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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Cash and cash equivalents | $ 695,732 | $ 455,084
Accounts receivable | 1,299,908 | 986,893
Contract Assets: | 661,907 | 560,163
Costs and estimated earnings in excess of billings | 847,778 | 942,522
Total other current assets | 431,209 | 192,915
Accumulated depreciation | 567,677 | 566,308
Property and equipment, net | 491,035 | 422,988
Accounts payable | 647,050 | 631,468
Retainage payable | 258,856 | 240,971
Billings in excess of costs and estimated earnings | 1,904,637 | 1,216,623
Accrued expenses and other current liabilities | 377,731 | 219,525
Unamortized discount and debt issuance costs, non-current | $ 19,032 | $ 21,977
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000
Preferred stock, par value (in dollars per share) | $ 1 | $ 1
Preferred stock, shares issued (in shares) | 0 | 0
Common stock, shares authorized (in shares) | 112,500,000 | 112,500,000
Common stock, par value (in dollars per share) | $ 1 | $ 1
Common stock, shares issued (in shares) | 52,743,248 | 52,485,719
Common stock, shares outstanding (in shares) | 52,743,248 | 52,485,719
VIEs |  |
Cash and cash equivalents | $ 390,374 | $ 131,738
Accounts receivable | 167,189 | 51,953
Contract Assets: | 211,090 | 171,704
Costs and estimated earnings in excess of billings | 106,182 | 95,219
Total other current assets | 159,065 | 24,954
Property and equipment, net | 23,770 | 19,876
Accounts payable | 72,177 | 22,845
Retainage payable | 25,171 | 19,744
Billings in excess of costs and estimated earnings | 595,834 | 326,561
Accrued expenses and other current liabilities | $ 45,343 | $ 16,391

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