| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net (loss) income | ||||||
31,542 | 29,318 | -8,580 | 31,368 | 73,472 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Depreciation and amortization of property and equipment | ||||||
119,945 | 106,666 | 89,124 | 66,591 | 55,355 | ||
Loss on disposal of property and equipment | ||||||
-586 | -1,206 | -569 | -1,994 | -1,307 | ||
Deferred income taxes | ||||||
2,713 | 1,943 | -981 | 0 | 0 | ||
Amortization of debt issuance costs | ||||||
1,636 | 1,636 | 1,303 | 922 | 625 | ||
Loss on extinguishment of debt | ||||||
- | - | -3,600 | 0 | 212 | ||
Credit loss expense (benefit) | ||||||
-100 | 207 | 400 | 400 | 242 | ||
Unrealized loss on interest rate swaps | ||||||
-14,014 | 0 | 0 | - | - | ||
Equity in net losses of investments | ||||||
0 | -331 | -1,077 | -5,764 | 821 | ||
Amortization of notes receivable discount | ||||||
- | - | - | - | 0 | ||
Other income | ||||||
- | - | - | - | 147 | ||
Equity-based compensation | ||||||
29,524 | 35,733 | 84,790 | 5,935 | 5,237 | ||
Amortization of portfolio energy credits | ||||||
1,844 | 2,467 | 169 | 872 | - | ||
Cost of revenue for sales-type leases | ||||||
1,082 | - | - | - | - | ||
Amortization of Notes Receivable Discount (Premium) | ||||||
- | - | - | -267 | - | ||
Gain on sale of asset | ||||||
- | - | - | - | 248 | ||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | ||||||
- | - | - | 7,696 | 0 | ||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
5,492 | 187 | 6,435 | 1,101 | 3,566 | ||
Prepaid expenses | ||||||
775 | 1,744 | 1,116 | -187 | 487 | ||
Other current assets | ||||||
545 | 231 | 261 | 122 | 781 | ||
Other assets | ||||||
-3,447 | 5,353 | 1,221 | 463 | 3,229 | ||
Accounts payable | ||||||
-892 | -312 | 5,079 | -238 | -1,155 | ||
Accrued interest, capital lease obligations | ||||||
- | - | - | - | 108 | ||
Accrued salaries and benefits | ||||||
570 | 47 | 991 | 3,144 | 412 | ||
Accrued expenses | ||||||
2,198 | 3,309 | -2,435 | 4,353 | -153 | ||
Accrued impact fee expense | ||||||
- | - | -27,018 | 27,018 | 0 | ||
Deferred revenue | ||||||
12,437 | 2,196 | 6,006 | 10,605 | 1,797 | ||
Customer deposits | ||||||
868 | 1,328 | 1,695 | 1,360 | 1,101 | ||
Operating lease liabilities | ||||||
-4,886 | - | - | - | - | ||
Other long-term liabilities | ||||||
-330 | -230 | -143 | 64 | - | ||
Net cash provided by operating activities | ||||||
209,413 | 178,330 | 146,601 | 166,065 | 129,281 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Acquisition of property and equipment | ||||||
307,712 | 275,524 | 402,561 | 287,097 | 190,113 | ||
Acquisition of intangible asset | ||||||
0 | 25 | 32 | 0 | 449 | ||
Escrow deposit | ||||||
- | - | - | 0 | - | ||
Proceeds from sale of property and equipment | ||||||
33 | 62 | 100 | - | 1,243 | ||
Proceeds from notes receivable | ||||||
- | - | 211 | 468 | 0 | ||
Purchase of investments | ||||||
- | - | - | - | 6,540 | ||
Purchase of portfolio energy credits | ||||||
1,703 | 2,608 | 169 | 872 | 0 | ||
Payments to Acquire Notes Receivable | ||||||
- | - | - | 3,000 | 485 | ||
Purchase of equity method investment | ||||||
- | - | - | 1,500 | - | ||
Net cash used in investing activities | ||||||
-309,382 | -278,095 | -402,451 | -292,001 | -196,344 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Proceeds from issuance of Class A common stock, net of offering costs | ||||||
- | - | 572,432 | 0 | 0 | ||
Payments Related to Tax Withholding for Share-based Compensation, RSUs | ||||||
- | - | - | 0 | - | ||
Payments Related to Tax Withholding for Share-based Compensation, Options | ||||||
