v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net Income (Loss) $ 61,587 $ 244,072 $ 220,784
Adjustments to reconcile net income to net cash from operations provided by operating activities:      
Amortization of patented formulations 8,345 7,500 7,989
Amortization of other intangibles 41,468 41,282 40,790
Inventory write-off and disposal 15,227 8,180 0
Depreciation of fixed assets 479 363 162
Amortization of debt issuance costs 1,812 1,543 2,830
Deferred taxes 1,774 9,179 2,486
Tax receivable agreement liability adjustment (7,404) (3,084) (3,615)
Share-based compensation expense 9,072 7,275 3,963
Loss on extinguishment of debt 0 18,803 0
Other operating 1,060 412 0
Changes in operating assets and liabilities:      
Accounts receivable, net 5,299 (5,441) (26,402)
Inventory 34,599 (52,640) (63,724)
Other current assets (1,366) 850 (7,199)
Accounts payable (2,675) (9,419) 2,352
Accrued expenses, sales tax and income tax payable 8,722 (7,322) 19,613
Other assets and liabilities (467) (6,229) 0
Net cash provided by operating activities 177,532 255,324 200,029
Cash flows from investing activities:      
Purchase of property and equipment (375) (650) (875)
Purchase of intangible assets (500) 0 0
Purchase of software (2,739) (2,032) (890)
Purchase of investment in nonconsolidated entity 0 0 (4,500)
Net cash used in investing activities (3,614) (2,682) (6,265)
Cash flows from financing activities:      
Proceeds from the issuance of stock 0 0 633
Proceeds from exercise of stock options 4,974 1,876 1,138
Principal payments of Term Loan (8,438) (780,380) (20,111)
Payment to pre-IPO stockholders pursuant to tax receivable agreement (16,452) 0 0
Proceeds from the issuance of Term Loan 0 675,000 0
Payments of debt issuance costs 0 (11,944) 0
Net cash used in financing activities (30,326) (116,222) (18,340)
Net increase in cash and cash equivalents 143,592 136,420 175,424
Cash and cash equivalents - beginning of period 322,808 186,388 10,964
Cash and cash equivalents - end of period 466,400 322,808 186,388
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 7,738 59,922 33,812
Cash paid during the year for interest 59,595 41,226 58,316
Supplemental disclosure of noncash activities:      
Offering and strategic transition costs included in accounts payable and accrued expenses 0 0 243
Increase in Related Party payable pursuant to Tax Receivable Agreement 0 0 232,893
Noncash exercise of stock options 13,749 0 0
Cash Settled units liability reclassification to additional paid in capital 0 1,632 0
Assets acquired under operating lease 2,128 0 0
Share-based Payment Arrangement, Option      
Cash flows from financing activities:      
Payments for shares withheld and retired for taxes and exercise price (10,346) 0 0
Stock Appreciation Rights (SARs)      
Cash flows from financing activities:      
Payments for shares withheld and retired for taxes and exercise price $ (64) $ (774) $ 0

Source

PDF