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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 112,520 $ 131,815 $ 83,414
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 8,387 8,575 10,428
Equity-based compensation expense 17,562 11,465 6,113
Inventory reserve (1,182) 1,668 600
Amortization of deferred finance costs 1,546 2,345 1,654
Change in fair value of earnout consideration liability (14,237) (23,337) (9,575)
Revaluation of warrant liability (8,047) (18,930) (3,485)
Change in fair value of derivative liability 139 (266) 0
Deferred tax (benefit) expense 2,667 3,193 (857)
Changes in assets and liabilities      
Accounts receivable (3,216) (9,347) (19,133)
Inventories (8,984) (18,237) 3,792
Prepaid expenses and other assets (1,309) (1,228) (1,519)
Accounts payable (1,934) 68 4,637
Accrued expenses 1,833 23 1,665
Deposits and other assets 0 (14) 0
Other liabilities (1,433) 4,990 46
Net cash provided by operating activities 104,312 92,783 77,780
Cash flows from investing activities      
Acquisition of property and equipment (10,944) (9,053) (4,746)
Net cash used in investing activities (10,944) (9,053) (4,746)
Cash flows from financing activities      
Business combination and PIPE financing 0 0 60,826
Proceeds from employee stock purchase plan and exercise of equity awards 1,196 82 0
Proceeds from convertible notes 0 0 127,400
Payment of line of credit 0 (15,000) (5,000)
Proceeds from term loan 0 0 250,000
Payment of term loan (22,810) (16,878) (240,000)
Payments for taxes related to net share settlement of equity awards (3,126) 0 0
Payment of tax receivable agreement liability (2,436) (110) 0
Deferred finance costs related to debt modification (256) 0 (1,860)
Distributions pursuant to the business combination 0 0 (218,300)
Distributions (38,362) (36,293) (22,334)
Issuance cost related to business combination 0 (23,833) (15,244)
Net cash used in financing activities (65,794) (92,032) (64,512)
Net increase (decrease) in cash and cash equivalents 27,574 (8,302) 8,522
Cash and cash equivalents, beginning of period 13,642 21,944 13,422
Cash and cash equivalents, end of period 41,216 13,642 21,944
Supplementary disclosure of cash flow information:      
Cash paid for interest expense 27,247 21,379 10,101
Cash paid for income taxes 2,760 858 0
Supplemental disclosure of non-cash financing activities:      
Derivative asset - interest rate swap 5,258 8,651 0
Issuance costs payable $ 0 $ 0 $ 23,107