0001628280-24-021799 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Treasury stock, shares outstanding (in shares)	373	373
Class A common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	125,000	125,000
Common stock, shares, issued (in shares)	29,827	29,570
Class B common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	8,402	8,402
Common stock, shares, issued (in shares)	231	231
Common stock, shares outstanding (in shares)	231	231

Non-Controlling Interests

3 Months Ended

Mar. 31, 2024

Noncontrolling Interest [Abstract]

Non-Controlling Interests

Note 7 — Non-Controlling Interests

The following table presents the outstanding membership interests in HoldCo ("LLC Interests") and changes in LLC Interests for the periods presented.


	LLC Interests held			% of Total
$'s in 000's	LLC Owners	PetIQ, Inc.	Total	LLC Owners		PetIQ, Inc.
As of January 1, 2023	252	28,974	29,226	0.9	%	99.1	%
Stock based compensation transactions	—	201	201
Exchange transactions	(21)	21	—

As of December 31, 2023	231	29,196	29,427	0.8	%	99.2	%
Stock based compensation transactions	—	257	257


As of March 31, 2024	231	29,453	29,684	0.8	%	99.2	%

Note that certain figures shown in the table above may not recalculate due to rounding.

For the three months ended March 31, 2024 and 2023 the Company owned a weighted average of 99.2% of HoldCo.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 12 — Subsequent Events On April 30, 2024, the Company sold its foreign subsidiary within the Products segment, M&C, for approximately $4.0 million in net cash proceeds and the Company will receive future royalties for certain licensed trademarks and related intellectual property. The Company will recognize approximately a $1.7 million loss, subject to normal working capital adjustments, in the second quarter of 2024. As of March 31, 2024, M&C was classified as held for sale in the condensed consolidated balance sheet. For additional information, see Note 1 — Principal Business Activity and Significant Accounting Policies.

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions		3 Months Ended
	Apr. 30, 2024	Jun. 30, 2024
Subsequent Event [Line Items]
Proceeds from sale of foreign subsidiary	$ 4.0
Forecast
Subsequent Event [Line Items]
Loss on sale of foreign subsidiary		$ 1.7

Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of Financial Information Relating to the Company's Operating Segments

Financial information relating to the Company’s operating segments for the three months ended:


$'s in 000's	Products		Services
March 31, 2024
Net sales	$	276,891	$	31,552
Segment Adjusted EBITDA	34,605		906
Depreciation expense	2,224		1,218


$'s in 000's	Products		Services
March 31, 2023
Net sales	$	258,993	$	31,478
Segment Adjusted EBITDA	32,196		850
Depreciation expense	1,816		1,705

Summary of Segment Adjusted EBITDA to Net Loss Reconciliation

The following table reconciles Segment Adjusted EBITDA to Net income for the periods presented.


	Three Months Ended
$'s in 000's	March 31, 2024		March 31, 2023
Segment Adjusted EBITDA:
Product	$	34,605	$	32,196
Services	906		850
Total	35,511		33,046
Adjustments:
Depreciation	(3,442)		(3,521)
Amortization	(4,252)		(4,262)
Interest expense, net	(9,106)		(8,732)
Acquisition costs(1)	—		(538)

Stock based compensation expense	(2,609)		(2,466)
Non same-store adjustment(2)	(246)		(2,322)
Integration and business transformation costs(3)	(502)		(976)




Pretax net income	$	15,354	$	10,229
Income tax expense	(327)		(448)
Net income	$	15,027	$	9,781

(1) Acquisition costs include legal, accounting, banking, consulting, diligence, and other costs related to completed and contemplated acquisitions.

(2) Non same-store adjustment includes sales and costs, and associated gross profit, related to our Services segment wellness centers with less than six full quarters of operating results, and also include pre-opening expenses.

(3) Integration and business transformation costs, including personnel costs such as severance and retention bonuses, consulting costs, contract termination costs and IT and ERP implementation costs.

Long-Lived Assets by Geographic Areas

Supplemental geographic disclosures are below.


