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i3 Verticals(IIIV) - 2025 Q1 - Quarterly Results
IIIVi3 Verticals(IIIV)2025-02-06 21:51

Financial Performance - Revenue from continuing operations for Q1 2025 was 61.7million,a12.161.7 million, a 12.1% increase compared to 55.1 million in Q1 2024[4] - Net income from continuing operations was 3.3million,asignificantimprovementfromanetlossof3.3 million, a significant improvement from a net loss of 4.2 million in the prior year's first quarter[4] - Adjusted EBITDA from continuing operations was 16.4million,reflectinga17.016.4 million, reflecting a 17.0% increase year-over-year[4] - Annualized Recurring Revenue (ARR) for Q1 2025 was 193.3 million, up 7.6% from 179.6millioninQ12024[4]−TotalrevenueforthethreemonthsendedDecember31,2024,was179.6 million in Q1 2024[4] - Total revenue for the three months ended December 31, 2024, was 61,691,000, an increase of 12% compared to 55,054,000forthesameperiodin2023[22]−AdjustedEBITDAforthesameperiodwas55,054,000 for the same period in 2023[22] - Adjusted EBITDA for the same period was 16,372,000, representing a 17% increase from 13,988,000year−over−year[22]−TheadjustedEBITDAmarginforthetotalsegmentwas2713,988,000 year-over-year[22] - The adjusted EBITDA margin for the total segment was 27%, compared to 25% in the prior year[22] - Net income from continuing operations attributable to i3 Verticals, Inc. was 2,194,000, a significant improvement from a loss of 2,885,000inthesamequarterof2023[38]−Proformaadjustednetincomefromcontinuingoperationswas2,885,000 in the same quarter of 2023[38] - Pro forma adjusted net income from continuing operations was 10,460,000, up from 4,138,000intheprioryear,reflectinga1534,138,000 in the prior year, reflecting a 153% increase[42] Earnings Projections - The company expects fiscal year 2025 revenue to be between 243 million and 263million[7]−Proformaadjusteddilutedearningspershareforfiscalyear2025isprojectedtobebetween263 million[7] - Pro forma adjusted diluted earnings per share for fiscal year 2025 is projected to be between 1.05 and 1.25[7]−Thecompanyreportedadilutednetincomepershareof1.25[7] - The company reported a diluted net income per share of 0.09 from continuing operations, compared to a diluted net loss per share of 0.12intheprioryear[4]−Proformaadjusteddilutedearningspersharefromcontinuingoperationsincreasedto0.12 in the prior year[4] - Pro forma adjusted diluted earnings per share from continuing operations increased to 0.31 from 0.12year−over−year[42]RevenueGrowth−Paymentsrevenuegrewby70.12 year-over-year[42] Revenue Growth - Payments revenue grew by 7% in Q1 2025, with expectations for continued growth alongside SaaS[6] - SaaS revenue growth was reported at 16% year-over-year, indicating strong momentum moving forward[5] Financial Ratios and Cash Flow - The consolidated interest coverage ratio as of December 31, 2024, was 3.7x, and the total leverage ratio was 0.1x[4] - Cash and cash equivalents as of December 31, 2024, were 85,552,000, slightly down from 86,541,000attheendofSeptember2024[24]−Totalassetsdecreasedto86,541,000 at the end of September 2024[24] - Total assets decreased to 726,229,000 from 730,675,000inthepreviousquarter[24]−Totalliabilitiesremainedrelativelystableat730,675,000 in the previous quarter[24] - Total liabilities remained relatively stable at 215,095,000 compared to 215,316,000inthepriorquarter[24]−Thecompanyreportednetcashprovidedbyoperatingactivitiesof215,316,000 in the prior quarter[24] - The company reported net cash provided by operating activities of 11,495,000, down from $14,405,000 in the same quarter last year[27]