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Mar 31, 2022
i3 Verticals Q2 2022 Earnings Report
Reported a revenue increase of 58.8% and adjusted EBITDA increase of 59.4% compared to the prior year's second quarter.
Key Takeaways
i3 Verticals reported strong second-quarter results, with record revenue and adjusted EBITDA. The company's annualized recurring revenue increased by 47% year-over-year, and software and related services now constitute 50% of total revenue. They also announced the acquisition of a new software business in the Healthcare vertical.
Second quarter revenue was $78.1 million, an increase of 58.8% over the prior year's second quarter.
Second quarter net loss was $10.4 million, compared to net income of $1.3 million in the prior year's second quarter.
Adjusted EBITDA was $19.5 million, an increase of 59.4% over the prior year's second quarter.
Pro forma adjusted diluted earnings per share was $0.37 compared to $0.23 for the prior year's second quarter.
Forward Guidance
The Company is providing the following revised outlook for the fiscal year ending September 30, 2022:
Positive Outlook
- Revenue: $300,000,000 - $312,000,000
- Adjusted EBITDA (non-GAAP): $75,000,000 - $81,000,000
- Pro forma adjusted diluted earnings per share (non-GAAP): $1.40 - $1.47
- Assumes an effective pro forma tax rate of 25.0% (non-GAAP).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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