	Three Months Ended March 31, 2024
$'s in 000's	U.S.		Foreign		Total
Product sales	$	275,736	$	1,155	$	276,891
Services sales	31,552		—		31,552
Total net sales	$	307,288	$	1,155	$	308,443


	Three Months Ended March 31, 2023
$'s in 000's	U.S.		Foreign		Total
Product sales	$	257,977	$	1,016	$	258,993
Services sales	31,478		—		31,478
Total net sales	$	289,455	$	1,016	$	290,471

Property, plant, and equipment by geographic location is below.


	March 31, 2024		December 31, 2023
United States	$	55,297	$	57,097
Europe	—		—
Total	$	55,297	$	57,097

Debt - Future Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Future maturities of long-term debt
Remainder of 2024	$ 5,579
2025	4,600
2026	147,324
2027	3,600
2028	281,100
Thereafter	$ 7,800

Debt - Convertible Notes (Details) - Convertible Notes $ in Millions	May 19, 2020 USD ($)
Debt
Aggregate principal amount	$ 143.8
Class A common stock
Debt
Fixed interest rate	4.00%
Conversion ratio	0.0337268

Earnings per Share - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 15,027	$ 9,781
Less: net income attributable to non-controlling interests	120	82
Net income attributable to PetIQ, Inc. — basic	14,907	9,699
Plus: interest expense on Convertible Notes	1,688	1,676
Net income attributable to PetIQ, Inc. — diluted	$ 16,595	$ 11,375
Denominator:
Weighted-average shares of Class A common stock outstanding — basic (in shares)	29,283,000	29,125,000
Dilutive impact of share-based compensation awards (in shares)	650,000	45,000
Dilutive effect of conversion of Notes (in shares)	4,848,000	6,060,000
Weighted-average shares of Class A common stock outstanding — diluted (in shares)	34,781,000	35,230,000
Earnings Per Share
Earnings per share of Class A common stock — basic (in dollars per share)	$ 0.51	$ 0.33
Earnings per share of Class A common stock — diluted (in dollars per share)	$ 0.48	$ 0.32
Share-Based Payment Arrangement
Earnings Per Share
Dilutive shares excluded from computation of diluted earnings per share (in shares)	1,269,000	2,339,000

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	Note 11 — Related Parties Chris Christensen, the brother of CEO, McCord Christensen, acts as the Company’s agent at Moreton Insurance ("Morton"), which acts as a broker for a number of the Company’s insurance policies which renew at various dates throughout the year. Total annual policy premiums for policies in place at March 31, 2024 and 2023 was $7.2 million and $6.9 million, respectively. Mr. Chris Christensen earns various forms of compensation based on the specifics of each policy. Katie Turner, the spouse of CEO, McCord Christensen, is the owner of Acadia Investor Relations LLC, (“Acadia”) which acts as the Company’s investor relations consultant. Acadia was paid $0.06 million and $0.06 million for the three months ended March 31, 2024 and 2023, respectively. Michael Glasman, the brother of CFO, Zvi Glasman, acted as a broker in connection with the Company's entry into a Master Services Agreement with Syndeo, LLC d/b/a Broadvoice ("Broadvoice") in February 2023 for the provision of certain information technology related services. The amount to be paid to Broadvoice over the 39-month agreement is estimated at $0.4 million. $0.03 million and $0 was paid to Broadvoice for the three months ended March 31, 2024 and 2023, respectively. Mr. Michael Glasman earns various fees based on the services provided by Broadvoice On April 30, 2024, the Company completed the sale of it's foreign subsidiary M&C, to an entity affiliated with Kieran Carolan, the current general manager of M&C. See Note 12 — Subsequent Events for more details.

Stock Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Based Compensation
Stock based compensation expense	$ 2,609	$ 2,466
Granted (in shares)	0
Stock based compensation expense	$ 2,609	2,466
Stock options
Stock Based Compensation
Stock based compensation expense	300	300
Stock based compensation expense	300	300
RSU
Stock Based Compensation
Stock based compensation expense	2,300	1,400
Unrecognized compensation cost related to unvested stock options	$ 28,000
Vesting period	3 years 1 month 6 days
Stock based compensation expense	$ 2,300	$ 1,400

