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Mar 31, 2024
i3 Verticals Q2 2024 Earnings Report
Reported a slight revenue increase and a significant rise in net income compared to the previous year
Key Takeaways
i3 Verticals reported a slight increase in revenue and a significant increase in net income for Q2 2024. The company's adjusted EBITDA margin expanded, driven by growth in recurring revenue sources such as SaaS, software transaction-based revenue, and payments.
Second quarter revenue increased by 0.7% year-over-year to $94.5 million.
Net income for the second quarter was $3.3 million, compared to a net loss of $0.2 million in the prior year's second quarter.
Adjusted EBITDA increased by 4.4% year-over-year to $25.8 million.
Annualized Recurring Revenue (ARR) grew by 5.5% to $322.5 million.
Forward Guidance
The Company is providing the following revised outlook for the fiscal year ending September 30, 2024: Revenue $380 million - $394 million and Adjusted EBITDA $107 million - $113 million.
Positive Outlook
- Revenue between $380 million and $394 million.
- Adjusted EBITDA between $107 million and $113 million.
- Depreciation and internally developed software amortization between $11 million and $13 million.
- Cash interest expense, net between $27 million and $29 million.
- Pro forma adjusted diluted earnings per share between $1.49 and $1.57.
Challenges Ahead
- Guidance excludes the impact of acquisitions, dispositions and transaction-related costs.
- Guidance does not take into account any impact of the potential sale of i3 Verticals' Merchant Services Business.
- Reconciliations of adjusted EBITDA and pro forma adjusted diluted earnings per share guidance to the closest corresponding GAAP measure on a forward-looking basis is not available without unreasonable efforts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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