| Schedule of Financial Information of Consolidated Joint Ventures |
The following represents financial information for consolidated joint ventures included in the consolidated financial statements as of and for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
Current assets |
|
$ |
542,877 |
|
|
$ |
519,450 |
|
Noncurrent assets |
|
|
7,961 |
|
|
|
9,841 |
|
Total assets |
|
|
550,838 |
|
|
|
529,291 |
|
Current liabilities |
|
|
301,891 |
|
|
|
296,774 |
|
Noncurrent Liabilities |
|
|
3,417 |
|
|
|
2,203 |
|
Total liabilities |
|
|
305,308 |
|
|
|
298,977 |
|
Total joint venture equity |
|
$ |
245,530 |
|
|
$ |
230,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Revenue |
|
$ |
819,562 |
|
|
$ |
788,702 |
|
|
$ |
708,391 |
|
Costs |
|
|
683,298 |
|
|
|
676,258 |
|
|
|
613,186 |
|
Net income |
|
$ |
136,264 |
|
|
$ |
112,444 |
|
|
$ |
95,205 |
|
Net income attributable to noncontrolling interests |
|
$ |
67,725 |
|
|
$ |
55,612 |
|
|
$ |
46,766 |
|
|
| 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 as of and for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
Current assets |
|
$ |
1,549,367 |
|
|
$ |
1,477,950 |
|
Noncurrent assets |
|
|
439,496 |
|
|
|
431,476 |
|
Total assets |
|
|
1,988,863 |
|
|
|
1,909,426 |
|
Current liabilities |
|
|
1,046,970 |
|
|
|
947,072 |
|
Noncurrent liabilities |
|
|
469,833 |
|
|
|
469,808 |
|
Total liabilities |
|
|
1,516,803 |
|
|
|
1,416,880 |
|
Total joint venture equity |
|
$ |
472,060 |
|
|
$ |
492,546 |
|
Investments in and advances to unconsolidated joint
ventures |
|
$ |
148,640 |
|
|
$ |
138,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Revenue |
|
$ |
2,140,784 |
|
|
$ |
2,118,799 |
|
|
$ |
2,313,420 |
|
Costs |
|
|
2,042,084 |
|
|
|
2,108,768 |
|
|
|
2,310,114 |
|
Net income |
|
$ |
98,700 |
|
|
$ |
10,031 |
|
|
$ |
3,306 |
|
Equity in earnings of unconsolidated joint ventures |
|
$ |
2,583 |
|
|
$ |
(23,361 |
) |
|
$ |
(47,751 |
) |
|
| 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Operating loss |
|
$ |
(29,140 |
) |
|
$ |
(51,715 |
) |
|
$ |
(83,398 |
) |
Net loss |
|
|
(21,734 |
) |
|
|
(44,682 |
) |
|
|
(61,842 |
) |
Diluted loss per share |
|
$ |
(0.20 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.54 |
) |
|