i3 Verticals Reports Second Quarter 2020 Financial Results

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[{"type":"text","content":" NASHVILLE, Tenn.--(BUSINESS WIRE)--\ni3 Verticals, Inc. (Nasdaq: IIIV) (“i3 Verticals” or the “Company”) today reported its financial results for the fiscal second quarter ended March 31, 2020.\n\n\nHighlights for the fiscal second quarter and six months ended March 31, 2020 vs. 2019 \n\n\n\nSecond quarter revenue was $39.2 million, a decrease of 54% over the prior year's second quarter. Revenue for the six months ended March 31, 2020, was $80.3 million, a decrease of 53% over the prior year's first six months. Results for 2020 reflect the adoption of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers.1\n\n\nSecond quarter adjusted net revenue2, which excludes acquisition revenue adjustments and interchange and network fees, was $39.3 million, an increase of 25% over the prior year's second quarter. Adjusted net revenue2 for the six months ended March 31, 2020, was $80.9 million, an increase of 33% over the prior year's first six months.\n\n\n\n\nSecond quarter net income was $1.9 million, compared to a net loss of $1.2 million in the prior year's second quarter. Net income for the six months ended March 31, 2020, was $3.9 million, an increase of 241.3% over the prior year's first six months.\n\n\nSecond quarter adjusted EBITDA2 was $10.0 million, an increase of 14% over the prior year's second quarter. Adjusted EBITDA2 for the six months ended March 31, 2020, was $21.8 million, an increase of 26% over the prior year's first six months.\n\n\nSecond quarter adjusted EBITDA2 as a percentage of adjusted net revenue2 was 25.3%, compared to 27.8% in the prior year's second quarter. For the six months ended March 31, 2020, adjusted EBITDA2 as a percentage of adjusted net revenue2 was 27.0%, compared to 28.4% for the prior year's first six months.\n\n\n\n\nSecond quarter diluted net income per share available to Class A common stock was $0.05, compared to diluted net loss per share available to Class A common stock of $0.12 in the prior year's second quarter. For the six months ended March 31, 2020, diluted net income per share available to Class A common stock was $0.04, compared to diluted net loss per share available to Class A common stock of $0.10 for the prior year's first six months.\n\n\nFor the three and six months ended March 31, 2020, pro forma adjusted diluted earnings per share1, which give...

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