v3.25.2
Investments in and Advances to Joint Ventures (Tables)
6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Financial Information of Consolidated Joint Ventures

The following represents financial information for consolidated joint ventures included in the consolidated financial statements (in thousands):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Current assets

 

$

511,620

 

 

$

519,450

 

Noncurrent assets

 

 

7,245

 

 

 

9,841

 

Total assets

 

 

518,865

 

 

 

529,291

 

Current liabilities

 

 

306,812

 

 

 

296,774

 

Noncurrent liabilities

 

 

3,063

 

 

 

2,203

 

Total liabilities

 

 

309,875

 

 

 

298,977

 

Total joint venture equity

 

$

208,990

 

 

$

230,314

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Revenue

 

$

192,795

 

 

$

186,731

 

 

$

389,153

 

 

$

388,748

 

Costs

 

 

162,068

 

 

 

163,287

 

 

 

327,022

 

 

 

334,435

 

Net income

 

$

30,727

 

 

$

23,444

 

 

$

62,131

 

 

$

54,313

 

Net income attributable to noncontrolling interests

 

$

15,259

 

 

$

11,547

 

 

$

30,843

 

 

$

26,790

 

Summary of Financial Information for Unconsolidated Joint Ventures

The following represents the financial information of the Company’s unconsolidated joint ventures as presented in their unaudited financial statements (in thousands):

 

 

 

June 30, 2025

 

 

December 31, 2024

 

Current assets

 

$

1,449,797

 

 

$

1,477,950

 

Noncurrent assets

 

 

447,725

 

 

 

431,476

 

Total assets

 

 

1,897,522

 

 

 

1,909,426

 

Current liabilities

 

 

960,893

 

 

 

947,072

 

Noncurrent liabilities

 

 

500,834

 

 

 

469,808

 

Total liabilities

 

 

1,461,727

 

 

 

1,416,880

 

Total joint venture equity

 

$

435,795

 

 

$

492,546

 

Investments in and advances to unconsolidated joint ventures

 

$

150,721

 

 

$

138,759

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Revenue

 

$

425,795

 

 

$

544,000

 

 

$

950,351

 

 

$

1,017,532

 

Costs

 

 

391,301

 

 

 

555,971

 

 

 

912,177

 

 

 

1,032,721

 

Net income

 

$

34,494

 

 

$

(11,971

)

 

$

38,174

 

 

$

(15,189

)

Equity in earnings of unconsolidated joint ventures

 

$

(642

)

 

$

(16,837

)

 

$

(1,329

)

 

$

(18,897

)

Summary of Financial Statement Impact From Changes In Estimates on an Unconsolidated Joint Ventures

The following table presents certain financial statement impacts from changes in estimates on unconsolidated joint ventures in the Critical Infrastructure segment. In certain instances, revisions in estimates on unconsolidated joint ventures do not exceed the threshold in any particular quarter but exceed the threshold on a year-to-date basis (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

Operating loss

 

$

-

 

 

$

(22,433

)

 

$

(12,841

)

 

$

(30,793

)

Net loss

 

 

-

 

 

 

(22,433

)

 

 

(9,608

)

 

 

(30,793

)

Diluted loss per share

 

$

 

 

$

(0.20

)

 

$

(0.09

)

 

$

(0.29

)