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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income (loss) $ (49,618) $ (5,517)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization 41,528 32,328
Amortization related to long-term debt 988 1,423
Loss on debt extinguishment 51,052 0
Gain on sale of business 0 (6,234)
Gain on sales of property and equipment, net (5,981) (9,513)
Deferred income taxes 0 2,545
Stock-based compensation 6,702 4,376
Equity in net loss from unconsolidated joint ventures 4,005 17,228
Net income from affiliates (12,231) (6,165)
Other non-cash adjustments (7) (84)
Changes in assets and liabilities:    
Receivables (171,469) (69,114)
Contract assets, net (46,469) (71,282)
Inventories (3,439) (18,618)
Contributions to unconsolidated construction joint ventures (14,710) (33,563)
Distributions from unconsolidated construction joint ventures and affiliates 6,246 6,522
Other assets, net (6,464) 22,053
Accounts payable 51,552 17,983
Accrual for expected resolution of SEC investigation 0 12,000
Accrued expenses and other liabilities, net 29,367 354
Net cash used in operating activities (118,948) (103,278)
Investing activities    
Purchases of marketable securities 0 (49,968)
Maturities of marketable securities 30,000 0
Purchases of property and equipment (79,689) (73,216)
Proceeds from sales of property and equipment 10,564 15,289
Proceeds from company owned life insurance 1,545 0
Proceeds from the sale of business 0 142,571
Acquisition of business (26,933) 0
Issuance of notes receivable 0 (4,560)
Collection of notes receivable 135 201
Net cash provided by (used in) investing activities (64,378) 30,317
Financing activities    
Proceeds from long-term debt 55,000 50,000
Debt principal repayments (249,589) (124,660)
Capped call transactions (53,035) 0
Redemption of warrants (13,201) 0
Proceeds from issuance of 3.75% Convertible Notes 373,750 0
Debt issuance costs (9,806) 0
Cash dividends paid (11,391) (11,857)
Repurchases of common stock (3,766) (70,374)
Contributions from non-controlling partners 22,400 6,327
Distributions to non-controlling partners (6,850) (6,700)
Other financing activities, net 269 209
Net cash provided by (used in) financing activities 103,781 (157,055)
Net decrease in cash, cash equivalents and restricted cash (79,545) (230,016)
Cash, cash equivalents and $0 and $1,512 in restricted cash at beginning of period 293,991 413,655
Cash, cash equivalents and $0 in restricted cash at end of period 214,446 183,639
Supplementary Information    
Right of use assets obtained in exchange for lease obligations 19,558 8,167
Operating lease liabilities 11,351 11,667
Interest 5,531 6,786
Income taxes 4,851 1,553
Other non-cash operating activities:    
Performance guarantees (6,513) (4,678)
Deferred taxes related to capped call transactions 13,656 0
Non-cash investing and financing activities:    
RSUs issued, net of forfeitures 10,981 7,688
Dividends declared but not paid 5,709 5,730
Contributions from non-controlling partners 1,822 3,274
Accrued equipment purchases $ (4,330) $ (5,149)