XML 22 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 33,211,000 $ 23,080,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 125,214,000 105,322,000
Amortization of customer relationships 1,979,000 0
Loss on disposal of property and equipment 211,000 283,000
Deferred income taxes 4,287,000 2,622,000
Amortization of debt issuance costs and original issue discount 1,892,000 1,257,000
Credit loss expense 52,000 308,000
Unrealized (gain) loss on swaps (9,292,000) 18,085,000
Loss on extinguishment of debt 146,000 245,000
Equity in net losses on investments 925,000 0
Gain on sale of equity method investment (5,374,000) 0
Equity-based compensation 21,878,000 22,150,000
Amortization of portfolio energy credits 315,000 1,381,000
Cost of revenue for sales-type leases 150,000 3,436,000
Changes in operating assets and liabilities:    
Accounts receivable (5,950,000) 4,250,000
Prepaid expenses 1,442,000 1,688,000
Other current assets (599,000) 1,053,000
Other assets (2,192,000) 846,000
Accounts payable 10,882,000 2,709,000
Accrued salaries and benefits 8,781,000 7,580,000
Accrued interest 1,071,000 879,000
Accrued expenses and other 5,762,000 169,000
Deferred revenue 3,992,000 (4,803,000)
Customer deposits 1,436,000 998,000
Operating lease liabilities (3,565,000) (3,883,000)
Other long-term liabilities (387,000) (320,000)
Net cash provided by operating activities 196,267,000 189,335,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of a business, net of cash acquired (409,094,000) 0
Acquisition of property and equipment (331,659,000) (249,096,000)
Purchase of portfolio energy credits (2,252,000) (1,381,000)
Purchase of equity method investment (2,200,000) 0
Proceeds from sale of equity method investment 4,900,000 0
Proceeds from sale of equity method investment 2,033,000 2,000
Net cash used in investing activities (738,272,000) (250,475,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from borrowings, net of original issue discount 556,250,000 705,500,000
Repayment of borrowings, including finance lease liabilities (20,105,000) (465,221,000)
Payment of debt issuance costs (4,822,000) (1,460,000)
Change in long-term deposit (3,835,000) 1,491,000
Payment of tax withholdings upon settlement of restricted stock unit awards (6,492,000) (4,508,000)
Proceeds from exercise of stock options 6,728,000 3,001,000
Repurchase of common units 0 (20,000,000)
Dividends paid to Class A common stockholders (20,137,000) (11,377,000)
Distributions paid to noncontrolling interest (17,093,000) (14,926,000)
Net cash provided by financing activities 490,494,000 192,500,000
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (51,511,000) 131,360,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period 90,719,000 24,721,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period 39,208,000 156,081,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest, net of amounts capitalized 31,473,000 18,946,000
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:    
Increase (decrease) in liabilities incurred to acquire property and equipment 10,526,000 (16,323,000)
Increase (decrease) in accrued construction payables incurred related to long-term deposit 3,138,000 (459,000)
Increase in liabilities incurred related to deferred debt issuance costs 0 1,087,000
Increase in liabilities related to remaining purchase price for the acquisition of a business 6,507,000 0
Increase in liabilities related to purchase of portfolio energy credits 175,000 0
Decrease in noncontrolling interest as a result of exchanges for Class A common stock (46,482,000) (50,479,000)
Recognition of liabilities under tax receivable agreement 80,144,000 81,614,000
Increase in deferred tax asset resulting from changes in outside basis difference on investment in Switch, Ltd. 65,019,000 65,919,000
Right-of-use assets obtained in exchange for new operating lease liabilities 7,380,000 3,114,000
Right-of-use assets obtained in exchange for new finance lease liabilities 0 138,000
Decrease in distributions payable on unvested common units (378,000) (105,000)
Increase in dividends payable on unvested restricted stock units 525,000 388,000
Dividends payable settled with shares of Class A common stock 342,000 145,000
Increase in property and equipment related to transfer from long-term deposit 0 244,000
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:    
Cash and cash equivalents 35,240,000 156,081,000
Restricted cash 3,968,000 0
Total cash, cash equivalents, and restricted cash $ 39,208,000 $ 156,081,000