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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 $ 214,840 $ 145,122 $ 67,470
Reconciliation of net income to net cash provided by operating activities:      
Depreciation and amortization 65,045 34,124 36,308
Deferred financing cost amortization 4,514 165 168
Stock-based compensation 18,105 10,631 8,620
Provision for expected credit losses 2,622 406 310
Inventory obsolescence 5,337 2,739 3,490
Gain on disposal of assets (3,156) (1,391) (1,386)
Deferred income taxes 17,343 25,299 4,829
Change in fair value of earn-out liability 14,850 0 0
(Gain) loss from revaluation of liability related to tax receivable agreement (4,490) 1,910 (898)
Changes in operating assets and liabilities:      
Accounts receivable (11,858) (49,349) (45,492)
Inventories 41,922 (44,891) (36,083)
Prepaid expenses and other assets 753 (3,108) (2,789)
Accounts payable 8,710 5,803 22,281
Accrued expenses and other liabilities (7,367) 2,090 16,628
Payments pursuant to tax receivable agreement (26,890) (11,666) (9,697)
Net cash provided by operating activities 340,280 117,884 63,759
Cash flows from investing activities      
Acquisition of a business, net of cash and cash equivalents acquired (616,189) 0 0
Capital expenditures and other (43,977) (28,291) (13,939)
Proceeds from sale of assets 5,373 2,755 2,306
Net cash used in investing activities (654,793) (25,536) (11,633)
Cash flows from financing activities      
Proceeds from the issuance of long-term debt 155,000 0 0
Repayments of borrowings of long-term debt (155,000) 0 0
Net proceeds from the issuance of Class A common stock 169,878 0 0
Payments of deferred financing costs (6,934) (353) 0
Payments on finance leases (7,652) (6,055) (5,205)
Dividends paid to Class A common stock shareholders (30,124) (26,719) (21,158)
Distributions to members (16,644) (9,692) (9,742)
Repurchases of shares (5,249) (4,563) (3,283)
Net cash provided by (used in) financing activities 103,275 (47,382) (39,388)
Effect of exchange rate changes on cash and cash equivalents 503 (2,108) 272
Net increase (decrease) in cash and cash equivalents (210,735) 42,858 13,010
Cash and cash equivalents      
Beginning of period 344,527 301,669 288,659
End of period $ 133,792 $ 344,527 $ 301,669