Hannon Armstrong Sustainable Infrastructure Capital Inc
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
HASI$38.99-0.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income (loss) | $150,757 | $41,911 | $127,346 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for loss on receivables | 11,832 | 12,798 | 496 |
| Depreciation and amortization | 3,127 | 3,993 | 3,801 |
| Amortization of financing costs | 12,958 | 11,685 | 11,316 |
| Equity-based compensation | 18,386 | 20,101 | 17,047 |
| Equity method investments | (108,025) | 16,403 | (94,773) |
| Non-cash gain on securitization | (43,542) | (28,614) | (48,332) |
| (Gain) loss on sale of assets | 1,305 | (218) | (720) |
| Changes in receivables held-for-sale | 51,538 | (62,953) | (22,035) |
| Loss on debt extinguishment | — | — | 14,584 |
| Changes in accounts payable and accrued expenses | 48,485 | 18,176 | 11,313 |
| Change in accrued interest on receivables and investments | (44,105) | (15,414) | (859) |
| Other | (3,027) | (17,638) | (5,875) |
| Net cash provided by operating activities | 99,689 | 230 | 13,309 |
| Cash flows from investing activities | |||
| Equity method investments | (869,412) | (127,867) | (401,856) |
| Equity method investment distributions received | 30,140 | 110,064 | 21,777 |
| Proceeds from sales of equity method investments | — | 1,700 | 300 |
| Purchases of and investments in receivables | (1,338,860) | (726,931) | (553,366) |
| Principal collections from receivables | 197,784 | 125,976 | 148,769 |
| Proceeds from sales of receivables | 7,634 | 5,047 | 75,582 |
| Purchases of real estate | — | (4,550) | — |
| Sales of real estate | — | 4,550 | — |
| Purchases of investments | (14,404) | (2,329) | (4,830) |
| Proceeds from sales of investments and securitization assets | — | 7,020 | 15,197 |
| Collateral provided to hedge counterparties | (93,550) | — | — |
| Collateral received from hedge counterparties | 84,950 | — | — |
| Funding of escrow accounts | — | (5,476) | (12,069) |
| Withdrawal from escrow accounts | — | 22,757 | 1,756 |
| Other | 2,915 | (2,071) | 5,338 |
| Net cash provided by (used in) investing activities | (1,992,803) | (592,110) | (703,402) |
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| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from financing activities | |||
| Proceeds from credit facilities | 1,177,000 | 100,000 | 100,000 |
| Principal payments on credit facilities | (827,000) | (150,000) | (22,441) |
| Proceeds from issuance of commercial paper notes | 30,000 | — | 50,000 |
| Principal payments on commercial paper notes | — | (50,000) | — |
| Proceeds from issuance of non-recourse debt | — | 32,923 | — |
| Principal payments on non-recourse debt | (21,606) | (30,581) | (37,974) |
| Proceeds from issuance of term loan | 365,000 | 383,000 | — |
| Principal payments on term loan | (16,478) | — | — |
| Proceeds from issuance of senior unsecured notes | 550,000 | — | 1,000,000 |
| Redemption of senior unsecured notes | — | — | (500,000) |
| Proceeds from issuance of convertible notes | 402,500 | 200,000 | — |
| Principal payments on convertible notes | (143,748) | (461) | — |
| Purchase of capped calls related to the issuance of convertible notes | (37,835) | — | — |
| Net proceeds of common stock issuances | 492,377 | 188,881 | 200,641 |
| Payments of dividends and distributions | (159,786) | (132,198) | (113,510) |
| Withholdings on employee share vesting | (1,488) | (3,211) | (14,018) |
| Redemption premium paid | — | — | (14,101) |
| Payment of debt issuance costs | (22,894) | (11,754) | (17,750) |
| Collateral provided to hedge counterparties | (166,600) | — | — |
| Collateral received from hedge counterparties | 176,050 | — | — |
| Other | (3,268) | (9,820) | (12) |
| Net cash provided by (used in) financing activities | 1,792,224 | 516,779 | 630,835 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | (100,890) | (75,101) | (59,258) |
| Cash, cash equivalents, and restricted cash at beginning of period | 175,972 | 251,073 | 310,331 |
| Cash, cash equivalents, and restricted cash at end of period | $75,082 | $175,972 | $251,073 |
| Interest paid | $138,418 | $98,704 | $108,267 |
| Supplemental disclosure of non-cash activity | |||
| Residual assets retained from securitization transactions | $35,483 | $28,614 | $56,432 |
| Equity method investments received upon deconsolidation of a special purpose entity | 144,603 | — | — |
| Right-of-use asset obtained in exchange for lease liability | — | — | 4,628 |
| Issuance of common stock from conversion of convertible notes | — | 7,674 | 141,810 |
| Deconsolidation of non-recourse debt and other liabilities | 257,746 | — | 126,139 |
| Deconsolidation of assets pledged for non-recourse debt | 374,608 | — | 130,513 |
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