Restructuring - Schedule of Restructuring Expenses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Liability at December 31, 2023	$ 2,835
Expenses	0
Cash Payments	(1,919)
Non-Cash Amounts	0
Liability at March 31, 2024	916
Lease termination
Restructuring Cost and Reserve [Line Items]
Liability at December 31, 2023	1,825
Expenses	0
Cash Payments	(909)
Non-Cash Amounts	0
Liability at March 31, 2024	916
Variable lease expenses
Restructuring Cost and Reserve [Line Items]
Liability at December 31, 2023	1,010
Expenses	0
Cash Payments	(1,010)
Non-Cash Amounts	0
Liability at March 31, 2024	$ 0

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 — Commitments and Contingencies Litigation Contingencies The Company records a liability for a particular contingency when the Company determines the contingency is probable and estimable. The Company had $0.3 million and $0 accrued for litigation related matters as of March 31, 2024 and December 31, 2023, respectively. The Company includes any related expenses within selling, general and administrative expenses. During the three months ended March 31, 2024, the Company recorded $0.3 million of expense associated with the settlement of a lawsuit brought against the Company. Commitments The Company has commitments for long-term debt that are discussed further in Note 2 — Debt, and leases. In addition, the Company has purchase obligations for goods and services, capital expenditures, and raw materials entered into in the normal course of business.

Intangible Assets and Goodwill - Estimated Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 11,646
2025	14,899
2026	14,303
2027	13,640
2028	12,295
Thereafter	$ 55,479

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Accumulated Deficit	Accumulated Other Comprehensive Loss	Class A Treasury Stock	Additional Paid-in Capital	Non-controlling Interest	Class A common stock Common Stock	Class B common stock	Class B common stock Common Stock
Beginning balance at Dec. 31, 2022	$ 211,793	$ (162,733)	$ (2,224)	$ (3,857)	$ 378,709	$ 1,869	$ 29		$ 0
Beginning common stock, shares outstanding (in shares) at Dec. 31, 2022							29,348		252
Beginning treasury stock, shares outstanding (in shares) at Dec. 31, 2022				373
Increase (Decrease) in Stockholders' Equity
Exchange of LLC Interests held by LLC Owners (in shares)							8		(8)
Exchange of LLC Interests held by LLC Owners	0				115	(115)
Other comprehensive income	(51)		(51)
Stock based compensation expense	2,466				2,445	21
Issuance of stock vesting of RSU's, net of tax withholdings (in shares)							143
Issuance of stock vesting of RSU's, net of tax withholdings	(840)				(840)
Net income	9,781	9,699				82
Ending balance at Mar. 31, 2023	223,149	(153,034)	(2,275)	$ (3,857)	380,429	1,857	$ 29		$ 0
Ending common stock, shares outstanding (in shares) at Mar. 31, 2023							29,499		244
Ending treasury stock, shares outstanding (in shares) at Mar. 31, 2023				373
Beginning balance at Dec. 31, 2023	$ 222,998	(160,602)	(1,706)	$ (3,857)	387,349	1,785	$ 29		$ 0
Beginning common stock, shares outstanding (in shares) at Dec. 31, 2023							29,570	231	231
Beginning treasury stock, shares outstanding (in shares) at Dec. 31, 2023	373			373
Increase (Decrease) in Stockholders' Equity
Other comprehensive income	$ (85)		(84)			(1)
Stock based compensation expense	2,609				2,589	20
Issuance of stock vesting of RSU's, net of tax withholdings (in shares)							257
Issuance of stock vesting of RSU's, net of tax withholdings	(2,699)				(2,699)
Net income	15,027	14,907				120
Ending balance at Mar. 31, 2024	$ 237,850	$ (145,695)	$ (1,790)	$ (3,857)	$ 387,239	$ 1,924	$ 29		$ 0
Ending common stock, shares outstanding (in shares) at Mar. 31, 2024							29,827	231	231
Ending treasury stock, shares outstanding (in shares) at Mar. 31, 2024	373			373

Segments - Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segments
Net sales	$ 308,443	$ 290,471
Segment Adjusted EBITDA	35,511	33,046
Operating Segments \| Products
Segments
Net sales	276,891	258,993
Segment Adjusted EBITDA	34,605	32,196
Depreciation expense	2,224	1,816
Operating Segments \| Services
Segments
Net sales	31,552	31,478
Segment Adjusted EBITDA	906	850
Depreciation expense	$ 1,218	$ 1,705

Principal Business Activity and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. 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 sales and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of property, plant, and equipment and intangible assets; the valuation of property, plant, and equipment, intangible assets and goodwill, the valuation of deferred tax assets, the valuation of inventories, and reserves for legal contingencies.

