v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income including noncontrolling interests $ 152,276 $ 135,712
Adjustments to reconcile net (loss) income to net cash used in operating activities    
Depreciation and amortization 55,995 48,971
Amortization of debt issue costs 2,611 5,326
Loss (gain) on disposal of property and equipment 63 408
Convertible debt repurchase loss 0 18,355
Deferred taxes 2,225 (222)
Foreign currency transaction gains and losses (5,171) 2,039
Equity in losses of unconsolidated joint ventures 1,329 18,897
Return on investments in unconsolidated joint ventures 15,907 20,788
Stock-based compensation 22,926 20,675
Contributions of treasury stock 35,382 30,140
Changes in assets and liabilities, net of acquisitions and consolidated joint ventures:    
Accounts receivable (31,905) (131,414)
Contract assets (84,802) (47,905)
Prepaid expenses and other assets (7,544) (9,396)
Accounts payable 62,462 10,585
Accrued expenses and other current liabilities (94,320) (10,533)
Contract liabilities 14,472 (1,360)
Income taxes 5,828 (6,951)
Other long-term liabilities 280 (6,308)
Net cash provided by operating activities 148,014 97,807
Cash flows from investing activities:    
Capital expenditures (22,909) (18,698)
Proceeds from sale of property and equipment 35 53
Payments for acquisitions, net of cash acquired (117,858) (63)
Investments in unconsolidated joint ventures (35,496) (70,032)
Return of investments in unconsolidated joint ventures 11,920 25
Net cash used in investing activities (164,308) (88,715)
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 (28,486) (495,575)
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 327 77
Distributions to noncontrolling interests (45,055) (15,249)
Repurchases of common stock (39,994) (10,000)
Taxes paid on vested stock (18,210) (18,940)
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 (29,193) 247,065
Effect of exchange rate changes 3,266 (638)
Net increase (decrease) in cash, cash equivalents, and restricted cash (42,221) 255,519
Cash, cash equivalents and restricted cash:    
Beginning of year 453,548 272,943
End of period $ 411,327 $ 528,462