Delaware | 001-38532 | 82-4052852 | ||||||||||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
40 Burton Hills Blvd., Suite 415 Nashville, TN | 37215 | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c)) |
Exhibit No. | Description | |||||||
i3 VERTICALS, INC. | ||||||||
By: | /s/ Clay Whitson | |||||||
Name: | Clay Whitson | |||||||
Title: | Chief Financial Officer |
(in thousands, except per share amounts) | Outlook Range | ||||||||||
Fiscal year ending September 30, 2019 | |||||||||||
Adjusted net revenue(1) (non-GAAP) | $ | 122,000 | - | $ | 128,000 | ||||||
Adjusted EBITDA (non-GAAP) | $ | 35,000 | - | $ | 36,000 | ||||||
Adjusted diluted earnings per share(2) (non-GAAP) | $ | 0.84 | - | $ | 0.87 |
Contacts: | |||||
Clay Whitson | Scott Meriwether | ||||
Chief Financial Officer | Senior Vice President - Finance | ||||
(615) 988-9890 | (615) 942-6175 | ||||
cwhitson@i3verticals.com | smeriwether@i3verticals.com |
Three months ended December 31, | |||||||||||||||||
2018 | 2017 | % Change | |||||||||||||||
Revenue | $ | 84,868 | $ | 77,221 | 10% | ||||||||||||
Operating expenses | |||||||||||||||||
Interchange and network fees | 55,829 | 52,238 | 7% | ||||||||||||||
Other costs of services | 9,790 | 9,553 | 2% | ||||||||||||||
Selling general and administrative | 12,516 | 8,845 | 42% | ||||||||||||||
Depreciation and amortization | 3,552 | 2,856 | 24% | ||||||||||||||
Change in fair value of contingent consideration | (349) | 382 | (191)% | ||||||||||||||
Total operating expenses | 81,338 | 73,874 | 10% | ||||||||||||||
Income from operations | 3,530 | 3,347 | 5% | ||||||||||||||
Other expenses | |||||||||||||||||
Interest expense, net | 914 | 2,387 | (62)% | ||||||||||||||
Change in fair value of warrant liability | — | 1,681 | n/m | ||||||||||||||
Total other expenses | 914 | 4,068 | (78)% | ||||||||||||||
Income (loss) before income taxes | 2,616 | (721) | n/m | ||||||||||||||
Provision for (benefit from) income taxes | 265 | (389) | (168)% | ||||||||||||||
Net income (loss) | 2,351 | (332) | n/m | ||||||||||||||
Net income attributable to non-controlling interest | 2,173 | — | n/m | ||||||||||||||
Net income (loss) attributable to i3 Verticals, Inc. | $ | 178 | $ | (332) | (154)% | ||||||||||||
Net income per share available to Class A common stock(1): | |||||||||||||||||
Basic | $ | 0.02 | |||||||||||||||
Diluted | $ | 0.02 | |||||||||||||||
Weighted average shares of Class A common stock outstanding(1): | |||||||||||||||||
Basic | 8,812,630 | ||||||||||||||||
Diluted | 9,903,168 |
Three months ended December 31, | |||||||||||||||||
2018 | 2017 | % Change | |||||||||||||||
Net revenue (non-GAAP) | $ | 29,570 | $ | 24,983 | 18% | ||||||||||||
Adjusted EBITDA (non-GAAP) | 8,578 | 6,849 | 25% | ||||||||||||||
Pro forma adjusted diluted earnings per share (non-GAAP) | $ | 0.20 |
Three months ended December 31, | |||||||||||
2018 | 2017 | ||||||||||
Payment volume(1) | $ | 2,943,849 | $ | 2,827,929 |
As of and for the Three Months Ended December 31, 2018 | |||||||||||||||||||||||
Merchant Services | Proprietary Software and Payments | Other | Total | ||||||||||||||||||||
Revenue | $ | 77,702 | $ | 7,166 | $ | — | $ | 84,868 | |||||||||||||||
Operating expenses | |||||||||||||||||||||||
Interchange and network fees | 54,364 | 1,465 | — | 55,829 | |||||||||||||||||||
Other costs of services | 9,396 | 394 | — | 9,790 | |||||||||||||||||||
Selling general and administrative | 6,091 | 2,987 | 3,438 | 12,516 | |||||||||||||||||||
Depreciation and amortization | 2,782 | 661 | 109 | 3,552 | |||||||||||||||||||
Change in fair value of contingent consideration | (319) | (30) | — | (349) | |||||||||||||||||||
Income (loss) from operations | $ | 5,388 | $ | 1,689 | $ | (3,547) | $ | 3,530 | |||||||||||||||
Payment volume | $ | 2,804,139 | $ | 139,710 | $ | — | $ | 2,943,849 |
As of and for the Three Months Ended December 31, 2017 | |||||||||||||||||||||||
Merchant Services | Proprietary Software and Payments | Other | Total | ||||||||||||||||||||
Revenue | $ | 72,679 | $ | 4,545 | $ | (3) | $ | 77,221 | |||||||||||||||
Operating expenses | |||||||||||||||||||||||
Interchange and network fees | 51,047 | 1,192 | (1) | 52,238 | |||||||||||||||||||
Other costs of services | 9,143 | 410 | — | 9,553 | |||||||||||||||||||
Selling general and administrative | 4,886 | 1,695 | 2,264 | 8,845 | |||||||||||||||||||
Depreciation and amortization | 2,310 | 517 | 29 | 2,856 | |||||||||||||||||||
Change in fair value of contingent consideration | (125) | 507 | — | 382 | |||||||||||||||||||
