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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Property, Plant and Equipment [Abstract]

Property and Equipment

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Property and Equipment

7. Property and Equipment

Property and equipment consisted of the following:


	March 31,		December 31,
	2020		2019
Furniture, fixtures, and office equipment	$	1,026,991	$	944,105
Computers		1,183,916		859,426
Leasehold improvements		320,296		223,145

Total		2,531,203		2,026,676
Less: Accumulated depreciation and amortization		654,821		416,024

	$1,876,382		$1,610,652

Depreciation expense for property and equipment was $0.2 million and $0.1 million for the three months ended March 31, 2020 and 2019, respectively.

7. Property and equipment

Property and equipment consisted of the following:


	December 31, 2019		December 31, 2018
	(Successor)		(Predecessor)
Furniture, fixtures, and office equipment	$	944,105	$	893,287
Computers		859,426		600,139
Leasehold improvements		223,145		310,520

Total		2,026,676		1,803,946
Less: Accumulated depreciation and amortization		416,024		556,797

	$	1,610,652	$	1,247,149

Depreciation expense for property and equipment was $0.4 million for the Successor period from July 10, 2019 to December 31, 2019. For the Predecessor period from January 1, 2019 to July 10, 2019 depreciation expense was $0.2 million. Under the Predecessor, depreciation expense for property and equipment was $0.4 million and $0.2 million for the years ended December 31, 2018 and 2017, respectively.

Intangible Assets

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible Assets

The Company holds definite and indefinite-lived intangible assets. The indefinite-lived intangible assets consist of trade names, of $21.7 million, as of March 31, 2020. This balance consists of four trade names, arising from the acquisitions of Hawk Parent, TriSource, APS and Ventanex in the Successor period from July 11, 2019 to March 31, 2020.

Definite-lived intangible assets consisted of the following:


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Customer relationships	$	280,700,000	$	18,198,557	$	262,501,443		9.28
Channel relationships		3,000,000		216,935		2,783,065		9.28
Software costs		79,094,610		17,429,713		61,664,897		2.33
Non-compete agreements		3,990,000		1,156,029		2,833,971		2.09

Balance as of March 31, 2020	$	366,784,610	$	37,001,234	$	329,783,376		7.71

Customer relationships	$	256,000,000	$	11,393,825	$	244,606,175		9.48
Channel relationships		3,000,000		141,935		2,858,065		9.53
Software costs		72,290,752		11,080,696		61,210,056		2.54
Non-compete agreements		3,900,000		733,495		3,166,505		2.28

Balance as of December 31, 2019	$	335,190,752	$	23,349,951	$	311,840,801		7.90

The Company’s amortization expense for intangible assets was $13.7 million and $2.8 million for the three months ended March 31, 2020 and 2019, respectively.

The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:


Year Ending December 31,	Estimated Future Amortization Expense
2020	$	42,463,360
2021		49,776,203
2022		49,272,375
2023		28,795,778
2024		28,745,700
2025		24,833,333
Thereafter		105,896,627

8. Intangible assets

The Company holds definite and indefinite-lived intangible assets. The indefinite-lived intangible assets consist of trade names, of $21.2 million, as of December 31, 2019. This balance consists of three trade names, arising from the acquisitions of Hawk Parent, TriSource and APS Payments in the Successor period from July 11, 2019 to December 31, 2019.

Definite-lived intangible assets consisted of the following:


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Customer relationships	$	79,187,788	$	16,658,908	$	62,528,880		7.92
Software costs		7,949,839		2,779,091		5,170,748		2.10
Reseller buyouts		581,000		57,867		523,133		9.00

Balance as of December 31, 2018 (Predecessor)	$	87,718,627	$	19,495,866	$	68,222,761		7.49

Customer relationships	$	256,000,000	$	11,393,825	$	244,606,175		9.48
Channel relationships		3,000,000		141,935		2,858,065		9.53
Software costs		72,290,752		11,080,696		61,210,055		2.54
Non-competition agreements		3,900,000		733,495		3,166,505		2.28

Balance as of December 31, 2019 (Successor)	$	335,190,752	$	23,349,951	$	311,840,801		7.90

The Successor’s amortization expense for intangible assets was $23.3 million for the period from July 11, 2019 through December 31, 2019. The Predecessor’s amortization expense for intangible assets was $5.9 million for the period from January 1, 2019 to July 10, 2019. The Predecessor’s amortization expense for intangible assets was $10.0 million and $7.3 million for the years ended December 31, 2018 and 2017, respectively.

The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:


Year Ending December 31,	Estimated Future Amortization Expense
2020	$	51,904,695
2021		50,848,243
2022		39,501,841
2023		26,307,778
2024		26,255,735
2025		26,127,778
Thereafter	$	90,894,731

Goodwill

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

9. Goodwill

The following table presents changes to goodwill for the three months ended March 31, 2020 and 2019.


	Total
Balance at December 31, 2019	$	389,660,519
Acquisitions		15,461,331
Dispositions		—
Impairment Loss		—
Measurement period adjustment		6,580,549

Balance at March 31, 2020	$	411,702,399

Balance as of December 31, 2018 (Predecessor)	$	119,529,202
Acquisitions		—
Dispositions		—
Impairment Loss		—
Measurement period adjustment		—

Balance as of March 31, 2019 (Predecessor)	$	119,529,202

The Company has only one operating segment and, based on the criteria outlined in ASC 350, Intangibles — Goodwill and Other (“ASC 350”), only one reporting unit that needs to be tested for goodwill impairment. Accordingly, goodwill was reviewed for impairment at the consolidated entity level. Based on the qualitative factors described in ASC 350, the Company concluded that goodwill was not impaired as of March 31, 2020.

9. Goodwill

The following table presents changes to goodwill for the years ended December 31, 2019 and 2018:


	Total
Balance as of December 31, 2017	$	119,529,202
Acquisitions		—
Dispositions		—
Impairment Loss		—

Balance as of December 31, 2018 (Predecessor)	$	119,529,202

Balance as of July 11, 2019	$	339,911,399
Acquisitions		49,749,119
Dispositions		—
Impairment Loss		—

Balance as of December 31, 2019 (Successor)	$	389,660,519

Borrowings

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Debt Disclosure [Abstract]

Borrowings

10. Borrowings

Prior Credit Agreement

Hawk Parent (the “Predecessor”) entered into a Revolving Credit and Term Loan Agreement (the “Prior Credit Agreement”), with SunTrust Bank and the other lenders party thereto on September 28, 2017, as amended December 15, 2017, which included a revolving loan component, a term loan and a delayed draw term loan. The Prior Credit Agreement was collateralized by substantially all of the assets of the Predecessor, based on the Prior Credit Agreement’s collateral documents, and it included restrictive qualitative and quantitative covenants, as defined in the Prior Credit Agreement.

The Prior Credit Agreement provided for a maximum $10.0 million revolving loan at a variable interest rate. This facility was terminated upon the closing of the Business Combination and execution of the New Credit Agreement (defined below). Interest expense on the line of credit totaled $49,388 for the three months ended March 31, 2019.

New Credit Agreement, as Amended

The Company entered into a Revolving Credit and Term Loan Agreement (as amended the “New Credit Agreement”) on July 11, 2019, with Truist Bank (formerly SunTrust Bank) and the other lenders party thereto, which provided a revolving credit facility (the “Revolving Credit Facility”), a term loan A (the “Term Loan”), and a delayed draw term loan at a variable interest rate (4.95% at March 31, 2020) (the “Delayed Draw Term Loan”). The New Credit Agreement provided for an aggregate revolving commitment of $20.0 million at a variable interest rate.

On February 10, 2010, as part of the financing for the acquisition of Ventanex, Repay entered into an agreement with Truist Bank and other members of its existing bank group to amend and upsize its previous credit agreement from $230.0 million to $345.0 million. The New Credit Agreement is collateralized by substantially all of the Company’s assets, and includes restrictive qualitative and quantitative covenants, as defined in the New Credit Agreement. The Company was in compliance with its restrictive covenants under the New Credit Agreement at March 31, 2020.

The New Credit Agreement provides for a Term Loan of $255.0 million, a Delayed Draw Term Loan of $60.0 million, and a Revolving Credit Facility of $30.0 million. As of March 31, 2020, the Company had not drawn the Delayed Draw Term Loan and had $0.0 million drawn against the Revolving Credit Facility. The Company paid $42,361 in fees related to unused commitments in the three month period ended March 31, 2020. The Company’s interest expense on the line of credit totaled $62,008 for the three months ended March 31, 2020.

At March 31, 2020 and December 31, 2019, total borrowings under the New Credit Agreement consisted of the following, respectively:


	March 31, 2020		December 31, 2019
Non-current indebtedness:
Term Loan	$	253,375,000	$	208,937,500
Revolving Credit Facility		—		10,000,000

Total borrowings under credit facility⁽¹⁾		253,375,000		218,937,500
Less: Current maturities of long-term debt ⁽²⁾		5,502,000		5,500,000
Less: Long-term loan debt issuance cost ⁽³⁾		6,917,640		5,494,795

Total non-current borrowings	$	240,955,360	$	207,942,705

⁽¹⁾	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 4.95% and 5.26% at March 31, 2020 and December 31, 2019, respectively

⁽²⁾	Pursuant to the terms of the New Credit Agreement, the Company is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”).

⁽³⁾	The Successor incurred $0.3 million of interest expense for the amortization of deferred debt issuance costs for the three months ended March 31, 2020. The Predecessor incurred $0.1 million for the three months ended March 31, 2019.

Following is a summary of principal maturities of long-term debt for each of the next five years ending December 31 and in the aggregate:


2020	$	4,126,500
2021		8,251,000
2022		14,875,000
2023		18,750,000
2024		17,625,000
2025		189,747,500

	$	253,375,000

The Successor incurred interest expense on the Term Loans of $3.2 million for the three months ended March 31, 2020. The Predecessor incurred interest expense of $1.3 million for the three months ended March 31, 2019.

10. Borrowings

Prior Credit Agreement

The Predecessor entered into a Revolving Credit and Term Loan Agreement (the “Prior Credit Agreement”), with SunTrust Bank and the other lenders party thereto on September 28, 2017, and amended December 15, 2017, which included a revolving loan component, the term loan and a delayed draw term loan. The Prior Credit Agreement was collateralized by substantially all assets of the Predecessor, based on the Prior Credit Agreement’s collateral documents, and it included restrictive qualitative and quantitative covenants, as defined in the Prior Credit Agreement. The Predecessor was in compliance with its restrictive covenants under the Prior Credit Agreement at December 31, 2018.

The Prior Credit Agreement provided for a maximum $10.0 million revolving loan at a variable interest rate. This facility was terminated upon the closing of the Business Combination and execution of the New Credit Agreement (defined below). At the Closing and December 31, 2018, the outstanding balance on the revolving loan was $3.5 million. This balance was settled upon the Closing. Interest expense on the line of credit totaled $0.1 million for the period from January 1, 2019 to July 10, 2019. Interest expense on the line of credit totaled $0.2 million and $0.1 million for the years ended December 31, 2018 and 2017, respectively.

New Credit Agreement

The Company entered into a Revolving Credit and Term Loan Agreement (the “New Credit Agreement”) on July 11, 2019, with Truist Bank (formerly SunTrust Bank) and the other lenders party thereto, which provided a revolving credit facility, a term loan A, and a delayed draw term loan at a variable interest rate (5.26% at December 31, 2019). The term of the New Credit Agreement expires on July 11, 2024. The New Credit Agreement is collateralized by substantially all of the Company’s assets, and includes restrictive qualitative and quantitative covenants, as defined in the New Credit Agreement. The Company was in compliance with its restrictive covenants under the New Credit Agreement at December 31, 2019.

As of December 31, 2019, the New Credit Agreement provided for an aggregate revolving commitment of $20.0 million at a variable interest rate (5.26% at December 31, 2019). At December 31, 2019, there was $10.0 million on the revolving credit facility. The Successor’s interest expense on the line of credit totaled $0.1 million for the period from July 11, 2019 through December 31, 2019. The New Credit Agreement was upsized in February 2020. See Note 18 for more information.

At December 31, 2019 and December 31, 2018, total borrowings under the New Credit Agreement and Prior Credit Agreement consisted of the following, respectively:


	December 31, 2019		December 31, 2018
	Successor		Predecessor
Non-current indebtedness:
Term Loan	$	168,937,500	$	63,750,000
Delayed Draw Term Loan		40,000,000		28,500,000
Revolving Credit Facility		10,000,000		3,500,000

Total borrowings under credit facility⁽¹⁾		218,937,500		95,750,000
Less: Current maturities of long-term debt ⁽²⁾		5,500,000		4,900,000
Less: Long-term loan debt issuance cost ⁽³⁾		5,494,795		1,534,796

Total non-current borrowings	$	207,942,705	$	89,315,204

⁽¹⁾	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 5.26% and 5.77% at December 31, 2019 (Successor) and December 31, 2018 (Predecessor), respectively

⁽²⁾

Pursuant to the terms of the New Credit Agreement, the Successor is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”). Under the Prior Credit Agreement, the Predecessor was required to make quarterly principal payments equal to 1.25% of the initial principal amount of the Term Loans.

⁽³⁾	The Successor incurred $0.6 million of interest expense for the amortization of deferred debt issuance costs from the Closing through December 31, 2019. The Predecessor incurred $0.2 million for the period January 1, 2019 to July 10, 2019.

