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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 23,080 $ 18,598
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 105,322 88,841
Loss on disposal of property and equipment 283 148
Deferred income taxes 2,622 1,531
Amortization of debt issuance costs and original issue discount 1,257 1,227
Credit loss expense (benefit) 308 (107)
Unrealized loss on interest rate swaps 18,085 17,449
Loss on extinguishment of debt 245 0
Equity-based compensation 22,150 22,898
Amortization of portfolio energy credits 1,381 1,236
Cost of revenue for sales-type leases 3,436 1,082
Changes in operating assets and liabilities:    
Accounts receivable 4,250 2,493
Prepaid expenses 1,688 (172)
Net investment in sales-type leases 0 (4,275)
Other current assets 1,053 (148)
Other assets 846 2,384
Accounts payable 2,709 2,691
Accrued salaries and benefits 7,580 7,368
Accrued expenses 1,048 1,441
Deferred revenue (4,803) 11,689
Customer deposits 998 480
Operating lease liabilities (3,883) (3,638)
Other long-term liabilities (320) 6
Net cash provided by operating activities 189,335 173,222
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of property and equipment (249,096) (221,296)
Proceeds from sale of property and equipment 2 33
Purchase of portfolio energy credits (1,381) (1,095)
Net cash used in investing activities (250,475) (222,358)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from borrowings 710,000 70,000
Repayment of borrowings, including finance lease liabilities (465,221) (4,526)
Payment of debt issuance costs and original issue discount (5,960) 0
Change in long-term deposit 1,491 2,144
Payment of tax withholdings upon settlement of restricted stock unit awards (4,508) (1,441)
Proceeds from exercise of stock options 3,001 0
Repurchase of common units (20,000) (24,705)
Dividends paid to Class A common stockholders (11,377) (6,412)
Distributions paid to noncontrolling interest (14,926) (15,006)
Net cash provided by financing activities 192,500 20,054
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 131,360 (29,082)
CASH AND CASH EQUIVALENTS—Beginning of period 24,721 81,560
CASH AND CASH EQUIVALENTS—End of period 156,081 52,478
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest, net of amounts capitalized 18,946 20,677
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:    
(Decrease) increase in liabilities incurred to acquire property and equipment (16,323) 10,519
(Decrease) increase in accrued construction payables incurred related to long-term deposit (459) 814
Increase in property and equipment related to transfer of long-term deposit 244 0
Increase in accounts payable related to long-term deposit 0 501
Increase in dividends payable on unvested restricted stock units 388 284
Increase in liabilities incurred related to deferred debt issuance costs 1,087 0
Decrease in noncontrolling interest as a result of exchanges for Class A common stock (50,479) (85,912)
Recognition of liabilities under tax receivable agreement 81,614 79,981
Increase in deferred tax asset resulting from changes in outside basis difference on investment in Switch, Ltd. 65,919 62,814
Right-of-use assets obtained in exchange for new operating leases 3,114 44
Property and equipment obtained in exchange for new finance leases 138 37,923
(Decrease) increase in distributions payable on unvested common units (105) 659
Dividends payable settled with shares of Class A common stock $ 145 $ 30