I3 Verticals, Inc. · NASDAQ:IIIV
I3 Verticals — Q4 2020 Earnings Presentation
36 slides from I3 Verticals's earnings presentation, Nov 19, 2020
Slide 1: Q4 Fiscal 2020 Supplemental Information
Q4 Fiscal 2020 Supplemental Information
Slide 2: Q4 Fiscal 2020 Segment Performance (Three months ended September 30)
Q4 Fiscal 2020 Segment Performance(1)(3) ($ in thousands) Three months ended September 30, Period over period 2020 2019 growth Adjusted Net Revenue(2) Merchant Services, excluding Purchased Portfolios $ 23,882 $ 27,421 (13)% Purchased Portfolios 877 1,273 (31)% Merchant Services 24,759 28,694 (14)%
Slide 3: Q4 Fiscal 2020 Segment Performance (Year ended September 30)
Q4 Fiscal 2020 Segment Performance(1)(3) ($ in thousands) Years ended September 30, Period over period 2020 2019 growth Adjusted Net Revenue(2) Merchant Services, excluding Purchased Portfolios $ 96,850 $ 97,058 —% Purchased Portfolios 4,099 6,238 (34)% Merchant Services 100,949 103,296 (2)% Proprie
Slide 4: Reconciliation of revenue to non-GAAP adjusted net revenue, three months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our revenue to non-GAAP adjusted net revenue is as follows: ($ in thousands) Three months ended September 30, 2020 Proprietary Software Merchant Services(2) and Payments Other Total Revenue $ 24,759 $ 13,924 $ (411) $ 38,272 Acquisi
Slide 5: Reconciliation of revenue to non-GAAP adjusted net revenue, year
Reconciliation of Non-GAAP Financial Measures The reconciliation of our revenue to non-GAAP adjusted net revenue is as follows: ($ in thousands) Year ended September 30, 2020(4) Proprietary Software Merchant Services(2) and Payments Other Total Revenue $ 100,949 $ 50,953 $ (1,768) $ 150,134 Acquisit
Slide 6: Reconciliation of income from operations to non-GAAP adjusted EBITDA, three months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our income (loss) from operations to non-GAAP pro forma adjusted net income and non-GAAP adjusted EBITDA is as follows: ($ in thousands) Three months ended September 30, 2020 Three months ended September 30, 2019(1) Proprietary Prop
Slide 7: Footnotes to reconciliation
Reconciliation of Non-GAAP Financial Measures 1. Effective July 1, 2020, the Company reassigned a component from the Proprietary Software and Payments segment to the Merchant Services segment to better align the Company's business within its segments. The prior period comparatives have been retroact
Slide 8: Reconciliation of income from operations to non-GAAP adjusted EBITDA, year
Reconciliation of Non-GAAP Financial Measures The reconciliation of our income (loss) from operations to non-GAAP pro forma adjusted net income and non-GAAP adjusted EBITDA is as follows: ($ in thousands) Year ended September 30, 2020(1) Year ended September 30, 2019(1) Proprietary Proprietary Merch
Slide 9: Footnotes to reconciliation
Reconciliation of Non-GAAP Financial Measures 1. Effective July 1, 2020, the Company reassigned a component from the Proprietary Software and Payments segment to the Merchant Services segment to better align the Company's business within its segments. The prior period comparatives have been retroact
Slide 10: Reconciliation Between GAAP Debt and Covenant Debt
Reconciliation Between GAAP Debt and Covenant Debt The reconciliation of our GAAP Long-term debt, net of issuance costs and the debt balance used in our Total Leverage Ratio: ($ in millions) As of September 30, 2020 Revolving lines of credit to banks under the Senior Secured Credit Facility $ 0.0 Ex
Slide 11: Payment Volumes Quickly Recovering from COVID-19 Lows
Payment Volumes Quickly Recovering from COVID-19 Lows Consolidated Average Daily Payments Volume(1) ($ in millions) Average daily payments volume for the week ending February 8th through the week ending October 31st (47%) +79% 39.3 37.3 36.1 36.2 36.8 35.2 34.7 34.2 34.9 34.6 33.8 33.5 33.9 33.2 33.
