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Mar 31, 2023
i3 Verticals Q2 2023 Earnings Report
Reported a 20.2% increase in revenue and a net income attributable to i3 Verticals, Inc.
Key Takeaways
i3 Verticals reported strong Q2 2023 results, with a 20.2% increase in revenue to $93.9 million and a net income attributable to i3 Verticals, Inc. of $36,000. The company also refinanced its credit facility, securing lower rates and improved terms.
Second quarter revenue increased by 20.2% year-over-year to $93.9 million.
Net loss decreased significantly to $0.2 million, compared to a $10.4 million loss in the prior year's quarter.
Adjusted EBITDA increased by 26.8% year-over-year to $24.7 million.
Annualized Recurring Revenue (ARR) grew by 20.1% to $305.7 million.
Forward Guidance
The Company provided revised outlook for the fiscal year ending September 30, 2023.
Positive Outlook
- Revenue is expected to be between $360 million and $380 million.
- Adjusted EBITDA is projected to be between $97 million and $103 million.
- Depreciation and internally developed software amortization are estimated to be between $8 million and $9 million.
- Cash interest expense, net, is expected to be between $22 million and $23 million.
- Pro forma adjusted diluted earnings per share are projected to be between $1.46 and $1.56.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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