Following is a summary of principal maturities of the term loan for each of the next five years ending December 31 and in the aggregate:


2020	$	5,500,000
2021		7,875,000
2022		13,125,000
2023		15,750,000
2024		166,687,500

	$	208,937,500

The Successor incurred interest expense on the Term Loans of $5.3 million from July 11, 2019 through December 31, 2019. The Predecessor incurred interest expense of $2.8 million for the period from January 1, 2019 to July 10, 2019. Interest expense on the long-term debt totaled $5.5 million and $4.4 million for the years ended December 31, 2018 and 2017, respectively.

Derivative Instruments

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

11. Derivative Instruments

The Company does not hold or use derivative instruments for trading purposes.

Derivative Instruments Designated as Hedges

Interest rate fluctuations expose the Company’s variable-rate term loan to changes in interest expense and cash flows. As part of its risk management strategy, the Company may use interest rate derivatives, such as interest rate swaps, to manage its exposure to interest rate movements.

In October 2019, the Company entered into a $140.0 million notional, five-year interest rate swap agreement, with Regions Bank, to hedge changes in cash flows attributable to interest rate risk on $140.0 million of its variable-rate term loan. This agreement involves the receipt of variable-rate amounts in exchange for fixed interest rate payments over the life of the agreement without an exchange of the underlying notional amount. This interest rate swap was designated for accounting purposes as a cash flow hedge. As such, changes in the interest rate swap’s fair value are deferred in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets and are subsequently reclassified into interest expense in each period that a hedged interest payment is made on the Company’s variable-rate term loan.

On February 21, 2020, the Company entered into a swap transaction with Regions Bank. On a quarterly basis, commencing on March 31, 2020 up to and including the termination date of February 10, 2025, the Company will make fixed payments on a beginning notional amount of $30.0 million. On a quarterly basis, commencing on February 21, 2020 up to and including the termination date of February 10, 2025, the counterparty will make floating rate payments based on the 3-month LIBOR on the beginning notional amount of $30.0 million.

As of March 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk.


	Notional Amount		Fixed Interest Rate			Termination Date
Interest rate swap	$	140,000,000		1.598	%		July 11, 2024
Interest rate swap	$	30,000,000		1.331	%		February 10, 2025

11. Derivative Instruments

The Company does not hold or use derivative instruments for trading purposes.

Derivative Instruments Designated as Hedges

In October 2019, the Company entered into a $140.0 million notional, five-year interest rate swap agreement to hedge changes in cash flows attributable to interest rate risk on $140.0 million of its variable-rate term loan. This agreement involves the receipt of variable-rate amounts in exchange for fixed interest rate payments over the life of the agreement without an exchange of the underlying notional amount. This interest rate swap was designated for accounting purposes as a cash flow hedge. As such, changes in the interest rate swap’s fair value are deferred in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets and are subsequently reclassified into interest expense in each period that a hedged interest payment is made on the Company’s variable-rate term loan.

As of December 31, 2019, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk.


	Notional Amount		Fixed Interest Rate			Termination Date
Interest rate swap	$	140,000,000		1.598	%		July 11, 2024

Commitments and Contingencies

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

The Company is committed under various operating leases for buildings with varying expiration dates. Future minimum lease payments under non-cancelable operating leases as of March 31, 2020, are as follows:


Year Ended	Amounts
2020	$	944,234
2021		716,367
2022		301,455
2023		103,868
2024		—
Thereafter		—

	$	2,065,924

12. Commitments and contingencies

The Company is committed under various operating leases for buildings with varying expiration dates. Future minimum lease payments under noncancelable operating leases as of December 31, 2019, are as follows:


Year Ended	Amounts
2020	$	944,234
2021		716,367
2022		301,455
2023		103,868
2024		—
Thereafter		—

	$	2,065,924

Related Party Transactions	3 Months Ended	12 Months Ended
Related Party Transactions	Mar. 31, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Related party transactions	13. Related Party Transactions The Predecessor paid management fees to Corsair, a related party having common ownership in the amount of $0.1 million for the three months ended March 31, 2019, which are included in selling, general, and administrative expenses in the consolidated statement of operations. The Successor incurred transaction costs on behalf of related parties for the three months ended March 31, 2020 of $0.5 million. The Predecessor incurred transaction costs on behalf of related parties for the three months ended March 31, 2019 of $0.1 million.	13. Related party transactions The Predecessor paid management fees to Corsair Capital LLC, a related party having common ownership in the amount of $210,753 from January 1, 2019 to July 10, 2019. The Predecessor paid management fees of $0.4 million and $0.4 million for the years ended December 31, 2018 and 2017, respectively, which are included in selling, general, and administrative expenses in the consolidated statement of operations. The Successor incurred transaction costs on behalf of related parties from July 11, 2019 through December 31, 2019 of $1.3 million. The Predecessor incurred transaction costs on behalf of related parties from January 1, 2019 to July 10, 2019 of $6.8 million. The Predecessor incurred transaction costs on behalf of related parties for the years ended December 31, 2018 and 2017 of $1.6 million and $0.4 million, respectively. As of December 31, 2019, the Successor held receivables from related parties $0.6 million. These amounts were due from employees, related to tax withholding on vesting of equity compensation. See Note 14 for more detail on these restricted share awards. As of December 31, 2018 the Predecessor held no receivables from related parties. The Successor owed $14.3 million to related parties, in the form of contingent consideration payable to the sellers of TriSource and APS who were employees of REPAY, as of December 31, 2019. Further, the Successor owed employees $0.3 million for amounts paid on behalf of the Company. As of December 31, 2018 the Predecessor did not have any amounts due to related parties.

Share based compensation

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Equity [Abstract]

Share Based Compensation

14. Share Based Compensation

Omnibus Incentive Plan

At the 2019 Annual Shareholders Meeting of Thunder Bridge, the shareholders considered and approved the 2019 Omnibus Incentive Plan (the “2019 Equity Incentive Plan”) which resulted in the reservation of 7,326,728 shares of common stock for issuance thereunder. The 2019 Equity Incentive Plan became effective immediately upon the closing of the Business Combination.

Under this plan, the Company currently has two types of share-based compensation awards outstanding: restricted stock awards (“RSAs”) and restricted stock units (“RSUs”). Activity for the three months ended March 31, 2020 was as follows:


	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at December 31, 2019		1,818,675	$	12.39
Granted		1,086,378		17.34
Forfeited		—		—
Vested		—		—

Unvested at March 31, 2020		2,905,053	$	14.12

⁽¹⁾	Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the 2019 Equity Incentive Plan.

Unrecognized compensation expense related to unvested RSAs and RSUs was $32.8 million at March 31, 2020, which is expected to be recognized as expense over the weighted-average period of 2.64 years. The Company incurred $3.5 million of share-based compensation expense for the three months ended March 31, 2020.

Original Equity Incentives

A summary of the changes in non-vested profit interest units outstanding for the period for the three months ended March 31, 2019 is presented below:


	Units			Weighted average fair value per unit
Non-vested units at January 1, 2019		9,460		$	182.83
Activity during the period:
Granted		—
Vested		(55	)		(160.00	)

Non-vested units at March 31, 2019		9,405		$	182.96

The estimated fair value of the Predecessor’s profit interest units that vested during the three months ended March 31, 2019, was $8,896. During the same period the Predecessor incurred $0.1 million of share-based compensation expense, included in selling, general and administrative costs in the Unaudited Consolidated Statement of Operations.

14. Share based compensation

Omnibus Incentive Plan

At the Shareholders Meeting, Thunder Bridge shareholders considered and approved the 2019 Plan which resulted in the reservation of 7,326,728 shares of common stock for issuance thereunder. The 2019 Plan became effective immediately upon the Closing.

Under this plan, the Company currently has two types of share-based compensation awards outstanding: restricted stock awards (RSAs) and restricted stock units (RSUs). Activity from July 11, 2019 through December 31, 2019 was as follows:


	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at July 11, 2019		—
Granted		3,275,229	$	12.07
Forfeited ⁽¹⁾		321,263		11.81
Vested		1,135,291		11.68

Unvested at December 31, 2019		1,818,675	$	12.39

⁽¹⁾	Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the 2019 Plan.

Unrecognized compensation expense related to unvested RSAs and RSUs was $17.5 million at December 31, 2019, which is expected to be recognized as expense over the weighted-average period of 2.26 years. The Successor incurred $22.0 million of share-based compensation expense from July 11, 2019 through December 31, 2019.

Original Equity Incentives

As a result of the change in ownership of Hawk Parent, 9,171 previously unvested profit interest units of the Predecessor with a weighted average grant date fair value of $180.87 were automatically vested, upon the Closing. A summary of the changes in non-vested units outstanding for the period from January 1, 2019 to July 10, 2019 is presented below:


	Units			Weighted average fair value per unit
Non-vested units at January 1, 2019		9,460		$	182.83
Activity during the period:
Granted		—
Vested		(9,460	)		(182.83	)

Non-vested units at December 31, 2019		—		$	—

The estimated fair value of the Predecessor’s profit interest units that vested during January 1, 2019 to July 10, 2019 is $0.9 million. During the years ended December 31, 2018 and 2017, the Predecessor incurred $0.5 million and $0.6 million, respectively, of share-based compensation expense, included in selling, general and administrative costs in the Consolidated Statements of Operations.

Taxation

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Taxation

15. Taxation

Repay Holdings Corporation is taxed as a corporation and is subject to paying corporate federal, state and local taxes on the income allocated to it from Hawk Parent, based upon Repay Holding Corporation’s economic interest held in Hawk Parent, as well as any stand-alone income or loss it generates. Hawk Parent is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Hawk Parent is not subject to U.S. federal and certain state and local income taxes. Hawk Parent’s members, including Repay Holdings Corporation, are liable for federal, state and local income taxes based on their allocable share of Hawk Parent’s pass-through taxable income.

The Company’s effective tax rate for the three months ended March 31, 2020 was 15.1%. The Company recorded an income tax benefit of $1.1 million for this period. The Company’s effective tax rates for the three months ended March 31, 2020 was less than its combined federal and state statutory tax rate of 24%, primarily due to the Company not being liable for income taxes on the portion of Hawk Parent’s earnings that are attributable to non-controlling interests. The results from the three months ended March 31, 2019 do not reflect income tax expense because, prior to the Business Combination, the consolidated Hawk Parent pass-through entity was not subject to federal income tax.

During the three months ended March 31, 2020, the Company recognized $1.1 million of deferred tax assets related to the income tax benefit derived from the net operating loss over the same period. The Company did not recognize any changes to the valuation allowance as of March 31, 2020, and the facts and circumstances remain unchanged.

No uncertain tax positions existed as of March 31, 2020.

Tax Receivable Agreement Liability

Pursuant to our election under Section 754 of the Code, we expect to obtain an increase in our share of the tax basis in the net assets of Hawk Parent when Post-Merger Repay Units are redeemed or exchanged for Class A common stock of Repay Holdings Corporation. The Company intends to treat any redemptions and exchanges of Post-Merger Repay Units as direct purchases for U.S. federal income tax purposes. These increases in tax basis may reduce the amounts that the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

On July 11, 2019, the Company entered into a TRA that provides for the payment by the Company of 100% of the amount of any tax benefits realized, or in some cases are deemed to realize, as a result of (i) increases in our share of the tax basis in the net assets of Hawk Parent resulting from any redemptions or exchanges of Post-Merger Repay Units and from our acquisition of the equity of the selling Hawk Parent members, (ii) tax basis increases attributable to payments made under the TRA, and (iii) deductions attributable to imputed interest pursuant to the TRA (the “TRA Payments”). The TRA Payments are not conditioned upon any continued ownership interest in Hawk Parent or REPAY. The rights of each party under the Tax Receivable Agreement other than the Company are assignable. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the timing and amount of taxable income generated by the Company each year, as well as the tax rate then applicable, among other factors.

As of March 31, 2020, the Company had a liability of $67.7 million related to its projected obligations under the TRA, which is captioned as tax receivable agreement liability in our Unaudited Consolidated Balance Sheet.

