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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net loss $ (29,442) $ (25,772)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 29,068 19,733
Amortization related to long-term debt 758 472
Gain on sales of property and equipment, net (1,418) (2,037)
Stock-based compensation 12,895 4,828
Equity in net income from unconsolidated construction joint ventures (2,290) (911)
Net income from affiliates (3,970) (5,187)
Other non-cash adjustments (691) (151)
Changes in assets and liabilities:    
Receivables 169,965 66,800
Contract assets, net (62,882) (59,307)
Inventories (13,066) (11,083)
Contributions to unconsolidated construction joint ventures (2,000) (3,350)
Distributions from unconsolidated construction joint ventures and affiliates 7,914 2,478
Other assets, net (7,134) (5,724)
Accounts payable (60,029) (42,955)
Accrued expenses and other liabilities, net (13,605) (14,522)
Net cash provided by (used in) operating activities 24,073 (76,688)
Investing activities    
Maturities of marketable securities 20,000 10,000
Purchases of property and equipment (27,871) (40,461)
Proceeds from sales of property and equipment 2,535 4,518
Proceeds from company owned life insurance 0 1,545
Return of investment in affiliates 693 0
Cash paid for purchase price adjustments on business acquisition (See Note 3) (6,119) 0
Collection of notes receivable 0 62
Net cash used in investing activities (10,762) (24,336)
Financing activities    
Debt principal repayments (102,140) (256)
Cash dividends paid (5,713) (5,687)
Repurchases of common stock (7,416) (3,523)
Contributions from non-controlling partners 10,000 17,600
Distributions to non-controlling partners (3,950) (1,350)
Other financing activities, net (3) 0
Net cash provided by (used in) financing activities (109,222) 6,784
Net decrease in cash, cash equivalents (95,911) (94,240)
Cash and cash equivalents at beginning of period 417,663 293,991
Cash and cash equivalents at end of period 321,752 199,751
Supplementary Information    
Right of use assets obtained in exchange for lease obligations 6,498 3,388
Operating lease liabilities 5,681 5,824
Interest 4,099 1,012
Income taxes 831 166
Non-cash investing and financing activities:    
RSUs issued, net of forfeitures 17,987 9,552
Dividends declared but not paid 5,739 5,704
Contributions from non-controlling partners $ 888 $ 1,324