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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income including noncontrolling interests $ 290,665 $ 207,915 $ 126,565
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 99,251 119,973 120,501
Amortization of debt issue costs 7,799 2,842 3,029
Loss (gain) on disposal of property and equipment 948 206 (164)
Convertible debt repurchase loss 18,355 0 0
Provision for doubtful accounts 0 32 57
Deferred taxes 6,101 (8,914) (844)
Foreign currency transaction gains and losses 6,919 (330) 1,973
Equity in losses (earnings) of unconsolidated joint ventures 23,361 47,751 (16,347)
Return on investments in unconsolidated joint ventures 40,162 48,970 28,417
Stock-based compensation 56,082 34,365 23,008
Contributions of treasury stock 59,778 58,172 54,659
Changes in assets and liabilities, net of acquisitions and newly consolidated joint ventures      
Accounts receivable (163,139) (176,181) (117,318)
Contract assets 31,881 (119,898) (32,032)
Prepaid expenses and other assets 35,830 (95,415) (1,405)
Accounts payable (42,686) 24,497 (717)
Accrued expenses and other current liabilities 79,984 163,440 3,879
Contract liabilities (11,325) 84,439 41,306
Income taxes (341) 2,886 (3,649)
Other long-term liabilities (16,019) 12,949 6,608
Net cash provided by operating activities 523,606 407,699 237,526
Cash flows from investing activities      
Capital expenditures (49,213) (40,396) (30,593)
Proceeds from sale of property and equipment 179 546 771
Payments for acquisitions, net of cash acquired (428,710) (221,937) (379,467)
Investments in unconsolidated joint ventures (133,921) (119,582) (17,622)
Return of investments in unconsolidated joint ventures 54,950 5,018 9,443
Proceeds from sales of investments in unconsolidated joint ventures 0 381 0
Net cash used in investing activities (556,715) (375,970) (417,468)
Cash flows from financing activities      
Proceeds from borrowings under credit agreement 153,200 620,900 969,700
Proceeds from delayed draw term loan 0 0 350,000
Repayments of borrowings under credit agreement (153,200) (620,900) (969,700)
Repayment of private placement debt 0 0 (200,000)
Payments for acquired warrants 0 0 (11,243)
Proceeds from issuance of convertible notes due 2029 800,000 0 0
Repurchases of convertible notes due 2025 (497,613) 0 0
Payments for debt costs and credit agreement (19,185) 0 (862)
Contributions by noncontrolling interests 2,174 2,867 10,266
Distributions to noncontrolling interests (29,199) (12,496) (24,128)
Repurchases of common stock (25,000) (11,000) (22,000)
Taxes paid on vested stock (22,560) (7,301) (7,042)
Capped call transactions (88,400) 0 0
Bond hedge termination 195,549 0 0
Redemption of warrants (104,952) 0 0
Proceeds from issuance of common stock 7,935 6,059 5,377
Net cash provided by (used in) financing activities 218,749 (21,871) 100,368
Effect of exchange rate changes (5,035) 546 (1,770)
Net increase (decrease) in cash, cash equivalents and restricted cash 180,605 10,404 (81,344)
Cash, cash equivalents and restricted cash      
Beginning of year 272,943 262,539 343,883
End of year 453,548 272,943 262,539
Cash paid during the year for      
Interest 34,440 30,273 20,819
Income taxes (net of refunds) $ 65,274 $ 74,133 $ 32,175