$IIIV
i3 Verticals, Inc.

2019 Q2 Form 10-Q Financial Statement

#000172868819000092 Filed on August 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $97.48M $84.54M
YoY Change 15.32% 27.46%
Cost Of Revenue $63.26M $55.71M
YoY Change 13.57% 14.71%
Gross Profit $27.39M $21.62M
YoY Change 26.68% 57.87%
Gross Profit Margin 28.1% 25.57%
Selling, General & Admin $17.59M $10.70M
YoY Change 64.43% 71.71%
% of Gross Profit 64.21% 49.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.425M $3.000M
YoY Change 47.5% 25.94%
% of Gross Profit 16.16% 13.88%
Operating Expenses $17.59M $10.70M
YoY Change 64.43% 71.71%
Operating Profit $1.194M $2.923M
YoY Change -59.15% 7.58%
Interest Expense -$1.900M -$2.600M
YoY Change -26.92% 52.94%
% of Operating Profit -159.13% -88.95%
Other Income/Expense, Net -$1.918M -$2.886M
YoY Change -33.54% 73.96%
Pretax Income -$724.0K $37.00K
YoY Change -2056.76% -96.5%
Income Tax -$131.0K $692.0K
% Of Pretax Income 1870.27%
Net Earnings -$1.191M -$564.0K
YoY Change 111.17% -163.59%
Net Earnings / Revenue -1.22% -0.67%
Basic Earnings Per Share -$0.12 -$0.01
Diluted Earnings Per Share -$0.12 -$0.01
COMMON SHARES
Basic Shares Outstanding 10.06M shares 8.813M shares
Diluted Shares Outstanding 10.06M shares 8.813M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.500M $2.500M
YoY Change -40.0%
Cash & Equivalents $1.509M $2.473M
Short-Term Investments
Other Short-Term Assets $5.300M $2.700M
YoY Change 96.3%
Inventory $1.803M $1.247M
Prepaid Expenses
Receivables $13.17M $7.955M
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.06M $13.20M
YoY Change 51.94%
LONG-TERM ASSETS
Property, Plant & Equipment $3.835M $2.227M
YoY Change 72.2%
Goodwill $165.9M $80.17M
YoY Change 106.9% 104.47%
Intangibles $106.5M $65.76M
YoY Change 61.91%
Long-Term Investments
YoY Change
Other Assets $2.057M $1.308M
YoY Change 57.26%
Total Long-Term Assets $323.2M $153.5M
YoY Change 110.57%
TOTAL ASSETS
Total Short-Term Assets $20.06M $13.20M
Total Long-Term Assets $323.2M $153.5M
Total Assets $343.2M $166.7M
YoY Change 105.93% 74.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.409M $3.666M
YoY Change 102.1%
Accrued Expenses $15.62M $13.39M
YoY Change 16.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $5.000M
YoY Change -100.0%
Total Short-Term Liabilities $28.39M $24.51M
YoY Change 15.82%
LONG-TERM LIABILITIES
Long-Term Debt $137.6M $29.54M
YoY Change 365.91%
Other Long-Term Liabilities $12.93M $4.341M
YoY Change 197.9%
Total Long-Term Liabilities $150.6M $33.88M
YoY Change 344.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.39M $24.51M
Total Long-Term Liabilities $150.6M $33.88M
Total Liabilities $202.9M $58.39M
YoY Change 247.42%
SHAREHOLDERS EQUITY
Retained Earnings -$1.379M -$98.00K
YoY Change 1307.14%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.97M $37.42M
YoY Change
Total Liabilities & Shareholders Equity $343.2M $166.7M
YoY Change 105.93%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$1.191M -$564.0K
YoY Change 111.17% -163.59%
Depreciation, Depletion And Amortization $4.425M $3.000M
YoY Change 47.5% 25.94%
Cash From Operating Activities $4.880M $5.420M
YoY Change -9.96% 169.65%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$600.0K
YoY Change 66.67% 33.33%
Acquisitions
YoY Change
Other Investing Activities -$85.76M -$250.0K
YoY Change 34204.0% -79.84%
Cash From Investing Activities -$86.76M -$850.0K
YoY Change 10107.06% -49.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 82.96M -2.490M
YoY Change -3431.73% -4250.0%
NET CHANGE
Cash From Operating Activities 4.880M 5.420M
Cash From Investing Activities -86.76M -850.0K
Cash From Financing Activities 82.96M -2.490M
Net Change In Cash 1.080M 2.080M
YoY Change -48.08% 447.37%
FREE CASH FLOW
Cash From Operating Activities $4.880M $5.420M
Capital Expenditures -$1.000M -$600.0K
Free Cash Flow $5.880M $6.020M
YoY Change -2.33% 144.72%

Facts In Submission

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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Repayments Of Unsecured Debt
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Proceeds From Warrant Exercises
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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us-gaap Distribution Made To Limited Liability Company Llc Member Cash Distributions Paid
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0 USD
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390000 USD
us-gaap Proceeds From Stock Options Exercised
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0 USD
us-gaap Net Cash Provided By Used In Financing Activities
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117296000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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17467000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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1888000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1170000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1237000 USD
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1968000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3125000 USD
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3138000 USD
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2980000 USD
us-gaap Interest Paid Net
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us-gaap Income Taxes Paid
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24611000 USD
us-gaap Income Taxes Paid
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137000 USD
us-gaap Nature Of Operations
