Hostess Brands (TWNK) 10-Q 17 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 10, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-37540
Entity Registrant Name	HOSTESS BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4168492
Entity Address, Address Line One	7905 Quivira Road
Entity Address, City or Town	Lenexa,
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66215
City Area Code	816
Local Phone Number	701-4600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001644406
Current Fiscal Year End Date	--12-31
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		131,294,192
Common Class A
Class of Stock [Line Items]
Title of 12(b) Security	Class A Common Stock, Par Value of $0.0001 per share
Trading Symbol	TWNK
Security Exchange Name	NASDAQ
Warrant
Class of Stock [Line Items]
Title of 12(b) Security	Warrants, each exercisable for a half share of Class A Common Stock
Trading Symbol	TWNKW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 197,846	$ 173,034
Accounts receivable, net	159,492	125,550
Inventories	52,144	49,348
Prepaids and other current assets	8,468	21,614
Total current assets	417,950	369,546
Property and equipment, net	306,995	303,959
Intangible assets, net	1,962,025	1,967,903
Goodwill	706,615	706,615
Other assets, net	17,166	17,446
Total assets	3,410,751	3,365,469
Current liabilities:
Long-term debt and lease obligations payable within one year	13,508	13,811
Tax receivable agreement payments payable within one year	10,200	11,800
Accounts payable	76,106	61,428
Customer trade allowances	47,514	46,779
Warrant liabilities	785	861
Accrued expenses and other current liabilities	38,855	55,715
Total current liabilities	186,968	190,394
Long-term debt and lease obligations	1,110,101	1,113,037
Tax receivable agreement obligations	144,744	144,744
Deferred tax liability	303,880	295,009
Other long-term liabilities	1,575	1,560
Total liabilities	1,747,268	1,744,744
Commitments and Contingencies (Note 10)
Additional paid in capital	1,290,882	1,281,018
Accumulated other comprehensive loss	(4,245)	(10,407)
Retained earnings	382,833	356,101
Treasury stock	(6,000)	(6,000)
Stockholders’ equity	1,663,483	1,620,725
Total liabilities and stockholders’ equity	3,410,751	3,365,469
Common Class A
Current liabilities:
Class A common stock, $0.0001 par value, 200,000,000 shares authorized, 131,184,826 and 130,347,464 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	$ 13	$ 13

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - Common Class A - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	131,184,826	130,347,464
Common stock, outstanding (in shares)	131,184,826	130,347,464

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net revenue	$ 265,421	$ 243,485
Cost of goods sold	169,902	164,148
Gross profit	95,519	79,337
Operating costs and expenses:
Advertising and marketing	11,781	10,063
Selling expense	8,630	18,120
General and administrative	22,185	25,195
Amortization of customer relationships	5,878	6,484
Business combination transaction costs	0	4,282
Other operating expense	0	27
Total operating costs and expenses	48,474	64,171
Operating income	47,045	15,166
Other expense (income):
Interest expense, net	10,017	11,725
Change in fair value of warrant liabilities	(76)	(79,100)
Other expense	363	553
Total other expense (income)	10,304	(66,822)
Income before income taxes	36,741	81,988
Income tax expense	10,009	248
Net income	26,732	81,740
Less: Net income attributable to the non-controlling interest		292
Net income attributable to Class A stockholders	$ 26,732	$ 81,448
Earnings per Class A share:
Basic (in usd per share)	$ 0.20	$ 0.66
Diluted (in usd per share)	$ 0.19	$ 0.02
Weighted-average shares outstanding:
Basic (in shares)	130,839,313	123,123,656
Diluted (in shares)	137,186,889	126,075,126

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 26,732	$ 81,740
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate swap designated as a cash flow hedge	7,060	(12,789)
Reclassification into net income	1,327	81
Income tax benefit (expense)	(2,225)	3,169
Comprehensive income	32,894	72,201
Less: Comprehensive loss attributed to non-controlling interest	0	(437)
Comprehensive income attributed to Class A stockholders	$ 32,894	$ 72,638