15. Taxation

The components of income before income taxes are as follows:


	July 11, 2019 to December 31, 2019			January 1, 2019 to July 10, 2019			Year ended December 31, 2018		Year ended December 31, 2017
	(Successor)			(Predecessor)
Domestic	$	(36,281,944	)	$	(23,668,078	)	$	10,537,443	$	9,448,244
Foreign		(269,721	)		(74,452	)		—		—

Income (loss) before income tax expense	$	(36,551,665	)	$	(23,742,530	)	$	10,537,443	$	9,448,244

The Company recorded a provision for income tax as follows:


	July 11, 2019 to December 31, 2019			January 1, 2019 to July 10, 2019		Year ended December 31, 2018		Year ended December 31, 2017
	(Successor)			(Predecessor)
Current expense
Federal	$	—		$	—	$	—	$	—
State		—			—		—		—
Foreign		—			—		—		—

Total current expense (benefit)		—			—		—		—

Deferred expense
Federal	$	(4,343,013	)	$	—	$	—	$	—
State		(575,152	)		—		—		—
Foreign		(72,824	)		—		—		—

Total deferred benefit		(4,990,989	)		—		—		—

Income tax benefit	$	(4,990,989	)	$	—	$	—	$	—

A reconciliation of the United States statutory income tax rate to the Company’s effective income tax rate is as follows for the years indicated:


	July 11, 2019 to December 31, 2019			January 1, 2019 to July 10, 2019			Year ended December 31, 2018			Year ended December 31, 2017
	(Successor)			(Predecessor)
Federal income tax expense		21.0	%		0.0	%		0.0	%		0.0	%
State taxes, net of federal benefit		1.6	%		0.0	%		0.0	%		0.0	%
Income attributable to noncontrolling interest		-8.6	%		0.0	%		0.0	%		0.0	%
Excess tax benefit related to share-based compensation		0.5	%		0.0	%		0.0	%		0.0	%
Other		-0.8	%		0.0	%		0.0	%		0.0	%

Total deferred benefit		13.7	%		0.0	%		0.0	%		0.0	%

The Company’s effective tax rate for the period from July 11, 2019 through December 31, 2019, the Successor period, was 13.7%. The comparison of our effective tax rate to the U.S. statutory tax rate of 24% was primarily influenced by the fact that the Company is not liable for the income taxes on the portion of Hawk Parent’s earnings that are attributable to noncontrolling interests. The results for the Predecessor do not reflect income tax expense because, prior to the Closing, the consolidated Hawk Parent was treated as a partnership for U.S. federal and most applicable state and local income tax purposes and was not subject to corporate tax.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Details of the Company’s deferred tax assets and liabilities are as follows:


	December 31, 2019			December 31, 2018
	Successor			Predecessor
Deferred tax assets
Tax Credits	$	52,314		$	—
Section 163(j) Limitation Carryover		719,773			—
Acquisition Costs		378,386			—
Federal Net Operating Losses		3,682,201			—
State Net Operating Losses		526,607			—
Foreign Net Operating Losses		74,445			—
Other Assets		10,320			—

Total deferred tax asset		5,444,045			—
Valuation allowance		(5,799,118	)		—

Total deferred tax asset, net of valuation allowance		(355,073	)		—
Deferred tax liabilities
Partnership basis tax differences		(413,261	)		—

Total deferred tax liabilities		(413,261	)		—

Net deferred tax liabilities	$	(768,334	)	$	—

As a result of the Merger, the Company recognized a deferred tax asset (DTA) and offsetting deferred tax liability (DTL) in the amount of $5.8 million to account for the portion of the Company’s outside basis in the partnership interest that it will not recover through tax deductions, a ceiling rule limitation arising under Internal Revenue Code (the “Code”) sec. 704(c). As the ceiling rule causes taxable income allocations to be in excess of 704(b) book allocations the DTL will unwind, leaving only the DTA, which may only be recovered through the sale of the partnership interest in Hawk Parent. At the Closing, the Company concluded, based on the weight of all positive and negative evidence, that all of our DTA are not likely to be realized. As such, a 100% valuation allowance was recognized. In addition, the Company recognized a change to the valuation allowance in the amount of $0.04 million as of December 31, 2019.

As of December 31, 2019, the Company has a federal net operating loss carryforward of approximately $3.7 million, state net operating loss carryforwards of approximately $0.5 million, and foreign net operating loss carryforwards of approximately $0.1 million, which will be available to offset future taxable income. The federal and foreign net operating loss carryforwards have an indefinite life. The state net operating loss carryforwards will begin to expire between 2031 and 2035. The Company expects to utilize the net operating loss against earnings in future years.

No uncertain tax positions existed as of December 31, 2019.

Tax receivable agreement liability

On July 11, 2019, the Company entered into a TRA that provides for the payment by the Company of 100% of the amount of any tax benefits realized, or in some cases are deemed to realize, as a result of (i) increases in our share of the tax basis in the net assets of Hawk Parent resulting from any redemptions or exchanges of Post-Merger Repay Units and from our acquisition of the equity of the selling Hawk Parent members, (ii) tax basis increases attributable to payments made under the TRA, and (iii) deductions attributable to imputed interest pursuant to the TRA (the “TRA Payments”). The TRA Payments are not conditioned upon any continued ownership interest in Hawk Parent or Repay. The rights of each party under the TRA other than the Company are assignable. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the timing and amount of taxable income generated by the Company each year, as well as the tax rate then applicable, among other factors.

As of December 31, 2019, the Company had a liability of $67.2 million related to its projected obligations under the TRA, which is captioned as the tax receivable agreement liability in our Audited Consolidated Balance Sheet.

Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	16. Segment Reporting The Company conducts its operations through a single operating segment and, therefore, one reportable segment. Operating segments are revenue-generating components of a company for which separate financial information is internally produced for regular use by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess the performance of the business. Our CODM uses a variety of measures to assess the performance of the business; however, detailed profitability information of the nature that could be used to allocate resources and assess the performance of the business are managed and reviewed for the Company as a whole. There are no significant concentrations by state or geographical location, nor are there any significant individual customer concentrations by balance.

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

17. Selected Quarterly Financial Data (Unaudited)

The following tables set forth certain unaudited quarterly results of operations for the indicated periods:


	Three months ended December 31, 2019			From July 11, 2019 to September 30, 2019			From July 1, 2019 to July 10, 2019			Three months ended June 30, 2019		Three months ended March 31, 2019
(in thousands)	(Successor)						(Predecessor)
Revenue ⁽¹⁾	$	33,633		$	23,927		$	2,334		$	21,686	$	23,024
Income (loss) from operations		(13,464	)		(14,147	)		(32,536	)		5,626		6,313
Net income (loss)		(15,681	)		(15,880	)		(32,763	)		4,156		4,864
Net income (loss) attributable to the Company		(7,809	)		(8,481	)		(32,763	)		4,156		4,864
Earnings (loss) per Class A share:
Basic and diluted ⁽²⁾	$	(0.21	)	$	(0.25	)


	Three months ended December 31, 2018		Three months ended September 30, 2018		Three months ended June 30, 2018		Three months ended March 31, 2018
(in thousands)	(Predecessor)
Revenue	$	33,858	$	32,292	$	31,066	$	32,797
Income from operations		3,717		5,215		5,995		1,684
Net income		2,145		3,727		4,484		181
Net income attributable to the Company		2,145		3,727		4,484		181

(3)

Revenue for the reporting period beginning in 2019 is presented under ASC 606, while prior period revenue continues to be reported in accordance with the Company’s historic accounting practices under previous guidance. Refer to Note 2, “Basis of Presentation and Summary of Significant Accounting Policies”, for further discussions of the adoption of ASC 606.

(4)	The sum of the quarterly earnings per share amounts may not equal the full year amount reported since per share amounts are computed independently for each period based upon the respective weighted-average common shares outstanding for each respective period.

Subsequent events	3 Months Ended	12 Months Ended
Subsequent events	Mar. 31, 2020	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent events	16. Subsequent events Management has evaluated subsequent events and their potential effects on these unaudited consolidated financial statements through May 11, 2020, which is the date the unaudited consolidated financial statements were available to be issued. On April 6, 2020, the Company borrowed approximately $14.4 million utilizing the Delayed Draw Term Loan under the New Credit Agreement. Such proceeds were used to satisfy a portion of the APS Earnout.	18. Subsequent events Management has evaluated subsequent events and their potential effects on these consolidated financial statements through March 16, 2020, which is the date the consolidated financial statements were available to be issued. On February 10, 2020, Repay announced the acquisition of Ventanex for up to $50.0 million, which includes a $14.0 million performance-based earnout. The closing of the acquisition was financed with a combination of cash on hand and new borrowings under Repay’s existing credit facility. As part of the financing for the transaction, Repay entered into an agreement with Truist Bank (formerly SunTrust Bank) and other members of its existing bank group to amend and upsize its previous $230.0 million credit facility under the Amended Credit Agreement to $345.0 million to provide additional capacity for growth. On February 21, 2020, the Company entered into a swap transaction with Regions Bank. On a quarterly basis, commencing on March 31, 2020 up to and including the termination date of February 10, 2025, the Company will make fixed payments on a beginning notional amount of $30.0 million. On a quarterly basis, commencing on February 21, 2020 up to and including the termination date of February 10, 2025, the counterparty will make floating rate payments based on the 3-month LIBOR on the beginning notional amount of $30.0 million.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of Repay Holdings Corporation, the majority-owned Hawk Parent Holdings LLC and its wholly owned subsidiaries: Hawk Intermediate Holdings, LLC, Hawk Buyer Holdings, LLC, Repay Holdings, LLC, M&A Ventures, LLC, Repay Management Holdco Inc., Repay Management Service LLC, Sigma Acquisition, LLC, Wildcat Acquisition, LLC, Marlin Acquirer, LLC, REPAY International LLC, REPAY Canada ULC, TriSource Solutions, LLC and Mesa Acquirer, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.

Basis of Financial Statement Presentation

Basis of Financial Statement Presentation

Use of Estimates

Use of Estimates

Segment Reporting

Segment Reporting

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Restricted cash consists of funds required to serve as security for services rendered by a service provider under a service provider agreement.

Accounts Receivable

Accounts Receivable

Concentration of Credit Risk

Concentration of Credit Risk

The Company is highly diversified, and no single merchant represents greater than 10% of the business on a volume or profit basis.

Earnings per Share

Earnings per Share

Property and Equipment

Property and Equipment

The Company provides for depreciation of property and equipment using the straight-line method designed to amortize costs over estimated useful lives as follows:


		Estimated Useful Life
Furniture, fixtures, and office equipment		5 years
Computers		3 years
Leasehold improvements		5 years

Intangible Assets

Intangible Assets

Goodwill

Goodwill

Revenue

Revenue

Interchange and network fees

Indirect relationships

Transaction Costs

Transaction Costs

Equity Units Awarded

Equity Units Awarded

Debt Issuance Costs

Debt Issuance Costs

Fair Value of Financial Instruments

Fair Value of Financial Instruments

•

Level 1 — Quoted prices for identical instruments in active markets.

•

Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets.

Taxation

Taxation

Noncontrolling Interest

Noncontrolling interest

Contingent Consideration

Contingent Consideration

Emerging Growth Company

Emerging Growth Company

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Fair Value Measurement

Recently Issued Accounting Pronouncements not yet Adopted

Leases

Credit Losses

Accounting for Income Taxes

Recently Adopted Accounting Pronouncements

Revenue Recognition

Refer to Note 3, Revenue, for more detail on the impact of the Company’s adoption of ASC 606.

Business Combinations

Intangibles — Goodwill and Other

Statement of Cash Flows

Fair Value Measurement

Recently Issued Accounting Pronouncements not yet Adopted

Leases

Credit Losses

Accounting for Income Taxes

Reclassification

Reclassification

Unaudited Interim Financial Statements

Unaudited Interim Financial Statements

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Estimated Useful Life of Property and Equipment

The Company provides for depreciation of property and equipment using the straight-line method designed to amortize costs over estimated useful lives as follows:


		Estimated Useful Life
Furniture, fixtures, and office equipment		5 years
Computers		3 years
Leasehold improvements		5 years

Revenue (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Summary of Disaggregation of Revenue

The table below presents a disaggregation of revenue by direct and indirect relationships for the three months ended:


	March 31, 2020		March 31, 2019
	(Successor)		(Predecessor)
Revenue
Direct relationships	$	38,715,624	$	22,309,716
Indirect relationships		746,913		713,689

Total Revenue	$	39,462,537	$	23,023,405

The table below presents a disaggregation of revenue by direct and indirect relationships.


	From July 11, 2019 to December 31, 2019		From January 1, 2019 to July 10, 2019
	(Successor)		(Predecessor)
Revenue
Direct relationships	$	56,370,029	$	45,693,961
Indirect relationships		1,190,440		1,348,956

Total Revenue	$	57,560,470	$	47,042,917

ASC 606

Effect of Adoption of Topic 606 on Consolidated Statements of Operations

The tables below show the effects of the adoption of Topic 606 on the Company’s consolidated statements of operations for the three month period and year ended December 31, 2019:


	July 11, 2019 to December 31, 2019 (Successor)									January 1, 2019 to July 10, 2019 (Predecessor)
(in thousands)	As Reported under ASC 606			Impact of ASC 606			Excluding Impact of Adoption			As Reported under ASC 606			Impact of ASC 606			Excluding Impact of Adoption			2019 Combined Including Impact of Adoption			2019 Combined Excluding Impact of Adoption
Revenue
Processing and service fees	$	57,560		$	(1,254	)	$	58,815		$	47,043		$	(2,358	)	$	49,401		$	104,603		$	108,216
Interchange and network fees		—			(27,593	)		27,593			—			(29,989	)		29,989			—			57,582

Total Revenue		57,560			(28,847	)		86,407			47,043			(32,347	)		79,390			104,603			165,797
Operating Expense
Interchange and network fees		—			(27,593	)		27,593			—			(29,989	)		29,989			—			57,582
Other Cost of Services		15,657			(1,254	)		16,911			10,216			(2,358	)		12,574			25,873			29,485
Selling general and administrative		45,758			—			45,758			51,201			—			51,201			96,960			96,960
Depreciation and amortization		23,757			—			23,757			6,223			—			6,223			29,980			29,980
Change in fair value of contingent consideration		—			—			—			—			—			—			—			—

Total Operating Expenses		85,172			(28,847	)		114,019			67,640			(32,347	)		99,987			152,812			214,006

Income (Loss) from Operations	$	(27,611	)	$	—		$	(27,611	)	$	(20,597	)	$	—		$	(20,597	)	$	(48,209	)	$	(48,209	)

Earnings per Share (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Earnings Per Share [Abstract]

Summary of Net Loss and Weighted Average Basic and Diluted Shares Outstanding

The following table summarizes net loss attributable to the Company and the weighted average basic and basic and diluted shares outstanding:


	For the Three Months Ended March 31, 2020
Loss before income tax expense	$	(7,400,035	)
Less: Net loss attributable to non-controlling interests		(2,852,399	)
Less: Income tax benefit		1,115,592

