Business
i3 Verticals Reports Third Quarter 2020 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 third quarter ended June 30, 2020.\n\n\nHighlights for the fiscal third quarter and nine months ended June 30, 2020 vs. 2019 \n\n\n\nThird quarter revenue was $31.6 million, a decrease of 68% over the prior year's third quarter. Revenue for the nine months ended June 30, 2020, was $111.9 million, a decrease of 58% over the prior year's first nine months. Results for 2020 reflect the adoption of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers1.\n\n\nThird quarter adjusted net revenue2, which excludes acquisition revenue adjustments and interchange and network fees, was $31.6 million, a decrease of 12% over the prior year's third quarter. Adjusted net revenue2 for the nine months ended June 30, 2020, was $112.5 million, an increase of 16% over the prior year's first nine months.\n\n\nThird quarter net loss was $2.8 million, compared to a net loss of $0.6 million in the prior year's third quarter. Net income for the nine months ended June 30, 2020, was $1.0 million, an increase from $0.5 million in the prior year's first nine months.\n\n\nThird quarter adjusted EBITDA2 was $7.1 million, a decrease of 27% over the prior year's third quarter. Adjusted EBITDA2 for the nine months ended June 30, 2020, was $28.9 million, an increase of 7% over the prior year's first nine months.\n\n\nThird quarter adjusted EBITDA2 as a percentage of adjusted net revenue2 was 22.3%, compared to 26.9% in the prior year's third quarter. For the nine months ended June 30, 2020, adjusted EBITDA2 as a percentage of adjusted net revenue2 was 25.7%, compared to 27.8% for the prior year's first nine months.\n\n\nThird quarter diluted net loss per share available to Class A common stock was $0.02, compared to diluted net loss per share available to Class A common stock of $0.12 in the prior year's third quarter. For the nine months ended June 30, 2020, diluted net income 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 $0.23 for the prior year's first nine months.\n\n\nFor the three and nine months ended June 30, 2020, pro forma adjusted diluted earnings per share2, which gives pro forma effec...