$IIIV
i3 Verticals, Inc.

2021 Q2 Form 10-Q Financial Statement

#000172868821000064 Filed on August 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $63.13M $31.57M $39.18M
YoY Change 99.95% -67.61% -54.12%
Cost Of Revenue $16.06M $0.00 $0.00
YoY Change -100.0% -100.0%
Gross Profit $54.03M $25.95M $32.39M
YoY Change 108.18% -5.24% 33.53%
Gross Profit Margin 85.58% 82.2% 82.68%
Selling, General & Admin $37.30M $18.13M $20.79M
YoY Change 105.68% 3.1% 45.16%
% of Gross Profit 69.03% 69.87% 64.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.995M $4.475M $4.538M
YoY Change 56.31% 1.13% 16.42%
% of Gross Profit 12.95% 17.24% 14.01%
Operating Expenses $37.30M $18.13M $20.79M
YoY Change 105.68% 3.1% 45.16%
Operating Profit -$835.0K $437.0K $2.041M
YoY Change -291.08% -63.4% -1105.42%
Interest Expense -$2.704M -$2.400M -$2.200M
YoY Change 12.67% 26.32% 83.33%
% of Operating Profit -549.2% -107.79%
Other Income/Expense, Net -$2.704M -$3.252M -$2.184M
YoY Change -16.85% 69.55% 89.09%
Pretax Income -$3.539M -$2.815M -$143.0K
YoY Change 25.72% 288.81% -89.47%
Income Tax -$110.0K -$5.000K -$2.062M
% Of Pretax Income
Net Earnings -$3.280M -$356.0K $737.0K
YoY Change 821.35% -70.11% -166.88%
Net Earnings / Revenue -5.2% -1.13% 1.88%
Basic Earnings Per Share -$0.15 -$0.02 $0.05
Diluted Earnings Per Share -$0.15 -$0.02 $0.05
COMMON SHARES
Basic Shares Outstanding 21.93M shares 14.86M shares 14.46M shares
Diluted Shares Outstanding 21.93M shares 14.86M shares 16.11M shares

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.653M $9.100M $1.600M
YoY Change -48.87% 506.67% 14.29%
Cash & Equivalents $4.653M $9.136M $1.591M
Short-Term Investments
Other Short-Term Assets $15.72M $5.800M $4.700M
YoY Change 171.0% 9.43% 30.56%
Inventory $2.281M $1.527M $1.662M
Prepaid Expenses
Receivables $28.91M $16.35M $13.52M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $49.29M $31.28M $19.77M
YoY Change 57.59% 55.9% 17.8%
LONG-TERM ASSETS
Property, Plant & Equipment $5.971M $5.506M $5.035M
YoY Change 8.45% 43.57% 64.81%
Goodwill $284.3M $167.1M $167.1M
YoY Change 70.16% 0.72% 59.63%
Intangibles $178.9M $99.88M $102.8M
YoY Change 79.09% -6.18% 24.41%
Long-Term Investments
YoY Change
Other Assets $8.495M $5.193M $5.101M
YoY Change 63.59% 152.46% 39.98%
Total Long-Term Assets $595.3M $329.2M $331.4M
YoY Change 80.84% 1.86% 64.3%
TOTAL ASSETS
Total Short-Term Assets $49.29M $31.28M $19.77M
Total Long-Term Assets $595.3M $329.2M $331.4M
Total Assets $644.6M $360.5M $351.2M
YoY Change 78.82% 5.02% 60.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.415M $4.559M $3.520M
YoY Change 40.71% -38.47% 4.79%
Accrued Expenses $45.91M $15.47M $17.88M
YoY Change 196.83% -1.0% 14.73%
Deferred Revenue $20.12M $9.714M
YoY Change 107.1%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $80.59M $29.74M $31.02M
YoY Change 170.99% 4.76% 7.7%
LONG-TERM LIABILITIES
Long-Term Debt $212.6M $134.1M $123.2M
YoY Change 58.55% -2.57% 75.43%
Other Long-Term Liabilities $17.67M $3.260M $4.385M
YoY Change 442.02% -74.79% -7.18%
Total Long-Term Liabilities $230.3M $137.4M $127.6M
YoY Change 67.65% -8.77% 70.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.59M $29.74M $31.02M
Total Long-Term Liabilities $230.3M $137.4M $127.6M
Total Liabilities $362.5M $193.0M $184.4M
YoY Change 87.77% -4.84% 77.71%
SHAREHOLDERS EQUITY
Retained Earnings -$7.463M -$1.372M -$1.016M
YoY Change 443.95% -0.51% 440.43%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $200.2M $106.3M $103.1M
YoY Change
Total Liabilities & Shareholders Equity $644.6M $360.5M $351.2M
YoY Change 78.82% 5.02% 60.72%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$3.280M -$356.0K $737.0K
YoY Change 821.35% -70.11% -166.88%
Depreciation, Depletion And Amortization $6.995M $4.475M $4.538M
YoY Change 56.31% 1.13% 16.42%
Cash From Operating Activities $10.15M $1.240M $1.370M
YoY Change 718.95% -74.59% -74.39%
INVESTING ACTIVITIES
Capital Expenditures -$2.111M -$1.790M -$1.040M
YoY Change 17.93% 79.0% 76.27%
Acquisitions
YoY Change
Other Investing Activities -$31.89M -$80.00K -$1.050M
YoY Change 39757.5% -99.91% -95.3%
