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Jun 30, 2020
i3 Verticals Q3 2020 Earnings Report
Reported a decrease in revenue but showed resilience amidst the COVID-19 pandemic, with recovery observed in payment volume and financial results across various verticals.
Key Takeaways
i3 Verticals reported its Q3 2020 financial results, revealing a decrease in revenue compared to the previous year due to the COVID-19 pandemic, particularly impacting the education sector. However, the company saw a recovery in payment volume and financial results throughout the quarter as restrictions eased. They completed two acquisitions to expand geographic reach and software capabilities.
Third quarter revenue was $31.6 million, a 68% decrease year-over-year.
Third quarter net loss was $2.8 million, compared to a net loss of $0.6 million in the prior year's third quarter.
Third quarter adjusted EBITDA was $7.1 million, a 27% decrease year-over-year.
The Company completed the acquisition of two businesses for a collective purchase price of $16.4 million.
i3 Verticals
i3 Verticals
Forward Guidance
Due to the economic uncertainty created by the COVID-19 pandemic, the Company is not providing a financial outlook for the fiscal year ending September 30, 2020.