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i3 Verticals Reports First Quarter 2020 Financial Results
Updates Acquisition Pipeline Outlook NASHVILLE, Tenn., Feb. 10, 2020 (GLOBE NEWSWIRE) -- i3 Verticals, Inc. (Nasdaq: IIIV) (“i3 Verticals” or the “Company”)
About this update from I3 Verticals, Inc.
[{"type":"text","content":"Updates Acquisition Pipeline Outlook\nNASHVILLE, Tenn., Feb. 10, 2020 (GLOBE NEWSWIRE) -- i3 Verticals, Inc. (Nasdaq: IIIV) (“i3 Verticals” or the “Company”) today reported its financial results for the fiscal first quarter ended December 31, 2019.\n Highlights for the fiscal first quarter of 2020 vs. 2019 Revenue was $41.1 million, a decrease of 52% over the prior year's first quarter. 2020 results reflect the adoption of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers.1Adjusted net revenue2, which excludes acquisition revenue adjustments and interchange and network fees, was $41.6 million, an increase of 41% over the prior year's first quarter. Net income was $1.9 million, a decrease of 17.7% over the prior year's first quarter.Adjusted EBITDA2 was $11.9 million, an increase of 38% over the prior year's first quarter.Adjusted EBITDA2 as a percentage of adjusted net revenue1 was 28.5%, compared to 29.0% in the prior year's first quarter. Diluted net loss per share available to Class A common stock was $(0.01), compared to diluted net income per share available to Class A common stock of $0.02 in the prior year's first quarter.Pro forma adjusted diluted earnings per share2, which gives pro forma effect to the Company's going forward effective tax rate, was $0.24, compared to $0.20 for the prior year's first quarter. Integrated payments3 were 55% of payment volume for the three months ended December 31, 2019.At December 31, 2019, the ratio of consolidated debt-to-EBITDA, as defined in the Company's Senior Secured Credit Facility, was 2.85x. Effective October 1, 2019, our revenues are presented net of interchange and network fees in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. This change in presentation affected our reported revenues and operating expenses for the three months ended December 31, 2019, by the same amount and had no effect on our income from operations.Represents a non-GAAP financial measure. For additional information (including reconciliation information), see the attached schedules to this release.Integrated payments represents payment transactions that are generated in situations where payment technology is embedded within the Company's own proprietary software, a client’s software or critical business process. Greg Daily,...