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I3 Verticals, Inc. (IIIV) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

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I3 Verticals, Inc.

CIK: 1728688 Ticker: IIIV

i3v_primaryxdarka.jpg

i3 VERTICALS REPORTS FOURTH QUARTER AND FULL FISCAL YEAR 2022 FINANCIAL RESULTS
Introduces 2023 Outlook

NASHVILLE, Tenn. (November 16, 2022) – i3 Verticals, Inc. (Nasdaq: IIIV) (“i3 Verticals” or the “Company”) today reported its financial results for the fiscal fourth quarter and year ended September 30, 2022.

Highlights for the fiscal fourth quarter and full fiscal year of 2022 vs. 2021
Fourth quarter revenue was $85.3 million, an increase of 26.9% over the prior year's fourth quarter; full year revenue was $317.9 million, an increase of 41.8% over the prior year.
Fourth quarter net loss was $4.4 million, compared to a net loss of $1.9 million in the prior year's fourth quarter. Net loss for the year ended September 30, 2022, was $23.2 million, compared to a net loss of $7.8 million for the year ended September 30, 2021.
Fourth quarter net loss attributable to i3 Verticals, Inc. was $3.5 million; full year net loss attributable to i3 Verticals, Inc. was $17.1 million.
Fourth quarter adjusted EBITDA1 was $21.7 million, an increase of 27.4% over the prior year's fourth quarter. Adjusted EBITDA1 for the year ended September 30, 2022, was $79.5 million, an increase of 43.6% over the prior year.
Adjusted EBITDA1 as a percentage of revenue was 25.0% for the year ended September 30, 2022, compared to 24.7% for the year ended September 30, 2021.
Fourth quarter diluted net loss per share available to Class A common stock was $0.15, compared to a net loss per share of $0.05 in the prior year's fourth quarter; full year diluted net loss per share available to Class A common stock was $0.77, compared to a net loss per share of $0.22 in the prior year.
For the fourth quarter and year ended September 30, 2022, pro forma adjusted diluted earnings per share1, which gives pro forma effect to the Company's tax rate, was $0.39 and $1.48, respectively, compared to $0.33 and $1.05 for the fourth quarter and year ended September 30, 2021, respectively.
Annualized Recurring Revenue ("ARR")2 for the fourth quarter of 2022 and 2021 was $281.2 million and $210.8 million, respectively, representing a period-to-period growth rate of 33.4%.
Software and related services revenue3 as a percentage of total revenue was 49% and 39% for the years ended September 30, 2022 and 2021, respectively. Payments revenue as a percentage of total revenue was 45% and 53% for the years ended September 30, 2022 and 2021, respectively.
As of September 30, 2022, our consolidated interest coverage ratio was 8.17x, total leverage ratio was 3.68x and consolidated senior leverage ratio was 2.24x. These ratios are defined in our Senior Secured Credit Facility.
As previously announced in our press release dated October 4, 2022, the Company completed the acquisition of a business within the Company’s Public Sector vertical which is a leading provider of enterprise software solutions for the motor carrier and motor vehicle markets in the U.S. and Canada. The aggregate purchase price was approximately $85.0 million in cash.

1.Represents a non-GAAP financial measure. For additional information (including reconciliation information), see the attached schedules to this release.
2.Annualized Recurring Revenue (ARR) is the annualized revenue derived from software-as-a-service (“SaaS”) arrangements, transaction-based software-revenue, software maintenance, recurring software-based services, payments revenue and other recurring revenue sources within the quarter. This excludes contracts that are not recurring or are one-time in nature. The Company focuses on ARR because it helps i3 Verticals to assess the health and trajectory of the business. ARR does not have a standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. It should be reviewed independently of revenue and it is not a forecast. The active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by the Company's customers.
3.Software and related services revenue includes the sale of licenses, subscriptions, installation and implementation services, and ongoing support specific to software.
-MORE-

The following information was filed by I3 Verticals, Inc. (IIIV) on Wednesday, November 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside I3 Verticals, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Operations
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Details)
Accrued Expenses And Other Liabilities (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Details)
Acquisitions - Pro Forma Information (Details)
Acquisitions - Schedule Of Preliminary Purchase Consideration Of The Acquired Assets And Assumed Liabilities (Details)
Capitalized Software, Net
Capitalized Software, Net (Details)
Capitalized Software, Net (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Loan Commitment (Details)
Commitments And Contingencies - Minimum Fee Commitments (Details)
Credit Risk And Other Concentrations
Credit Risk And Other Concentrations (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details)
Earnings Per Share - Basic And Diluted (Details)
Equity-Based Compensation
Equity-Based Compensation (Details)
Equity-Based Compensation (Tables)
Equity-Based Compensation - Additional Information (Details)
Equity-Based Compensation - Fair Value Of Stock Option Awards (Details)
Equity-Based Compensation - Restricted Stock Units (Details)
Equity-Based Compensation - Stock Option Activity (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Changes In Goodwill (Details)
Goodwill And Intangible Assets - Future Amortization Expense (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Income Tax Expense (Details)
Income Taxes - Income Tax Expense Reconciliation (Details)
Income Taxes - Uncertain Tax Positions (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Maturities Of Lease Liabilities (Details)
Long-Term Debt, Net
Long-Term Debt, Net (Tables)
Long-Term Debt, Net - Additional Information (Details)
Long-Term Debt, Net - Summary Of Long-Term Debt (Details)
Non-Controlling Interest
Non-Controlling Interest - Impact On Equity (Details)
Non-Controlling Interest - Narrative (Details)
Noncontrolling Interest (Tables)
Organization And Operations
Organization And Operations (Details)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Related Party Transactions
Related Party Transactions (Details)
Segments
Segments (Details)
Segments (Tables)
Significant Non-Cash Transactions
Significant Non-Cash Transactions (Details)
Significant Non-Cash Transactions (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Changes In Deferred Revenue (Details)
Summary Of Significant Accounting Policies - Disaggregated Revenue (Details)
Ticker: IIIV
CIK: 1728688
Form Type: 10-K Annual Report
Accession Number: 0001728688-22-000061
Submitted to the SEC: Fri Nov 18 2022 5:27:41 PM EST
Accepted by the SEC: Fri Nov 18 2022
Period: Friday, September 30, 2022
Industry: Business Services

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