v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net income $ 90,133 $ 43,768 $ 102,461 $ 9,309  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation 69,934 102,141 146,159 209,576  
Amortization of intangible assets 32,687 33,611 65,323 67,301  
Non-cash stock-based compensation expense     16,314 16,698  
Benefit from deferred income taxes     (26,224) (65,312)  
Equity in earnings of unconsolidated affiliates, net (7,043) (5,892) (17,356) (15,111)  
Gains on sales and impairments of assets, net     (8,831) (9,415)  
Loss on extinguishment of debt 0 11,344 0 11,344  
Non-cash interest expense, net     2,545 2,885  
Other non-cash items, net     (129) 12,714  
Changes in assets and liabilities, net of acquisitions:          
Accounts receivable     (41,145) 45,258  
Contract assets     (240,582) 222,547  
Inventories     (4,035) 10,113  
Other assets, current and long-term portion     (17,635) 35,805  
Accounts payable and accrued expenses     140,518 (312,882)  
Contract liabilities     (37,550) 139,745  
Other liabilities, current and long-term portion     4,178 (8,376)  
Net cash provided by operating activities     84,011 372,199  
Cash flows from investing activities:          
Cash paid for acquisitions, net of cash acquired     (7,246) (61)  
Capital expenditures (63,800) (31,500) (111,076) (56,907)  
Proceeds from sales of property and equipment     26,659 31,079  
Payments for other investments     0 (884)  
Proceeds from other investments     2,650 0  
Other investing activities, net     2,360 2,303  
Net cash used in investing activities     (86,653) (24,470)  
Cash flows from financing activities:          
Proceeds from credit facilities and term loans     2,876,247 2,108,500  
Repayments of credit facilities and term loans     (2,892,143) (2,933,375)  
Proceeds from issuance of 5.900% senior notes     0 549,758  
Repayments of 6.625% senior notes     0 (203,709)  
Payments of finance lease obligations     (77,682) (71,226)  
Repurchases of common stock     (77,326) 0  
Payments of acquisition-related contingent consideration     (11,873) (2,874)  
Payments to non-controlling interests, including acquisition of interests and distributions     (9,966) (12,632)  
Payments for stock-based awards     (4,796) (2,761)  
Other financing activities, net     (9,735) (10,759)  
Net cash used in financing activities     (207,274) (579,078)  
Effect of currency translation on cash     1,065 (626)  
Net decrease in cash and cash equivalents     (208,851) (231,975)  
Cash and cash equivalents - beginning of period     399,903 529,561 $ 529,561
Cash and cash equivalents - end of period $ 191,052 $ 297,586 191,052 297,586 $ 399,903
Supplemental cash flow information:          
Interest paid     87,830 104,622  
Income taxes paid, net of refunds     33,913 44,996  
Supplemental disclosure of non-cash information:          
Additions to property and equipment from finance leases and other financing arrangements     $ 132,200 $ 53,093