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i3 Verticals Reports Second Quarter 2022 Financial Results
Raises 2022 Outlook NASHVILLE, Tenn.--(BUSINESS WIRE)-- i3 Verticals, Inc. (Nasdaq: IIIV) (“i3 Verticals” or the “Company”) today reported its financial
About this update from I3 Verticals, Inc.
[{"type":"text","content":"\nRaises 2022 Outlook\n\n 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, 2022.\n\nHighlights for the fiscal second quarter ended March 31, 2022 vs. 2021\n\n\nSecond quarter revenue was $78.1 million, an increase of 58.8% over the prior year's second quarter. Revenue for the six months ended March 31, 2022, was $152.1 million, an increase of 62.1% over the prior year's first six months.\n\n\nSecond quarter net loss was $10.4 million, compared to net income of $1.3 million in the prior year's second quarter. Net loss for the six months ended March 31, 2022, was $14.1 million, compared to a net loss of $1.7 million in the prior year's first six months.\n\n\nSecond quarter net loss attributable to i3 Verticals was $7.4 million. Net loss attributable to the Company for the six months ended March 31, 2022, was $9.9 million.\n\n\nAdjusted EBITDA1 was $19.5 million, an increase of 59.4% over the prior year's second quarter. Adjusted EBITDA1 for the six months ended March 31, 2022, was $37.8 million, an increase of 65.5% over the prior year's first six months.\n\n\nAdjusted EBITDA1 as a percentage of revenue was 25.0%, compared to 24.9% in the prior year's second quarter. Adjusted EBITDA1 as a percentage of revenue for the six months ended March 31, 2022, was 24.8%, compared to 24.3% in the prior year's first six months.\n\n\nDiluted net loss per share available to Class A common stock was $0.33, compared to diluted net income per share available to Class A common stock of $0.04 in the prior year's second quarter. Diluted net loss per share available to Class A common stock was $0.45, compared to diluted net loss per share available to Class A common stock of $0.05 in the prior year's first six months.\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 $0.23 for the prior year's second quarter. Pro forma adjusted diluted earnings per share1 for the six months ended March 31, 2022, was $0.72 compared to $0.44 for the prior year's first six months.\n\n\nAnnualized Recurring Revenue (\"ARR\")2 for the three months ended March 31, 2022 and 2021 was $254.5 million and $173.3 million, respectively, representing a period-to-per...