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ORGANIZATION AND OPERATIONS<div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">i3 Verticals, Inc. (the “Company”) was formed as a Delaware corporation on January 17, 2018. The Company was formed for the purpose of completing an initial public offering (“IPO”) of its Class A common stock and other related transactions in order to carry on the business of i3 Verticals, LLC and its subsidiaries. i3 Verticals, LLC was founded in 2012 and delivers seamlessly integrated payment and software solutions to small- and medium-sized businesses (“SMBs”) and organizations in strategic vertical markets. The Company’s headquarters are located in Nashville, Tennessee, with operations throughout the United States. Unless the context otherwise requires, references to “we,” “us,” “our,” “i3 Verticals” and the “Company” refer to i3 Verticals, Inc. and its subsidiaries, including i3 Verticals, LLC.</span></div><div style="margin-bottom:4pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:700;line-height:120%;">Initial Public Offering</span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">On June 25, 2018, the Company completed the IPO of 7,647,500 shares of its Class A common stock at a public offering price of $13.00 per share. The Company received approximately $92.5 million of net proceeds, after deducting underwriting discounts and commissions, which the Company used to purchase newly issued common units from i3 Verticals, LLC (the “Common Units”), and Common Units from a selling Common Unit holder, in each case at a price per Common Unit equal to the price per share paid by the underwriters for shares of the Company's Class A common stock in the IPO. </span></div><div style="margin-bottom:4pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:700;line-height:120%;">Reorganization Transactions</span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">In connection with the IPO, the Company completed the following transactions (the “Reorganization Transactions”):</span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">i3 Verticals, LLC amended and restated its existing limited liability company agreement to, among other things, (1) convert all existing Class A units, common units (including common units issued upon the exercise of existing warrants) and Class P units of ownership interest in i3 Verticals, LLC into either Class A voting common units of i3 Verticals, LLC (such holders of Class A voting common units referred to herein as the “Continuing Equity Owners”) or Class B non-voting common units of i3 Verticals, LLC (such holders of Class B non-voting common units referred to herein as the “Former Equity Owners”), and (2) appoint i3 Verticals, Inc. as the sole managing member of i3 Verticals, LLC upon its acquisition of Common Units in connection with the IPO;</span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">the Company amended and restated its certificate of incorporation to provide for, among other things, Class A common stock and Class B common stock;</span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">i3 Verticals, LLC and the Company consummated a merger among i3 Verticals, LLC, i3 Verticals, Inc. and a newly formed wholly-owned subsidiary of i3 Verticals, Inc. (“MergerSub”) whereby: (1) MergerSub merged with and into i3 Verticals, LLC, with i3 Verticals, LLC as the surviving entity; (2) Class A voting common units converted into newly issued Common Units in i3 Verticals, LLC together with an equal number of shares of Class B common stock of i3 Verticals, Inc., and (3) Class B non-voting common units converted into Class A common stock of i3 Verticals, Inc. based on a conversion ratio that provided an equitable adjustment to reflect the full value of the Class B non-voting common units; and</span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">the Company issued shares of its Class A common stock pursuant to a voluntary private conversion of certain subordinated notes (the “Junior Subordinated Notes”) by certain related and unrelated creditors of i3 Verticals, LLC.</span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">Following the completion of the IPO and Reorganization Transactions, the Company became a holding company and its principal asset is the Common Units in i3 Verticals, LLC that it owns. i3 Verticals, Inc. operates and controls all of i3 Verticals, LLC's operations and, through i3 Verticals, LLC and its subsidiaries, conducts i3 Verticals, LLC's business. i3 Verticals, Inc. has a majority economic interest in i3 Verticals, LLC. </span></div><div style="margin-bottom:4pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:700;line-height:120%;">Public Offering</span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">On June 10, 2019, the Company completed a secondary public offering (the “June 2019 Secondary Public Offering”) of 5,165,527 shares of its Class A common stock, at a public offering price of $22.75 per share, which included a full exercise of the underwriters' option to purchase 673,764 additional shares of Class A Common Stock from the Company. The Company received approximately $111,640 of net proceeds, after deducting underwriting discounts and commissions, but before offering expenses. The Company used the net proceeds to purchase (1) 1,000,000 Common Units directly from i3 Verticals, LLC, and (2) 4,165,527 Common Units (including 673,764 Common Units due to the exercise of the underwriters' option to purchase additional shares in full) and an equivalent number of Class B common stock (which shares were then canceled) from certain Continuing Equity Owners, in each case at a price per Common Unit equal to the price per share paid by the underwriters for shares of our Class A common stock in the offering. i3 Verticals, LLC received $20,870 in net proceeds from the sale of Common Units to the Company, which it used to repay outstanding indebtedness. </span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">As of June 30, 2019, i3 Verticals, Inc. owned 52.7% of the economic interest in i3 Verticals, LLC. </span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">As of June 30, 2019, the Continuing Equity Owners owned Common Units in i3 Verticals, LLC representing approximately 47.3% of the economic interest in i3 Verticals, LLC, shares of Class A common stock in the Company representing approximately 0.8% of the economic interest and voting power in the Company, and shares of Class B common stock in i3 Verticals, Inc., representing approximately 47.3% of the voting power in the Company. </span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">The Continuing Equity Owners who own Common Units in i3 Verticals, LLC may redeem at each of their options (subject in certain circumstances to time-based vesting requirements) their Common Units for, at the election of i3 Verticals, LLC, cash or newly-issued shares of the Company's Class A common stock. </span></div><div style="text-indent:-18pt;padding-left:36pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">•</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt;">Combining the Class A common stock and Class B common stock, the Continuing Equity Owners hold approximately 48.1% of the economic interest and voting power in i3 Verticals, Inc. </span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">i3 Verticals, Inc. is the sole managing member of i3 Verticals, LLC and as a result, consolidates the financial results of i3 Verticals, LLC and reports a non-controlling interest representing the Common Units of i3 Verticals, LLC held by the Continuing Equity Owners. </span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">As the Reorganization Transactions are considered transactions between entities under common control, the financial statements retroactively reflect the accounts of i3 Verticals, LLC for periods prior to the IPO and Reorganization Transactions.</span></div>
