v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income (loss) $ (297,582) $ 161,415
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 139,770 113,615
Amortization of debt issuance costs 6,230 3,347
Amortization of convertible debt discount 273,747 0
Loss on derivative remeasurement related to convertible notes 254,959 0
Convertible debt inducement expense 2,900 0
Gain on remeasurement of previously held equity method investment (13,506) 0
Gain on sales of property and equipment, net (3,886) (6,110)
Stock-based compensation 46,565 36,845
Equity in net income from unconsolidated construction joint ventures (13,098) (5,401)
Net income from affiliates (13,756) (9,738)
Other non-cash adjustments (1,542) 233
Changes in assets and liabilities:    
Receivables (325,647) (247,391)
Contract assets, net 73,912 97,803
Inventories (29,585) (4,659)
Contributions to unconsolidated construction joint ventures 0 (9,163)
Distributions from unconsolidated construction joint ventures and affiliates 18,655 9,096
Other assets, net 26,943 2,726
Accounts payable 192,881 86,247
Accrued expenses and other liabilities, net 66,310 60,747
Net cash provided by operating activities 404,270 289,612
Investing activities:    
Purchases of marketable securities 0 (238,371)
Maturities of marketable securities 75,795 70,415
Purchases of property and equipment (89,879) (87,730)
Proceeds from sales of property and equipment 16,576 10,921
Acquisitions of businesses, net of cash acquired (see Note 3) (184,314) (705,278)
Collection of note receivable 24,960 0
Other investing activities 1,005 2,250
Net cash used in investing activities (155,857) (947,793)
Financing activities:    
Proceeds from long-term debt 770,000 610,000
Debt repayments (1,177,899) (10,831)
Proceeds from unwind of capped call 203,773 0
Debt issuance costs (9,975) (2,558)
Cash dividends paid (17,031) (17,030)
Repurchases of common stock (55,772) (21,600)
Contributions from non-controlling partners 2,400 3,345
Distributions to non-controlling partners (13,248) (39,625)
Other financing activities, net 408 (46)
Net cash provided by (used in) financing activities (297,344) 521,655
Net decrease in cash and cash equivalents (48,931) (136,526)
Cash and cash equivalents at beginning of period 529,220 578,330
Cash and cash equivalents at end of period $ 480,289 $ 441,804