Slide 12: Software Revenues Remain Resilient
Software Revenues Remain Resilient Software and Related and Services Revenue Trends(1) (Monthly Adjusted Net Revenue)(2) ($ in millions) Software and Related Services Monthly Revenue in Q2 through Q4 2020 +50% (16%) $3.9 $3.4 $3.2 $3.0 $3.1 $2.8 $2.9 $2.6 $2.7 April May June July January March Augus
Slide 13: Reconciliation of revenue to adjusted net revenue
Reconciliation of Non-GAAP Financial Measures The reconciliation of our revenue to adjusted net revenue(1) is as follows: ($ in thousands) Three Months Ended, March 31, 2020 June 30, 2020 September 30, 2020 Other revenue $ 12,792 $ 10,926 $ 13,161 Payments revenue 26,386 20,647 25,111 Revenue 39,178
Slide 14: Q3 Fiscal 2020 Supplemental Information
Q3 Fiscal 2020 Supplemental Information
Slide 15: Q3 Fiscal 2020 Segment Performance (Three months ended June 30)
Q3 Fiscal 2020 Segment Performance(1)(3) ($ in thousands) Three months ended June 30, Period over period 2020 2019 growth Adjusted Net Revenue(2) Merchant Services, excluding Purchased Portfolios $ 21,367 $ 24,870 (14)% Purchased Portfolios 855 1,387 (38)% Merchant Services 22,222 26,257 (15)% Propr
Slide 16: Q3 Fiscal 2020 Segment Performance (Nine months ended June 30)
Q3 Fiscal 2020 Segment Performance(1)(3) ($ in thousands) Nine months ended June 30, Period over period 2020 2019 growth Adjusted Net Revenue(2) Merchant Services, excluding Purchased Portfolios $ 72,968 $ 69,637 5% Purchased Portfolios 3,222 4,965 (35)% Merchant Services 76,190 74,602 2% Proprietar
Slide 17: Reconciliation of revenue to non-GAAP adjusted net revenue, three months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our revenue to non-GAAP adjusted net revenue is as follows: ($ in thousands) Three months ended June 30, 2020 Proprietary Software Merchant Services(2) and Payments Other Total Revenue $ 22,222 $ 9,767 $ (416) $ 31,573 Acquisition r
Slide 18: Reconciliation of revenue to non-GAAP adjusted net revenue, nine months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our revenue to non-GAAP adjusted net revenue is as follows: ($ in thousands) Nine months ended June 30, 2020(4) Proprietary Software Merchant Services(2) and Payments Other Total Revenue $ 76,190 $ 37,029 $ (1,357) $ 111,862 Acquisi
Slide 19: Reconciliation of income from operations to non-GAAP adjusted EBITDA, three months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our income (loss) from operations to non-GAAP pro forma adjusted net income and non-GAAP adjusted EBITDA is as follows: ($ in thousands) Three months ended June 30, 2020(1) Three months ended June 30, 2019(1) Proprietary Proprietary
Slide 20: Footnotes to reconciliation
Reconciliation of Non-GAAP Financial Measures 1. Effective July 1, 2020, the Company reassigned a component from the Proprietary Software and Payments segment to the Merchant Services segment to better align the Company's business within its segments. The prior period comparatives have been retroact
Slide 21: Reconciliation of income from operations to non-GAAP adjusted EBITDA, nine months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our income (loss) from operations to non-GAAP pro forma adjusted net income and non-GAAP adjusted EBITDA is as follows: ($ in thousands) Nine months ended June 30, 2020(1) Nine months ended June 30, 2019(1) Proprietary Proprietary M
Slide 22: Footnotes to reconciliation
Reconciliation of Non-GAAP Financial Measures 1. Effective July 1, 2020, the Company reassigned a component from the Proprietary Software and Payments segment to the Merchant Services segment to better align the Company's business within its segments. The prior period comparatives have been retroact
Slide 23: Q2 Fiscal 2020 Supplemental Information
Q2 Fiscal 2020 Supplemental Information
Slide 24: Q2 Fiscal 2020 Segment Performance (Three months ended March 31)
Q2 Fiscal 2020 Segment Performance(1)(3) ($ in thousands) Three months ended March 31, Period over period 2020 2019 growth Adjusted Net Revenue(2) Merchant Services, excluding Purchased Portfolios $ 24,695 $ 22,943 8% Purchased Portfolios 1,034 1,541 (33)% Merchant Services 25,729 24,484 5% Propriet
