XML 15 R6.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net income $ 35,907 $ 11,952
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 5,092 5,402
Amortization/write off of deferred financing costs 692 684
Equity-based compensation 11,968 7,896
Provision for credit losses 296 0
Provision for obsolete or slow-moving inventory 3,140 443
Provision for warranty expense 9,386 0
Deferred taxes 8,953 2,847
Changes in assets and liabilities:    
Accounts receivable (46,820) (26,259)
Unbilled receivables (4,951) (1,047)
Inventory 1,402 (27,404)
Other assets (2,064) (2,059)
Accounts payable 7,014 4,060
Accrued expenses and other (220) 4,713
Deferred revenue 8,039 12,029
Net Cash Provided by (Used in) Operating Activities 37,834 (6,743)
Cash Flows from Investing Activities    
Purchases of property, plant and equipment (4,377) (2,149)
Net Cash Used in Investing Activities (4,377) (2,149)
Cash Flows from Financing Activities    
Distributions to non-controlling interests (2,628) (4,566)
Employee withholding taxes related to net settled equity awards (3,576) (1,297)
Proceeds from revolving credit facility 5,000 38,000
Other (1,159) 0
Net Cash Provided by (Used in) Financing Activities (36,363) 23,137
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (2,906) 14,245
Cash, Cash Equivalents and Restricted Cash—Beginning of Period 8,766 9,557
Cash, Cash Equivalents and Restricted Cash—End of Period 5,860 23,802
Supplemental Cash Flows Information:    
Cash paid for interest 11,300 6,127
Cash paid for taxes 865 708
Non-cash investing and financing activities:    
Recording of deferred tax assets related to exchanges of Class B common stock to Class A common stock 187,648 948
Recording of amounts payable pursuant to tax receivable agreement 0 800
Capital contribution related to tax receivable agreement exchanges of Class B common stock to Class A common stock 187,648 148
Secured Debt    
Cash Flows from Financing Activities    
Payments on/ repayments of credit facilities (1,000) (1,000)
Revolving Credit Facility    
Cash Flows from Financing Activities    
Payments on/ repayments of credit facilities $ (33,000) $ (8,000)