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  "documentTitle": "PetIQ, Inc. (PETQ)",
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      "text": "CVET FY18 10-K: Customer relationships amortized over 11.3 years",
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      "text": "We also note that PetIQ is amortizing its “customer relationships” over an egregiously-long twenty-year period. This stands in contrast to peers which amortize acquisition-derived customer relationships over far shorter periods – typically ten years.",
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      "text": "By reducing the value of customer relationships from $90.7M to $76.3M and amortizing over 20 years, PETQ reduced its expense by $700K. FY 2018 GAAP earnings were ($782k), so PETQ’s earnings loss would have practically doubled.",
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