v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net (loss) income $ (138,375) $ 490,663 $ 469,250
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation 12,898 7,566 6,413
Amortization of intangible assets 27,356 24,269 18,339
Amortization of operating lease right-of-use assets 8,527 6,268 8,792
Amortization of deferred financing costs 2,929 2,788 2,676
Equity-based compensation expense 34,588 18,670 10,458
Loss on extinguishment of debt 0 208 0
Deferred income taxes 754,942 42,318 46,904
Change in estimated fair value of contingent consideration (3,286) (7,800) 0
Gain on sale of business 0 0 (11,249)
Revaluation of liabilities under the Tax Receivable Agreement (668,886) 4,102 (6,101)
Other (2,313) (7,993) (281)
Changes in operating assets and liabilities:      
Accounts receivable 84,395 (22,272) (70,391)
Inventory 649 9,459 (21,574)
Prepaid expenses and other assets 8,136 (52,873) (9,513)
Government funding receivable 0 16,973 0
Accounts payable 5,284 (1,578) 676
Accrued expenses and other current liabilities 15,108 8,503 (3,457)
Deferred revenue 250 (7,123) (67,851)
Other long-term liabilities (15,978) 3,829 (4,521)
Net cash provided by operating activities 126,224 535,977 368,570
Investing activities:      
Cash paid for acquisition, net of cash acquired (69,622) (238,969) 0
Purchases of property and equipment (65,553) (17,090) (14,850)
Proceeds from government assistance allocated to property and equipment 12,865 1,105 0
Prepaid lease payments on finance lease yet to commence 0 (13,278) 0
Proceeds from sale of building 0 0 548
Proceeds from sale of business, net of cash divested 0 620 119,957
Net cash (used in) provided by investing activities (122,310) (267,612) 105,655
Financing activities:      
Distributions to non-controlling interests holders (9,607) (150,206) (153,451)
Proceeds from borrowings of long-term debt, net of discount 0 8,455 0
Principal repayments of long-term debt (5,440) (13,895) (6,000)
Payments of finance lease liabilities (332) 0 0
Proceeds from derivative instruments 6,168 0 0
Payment of acquisition consideration holdback (9,706) 0 0
Shares withheld for employee taxes, net of proceeds from issuance of Class A common stock under employee equity plans (20) 2,358 1,709
Net cash used in financing activities (61,090) (187,499) (159,049)
Effects of exchange rate changes on cash 0 0 (88)
Net (decrease) increase in cash and cash equivalents (57,176) 80,866 315,088
Cash and cash equivalents, beginning of period 632,138 551,272 236,184
Cash and cash equivalents, end of period 574,962 632,138 551,272
Supplemental cash flow information:      
Cash paid for interest 44,256 20,198 27,234
Cash (refunded) paid for income taxes, net (2,987) 23,032 22,473
Supplemental disclosures of non-cash activities:      
Property and equipment included in accounts payable and accrued expenses 2,011 1,701 2,149
Accrued receivable for capital expenditures to be reimbursed under a government contract 1,118 0 0
Right-of-use assets obtained in exchange for new finance lease liabilities 32,862 0 0
Right-of-use assets obtained in exchange for new operating lease liabilities 3,931 17,513 0
Fair value of contingent consideration liability recorded in connection with acquisition of a business 5,289 7,800 0
Accrued consideration payable for MyChem acquisition 0 10,000 0
Recognition of deferred tax assets as a result of exchanges of LLC Units and cash contribution 0 0 423,361
Recognition of liabilities under the Tax Receivable Agreement 0 0 366,179
MLSH 1      
Financing activities:      
Payments pursuant to the Tax Receivable Agreement (35,661) (29,108) (1,115)
MLSH 2      
Financing activities:      
Payments pursuant to the Tax Receivable Agreement $ (6,492) $ (5,103) $ (192)

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