Slide 25: Q2 Fiscal 2020 Segment Performance (Six months ended March 31)
Q2 Fiscal 2020 Segment Performance(1)(3) ($ in thousands) Six months ended March 31, Period over period 2020 2019 growth Adjusted Net Revenue(2) Merchant Services, excluding Purchased Portfolios $ 51,601 $ 44,767 15% Purchased Portfolios 2,367 3,578 (34)% Merchant Services 53,968 48,345 12% Propriet
Slide 26: Reconciliation of revenue to non-GAAP adjusted net revenue, three months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our revenue to non-GAAP adjusted net revenue is as follows: ($ in thousands) Three months ended March 31, 2020 Proprietary Software Merchant Services(2) and Payments Other Total Revenue $ 25,729 $ 13,980 $ (531) $ 39,178 Acquisition
Slide 27: Reconciliation of revenue to non-GAAP adjusted net revenue, six months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our revenue to non-GAAP adjusted net revenue is as follows: ($ in thousands) Six months ended March 31, 2020(4) Proprietary Software Merchant Services(2) and Payments Other Total Revenue $ 53,968 $ 27,262 $ (941) $ 80,289 Acquisitio
Slide 28: Reconciliation of income from operations to non-GAAP adjusted EBITDA, three months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our income (loss) from operations to non-GAAP pro forma adjusted net income and non-GAAP adjusted EBITDA is as follows: ($ in thousands) Three months ended March 31, 2020(1) Three months ended March 31, 2019(1) Proprietary Proprieta
Slide 29: Footnotes to reconciliation
Reconciliation of Non-GAAP Financial Measures 1. Effective July 1, 2020, the Company reassigned a component from the Proprietary Software and Payments segment to the Merchant Services segment to better align the Company's business within its segments. The prior period comparatives have been retroact
Slide 30: Reconciliation of income from operations to non-GAAP adjusted EBITDA, six months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our income (loss) from operations to non-GAAP pro forma adjusted net income and non-GAAP adjusted EBITDA is as follows: ($ in thousands) Six months ended March 31, 2020(1) Six months ended March 31, 2019(1) Proprietary Proprietary M
Slide 31: Footnotes to reconciliation
Reconciliation of Non-GAAP Financial Measures 1. Effective July 1, 2020, the Company reassigned a component from the Proprietary Software and Payments segment to the Merchant Services segment to better align the Company's business within its segments. The prior period comparatives have been retroact
Slide 32: Q1 Fiscal 2020 Supplemental Information
Q1 Fiscal 2020 Supplemental Information
Slide 33: Q1 Fiscal 2020 Segment Performance (Three months ended December 31)
Q1 Fiscal 2020 Segment Performance(1)(3) ($ in thousands) Three months ended December 31, Period over period 2019 2018 growth Adjusted Net Revenue(2) Merchant Services, excluding Purchased Portfolios $ 26,906 $ 21,824 23% Purchased Portfolios 1,333 2,037 (35)% Merchant Services 28,239 23,861 18% Pro
Slide 34: Reconciliation of revenue to non-GAAP adjusted net revenue, three months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our revenue to non-GAAP adjusted net revenue is as follows: ($ in thousands) Three months ended December 31, 2019(4) Proprietary Software Merchant Services(2) and Payments Other Total Revenue $ 28,239 $ 13,282 $ (410) $ 41,111 Acqui
Slide 35: Reconciliation of income from operations to non-GAAP adjusted EBITDA, three months
Reconciliation of Non-GAAP Financial Measures The reconciliation of our income (loss) from operations to non-GAAP pro forma adjusted net income and non-GAAP adjusted EBITDA is as follows: ($ in thousands) Three months ended December 31, 2019(1) Three months ended December 31, 2018(1) Proprietary Pro
Slide 36: Footnotes to reconciliation
Reconciliation of Non-GAAP Financial Measures 1. Effective July 1, 2020, the Company reassigned a component from the Proprietary Software and Payments segment to the Merchant Services segment to better align the Company's business within its segments. The prior period comparatives have been retroact