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common StockClass A	Common StockClass B	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Non-controlling Interest
Beginning Balance (in shares) at Dec. 31, 2019			122,107	8,411
Beginning Balance at Dec. 31, 2019		$ 1,374,487	$ 12	$ 1	$ 1,123,805	$ (756)	$ 251,425		$ 94,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	$ 72,201	72,638				(8,810)	81,448		(437)
Share-based compensation, net of income taxes (in shares)			106
Share-based compensation, net of income taxes		2,180			2,180
Exchanges (in shares)			969	(969)
Exchanges		11,802			11,819	(17)			(11,802)
Distributions									(1,613)
Exercise of employee stock options (in shares)			2
Exercise of employee stock options		153			153
Exercise of public warrants (in shares)			1
Exercise of public warrants		2			2
Payment of taxes for employee stock awards		(1,004)			(1,004)
Tax receivable agreement arising from exchanges, net of income taxes		(1,942)			(1,942)
Ending Balance (in shares) at Mar. 31, 2020			123,185	7,442
Ending Balance at Mar. 31, 2020		1,458,316	$ 12	$ 1	1,135,013	(9,583)	332,873		$ 80,580
Beginning Balance (in shares) at Dec. 31, 2020			130,347					444,000
Beginning Balance at Dec. 31, 2020		1,620,725	$ 13		1,281,018	(10,407)	356,101	$ (6,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	$ 32,894	32,894				6,162	26,732
Share-based compensation, net of income taxes (in shares)			146
Share-based compensation, net of income taxes		2,723			2,723
Exercise of employee stock options (in shares)			20
Exercise of employee stock options		262			262
Exercise of public warrants (in shares)			672
Exercise of public warrants		7,722			7,722
Payment of taxes for employee stock awards		(843)			(843)
Ending Balance (in shares) at Mar. 31, 2021			131,185					444,000
Ending Balance at Mar. 31, 2021		$ 1,663,483	$ 13		$ 1,290,882	$ (4,245)	$ 382,833	$ (6,000)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Statement of Stockholders' Equity [Abstract]
Tax effect from share-based compensation	$ 103
Tax effect from tax receivable agreement	$ 1,341

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 26,732	$ 81,740
Depreciation and amortization	12,691	12,821
Debt discount amortization	311	338
Change in fair value of warrant liabilities	(76)	(79,100)
Unrealized foreign exchange losses	123	286
Non-cash lease expense	329	590
Share-based compensation	2,723	2,077
Deferred taxes	6,646	(649)
Loss on sale of assets	0	27
Change in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	(34,204)	(17,463)
Inventories	(2,796)	5,180
Prepaids and other current assets	13,112	3,270
Accounts payable and accrued expenses	6,582	864
Customer trade allowances	680	3,161
Net cash provided by operating activities	32,853	13,142
Investing activities
Purchases of property and equipment	(10,251)	(11,323)
Acquisition of business, net of cash acquired	0	(318,427)
Acquisition and development of software assets	(634)	(1,793)
Net cash used in investing activities	(10,885)	(331,543)
Financing activities
Repayments of long-term debt and lease obligations	(2,792)	(2,792)
Proceeds from long-term debt origination, net of fees paid	0	136,888
Distributions to non-controlling interest	0	(1,614)
Tax payments related to issuance of shares to employees	(843)	(1,004)
Cash received from exercise of options and warrants	7,984	155
Payments on tax receivable agreement	(1,600)	(1,279)
Net cash used in financing activities	2,749	130,354
Effect of exchange rate changes on cash and cash equivalents	95	(873)
Net increase (decrease) in cash and cash equivalents	24,812	(188,920)
Cash and cash equivalents at beginning of period	173,034	285,087
Cash and cash equivalents at end of period	197,846	96,167
Cash paid during the period for:
Interest	9,807	10,758
Net taxes paid (refunded)	(8,191)	(586)
Supplemental disclosure of non-cash investing:
Accrued capital expenditures	$ 4,026	$ 2,014

