Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating activities:
Net income	$ 52,018	$ 9,415
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	65,368	58,468
Amortization related to long-term debt	2,163	2,334
Non-cash loss on debt extinguishment	0	27,824
Gain on sales of property and equipment, net	(5,343)	(2,805)
Stock-based compensation	34,632	15,084
Equity in net income from unconsolidated construction joint ventures	(3,814)	(752)
Net income from affiliates	(4,792)	(8,527)
Other non-cash adjustments	(207)	(348)
Changes in assets and liabilities:
Receivables	(192,494)	(109,787)
Contract assets, net	40,197	(28,028)
Inventories	(18,319)	(15,172)
Contributions to unconsolidated construction joint ventures	(9,163)	(2,000)
Distributions from unconsolidated construction joint ventures and affiliates	5,550	15,861
Other assets, net	7,221	16,461
Accounts payable	35,920	50,680
Accrued expenses and other liabilities, net	(3,499)	(6,624)
Net cash provided by operating activities	5,438	22,084
Investing activities:
Purchases of marketable securities	(172,578)	0
Maturities of marketable securities	17,600	25,000
Purchases of property and equipment	(61,022)	(66,861)
Proceeds from sales of property and equipment	8,346	4,229
Cash paid for purchase price adjustments on business acquisition	0	(13,183)
Other investing activities	399	693
Net cash used in investing activities	(207,255)	(50,122)
Financing activities:
Proceeds from issuance of convertible notes	0	373,750
Debt principal repayments	(552)	(309,808)
Capped call transactions	0	(46,046)
Debt issuance costs	0	(9,654)
Cash dividends paid	(11,338)	(11,452)
Repurchases of common stock	(15,317)	(21,144)
Contributions from non-controlling partners	0	17,000
Distributions to non-controlling partners	(27,250)	(16,372)
Other financing activities, net	(39)	847
Net cash used in financing activities	(54,496)	(22,879)
Net decrease in cash and cash equivalents	(256,313)	(50,917)
Cash and cash equivalents at beginning of period	578,330	417,663
Cash and cash equivalents at end of period	$ 322,017	$ 366,746

GRANITE CONSTRUCTION INC 10-Q