Net loss attributable to the Company	$	(3,432,044	)

Weighted average shares of Class A common stock outstanding — basic and diluted		37,624,829
Loss per share of Class A common stock outstanding — basic and diluted	$	(0.09	)


	July 11, 2019 to December 31, 2019
Loss before income tax expense	$	(36,551,665	)
Less: Net loss attributable to noncontrolling interests		(15,271,043	)
Income tax benefit		4,990,989

Net loss attributable to the Company	$	(16,289,633	)

Weighted average shares of Class A common stock outstanding — basic and diluted		35,731,220
Loss per share of Class A common stock outstanding — basic and diluted	$	(0.46	)

Summary of Components of Common Stock Equivalent Shares Excluded from Computation of Diluted Loss per Share


Post-Merger Repay Units exchangeable for Class A common stock			29,505,623
Dilutive warrants exercisable for Class A common stock			1,925,108
Unvested restricted share awards of Class A common stock			2,905,053

Share equivalents excluded from earnings (loss) per share			34,335,784

For the Successor period, the following common stock equivalent shares were excluded from the computation of the diluted loss per share, since their inclusion would have been anti-dilutive:


Post-Merger Repay Units exchangeable for Class A common stock			21,985,297
Earn-out Post-Merger Repay Units exchangeable for Class A common stock			7,500,000
Dilutive warrants exercisable for Class A common stock			1,816,890
Unvested restricted share awards of Class A common stock			1,731,560

Share equivalents excluded from earnings (loss) per share			33,033,747

Business combinations (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Hawk Parent Holdings LLC

The following summarizes the preliminary purchase consideration paid to the selling members of Hawk Parent:


Cash Consideration	$	260,811,062
Unit Consideration ⁽¹⁾		220,452,964
Contingent consideration ⁽²⁾		12,300,000
Tax receivable agreement liability ⁽³⁾		65,537,761
Net working capital adjustment		(396,737	)

Total purchase price	$	558,705,050

⁽¹⁾	The Company issued 22,045,297 shares of Post-Merger Repay Units valued at $10.00 per share as of July 11, 2019.

⁽²⁾

⁽³⁾

Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The preliminary purchase price allocation is as follows:


Cash and cash equivalents	$	11,281,078
Accounts receivable		10,593,867
Prepaid expenses and other current assets		890,745

Total current assets		22,765,690
Property, plant and equipment, net		1,167,872
Restricted cash		6,930,434
Identifiable intangible assets		301,000,000

Total identifiable assets acquired		331,863,996
Accounts payable		(4,206,413	)
Accrued expenses		(8,831,363	)
Accrued employee payments		(6,501,123	)
Other liabilities		(16,864	)
Repay debt assumed		(93,514,583	)

Net identifiable assets acquired		218,793,650
Goodwill		339,911,400

Total purchase price	$	558,705,050

The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:


	Fair Value		Useful life
Identifiable intangible assets	(in millions)		(in years)
Non-compete agreements	$	3.0		2
Trade names		20.0		Indefinite
Developed technology		65.0		3
Merchant relationships		210.0		10
Channel relationships		3.0		10

	$	301.0

TriSource Solutions, LLC

The following summarizes the preliminary purchase consideration paid to the selling members of TriSource:


Cash Consideration	$	60,235,090
Contingent consideration ⁽¹⁾		2,250,000

Total purchase price	$	62,485,090

⁽¹⁾

Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The preliminary purchase price allocation is as follows:


Cash and cash equivalents	$	383,236
Accounts receivable		2,290,441
Prepaid expenses and other current assets		95,763

Total current assets		2,769,440
Property, plant and equipment, net		215,739
Restricted cash		509,019
Identifiable intangible assets		30,500,000

Total identifiable assets acquired		33,994,198
Accounts payable		(1,621,252	)
Accrued expenses		(756,117	)

Net identifiable assets acquired		31,616,829
Goodwill		30,868,261

Total purchase price	$	62,485,090

The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:


	Fair Value		Useful life
Identifiable intangible assets	(in millions)		(in years)
Non-compete agreements	$	0.4		2
Trade names		0.7		Indefinite
Developed technology		3.9		3
Merchant relationships		25.5		10

	$	30.5

APS Payments

The following summarizes the preliminary purchase consideration paid to the selling members of APS Payments:


Cash consideration	$	30,000,000
Contingent consideration ⁽¹⁾		18,580,549

Total purchase price	$	48,580,549

⁽¹⁾

The following summarizes the preliminary purchase consideration paid to the selling members of APS Payments:


Cash Consideration	$	30,000,000
Contingent consideration ⁽¹⁾		12,000,000

Total purchase price	$	42,000,000

⁽¹⁾

Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The preliminary purchase price allocation is as follows:


Cash and cash equivalents	$	—
Accounts receivable		1,963,177
Prepaid expenses and other current assets		67,158

Total current assets		2,030,335
Property, plant and equipment, net		159,553
Restricted cash		549,978
Identifiable intangible assets		21,500,000

Total identifiable assets acquired		24,239,866
Accounts payable		(1,101,706	)
Accrued expenses		(19,018	)

Net identifiable assets acquired		23,119,142
Goodwill		25,461,407

Total purchase price	$	48,580,549

The preliminary purchase price allocation is as follows:


Cash and cash equivalents	$	—
Accounts receivable		1,963,177
Prepaid expenses and other current assets		67,158

Total current assets		2,030,335
Property, plant and equipment, net		159,553
Restricted cash		549,978
Identifiable intangible assets		21,500,000

Total identifiable assets acquired		24,239,865
Accounts payable		(1,101,706	)
Accrued expenses		(19,018	)

Net identifiable assets acquired		23,119,142
Goodwill		18,880,858

Total purchase price	$	42,000,000

The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:


	Fair Value		Useful life
Identifiable intangible assets	(in millions)		(in years)
Non-compete agreements	$	0.5	5
Trade names		0.5	Indefinite
Merchant relationships		20.5	9

	$	21.5

The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:


	Fair Value		Useful life
Identifiable intangible assets	(in millions)		(in years)
Non-compete agreements	$	0.5		2
Trade names		0.5		Indefinite
Merchant relationships		20.5		10

	$	21.5

Hawk Parent Holdings LLC, TriSource Solutions, LLC And APS Payments

Summary of Pro Forma Financial Information


	Pro Forma Year Ended December 31, 2019			Pro Forma Year Ended December 31, 2018			Pro Forma Year Ended December 31, 2017
Revenue	$	131,262,214		$	164,161,841		$	124,938,611
Net loss		(45,496,385	)		(32,428,157	)		(83,166,080	)
Net loss attributable to noncontrolling interests		(19,999,699	)		(14,255,053	)		(36,558,873	)
Net loss attributable to the Company		(25,496,686	)		(18,173,104	)		(46,607,207	)
Loss per Class A share — basic and diluted	$	(0.70	)	$	(0.54	)	$	(1.39	)

Ventanex

The following summarizes the preliminary purchase consideration paid to the selling members of Ventanex:


Cash consideration	$	36,000,000
Contingent consideration ⁽¹⁾		10,800,000

Total purchase price	$	46,800,000

⁽¹⁾

Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives

The preliminary purchase price allocation is as follows:


Cash and cash equivalents	$	50,663
Accounts receivable		1,376,539
Prepaid expenses and other current assets		180,514

Total current assets		1,607,716
Property, plant and equipment, net		137,833
Restricted cash		428,313
Identifiable intangible assets		29,690,000

Total identifiable assets acquired		31,863,862
Accounts payable		(152,035	)
Accrued expenses		(373,159	)

Net identifiable assets acquired		31,338,668
Goodwill		15,461,332

Total purchase price	$	46,800,000

The preliminary values allocated to identifiable intangible assets and their estimated useful lives are as follows:


	Fair Value		Useful life
Identifiable intangible assets	(in millions)		(in years)
Non-compete agreements	$	0.1	5
Trade names		0.5	Indefinite
Developed technology		4.4	3
Merchant relationships		24.7	10

	$	29.7

TriSource, APS Payments, and Ventanex [Member]

Summary of Pro Forma Financial Information


	Pro Forma Three Months Ended March 31, 2020			Pro Forma Three Months Ended March 31, 2019
Revenue	$	41,756,312		$	35,671,770
Net loss		(4,585,192	)		(7,220,058	)
Net loss attributable to non-controlling interests		(2,126,185	)		(2,620,317	)
Net loss attributable to the Company		(2,459,007	)		(4,599,740	)
Loss per Class A share — basic and diluted	$	(0.07	)	$	(0.14	)

Fair Value of Assets and Liabilities (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Summary of Carrying Amounts and Estimated Fair Values of Assets and Liabilities Measured at Fair Value


	March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	32,712,610	$	—	$	—		32,712,610

Total assets	$	32,712,610	$	—	$	—	$	32,712,610

Liabilities:
Contingent consideration	$	—	$	—	$	31,630,549		31,630,549
Borrowings		—		246,457,360		—		246,457,360
Tax receivable agreement	$	—	$	—	$	67,718,189		67,718,189
Interest rate swap		—		9,299,315		—		9,299,315

Total liabilities	$	—	$	255,756,675	$	99,348,738	$	355,105,413


	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	24,617,996	$	—	$	—		24,617,996
Interest rate swap		—		555,449		—		555,449

Total assets	$	24,617,996	$	555,449	$	—	$	25,173,445

Liabilities:
Contingent consideration	$	—	$	—	$	14,250,000		14,250,000
Borrowings		—		213,908,388		—		213,908,388
Tax receivable agreement		—		—		67,176,226		67,176,226

Total liabilities	$	—	$	213,908,388	$	81,426,226	$	295,334,614

The following table summarizes, by level within the fair value hierarchy, the carrying amounts and estimated fair values of our assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the Condensed Consolidated Balance Sheets as of the dates presented. There were no transfers into, out of, or between levels within the fair value hierarchy during any of the periods presented. Refer to Note 5, Note 9 and Note 10 for additional information on these assets and liabilities.


	December 31, 2019 (Successor)
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	24,617,996	$	—	$	—		24,617,996
Interest rate swap		—		555,449		—		555,449

Total assets	$	24,617,996	$	555,449	$	—	$	25,173,445

Liabilities:
Contingent consideration	$	—	$	—	$	14,250,000		14,250,000
Term loan		—		213,442,705		—		213,442,705

Total liabilities	$	—	$	213,442,705	$	14,250,000	$	227,692,705


	December 31, 2018 (Predecessor)
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	13,285,357	$	—	$	—		13,285,357

Total assets	$	13,285,357	$	—	$	—	$	13,285,357

Liabilities:
Contingent consideration	$	—	$	—	$	1,816,988		1,816,988
Term loan		—		94,215,204		—		94,215,204

Total liabilities	$	—	$	94,215,204	$	1,816,988	$	96,032,192

Contingent Consideration

Schedule of Contingent Consideration Related to Previous Business Acquisitions

The following table provides a rollforward of the contingent consideration related to previous business acquisitions. Refer to Note 5 for more details.


	Three Months Ended March 31,
	2020		2019
	(Successor)		(Predecessor)
Balance at beginning of period	$	14,250,000	$	1,816,988
Purchases		10,800,000		—
Payments		—		(1,816,988	)
Accretion expense		—		—
Valuation adjustment		6,580,549		—

Balance at end of period	$	31,630,549		—

Tax Receivable Agreement

Schedule of Contingent Consideration Related to Previous Business Acquisitions

The following table provides a rollforward of the contingent consideration related to previous business acquisitions. See Note 15 for further discussion on the TRA.


	Three Months Ended March 31,
	2020		2019
	(Successor)		(Predecessor)
Balance at beginning of period	$	67,176,226	$	—
Purchases		—		—
Payments		—		—
Accretion expense		541,963		—
Valuation adjustment		—		—

Balance at end of period	$	67,718,189		—

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Property, Plant and Equipment [Abstract]

Property and Equipment (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Schedule of Property and Equipment

Property and equipment consisted of the following:


	March 31,		December 31,
	2020		2019
Furniture, fixtures, and office equipment	$	1,026,991	$	944,105
Computers		1,183,916		859,426
Leasehold improvements		320,296		223,145

Total		2,531,203		2,026,676
Less: Accumulated depreciation and amortization		654,821		416,024

	$1,876,382		$1,610,652

Property and equipment consisted of the following:


	December 31, 2019		December 31, 2018
	(Successor)		(Predecessor)
Furniture, fixtures, and office equipment	$	944,105	$	893,287
Computers		859,426		600,139
Leasehold improvements		223,145		310,520

Total		2,026,676		1,803,946
Less: Accumulated depreciation and amortization		416,024		556,797

	$	1,610,652	$	1,247,149

Intangible Assets (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Definite-lived Intangible Assets

Definite-lived intangible assets consisted of the following:


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Customer relationships	$	280,700,000	$	18,198,557	$	262,501,443		9.28
Channel relationships		3,000,000		216,935		2,783,065		9.28
Software costs		79,094,610		17,429,713		61,664,897		2.33
Non-compete agreements		3,990,000		1,156,029		2,833,971		2.09

Balance as of March 31, 2020	$	366,784,610	$	37,001,234	$	329,783,376		7.71

Customer relationships	$	256,000,000	$	11,393,825	$	244,606,175		9.48
Channel relationships		3,000,000		141,935		2,858,065		9.53
Software costs		72,290,752		11,080,696		61,210,056		2.54
Non-compete agreements		3,900,000		733,495		3,166,505		2.28

Balance as of December 31, 2019	$	335,190,752	$	23,349,951	$	311,840,801		7.90

Definite-lived intangible assets consisted of the following:


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life (Years)
Customer relationships	$	79,187,788	$	16,658,908	$	62,528,880		7.92
Software costs		7,949,839		2,779,091		5,170,748		2.10
Reseller buyouts		581,000		57,867		523,133		9.00

Balance as of December 31, 2018 (Predecessor)	$	87,718,627	$	19,495,866	$	68,222,761		7.49

Customer relationships	$	256,000,000	$	11,393,825	$	244,606,175		9.48
Channel relationships		3,000,000		141,935		2,858,065		9.53
Software costs		72,290,752		11,080,696		61,210,055		2.54
Non-competition agreements		3,900,000		733,495		3,166,505		2.28

Balance as of December 31, 2019 (Successor)	$	335,190,752	$	23,349,951	$	311,840,801		7.90

Schedule of Estimated Amortization Expense

The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:


Year Ending December 31,	Estimated Future Amortization Expense
2020	$	42,463,360
2021		49,776,203
2022		49,272,375
2023		28,795,778
2024		28,745,700
2025		24,833,333
Thereafter		105,896,627

The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:


Year Ending December 31,	Estimated Future Amortization Expense
2020	$	51,904,695
2021		50,848,243
2022		39,501,841
2023		26,307,778
2024		26,255,735
2025		26,127,778
Thereafter	$	90,894,731

Goodwill (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes to Goodwill

The following table presents changes to goodwill for the three months ended March 31, 2020 and 2019.