Principal Business Activity and Significant Accounting Policies (Details) distributionCenter in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) segment distributionCenter location state	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	2
Number of points of distribution (more than) \| distributionCenter	60
Number of retail pharmacy locations (more than) \| location	2,600
Number of states in which the entity provides veterinary services to pet owners \| state	39
Other current assets held-for-sale	$ 3.6
Other current liabilities held-for-sale	$ 1.1
Asset charges		$ 7.7

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 14,907	$ 9,699

Non-Controlling Interests - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2023
HoldCo
Noncontrolling Interest [Line Items]
Interest held by parent	99.20%	99.20%

Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 199,404	$ 183,306
Foreign currency translation	0	252
R&R Acquisition		20,641
Transfer to held for sale		(4,795)
Goodwill, ending balance	199,404	199,404
Products
Goodwill [Roll Forward]
Goodwill, beginning balance	199,404	183,306
Foreign currency translation	0	252
R&R Acquisition		20,641
Transfer to held for sale		(4,795)
Goodwill, ending balance	199,404	199,404
Services
Goodwill [Roll Forward]
Goodwill, beginning balance	0	0
Foreign currency translation	0	0
R&R Acquisition		0
Transfer to held for sale		0
Goodwill, ending balance	$ 0	$ 0

Segments - Narrative (Details)	3 Months Ended
Segments - Narrative (Details)	Mar. 31, 2024 operatingSegment
Segment Reporting [Abstract]
Number of operating segments	2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock Based Compensation - Restricted Stock (Details) - RSU - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Shares
Beginning balance (in shares)	1,688	853
Granted (in shares)	675	1,313
Settled (in shares)	(410)	(234)
Forfeited and cancelled (in shares)	(39)	(244)
Ending balance (in shares)	1,914	1,688
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 15.26	$ 23.06
Granted (in dollars per share)	17.37	12.02
Settled (in dollars per share)	16.13	22.72
Forfeited and cancelled (in dollars per share)	16.58	16.18
Ending balance (in dollars per share)	$ 15.79	$ 15.26

Debt - Long Term Debt Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt
Other debt	$ 14,503	$ 15,564
Net discount on debt and deferred financing fees	(6,101)	(6,587)
Long-term debt	443,902	445,227
Less current maturities of long-term debt	(7,479)	(7,407)
Long-term debt, less current installments	436,423	437,820
Term loans
Debt
Outstanding balance	291,750	292,500
Revolving credit facility
Debt
Outstanding balance	0	0
Convertible notes
Debt
Outstanding balance	$ 143,750	$ 143,750