- | - | - | 290 | - | ||
Proceeds from borrowings | ||||||
170,000 | 0 | 976,000 | 189,000 | 321,883 | ||
Repayment of borrowings, including finance lease liabilities | ||||||
6,876 | 6,333 | 854,991 | 10,000 | 223,600 | ||
Payment of debt issuance and extinguishment costs | ||||||
- | - | 10,468 | - | - | ||
Payments of Debt Issuance Costs | ||||||
- | - | - | 1,005 | - | ||
Change in long-term deposit | ||||||
921 | -996 | 598 | 0 | -4,440 | ||
Issuance of membership units upon exercise of unit options | ||||||
- | - | - | - | 75 | ||
Payment of tax withholdings upon settlement of restricted stock unit awards | ||||||
1,448 | 1,232 | 0 | - | 1,558 | ||
Debt issuance costs on new loan | ||||||
- | - | - | - | 2,756 | ||
Settlement of option loans | ||||||
0 | 314 | 0 | 0 | - | ||
Payments for Repurchase of Common Stock | ||||||
91,046 | 60,644 | 0 | 0 | - | ||
Payments for Repurchase of Stock Options | ||||||
- | - | - | 15,148 | - | ||
Dividends paid to Class A common stockholders | ||||||
9,051 | 2,835 | 503 | 0 | 0 | ||
Distributions paid to noncontrolling interest | ||||||
19,370 | 11,615 | 185,265 | 28,100 | 20,519 | ||
Repurchase of member options | ||||||
- | - | - | - | 1,392 | ||
Net cash provided by (used in) financing activities | ||||||
43,130 | -83,341 | 497,803 | 134,457 | 67,693 | ||
NET INCREASE IN CASH AND CASH EQUIVALENTS | ||||||
-56,839 | -183,106 | 241,953 | 8,521 | 630 | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||
Cash paid for interest, net of amounts capitalized | ||||||
26,238 | 24,841 | 23,494 | 8,415 | 7,123 | ||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ||||||
Decrease in liabilities incurred to acquire property and equipment | ||||||
24,238 | 8,807 | -53,455 | 51,413 | -3,125 | ||
(Decrease) increase in accounts receivable due to refund of long-term deposit | ||||||
-24 | 2,543 | - | 0 | - | ||
Decrease in accrued construction payables incurred related to long-term deposit | ||||||
993 | 0 | - | - | - | ||
Increase in dividends payable on unvested restricted stock units | ||||||
363 | 126 | - | 0 | - | ||
Decrease in noncontrolling interest as a result of exchanges for Class A common stock | ||||||
101,450 | 53,403 | - | 0 | - | ||
Recognition of liabilities under tax receivable agreement | ||||||
109,541 | 52,535 | - | 0 | - | ||
Increase (decrease) in deferred tax asset resulting from changes in outside basis difference on investment in Switch, Ltd. | ||||||
88,588 | 29,512 | - | 0 | - | ||
Right-of-use assets obtained in exchange for new operating leases | ||||||
44 | - | - | - | - | ||
Property and equipment obtained in exchange for new finance leases | ||||||
39,036 | - | - | - | - | ||
Increase in distributions payable on unvested common units | ||||||
736 | 0 | - | - | - | ||
Dividends payable settled with shares of Class A common stock | ||||||
30 | 0 | - | - | - | ||
Settlement of liability incurred upon acquisition of capital lease asset | ||||||
0 | 1,976 | - | -4,000 | 0 | ||
Distributions used for payment of option loans and related interest | ||||||
0 | 2 | 173 | 10 | 9 | ||
Liability incurred related to investment in Planet3 | ||||||
- | - | - | - | 1,500 | ||
Dividends and distributions declared but not paid | ||||||
- | - | 152 | 757 | 623 | ||
Net settlement of recourse notes including interest issued to members | ||||||
- | - | - | - | 18,256 | ||
Noncash Net Settlement of Stock Options | ||||||
- | - | - | 744 | 3,878 | ||
Forgiveness of Note Receivable in Exchange for Capital Lease Asset | ||||||
- | - | - | 2,100 | 0 | ||