v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 93,587 $ 131,303
Depreciation and amortization 45,073 44,500
Debt discount amortization 1,000 921
Tax receivable agreement remeasurement (504) (860)
Unrealized foreign exchange gains 19 790
Loss on debt extinguishment 721 0
Non-cash lease expense 187 375
Share-based compensation 10,006 7,600
Realized and unrealized gains on short-term investments (99) 0
Deferred taxes 21,827 12,104
Change in operating assets and liabilities:    
Accounts receivable (19,390) (51,904)
Inventories 3,355 (12,631)
Prepaids and other current assets 6,479 (468)
Accounts payable and accrued expenses (22,779) 16,332
Customer trade allowances 3,733 16,143
Net cash provided by operating activities 143,215 164,205
Investing activities    
Purchases of property and equipment (80,140) (55,240)
Acquisition of short-term investments 0 (62,891)
Proceeds from maturity of short-term investments 18,000 21,000
Acquisition and development of software assets (6,439) (8,578)
Other investments (750) 0
Net cash used in investing activities (69,329) (105,709)
Financing activities    
Repayments of long-term debt and lease obligations (2,463) (8,375)
Debt fees paid (10,778) 0
Proceeds from origination of long-term debt 336,663 0
Payments related to settlement of long-term debt (334,883) 0
Repurchase of common stock (19,427) (94,050)
Tax payments related to issuance of shares to employees (5,953) (5,582)
Cash received from exercise of options 3,286 2,541
Payments on tax receivable agreement (11,135) (9,313)
Net cash used in financing activities (44,690) (114,779)
Effect of exchange rate changes on cash and cash equivalents (18) (2,048)
Net increase (decrease) in cash and cash equivalents 29,178 (58,331)
Cash and cash equivalents at beginning of period 98,584 249,159
Cash and cash equivalents at end of period 127,762 190,828
Cash paid during the period for:    
Interest, net of amounts capitalized 38,195 29,342
Net taxes paid 12,668 19,023
Supplemental disclosure of non-cash investing:    
Accrued capital expenditures $ 12,119 $ 23,103