v3.24.3
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 $ 28,322 $ 47,486
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of patent formulations 7,054 6,298
Amortization of other intangibles 32,807 31,025
Inventory write-off and disposal 2,970 9,801
Depreciation of fixed assets 393 344
Amortization of debt issuance costs 1,359 1,359
Deferred taxes 1,322 2,377
Share-based compensation expense 8,560 7,338
Other operating 1,764 795
Changes in operating assets and liabilities:    
Accounts receivable, net 5,513 (5,656)
Inventory 6,572 23,260
Other current assets 1,959 2,170
Accounts payable 4,091 3,601
Accrued expenses, sales tax and income tax payable (6,918) (1,311)
Other assets and liabilities (2,358) (390)
Net cash provided by operating activities 93,410 128,497
Cash flows from investing activities:    
Purchase of property and equipment (690) (239)
Purchase of intangible assets 0 (500)
Purchase of software (2,679) (2,163)
Net cash used in investing activities (3,369) (2,902)
Cash flows from financing activities:    
Proceeds from exercise of stock options 230 4,449
Payments made pursuant to Tax Receivable Agreement (12,779) (16,452)
Principal payments for 2022 Term Loan Facility (5,063) (6,750)
Net cash used in financing activities (17,612) (18,817)
Net increase in cash and cash equivalents 72,429 106,778
Cash and cash equivalents - beginning of period 466,400 322,808
Cash and cash equivalents - end of period 538,829 429,586
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 12,635 9,531
Cash paid for interest 45,781 44,421
Supplemental disclosure of noncash activities:    
Assets acquired under operating lease 742 2,128
Purchases of intangible assets not yet paid 629 0
Purchases of property and equipment not yet paid 18 0
SARs    
Cash flows from financing activities:    
Payments related to shares withheld to cover tax withholding obligation for SARs $ 0 $ (64)

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