Green Sheet
i3 Verticals, Inc. (Nasdaq: IIIV) (“i3 Verticals” or the “Company”) today reported its financial results for the fiscal first quarter ended December 31, 2022.
Highlights for the fiscal first quarter ended December 31, 2022 vs. 2021
Revenue was $86.0 million, an increase of 16.4% over the prior year’s first quarter.
Net income was $0.2 million, compared to net loss of $3.7 million in the prior year’s first quarter. Net loss attributable to i3 Verticals, Inc. was $0.2 million.
Adjusted EBITDA1 was $23.6 million, an increase of 29.3% over the prior year’s first quarter.
Adjusted EBITDA1 as a percentage of revenue was 27.4%, compared to 24.7% in the prior year’s first quarter.
Diluted net loss 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 $0.11 in the prior year’s first quarter.
Pro forma adjusted diluted earnings per share1, which gives pro forma effect to the Company’s tax rate, was $0.37 compared to $0.35 for the prior year’s first quarter.
Annualized Recurring Revenue (“ARR”)2 for the three months ended December 31, 2022 and 2021 was $290.2 million and $240.4 million, respectively, representing a period-to-period growth rate of 20.7%.
Software and related services revenue3 as a percentage of total revenue was 48% and 49% for the three months ended December 31, 2022 and 2021, respectively.
As of December 31, 2022, consolidated interest coverage ratio was 5.18x, total leverage ratio was 4.03x and consolidated senior leverage ratio was 2.77x. These ratios are defined in the Company’s Senior Secured Credit Facility.