i3 Verticals, Inc. (IIIV): debt financing — i3 Verticals Q2 rev $93.9M (+20%), ARR $305.7M +20%; new $450M revolver

i3 Verticals, Inc.

2023-Q2 EPS reported -$0.01 revenue$59,167,000

Q2 revenue $93.9M (+20.2%); net loss improved to $0.2M from $10.4M loss YoY.
Adjusted EBITDA $24.7M (+26.8%), margin 26.3%; pro forma adj EPS $0.38 vs $0.37.
ARR reached $305.7M (+20.1% YoY); software & services revenue 50.4% of total.
Announced new $450M revolver with JPMorgan; lower rates and covenant flexibility (5.00x leverage).
Revised FY2023 guidance: rev $360-380M, adj EBITDA $97-103M, pro forma adj EPS $1.46-1.56.

item 1.01 item 2.03 item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

i3 Verticals, Inc. incurred revolving credit of $450 million with JPMorgan Chase Bank, N.A., as administrative agent at base rate or the Adjusted Term SOFR rate, plus, in each case, an applicable marg.

Instrument: revolving credit
Principal: $450 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Rate: base rate or the Adjusted Term SOFR rate, plus, in each case, an applicable marg
Event: incurrence

Exact text from the filing

provides for aggregate commitments of $450 million in the form of a senior secured revolving credit facility

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

i3 Verticals, Inc. reported the fiscal second quarter ended March 31, 2023 results: revenue $93.9 million, net income net loss was $0.2 million, EPS diluted net loss per share available to Class A common stock was $0.00. Guidance reaffirmed.

Period: the fiscal second quarter ended March 31, 2023
Revenue: $93.9 million
Net income: net loss was $0.2 million
EPS: diluted net loss per share available to Class A common stock was $0.00
Guidance: reaffirmed
Result: reported results

Exact text from the filing

results for the fiscal second quarter ended March 31, 2023. Highlights for the fiscal second quarter and six months ended March 31, 2023 vs. 2022 • Second quarter revenue was $93.9 million, an increase of 20.2% over the prior year's second quarter. Revenue for the six months ended March 31, 2023, was $179.9 million, an increase of 18.3% over the prior year's first

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

i3 Verticals, Inc. reported the six months ended March 31, 2023 results: revenue $179.9 million, net income Net loss for the six months ended March 31, 2023, was $23,000, EPS Diluted net loss per share available to Class A common stock was $0.01 in the six months ended March 31, 2023. Guidance reaffirmed.

Period: the six months ended March 31, 2023
Revenue: $179.9 million
Net income: Net loss for the six months ended March 31, 2023, was $23,000
EPS: Diluted net loss per share available to Class A common stock was $0.01 in the six months ended March 31, 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Revenue for the six months ended March 31, 2023, was $179.9 million, an increase of 18.3% over the prior year's first six months.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

i3 Verticals, Inc. reported fiscal year ending September 30, 2023 results: revenue $360,000 - $380,000, EPS $1.46 - $1.56. Guidance reaffirmed.

Period: fiscal year ending September 30, 2023
Revenue: $360,000 - $380,000
EPS: $1.46 - $1.56
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

The Company is providing the following revised outlook for the fiscal year ending September 30, 2023: (in thousands, except share and per share amounts) Revised Outlook Range Revenue $ 360,000 - $ 380,000 Adjusted EBITDA (non-GAAP) $ 97,000 - $ 103,000 Depreciation and internally developed software amortization $ 8,000 - $ 9,000 Cash interest expense, net $ 22,000 - $ 23,000 Pro forma adjusted diluted earnings per share (1) (non-GAAP) $ 1.46 - $ 1.56

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i3 Verticals, Inc. filing history →

Source: SEC EDGAR

accession 0001728688-23-000030

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