| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Net revenue | ||||||
907,675 | 850,389 | 776,188 | ||||
Cost of goods sold | ||||||
607,841 | 583,112 | 449,290 | ||||
Gross profit | ||||||
299,834 | 267,277 | 326,898 | ||||
Operating costs and expenses: | ||||||
Advertising and marketing | ||||||
39,775 | 35,069 | 33,004 | ||||
Selling expense | ||||||
30,719 | 30,071 | 32,086 | ||||
General and administrative | ||||||
69,423 | 52,760 | 52,943 | ||||
Amortization of customer relationships | ||||||
23,400 | 24,100 | 23,900 | ||||
Business combination transaction costs | ||||||
1,914 | 297 | 0 | ||||
Tax receivable agreement liability remeasurement | ||||||
-186 | 1,866 | 50,222 | ||||
Gain on foreign currency contract | ||||||
7,100 | 0 | 0 | ||||
Other operating expense | ||||||
5,472 | 5,331 | 1,240 | ||||
Total operating costs and expenses | ||||||
163,738 | 145,719 | 92,906 | ||||
Operating income | ||||||
136,096 | 121,558 | 233,992 | ||||
Other expense: | ||||||
Interest expense, net | ||||||
39,870 | 39,404 | 39,174 | ||||
Gain on buyout of tax receivable agreement | ||||||
0 | -12,372 | 0 | ||||
Other expense | ||||||
-1,769 | -146 | -3,914 | ||||
Total other expense | ||||||
-41,639 | -27,178 | -43,088 | ||||
Income before income taxes | ||||||
94,457 | 94,380 | 190,904 | ||||
Income tax expense (benefit) | ||||||
16,892 | 12,954 | -67,204 | ||||
Net income | ||||||
77,565 | 81,426 | 258,108 | ||||
Less: Net income attributable to the non-controlling interest | ||||||
14,450 | 18,531 | 34,211 | ||||
Net income attributable to Class A stockholders | ||||||
63,115 | 62,895 | 223,897 | ||||
Earnings per Class A share: | ||||||
Basic (usd per share) | ||||||
0.57 | 0.63 | 2.26 | ||||
Diluted (usd per share) | ||||||
0.55 | 0.61 | 2.13 | ||||
Weighted-average shares outstanding: | ||||||
Basic (shares) | ||||||
110,540 | 99,957 | 99,109 | ||||
Diluted (shares) | ||||||
114,699 | 103,098 | 105,307 | ||||