	Total
Balance at December 31, 2019	$	389,660,519
Acquisitions		15,461,331
Dispositions		—
Impairment Loss		—
Measurement period adjustment		6,580,549

Balance at March 31, 2020	$	411,702,399

Balance as of December 31, 2018 (Predecessor)	$	119,529,202
Acquisitions		—
Dispositions		—
Impairment Loss		—
Measurement period adjustment		—

Balance as of March 31, 2019 (Predecessor)	$	119,529,202

The following table presents changes to goodwill for the years ended December 31, 2019 and 2018:


	Total
Balance as of December 31, 2017	$	119,529,202
Acquisitions		—
Dispositions		—
Impairment Loss		—

Balance as of December 31, 2018 (Predecessor)	$	119,529,202

Balance as of July 11, 2019	$	339,911,399
Acquisitions		49,749,119
Dispositions		—
Impairment Loss		—

Balance as of December 31, 2019 (Successor)	$	389,660,519

Borrowings (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of Borrowings under Credit Agreement

At March 31, 2020 and December 31, 2019, total borrowings under the New Credit Agreement consisted of the following, respectively:


	March 31, 2020		December 31, 2019
Non-current indebtedness:
Term Loan	$	253,375,000	$	208,937,500
Revolving Credit Facility		—		10,000,000

Total borrowings under credit facility⁽¹⁾		253,375,000		218,937,500
Less: Current maturities of long-term debt ⁽²⁾		5,502,000		5,500,000
Less: Long-term loan debt issuance cost ⁽³⁾		6,917,640		5,494,795

Total non-current borrowings	$	240,955,360	$	207,942,705

⁽¹⁾	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 4.95% and 5.26% at March 31, 2020 and December 31, 2019, respectively

⁽²⁾	Pursuant to the terms of the New Credit Agreement, the Company is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”).

⁽³⁾	The Successor incurred $0.3 million of interest expense for the amortization of deferred debt issuance costs for the three months ended March 31, 2020. The Predecessor incurred $0.1 million for the three months ended March 31, 2019.

At December 31, 2019 and December 31, 2018, total borrowings under the New Credit Agreement and Prior Credit Agreement consisted of the following, respectively:


	December 31, 2019		December 31, 2018
	Successor		Predecessor
Non-current indebtedness:
Term Loan	$	168,937,500	$	63,750,000
Delayed Draw Term Loan		40,000,000		28,500,000
Revolving Credit Facility		10,000,000		3,500,000

Total borrowings under credit facility⁽¹⁾		218,937,500		95,750,000
Less: Current maturities of long-term debt ⁽²⁾		5,500,000		4,900,000
Less: Long-term loan debt issuance cost ⁽³⁾		5,494,795		1,534,796

Total non-current borrowings	$	207,942,705	$	89,315,204

⁽¹⁾	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 5.26% and 5.77% at December 31, 2019 (Successor) and December 31, 2018 (Predecessor), respectively

⁽²⁾

Pursuant to the terms of the New Credit Agreement, the Successor is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the “Term Loans”). Under the Prior Credit Agreement, the Predecessor was required to make quarterly principal payments equal to 1.25% of the initial principal amount of the Term Loans.

⁽³⁾	The Successor incurred $0.6 million of interest expense for the amortization of deferred debt issuance costs from the Closing through December 31, 2019. The Predecessor incurred $0.2 million for the period January 1, 2019 to July 10, 2019.

Summary of Principal Maturities of Long-term Debt

Following is a summary of principal maturities of long-term debt for each of the next five years ending December 31 and in the aggregate:


2020	$	4,126,500
2021		8,251,000
2022		14,875,000
2023		18,750,000
2024		17,625,000
2025		189,747,500

	$	253,375,000

Following is a summary of principal maturities of the term loan for each of the next five years ending December 31 and in the aggregate:


2020	$	5,500,000
2021		7,875,000
2022		13,125,000
2023		15,750,000
2024		166,687,500

	$	208,937,500

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.4-08.(e),(f))
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Derivative Instruments (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Schedule of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk

As of March 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk.


	Notional Amount		Fixed Interest Rate			Termination Date
Interest rate swap	$	140,000,000		1.598	%		July 11, 2024
Interest rate swap	$	30,000,000		1.331	%		February 10, 2025

As of December 31, 2019, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk.


	Notional Amount		Fixed Interest Rate			Termination Date
Interest rate swap	$	140,000,000		1.598	%		July 11, 2024

Commitments and Contingencies (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments


Year Ended	Amounts
2020	$	944,234
2021		716,367
2022		301,455
2023		103,868
2024		—
Thereafter		—

	$	2,065,924

Future minimum lease payments under noncancelable operating leases as of December 31, 2019, are as follows:


Year Ended	Amounts
2020	$	944,234
2021		716,367
2022		301,455
2023		103,868
2024		—
Thereafter		—

	$	2,065,924

Share based compensation (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Equity [Abstract]

Schedule of Outstanding Restricted Stock Awards And Restricted Stock Units Activity

Activity for the three months ended March 31, 2020 was as follows:


	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at December 31, 2019		1,818,675	$	12.39
Granted		1,086,378		17.34
Forfeited		—		—
Vested		—		—

Unvested at March 31, 2020		2,905,053	$	14.12

⁽¹⁾	Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the 2019 Equity Incentive Plan.

Activity from July 11, 2019 through December 31, 2019 was as follows:


	Class A Common Stock		Weighted Average Grant Date Fair Value
Unvested at July 11, 2019		—
Granted		3,275,229	$	12.07
Forfeited ⁽¹⁾		321,263		11.81
Vested		1,135,291		11.68

Unvested at December 31, 2019		1,818,675	$	12.39

⁽¹⁾	Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the 2019 Plan.

Summary of Changes in Non-Vested Units Outstanding

A summary of the changes in non-vested profit interest units outstanding for the period for the three months ended March 31, 2019 is presented below:


	Units			Weighted average fair value per unit
Non-vested units at January 1, 2019		9,460		$	182.83
Activity during the period:
Granted		—
Vested		(55	)		(160.00	)

Non-vested units at March 31, 2019		9,405		$	182.96

A summary of the changes in non-vested units outstanding for the period from January 1, 2019 to July 10, 2019 is presented below:


	Units			Weighted average fair value per unit
Non-vested units at January 1, 2019		9,460		$	182.83
Activity during the period:
Granted		—
Vested		(9,460	)		(182.83	)

Non-vested units at December 31, 2019		—		$	—

Taxation (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

The components of income before income taxes are as follows:


	July 11, 2019 to December 31, 2019			January 1, 2019 to July 10, 2019			Year ended December 31, 2018		Year ended December 31, 2017
	(Successor)			(Predecessor)
Domestic	$	(36,281,944	)	$	(23,668,078	)	$	10,537,443	$	9,448,244
Foreign		(269,721	)		(74,452	)		—		—

Income (loss) before income tax expense	$	(36,551,665	)	$	(23,742,530	)	$	10,537,443	$	9,448,244

Schedule of Provision for Income Tax

The Company recorded a provision for income tax as follows:


	July 11, 2019 to December 31, 2019			January 1, 2019 to July 10, 2019		Year ended December 31, 2018		Year ended December 31, 2017
	(Successor)			(Predecessor)
Current expense
Federal	$	—		$	—	$	—	$	—
State		—			—		—		—
Foreign		—			—		—		—

Total current expense (benefit)		—			—		—		—

Deferred expense
Federal	$	(4,343,013	)	$	—	$	—	$	—
State		(575,152	)		—		—		—
Foreign		(72,824	)		—		—		—

Total deferred benefit		(4,990,989	)		—		—		—

Income tax benefit	$	(4,990,989	)	$	—	$	—	$	—

Schedule of Reconciliation of United States Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the United States statutory income tax rate to the Company’s effective income tax rate is as follows for the years indicated:


	July 11, 2019 to December 31, 2019			January 1, 2019 to July 10, 2019			Year ended December 31, 2018			Year ended December 31, 2017
	(Successor)			(Predecessor)
Federal income tax expense		21.0	%		0.0	%		0.0	%		0.0	%
State taxes, net of federal benefit		1.6	%		0.0	%		0.0	%		0.0	%
Income attributable to noncontrolling interest		-8.6	%		0.0	%		0.0	%		0.0	%
Excess tax benefit related to share-based compensation		0.5	%		0.0	%		0.0	%		0.0	%
Other		-0.8	%		0.0	%		0.0	%		0.0	%

Total deferred benefit		13.7	%		0.0	%		0.0	%		0.0	%

Schedule of Deferred Tax Assets and Liabilities


	December 31, 2019			December 31, 2018
	Successor			Predecessor
Deferred tax assets
Tax Credits	$	52,314		$	—
Section 163(j) Limitation Carryover		719,773			—
Acquisition Costs		378,386			—
Federal Net Operating Losses		3,682,201			—
State Net Operating Losses		526,607			—
Foreign Net Operating Losses		74,445			—
Other Assets		10,320			—

Total deferred tax asset		5,444,045			—
Valuation allowance		(5,799,118	)		—

Total deferred tax asset, net of valuation allowance		(355,073	)		—
Deferred tax liabilities
Partnership basis tax differences		(413,261	)		—

Total deferred tax liabilities		(413,261	)		—

Net deferred tax liabilities	$	(768,334	)	$	—

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Results of Operations

The following tables set forth certain unaudited quarterly results of operations for the indicated periods:


	Three months ended December 31, 2019			From July 11, 2019 to September 30, 2019			From July 1, 2019 to July 10, 2019			Three months ended June 30, 2019		Three months ended March 31, 2019
(in thousands)	(Successor)						(Predecessor)
Revenue ⁽¹⁾	$	33,633		$	23,927		$	2,334		$	21,686	$	23,024
Income (loss) from operations		(13,464	)		(14,147	)		(32,536	)		5,626		6,313
Net income (loss)		(15,681	)		(15,880	)		(32,763	)		4,156		4,864
Net income (loss) attributable to the Company		(7,809	)		(8,481	)		(32,763	)		4,156		4,864
Earnings (loss) per Class A share:
Basic and diluted ⁽²⁾	$	(0.21	)	$	(0.25	)


	Three months ended December 31, 2018		Three months ended September 30, 2018		Three months ended June 30, 2018		Three months ended March 31, 2018
(in thousands)	(Predecessor)
Revenue	$	33,858	$	32,292	$	31,066	$	32,797
Income from operations		3,717		5,215		5,995		1,684
Net income		2,145		3,727		4,484		181
Net income attributable to the Company		2,145		3,727		4,484		181

(3)

(4)	The sum of the quarterly earnings per share amounts may not equal the full year amount reported since per share amounts are computed independently for each period based upon the respective weighted-average common shares outstanding for each respective period.

