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  "documentTitle": "PetIQ, Inc. (PETQ)",
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      "kind": "callout",
      "text": "PETQ 8-K – Jan 17, 2018\nVIP Petcare Financials",
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      "text": "We note that, as of Dec 31, 2017, VIP had $2.8M receivables payable outstanding. The entirety of this balance was wiped out through inter-company eliminations following the acquisition: the full balance was owed to PetIQ.",
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      "text": "rebates payable: $2.8M",
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      "text": "Given the magnitude of PetIQ's relationship with VIP, we suspect that VIP passed on a significant portion of its vendor rebates to PetIQ. But did it have similar arrangements with other firms? We note that, as of Dec 31, 2017, VIP had $2.8M receivables payable outstanding. The entirety of this balance was wiped out through inter-company eliminations following the acquisition: the full balance was owed to PetIQ.",
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      "text": "Represents the elimination of amounts payable between PetIQ and VIP, consisting of $2.4 million due to VIP for inventory purchases and $2.8 million due to PetIQ for rebates. — PETQ 8-K - Jan 17, 2018",
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      "text": "b) Represents the elimination of amounts payable between PetIQ and VIP, consisting of $2.4 million due to VIP for inventory purchases and $2.8 million due to PetIQ for rebates.",
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      "text": "LIABILITIES AND MEMBERS' EQUITY\nCurrent liabilities:\nAccounts payable\nRebates payable",
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      "text": "All VIP Rebates Payable Owed To PetIQ",
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