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1509000 USD
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2473000 USD
CY2019Q2 us-gaap Restricted Cash
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1616000 USD
CY2018Q2 us-gaap Restricted Cash
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665000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3125000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3138000 USD
CY2019Q2 us-gaap Inventory Net
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1803000 USD
CY2018Q3 us-gaap Inventory Net
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930000 USD
us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
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11679000 USD
us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
-2490000 USD
us-gaap Use Of Estimates
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<div style="margin-top:6pt;margin-bottom:4pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:700;line-height:120%;">Use of Estimates </span></div><div style="text-indent:18pt;margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial';font-size:10pt;font-weight:400;line-height:120%;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, goodwill and intangible asset impairment review, warrant valuation, revenue recognition for multiple element arrangements, loss reserves, assumptions used in the calculation of equity-based compensation and in the calculation of income taxes, and certain tax assets and liabilities as well as the related valuation allowances. Actual results could differ from those estimates. </span></div>During the first quarter of fiscal year 2019, management determined it was appropriate to change the amortization rate for certain of our merchant contract intangible assets to reflect the expected distribution of future cash flows. This change was applied prospectively beginning on October 1, 2018.
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
299832000 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
284443000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-4772000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-16113000 USD
CY2018Q3 us-gaap Goodwill
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83954000 USD
us-gaap Goodwill Acquired During Period
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81911000 USD
CY2019Q2 us-gaap Goodwill
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165865000 USD
us-gaap Goodwill Purchase Accounting Adjustments
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31000 USD
iiiv Debt Issuance Costs Incurred In Period
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44578000 USD
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3233000 USD
us-gaap Amortization Of Intangible Assets
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CY2018Q2 us-gaap Amortization Of Intangible Assets
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2376000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7007000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
3299000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2019Q2 iiiv Debt Issuance Costs Incurred In Period
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1229000 USD
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DebtIssuanceCostsIncurredInPeriod
1229000 USD
CY2018Q2 iiiv Debt Issuance Costs Incurred In Period
DebtIssuanceCostsIncurredInPeriod
5000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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9042000 USD
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
8090000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
64087000 USD
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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DeferredFinanceCostsNet
1932000 USD
CY2018Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
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CY2019Q2 us-gaap Long Term Debt
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CY2018Q3 us-gaap Long Term Debt
LongTermDebt
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CY2019Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2018Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
5000000 USD
CY2019Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
137645000 USD
CY2018Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
31776000 USD
CY2019Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
154000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
619000 USD
CY2018Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
370000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
835000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-131000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
692000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
553000 USD
CY2018Q2 iiiv Tax Receivable Agreement Percent Of Tax Benefits Payable To Continuing Equity Owners
TaxReceivableAgreementPercentOfTaxBenefitsPayableToContinuingEquityOwners
0.85
CY2018Q2 iiiv Tax Receivable Agreement Percent Of Tax Benefits Retained
TaxReceivableAgreementPercentOfTaxBenefitsRetained
0.15
iiiv Increase Decrease In Deferred Tax Assets Net
IncreaseDecreaseInDeferredTaxAssetsNet
27192000 USD
iiiv Increase Decrease In Tax Receivable Agreement Liability
IncreaseDecreaseInTaxReceivableAgreementLiability
23113000 USD
iiiv Expected Period Of Payout To Conitinuing Equity Owners
ExpectedPeriodOfPayoutToConitinuingEquityOwners
P24Y
CY2019Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
615000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1808000 USD
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