Income (loss) from operations | $ | 5,418 | $ | 224 | $ | (2,295) | $ | 3,347 | |||||||||||||||
Payment volume | $ | 2,705,780 | $ | 122,149 | $ | — | $ | 2,827,929 |
December 31, | September 30, | ||||||||||
2018 | 2018 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 887 | $ | 572 | |||||||
Accounts receivable, net | 10,374 | 12,500 | |||||||||
Settlement assets | 930 | 863 | |||||||||
Prepaid expenses and other current assets | 3,278 | 2,630 | |||||||||
Total current assets | 15,469 | 16,565 | |||||||||
Property and equipment, net | 3,111 | 2,958 | |||||||||
Restricted cash | 666 | 665 | |||||||||
Capitalized software, net | 6,482 | 3,372 | |||||||||
Goodwill | 98,486 | 83,954 | |||||||||
Intangible assets, net | 71,224 | 66,023 | |||||||||
Other assets | 1,754 | 1,605 | |||||||||
Total assets | $ | 197,192 | $ | 175,142 | |||||||
Liabilities and equity | |||||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Accounts payable | 3,388 | 4,114 | |||||||||
Current portion of long-term debt | 5,000 | 5,000 | |||||||||
Accrued expenses and other current liabilities | 15,371 | 11,538 | |||||||||
Settlement obligations | 930 | 863 | |||||||||
Deferred revenue | 4,614 | 4,927 | |||||||||
Total current liabilities | 29,303 | 26,442 | |||||||||
Long-term debt, less current portion and debt issuance costs, net | 49,009 | 31,776 | |||||||||
Other long-term liabilities | 4,314 | 4,726 | |||||||||
Total liabilities | 82,626 | 62,944 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity | |||||||||||
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2018 and September 30, 2018 | — | — | |||||||||
Class A common stock, par value $0.0001 per share, 150,000,000 shares authorized; 9,108,032 and 9,112,042 shares issued and outstanding as of December 31, 2018 and September 30, 2018, respectively | 1 | 1 | |||||||||
Class B common stock, par value $0.0001 per share, 40,000,000 shares authorized; 17,213,806 shares issued and outstanding as of December 31, 2018 and September 30, 2018 | 2 | 2 | |||||||||
Additional paid-in-capital | 39,513 | 38,562 | |||||||||
Accumulated earnings | 914 | 736 | |||||||||
Total Stockholders' equity | 40,430 | 39,301 | |||||||||
Non-controlling interest | 74,136 | 72,897 | |||||||||
Total equity | 114,566 | 112,198 | |||||||||
Total liabilities and stockholders' equity | $ | 197,192 | $ | 175,142 |
Three months ended December 31, | |||||||||||
2018 | 2017 | ||||||||||
Net cash provided by operating activities | $ | 6,072 | $ | 5,868 | |||||||
Net cash used in investing activities | $ | (22,026) | $ | (21,990) | |||||||
Net cash provided by financing activities | $ | 16,270 | $ | 16,603 |
Three months ended December 31, | |||||||||||
2018 | 2017 | ||||||||||
Net income (loss) attributable to i3 Verticals, Inc. | $ | 178 | $ | (332) | |||||||
Net income attributable to non-controlling interest | 2,173 | — | |||||||||
Non-GAAP Adjustments: | |||||||||||
Provision for (benefit from) income taxes | 265 | (389) | |||||||||
Non-cash change in fair value of contingent consideration(1) | (349) | 382 | |||||||||
Non-cash change in fair value of warrant liability(2) | — | 1,681 | |||||||||
Equity-based compensation(3) | 951 | — | |||||||||
Acquisition revenue adjustments(4) | 531 | — | |||||||||
Acquisition-related expenses(5) | 360 | 228 | |||||||||
Acquisition intangible amortization(6) | 2,905 | 2,260 | |||||||||
Non-cash interest expense(7) | 233 | 221 | |||||||||
Other taxes(8) | 3 | 36 | |||||||||
Non-GAAP pro forma adjusted income before taxes | 7,250 | 4,087 | |||||||||
Pro forma taxes at effective tax rate(9) | (1,812) | (1,022) | |||||||||
Pro forma adjusted net income(10) | $ | 5,438 | $ | 3,065 | |||||||
Cash interest expense, net(11) | 681 | 2,166 | |||||||||
Pro forma taxes at effective tax rate(9) | 1,812 | 1,022 | |||||||||
Depreciation and internally developed software amortization(12) | 647 | 596 | |||||||||
Adjusted EBITDA | $ | 8,578 | $ | 6,849 |
Three months ended December 31, 2018 | |||||
Diluted net income available to Class A common stock per share | $ | 0.02 | |||
Pro forma adjusted diluted earnings per share (non-GAAP)(1) | $ | 0.20 | |||
Pro forma weighted average shares of adjusted diluted Class A common stock outstanding(2) | 27,116,974 |
Three months ended December 31, | |||||||||||
2018 | 2017 | ||||||||||
Revenue | $ | 84,868 | $ | 77,221 | |||||||
Acquisition revenue adjustments(1) | 531 | — | |||||||||
Interchange and network fees | (55,829) | (52,238) | |||||||||
Adjusted Net Revenue | $ | 29,570 | $ | 24,983 |
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