XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 152,766 $ 104,383
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 50,180 25,991
Deferred financing cost amortization 4,187 133
Stock-based compensation 13,526 8,034
Provision for expected credit losses 2,153 224
Inventory obsolescence 3,569 1,642
Gain on disposal of assets (1,999) (470)
Deferred income taxes 10,723 19,230
Change in fair value of earn-out liability 12,932 0
Gain from revaluation of liability related to tax receivable agreement (3,683) (10)
Changes in operating assets and liabilities:    
Accounts receivable (12,637) (42,906)
Inventories 45,377 (45,545)
Prepaid expenses and other assets (7,321) (4,265)
Accounts payable 2,733 20,537
Accrued expenses and other liabilities 2,986 3,293
Payments pursuant to tax receivable agreement (26,890) (11,666)
Net cash provided by operating activities 248,602 78,605
Cash flows from investing activities    
Acquisition of a business, net of cash and cash equivalents acquired (616,189) 0
Capital expenditures and other (33,400) (21,197)
Proceeds from sales of assets 4,347 1,701
Net cash used in investing activities (645,242) (19,496)
Cash flows from financing activities    
Proceeds from the issuance of long-term debt 155,000 0
Repayments of borrowings of long-term debt (155,000) 0
Net proceeds from the issuance of Class A common stock 169,878 0
Payments of deferred financing costs (6,857) (165)
Payments on finance leases (5,579) (4,505)
Dividends paid to Class A common stock shareholders (22,266) (20,015)
Distributions to members (13,926) (8,007)
Repurchases of shares (4,599) (4,495)
Net cash provided by (used in) financing activities 116,651 (37,187)
Effect of exchange rate changes on cash and cash equivalents (800) (2,968)
Net increase (decrease) in cash and cash equivalents (280,789) 18,954
Cash and Cash Equivalents, at Carrying Value [Abstract]    
Cash and cash equivalents, beginning of period 344,527 301,669
Cash and cash equivalents, end of period 63,738 320,623
Supplemental disclosure of cash flow information    
Net cash paid for income taxes 19,464 3,762
Cash paid for interest 5,150 801
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new lease obligations 10,210 10,707
Property and equipment in accounts payable $ 1,758 $ 1,582