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i3 Verticals Reports Second Quarter 2023 Financial Results
Refinances Credit Facility with Lower Rates, Higher Capacity and Improved Covenants NASHVILLE, Tenn.--(BUSINESS WIRE)-- i3 Verticals, Inc. (Nasdaq: IIIV)
About this update from I3 Verticals, Inc.
[{"type":"text","content":"\nRefinances Credit Facility with Lower Rates, Higher Capacity and Improved Covenants\n\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, 2023.\n\n\nHighlights for the fiscal second quarter and six months ended March 31, 2023 vs. 2022\n\n\n\nSecond quarter revenue was $93.9 million, an increase of 20.2% over the prior year's second quarter. Revenue for the six months ended March 31, 2023, was $179.9 million, an increase of 18.3% over the prior year's first six months.\n\n\n\nSecond quarter net loss was $0.2 million, compared to net loss of $10.4 million in the prior year's second quarter. Net loss for the six months ended March 31, 2023, was $23,000, compared to a net loss of $14.1 million in the prior year's first six months.\n\n\n\nSecond quarter net income attributable to i3 Verticals, Inc. was $36,000. Net loss attributable to i3 Verticals, Inc. for the six months ended March 31, 2023, was $0.2 million.\n\n\n\nSecond quarter adjusted EBITDA1 was $24.7 million, an increase of 26.8% over the prior year's second quarter. Adjusted EBITDA1 for the six months ended March 31, 2023, was $48.3 million, an increase of 28.0% over the prior year's first six months.\n\n\n\nSecond quarter adjusted EBITDA1 as a percentage of revenue was 26.3%, compared to 25.0% in the prior year's second quarter. Adjusted EBITDA1 a percentage of revenue for the six months ended March 31, 2023, was 26.9%, compared to 24.8% in the prior year's first six months.\n\n\n\nSecond quarter diluted net loss per share available to Class A common stock was $0.00, compared to diluted net loss per share available to Class A common stock of $0.33 in the prior year's second quarter. Diluted net loss per share available to Class A common stock was $0.01 in the six months ended March 31, 2023, compared to diluted net loss per share available to Class A common stock of $0.45 in the prior year's first six months.\n\n\n\nSecond quarter pro forma adjusted diluted earnings per share1, which gives pro forma effect to the Company's tax rate, was $0.38 compared to $0.37 for the prior year's second quarter. Pro forma adjusted diluted earnings per share1 for the six months ended March 31, 2023, was $0.75 compared to $0.72 for the prior year's f...