XML 22 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 104,383 $ 47,087
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 25,991 27,480
Deferred financing cost amortization 133 126
Stock-based compensation 8,034 6,546
Provision for expected credit losses 224 112
Inventory obsolescence 1,642 2,462
Gain on disposal of assets (470) (1,136)
Deferred income taxes 19,230 (1,404)
(Gain) loss from revaluation of liability related to tax receivable agreement (10) 1,004
Changes in operating assets and liabilities:    
Accounts receivable (42,906) (35,634)
Inventories (45,545) (16,491)
Prepaid expenses and other assets (4,265) (4,239)
Accounts payable 20,537 22,944
Accrued expenses and other liabilities 3,293 12,924
Payments pursuant to tax receivable agreement (11,666) (9,697)
Net cash provided by operating activities 78,605 52,084
Cash flows from investing activities    
Capital expenditures and other (21,197) (10,382)
Proceeds from sale of assets 1,701 1,965
Net cash used in investing activities (19,496) (8,417)
Cash flows from financing activities    
Payment of deferred financing costs (165) 0
Payments on finance leases (4,505) (3,839)
Dividends paid to Class A common stock shareholders (20,015) (15,249)
Distributions to members (8,007) (8,074)
Repurchases of shares (4,495) (3,192)
Net cash used in financing activities (37,187) (30,354)
Effect of exchange rate changes on cash and cash equivalents (2,968) 2
Net increase in cash and cash equivalents 18,954 13,315
Cash and cash equivalents    
Beginning of period 301,669 288,659
End of period 320,623 301,974
Supplemental disclosure of cash flow information    
Right-of-use assets obtained in exchange for new lease obligations 10,707 11,958
Property and equipment in accounts payable $ 1,582 $ 479