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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 351,581	$ 455,825
Accounts receivable, net	756,504	834,386
Contract assets	939,014	773,736
Prepaid expenses and other current assets	126,795	95,525
Total current assets	2,173,894	2,159,472
Property and equipment, net	506,598	488,241
Operating lease assets	454,893	461,049
Intangible assets, net	203,259	207,896
Goodwill	856,869	856,869
Other long-term assets	21,975	22,341
Total assets	4,217,488	4,195,868
Current liabilities:
Accounts payable	795,290	624,254
Contract liabilities	555,248	617,424
Accrued liabilities	360,329	350,077
Dividends payable	4,324	4,298
Current portion of long-term debt	68,061	74,633
Total current liabilities	1,783,252	1,670,686
Long-term debt, net of current portion	543,924	660,193
Noncurrent operating lease liabilities, net of current portion	320,405	333,370
Deferred tax liabilities	64,034	64,035
Other long-term liabilities	60,133	58,051
Total liabilities	2,771,748	2,786,335
Commitments and contingencies (See Note 13)
Stockholders' equity
Common stock-$0.0001 par value; 90,000,000 shares authorized: 53,995,590 and 53,740,729 issued and outstanding as of March 31, 2025, and December 31, 2024, respectively	6	6
Additional paid-in capital	282,006	285,811
Retained earnings	1,167,869	1,127,953
Accumulated other comprehensive income	(4,141)	(4,237)
Total stockholders' equity	1,445,740	1,409,533
Total liabilities and stockholders' equity	$ 4,217,488	$ 4,195,868

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Primoris Services Corp 10-Q