v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income including noncontrolling interest $ 109,227 $ 228,009
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 281,845 236,250
Amortization of deferred financing costs 5,892 5,497
Amortization of contract costs 5,054 4,965
Contingent liabilities fair value adjustment 5,700 1,400
Distributions from unconsolidated affiliates 205,204 223,670
Derivative settlement 626 (8,103)
Derivative fair value adjustment (14,389) 8,938
Gain on sale of equity method investment 0 (89,837)
(Gain) loss on disposal of assets, net (15) 4,090
Equity in earnings of unconsolidated affiliates (174,472) (169,668)
Loss on debt extinguishment 635 525
Share-based compensation 44,577 52,868
Deferred income taxes 10,494 19,733
Changes in operating assets and liabilities:    
Accounts receivable and pledged receivable (3,822) 29,492
Other assets (16,057) (3,729)
Accounts payable (13,426) (53,361)
Accrued liabilities 23,419 4,815
Other non-current liabilities 22,614 (1,744)
Operating leases 924 (454)
Net cash provided by operating activities 494,030 493,356
CASH FLOWS FROM INVESTING ACTIVITIES:    
Property, plant and equipment expenditures (358,354) (155,805)
Intangible assets expenditures (30,879) (7,744)
Investments in unconsolidated affiliates (1,206) (3,273)
Investments in unconsolidated affiliates 0 (85,417)
Distributions from unconsolidated affiliates 2,853 2,789
Cash proceeds from sale of equity method investment 0 524,390
Cash proceeds from disposal of assets 137 334
Net cash paid for acquisition (175,481) (341,183)
Net cash used in investing activities (562,930) (65,909)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from borrowing under A/R Facility 88,200 151,200
Payments on A/R Facility (49,800) (1,200)
Proceeds from borrowings from long-term debt 1,400,000 0
Payments on long-term debt (1,000,000) (200,000)
Payments of debt issuance costs, net (10,860) (1,086)
Payments of debt discount, net (1,200) (500)
Proceeds from revolving line of credit 1,462,000 826,000
Payments on revolving line of credit (1,269,000) (913,000)
Cash dividends paid to Class A Common Stock shareholders (143,521) (128,428)
Distributions paid to Class C Common Unit limited partners (230,234) (144,505)
Repurchase of Class A Common Stock (172,554) 0
Net cash provided by (used in) financing activities 73,031 (411,519)
Net change in cash 4,131 15,928
CASH, BEGINNING OF PERIOD 3,606 4,510
CASH, END OF PERIOD 7,737 20,438
SUPPLEMENTAL SCHEDULE OF INVESTING AND FINANCING ACTIVITIES    
Cash paid for interest, net of amounts capitalized 128,154 166,769
Cash paid for income taxes, net 3,643 559
Property and equipment and intangible accruals in accounts payable and accrued liabilities 44,977 24,140
Right-of-use assets obtained in exchange for lease liabilities 34,735 42,974
Class A Common Stock issued through dividend and distribution reinvestment plan 1,137 75,243
Fair value of assets acquired in business combinations 191,133 910,221
Cash consideration paid 175,481 357,968
Deferred consideration 0 275,000
Contingent consideration 0 64,000
Liabilities assumed 15,652 65,053
Class C Common Stock    
Class C Common Units issued $ 0 $ 148,200