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i3 Verticals Reports Third Quarter 2024 Financial Results
Completes Public Sector Acquisition Authorizes $50 Million Share Repurchase Program NASHVILLE, Tenn.--(BUSINESS WIRE)-- i3 Verticals, Inc. (Nasdaq: IIIV)
About this update from I3 Verticals, Inc.
[{"type":"text","content":"\nCompletes Public Sector Acquisition\n\n\nAuthorizes $50 Million Share Repurchase Program\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 third quarter ended June 30, 2024.\n\n\nHighlights for the three and nine months ended June 30, 2024 vs. 2023 from continuing operations1\n\n\n\nThird quarter revenue from continuing operations was $56.0 million, a decrease of 2% over the prior year's third quarter. Revenue from continuing operations for the nine months ended June 30, 2024, was $169.1 million, an increase of 1% over the prior year's first nine months.\n\n\n\nThird quarter net loss from continuing operations was $13.8 million, compared to net loss from continuing operations of $10.9 million in the prior year's third quarter. Net loss from continuing operations for the nine months ended June 30, 2024, was $20.4 million, compared to a net loss from continuing operations of $22.4 million in the prior year's first nine months.\n\n\n\nThird quarter net loss from continuing operations attributable to i3 Verticals, Inc. was $11.4 million, compared to net loss from continuing operations attributable to i3 Verticals, Inc. of $8.5 million in the prior year's third quarter. Net loss from continuing operations attributable to i3 Verticals, Inc. for the nine months ended June 30, 2024, was $16.4 million, compared to net loss from continuing operations attributable to i3 Verticals, Inc. of $16.7 million in the prior year's first nine months.\n\n\n\nThird quarter adjusted EBITDA from continuing operations2 was $12.9 million, a decrease of 11% over the prior year's third quarter. Adjusted EBITDA from continuing operations2 for the nine months ended June 30, 2024, was $42.1 million, a decrease of 4% over the prior year's first nine months.\n\n\n\nThird quarter Adjusted EBITDA from continuing operations2 as a percentage of revenue was 23%, compared to 25% in the prior year's third quarter. Adjusted EBITDA2 from continuing operations as a percentage of revenue for the nine months ended June 30, 2024, was 25%, compared to 26% in the prior year's first nine months.\n\n\n\nThird quarter diluted net loss per share attributable to Class A common stock from continuing operations was $0.49, compared to diluted net loss per share attributab...