Business
i3 Verticals Reports Second Quarter 2024 Financial Results
NASHVILLE, Tenn.--(BUSINESS WIRE)-- i3 Verticals, Inc. (Nasdaq: IIIV) (“i3 Verticals” or the “Company”) today reported its financial results for the fiscal
About this update from I3 Verticals, Inc.
[{"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, 2024.\n\n\nHighlights for the second quarter and six months ended March 31, 2024 vs. 2023\n\n\n\nSecond quarter revenue was $94.5 million, an increase of 0.7% over the prior year's second quarter. Revenue for the six months ended March 31, 2024, was $186.5 million, an increase of 3.7% over the prior year's first six months.\n\n\n\nSecond quarter net income was $3.3 million, compared to net loss of $0.2 million in the prior year's second quarter. Net income for the six months ended March 31, 2024, was $4.9 million, compared to a net loss of $23 thousand in the prior year's first six months.\n\n\n\nSecond quarter net income attributable to i3 Verticals, Inc. was $1.9 million, compared to net income attributable to i3 Verticals, Inc. of $36 thousand in the prior year's second quarter. Net income attributable to i3 Verticals, Inc. for the six months ended March 31, 2024, was $3.0 million, compared to net loss attributable to i3 Verticals, Inc. of $0.2 million in the prior year's first six months.\n\n\n\nSecond quarter adjusted EBITDA1 was $25.8 million, an increase of 4.4% over the prior year's second quarter. Adjusted EBITDA1 for the six months ended March 31, 2024, was $51.0 million, an increase of 5.5% over the prior year's first six months.\n\n\n\nSecond quarter adjusted EBITDA1 as a percentage of revenue was 27.3%, compared to 26.3% in the prior year's second quarter. Adjusted EBITDA1 a percentage of revenue for the six months ended March 31, 2024, was 27.3%, compared to 26.9% in the prior year's first six months.\n\n\n\nSecond quarter diluted net income per share available to Class A common stock was $0.08, compared to diluted net loss per share available to Class A common stock of $0.00 in the prior year's second quarter. Diluted net income per share available to Class A common stock was $0.13 in the six months ended March 31, 2024, compared to diluted net loss per share available to Class A common stock of $0.01 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 $0.34 compared to $0.38 for the prior year's second quarter. Pr...