v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ (307,973) $ 52,018
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 89,048 65,368
Amortization of debt issuance costs 3,344 2,163
Amortization of convertible debt discount 3,511 0
Loss on derivative remeasurement related to convertible notes 363,530 0
Convertible debt inducement expense 2,900 0
Gain on sales of property and equipment, net (4,186) (5,343)
Stock-based compensation 43,860 34,632
Equity in net income from unconsolidated construction joint ventures (13,096) (3,814)
Net income from affiliates (9,170) (4,792)
Other non-cash adjustments 2,782 (207)
Changes in assets and liabilities:    
Receivables (268,405) (192,494)
Contract assets, net 62,262 40,197
Inventories (36,634) (18,319)
Contributions to unconsolidated construction joint ventures 0 (9,163)
Distributions from unconsolidated construction joint ventures and affiliates 14,562 5,550
Other assets, net 18,000 7,221
Accounts payable 169,933 35,920
Accrued expenses and other liabilities, net 7,276 (3,499)
Net cash provided by operating activities 141,544 5,438
Investing activities:    
Purchases of marketable securities 0 (172,578)
Maturities of marketable securities 66,500 17,600
Purchases of property and equipment (55,868) (61,022)
Proceeds from sales of property and equipment 11,041 8,346
Acquisition of business, net of cash acquired (See Note 3) (162,098) 0
Collection of note receivable 24,960 0
Other investing activities 1,037 399
Net cash used in investing activities (114,428) (207,255)
Financing activities:    
Proceeds from long-term debt 770,000 0
Debt repayments (465,293) (552)
Proceeds from partial unwind of capped call 56,675 0
Debt issuance costs (9,220) 0
Cash dividends paid (11,342) (11,338)
Repurchases of common stock (18,669) (15,317)
Contributions from non-controlling partners 2,400 0
Distributions to non-controlling partners (4,185) (27,250)
Other financing activities, net 419 (39)
Net cash provided by (used in) financing activities 320,785 (54,496)
Net increase (decrease) in cash and cash equivalents 347,901 (256,313)
Cash and cash equivalents at beginning of period 529,220 578,330
Cash and cash equivalents at end of period $ 877,121 $ 322,017