XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,671 $ 3,950
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 28,558 24,603
Loss on disposal of property and equipment 43 214
Deferred income taxes 197 (115)
Amortization of debt issuance costs 409 409
(Benefit) provision for doubtful accounts (23) 83
Unrealized loss on interest rate swaps 4,985 0
Equity in net losses of investments 0 331
Equity-based compensation 8,145 12,357
Amortization of portfolio energy credits 359 32
Changes in operating assets and liabilities:    
Accounts receivable 5,164 (3,077)
Prepaid expenses 50 (125)
Other current assets (7) (530)
Other assets (580) (129)
Accounts payable (2,201) 230
Accrued salaries and benefits 249 (532)
Accrued expenses 1,653 1,314
Deferred revenue 1,082 100
Customer deposits 229 370
Other long-term liabilities (61) (56)
Net cash provided by operating activities 51,922 39,429
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of property and equipment (45,946) (61,387)
Escrow deposit 0 (1,047)
Proceeds from sale of property and equipment 16 0
Purchase of portfolio energy credits (299) (32)
Net cash used in investing activities (46,229) (62,466)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of borrowings, including capital lease obligations (1,500) (1,500)
Change in long-term deposit 2,543 (355)
Payment of tax withholdings upon settlement of restricted stock unit awards (1,338) (1,213)
Net cash used in financing activities (295) (3,068)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,398 (26,105)
CASH AND CASH EQUIVALENTS—Beginning of period 81,560 264,666
CASH AND CASH EQUIVALENTS—End of period 86,958 238,561
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest, net of amounts capitalized 6,588 5,266
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:    
(Decrease) increase in liabilities incurred to acquire property and equipment (10,585) 13,023
Decrease in deferred tax asset resulting from changes in outside basis difference on investment in Switch, Ltd. (728) 0
Dividends and distributions declared but not paid 7,154 0
Increase in distributions payable on unvested common units 490 0
Increase in dividends payable on unvested restricted stock units 90 0
Dividends payable settled with shares of Class A common stock $ 28 $ 0