XML 15 R6.htm IDEA: XBRL DOCUMENT v3.25.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income including noncontrolling interests $ 234,070 $ 221,301
Adjustments to reconcile net (loss) income to net cash used in operating activities    
Depreciation and amortization 85,844 73,513
Amortization of debt issue costs 3,834 6,563
Loss (gain) on disposal of property and equipment 187 573
Convertible debt repurchase loss 0 18,355
Deferred taxes 27,841 (1,015)
Foreign currency transaction gains and losses (5,327) 898
Equity in losses of unconsolidated joint ventures (6,937) 18,025
Return on investments in unconsolidated joint ventures 26,562 31,770
Stock-based compensation 32,726 39,960
Contributions of treasury stock 54,023 43,372
Changes in assets and liabilities, net of acquisitions and consolidated joint ventures:    
Accounts receivable (90,740) (116,468)
Contract assets (70,659) (29,597)
Prepaid expenses and other assets (17,249) 32,884
Accounts payable 45,365 56,665
Accrued expenses and other current liabilities (47,559) 25,654
Contract liabilities 39,497 343
Income taxes 3,713 (3,354)
Other long-term liabilities (4,327) (22,602)
Net cash provided by operating activities 310,864 396,840
Cash flows from investing activities:    
Capital expenditures (36,030) (30,446)
Proceeds from sale of property and equipment 35 128
Payments for acquisitions, net of cash acquired (118,294) (198,875)
Investments in unconsolidated joint ventures (62,383) (115,446)
Return of investments in unconsolidated joint ventures 28,358 25
Net cash used in investing activities (188,314) (344,614)
Cash flows from financing activities:    
Proceeds from borrowings under credit agreement 243,700 153,200
Repayments of borrowings under credit agreement (243,700) (153,200)
Proceeds from issuance of convertible notes due 2029 0 800,000
Repurchases of convertible notes due 2025 (113,405) (495,590)
Proceeds from term loan 450,000 0
Repayment of delayed draw term loan (350,000) 0
Payments for debt issuance costs (2,571) (19,185)
Contributions by noncontrolling interests 1,503 1,038
Distributions to noncontrolling interests (62,827) (29,006)
Repurchases of common stock (64,994) (10,000)
Taxes paid on vested stock (18,958) (19,228)
Capped call transactions 0 (88,400)
Bond hedge termination 0 195,549
Redemption of warrants 0 (104,952)
Proceeds from issuance of common stock 4,796 3,740
Net cash (used in) provided by financing activities (156,456) 233,966
Effect of exchange rate changes 2,912 (312)
Net increase (decrease) in cash, cash equivalents, and restricted cash (30,994) 285,880
Cash, cash equivalents and restricted cash:    
Beginning of year 453,548 272,943
End of period $ 422,554 $ 558,823