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020 USD ($) Segment shares	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) shares	Jul. 10, 2019 USD ($)	Dec. 31, 2019 USD ($) Segment Merchant shares	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jul. 11, 2019
Summary Of Significant Accounting Policies [Line Items]
Number of operating segment \| Segment	1				1
Allowance for doubtful accounts			$ 0		$ 0	$ 0
Number of merchant represents greater than 10% of volume or profit basis \| Merchant					0
Intangible assets, estimated useful life	7 years 8 months 15 days				7 years 10 months 24 days	7 years 5 months 26 days
Impairment of intangible assets					$ 0	$ 0
Impairment of goodwill	$ 0	$ 0	0		$ 0	0
Net loss attributable to noncontrolling interest	$ 2,852,399		15,271,043
Hawk Parent Holdings LLC
Summary Of Significant Accounting Policies [Line Items]
Common stock reserved for issuance								55.90%
Net loss attributable to noncontrolling interest			$ 15,300,000
2019 Plan
Summary Of Significant Accounting Policies [Line Items]
Common stock reserved for issuance \| shares	7,326,728		7,326,728		7,326,728
2019 Plan \| Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Common stock reserved for issuance \| shares			7,326,728		7,326,728
Selling, General and Administrative Expenses
Summary Of Significant Accounting Policies [Line Items]
Transaction costs			$ 4,500,000	$ 34,900,000		$ 4,000,000	$ 800,000
Software Costs
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life	2 years 3 months 29 days				2 years 6 months 14 days	2 years 1 month 6 days
Channel Relationships
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life	9 years 3 months 10 days				9 years 6 months 10 days
Customer Relationships
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life	9 years 3 months 10 days				9 years 5 months 23 days	7 years 11 months 1 day
Minimum \| Credit Concentration Risk \| Volume or Profit Basis
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage					10.00%
Maximum \| Software Development Costs
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life					3 years
Maximum \| Software Costs
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life					3 years
Maximum \| Channel Relationships
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life					10 years
Maximum \| Customer Relationships
Summary Of Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life					10 years

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Detail)	12 Months Ended
	Dec. 31, 2019
Furniture, Fixtures, and Office Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	5 years
Computers
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	3 years
Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated Useful Life	5 years

Revenue - Effect of Adoption of Topic 606 on Consolidated Statement of Operations (Detail) - USD ($)		3 Months Ended									6 Months Ended		12 Months Ended
	Jul. 10, 2019	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue
Total Revenue		$ 39,462,537				$ 23,023,405					$ 57,560,470	$ 47,042,917	$ 104,603,000	$ 130,012,940	$ 93,951,121
Operating Expenses
Selling general and administrative		18,166,191				8,676,634					45,758,335	51,201,322	96,960,000	29,097,302	14,604,261
Depreciation and amortization		13,904,384				2,914,328					23,756,888	6,222,917	29,980,000	10,421,000	7,456,438
Change in fair value of contingent consideration											0	0	0	(1,103,012)	(2,100,000)
Total operating expenses		42,841,872				16,710,146					85,171,953	67,640,318	152,812,000	113,401,582	77,562,035
Income (loss) from operations	$ (32,536,000)	$ (3,379,335)	$ (13,464,000)	$ (14,147,000)	$ 5,626,000	$ 6,313,259	$ 3,717,000	$ 5,215,000	$ 5,995,000	$ 1,684,000	(27,611,483)	(20,597,401)	(48,209,000)	16,611,358	16,389,086
ASC 606 \| Impact of ASC 606
Revenue
Total Revenue											(28,847,000)	(32,347,000)
Operating Expenses
Change in fair value of contingent consideration											0	0
Total operating expenses											(28,847,000)	(32,347,000)
ASC 606 \| Excluding Impact of Adoption
Revenue
Total Revenue											86,407,000	79,390,000	165,797,000
Operating Expenses
Selling general and administrative											45,758,000	51,201,000	96,960,000
Depreciation and amortization											23,757,000	6,223,000	29,980,000
Change in fair value of contingent consideration											0	0	0
Total operating expenses											114,019,000	99,987,000	214,006,000
Income (loss) from operations											(27,611,000)	(20,597,000)	(48,209,000)
Processing and Service Fees
Revenue
Total Revenue											57,560,470	47,042,917	104,603,000	82,186,411	57,062,810
Processing and Service Fees \| ASC 606 \| Impact of ASC 606
Revenue
Total Revenue											(1,254,000)	(2,358,000)
Processing and Service Fees \| ASC 606 \| Excluding Impact of Adoption
Revenue
Total Revenue											58,815,000	49,401,000	108,216,000
Interchange and Network Fees
Revenue
Total Revenue														47,826,529	36,888,311
Operating Expenses
Cost of revenue														47,826,529	36,888,311
Interchange and Network Fees \| ASC 606 \| Impact of ASC 606
Revenue
Total Revenue											(27,593,000)	(29,989,000)
Operating Expenses
Cost of revenue											(27,593,000)	(29,989,000)
Interchange and Network Fees \| ASC 606 \| Excluding Impact of Adoption
Revenue
Total Revenue											27,593,000	29,989,000	57,582,000
Operating Expenses
Cost of revenue											27,593,000	29,989,000	57,582,000
Other Costs of Services
Operating Expenses
Cost of revenue											15,656,730	10,216,079	25,873,000	$ 27,159,763	$ 20,713,025
Other Costs of Services \| ASC 606 \| Impact of ASC 606
Operating Expenses
Cost of revenue											(1,254,000)	(2,358,000)
Other Costs of Services \| ASC 606 \| Excluding Impact of Adoption
Operating Expenses
Cost of revenue											$ 16,911,000	$ 12,574,000	$ 29,485,000

Revenue - Summary of Disaggregation of Revenue (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue
Total Revenue	$ 39,462,537	$ 23,023,405	$ 57,560,470	$ 47,042,917	$ 104,603,000	$ 130,012,940	$ 93,951,121
Direct Relationships
Revenue
Total Revenue	38,715,624	22,309,716	56,370,029	45,693,961
Indirect Relationship
Revenue
Total Revenue	$ 746,913	$ 713,689	$ 1,190,440	$ 1,348,956

Earnings per Share - Summary of Net Loss and Weighted Average Basic and Diluted Shares Outstanding (Detail) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jul. 10, 2019

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Jul. 10, 2019

Dec. 31, 2018

Dec. 31, 2017

Earnings Per Share [Abstract]

Loss before income tax expense

$ (7,400,035)

$ 4,864,386

$ (36,551,665)

$ (23,742,530)

$ 10,537,443

$ 9,448,244

Less: Net loss attributable to non-controlling interests

(2,852,399)

(15,271,043)

Income tax benefit

1,115,592

4,990,989

Net (loss) income attributable to the Company

$ (32,763,000)

$ (3,432,044)

$ (7,809,000)

$ (8,481,000)

$ 4,156,000

$ 4,864,386

$ 2,145,000

$ 3,727,000

$ 4,484,000

$ 181,000

$ (16,289,633)

$ (23,742,530)

$ 10,537,443

$ 9,448,244

Weighted average shares of Class A common stock outstanding - basic and diluted

37,624,829

35,731,220

Loss per share of Class A common stock outstanding - basic and diluted

$ (0.09)

$ (0.21)

^[1]

$ (0.25)

^[1]

$ (0.46)

[1]	The sum of the quarterly earnings per share amounts may not equal the full year amount reported since per share amounts are computed independently for each period based upon the respective weighted-average common shares outstanding for each respective period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Earnings per Share - Summary of Components of Common Stock Equivalent Shares Excluded from Computation of Diluted Loss per Share (Detail) - shares	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	34,335,784	33,033,747
Class A Common Stock \| Post-Merger Repay Units Exchangeable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	29,505,623	21,985,297
Class A Common Stock \| Earn-out Post-Merger Repay Units Exchangeable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share		7,500,000
Class A Common Stock \| Dilutive Warrants Exercisable
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	1,925,108	1,816,890
Class A Common Stock \| Unvested Restricted Share Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from earnings (loss) per share	2,905,053	1,731,560

Business Combinations - Additional Information (Detail)						2 Months Ended	3 Months Ended									6 Months Ended		12 Months Ended
Business Combinations - Additional Information (Detail)	Feb. 10, 2020 USD ($)	Oct. 14, 2019 USD ($) EarnoutPayment	Aug. 13, 2019 USD ($)	Jul. 11, 2019 USD ($) shares	Jul. 10, 2019 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Jul. 10, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Goodwill					$ 339,911,399	$ 411,702,399	$ 411,702,399	$ 389,660,519			$ 119,529,202	$ 119,529,202				$ 389,660,519	$ 339,911,399	$ 389,660,519	$ 119,529,202	$ 119,529,202
Revenue							39,462,537				23,023,405					57,560,470	47,042,917	$ 104,603,000	130,012,940	93,951,121
Net income					$ (32,763,000)		(3,432,044)	$ (7,809,000)	$ (8,481,000)	$ 4,156,000	$ 4,864,386	$ 2,145,000	$ 3,727,000	$ 4,484,000	$ 181,000	(16,289,633)	(23,742,530)		$ 10,537,443	$ 9,448,244
Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Merger agreement, description																		The amount of cash consideration paid to selling Hawk Parent members at the Closing was equal to the following: (i) the total cash and cash equivalents of Thunder Bridge (including funds in its trust account after the redemption of its public stockholders and the proceeds of any debt or equity financing), minus (ii) the amount of Thunder Bridge’s unpaid expenses and obligations, plus (iii) the cash and cash equivalents of Hawk Parent as of immediately prior to the effective time of the Business Combination (excluding restricted cash), minus (iv) the amount of unpaid transaction expenses of Hawk Parent as of the Closing, minus (v) the amount of the indebtedness and other debt-like items of Hawk Parent and its subsidiaries as of the Closing, minus (vi) the amount of change of control and similar payments payable to employees of Hawk Parent in connection with the Business Combination, minus (vii) an amount of cash reserves equal to $10,000,000, minus (viii) a cash escrow of $150,000, minus (ix) an amount equal to $2,000,000 to be held by a representative of the selling Hawk Parent members, minus (x) the cash payment required in connection with the Warrant Amendment, minus (xi) an amount required to be deposited on the balance sheet of Hawk Parent in connection with the Business Combination.
Amount of equal cash reserve for merger consideration				$ 10,000,000
Cash escrow				150,000
Amount to be held by representative for merger consideration				2,000,000
Goodwill				339,911,400
Transactions costs																1,600,000	34,700,000
Cash Consideration				$ 260,811,062
Thunder Bridge Acquisition, LLC
Business Acquisition [Line Items]
Transactions costs																	$ 16,200,000
TriSource Solutions, LLC
Business Acquisition [Line Items]
Goodwill			$ 30,868,261
Transactions costs																1,300,000
Cash Consideration			60,235,090
Revenue																9,200,000
Net income																1,100,000
TriSource Solutions, LLC \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received			$ 5,000,000
APS Payments
Business Acquisition [Line Items]
Goodwill		$ 25,461,407
Transactions costs																1,000,000
Cash Consideration		$ 30,000,000
Contingent earn-out right to be received						18,600,000	18,600,000
Revenue																3,200,000
Net income																$ 800,000
Number of cash earn-out payments \| EarnoutPayment		3
APS Payments \| Previously Reported
Business Acquisition [Line Items]
Goodwill		$ 18,880,858
Cash Consideration		30,000,000
APS Payments \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received		$ 30,000,000
Ventanex
Business Acquisition [Line Items]
Goodwill	$ 15,461,332
Transactions costs							$ 1,000,000
Cash Consideration	36,000,000
Revenue						1,900,000
Net income						$ 100,000
Ventanex \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received	$ 14,000,000
Class V Common Stock
Business Acquisition [Line Items]
Number of shares exchanged for limited liability interest \| shares				1
Post Merger Repay Units
Business Acquisition [Line Items]
Percentage of tax savings				100.00%
Post Merger Repay Units \| Class A Common Stock
Business Acquisition [Line Items]
Number of shares exchanged for limited liability interest \| shares				1

Business Combinations - Summary of Preliminary Purchase Consideration (Detail) - USD ($)	Feb. 10, 2020	Oct. 14, 2019	Aug. 13, 2019	Jul. 11, 2019
Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Cash Consideration				$ 260,811,062
Unit Consideration				220,452,964
Contingent consideration				12,300,000
Tax receivable agreement liability				65,537,761
Net working capital adjustment				(396,737)
Total purchase price				$ 558,705,050
TriSource Solutions, LLC
Business Acquisition [Line Items]
Cash Consideration			$ 60,235,090
Contingent consideration			2,250,000
Total purchase price			$ 62,485,090
APS Payments
Business Acquisition [Line Items]
Cash Consideration		$ 30,000,000
Contingent consideration		18,580,549
Total purchase price		48,580,549
APS Payments \| Previously Reported
Business Acquisition [Line Items]
Cash Consideration		30,000,000
Contingent consideration		12,000,000
Total purchase price		$ 42,000,000
Ventanex
Business Acquisition [Line Items]
Cash Consideration	$ 36,000,000
Contingent consideration	10,800,000
Total purchase price	$ 46,800,000

Business Combinations - Summary of Preliminary Purchase Consideration (Parenthetical) (Detail)			3 Months Ended
	Oct. 14, 2019 USD ($) EarnoutPayment	Jul. 11, 2019 USD ($) $ / shares shares	Mar. 31, 2020 USD ($)	Feb. 10, 2020 USD ($)	Dec. 31, 2019 USD ($)	Aug. 13, 2019 USD ($)
Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Number of shares issued \| shares		22,045,297
Business combination price per share \| $ / shares		$ 10.00
Earn-out units received \| shares		7,500,000
Tax receivable agreement liability		$ 65,537,761
TriSource Solutions, LLC \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received						$ 5,000,000
APS Payments
Business Acquisition [Line Items]
Number of cash earn-out payments \| EarnoutPayment	3
Contingent earn-out right to be received			$ 18,600,000
Contingent earn-out measurement period adjustment amount			$ (6,600,000)
Business combination, earnout preliminary valuation amount					$ 12,000,000
APS Payments \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received	$ 30,000,000
Ventanex \| Maximum
Business Acquisition [Line Items]
Contingent earn-out right to be received				$ 14,000,000
Tax Receivable Agreement \| Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Tax receivable agreement liability		$ 65,500,000

