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 $ 42,661 $ 143,013 $ 3,944
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 10,529 10,509 10,053
Amortization/write off of deferred financing costs 2,165 1,365 5,969
Equity-based compensation 20,862 16,108 11,286
Provision for credit losses 296 200 0
Provision for obsolete or slow-moving inventory 5,041 2,073 (1,418)
Provision for warranty expense 59,556 560 60
Deferred taxes 11,334 8,406 (1,476)
Payable pursuant to the tax receivable agreement adjustment 0 6,675 1,663
Gain on termination of tax receivable agreement 0 (110,883) 0
Gain on sale of assets 0 0 52
Changes in assets and liabilities, net of business acquisition:      
Accounts receivable (56,839) (19,207) 818
Unbilled receivables (23,423) (3,180) (9,739)
Inventory 15,009 (36,927) (17,188)
Other assets 1,355 244 341
Accounts payable 5,171 (11,029) (3,877)
Accrued expenses and other 4,471 10,110 (6,239)
Warranty liability (5,202) 0 0
Deferred revenue (1,031) 21,418 1,668
Net Cash Provided by (Used in) Operating Activities 91,955 39,455 (4,083)
Cash Flows from Investing Activities      
Purchases of property, plant and equipment (10,578) (3,154) (4,126)
Acquisition of a business, net of cash acquired 0 0 (12,909)
Other (269) (503) 0
Net Cash Used in Investing Activities (10,847) (3,657) (17,035)
Cash Flows from Financing Activities      
Distributions to non-controlling interests (2,628) (7,762) (4,837)
Employee withholding taxes related to net settled equity awards (3,880) (1,297) (137)
Deferred financing costs 0 0 (94)
Proceeds from revolving credit facility 45,000 46,000 49,140
Proceeds from issuance of Class A common stock sold in an IPO, net of underwriting discounts and commissions 0 0 278,833
Proceeds from issuance of Class A common stock in follow-on offering, net of underwriting discounts and commissions 0 42,943 281,064
Payment of debt assumed in acquisition 0 0 (1,537)
Deferred offering costs (1,159) (1,463) (9,704)
Early termination payment of tax receivable agreement 0 (58,000) 0
Payment of fees for tax receivable agreement termination 0 (1,870) 0
Net Cash Provided by (Used in) Financing Activities (67,167) (36,589) 20,602
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 13,941 (791) (516)
Cash, Cash Equivalents and Restricted Cash—Beginning of Period 8,766 9,557 10,073
Cash, Cash Equivalents and Restricted Cash—End of Period 22,707 8,766 9,557
Supplemental Cash Flows Information:      
Cash paid for interest 23,104 12,840 10,809
Cash paid for taxes 1,324 786 1,190
Non-cash investing and financing activities:      
Reclassification of deferred offering costs to additional paid-in capital 0 0 3,902
Recording of deferred tax assets related to exchanges of Class B common stock to Class A common stock 187,648 123,157 187,915
Recording of amounts payable pursuant to tax receivable agreement 0 7,761 154,711
Capital contribution related to tax receivable agreement exchanges of Class B common stock to Class A common stock 187,648 115,396 27,011
Income tax receivable from merger due to former owner 0 0 3,842
Deferred tax asset and additional paid-in capital from ConnectPV 0 0 238
Class A common stock issued in ConnectPV acquisition 0 0 6,500
IPO      
Cash Flows from Financing Activities      
Purchase of LLC Interests 0 0 (124,312)
Follow-on Offering      
Cash Flows from Financing Activities      
Purchase of LLC Interests 0 0 (281,064)
Term Loan Facility      
Cash Flows from Financing Activities      
Payments on/ repayments of credit facilities (51,500) (2,000) (152,750)
Revolving Credit Facility      
Cash Flows from Financing Activities      
Payments on/ repayments of credit facilities $ (53,000) $ (53,140) $ (14,000)