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Descr i ption of Business Hostess Brands, Inc. is a Delaware corporation headquartered in Lenexa, Kansas. The consolidated financial statements include the accounts of Hostess Brands, Inc. and its subsidiaries (collectively, the “Company”). The Company is a leading packaged food company focused on developing, manufacturing, marketing, selling and distributing snack products, including sweet baked goods, cookies and wafers in North America. The Hostess® brand dates back to 1919 when Hostess® CupCake was introduced to the public, followed by Twinkies® in 1930. Basis of Presentation The Company’s operations are conducted through operating subsidiaries that are wholly-owned by the Company. The consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned, majority-owned or controlled subsidiaries, collectively referred to as the Company. For the periods presented, the Company has one reportable segment. Adoption of New Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is elective and effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. Once elected, this ASU must be applied prospectively for all eligible contract modifications. We will adopt Topic 848 when our relevant contracts are modified upon transition to alternative reference rates. We do not expect our adoption of Topic 848 to have a material impact on our consolidated financial statements. In December 2019, ASU 2019-12 “Income Taxes: Simplifying the Accounting for Income Taxes (Topic 740)” was issued. This ASU simplifies the accounting for certain income tax related items, including intraperiod tax allocations, deferred taxes related to foreign subsidiaries and step-up in tax basis of goodwill. The ASU is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The company adopted the standard effective January 1, 2021. Adoption of Topic 740 did not have a material impact on the Company’s consolidated financial statements. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned or controlled subsidiaries (including those for which the Company is the primary beneficiary of a variable interest entity). All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements and for the reported amounts of revenues and expenses during the reporting period. Management utilizes estimates, including, but not limited to, valuation and useful lives of tangible and intangible assets, valuation of expected future payments under the tax receivable agreement, and reserves for trade and promotional allowances. Actual results could differ from these estimates. Accounts Receivable Accounts receivable represents amounts invoiced to customers for performance obligations which have been satisfied. As of March 31, 2021 and December 31, 2020, the Company’s accounts receivable were $159.5 million and $125.6 million, respectively, which have been reduced by an allowance for damages occurring during shipment, quality claims and doubtful accounts in the amount of $3.5 million at both March 31, 2021 and December 31, 2020. Inventories Inventories are stated at the lower of cost or net-realizable value on a first-in first-out basis. Abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage) are expensed in the period they are incurred. The components of inventories are as follows : (In thousands) March 31, December 31, Ingredients and packaging $ 24,557 $ 22,965 Finished goods 23,483 23,583 Inventory in transit to customers 4,104 2,800 $ 52,144 $ 49,348 Software Costs Capitalized software is included in “Other assets, net” in the consolidated balance sheets in the amount of $14.4 million and $14.7 million at March 31, 2021 and December 31, 2020, respectively. Capitalized software costs are amortized over their estimated useful life of five years commencing when such assets are ready for their intended use. Software amortization expense included in general and administrative operating expense was $0.9 million for the three months ended March 31, 2021, compared to $1.3 million for the three months ended March 31, 2020. Disaggregation of Revenue Net revenue consists of sales of packaged food products in the United States primarily within the Sweet Baked Goods category. The Company also sells products in the United States and Canada within the Cookies category. The following tables disaggregate revenue by geographical market and category. Three Months Ended March 31, 2021 ( In thousands ) Sweet Baked Goods Cookies Total United States $ 237,700 $ 23,803 $ 261,503 Canada — 3,918 3,918 $ 237,700 $ 27,721 $ 265,421 Three Months Ended March 31, 2020 ( In thousands ) Sweet Baked Goods Cookies Total United States $ 226,361 $ 13,307 $ 239,668 Canada — 3,817 3,817 $ 226,361 $ 17,124 $ 243,485 Concentrations The Company has one customer (together with its affiliates) that accounted 20.5% and 21.1% of total net revenue for the three months ended March 31, 2021 and 2020, respectively. Foreign Currency Remeasurement Certain Voortman Cookies Limited (“Voortman”) sales and costs are denominated in the Canadian dollar (“CAD”). CAD transactions have been remeasured into U.S. dollars (“USD”) on the consolidated statement of operations using the average exchange rate for the reporting period. Balances expected to be settled in CAD have been remeasured into USD on the consolidated balance sheet using the exchange rate at the end of the period. The Company recognized losses on remeasurement of less than $0.1 million during both the three months ended March 31, 2021 and 2020, reported within other expense on the consolidated statement of operations.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consists of the following: (In thousands) March 31, December 31, Land and buildings $ 61,594 $ 59,774 Right of use assets, operating 31,169 31,354 Machinery and equipment 265,615 255,821 Construction in progress 20,385 25,041 378,763 371,990 Less accumulated depreciation and amortization (71,768) (68,031) $ 306,995 $ 303,959 Depreciation expense was $5.8 million for the three months ended March 31, 2021, compared to $5.0 million for the three months ended March 31, 2020.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Included in accrued expenses and other current liabilities are the following: (In thousands) March 31, December 31, Payroll, vacation and other compensation $ 12,606 $ 9,886 Interest rate swap contract 5,307 13,694 Incentive compensation 5,216 16,199 Accrued interest 4,724 4,815 Other 11,002 11,121 $ 38,855 $ 55,715

Debt and Lease Obligations

Debt and Lease Obligations	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt and Lease Obligations	Debt and Lease Obligations A summary of the carrying value of the debt and lease obligations is as follows: (In thousands) March 31, December 31, Term Loan (3.0% as of March 31, 2021) Principal $ 1,099,972 $ 1,102,763 Unamortized debt premium and issuance costs (4,607) (4,917) 1,095,365 1,097,846 Lease obligations 28,244 29,002 Total debt and lease obligations 1,123,609 1,126,848 Less: Current portion of long term debt and lease obligations (13,508) (13,811) Long-term portion $ 1,110,101 $ 1,113,037 At March 31, 2021, minimum debt repayments under the term loan are due as follows: ( In thousands ) 2021 $ 8,376 2022 11,167 2023 11,167 2024 11,167 2025 1,058,095 Leases The Company entered into operating leases for certain properties which expire at various times through 2026. The Company determines if an arrangement is a lease at inception. At March 31, 2021 and 2020, right of use assets related to operating leases are included in property and equipment, net on the consolidated balance sheet (see Note 2. Property and Equipment). As of March 31, 2021 and 2020, the Company has no outstanding financing leases. Lease liabilities for operating leases are included in the current and non-current portions of long-term debt and lease obligations on the consolidated balance sheet. The table below shows the composition of lease expenses: Three Months Ended (In thousands) March 31, 2021 March 31, 2020 Operating lease expense 1,653 1,795 Short-term lease expense 203 1,014 Variable lease expense 357 554 $ 2,213 $ 3,363

