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i3 Verticals Reports First Quarter 2023 Financial Results
Reports Record Revenue and Annualized Recurring Revenue2 NASHVILLE, Tenn.--(BUSINESS WIRE)-- i3 Verticals, Inc. (Nasdaq: IIIV) (“i3 Verticals” or the
About this update from I3 Verticals, Inc.
[{"type":"text","content":"\nReports Record Revenue and Annualized Recurring Revenue2\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\ni3 Verticals, Inc. (Nasdaq: IIIV) (“i3 Verticals” or the “Company”) today reported its financial results for the fiscal first quarter ended December 31, 2022.\n\nHighlights for the fiscal first quarter ended December 31, 2022 vs. 2021\n\n\nRevenue was $86.0 million, an increase of 16.4% over the prior year's first quarter.\n\n\nNet income was $0.2 million, compared to net loss of $3.7 million in the prior year's first quarter.\n\n\nNet loss attributable to i3 Verticals, Inc. was $0.2 million.\n\n\nAdjusted EBITDA1 was $23.6 million, an increase of 29.3% over the prior year's first quarter.\n\n\nAdjusted EBITDA1 as a percentage of revenue was 27.4%, compared to 24.7% in the prior year's first quarter.\n\n\nDiluted net loss per share available to Class A common stock was $0.01, compared to diluted net loss per share available to Class A common stock of $0.11 in the prior year's first quarter.\n\n\nPro forma adjusted diluted earnings per share1, which gives pro forma effect to the Company's tax rate, was $0.37 compared to $0.35 for the prior year's first quarter.\n\n\nAnnualized Recurring Revenue (\"ARR\")2 for the three months ended December 31, 2022 and 2021 was $290.2 million and $240.4 million, respectively, representing a period-to-period growth rate of 20.7%.\n\n\nSoftware and related services revenue3 as a percentage of total revenue was 48% and 49% for the three months ended December 31, 2022 and 2021, respectively.\n\n\nAs of December 31, 2022, consolidated interest coverage ratio was 5.18x, total leverage ratio was 4.03x and consolidated senior leverage ratio was 2.77x. These ratios are defined in the Company's Senior Secured Credit Facility.\n\n\nAs previously announced in our press release on January 6, 2023, the Company acquired AccuFund, Inc. effective January 1, 2023, further strengthening the Company's Public Sector Vertical.\n\n\n\n\n1.\n\n\n\n\nRepresents a non-GAAP financial measure. For additional information (including reconciliation information), see the attached schedules to this release.\n\n\n\n\n\n2.\n\n\n\n\nAnnualized Recurring Revenue (ARR) is the annualized revenue derived from software-as-a-service (“SaaS”) arrangements, transaction-based software-revenue, software maintenance, recurring software-based s...