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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 7,878 $ 59,681
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation, depletion and amortization 65,298 61,714
Amortization related to long-term debt 1,689 1,901
Loss on debt extinguishment 51,052 0
Gain on sale of business 0 (3,278)
Gain on sales of property and equipment, net (7,793) (10,462)
Deferred income taxes 1,542 (17,819)
Stock-based compensation 8,630 6,151
Equity in net (income) loss from unconsolidated joint ventures (4,535) 25,066
Net income from affiliates (19,378) (9,656)
Other non-cash adjustments 5,659 38
Changes in assets and liabilities:    
Receivables (286,262) (94,233)
Contract assets, net 8,315 (91,102)
Inventories (3,421) (8,795)
Contributions to unconsolidated construction joint ventures (18,310) (44,667)
Distributions from unconsolidated construction joint ventures and affiliates 8,903 7,960
Other assets, net (6,705) 27,633
Accounts payable 144,721 60,973
Accrued expenses and other liabilities, net 76,915 14,264
Net cash provided by (used in) operating activities 34,198 (14,631)
Investing activities    
Purchases of marketable securities (9,740) (59,810)
Maturities of marketable securities 40,000 15,000
Purchases of property and equipment (108,963) (97,753)
Proceeds from sales of property and equipment 14,613 21,110
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 (7,560)
Collection of notes receivable 208 316
Net cash provided by (used in) investing activities (89,270) 13,874
Financing activities    
Proceeds from long-term debt 55,000 50,000
Debt principal repayments (304,851) (124,911)
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 (10,024) 0
Cash dividends paid (17,101) (17,587)
Repurchases of common stock (3,900) (70,724)
Contributions from non-controlling partners 35,400 11,925
Distributions to non-controlling partners (9,100) (6,725)
Other financing activities, net 267 208
Net cash provided by (used in) financing activities 53,205 (157,814)
Net decrease in cash, cash equivalents and restricted cash (1,867) (158,571)
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 292,124 255,084
Supplementary Information    
Right of use assets obtained in exchange for lease obligations 28,546 12,898
Operating lease liabilities 16,461 17,135
Interest 6,473 7,397
Income taxes 7,324 1,780
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 11,447 8,258
Dividends declared but not paid 5,710 5,685
Contributions from non-controlling partners 2,523 4,109
Accrued equipment purchases $ (2,204) $ 897