Business Combinations - Summary of Preliminary Purchase Allocation (Detail) - USD ($)	Mar. 31, 2020	Feb. 10, 2020	Dec. 31, 2019	Oct. 14, 2019	Aug. 13, 2019	Jul. 11, 2019	Jul. 10, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 411,702,399		$ 389,660,519				$ 339,911,399	$ 119,529,202	$ 119,529,202	$ 119,529,202
Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Cash and cash equivalents						$ 11,281,078
Accounts receivable						10,593,867
Prepaid expenses and other current assets						890,745
Total current assets						22,765,690
Property, plant and equipment, net						1,167,872
Restricted cash						6,930,434
Identifiable intangible assets						301,000,000
Total identifiable assets acquired						331,863,996
Accounts payable						(4,206,413)
Accrued expenses						(8,831,363)
Accrued employee payments						(6,501,123)
Other liabilities						(16,864)
Repay debt assumed						(93,514,583)
Net identifiable assets acquired						218,793,650
Goodwill						339,911,400
Total purchase price						$ 558,705,050
TriSource Solutions, LLC
Business Acquisition [Line Items]
Cash and cash equivalents					$ 383,236
Accounts receivable					2,290,441
Prepaid expenses and other current assets					95,763
Total current assets					2,769,440
Property, plant and equipment, net					215,739
Restricted cash					509,019
Identifiable intangible assets					30,500,000
Total identifiable assets acquired					33,994,198
Accounts payable					(1,621,252)
Accrued expenses					(756,117)
Net identifiable assets acquired					31,616,829
Goodwill					30,868,261
Total purchase price					$ 62,485,090
APS Payments
Business Acquisition [Line Items]
Accounts receivable				$ 1,963,177
Prepaid expenses and other current assets				67,158
Total current assets				2,030,335
Property, plant and equipment, net				159,553
Restricted cash				549,978
Identifiable intangible assets				21,500,000
Total identifiable assets acquired				24,239,866
Accounts payable				(1,101,706)
Accrued expenses				(19,018)
Net identifiable assets acquired				23,119,142
Goodwill				25,461,407
Total purchase price				48,580,549
APS Payments \| Previously Reported
Business Acquisition [Line Items]
Accounts receivable				1,963,177
Prepaid expenses and other current assets				67,158
Total current assets				2,030,335
Property, plant and equipment, net				159,553
Restricted cash				549,978
Identifiable intangible assets				21,500,000
Total identifiable assets acquired				24,239,865
Accounts payable				(1,101,706)
Accrued expenses				(19,018)
Net identifiable assets acquired				23,119,142
Goodwill				18,880,858
Total purchase price				$ 42,000,000
Ventanex
Business Acquisition [Line Items]
Cash and cash equivalents		$ 50,663
Accounts receivable		1,376,539
Prepaid expenses and other current assets		180,514
Total current assets		1,607,716
Property, plant and equipment, net		137,833
Restricted cash		428,313
Identifiable intangible assets	$ 29,700,000	29,690,000
Total identifiable assets acquired		31,863,862
Accounts payable		(152,035)
Accrued expenses		(373,159)
Net identifiable assets acquired		31,338,668
Goodwill		15,461,332
Total purchase price		$ 46,800,000

Business Combinations - Summary of Preliminary Values Allocated to Identifiable Intangible Assets and Estimated Useful Lives (Detail) - USD ($)				3 Months Ended	12 Months Ended
	Oct. 14, 2019	Aug. 13, 2019	Jul. 11, 2019	Mar. 31, 2020	Dec. 31, 2019	Feb. 10, 2020
Hawk Parent Holdings LLC
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			$ 301,000,000
Hawk Parent Holdings LLC \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			20,000,000
Identifiable intangible assets, useful life, description					Indefinite
Hawk Parent Holdings LLC \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			$ 3,000,000
Identifiable intangible assets, useful life			2 years
Hawk Parent Holdings LLC \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			$ 65,000,000
Identifiable intangible assets, useful life			3 years
Hawk Parent Holdings LLC \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			$ 210,000,000
Identifiable intangible assets, useful life			10 years
Hawk Parent Holdings LLC \| Channel Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value			$ 3,000,000
Identifiable intangible assets, useful life			10 years
TriSource Solutions, LLC
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 30,500,000
TriSource Solutions, LLC \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		700,000
Identifiable intangible assets, useful life, description					Indefinite
TriSource Solutions, LLC \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 400,000
Identifiable intangible assets, useful life		2 years
TriSource Solutions, LLC \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 3,900,000
Identifiable intangible assets, useful life		3 years
TriSource Solutions, LLC \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value		$ 25,500,000
Identifiable intangible assets, useful life		10 years
APS Payments
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 21,500,000
APS Payments \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	500,000
Identifiable intangible assets, useful life, description					Indefinite
APS Payments \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 500,000
Identifiable intangible assets, useful life	2 years
APS Payments \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value	$ 20,500,000
Identifiable intangible assets, useful life	10 years
Ventanex
Business Acquisition [Line Items]
Identifiable intangible assets, fair value				$ 29,700,000		$ 29,690,000
Ventanex \| Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets, fair value				$ 500,000
Identifiable intangible assets, useful life, description				Indefinite
Ventanex \| Non-Complete Agreements
Business Acquisition [Line Items]
Identifiable intangible assets, fair value				$ 100,000
Identifiable intangible assets, useful life				5 years
Ventanex \| Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets, fair value				$ 4,400,000
Identifiable intangible assets, useful life				3 years
Ventanex \| Merchant Relationships
Business Acquisition [Line Items]
Identifiable intangible assets, fair value				$ 24,700,000
Identifiable intangible assets, useful life				10 years

Business Combinations - Summary of Pro Forma Financial Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Hawk Parent Holdings LLC, TriSource Solutions, LLC And APS Payments
Business Acquisition [Line Items]
Revenue			$ 131,262,214	$ 164,161,841	$ 124,938,611
Net loss			(45,496,385)	(32,428,157)	(83,166,080)
Net loss attributable to non-controlling interests			(19,999,699)	(14,255,053)	(36,558,873)
Net loss attributable to the Company			$ (25,496,686)	$ (18,173,104)	$ (46,607,207)
Loss per Class A share - basic and diluted			$ (0.70)	$ (0.54)	$ (1.39)
TriSource, APS Payments, and Ventanex [Member]
Business Acquisition [Line Items]
Revenue	$ 41,756,312	$ 35,671,770
Net loss	(4,585,192)	(7,220,058)
Net loss attributable to non-controlling interests	(2,126,185)	(2,620,317)
Net loss attributable to the Company	$ (2,459,007)	$ (4,599,740)
Loss per Class A share - basic and diluted	$ (0.07)	$ (0.14)

Fair Value of Assets and Liabilities - Summary of Carrying Amounts and Estimated Fair Values of Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 32,712,610	$ 24,617,996	$ 13,285,357
Interest rate swap		555,449
Total assets	32,712,610	25,173,445	13,285,357
Liabilities:
Contingent consideration	31,630,549	14,250,000	1,816,988
Borrowings	246,457,360	213,908,388	94,215,204
Tax receivable agreement	67,718,189	67,176,226
Interest rate swap	9,299,315
Total liabilities	355,105,413	295,334,614	96,032,192
Term Loan
Liabilities:
Borrowings		213,442,705
Previously Reported
Liabilities:
Total liabilities		227,692,705
Level 1
Assets:
Cash and cash equivalents	32,712,610	24,617,996	13,285,357
Total assets	32,712,610	24,617,996	13,285,357
Level 2
Assets:
Interest rate swap		555,449
Total assets		555,449
Liabilities:
Borrowings	246,457,360	213,908,388	94,215,204
Interest rate swap	9,299,315
Total liabilities	255,756,675	213,908,388	94,215,204
Level 2 \| Term Loan
Liabilities:
Borrowings		213,442,705
Level 2 \| Previously Reported
Liabilities:
Total liabilities		213,442,705
Level 3
Liabilities:
Contingent consideration	31,630,549	14,250,000	1,816,988
Tax receivable agreement	67,718,189	67,176,226
Total liabilities	$ 99,348,738	81,426,226	$ 1,816,988
Level 3 \| Previously Reported
Liabilities:
Total liabilities		$ 14,250,000

Fair Value of Assets and Liabilities - Additional Information (Detail) - Interest Rate Swap Agreement - USD ($)	1 Months Ended
	Feb. 29, 2020	Oct. 31, 2019	Mar. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional amount	$ 30,000,000	$ 140,000,000
Term of agreement	60 months	57 months
Variable-rate term loan		$ 140,000,000	$ 170,000,000

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	$ 2,531,203	$ 2,026,676	$ 1,803,946
Less: Accumulated depreciation and amortization	654,821	416,024	556,797
Property, plant and equipment, net	1,876,382	1,610,652	1,247,149
Furniture, Fixtures, and Office Equipment
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	1,026,991	944,105	893,287
Computers
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	1,183,916	859,426	600,139
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property,plant and equipment, gross	$ 320,296	$ 223,145	$ 310,520

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.2	$ 0.1	$ 0.4	$ 0.2	$ 0.4	$ 0.2

Intangible Assets - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020 USD ($) TradeName	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) TradeName	Jul. 10, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived intangible assets trade names	$ 21.7		$ 21.2
Number of trade names \| TradeName	4		3
Amortization of Intangible Assets	$ 13.7	$ 2.8	$ 23.3	$ 5.9	$ 10.0	$ 7.3

Intangible Assets - Schedule of Definite-lived Intangible Assets (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 366,784,610	$ 335,190,752	$ 87,718,627
Accumulated Amortization	37,001,234	23,349,951	19,495,866
Net Carrying Value	$ 329,783,376	$ 311,840,801	$ 68,222,761
Weighted Average Useful Life (Years)	7 years 8 months 15 days	7 years 10 months 24 days	7 years 5 months 26 days
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 280,700,000	$ 256,000,000	$ 79,187,788
Accumulated Amortization	18,198,557	11,393,825	16,658,908
Net Carrying Value	$ 262,501,443	$ 244,606,175	$ 62,528,880
Weighted Average Useful Life (Years)	9 years 3 months 10 days	9 years 5 months 23 days	7 years 11 months 1 day
Software Costs
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 79,094,610	$ 72,290,752	$ 7,949,839
Accumulated Amortization	17,429,713	11,080,696	2,779,091
Net Carrying Value	$ 61,664,897	$ 61,210,056	$ 5,170,748
Weighted Average Useful Life (Years)	2 years 3 months 29 days	2 years 6 months 14 days	2 years 1 month 6 days
Reseller Buyouts
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value			$ 581,000
Accumulated Amortization			57,867
Net Carrying Value			$ 523,133
Weighted Average Useful Life (Years)			9 years
Channel Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 3,000,000	$ 3,000,000
Accumulated Amortization	216,935	141,935
Net Carrying Value	$ 2,783,065	$ 2,858,065
Weighted Average Useful Life (Years)	9 years 3 months 10 days	9 years 6 months 10 days
Non-Complete Agreements
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 3,990,000	$ 3,900,000
Accumulated Amortization	1,156,029	733,495
Net Carrying Value	$ 2,833,971	$ 3,166,505
Weighted Average Useful Life (Years)	2 years 1 month 2 days	2 years 3 months 10 days

Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2020		$ 51,904,695
2020	$ 42,463,360
2021	49,776,203	50,848,243
2022	49,272,375	39,501,841
2023	28,795,778	26,307,778
2024	28,745,700	26,255,735
2025	24,833,333	26,127,778
Thereafter	$ 105,896,627	$ 90,894,731

Goodwill - Schedule of Changes to Goodwill (Detail) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 389,660,519	$ 119,529,202	$ 339,911,399	$ 119,529,202	$ 119,529,202
Acquisitions	15,461,331		49,749,119
Dispositions	0	0	0		0
Impairment Loss	0	0	0	0	0
Measurement period adjustment	6,580,549
Ending balance	$ 411,702,399	$ 119,529,202	$ 389,660,519	$ 389,660,519	$ 119,529,202

Borrowings - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Borrowings - Additional Information (Detail) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 10, 2020	Feb. 09, 2020	Jul. 11, 2019	Sep. 28, 2017
Debt Instrument [Line Items]
Line of credit			$ 10,000,000		$ 10,000,000	$ 3,500,000
Line of credit Interest expense						$ 5,500,000	$ 4,400,000
Term Loan
Debt Instrument [Line Items]
Line of credit Interest expense	$ 3,200,000	$ 1,300,000	5,300,000	$ 2,800,000
Variable interest rate	4.95%				5.26%	5.77%
New Credit Agreement
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity								$ 345,000,000	$ 230,000,000
Line of credit Interest expense	$ 62,008
Line of credit covenant compliance	The Company was in compliance with its restrictive covenants under the New Credit Agreement at March 31, 2020.
Line of credit unused commitments fee	$ 42,361
New Credit Agreement \| Revolving Credit And Term Loan
Debt Instrument [Line Items]
Line of credit			10,000,000		$ 10,000,000
Line of credit maximum borrowing capacity	$ 20,000,000		20,000,000		$ 20,000,000
Line of credit Interest expense			$ 100,000
Line of credit expiration date					Jul. 11, 2024
Variable interest rate	4.95%				5.26%
Line of credit covenant compliance					The Company was in compliance with its restrictive covenants under the New Credit Agreement at December 31, 2019.
New Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity								255,000,000
New Credit Agreement \| Delayed Draw Term Loan
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity								60,000,000
Line of credit	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate	4.95%				5.26%	5.77%
Revolving Credit Facility \| Prior Credit Agreement
Debt Instrument [Line Items]
Line of credit						$ 3,500,000
Line of credit maximum borrowing capacity										$ 10,000,000	$ 10,000,000
Line of credit Interest expense		$ 49,388		$ 100,000		$ 200,000	$ 100,000
Revolving Credit Facility \| New Credit Agreement
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity								$ 30,000,000
Line of credit	$ 0

Borrowings - Summary of Borrowings under Credit Agreement (Detail) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Less: Current maturities of long-term debt

$ 253,375,000

^[1]

$ 218,937,500

^[1],[2]

$ 95,750,000

^[2]

5,502,000

^[3]

5,500,000

^[3],[4]

4,900,000

^[4]

Less: Long-term loan debt issuance cost

6,917,640

^[5]

5,494,795

^[5],[6]

1,534,796

^[6]

Total non-current borrowings

240,955,360

207,942,705

89,315,204

Term Loan

168,937,500

63,750,000

Delayed Draw Term Loan

Term Loan and Delayed Draw Term Loan

40,000,000

28,500,000

Revolving Credit Facility

$ 253,375,000

208,937,500

$ 10,000,000

$ 3,500,000

[1]	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 4.95% and 5.26% at March 31, 2020 and December 31, 2019, respectively
[2]	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 5.26% and 5.77% at December 31, 2019 (Successor) and December 31, 2018 (Predecessor), respectively
[3]	Pursuant to the terms of the New Credit Agreement, the Company is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the "Term Loans").
[4]	Pursuant to the terms of the New Credit Agreement, the Successor is required to make quarterly principal payments equal to 0.625% of the initial principal amount of the Term Loan and Delayed Draw Term Loan (collectively the "Term Loans"). Under the Prior Credit Agreement, the Predecessor was required to make quarterly principal payments equal to 1.25% of the initial principal amount of the Term Loans.
[5]	The Successor incurred $0.3 million of interest expense for the amortization of deferred debt issuance costs for the three months ended March 31, 2020. The Predecessor incurred $0.1 million for the three months ended March 31, 2019.
[6]	The Successor incurred $0.6 million of interest expense for the amortization of deferred debt issuance costs from the Closing through December 31, 2019. The Predecessor incurred $0.2 million for the period January 1, 2019 to July 10, 2019.