817000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4122000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
817000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
30000 USD
CY2019Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
30000 USD
CY2018Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
30000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
30000 USD
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P2Y6M
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2138500 shares
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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13.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2297916 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
22.52
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
29967 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
81916 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
17.62
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.04
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.15
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4324533 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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638761 shares
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
19847000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1640000 USD
CY2018Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
419000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1105000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
652000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2344000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1817000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1579000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1482000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1405000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
9279000 USD
CY2019Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
634000 USD
CY2019Q2 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
2541000 USD
CY2019Q2 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
1457000 USD
CY2019Q2 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
2046000 USD
CY2019Q2 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
2646000 USD
CY2019Q2 us-gaap Purchase Obligation Due After Fifth Year
PurchaseObligationDueAfterFifthYear
243000 USD
CY2019Q2 us-gaap Purchase Obligation
PurchaseObligation
9567000 USD
CY2018Q2 iiiv Tax Receivable Agreement Percent Of Tax Benefits Payable To Continuing Equity Owners
TaxReceivableAgreementPercentOfTaxBenefitsPayableToContinuingEquityOwners
0.85
CY2019Q2 us-gaap Revenues
Revenues
97483000 USD
CY2019Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
63263000 USD
CY2019Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
11431000 USD
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17587000 USD
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4425000 USD
CY2019Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-417000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1194000 USD
CY2019Q2 us-gaap Gross Profit
GrossProfit
27388000 USD
CY2019Q2 us-gaap Assets
Assets
343245000 USD
CY2019Q2 us-gaap Goodwill
Goodwill
165865000 USD
us-gaap Revenues
Revenues
267745000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
173777000 USD
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
31414000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
44422000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11875000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1736000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
4521000 USD
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
30119000 USD
us-gaap Gross Profit
GrossProfit
74735000 USD
CY2019Q2 us-gaap Assets
Assets
343245000 USD
CY2019Q2 us-gaap Goodwill
Goodwill
165865000 USD
CY2018Q2 us-gaap Revenues
Revenues
84536000 USD
CY2018Q2 us-gaap Revenues
Revenues
84536000 USD
CY2018Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
55705000 USD
CY2018Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
11061000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10696000 USD
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3000000 USD
CY2018Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1151000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2923000 USD
CY2018Q2 us-gaap Gross Profit
GrossProfit
21619000 USD
CY2018Q2 us-gaap Assets
Assets
166680000 USD
CY2018Q2 us-gaap Goodwill
Goodwill
80166000 USD
us-gaap Revenues
Revenues
239455000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
158577000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29737000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8876000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
3280000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
8866000 USD
us-gaap Gross Profit
GrossProfit
61406000 USD
CY2018Q2 us-gaap Assets
Assets
166680000 USD
CY2018Q2 us-gaap Goodwill
Goodwill
80166000 USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9254549 shares
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.12
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.23
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
285433 shares
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
285433 shares
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
0 USD
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
104000 USD
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
10315000 USD
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
2084000 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
0 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
14000 USD
iiiv Debt Conversion Converted Instrument Warrants Or Options Issued Amount
DebtConversionConvertedInstrumentWarrantsOrOptionsIssuedAmount
0 USD
iiiv Debt Conversion Converted Instrument Warrants Or Options Issued Amount
DebtConversionConvertedInstrumentWarrantsOrOptionsIssuedAmount
2565000 USD
iiiv Noncash Settlementof Warrant Liabilitywith Equity
NoncashSettlementofWarrantLiabilitywithEquity
0 USD
iiiv Noncash Settlementof Warrant Liabilitywith Equity
NoncashSettlementofWarrantLiabilitywithEquity
9253000 USD
iiiv Increase In Accrued Equity Issuance Costs
IncreaseInAccruedEquityIssuanceCosts
0 USD
iiiv Increase In Accrued Equity Issuance Costs
IncreaseInAccruedEquityIssuanceCosts
760000 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
8054000 USD

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