Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows

v3.22.2.2
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income (loss) $ (24,783) $ (34,606)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Depreciation, amortization and accretion expense 43,191 4,077
Amortization of debt issuance costs 2,444 627
Amortization of intangibles and below-market contracts (3,262) (6)
Bad debt expense 153 10
Return on investment in equity method investments 15,202 336
Equity in earnings of equity method investments (7,067) (879)
Total (gains) losses on derivatives, net (10,575) 10,413
Net cash received (paid) in settlement of derivatives 6,543 0
Forgiveness of Paycheck Protection Loan 0 (201)
Share-based compensation expense 12,785 2,887
Changes in operating assets and liabilities:    
Accounts receivable (4,336) (692)
Inventory (2,441) (270)
Prepaid expenses and other current assets 1,687 (22,315)
Accounts payable - trade 8,300 (1,207)
Accrued and other liabilities 39,964 (7,475)
Other non-current assets (585) (3,490)
Other long-term liabilities (63) (1,919)
Net cash provided by (used in) operating activities 77,157 (54,710)
Cash flows from investing activities    
Acquisition of Aria, net of cash acquired 1,876 (463,334)
Acquisition of assets and businesses (274,556) (31,527)
Additions to property, plant and equipment and progress payments (225,868) (88,209)
Purchases of biogas rights 0 (202)
Contributions to equity method investments (10,837) (4,100)
Return of investment in equity method investments 9,496 0
Net cash used in investing activities (499,889) (587,372)
Cash flows from financing activities    
Borrowings on line of credit agreement 0 12,478
Repayments on line of credit agreement 0 (12,478)
Proceeds from long-term debt, net of issuance costs 573,751 361,959
Repayments of long-term debt (9,618) (47,040)
Proceeds from reverse recapitalization and PIPE Financing 0 496,397
Contributions from Lightning JV noncontrolling interest owner 88,508 0
Payment of acquisition contingent consideration (1,650) 0
Capital contributions 0 70
Taxes paid on net share settled stock-based compensation awards (2,633) 0
Net cash provided by financing activities 648,358 811,386
Net change in cash, cash equivalents and restricted cash 225,626 169,304
Cash, cash equivalents and restricted cash - beginning of period 93,066 1,496
Cash, cash equivalents and restricted cash - end of period 318,692 170,800
Supplemental cash flow information    
Cash paid for interest [1] 11,480 1,869
Non-cash investing activities    
Accruals of property, plant and equipment and biogas rights incurred but not paid $ 31,491 $ 2,317
[1] Net of capitalized interest of $6.1 million and $7.2 million for the nine months ended September 30, 2022 and 2021, respectively.