Unaudited

v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 27,120 $ 149,676
Adjustments to reconcile net income to net cash from operations provided by operating activities:    
Amortization of patent formulations 3,706 3,949
Amortization of other intangibles 20,647 20,561
Inventory write-off and disposal 6,167 4,324
Depreciation of fixed assets 230 152
Amortization of debt issuance costs 906 636
Deferred taxes 1,240 (3,537)
Share-based compensation expense 4,652 3,423
Loss on extinguishment of debt 0 18,803
Other operating 530 0
Changes in operating assets and liabilities, net of effects of acquisition (as applicable):    
Accounts receivable, net (4,078) (40,566)
Inventory 10,657 (45,657)
Other current assets (4,627) 3,856
Accounts payable 3,918 1,532
Accrued expenses and other current liabilities 4,047 10,901
Other assets and liabilities (28) 0
Net cash provided by operating activities 75,087 128,053
Cash flows from investing activities:    
Purchase of property and equipment (128) (75)
Purchase of intangible assets (500) 0
Purchase of software (1,368) (870)
Net cash used in investing activities (1,996) (945)
Cash flows from financing activities:    
Proceeds from exercise of stock options 4,097 740
Payments for shares withheld and retired for taxes and exercise price for stock-settled share appreciation rights (64) (572)
Payment to pre-IPO stockholders pursuant to tax receivable agreement (16,452) 0
Principal payments for 2022 Term Loan Facility, and principal payments and prepayment fees for 2020 Term Loan Facility (5,062) (778,692)
Proceeds from the issuance of 2022 Term Loan Facility 0 675,000
Payments of debt issuance costs 0 (11,944)
Net cash used in financing activities (17,481) (115,468)
Net increase in cash and cash equivalents 55,610 11,640
Cash and cash equivalents - beginning of period 322,808 186,388
Cash and cash equivalents - end of period 378,418 198,028
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 9,511 35,176
Cash paid during the year for interest 29,344 13,491
Supplemental disclosure of noncash activities:    
Cash-settled units liability reclassification to additional paid in capital $ 0 $ 1,632

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