XML 22 R7.htm IDEA: XBRL DOCUMENT 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 (loss) $ 143,081 $ (122,339) $ (127,597)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 47,578 51,551 42,992
Amortization of intangible assets 2,237 2,236 2,237
Share-based compensation expense 150,002 40,356 12,259
Change in debt discounts and deferred debt issuance costs 4,553 14,068 5,458
Deferred income taxes 46,861 (78,008) (64,820)
(Gain) loss on sale of property and equipment (2,050) 116 (5,016)
Changes in other components of working capital 330,633 589,124 428,910
Other long-term liabilities 20,658 14,898 3,754
Other, net 4,512 (8,458) 10,294
NET CASH PROVIDED BY OPERATING ACTIVITIES 748,065 503,544 308,471
Cash Flows from Investing Activities:      
Acquisition of property and equipment (180,854) (37,409) (52,953)
Proceeds from sale of property and equipment 8,875 4,752 10,062
Investments in securities (124,806) (35,643) (48,351)
Proceeds from maturities and sales of investments in securities 39,476 27,613 12,997
NET CASH USED IN INVESTING ACTIVITIES (257,309) (40,687) (78,245)
Cash Flows from Financing Activities:      
Proceeds from debt 188,215 787,135 712,324
Repayment of debt (318,974) (1,141,765) (773,999)
Cash payments related to share-based compensation (6,788) (5,556) (969)
Payment of dividends (3,167) 0 0
Distributions paid to noncontrolling interests (51,650) (23,300) (46,500)
Contributions from noncontrolling interests 7,614 15,230 2,000
Debt issuance, extinguishment and modification costs 0 (25,093) (2,233)
NET CASH USED IN FINANCING ACTIVITIES (184,750) (393,349) (109,377)
Net increase in cash, cash equivalents and restricted cash 306,006 69,508 120,849
Cash, cash equivalents and restricted cash at beginning of year 464,188 394,680 273,831
Cash, cash equivalents and restricted cash at end of year $ 770,194 $ 464,188 $ 394,680