HA Sustainable Infrastructure Capital Inc
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities | |||
| Net income (loss) | $203,628 | $150,757 | $41,911 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for loss on receivables | 1,059 | 11,832 | 12,798 |
| Depreciation and amortization | 1,003 | 3,127 | 3,993 |
| Amortization of financing costs | 17,039 | 12,958 | 11,685 |
| Equity-based compensation | 23,151 | 18,386 | 20,101 |
| Equity method investments | (179,747) | (108,025) | 16,403 |
| Non-cash gain on sale or securitization | (70,685) | (43,542) | (28,614) |
| (Gain) loss on sale of assets | 7,299 | 1,305 | (218) |
| Changes in receivables held-for-sale | (29,273) | 51,538 | (62,953) |
| Loss on debt extinguishment | — | — | — |
| Changes in accounts payable, accrued expenses and other | 101,410 | 48,485 | 18,176 |
| Change in accrued interest on receivables and investments | (78,639) | (44,105) | (15,414) |
| Cash received (paid) upon hedge settlement | 20,311 | — | — |
| Other | (10,704) | (3,027) | (17,638) |
| Net cash provided by operating activities | 5,852 | 99,689 | 230 |
| Cash flows from investing activities | |||
| Equity method investments | (396,613) | (869,412) | (127,867) |
| Equity method investment distributions received | 39,142 | 30,140 | 110,064 |
| Proceeds from sales of equity method investments | 9,472 | — | 1,700 |
| Purchases of and investments in receivables | (667,140) | (1,338,860) | (726,931) |
| Principal collections from receivables | 600,652 | 197,784 | 125,976 |
| Proceeds from sales of receivables | 171,991 | 7,634 | 5,047 |
| Purchases of real estate | — | — | (4,550) |
| Sales of real estate | 115,767 | — | 4,550 |
| Purchases of investments | (10,537) | (14,404) | (2,329) |
| Proceeds from sales of investments and securitization assets | 5,390 | — | 7,020 |
| Collateral provided to hedge counterparties | (27,090) | (93,550) | — |
| Collateral received from hedge counterparties | 27,570 | 84,950 | — |
| Funding of escrow accounts | — | — | (5,476) |
| Withdrawal from escrow accounts | — | — | 22,757 |
| Other | 204 | 2,915 | (2,071) |
| Net cash provided by (used in) investing activities | (131,192) | (1,992,803) | (592,110) |
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| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from financing activities | |||
| Proceeds from credit facilities | 1,296,792 | 1,177,000 | 100,000 |
| Principal payments on credit facilities | (1,696,792) | (827,000) | (150,000) |
| Proceeds from (repayment of) commercial paper notes | 70,000 | 30,000 | (50,000) |
| Proceeds from issuance of non-recourse debt | 94,000 | — | 32,923 |
| Principal payments on non-recourse debt | (72,989) | (21,606) | (30,581) |
| Proceeds from issuance of term loan | 250,000 | 365,000 | 383,000 |
| Principal payments on term loan | (567,952) | (16,478) | — |
| Proceeds from issuance of senior unsecured notes | 1,199,956 | 550,000 | — |
| Redemption of senior unsecured notes | (400,000) | — | — |
| 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 | 203,528 | 492,377 | 188,881 |
| Payments of dividends and distributions | (192,269) | (159,786) | (132,198) |
| Withholdings on employee share vesting | (529) | (1,488) | (3,211) |
| Redemption premium paid | — | — | — |
| Payment of debt issuance costs | (30,331) | (22,894) | (11,754) |
| Collateral provided to hedge counterparties | (151,330) | (166,600) | — |
| Collateral received from hedge counterparties | 199,300 | 176,050 | — |
| Other | (969) | (3,268) | (9,820) |
| Net cash provided by (used in) financing activities | 200,415 | 1,792,224 | 516,779 |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 75,075 | (100,890) | (75,101) |
| Cash, cash equivalents, and restricted cash at beginning of period | 75,082 | 175,972 | 251,073 |
| Cash, cash equivalents, and restricted cash at end of period | $150,157 | $75,082 | $175,972 |
| Interest paid | $192,960 | $138,418 | $98,704 |
| Supplemental disclosure of non-cash activity | |||
| Residual assets retained from securitization transactions | $43,329 | $35,483 | $28,614 |
| Equity method investments retained from securitization and deconsolidation transactions | 32,564 | 144,603 | — |
| Issuance of common stock from conversion of convertible notes | — | — | 7,674 |
| Equity method investments retained from sale of assets to co-investment structure | 115,249 | — | — |
| Deconsolidation of non-recourse debt and other liabilities | 51,233 | 257,746 | — |
| Deconsolidation of assets pledged for non-recourse debt | 51,761 | 374,608 | — |
| Assumption of deferred financing obligation | 32,910 | — | — |
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