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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 232,758 $ 214,840 $ 145,122
Reconciliation of net income to net cash provided by operating activities:      
Depreciation and amortization 60,438 65,045 34,124
Deferred financing cost amortization 1,120 4,514 165
Stock-based compensation 22,888 18,105 10,631
Provision for expected credit losses 370 2,622 406
Inventory obsolescence 3,841 5,337 2,739
Gain on disposal of assets (1,013) (3,156) (1,391)
Deferred income taxes 19,773 17,343 25,299
Change in fair value of earn-out liability 16,318 14,850 0
(Gain) loss from revaluation of liability related to tax receivable agreement (3,204) (4,490) 1,910
Changes in operating assets and liabilities:      
Accounts receivable 13,048 (11,858) (49,349)
Inventories (25,628) 41,922 (44,891)
Prepaid expenses and other assets (2,267) 753 (3,108)
Accounts payable 675 8,710 5,803
Accrued expenses and other liabilities 28,964 (7,367) 2,090
Payments pursuant to tax receivable agreement (20,800) (26,890) (11,666)
Payment of earn-out liability (31,168) 0 0
Net cash provided by operating activities 316,113 340,280 117,884
Cash flows from investing activities      
Acquisition of a business, net of cash and cash equivalents acquired 0 (616,189) 0
Capital expenditures and other (39,176) (43,977) (28,291)
Proceeds from sale of assets 3,788 5,373 2,755
Net cash used in investing activities (35,388) (654,793) (25,536)
Cash flows from financing activities      
Proceeds from the issuance of long-term debt 0 155,000 0
Repayments of borrowings of long-term debt 0 (155,000) 0
Payment of contingent consideration (5,960) 0 0
Net proceeds from the issuance of Class A common stock 0 169,878 0
Payments of deferred financing costs 0 (6,934) (353)
Payments on finance leases (7,882) (7,652) (6,055)
Dividends paid to Class A common stock shareholders (33,681) (30,124) (26,719)
Distributions to members (13,290) (16,644) (9,692)
Repurchases of shares (9,331) (5,249) (4,563)
Net cash provided by (used in) financing activities (70,144) 103,275 (47,382)
Effect of exchange rate changes on cash and cash equivalents (1,530) 503 (2,108)
Net increase (decrease) in cash and cash equivalents 209,051 (210,735) 42,858
Cash and cash equivalents      
Beginning of period 133,792 344,527 301,669
End of period $ 342,843 $ 133,792 $ 344,527