HA Sustainable Infrastructure Capital, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $184.5M | $200.0M | $148.8M | $41.5M | $126.6M | $82.4M | $81.6M | $41.6M |
| Depreciation & Amortization | $780.0K | $1.0M | $3.1M | $4.0M | $3.8M | $3.6M | $3.6M | $4.5M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $29.9M | $25.6M | $19.8M | $20.1M | $17.0M | $16.8M | $14.2M | $10.1M |
| Net Cash from Operating Activities | $167.3M | $5.9M | $99.7M | $230.0K | $13.3M | $73.3M | $29.5M | $58.8M |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-855.8M | $-131.2M | $-1.99B | $-592.1M | $-703.4M | $-831.7M | $-201.1M | $50.8M |
| Financing Activities | ||||||||
| Dividends Paid | $209.8M | $192.3M | $159.8M | $132.2M | $113.5M | $99.9M | $86.4M | $71.0M |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $683.6M | $200.4M | $1.79B | $516.8M | $630.8M | $962.1M | $218.9M | $-168.4M |
| Net Change in Cash | $-4.9M | $75.1M | $-100.9M | $-75.1M | $-59.3M | $203.7M | $47.2M | $-58.8M |
| Free Cash Flow | — | — | — | — | — | — | — | — |