v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income including noncontrolling interests $ 308,864 $ 290,665 $ 207,915
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 116,486 99,251 119,973
Amortization of debt issue costs 5,057 7,799 2,842
Loss (gain) on disposal of property and equipment 639 948 206
Convertible debt repurchase loss 0 18,355 0
Provision for doubtful accounts 0 0 32
Deferred taxes 44,312 6,101 (8,914)
Foreign currency transaction gains and losses (5,506) 6,919 (330)
Equity in losses (earnings) of unconsolidated joint ventures (2,583) 23,361 47,751
Return on investments in unconsolidated joint ventures 41,230 40,162 48,970
Stock-based compensation 43,207 56,082 34,365
Contributions of treasury stock 73,655 59,778 58,172
Changes in assets and liabilities, net of acquisitions and newly consolidated joint ventures      
Accounts receivable 10,933 (163,139) (176,181)
Contract assets (163,070) 31,881 (119,898)
Prepaid expenses and other assets (16,151) 35,830 (95,415)
Accounts payable 23,338 (42,686) 24,497
Accrued expenses and other current liabilities (30,255) 79,984 163,440
Contract liabilities 34,896 (11,325) 84,439
Income taxes 3,575 (341) 2,886
Other long-term liabilities (10,245) (16,019) 12,949
Net cash provided by operating activities 478,382 523,606 407,699
Cash flows from investing activities      
Capital expenditures (67,970) (49,213) (40,396)
Proceeds from sale of property and equipment 842 179 546
Payments for acquisitions, net of cash acquired (145,079) (428,710) (221,937)
Investments in unconsolidated joint ventures (83,599) (133,921) (119,582)
Return of investments in unconsolidated joint ventures 40,222 54,950 5,018
Proceeds from sales of investments in unconsolidated joint ventures 0 0 381
Net cash used in investing activities (255,584) (556,715) (375,970)
Cash flows from financing activities      
Proceeds from borrowings under credit agreement 243,700 153,200 620,900
Repayments of borrowings under credit agreement (243,700) (153,200) (620,900)
Proceeds from issuance of convertible notes due 2029 0 800,000 0
Repurchases of convertible notes due 2025 (113,405) (497,613) 0
Proceeds from term loan 450,000    
Repayment of delayed draw term loan (350,000)    
Payments for debt issuance costs (2,571) (19,185) 0
Contributions by noncontrolling interests 1,580 2,174 2,867
Distributions to noncontrolling interests (63,275) (29,199) (12,496)
Repurchases of common stock (124,994) (25,000) (11,000)
Taxes paid on vested stock (20,315) (22,560) (7,301)
Capped call transactions 0 (88,400) 0
Bond hedge termination 0 195,549 0
Redemption of warrants 0 (104,952) 0
Proceeds from issuance of common stock 8,880 7,935 6,059
Net cash provided by (used in) financing activities (214,100) 218,749 (21,871)
Effect of exchange rate changes 4,142 (5,035) 546
Net increase (decrease) in cash, cash equivalents and restricted cash 12,840 180,605 10,404
Cash, cash equivalents and restricted cash      
Beginning of year 453,548 272,943 262,539
End of year 466,388 453,548 272,943
Cash paid during the year for      
Interest $ 43,810 $ 34,440 $ 30,273