Cash From Investing Activities -$34.01M -$1.860M -$2.100M
YoY Change 1728.33% -97.86% -90.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 31.62M 8.130M 1.650M
YoY Change 288.92% -90.2% -90.87%
NET CHANGE
Cash From Operating Activities 10.15M 1.240M 1.370M
Cash From Investing Activities -34.01M -1.860M -2.100M
Cash From Financing Activities 31.62M 8.130M 1.650M
Net Change In Cash 7.767M 7.510M 920.0K
YoY Change 3.42% 595.37% 84.0%
FREE CASH FLOW
Cash From Operating Activities $10.15M $1.240M $1.370M
Capital Expenditures -$2.111M -$1.790M -$1.040M
Free Cash Flow $12.27M $3.030M $2.410M
YoY Change 304.82% -48.47% -59.43%

Facts In Submission

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ORGANIZATION AND OPERATIONS<div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;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="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Initial Public Offering</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;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 $92,500 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="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reorganization Transactions</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;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="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;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="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;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="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;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="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;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 by certain related and unrelated creditors of i3 Verticals, LLC.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;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 the principal asset that it owns are the Common Units in i3 Verticals, LLC. 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="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Public Offering</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 15, 2020, the Company completed a public offering (the “September 2020 Public Offering”) of 3,737,500 shares of its Class A common stock, at a public offering price of $23.50 per share, which included a full exercise of the underwriters' option to purchase 487,500 additional shares of Class A Common Stock from the Company. The Company received approximately $83,400 of net proceeds, after deducting underwriting discounts and commissions, but before offering expenses. The Company used the net proceeds to purchase (1) 3,250,000 Common Units directly from i3 Verticals, LLC, and (2) 487,500 Common Units pursuant 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 the Company's Class A common stock in the offering. i3 Verticals, LLC received $72,018 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"><span><br/></span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">As of June 30, 2021, i3 Verticals, Inc. owned 68.2% of the economic interest in i3 Verticals, LLC. </span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">As of June 30, 2021, the Continuing Equity Owners owned Common Units in i3 Verticals, LLC representing approximately 31.8% of the economic interest in i3 Verticals, LLC, shares of Class A common stock in the Company representing approximately 0.6% of the economic interest and voting power in the Company, and shares of Class B common stock in i3 Verticals, Inc., representing approximately 31.8% of the voting power in the Company. </span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;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="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;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 32.4% of the economic interest and voting power in i3 Verticals, Inc. </span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;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>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.
