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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 38,375 $ 31,542 $ 29,318
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of property and equipment 142,738 119,945 106,666
Loss on disposal of property and equipment 362 586 1,206
Deferred income taxes 4,530 2,713 1,943
Amortization of debt issuance costs and original issue discount 1,840 1,636 1,636
Credit loss expense (benefit) 531 (73) 207
Unrealized loss on interest rate swaps 15,927 14,014 0
Equity in losses on investments 0 0 331
Loss on extinguishment of debt 245 0 0
Equity-based compensation 28,733 29,524 35,733
Amortization of portfolio energy credits 1,316 1,844 2,467
Cost of revenue for sales-type leases 3,436 1,082 0
Changes in operating assets and liabilities:      
Accounts receivable 15 (5,492) (187)
Prepaid expenses (1,034) (775) (1,744)
Other current assets 1,582 (545) (231)
Other assets 1,439 3,447 (5,353)
Accounts payable (186) (892) (312)
Accrued salaries and benefits (944) 570 47
Accrued interest 6,665 153 22
Accrued expenses and other (1,105) 2,045 3,287
Deferred revenue (4,111) 12,437 2,196
Customer deposits 1,518 868 1,328
Operating lease liabilities (5,193) (4,886) 0
Other long-term liabilities (439) (330) (230)
Net cash provided by operating activities 236,240 209,413 178,330
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of property and equipment (347,040) (307,712) (275,524)
Purchase of portfolio energy credits (2,026) (1,703) (2,608)
Proceeds from sale of property and equipment 2 33 62
Acquisition of intangible asset 0 0 (25)
Net cash used in investing activities (349,064) (309,382) (278,095)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from borrowings 710,000 170,000 0
Repayment of borrowings, including finance lease liabilities (465,249) (6,876) (6,333)
Payment of debt issuance costs and original issue discount (7,050) 0 0
Change in long-term deposit 1,072 921 (996)
Payment of tax withholdings upon settlement of restricted stock unit awards (4,569) (1,448) (1,232)
Proceeds from exercise of stock options 3,001 0 0
Settlement of option loans 0 0 314
Repurchase of common units (20,000) (91,046) (60,644)
Dividends paid to Class A common stockholders (17,329) (9,051) (2,835)
Distributions paid to noncontrolling interest (21,054) (19,370) (11,615)
Net cash provided by (used in) financing activities 178,822 43,130 (83,341)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 65,998 (56,839) (183,106)
CASH AND CASH EQUIVALENTS—Beginning of year 24,721 81,560 264,666
CASH AND CASH EQUIVALENTS—End of year 90,719 24,721 81,560
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Cash paid for interest, net of amounts capitalized 21,764 26,238 24,841
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:      
(Decrease) increase in liabilities incurred to acquire property and equipment (14,586) 24,238 8,807
Increase in property and equipment related to transfer from long-term deposit 244 0 0
(Decrease) increase in accrued construction payables incurred related to long-term deposit (925) 993 0
Increase in liabilities related to purchase of portfolio energy credits 298 0 0
Increase in dividends payable on unvested restricted stock units 554 363 126
Decrease in noncontrolling interest as a result of exchanges for Class A common stock (76,677) (101,450) (53,403)
Recognition of liabilities under tax receivable agreement 116,789 109,541 52,535
Increase in deferred tax asset resulting from changes in outside basis difference on investment in Switch, Ltd. 93,359 88,588 29,512
Right-of-use assets obtained in exchange for new operating lease liabilities 3,294 44 0
Right-of-use assets obtained in exchange for new finance leases 138 39,036 0
(Decrease) increase in distributions payable on unvested common units (151) 736 0
Dividends payable settled with shares of Class A common stock 147 30 0
(Decrease) increase in accounts receivable due to refund of long-term deposit 0 (24) 2,543
Settlement of liability incurred upon acquisition of capital lease asset 0 0 (1,976)
Distributions used for payment of option loans and related interest $ 0 $ 0 $ 2