i3 Verticals, Inc. (IIIV) Reports Q3 EPS of $0.14 on Revenues of $84.5M

i3 Verticals, Inc. (NASDAQ: IIIV) reported Q3 EPS of $0.14. Revenue for the quarter came in at $84.5 million.

• Revenue was $84.5 million, an increase of 27% over the prior period.
• Net revenue,1 which excludes interchange and related network fees, was $28.8 million, an increase of 62% over the prior period.
• Net loss was $(0.7) million.
• Adjusted EBITDA1 was $7.9 million, an increase of 79% over the prior period.
• Adjusted EBITDA1 as a percentage of net revenue1 was 27.5%, an increase from 25.0%.
• Diluted net loss available to Class A common stock per share was $(0.01).
• Pro forma adjusted diluted earnings per share,1 which gives pro forma effect to the Company's going forward effective tax rate following its Up-C reorganization in connection with its IPO, was $0.14.
• Integrated payments2 were 43% of payment volume for the three months ended June 30, 2018.
• Debt was reduced by $98.6 million during the third quarter of 2018, primarily with net proceeds from the Company’s IPO and the conversion of a portion of its junior subordinated notes in connection with the IPO. At June 30, 2018, the ratio of consolidated debt to EBITDA, as defined in the Company's Senior Secured Credit Facility, was 1.20x.

Greg Daily, Chairman and CEO of i3 Verticals, commented, “We are pleased to announce our earnings for the first time as a public company. We continued to show progress in our key performance indicators for growth and profitability. These metrics demonstrate that our focus on integrated payments and software in strategic vertical markets is working. Our proprietary software-enabled payments and merchant services groups continue to benefit from strong internal growth, complemented by strategic acquisitions. Our growth has been weighted to more integrated payments, which gives us confidence in achieving long-term margin improvement. Following the IPO, we have a strong balance sheet with plenty of debt capacity, and our acquisition pipeline has become more active over the past month. The combination of strong organic growth, strategic acquisitions and long-term margin improvement positions us well for future years.”

GUIDANCE:

i3 Verticals, Inc. sees FY2019 EPS of $0.79-$0.81, versus the consensus of $0.54. i3 Verticals, Inc. sees FY2019 revenue of $122-125 million, versus the consensus of $109.95 million.

For earnings history and earnings-related data on i3 Verticals, Inc. (IIIV) click here.

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