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CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31573000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153140000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
111862000 USD
CY2021Q2 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
1575000 USD
CY2020Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 USD
CY2020Q4 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-869000 USD
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
11054000 USD
CY2020Q4 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
19149000 USD
CY2020Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6234000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
23969000 USD
CY2021Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
5699000 USD
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7174000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
22494000 USD
CY2021Q2 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
10547000 USD
CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
12923000 USD
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
20118000 USD
CY2019Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
10237000 USD
CY2019Q4 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
5389000 USD
CY2019Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5211000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
10415000 USD
CY2020Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
5004000 USD
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5753000 USD
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
9666000 USD
CY2020Q2 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
5630000 USD
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5512000 USD
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
9784000 USD
CY2021Q2 us-gaap Capitalized Contract Cost Gross
CapitalizedContractCostGross
3720000 USD
CY2020Q2 us-gaap Capitalized Contract Cost Gross
CapitalizedContractCostGross
2958000 USD
CY2021Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
138000 USD
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
386000 USD
CY2020Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
104000 USD
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
288000 USD
us-gaap Use Of Estimates
UseOfEstimates
Use of Estimates 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, determination of performance obligations for revenue recognition, 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.
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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9093000 USD
CY2020Q4 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-202000 USD
us-gaap Business Acquisitions Pro Forma Revenue
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178349000 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
168720000 USD
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BusinessAcquisitionsProFormaNetIncomeLoss
-8525000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-272000 USD
CY2020Q3 us-gaap Goodwill
Goodwill
187005000 USD
us-gaap Goodwill Purchase Accounting Adjustments
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97246000 USD
CY2021Q2 us-gaap Goodwill
Goodwill
284251000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
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247298000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
68459000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
178839000 USD
CY2021Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
247340000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
68459000 USD
CY2021Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
178881000 USD
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4674000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11786000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3066000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9348000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
4181000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
15510000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
14652000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
13669000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
13388000 USD
CY2021Q2 iiiv Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
117439000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
178839000 USD
CY2021Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3848000 USD
CY2020Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4567000 USD
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
212644000 USD
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
90758000 USD
CY2021Q2 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
119633000 USD
CY2020Q1 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
28676000 USD
CY2021Q2 iiiv Debt Issuance Costs Incurred In Period
DebtIssuanceCostsIncurredInPeriod
0 USD
iiiv Debt Issuance Costs Incurred In Period
DebtIssuanceCostsIncurredInPeriod
0 USD
CY2020Q2 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
4212000 USD
CY2021Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
244000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
719000 USD
CY2020Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
242000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
514000 USD
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-110000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-416000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1918000 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
14177000 USD
iiiv Increase Decrease In Tax Receivable Agreement Liability
IncreaseDecreaseInTaxReceivableAgreementLiability
12051000 USD
CY2021Q2 iiiv Tax Receivable Agreement Percent Of Tax Benefits Payable To Continuing Equity Owners
TaxReceivableAgreementPercentOfTaxBenefitsPayableToContinuingEquityOwners
0.85
iiiv Period Of Payment To Continuing Equity Owners
PeriodOfPaymentToContinuingEquityOwners
P25Y
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.073
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1164000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
3064000 USD
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
5000 USD
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
410000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
540000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1035000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3856000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3309000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2709000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2271000 USD
CY2021Q2 iiiv Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
4704000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17884000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2751000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
15133000 USD
CY2021Q2 us-gaap Short Term Lease Commitment Amount
ShortTermLeaseCommitmentAmount
46000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2726000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2397000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2096000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1469000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