Income Tax	3 Months Ended
Income Tax	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax	Note 4 — Income Tax The Company’s tax provision for interim periods is determined by using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the Company updates the estimated annual effective tax rate and makes a year-to-date adjustment to the provision. The estimated annual effective tax rate is subject to significant volatility due to several factors, including our ability to accurately predict the Company’s pre-tax and taxable income and loss and the mix of jurisdictions to which they relate. Our effective tax rate from continuing operations was 2.1% and 4.4% for the three months ended March 31, 2024 and 2023, respectively, including discrete items. Income tax expense for the three months ended March 31, 2024 and 2023 was different than the U.S federal statutory income tax rate of 21% primarily due to the effects of the change in valuation allowance, state taxes, and the foreign rate differential. The Company has assessed the realizability of the net deferred tax assets as of March 31, 2024 and in that analysis has considered the relevant positive and negative evidence available to determine whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income to realize its deferred tax assets. The Company believes it is more likely than not that the benefit from recorded deferred tax assets will not be realized. Based on our current earnings and anticipated future earnings, we believe that there is a reasonable possibility that in the foreseeable future, sufficient positive evidence may become available that results in a conclusion that all or a portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that we are able to actually achieve.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 15,027	$ 9,781
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization of intangible assets and loan fees	8,364	8,463
Gain on disposition of property, plant, and equipment	(220)	0
Stock based compensation expense	2,609	2,466
Other non-cash activity	(20)	(52)
Changes in assets and liabilities, net of business acquisition
Accounts receivable	(49,088)	(84,250)
Inventories	(56,262)	(13,567)
Other assets	(392)	(2,065)
Accounts payable	(1,727)	36,019
Accrued wages payable	(5,209)	(1,988)
Other accrued expenses	1,774	1,866
Net cash used in operating activities	(85,144)	(43,327)
Cash flows from investing activities
Proceeds from disposition of property, plant, and equipment	728	0
Purchase of property, plant, and equipment	(1,550)	(1,910)
Business acquisitions (net of cash acquired)	0	(27,634)
Net cash used in investing activities	(822)	(29,544)
Cash flows from financing activities
Proceeds from issuance of long-term debt	10,000	15,000
Principal payments on long-term debt	(11,900)	(16,900)
Principal payments on finance lease obligations	(475)	(346)
Tax withholding payments on Restricted Stock Units	(2,699)	(840)
Net cash used in financing activities	(5,074)	(3,086)
Net change in cash and cash equivalents	(91,040)	(75,957)
Effect of exchange rate changes on cash and cash equivalents	45	102
Cash and cash equivalents, beginning of period	116,369	101,265
Cash and cash equivalents, end of period	25,374	25,410
Supplemental cash flow information
Interest paid, net	7,268	6,808
Net change in property, plant, and equipment acquired through accounts payable	(31)	(34)
Finance lease additions	25	0
Income taxes paid, net of refunds	$ 18	$ 3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Intangible Assets and Goodwill
Amortization expense	$ 4,300	$ 4,300
Write-off of selling, general and administrative expenses	$ 50,209	$ 43,326

Income Tax (Details)	3 Months Ended
Income Tax (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	2.10%	4.40%

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive Income (Loss)
Net income	$ 15,027	$ 9,781
Foreign currency translation adjustment	(85)	(51)
Comprehensive income	14,942	9,730
Comprehensive income attributable to non-controlling interest	119	82
Comprehensive income attributable to PetIQ, Inc.	$ 14,823	$ 9,648

Debt - Narrative (Details) - USD ($) $ in Millions	Apr. 13, 2021	May 19, 2020	Mar. 31, 2024
Senior Secured Asset-Based Revolving Credit Facility
Debt
Maximum borrowing capacity	$ 125.0
Eligible investment - grade accounts	90.00%
Percentage of eligible investment other accounts	85.00%
Percentage of net orderly liquidation value of cost of certain eligible on hand and in transit inventory	85.00%
Percentage of qualified cash	100.00%
Line of credit facility, interest rate at period end			6.58%
Unused facility fee (as a percent)	0.35%
Senior Secured Term Loan Facility
Debt
Maximum borrowing capacity	$ 300.0
Line of credit facility, interest rate at period end			10.17%
Floor rate	0.50%
Percentage of periodic payment, principal	0.25%
Debt instrument, frequency of periodic payment	quarterly
Senior Secured Term Loan Facility \| LIBOR \| Minimum
Debt
Variable interest rate, basis points spread over variable reference rate (as a percent)	3.25%
Senior Secured Term Loan Facility \| LIBOR \| Maximum
Debt
Variable interest rate, basis points spread over variable reference rate (as a percent)	4.25%
Convertible Notes
Debt
Aggregate principal amount		$ 143.8
Convertible Notes \| Class A common stock
Debt
Fixed interest rate		4.00%
Proceeds from issuance of debt		$ 137.9

