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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 175,311 $ 152,766
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 45,124 50,180
Deferred financing cost amortization 840 4,187
Stock-based compensation 15,943 13,526
Provision for expected credit losses 378 2,153
Inventory obsolescence 2,738 3,569
Gain on disposal of assets (824) (1,999)
Deferred income taxes 12,606 10,723
Change in fair value of earn-out liability 16,318 12,932
Gain from revaluation of liability related to tax receivable agreement 0 (3,683)
Changes in operating assets and liabilities:    
Accounts receivable 8,324 (12,637)
Inventories (16,781) 45,377
Prepaid expenses and other assets 1,065 (7,321)
Accounts payable 2,871 2,733
Accrued expenses and other liabilities 32,050 2,986
Payments pursuant to tax receivable agreement (15,277) (26,890)
Payment of earn-out liability (31,168) 0
Net cash provided by operating activities 249,518 248,602
Cash flows from investing activities    
Acquisition of a business, net of cash and cash equivalents acquired 0 (616,189)
Capital expenditures and other (27,042) (33,400)
Proceeds from sales of assets 2,991 4,347
Net cash used in investing activities (24,051) (645,242)
Cash flows from financing activities    
Proceeds from the issuance of long-term debt 0 155,000
Repayments of borrowings of long-term debt 0 (155,000)
Net proceeds from the issuance of Class A common stock 0 169,878
Payments of deferred financing costs 0 (6,857)
Payment of contingent consideration (5,960) 0
Payments on finance leases (5,881) (5,579)
Dividends paid to Class A common stock shareholders (24,821) (22,266)
Distributions to members (10,444) (13,926)
Repurchases of shares (9,321) (4,599)
Net cash (used in) provided by financing activities (56,427) 116,651
Effect of exchange rate changes on cash and cash equivalents 544 (800)
Net increase (decrease) in cash and cash equivalents 169,584 (280,789)
Cash and Cash Equivalents, at Carrying Value [Abstract]    
Cash and cash equivalents, beginning of period 133,792 344,527
Cash and cash equivalents, end of period 303,376 63,738
Supplemental disclosure of cash flow information    
Net cash paid for income taxes 21,762 19,464
Cash paid for interest 1,658 5,150
Non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new lease obligations 13,366 10,210
Property and equipment in accounts payable $ 1,223 $ 1,758