968000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1221000 USD
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
10877000 USD
CY2021Q2 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
119633000 USD
CY2021Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
102000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
584000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-164000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
177000 USD
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5210566 shares
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.73
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2907472 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
30.22
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
426836 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
17.87
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
206695 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
27.07
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7484507 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
25.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.22
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7484507 shares
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2904266 shares
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
34517000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
4374000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
10590000 USD
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1201000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
3231000 USD
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
657000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
2073000 USD
CY2021Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
608000 USD
CY2021Q2 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
2817000 USD
CY2021Q2 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
2645000 USD
CY2021Q2 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
450000 USD
CY2021Q2 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
0 USD
CY2021Q2 iiiv Purchase Obligation To Be Paid After Year Four
PurchaseObligationToBePaidAfterYearFour
0 USD
CY2021Q2 us-gaap Purchase Obligation
PurchaseObligation
6520000 USD
CY2018Q2 iiiv Tax Receivable Agreement Percent Of Tax Benefits Payable To Continuing Equity Owners
TaxReceivableAgreementPercentOfTaxBenefitsPayableToContinuingEquityOwners
0.85
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
61964000 USD
CY2021Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
16064000 USD
CY2021Q2 iiiv Residual Expense
ResidualExpense
8128000 USD
CY2021Q2 us-gaap Gross Profit
GrossProfit
54028000 USD
CY2021Q2 iiiv Residual Expense
ResidualExpense
8128000 USD
CY2021Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
37296000 USD
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6995000 USD
CY2021Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
3609000 USD
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2000000 USD
CY2021Q2 us-gaap Assets
Assets
644602000 USD
CY2021Q2 us-gaap Goodwill
Goodwill
284251000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153140000 USD
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
41044000 USD
iiiv Residual Expense
ResidualExpense
20424000 USD
us-gaap Gross Profit
GrossProfit
132520000 USD
iiiv Residual Expense
ResidualExpense
20424000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
92769000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
17938000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
5835000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-4446000 USD
CY2021Q2 us-gaap Assets
Assets
644602000 USD
CY2021Q2 us-gaap Goodwill
Goodwill
284251000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31573000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31573000 USD
CY2020Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
10001000 USD
CY2020Q2 iiiv Residual Expense
ResidualExpense
4380000 USD
CY2020Q2 us-gaap Gross Profit
GrossProfit
25952000 USD
CY2020Q2 iiiv Residual Expense
ResidualExpense
4380000 USD
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18133000 USD
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4475000 USD
CY2020Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1473000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
437000 USD
CY2020Q2 us-gaap Assets
Assets
360473000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
167054000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
111862000 USD
us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
34874000 USD
iiiv Residual Expense
ResidualExpense
14854000 USD
us-gaap Gross Profit
GrossProfit
91842000 USD
iiiv Residual Expense
ResidualExpense
14854000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
58206000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13668000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1461000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
6575000 USD
CY2020Q2 us-gaap Assets
Assets
360473000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
167054000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-3328000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
811000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
0 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
3000 USD
us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
11714000 USD
us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
2672000 USD
iiiv Noncontrolling Interest Cumulative Effect Of Adoption Of New Accounting Standard
NoncontrollingInterestCumulativeEffectOfAdoptionOfNewAccountingStandard
0 USD
iiiv Noncontrolling Interest Cumulative Effect Of Adoption Of New Accounting Standard
NoncontrollingInterestCumulativeEffectOfAdoptionOfNewAccountingStandard
640000 USD
iiiv Noncontrolling Interest Increase From Allocation Of Equity
NoncontrollingInterestIncreaseFromAllocationOfEquity
12343000 USD
iiiv Noncontrolling Interest Increase From Allocation Of Equity
NoncontrollingInterestIncreaseFromAllocationOfEquity
0 USD
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
629000 USD
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
-2035000 USD
iiiv Net Income Loss Attributable To Noncontrolling Interest After Transfers To From Noncontrolling Interests
NetIncomeLossAttributableToNoncontrollingInterestAfterTransfersToFromNoncontrollingInterests
-2699000 USD
iiiv Net Income Loss Attributable To Noncontrolling Interest After Transfers To From Noncontrolling Interests
NetIncomeLossAttributableToNoncontrollingInterestAfterTransfersToFromNoncontrollingInterests
-1224000 USD
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Dilutive Securities
DilutiveSecurities
0 USD
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
35245000 USD
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
0 USD
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
22403000 USD
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
0 USD
us-gaap Line Of Credit Assumed1
LineOfCreditAssumed1
0 USD
us-gaap Line Of Credit Assumed1
LineOfCreditAssumed1
85000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
16745000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD

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