XML 20 R8.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 24,394 $ (3,489)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 38,791 32,518
(Gain) loss on disposal of property and equipment (193) 60
Deferred income taxes 2,654 (273)
Amortization of debt issuance costs and original issue discount 583 409
Credit (benefit) loss expense (77) 18
Unrealized (gain) loss on interest rate swaps (5,562) 16,745
Equity in net losses on investments 220 0
Gain on sale of equity method investment (5,374) 0
Equity-based compensation 7,297 7,524
Amortization of portfolio energy credits 0 267
Cost of revenue for sales-type leases 149 2,803
Changes in operating assets and liabilities:    
Accounts receivable 169 5,944
Prepaid expenses (514) 454
Other current assets 108 (626)
Other assets (444) 411
Accounts payable 1,001 1,987
Accrued salaries and benefits 2,245 1,025
Accrued interest (5,581) (13)
Accrued expenses and other 965 130
Deferred revenue 4,472 (2,261)
Customer deposits 456 298
Operating lease liabilities (1,141) (1,281)
Other long-term liabilities (121) (92)
Net cash provided by operating activities 64,497 62,558
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of property and equipment (100,424) (80,898)
Purchase of portfolio energy credits (1,500) (601)
Payments to acquire equity investment (2,200) 0
Proceeds from sale of equity method investment 4,900 0
Net cash used in investing activities (99,224) (81,499)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from borrowings 0 70,000
Repayment of borrowings, including finance lease liabilities (46) (1,671)
Change in long-term deposit 877 1,659
Payment of tax withholdings upon settlement of restricted stock unit awards (5,782) (4,040)
Dividends paid to Class A common stockholders (6,377) (2,795)
Distributions paid to noncontrolling interest (5,782) (4,222)
Net cash (used in) provided by financing activities (17,110) 58,931
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (51,837) 39,990
CASH AND CASH EQUIVALENTS—Beginning of period 90,719 24,721
CASH AND CASH EQUIVALENTS—End of period 38,882 64,711
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest, net of amounts capitalized 13,852 7,106
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:    
Increase (decrease) in liabilities incurred to acquire property and equipment 3,141 (13,532)
Decrease in accrued construction payables incurred related to long-term deposit (41) (882)
Increase in property and equipment related to transfer from long-term deposit 0 244
Increase in receivables due to sale of property and equipment 931 0
Increase in dividends payable on unvested restricted stock units 185 96
Decrease in noncontrolling interest as a result of exchanges for Class A common stock (22,364) (13,403)
Recognition of liabilities under tax receivable agreement 32,477 19,198
Increase in deferred tax asset resulting from changes in outside basis difference on investment in Switch, Ltd. 26,752 16,610
Right-of-use assets obtained in exchange for new operating lease liabilities 3,434 0
Right-of-use assets obtained in exchange for new finance lease liabilities 0 145
(Decrease) increase in distributions payable on unvested common units (86) 82
Dividends payable settled with shares of Class A common stock $ 308 $ 129