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i3 Verticals Reports Third Quarter 2021 Financial Results
Raises 2021 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 2021 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 third quarter ended June 30, 2021.\n\nHighlights for the fiscal third quarter and nine months ended June 30, 2021 vs. 2020 \n\n\nThird quarter revenue was $62.0 million, an increase of 96% over the prior year's third quarter. Revenue for the nine months ended June 30, 2021, was $153.1 million, an increase of 37% over the prior year's first nine months.\n\n\nThird quarter net loss was $4.6 million, compared to net loss of $2.8 million in the prior year's third quarter. Net loss for the nine months ended June 30, 2021, was $8.8 million, compared to net income of $1.0 million in the prior year's first nine months.\n\n\nThird quarter diluted net loss per share available to Class A common stock was $0.15, compared to diluted net loss per share available to Class A common stock of $0.02 in the prior year's third quarter. For the nine months ended June 30, 2021, diluted net loss per share available to Class A common stock was $0.26, compared to diluted net income per share available to Class A common stock of $0.01 for the prior year's first nine months.\n\n\nIntegrated payments1 were 60% and 58% of payment volume for the three and nine months ended June 30, 2021, respectively.\n\n\nSoftware and related services revenue2 as a percentage of total revenue was 41% and 26% for the three months ended June 30, 2021 and 2020, respectively.\n\n\nAs of June 30, 2021, our consolidated interest coverage ratio was 8.23x, total leverage ratio was 3.81x and consolidated senior leverage ratio was 1.87x. These ratios are defined in our Senior Secured Credit Facility.\n\n\nGreg Daily, Chairman and CEO of i3 Verticals, commented, “We are proud of our third quarter results. Once again, we achieved new records in revenue, adjusted EBITDA, software revenue, payment volume and integration mix. The momentum we saw at the end of our second quarter continued throughout our third quarter as the economy continued to rebound. Our software-related revenue grew to 41% of our total net revenue even as we experienced excellent growth in all other revenue categories.\n\nOur Public Sector vertical now represents over half of our company and Healthcare is now our second largest vertical. We...