v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents ($449,842 and $361,898 related to variable interest entities (“VIEs”)) $ 938,215 $ 734,553
Restricted cash 6,939 35,641
Restricted investments 270,884 228,959
Accounts receivable ($195,745 and $126,245 related to VIEs) 1,181,473 1,218,609
Retention receivable ($225,158 and $216,099 related to VIEs) 720,480 668,894
Costs and estimated earnings in excess of billings ($92,501 and $82,426 related to VIEs) 845,836 819,199
Other current assets ($100,139 and $145,473 related to VIEs) 340,135 411,030
Total current assets 4,303,962 4,116,885
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $583,626 and $570,186 (net P&E of $26,115 and $23,246 related to VIEs) 577,723 547,995
GOODWILL 205,143 205,143
INTANGIBLE ASSETS, NET 62,714 63,832
DEFERRED INCOME TAXES 63,313 96,573
OTHER ASSETS ($14,874 and $13,202 related to VIEs) 148,287 129,994
TOTAL ASSETS 5,361,142 5,160,422
CURRENT LIABILITIES:    
Current maturities of long-term debt 5,004 14,589
Accounts payable ($108,088 and $64,712 related to VIEs) 730,651 724,932
Retention payable ($32,764 and $27,743 related to VIEs) 287,064 265,246
Billings in excess of costs and estimated earnings ($488,890 and $520,455 related to VIEs) 1,929,670 1,838,610
Accrued expenses and other current liabilities ($41,444 and $56,044 related to VIEs) 396,374 396,121
Total current liabilities 3,348,763 3,239,498
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $15,774 and $17,983 391,341 392,785
OTHER LONG-TERM LIABILITIES ($12,173 and $10,602 related to VIEs) 285,959 265,477
TOTAL LIABILITIES 4,026,063 3,897,760
COMMITMENTS AND CONTINGENCIES (NOTE 12)
Stockholders' equity:    
Preferred stock - authorized 1,000,000 shares ($1 par value), none issued 0 0
Common stock - authorized 112,500,000 shares ($1 par value), issued and outstanding 52,569,117 and 52,791,451 shares 52,569 52,791
Additional paid-in capital 1,135,277 1,148,634
Retained earnings 110,497 46,443
Accumulated other comprehensive loss (32,133) (29,234)
Total stockholders' equity 1,266,210 1,218,634
Noncontrolling interests 68,869 44,028
TOTAL EQUITY 1,335,079 1,262,662
TOTAL LIABILITIES AND EQUITY $ 5,361,142 $ 5,160,422