v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 65,679 $ 91,127
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion, and amortization 228,272 257,108
(Gain) loss on disposal of assets, net (11,961) 8,976
Stock-based compensation expense 17,999 26,181
Deferred income tax expense 17,558 0
Gain on investments, net (60,229) (87,530)
Cash return on equity method investment 1,566 2,234
Other non-cash items, net 2,795 3,869
Changes in operating assets and liabilities:    
Accounts receivable and unbilled revenue (165,420) (69,395)
Accounts receivable and unbilled revenue—related party 0 4,234
Inventories 2,526 1,033
Prepaid and other assets 2,488 (26,678)
Accounts payable and accrued liabilities 40,801 153,122
Accounts payable and accrued liabilities—related party 0 (582)
Initial payment of operating lease liability (632) (992)
Net cash provided by operating activities 141,442 362,707
Cash flows from investing activities:    
Purchases of property and equipment and construction in-progress (380,861) (271,441)
Investment in equity securities (9,696) 0
Acquisition of IMG Energy Solutions, net of cash received 0 (15,208)
Sales of equity securities 0 80,839
Proceeds from sale of assets 25,951 16,517
Net cash used in investing activities (364,606) (189,293)
Cash flows from financing activities:    
Proceeds from issuance of convertible senior notes 1,295,000 0
Purchase of capped calls related to convertible senior notes (186,515) 0
Proceeds from borrowings on line-of-credit 106,000 695,000
Repayments of borrowings on line-of-credit (336,000) (725,500)
Borrowings on long-term debt 19,037 0
Repayments of long-term debt (3,460) 0
Payments of debt issuance costs (36,825) 0
Payments on finance lease obligations (48,335) (34,165)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting (30,319) (26,944)
Payments of payables pursuant to tax receivable agreements (7,888) (40,757)
Share repurchases 0 (24,882)
Tax withholding on restricted stock units (18,648) (16,835)
Net cash provided by (used in) financing activities 752,047 (174,083)
Net increase in cash and cash equivalents before translation effect 528,883 (669)
Translation effect on cash (1,078) 248
Cash and cash equivalents—beginning of period 27,554 19,984
Cash and cash equivalents—end of period 555,359 19,563
Supplemental disclosure of cash flow information:    
Net (refund received) cash paid for income taxes (2,936) 20,573
Cash paid for interest 14,414 19,845
Non-cash investing and financing activities:    
Capital expenditures included in accounts payable and accrued liabilities $ 101,486 $ 90,364