v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 13,525 $ 27,120
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of patent formulations 4,489 3,706
Amortization of other intangibles 22,025 20,647
Inventory write-off and disposal 2,516 6,167
Depreciation of fixed assets 284 230
Amortization of debt issuance costs 906 906
Deferred taxes (450) 1,240
Share-based compensation expense 6,044 4,652
Other operating 630 530
Changes in operating assets and liabilities:    
Accounts receivable, net 6,945 (4,078)
Inventory (6,632) 10,657
Other current assets (4,616) (4,627)
Accounts payable 15,797 3,918
Accrued expenses, sales tax and income tax payable (1,845) 4,047
Other assets and liabilities 331 (28)
Net cash provided by operating activities 59,949 75,087
Cash flows from investing activities:    
Purchase of property and equipment (559) (128)
Purchase of intangible assets 0 500
Purchase of software (1,619) (1,368)
Net cash used in investing activities (2,178) (1,996)
Cash flows from financing activities:    
Proceeds from exercise of stock options 225 4,097
Payment to Pre-IPO Stockholders pursuant to Tax Receivable Agreement (12,613) (16,452)
Principal payments for 2022 Term Loan Facility (3,375) (5,062)
Net cash used in financing activities (16,246) (17,481)
Net increase in cash and cash equivalents 41,525 55,610
Cash and cash equivalents - beginning of period 466,400 322,808
Cash and cash equivalents - end of period 507,925 378,418
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 10,554 9,511
Cash paid during the year for interest 25,008 29,344
Supplemental disclosure of noncash activities:    
Assets acquired under operating lease 742 0
Intangible assets non cash transaction 571 0
Property and equipment non cash transaction 21 0
Stock Appreciation Rights (SARs)    
Cash flows from financing activities:    
Payments related to shares withheld and retired to cover tax withholding obligation for SARs 0 (64)
Restricted Stock Units (RSUs)    
Cash flows from financing activities:    
Payments related to shares withheld and retired to cover tax withholding obligation for SARs $ (483) $ 0

Source

PDF