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Warrants As of March 31, 2021 and December 31, 2020, there were 52,594,188 and 53,936,776 public warrants outstanding, respectively, and 541,658 private placement warrants outstanding. Each warrant entitles its holder to purchase one-half of one share of Class A common stock at an exercise price of $5.75 per half share, to be exercised only for a whole number of shares of Class A common stock. The warrants expire on November 4, 2021, or earlier upon redemption or liquidation. The Company may call the outstanding public warrants for redemption at a price of $0.01 per warrant, if the last sale price of the Company’s common stock equals or exceeds $24.00 per share for any 20 trading days within a 30-trading day period ending on the third business day before the Company sends the notice of redemption to the warrant holders. The private placement warrants, however, are nonredeemable so long as they are held by Gores Sponsor, LLC or its permitted transferees. The potential resale of the private placement warrants to the public warrants has been registered with the SEC. When sold to the public, the private placement warrants will become public warrants. The warrant agreement contains a tender offer provision that when paired with a two-class equity structure causes all warrants to be precluded from equity classification. Subsequent to the collapse of the two-class structure in November 2020 when all remaining Class B shares were exchanged for Class A shares, the tender offer provision no longer precludes the public warrants from being equity-classified. As a result, the $68.0 million liability related to the public warrants was reclassified to equity in November 2020. There are provisions specific to the private warrants which cause them to continue to be liability-classified subsequent to the exchange. As of March 31, 2021, the outstanding private warrants remain liability classified and subject to fair value measurement. The value of the each public warrant up until they were no longer classified as liabilities was based on the public trading price of warrant (Level 1 fair value measure). The fair value of each private warrant was evaluated and determined to be substantially the same as that of a public warrant and therefore considered to be a Level 2 fair value measure. The fair value of the warrants is measured on a recurring basis by comparison to available market information. Gains and losses related to the warrants are reflected in the change in fair value of warrant liabilities in the consolidated statement of operations. The Company entered into interest rate swap contracts with counter parties to make a series of payments based on fixed rates ranging from 1.11% to 1.78% and receive a series of payments based on the greater of LIBOR or 0.75%. Both the fixed and floating payment streams are based on the March 31, 2021 notional amount of $700 million reducing by $100 million each year, until $500 million remains outstanding through August 2025. The Company entered into these transactions to reduce its exposure to changes in cash flows associated with its variable rate debt and has designated these derivatives as cash flow hedges. At March 31, 2021, the effective fixed interest rate on the long-term debt hedged by these contracts ranged from 3.76% to 4.03%. To reduce the effect of fluctuations in CAD denominated expenses relative to their US dollar equivalents originating from its Canadian operations, the Company entered into CAD purchase contracts. The contracts provide for the Company to sell a total of $8.6 million USD for $11.0 million CAD at varying defined settlement dates through the end of 2021. The Company has designated these contracts as cash flow hedges. In connection with the agreement to purchase Voortman, the Company entered into a deal-contingent foreign currency contract to hedge the $440 million CAD forecasted purchase price and a portion of the subsequent expected conversion costs. The contract was settled in cash following the completion of the purchase on January 3, 2020. A summary of the fair value of interest rate and foreign currency instruments is as follows: (In thousands) March 31, December 31, Liability derivatives Location Interest rate swap contracts (1) Accrued expenses $ 5,307 $ 13,688 Foreign currency contracts (2) Accrued expenses $ — $ 6 $ 5,307 $ 13,694 (1) The fair values of these contracts are measured on a recurring basis by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves (Level 2). (2) The fair values of foreign currency contracts are measure on a recurring basis by comparison to available market information on similar contracts (Level 2). A summary of the gains and losses related to interest rate and foreign currency instruments in the consolidated statement of operations is as follows: Three Months Ended (In thousands) March 31, March 31, Gain on derivative contracts designated as cash flow hedges Location Interest rate swap contracts Interest expense, net $ 1,327 $ 81 Loss on other derivative contracts Location Foreign currency contracts Other expense $ — $ (255)

