Unaudited

v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 149,676 $ 94,882
Adjustments to reconcile net income to net cash from operations provided by operating activities:    
Amortization of patented formulations 3,949 4,719
Amortization of other intangibles 20,561 20,365
Inventory write-off and disposal 4,324 0
Depreciation of fixed assets 152 0
Amortization of debt issuance costs 636 1,380
Deferred taxes (3,537) 1,331
Share-based compensation expense 3,423 1,174
Loss on extinguishment of debt 18,803 0
Changes in operating assets and liabilities, net of effects of acquisition:    
Accounts receivable, net (40,566) (28,715)
Inventory (45,657) (23,777)
Other current assets 3,856 (3,421)
Accounts payable 1,532 723
Accrued expenses and other current liabilities 10,901 6,292
Net cash provided by operating activities 128,053 74,953
Cash flows from investing activities:    
Purchase of property and equipment (75) (64)
Purchase of software (870) 0
Net cash used in investing activities (945) (64)
Cash flows from financing activities:    
Proceeds from the issuance of stock 0 633
Proceeds from exercise of stock options 740 0
Payments for shares withheld and retired for taxes and exercise price for stock-settled stock appreciation rights (572) 0
Principal payments and prepayment fees for 2020 Term Loan Facility, and principal payments for 2022 Term Loan Facility (778,692) (10,056)
Proceeds from the issuance of 2022 Term Loan Facility 675,000 0
Payments of debt issuance costs (11,944) 0
Net cash used in financing activities (115,468) (9,423)
Net increase in cash and cash equivalents 11,640 65,466
Cash and cash equivalents - beginning of period 186,388 10,964
Cash and cash equivalents - end of period 198,028 76,430
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 35,176 22,731
Cash paid during the year for interest 13,491 32,006
Supplemental disclosure of noncash activities:    
Public offering and strategic transition costs included in accounts payable and accrued expenses 0 626
Cash-settled units liability reclassification to additional paid in capital $ 1,632 $ 0

Source