v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net income $ 16,309 $ 26,079
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,332 7,744
Amortization/write off of deferred financing costs 2,937 1,032
Equity-based compensation 10,392 17,060
Provision for credit losses 0 296
Provision for obsolete or slow-moving inventory 1,505 3,639
Provision for warranty expense 15,203 59,723
Deferred taxes 8,184 2,456
Changes in assets and liabilities:    
Accounts receivable 11,817 (58,607)
Unbilled receivables 26,344 (11,793)
Inventory (14,555) 8,254
Other assets (2,668) (1,192)
Accounts payable 9,347 7,390
Accrued expenses and other (10,707) 3,330
Warranty liability (15,374) (3,669)
Deferred revenue (1,666) 3,766
Net Cash Provided by Operating Activities 66,400 65,508
Cash Flows from Investing Activities    
Purchases of property, plant and equipment (6,862) (7,642)
Other 0 (269)
Net Cash Used in Investing Activities (6,862) (7,911)
Cash Flows from Financing Activities    
Distributions to non-controlling interests 0 (2,628)
Employee withholding taxes related to net settled equity awards (1,170) (3,852)
Proceeds from revolving credit facility 148,750 5,000
Deferred financing costs (2,638) 0
Repurchase of Class A common stock (25,331) 0
Other 0 (1,159)
Net Cash Used in Financing Activities (71,139) (57,139)
Net Increase (Decrease) in Cash and Cash Equivalents (11,601) 458
Cash and Cash Equivalents—Beginning of Period 22,707 8,766
Cash and Cash Equivalents—End of Period 11,106 9,224
Supplemental Cash Flows Information:    
Cash paid for interest 13,452 17,380
Cash paid for taxes 106 991
Non-cash investing and financing activities:    
Recording of deferred tax assets and capital contribution related to exchanges of Class B common stock to Class A common stock 0 187,648
Term Loan Facility    
Cash Flows from Financing Activities    
Payments on/ repayments of credit facilities (143,750) (1,500)
Revolving Credit Facility    
Cash Flows from Financing Activities    
Payments on/ repayments of credit facilities $ (47,000) $ (53,000)