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings per share is calculated by dividing net income attributable to the Company’s Class A stockholders for the period by the weighted average number of shares of Class A common stock outstanding for the period excluding non-vested share-based awards. In computing diluted earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards including public and private placement warrants, RSUs and stock options. Below are basic and diluted net income per share: Three Months Ended March 31, 2021 March 31, 2020 Numerator: Net income attributable to Class A stockholders (in thousands) - basic $ 26,732 $ 81,448 Less: Change in fair value of warrant liabilities (76) (79,100) Numerator - diluted 26,656 2,348 Denominator: Weighted-average Class A shares outstanding - basic 130,839,313 123,123,656 Dilutive effect of warrants 5,830,238 2,662,441 Dilutive effect of RSUs 414,314 289,029 Dilutive effect of stock options 103,024 — Weighted-average shares outstanding - diluted 137,186,889 126,075,126 Net income per Class A share - basic $ 0.20 $ 0.66 Net income per Class A share - diluted $ 0.19 $ 0.02 For warrants that are liability-classified, during periods when the impact would be dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability and adjusts the denominator to include the dilutive shares calculated using the treasury stock method. For the three months ended March 31, 2021 and 2020, there were 123,998 and 523,643 stock options that were excluded from the computation of diluted weighted average shares because the effect was anti-dilutive.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to U.S. federal, state and local income taxes as well as Canadian income tax on its controlled foreign subsidiaries. The income tax provision is determined based on the estimated full year effective tax rate, adjusted for infrequent or unusual items, which are recognized on a discrete basis in the period they occur. The Company’s estimated annual effective tax rate is approximately 27% prior to taking into account any discrete items. The effective tax rate was 27.2% and 0.3% for the three months ended March 31, 2021 and 2020, respectively. The effective tax rate for the three months ended March 31, 2021 aligned with the Company's estimated annual effective rate. The increase in tax rate is primarily attributed to the $79.1 million change in fair value of warrant liabilities in the prior-year period, which is a non-taxable gain. The effective rate was also impacted by the removal of the non-controlling interest in the current-year period and a write-off of deferred taxes in the prior-year period related to Voortman. As of March 31, 2021 and December 31, 2020, prepaid income taxes were $0.9 million and $12.3 million, respectively.

Tax Receivable Agreement Obliga

Tax Receivable Agreement Obligations	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Tax Receivable Agreement Obligations	Tax Receivable Agreement Obligations The following table summarizes activity related to the Tax Receivable Agreement for the three months ended March 31, 2021: (In thousands) Balance December 31, 2020 $ 156,544 Payments (1,600) Balance March 31, 2021 $ 154,944 As of March 31, 2021 the future expected payments under the tax receivable agreement are as follows: (In thousands) 2021 $ 10,200 2022 9,000 2023 9,700 2024 9,900 2025 9,800 Thereafter 106,344