Non-Controlling Interests - Outstanding Membership Interests in HoldCo (Details) - shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amended Holdco LLC Agreement
Noncontrolling Interest [Line Items]
Beginning common stock, shares outstanding (in shares)	29,427	29,226
Stock based compensation transactions (in shares)	257	201
Exchange transactions (in shares)		0
Ending common stock, shares outstanding (in shares)	29,684	29,427
LLC Owners
Noncontrolling Interest [Line Items]
Beginning common stock, shares outstanding (in shares)	231	252
Stock based compensation transactions (in shares)	0	0
Exchange transactions (in shares)		(21)
Ending common stock, shares outstanding (in shares)	231	231
Ownership interest by continuing LLC owners	0.80%	0.80%	0.90%
PetIQ LLC Opco
Noncontrolling Interest [Line Items]
Beginning common stock, shares outstanding (in shares)	29,196	28,974
Stock based compensation transactions (in shares)	257	201
Exchange transactions (in shares)		21
Ending common stock, shares outstanding (in shares)	29,453	29,196
Ownership interest in Holdco	99.20%	99.20%	99.10%

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38163
Entity Registrant Name	PetIQ, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2554312
Entity Address, Address Line One	230 E. Riverside Drive
Entity Address, City or Town	Eagle
Entity Address, State or Province	ID
Entity Address, Postal Zip Code	83616
City Area Code	208
Local Phone Number	939-8900
Title of 12(b) Security	Class A Common Stock, $0.001 par value
Trading Symbol	PETQ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001668673
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,520,307
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		231,540

Segments - Property, Plant and Equipment by Geographic Location (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Property, plant and equipment, net	$ 55,297	$ 57,097
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Property, plant and equipment, net	55,297	57,097
Europe
Segment Reporting, Asset Reconciling Item [Line Items]
Property, plant and equipment, net	$ 0	$ 0

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Parties
Amounts due to related party	$ 3,600		$ 3,600
Insurance Policy Premium Expense \| Moreton Insurance
Related Parties
Amounts paid to related parties	7,200	$ 6,900
Investor Relations Consultant \| Acadia Investor Relations L LC
Related Parties
Amounts paid to related parties	60	60
Master Services Agreement \| Immediate Family Member of Management or Principal Owner
Related Parties
Amounts paid to related parties	$ 30	$ 0
Term of agreement	39 months
Amounts due to related party	$ 400

Segments - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	$ 35,511	$ 33,046
Depreciation	(3,442)	(3,521)
Amortization	(4,252)	(4,262)
Interest expense, net	(9,106)	(8,732)
Acquisition costs	0	(538)
Stock based compensation expense	(2,609)	(2,466)
Non same-store adjustment	(246)	(2,322)
Integration costs and business transformation costs	(502)	(976)
Pretax net income	15,354	10,229
Income tax expense	(327)	(448)
Net income	15,027	9,781
Products \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	34,605	32,196
Services \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	$ 906	$ 850

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Intangible Assets and Goodwill
Total amortizable intangibles	$ 203,402	$ 203,402
Less accumulated amortization	(81,140)	(76,912)
Total net amortizable intangibles	122,262	126,490
Intangible assets, net of accumulated amortization	155,501	159,729
Trademarks and other
Intangible Assets and Goodwill
Non-amortizable intangibles	33,239	33,239
In-process research and development
Intangible Assets and Goodwill
Non-amortizable intangibles	$ 0	0
Certification
Intangible Assets and Goodwill
Useful Lives	7 years
Total amortizable intangibles	$ 350	350
Customer relationships
Intangible Assets and Goodwill
Total amortizable intangibles	159,291	159,291
Patents and processes
Intangible Assets and Goodwill
Total amortizable intangibles	12,855	12,855
Brand names
Intangible Assets and Goodwill
Total amortizable intangibles	$ 30,906	$ 30,906
Minimum \| Customer relationships
Intangible Assets and Goodwill
Useful Lives	12 years
Minimum \| Patents and processes
Intangible Assets and Goodwill
Useful Lives	5 years
Minimum \| Brand names
Intangible Assets and Goodwill
Useful Lives	5 years
Maximum \| Customer relationships
Intangible Assets and Goodwill
Useful Lives	20 years
Maximum \| Patents and processes
Intangible Assets and Goodwill
Useful Lives	10 years
Maximum \| Brand names
Intangible Assets and Goodwill
Useful Lives	15 years

Restructuring - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
Restructuring - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) center	Dec. 31, 2023 center
Restructuring and Related Activities [Abstract]
Number of underperforming wellness centers		149
Number of wellness centers	133
Restructuring and related charges \| $	$ 0