I3 Verticals, Inc. · NASDAQ:IIIV
I3 Verticals — Q2 2021 Earnings Presentation
12 slides from I3 Verticals's earnings presentation, May 10, 2021
Slide 1: Q2 Fiscal 2021 Supplemental Information
Q2 Fiscal 2021 Supplemental Information
Slide 2: Q2 Fiscal 2021 GAAP Measures
2 Q2 Fiscal 2021 GAAP Measures ($ in thousands) Three months ended March 31, 2021 Three months ended March 31, 2020(1) Merchant Services Proprietary Software and Payments Other Total Merchant Services Proprietary Software and Payments Other Total Revenue $ 25,992 $ 22,549 $ (678) $ 47,863 $ 25,729 $
Slide 3: Q2 QTD Fiscal 2021 Segment Performance
3 Q2 QTD Fiscal 2021 Segment Performance(1) ($ in thousands) Three months ended March 31, Period over period growth2021 2020(3) Adjusted Net Revenue(2) Merchant Services, excluding Purchased Portfolios $ 25,338 $ 24,695 3% Purchased Portfolios 768 1,034 (26)% Merchant Services 26,106 25,729 1% Propr
Slide 4: Q2 YTD Fiscal 2021 Segment Performance
4 Q2 YTD Fiscal 2021 Segment Performance(1) ($ in thousands) Six months ended March 31, Period over period growth2021 2020(3) Adjusted Net Revenue(2) Merchant Services, excluding Purchased Portfolios $ 49,464 $ 51,601 (4)% Purchased Portfolios 1,703 2,367 (28)% Merchant Services 51,167 53,968 (5)% P
Slide 5: Adjusted Net Revenue Reconciliation, Three Months Ended March 31
5 Reconciliation of Non-GAAP Financial Measures ($ in thousands) Three months ended March 31, 2021 Merchant Services(2) Proprietary Software and Payments Other Total Revenue $ 25,992 $ 22,549 $ (678) $ 47,863 Acquisition revenue adjustments(1) 114 1,429 — 1,543 Adjusted Net Revenue $ 26,106 $ 23,978
Slide 6: Adjusted Net Revenue Reconciliation, Six Months Ended March 31
6 Reconciliation of Non-GAAP Financial Measures ($ in thousands) Six months ended March 31, 2021 Merchant Services(2) Proprietary Software and Payments Other Total Revenue $ 50,962 $ 41,325 $ (1,111) $ 91,176 Acquisition revenue adjustments(1) 205 2,933 — 3,138 Adjusted Net Revenue $ 51,167 $ 44,258
Slide 7: Adjusted EBITDA Reconciliation, Three Months Ended March 31
7 ($ in thousands) Three months ended March 31, 2021 Three months ended March 31, 2020(1) Merchant Services Proprietary Software and Payments Other Total Merchant Services Proprietary Software and Payments Other Total Income (loss) from operations $ 4,570 $ 4,030 $ (8,735) $ (135) $ 4,979 $ 3,842 $
Slide 8: Footnotes to Three-Month Reconciliation
8 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 retroa
Slide 9: Adjusted EBITDA Reconciliation, Six Months Ended March 31
9 ($ in thousands) Six months ended March 31, 2021 Six months ended March 31, 2020(1) Merchant Services Proprietary Software and Payments Other Total Merchant Services Proprietary Software and Payments Other Total Income (loss) from operations $ 9,332 $ 4,758 $ (16,536) $ (2,446) $ 13,406 $ 4,710 $
Slide 10: Footnotes to Six-Month Reconciliation
10 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 retro
Slide 11: Reconciliation Between GAAP Debt and Covenant Debt
11 Reconciliation Between GAAP Debt and Covenant Debt ($ in millions) As of March 31, 2021 Revolving lines of credit to banks under the Senior Secured Credit Facility $ 85.0 Exchangeable Notes 97.5 Debt issuance costs, net (4.1) Total long-term debt, net of issuance costs $ 178.4 Non-GAAP Adjustment
Slide 12: 2021 Outlook and Revised Presentation
12 2021 Outlook and Revised Presentation We have consistently included in our reported Adjusted Net Revenue, Adjusted EBITDA and Pro Forma Adjusted Diluted EPS an adjustment to remove the effect of purchase accounting write-downs of deferred revenue. We have also included an estimated amount, exclud