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Liabilities related to legal proceedings are recorded when it is probable that a liability has been incurred and the associated amount can be reasonably estimated. Where the estimated amount of loss is within a range of amounts and no amount within the range is a better estimate than any other amount, the minimum amount is accrued. As additional information becomes available, potential liabilities are reassessed and the estimates revised, if necessary. Any accrued liabilities are subject to change in the future based on new developments in each matter, or changes in circumstances, which could have a material effect on the Company’s financial condition and results of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s operations are conducted through operating subsidiaries that are wholly-owned by the Company. The consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned, majority-owned or controlled subsidiaries, collectively referred to as the Company. For the periods presented, the Company has one reportable segment.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is elective and effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. Once elected, this ASU must be applied prospectively for all eligible contract modifications. We will adopt Topic 848 when our relevant contracts are modified upon transition to alternative reference rates. We do not expect our adoption of Topic 848 to have a material impact on our consolidated financial statements. In December 2019, ASU 2019-12 “Income Taxes: Simplifying the Accounting for Income Taxes (Topic 740)” was issued. This ASU simplifies the accounting for certain income tax related items, including intraperiod tax allocations, deferred taxes related to foreign subsidiaries and step-up in tax basis of goodwill. The ASU is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The company adopted the standard effective January 1, 2021. Adoption of Topic 740 did not have a material impact on the Company’s consolidated financial statements.
Principles of Consolidation	Principles of ConsolidationThe accompanying consolidated financial statements include the accounts of the Company and its majority-owned or controlled subsidiaries (including those for which the Company is the primary beneficiary of a variable interest entity). All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of EstimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements and for the reported amounts of revenues and expenses during the reporting period. Management utilizes estimates, including, but not limited to, valuation and useful lives of tangible and intangible assets, valuation of expected future payments under the tax receivable agreement, and reserves for trade and promotional allowances. Actual results could differ from these estimates.
Accounts Receivable	Accounts ReceivableAccounts receivable represents amounts invoiced to customers for performance obligations which have been satisfied.
Inventories	Inventories Inventories are stated at the lower of cost or net-realizable value on a first-in first-out basis. Abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage) are expensed in the period they are incurred.
Software Costs	Software CostsCapitalized software is included in “Other assets, net” in the consolidated balance sheets in the amount of $14.4 million and $14.7 million at March 31, 2021 and December 31, 2020, respectively. Capitalized software costs are amortized over their estimated useful life of five years commencing when such assets are ready for their intended use.
Disaggregation of Revenue	Disaggregation of RevenueNet revenue consists of sales of packaged food products in the United States primarily within the Sweet Baked Goods category. The Company also sells products in the United States and Canada within the Cookies category.
Foreign Currency Remeasurement	Foreign Currency RemeasurementCertain Voortman Cookies Limited (“Voortman”) sales and costs are denominated in the Canadian dollar (“CAD”). CAD transactions have been remeasured into U.S. dollars (“USD”) on the consolidated statement of operations using the average exchange rate for the reporting period. Balances expected to be settled in CAD have been remeasured into USD on the consolidated balance sheet using the exchange rate at the end of the period.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Components of Inventories	The components of inventories are as follows : (In thousands) March 31, December 31, Ingredients and packaging $ 24,557 $ 22,965 Finished goods 23,483 23,583 Inventory in transit to customers 4,104 2,800 $ 52,144 $ 49,348
Disaggregation of Revenue	The following tables disaggregate revenue by geographical market and category. Three Months Ended March 31, 2021 ( In thousands ) Sweet Baked Goods Cookies Total United States $ 237,700 $ 23,803 $ 261,503 Canada — 3,918 3,918 $ 237,700 $ 27,721 $ 265,421 Three Months Ended March 31, 2020 ( In thousands ) Sweet Baked Goods Cookies Total United States $ 226,361 $ 13,307 $ 239,668 Canada — 3,817 3,817 $ 226,361 $ 17,124 $ 243,485

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following: (In thousands) March 31, December 31, Land and buildings $ 61,594 $ 59,774 Right of use assets, operating 31,169 31,354 Machinery and equipment 265,615 255,821 Construction in progress 20,385 25,041 378,763 371,990 Less accumulated depreciation and amortization (71,768) (68,031) $ 306,995 $ 303,959

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Included in accrued expenses and other current liabilities are the following: (In thousands) March 31, December 31, Payroll, vacation and other compensation $ 12,606 $ 9,886 Interest rate swap contract 5,307 13,694 Incentive compensation 5,216 16,199 Accrued interest 4,724 4,815 Other 11,002 11,121 $ 38,855 $ 55,715

Debt and Lease Obligations (Tab

Debt and Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Debt and Lease Obligation	A summary of the carrying value of the debt and lease obligations is as follows: (In thousands) March 31, December 31, Term Loan (3.0% as of March 31, 2021) Principal $ 1,099,972 $ 1,102,763 Unamortized debt premium and issuance costs (4,607) (4,917) 1,095,365 1,097,846 Lease obligations 28,244 29,002 Total debt and lease obligations 1,123,609 1,126,848 Less: Current portion of long term debt and lease obligations (13,508) (13,811) Long-term portion $ 1,110,101 $ 1,113,037
Schedule of Maturities of Long-term Debt	At March 31, 2021, minimum debt repayments under the term loan are due as follows: ( In thousands ) 2021 $ 8,376 2022 11,167 2023 11,167 2024 11,167 2025 1,058,095
Composition of Lease Expenses	The table below shows the composition of lease expenses: Three Months Ended (In thousands) March 31, 2021 March 31, 2020 Operating lease expense 1,653 1,795 Short-term lease expense 203 1,014 Variable lease expense 357 554 $ 2,213 $ 3,363

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Fair Value of Interest Rate and Foreign Currency Instruments	A summary of the fair value of interest rate and foreign currency instruments is as follows: (In thousands) March 31, December 31, Liability derivatives Location Interest rate swap contracts (1) Accrued expenses $ 5,307 $ 13,688 Foreign currency contracts (2) Accrued expenses $ — $ 6 $ 5,307 $ 13,694 (1) The fair values of these contracts are measured on a recurring basis by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves (Level 2). (2) The fair values of foreign currency contracts are measure on a recurring basis by comparison to available market information on similar contracts (Level 2).
Summary of the Gains and Losses Related to Interest Rate and Foreign Currency Instruments in the Consolidated Statement of Operations	A summary of the gains and losses related to interest rate and foreign currency instruments in the consolidated statement of operations is as follows: Three Months Ended (In thousands) March 31, March 31, Gain on derivative contracts designated as cash flow hedges Location Interest rate swap contracts Interest expense, net $ 1,327 $ 81 Loss on other derivative contracts Location Foreign currency contracts Other expense $ — $ (255)

