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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 23,934 $ 24,394
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 47,833 38,791
Amortization of customer relationships 1,562 0
Loss (gain) on disposal of property and equipment 193 (193)
Deferred income taxes 4,240 2,654
Amortization of debt issuance costs and original issue discount 662 583
Credit loss expense (benefit) 157 (77)
Unrealized gain on swaps (15,994) (5,562)
Equity in net losses on investments 0 220
Gain on sale of equity method investment 0 (5,374)
Equity-based compensation 6,681 7,297
Amortization of portfolio energy credits 384 0
Cost of revenue for sales-type leases 0 149
Changes in operating assets and liabilities:    
Accounts receivable (6,603) 169
Prepaid expenses (1,192) (514)
Other current assets 62 108
Other assets 872 (444)
Accounts payable (8,848) 1,001
Accrued salaries and benefits 1,530 2,245
Accrued interest (755) (5,581)
Accrued expenses and other (1,705) 965
Deferred revenue 3,844 4,472
Customer deposits 372 456
Operating lease liabilities (537) (1,141)
Other long-term liabilities (180) (121)
Net cash provided by operating activities 56,512 64,497
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of property and equipment (150,433) (100,424)
Purchase of portfolio energy credits (542) (1,500)
Purchase of equity method investment 0 (2,200)
Proceeds from sale of equity method investment 0 4,900
Proceeds from sale of equity method investment 378 0
Net cash used in investing activities (150,597) (99,224)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from borrowings, net of original issue discount 100,000 0
Repayment of borrowings, including finance lease liabilities (1,031) (46)
Change in long-term deposit (3,218) 877
Payment of tax withholdings upon settlement of restricted stock unit awards (12,104) (5,782)
Proceeds from exercise of stock options 2,445 0
Dividends paid to Class A common stockholders (7,811) (6,377)
Distributions paid to noncontrolling interest (5,028) (5,782)
Net cash provided by (used in) financing activities 73,253 (17,110)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (20,832) (51,837)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period 50,215 90,719
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period 29,383 38,882
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest, net of amounts capitalized 13,449 13,852
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:    
(Decrease) increase in liabilities incurred to acquire property and equipment (23,114) 3,141
Decrease in accrued construction payables incurred related to long-term deposit (1,500) (41)
Increase in receivables due to sale of property and equipment 0 931
Decrease in noncontrolling interest as a result of exchanges for Class A common stock (7,766) (22,364)
Recognition of liabilities under tax receivable agreement 16,841 32,477
Increase in deferred tax asset resulting from changes in outside basis difference on investment in Switch, Ltd. 15,294 26,752
Right-of-use assets obtained in exchange for new operating lease liabilities 0 3,434
Decrease in distributions payable on unvested common units (97) (86)
Increase in dividends payable on unvested restricted stock units 148 185
Dividends payable settled with shares of Class A common stock 555 308
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:    
Cash and cash equivalents 27,493 38,882
Restricted cash 1,890 0
Total cash, cash equivalents, and restricted cash $ 29,383 $ 38,882