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 $ 143,013 $ 3,944 $ 33,766
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 10,509 10,053 9,405
Amortization/write off of deferred financing costs 1,365 5,969 351
Equity-based compensation 16,108 11,286 8,251
Provision for credit losses 200 0 0
Provision for obsolete or slow-moving inventory 2,073 (1,418) 188
Deferred taxes 8,406 (1,476) 0
Payable pursuant to the tax receivable agreement adjustment 6,675 1,663 0
Gain on termination of tax receivable agreement (110,883) 0 0
Gain on sale of assets 0 52 0
Changes in assets and liabilities, net of business acquisition:      
Accounts receivable (19,207) 818 288
Unbilled receivables (3,180) (9,739) (1,289)
Inventory (36,927) (17,188) (6,475)
Other assets 244 341 643
Accounts payable (11,029) (3,877) 4,251
Accrued expenses and other 10,670 (6,179) 4,949
Deferred revenue 21,418 1,668 (246)
Net Cash Provided by (Used in) Operating Activities 39,455 (4,083) 54,082
Cash Flows Used In Investing Activities      
Purchases of property, plant and equipment (3,154) (4,126) (3,236)
Acquisition of a business, net of cash acquired 0 (12,909) 0
Other (503) 0 0
Net Cash Used in Investing Activities (3,657) (17,035) (3,236)
Cash Flows from Financing Activities      
Distributions to non-controlling interests (7,762) (4,837) (376,046)
Employee withholding taxes related to net settled equity awards (1,297) (137) 0
Deferred financing costs 0 (94) (11,821)
Proceeds from issuance of Class A common stock sold in an IPO, net of underwriting discounts and commissions 0 278,833 0
Proceeds from issuance of Class A common stock in follow-on offering, net of underwriting discounts and commissions 42,943 281,064 0
Payment of debt assumed in acquisition 0 (1,537) 0
Deferred offering costs (1,463) (9,704) (3,738)
Early termination payment of tax receivable agreement (58,000) 0 0
Payment of fees for tax receivable agreement termination (1,870) 0 0
Net Cash Provided by (Used in) Financing Activities (36,589) 20,602 (47,855)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (791) (516) 2,991
Cash, Cash Equivalents and Restricted Cash—Beginning of Period 9,557 10,073 7,082
Cash, Cash Equivalents and Restricted Cash—End of Period 8,766 9,557 10,073
Supplemental Cash Flows Information:      
Cash paid for interest 12,840 10,809 3,033
Cash paid for taxes 786 1,190 0
Non-cash investing and financing activities:      
Reclassification of deferred offering costs to additional paid-in capital 0 3,902 0
Recording of deferred tax assets related to exchanges of Class B common stock to Class A common stock 123,157 187,915 0
Recording of amounts payable pursuant to tax receivable agreement 7,761 154,711 0
Capital contribution related to tax receivable agreement exchanges of Class B common stock to Class A common stock 115,396 27,011 0
Income tax receivable from merger due to former owner 0 3,842 0
Deferred tax asset and additional paid-in capital from ConnectPV 0 238 0
Class A common stock issued in ConnectPV acquisition 0 6,500 0
IPO      
Cash Flows from Financing Activities      
Purchase of LLC Interests 0 (124,312) 0
Follow-on Offering      
Cash Flows from Financing Activities      
Purchase of LLC Interests 0 (281,064) 0
Term Loan Facility      
Cash Flows from Financing Activities      
Proceeds from credit facility 0 0 350,000
Repayments of credit facility (2,000) (152,750) 0
Revolving Credit Facility      
Cash Flows from Financing Activities      
Proceeds from credit facility 46,000 49,140 20,000
Repayments of credit facility (53,140) (14,000) 0
Term Loan      
Cash Flows from Financing Activities      
Payments on senior debt - term loan 0 0 (26,250)
Delayed Draw Term Loan      
Cash Flows from Financing Activities      
Proceeds from credit facility 0 0 20,000
Repayments of credit facility $ 0 $ 0 $ (20,000)