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Basic and Diluted Net Income Per Share	Below are basic and diluted net income per share: Three Months Ended March 31, 2021 March 31, 2020 Numerator: Net income attributable to Class A stockholders (in thousands) - basic $ 26,732 $ 81,448 Less: Change in fair value of warrant liabilities (76) (79,100) Numerator - diluted 26,656 2,348 Denominator: Weighted-average Class A shares outstanding - basic 130,839,313 123,123,656 Dilutive effect of warrants 5,830,238 2,662,441 Dilutive effect of RSUs 414,314 289,029 Dilutive effect of stock options 103,024 — Weighted-average shares outstanding - diluted 137,186,889 126,075,126 Net income per Class A share - basic $ 0.20 $ 0.66 Net income per Class A share - diluted $ 0.19 $ 0.02

Tax Receivable Agreement Obli_2

Tax Receivable Agreement Obligations (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Summary of Tax Receivable Agreement	The following table summarizes activity related to the Tax Receivable Agreement for the three months ended March 31, 2021: (In thousands) Balance December 31, 2020 $ 156,544 Payments (1,600) Balance March 31, 2021 $ 154,944
Future Expected Payments Under Tax Receivable Arrangement	As of March 31, 2021 the future expected payments under the tax receivable agreement are as follows: (In thousands) 2021 $ 10,200 2022 9,000 2023 9,700 2024 9,900 2025 9,800 Thereafter 106,344

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2021segment
Accounting Policies [Abstract]
Number of reportable segments	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Accounts receivable	$ 159,492	$ 125,550
Reserve to cover allowances for damages occurring during shipment, quality claims and doubtful accounts	$ 3,500	$ 3,500

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Ingredients and packaging	$ 24,557	$ 22,965
Finished goods	23,483	23,583
Inventory in transit to customers	4,104	2,800
Inventories	$ 52,144	$ 49,348

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Software Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Capitalized software	$ 14.4		$ 14.7
Capitalized software, estimated useful life	5 years
Software amortization expense	$ 0.9	$ 1.3

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenue	$ 265,421	$ 243,485
United States
Disaggregation of Revenue [Line Items]
Net revenue	261,503	239,668
Canada
Disaggregation of Revenue [Line Items]
Net revenue	3,918	3,817
Sweet Baked Goods
Disaggregation of Revenue [Line Items]
Net revenue	237,700	226,361
Sweet Baked Goods | United States
Disaggregation of Revenue [Line Items]
Net revenue	237,700	226,361
Sweet Baked Goods | Canada
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Cookies
Disaggregation of Revenue [Line Items]
Net revenue	27,721	17,124
Cookies | United States
Disaggregation of Revenue [Line Items]
Net revenue	23,803	13,307
Cookies | Canada
Disaggregation of Revenue [Line Items]
Net revenue	$ 3,918	$ 3,817

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Concentrations (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
One Customer | Customer concentration risk | Consolidated net revenues
Concentration Risk [Line Items]
Percentage of total net revenues for customer	20.50%	21.10%

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Foreign Currency Remeasurement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Foreign currency transaction loss on remeasurement (less than)	$ 0.1	$ 0.1

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 378,763		$ 371,990
Less accumulated depreciation and amortization	(71,768)		(68,031)
Property and equipment, net	306,995		303,959
Depreciation expense	5,800	$ 5,000
Land and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	61,594		59,774
Right of use assets, operating
Property, Plant and Equipment [Line Items]
Property and equipment, gross	31,169		31,354
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	265,615		255,821
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 20,385		$ 25,041

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Payroll, vacation and other compensation	$ 12,606	$ 9,886
Interest rate swap contract	5,307	13,694
Incentive compensation	5,216	16,199
Accrued interest	4,724	4,815
Other	11,002	11,121
Accrued expenses and other current liabilities	$ 38,855	$ 55,715

Debt and Lease Obligations - Sc

Debt and Lease Obligations - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Lease obligations	$ 28,244	$ 29,002
Total debt and lease obligations	1,123,609	1,126,848
Less: Current portion of long term debt and lease obligations	(13,508)	(13,811)
Long-term portion	$ 1,110,101	1,113,037
Term Loan
Debt Instrument [Line Items]
Effective fixed interest rate on long-term debt	3.00%
Principal	$ 1,099,972	1,102,763
Unamortized debt premium and issuance costs	(4,607)	(4,917)
Long-term debt	$ 1,095,365	$ 1,097,846

