Unaudited

v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 244,072 $ 220,784 $ 39,278
Adjustments to reconcile net income to net cash from operations provided by operating activities:      
Amortization of patented formulations 7,500 7,989 6,052
Amortization of other intangibles 41,282 40,790 39,825
Inventory write-off and disposal 8,180 0 0
Depreciation of fixed assets 363 162 0
Amortization of fair value of acquired inventory 0 0 44,721
Amortization of debt issuance costs 1,543 2,830 1,752
Deferred taxes 9,179 2,486 (4,428)
Tax receivable agreement liability adjustment (3,084) (3,615) 0
Share-based compensation expense 7,275 3,963 1,527
Loss on extinguishment of debt 18,803 0 0
Other operating 412 0 0
Changes in operating assets and liabilities, net of effects of acquisition (as applicable):      
Accounts receivable, net (5,441) (26,402) (7,118)
Inventory (52,640) (63,724) (14,242)
Other current assets 850 (7,199) (2,094)
Accounts payable (9,419) 2,352 14,865
Accrued expenses and other current liabilities (7,322) 19,613 8,837
Other assets and liabilities (6,229) 0 0
Net cash provided by operating activities 255,324 200,029 128,975
Cash flows from investing activities:      
Purchase of property and equipment (650) (875) (27)
Purchase of investment in nonconsolidated entity 0 (4,500) 0
Business acquisition, net of acquired cash 0 0 (1,381,582)
Purchase of software (2,032) (890) 0
Net cash used in investing activities (2,682) (6,265) (1,381,609)
Cash flows from financing activities:      
Dividend / distribution payments 0 0 (470,000)
Proceeds from the issuance of stock 0 633 959,868
Proceeds from exercise of stock options 1,876 1,138 0
Proceeds from Revolver 0 0 50,000
Principal payments of Term Loan (780,380) (20,111) (10,653)
Payments for shares withheld and retired for taxes and exercise price for SARs (774) 0 0
Payments of Revolver 0 0 (50,000)
Proceeds from the issuance of Term Loan 675,000 0 800,000
Payments of debt issuance costs (11,944) 0 (15,617)
Net cash (used in) provided by financing activities (116,222) (18,340) 1,263,598
Net increase in cash and cash equivalents 136,420 175,424 10,964
Cash and cash equivalents - beginning of period 186,388 10,964 0
Cash and cash equivalents - end of period 322,808 186,388 10,964
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 59,922 33,812 9,914
Cash paid during the year for interest 41,226 58,316 34,566
Supplemental disclosure of noncash activities:      
Offering and strategic transition costs included in accounts payable and accrued expenses 0 243 0
(Decrease) increase in Related Party payable pursuant to Tax Receivable Agreement (3,084) 232,893 0
Cash Settled units liability reclassification to additional paid in capital $ 1,632 $ 0 $ 0

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