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 including noncontrolling interest $ 525,928 $ 244,233 $ 386,452
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expenses 382,645 324,197 280,986
Amortization of deferred financing costs 7,869 7,438 6,194
Amortization of contract costs 6,794 6,621 6,620
Contingent liabilities fair value adjustment 5,190 200 0
Payment of contingent liability in excess of acquisition-date fair value (5,390) 0 0
Distributions from unconsolidated affiliates 246,002 289,992 272,490
Derivatives settlement 4,287 (7,258) 25,708
Derivative fair value adjustment (23,729) 17,713 (33,671)
Warrants fair value adjustment 0 0 (88)
Gain on sale of equity method investment (415,409) (89,802) 0
Loss on disposal of assets, net 8 4,040 19,402
Equity in earnings from unconsolidated affiliates (226,351) (213,191) (200,015)
Loss on debt extinguishment 635 525 1,876
Share-based compensation 62,617 76,536 55,983
Deferred income tax expense (benefit) 50,660 19,503 (233,400)
Changes in operating assets and liabilities:      
Accounts receivable and pledged receivable 1,664 (7,033) (12,131)
Other assets (12,445) 8,000 (5,910)
Accounts payable 4,633 (40,849) 19,804
Accrued liabilities (12,611) (2,913) (6,521)
Operating leases 1,123 (606) 701
Net cash provided by operating activities 604,120 637,346 584,480
CASH FLOWS FROM INVESTING ACTIVITIES:      
Property, plant and equipment expenditures (492,474) (263,544) (312,860)
Intangible assets expenditures (37,197) (12,329) (16,694)
Investments in unconsolidated affiliate (1,206) (3,273) (238,803)
Net cash paid for acquisition of interest in unconsolidated affiliate 0 (85,417) 0
Distributions from unconsolidated affiliates 2,853 4,059 6,679
Cash proceeds from sale of equity method investment 504,184 524,390 0
Cash proceeds from disposals of assets 227 409 358
Net cash paid for business combinations (175,481) (341,182) (125,000)
Net cash used in investing activities (199,094) (176,887) (686,320)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from borrowings under A/R Facility 112,400 156,000 0
Payments on A/R Facility (87,400) (15,800) 0
Proceeds from borrowings from long-term debt 1,400,000 0 800,000
Payments on long-term debt (1,000,000) (200,000) (800,000)
Payments of debt issuance costs, net (10,924) (1,086) (11,238)
Payments of debt discount, net (1,200) (500) 0
Proceeds from revolving line of credit 1,628,000 1,060,000 752,500
Payments on revolving line of credit (1,765,000) (1,064,000) (553,500)
Cash dividends paid to Class A Common Stock shareholders (193,728) (175,208) (81,352)
Distributions paid to Class C Common Unit limited partners (306,324) (220,769) (697)
Payments on contingent liability (4,500) 0 0
Repurchase of Class A Common Stock (176,005) 0 (5,757)
Net cash (used in) provided by financing activities (404,681) (461,363) 99,956
Net change in cash 345 (904) (1,884)
CASH, BEGINNING OF PERIOD 3,606 4,510 6,394
CASH, END OF PERIOD 3,951 3,606 4,510
SUPPLEMENTAL SCHEDULE OF INVESTING AND FINANCING ACTIVITIES      
Cash paid for interest, net of amounts capitalized 216,067 244,603 207,700
Cash paid for income taxes, net 3,643 560 480
Property and equipment and intangible accruals in accounts payable and accrued liabilities 31,934 21,094 27,316
Right-of-use obtained in exchange for lease liabilities 34,735 43,682 5,189
Class A Common Stock issued through dividend and distribution reinvestment plan 1,650 75,633 352,060
Fair value of assets acquired in business combinations 191,133 875,244 0
Cash consideration paid 175,481 357,967 0
Deferred consideration 0 275,000 0
Contingent consideration 0 4,500 0
Liabilities assumed 15,652 89,577 0
Common Class C      
Class C Common Units issued $ 0 $ 148,200 $ 0