XML 19 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,847 $ 8,518
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 68,531 58,415
Loss on disposal of property and equipment 98 107
Deferred income taxes 1,107 664
Amortization of debt issuance costs 818 818
Credit loss expense (benefit) 313 (72)
Unrealized loss on interest rate swaps 18,896 13,765
Equity-based compensation 15,034 15,588
Amortization of portfolio energy credits 765 685
Cost of revenue for sales-type leases 3,436 0
Changes in operating assets and liabilities:    
Accounts receivable 4,034 970
Prepaid expenses 3,055 2,290
Other current assets 622 (127)
Other assets 1,159 1,348
Accounts payable 64 (493)
Accrued salaries and benefits 3,374 4,639
Accrued expenses (1,303) 452
Deferred revenue (6,399) 3,614
Customer deposits 825 100
Increase (Decrease) in Operating Lease Liabilities (2,581) (2,407)
Other long-term liabilities (204) 81
Net cash provided by operating activities 121,491 108,955
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of property and equipment (166,452) (100,131)
Proceeds from sale of property and equipment 2 18
Purchase of portfolio energy credits (901) (544)
Net cash used in investing activities (167,351) (100,657)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from borrowings 90,000 0
Repayment of borrowings, including finance lease liabilities (3,193) (3,000)
Change in long-term deposit 1,618 2,537
Payment of tax withholdings upon settlement of restricted stock unit awards (4,166) (1,343)
Proceeds from exercise of stock options 2,876 0
Repurchase of common units (20,000) (13,597)
Dividends paid to Class A common stockholders (5,930) (3,932)
Distributions paid to noncontrolling interest (8,336) (10,354)
Net cash provided by (used in) financing activities 52,869 (29,689)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 7,009 (21,391)
CASH AND CASH EQUIVALENTS—Beginning of period 24,721 81,560
CASH AND CASH EQUIVALENTS—End of period 31,730 60,169
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest, net of amounts capitalized 13,432 13,555
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:    
(Decrease) increase in liabilities incurred to acquire property and equipment (15,765) 2,679
(Decrease) increase in accrued construction payables incurred related to long-term deposit (869) 746
Increase in property and equipment related to transfer of long-term deposit 244 0
Increase in dividends payable on unvested restricted stock units 206 185
Decrease in noncontrolling interest as a result of exchanges for Class A common stock (45,243) (67,362)
Recognition of liabilities under tax receivable agreement 72,009 59,476
Increase in deferred tax asset resulting from changes in outside basis difference on investment in Switch, Ltd. 61,004 47,143
Property and equipment obtained in exchange for new finance leases 138 37,923
(Decrease) increase in distributions payable on unvested common units (98) 586
Dividends payable settled with shares of Class A common stock $ 134 $ 28