Debt and Lease Obligations - _2

Debt and Lease Obligations - Schedule of Maturities of Long-term Debt (Details) - Term Loan $ in Thousands	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 8,376
2022	11,167
2023	11,167
2024	11,167
2025	$ 1,058,095

Debt and Lease Obligations - Co

Debt and Lease Obligations - Composition of Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Operating lease expense	$ 1,653	$ 1,795
Short-term lease expense	203	1,014
Variable lease expense	357	554
Total lease cost	$ 2,213	$ 3,363

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2021CAD ($)shares	Dec. 31, 2020shares	Nov. 30, 2020USD ($)
Derivative [Line Items]
Warrants redemption price (in dollars per share) | $ / shares	$ 0.01
Share price (in dollars per share) | $ / shares	$ 24
Warrants trading days threshold	20 days
Warrants trading day period before redemption	30 days
Cash Flow Hedge
Derivative [Line Items]
Maximum contracted sales amount	$ 8,600,000	$ 11
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge
Derivative [Line Items]
Notional amount of derivative contracts	700,000,000
Reduction in notional amount per year	$ 100,000,000
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | Minimum
Derivative [Line Items]
Fixed interest rate	1.11%	1.11%
Notional amount of derivative contracts	$ 500,000,000
Effective fixed interest rate on long-term debt	3.76%	3.76%
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | Maximum
Derivative [Line Items]
Fixed interest rate	1.78%	1.78%
Effective fixed interest rate on long-term debt	4.03%	4.03%
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | LIBOR
Derivative [Line Items]
Basis spread on variable rate (as a percent)	0.75%	0.75%
Designated as Hedging Instrument | Foreign currency contracts
Derivative [Line Items]
Notional amount of derivative contracts		$ 440
Common Class A
Derivative [Line Items]
Warrant conversion ratio | shares	0.5	0.5
Warrant exercise price (in dollars per share) | $ / shares	$ 5.75
Public Warrants
Derivative [Line Items]
Warrants outstanding (in shares) | shares	52,594,188	52,594,188	53,936,776
Warrants classified to equity				$ 68,000,000
Private Placement Warrant
Derivative [Line Items]
Warrants outstanding (in shares) | shares	541,658	541,658	541,658

Derivative Instruments - Summar

Derivative Instruments - Summary of the Fair Value of Interest Rate and Foreign Currency Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Derivative [Line Items]
Liability derivatives	$ 5,307	$ 13,694
Accrued expenses | Interest rate swap contracts
Derivative [Line Items]
Liability derivatives	5,307	$ 13,688
Accrued expenses | Foreign currency contracts
Derivative [Line Items]
Liability derivatives	$ 0		$ 6

Derivative Instruments - Summ_2

Derivative Instruments - Summary of the Gains and Losses Related to Interest Rate and Foreign Currency Instruments in the Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Gain on derivative contracts designated as cash flow hedges	$ (1,327)	$ (81)
Interest rate swap contracts | Interest expense, net
Derivative [Line Items]
Gain on derivative contracts designated as cash flow hedges	1,327	81
Foreign currency contracts | Other expense
Derivative [Line Items]
Loss on other derivative contracts	$ 0	$ (255)

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income attributable to Class A stockholders (in thousands) - basic	$ 26,732	$ 81,448
Change in fair value of warrant liabilities	(76)	(79,100)
Numerator - diluted	$ 26,656	$ 2,348
Denominator:
Weighted-average Class A shares outstanding - basic (in shares)	130,839,313	123,123,656
Dilutive effect of warrants (in shares)	5,830,238	2,662,441
Weighted-average shares outstanding - diluted (in shares)	137,186,889	126,075,126
Net income per Class A share - basic (in usd per share)	$ 0.20	$ 0.66
Net income per Class A share - dilutive (in usd per share)	$ 0.19	$ 0.02
Antidilutive securities excluded from computation of earnings per share (in shares)	123,998	523,643
RSUs
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	414,314	289,029
Option
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	103,024	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Effective income tax rate	27.20%	0.30%
Change in fair value of warrant liabilities	$ (76)	$ (79,100)
Prepaid income taxes	$ 900			$ 12,300
Forecast
Income Tax Disclosure [Line Items]
Effective income tax rate			27.00%

Tax Receivable Agreement Obli_3

Tax Receivable Agreement Obligations - Summary of Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Reconciliation Of Tax Receivable Agreement Liability [Roll Forward]
Balance December 31, 2020	$ 156,544
Payments	(1,600)
Balance March 31, 2021	$ 154,944

Tax Receivable Agreement Obli_4

Tax Receivable Agreement Obligations - Future Expected Payments (Details) $ in Thousands	Mar. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
2021	$ 10,200
2022	9,000
2023	9,700
2024	9,900
2025	9,800
Thereafter	$ 106,344