XML 30 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 140,443 $ 29,587 $ 78,857
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 126,331 92,270 82,569
Amortization related to long-term debt 4,501 2,390 2,366
Loss on debt extinguishment 27,552 51,052 0
Gain on sales of property and equipment, net (8,764) (28,346) (12,617)
Deferred income taxes 13,655 26,556 5,447
Stock-based compensation 19,595 10,477 7,765
Equity in net loss from unconsolidated construction joint ventures 5,102 18,617 19,676
Net income from affiliates (16,982) (25,748) (13,571)
Other non-cash adjustments 3,958 5,695 222
Changes in assets and liabilities:      
Receivables 102,891 (128,099) 59,623
Contract assets, net (11,468) 49,691 (113,410)
Inventories (2,862) (1,430) (14,307)
Contributions to unconsolidated construction joint ventures (7,718) (21,323) (53,787)
Distributions from unconsolidated construction joint ventures and affiliates 33,836 29,337 19,223
Deposit for legal settlement 0 0 129,000
Other assets, net 9,534 (17,718) 16,868
Accounts payable 420 66,828 (9,778)
Accrual for legal settlement 0 0 (129,000)
Accrued expenses and other liabilities, net 16,319 23,871 (19,499)
Net cash provided by operating activities 456,343 183,707 55,647
Investing activities:      
Purchases of marketable securities (10,977) (9,740) (94,104)
Maturities of marketable securities 38,000 40,000 45,000
Purchases of property and equipment (136,405) (140,384) (121,612)
Proceeds from sales of property and equipment 13,852 38,109 26,064
Proceeds from the sale of business 0 0 140,576
Acquisitions of businesses, net of cash acquired (see Note 2) (121,178) (294,018) 0
Cash paid for purchase price adjustments on business acquisition (see Note 2) (13,183) 0 0
Issuance of notes receivable 0 0 (7,560)
Collection of notes receivable 0 5,198 630
Other investing activities 1,335 1,545 6
Net cash used in investing activities (228,556) (359,290) (11,000)
Financing activities:      
Proceeds from issuance of convertible notes 373,750 373,750 0
Proceeds from long-term debt 0 305,000 50,000
Debt principal repayments (310,498) (305,118) (125,164)
Capped call transactions (46,046) (53,035) 0
Redemption of warrants (497) (13,201) 0
Debt issuance costs (10,474) (10,865) 0
Cash dividends paid (22,813) (22,811) (23,271)
Repurchases of common stock (50,631) (4,124) (70,898)
Contributions from non-controlling partners 24,000 43,300 13,150
Distributions to non-controlling partners (25,587) (14,224) (8,567)
Other financing activities, net 1,676 583 439
Net cash provided by (used in) financing activities (67,120) 299,255 (164,311)
Net increase (decrease) in cash, cash equivalents and restricted cash 160,667 123,672 (119,664)
Cash, cash equivalents and $0, $0 and $1,512 in restricted cash at beginning of period 417,663 293,991 413,655
Cash, cash equivalents and no restricted cash at end of any period 578,330 417,663 293,991
Supplementary Information:      
Right of use assets obtained in exchange for lease obligations 32,095 39,361 17,547
Operating lease liabilities 23,707 21,458 22,611
Interest 26,072 15,640 11,511
Income taxes 31,938 15,381 3,768
Other non-cash operating activities:      
Deferred taxes related to capped call transactions 11,818 13,394 0
Non-cash investing and financing activities:      
RSUs issued, net of forfeitures 20,873 11,649 8,694
Dividends declared but not paid 5,652 5,713 5,687
Contributions from non-controlling partners $ 1,959 $ 2,475 $ 4,110