Borrowings - Summary of Borrowings under Credit Agreement (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Percentage of initial principal amount of the term loans	0.625%		0.625%			1.25%
Interest expense for the amortization of deferred debt issuance costs	$ 332,990	$ 101,851	$ 570,671	$ 215,658		$ 407,403	$ 239,190
Term Loan
Debt Instrument [Line Items]
Variable interest rate	4.95%				5.26%	5.77%
Delayed Draw Term Loan
Debt Instrument [Line Items]
Variable interest rate	4.95%				5.26%	5.77%
Interest Expense
Debt Instrument [Line Items]
Interest expense for the amortization of deferred debt issuance costs	$ 300,000	$ 100,000	$ 600,000	$ 200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Variable interest rate	4.95%				5.26%	5.77%

Borrowings - Summary of Principal Maturities of Term Loan (Detail) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

^[2]

Term Loan and Delayed Draw Term Loan

$ 253,375,000

^[1]

$ 218,937,500

^[1],[2]

$ 95,750,000

Remainder of 2020

4,126,500

2020

5,500,000

2021

8,251,000

7,875,000

2022

14,875,000

13,125,000

2023

18,750,000

15,750,000

2024

17,625,000

166,687,500

2025

189,747,500

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

$ 253,375,000

$ 208,937,500

[1]	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 4.95% and 5.26% at March 31, 2020 and December 31, 2019, respectively
[2]	The Term Loan, Delayed Draw Term Loan and Revolving Credit Facility bear interest, at variable rates, which were 5.26% and 5.77% at December 31, 2019 (Successor) and December 31, 2018 (Predecessor), respectively

Derivative Instruments - Additional Information (Detail) - USD ($)		1 Months Ended
	Feb. 21, 2020	Oct. 31, 2019	Mar. 31, 2020	Feb. 29, 2020
Interest Rate Swap Agreement
Derivative Instruments Gain Loss [Line Items]
Notional amount		$ 140,000,000		$ 30,000,000
Variable-rate term loan		$ 140,000,000	$ 170,000,000
Term of agreement		5 years
Regions Bank \| Interest Rate Swap Agreement
Derivative Instruments Gain Loss [Line Items]
Notional amount		$ 140,000,000
Variable-rate term loan		$ 140,000,000
Term of agreement		5 years
Regions Bank \| Interest Rate Swap at 1.331%
Derivative Instruments Gain Loss [Line Items]
Notional amount	$ 30,000,000
Swap transaction inception date	Mar. 31, 2020
Swap transaction termination date	Feb. 10, 2025
Regions Bank \| Interest Rate Swap at 1.331% \| LIBOR
Derivative Instruments Gain Loss [Line Items]
Notional amount	$ 30,000,000

Derivative Instruments - Schedule of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Detail) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Interest Rate Swap at 1.598%
Derivative Instruments Gain Loss [Line Items]
Notional amount	$ 140,000,000	$ 140,000,000
Fixed Interest Rate	1.598%	1.598%
Termination Date	Jul. 11, 2024	Jul. 11, 2024
Interest Rate Swap at 1.331%
Derivative Instruments Gain Loss [Line Items]
Notional amount	$ 30,000,000
Fixed Interest Rate	1.331%
Termination Date	Feb. 10, 2025

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
2020		$ 944,234
Remainder of 2020	$ 944,234
2021	716,367	716,367
2022	301,455	301,455
2023	103,868	103,868
2024	0	0
Thereafter	0	0
Total	$ 2,065,924	$ 2,065,924

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Transaction costs incurred on behalf of related parties	$ 500,000	$ 100,000	$ 1,300,000	$ 6,800,000	$ 1,600,000	$ 400,000
Receivables from related parties			600,000		0
Related party owed to employees			300,000
Due to related parties	$ 31,791,494		14,571,266		0
TriSource and APS
Related Party Transaction [Line Items]
Contingent consideration payable to related parties			$ 14,300,000
Corsair Capital LLC
Related Party Transaction [Line Items]
Management fees				$ 210,753
Selling, General and Administrative Expenses
Related Party Transaction [Line Items]
Management fees		$ 100,000			$ 400,000	$ 400,000

Share Based Compensation - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 11, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested RSAs and RSUs		$ 32,800,000		$ 17,500,000		$ 17,500,000
Weighted-average period related to unvested RSAs and RSUs		2 years 7 months 20 days				2 years 3 months 3 days
Share based compensation expense		$ 3,500,000		$ 22,000,000
Vested, Units	9,171		55			9,460
Weighted average grant date fair value	$ 180.87		$ 160.00			$ 182.83
Estimated fair value of the profit units that vested			$ 8,896		$ 900,000
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense			$ 100,000				$ 500,000	$ 600,000
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance		7,326,728		7,326,728		7,326,728

Share Based Compensation - Schedule of Outstanding Restricted Stock Awards And Restricted Stock Units Activity (Detail) - Restricted Stock Award (RSAs) And Restricted Stock Units (RSU) - Class A Common Stock - $ / shares

3 Months Ended

6 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Unvested, Beginning Balance

1,818,675

Granted

1,086,378

3,275,229

Forfeited

^[1]

321,263

Vested

1,135,291

Unvested, Ending Balance

2,905,053

1,818,675

Weighted average grant date fair value, Beginning balance

$ 12.39

$ 0.00

Weighted average grant date fair value, Granted

17.34

12.07

Weighted average grant date fair value, Forfeited

^[1]

11.81

Weighted average grant date fair value, Vested

11.68

Weighted average grant date fair value, Ending balance

$ 14.12

$ 12.39

[1]	Upon vesting, award-holders elected to sell shares to the Company in order to satisfy the associated tax obligations. The awards are not deemed outstanding; further, these forfeited shares are added back to the amount of shares available for grant under the 2019 Plan.

Share Based Compensation - Summary of Changes in Non-Vested Units Outstanding (Detail) - $ / shares		3 Months Ended	12 Months Ended
	Jul. 11, 2019	Mar. 31, 2019	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Non-vested units, Beginning Balance		9,460	9,460
Vested, Units	(9,171)	(55)	(9,460)
Non-vested units, Ending Balance		9,405
Weighted average fair value per unit, Beginning Balance		$ 182.83	$ 182.83
Weighted average fair value per unit, Vested	$ (180.87)	(160.00)	$ (182.83)
Weighted average fair value per unit, Ending Balance		$ 182.96

Taxation - Schedule of Income Before Income Taxes (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Domestic			$ (36,281,944)	$ (23,668,078)	$ 10,537,443	$ 9,448,244
Foreign			(269,721)	(74,452)
(Loss) income before income tax expense	$ (7,400,035)	$ 4,864,386	$ (36,551,665)	$ (23,742,530)	$ 10,537,443	$ 9,448,244

Taxation - Schedule of Provision for Income Tax (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Deferred expense
Federal		$ (4,343,013)
State		(575,152)
Foreign		(72,824)
Total deferred benefit	$ (1,116,093)	(4,990,989)
Income tax benefit	$ (1,115,592)	$ (4,990,989)

Taxation - Schedule of Reconciliation of United States Statutory Income Tax Rate to Effective Income Tax Rate (Detail)	3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal income tax expense		21.00%	0.00%	0.00%	0.00%
State taxes, net of federal benefit		1.60%	0.00%	0.00%	0.00%
Income attributable to noncontrolling interest		(8.60%)	(0.00%)	(0.00%)	(0.00%)
Excess tax benefit related to share-based compensation		0.50%	0.00%	0.00%	0.00%
Other		(0.80%)	0.00%	0.00%	0.00%
Total deferred benefit	15.10%	13.70%	0.00%	0.00%	0.00%

Taxation - Additional Information (Detail) - USD ($)		3 Months Ended	6 Months Ended		12 Months Ended
Taxation - Additional Information (Detail) - USD ($)	Jul. 11, 2019	Mar. 31, 2020	Dec. 31, 2019	Jul. 10, 2019	Dec. 31, 2018	Dec. 31, 2017
Taxation [Line Items]
Effective tax rate		15.10%	13.70%	0.00%	0.00%	0.00%
Combined federal and state statutory effective tax rate		24.00%	24.00%
Deferred tax asset and offsetting deferred tax liability	$ 5,800,000
Valuation allowance recognized, percentage	100.00%
Change to valuation allowance		$ 0	$ 40,000
Uncertain tax positions		0	0
Percentage of tax benefits payable under Tax Receivable Agreement	100.00%
Liability related to projected obligations under Tax Receivable Agreement		67,700,000	67,200,000
Income tax benefit		1,115,592	$ 4,990,989
Deferred tax assets recognized		$ 1,100,000
Minimum
Taxation [Line Items]
State net operating loss carryforwards expiration year			2031
Maximum
Taxation [Line Items]
State net operating loss carryforwards expiration year			2035
Federal
Taxation [Line Items]
Net operating loss carryforwards			$ 3,700,000
State
Taxation [Line Items]
Net operating loss carryforwards			500,000
Foreign
Taxation [Line Items]
Net operating loss carryforwards			$ 100,000

Taxation - Schedule of Deferred Tax Assets and Liabilities (Detail)	Dec. 31, 2019 USD ($)
Deferred tax assets
Tax Credits	$ 52,314
Section 163(j) Limitation Carryover	719,773
Acquisition Costs	378,386
Federal Net Operating Losses	3,682,201
State Net Operating Losses	526,607
Foreign Net Operating Losses	74,445
Other Assets	10,320
Total deferred tax asset	5,444,045
Valuation allowance	(5,799,118)
Total deferred tax asset, net of valuation allowance	(355,073)
Deferred tax liabilities
Partnership basis tax differences	(413,261)
Total deferred tax liabilities	(413,261)
Net deferred tax liabilities	$ (768,334)

Segment Reporting - Additional Information (Detail) - Segment	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Number of operating segment	1	1
Number of reportable segment		1

Selected Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Results of Operations (Detail) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jul. 10, 2019

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2019

Jul. 10, 2019

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Revenue

$ 2,334,000

^[1]

$ 33,633,000

^[1]

$ 23,927,000

^[1]

$ 21,686,000

^[1]

$ 23,023,405

^[1]

$ 33,858,000

$ 32,292,000

$ 31,066,000

$ 32,797,000

Income (loss) from operations

(32,536,000)

$ (3,379,335)

(13,464,000)

(14,147,000)

5,626,000

6,313,259

3,717,000

5,215,000

5,995,000

1,684,000

$ (27,611,483)

$ (20,597,401)

$ (48,209,000)

$ 16,611,358

$ 16,389,086

Net income

(32,763,000)

(6,284,443)

(15,681,000)

(15,880,000)

4,156,000

4,864,386

2,145,000

3,727,000

4,484,000

181,000

(31,560,676)

(23,742,530)

10,537,443

9,448,244

Net income (loss) attributable to the Company

$ (32,763,000)

$ (3,432,044)

$ (7,809,000)

$ (8,481,000)

$ 4,156,000

$ 4,864,386

$ 2,145,000

$ 3,727,000

$ 4,484,000

$ 181,000

$ (16,289,633)

$ (23,742,530)

$ 10,537,443

$ 9,448,244

Earnings (loss) per Class A share:

Basic and diluted

$ (0.09)

$ (0.21)

^[2]

$ (0.25)

^[2]

$ (0.46)

[1]	Revenue for the reporting period beginning in 2019 is presented under ASC 606, while prior period revenue continues to be reported in accordance with the Company's historic accounting practices under previous guidance. Refer to Note 2, "Basis of Presentation and Summary of Significant Accounting Policies", for further discussions of the adoption of ASC 606.
[2]	The sum of the quarterly earnings per share amounts may not equal the full year amount reported since per share amounts are computed independently for each period based upon the respective weighted-average common shares outstanding for each respective period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.