lines, grab drilling it. sort power a We comes

Gerry Heffernan

guess thing as last what business seems I I'm of to be it your good for asset listening really the part really as for part that? like me here to talent for a And of the right business, too development late is management now and period

Joe Cutillo

Never too late.

Gerry Heffernan

guys. lot, a Thanks

Joe Cutillo

Thanks.

Ron Ballschmiede

Thanks.

Operator

Cutillo Thank floor comments. over for like turn closing I'd this you. Mr. time, At the to to back

Joe Cutillo

everyone again, our today. for joining Thanks, call

thanks be our the wish And again, you can Investor call, of The free day. release. Director press information or at If Group. Their partners schedule Equity Maxwell please feel contact found of at a a have contact everybody Jennifer to and the to Relations, our bottom great

Operator

Ladies your and you gentlemen, for This conference. thank participation. today's concludes

lines time wonderful may have at day. and your disconnect a You this

Sterling Infrastructure (STRL) 5 Mar 192018 Q4 Earnings call transcript