IIIV - i3 Verticals reports mixed Q3 earnings; reaffirms FY23 outlook

August, 08 2023 06:04 PM i3 Verticals Inc.

2023-08-08 18:04:49 ET

i3 Verticals press release ( NASDAQ: IIIV ): Q3 Non-GAAP EPS of $0.38 beats by $0.01 .
Revenue of $93.9M (+16.6% Y/Y) misses by $0.21M .
Third quarter adjusted EBITDA was $25.3 million, an increase of 26.0% over the prior year's third quarter.
Annualized Recurring Revenue for the three months ended June 30, 2023 and 2022 was $311.4 million and $266.7 million, respectively, representing a period-to-period growth rate of 16.8%.
Software and related services revenue as a percentage of total revenue was 50.3% for the three months ended June 30, 2023.
As of June 30, 2023, consolidated interest coverage ratio was 4.31x and total leverage ratio was 4.00x. These ratios are defined in the Company's 2023 Credit Agreement.
The Company is reaffirming its outlook for the fiscal year ending September 30, 2023. Revenue of $ 360M- $ 380M vs. consensus of $374.88M.

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