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i3 Verticals, Inc. (symbol: IIIV) is a prominent technology and integrated payments provider catering to a diverse range of industry verticals across the United States. The company focuses on enhancing operating efficiencies, boosting revenues, and streamlining payment processing functions for its customers. With an impressive annualized payment volume exceeding $10 billion, i3 Verticals continues to fortify its leadership position through both organic growth and strategic acquisitions.
The company’s offerings are designed to meet the needs of small and medium-sized businesses and organizations within key strategic markets, including schools, the public sector, not-for-profit organizations, healthcare, and more. Operating primarily through two segments—Merchant Services and Software and Services—i3 Verticals derives the majority of its revenue from the Software and Services division.
i3 Verticals provides a comprehensive suite of solutions, such as gateway services, payment processing, online payment options, document management, and ERP systems. These offerings are aimed at simplifying complex business processes and improving financial transactions, making i3 Verticals a vital partner for its clients.
Recent achievements and initiatives underline the company's commitment to innovation and growth. By continuously adapting to evolving market needs and leveraging new technologies, i3 Verticals ensures that its clients stay ahead in their respective industries. The company's collaborative approach has also led to valuable partnerships, further expanding its reach and impact.
For the latest updates and in-depth information about i3 Verticals, including recent news and developments, visit the company's official website at www.i3verticals.com.
i3 Verticals (IIIV) reported Q4 and full fiscal year 2024 results, with Q4 revenue reaching $60.9 million, up 3.9% year-over-year, and full-year revenue at $229.9 million, a 1.4% increase. Q4 net income from continuing operations was $7.0 million, compared to a loss of $1.2 million in Q4 2023. The company's Annualized Recurring Revenue (ARR) grew 7.5% to $188.2 million. For fiscal 2025, i3 Verticals expects revenue between $243-263 million and adjusted EBITDA of $63-71.5 million, maintaining its previous guidance.
i3 Verticals (Nasdaq: IIIV) has scheduled its fourth quarter fiscal 2024 earnings release for Monday, November 18, 2024, after Nasdaq market close. The company will host a conference call on Tuesday, November 19, 2024, at 8:30 a.m. ET to discuss financial results and operations. Investors can access the call via telephone at (844) 887-9399 or through a webcast on the company's website. A replay will be available until November 26, 2024, by dialing (877) 344-7529 with confirmation code 4184020.
i3 Verticals has announced that 12 new Georgia municipal police departments and courts have adopted its i3 JusticeTech® Law Enforcement and Court Software suite, enhancing the company's presence in the state's public sector vertical.
The software suite streamlines processes, enabling courts to manage fee and fine collections, and provides tools for officers, administrators, and court personnel to complete tasks effectively. It also modernizes police and court systems, improving service delivery through digital tracking and record access features.
Cary Reno, EVP of i3 JusticeTech®, expressed enthusiasm about supporting more agencies across Georgia, emphasizing the goal of providing effective software solutions for better community service.
This expansion signifies i3 Verticals' continued progress in delivering innovative technology to public safety agencies and courts, enhancing community service and operational efficiency.
i3 Verticals (NASDAQ: IIIV) has completed the sale of its merchant services business to Payroc WorldAccess for approximately $438 million in cash, subject to post-closing adjustments. This divestiture transforms i3 Verticals into a vertical market software business focused on Public Sector and Healthcare verticals.
The company also announced key leadership changes: Geoff Smith, previously Senior VP of Finance, has been appointed as Chief Financial Officer, while Clay Whitson, the former CFO, transitions to the newly created role of Chief Strategy Officer. In his new position, Whitson will focus on capital allocation, M&A, and investor relations, while remaining on the Board of Directors.
i3 Verticals (IIIV) reported Q3 2024 financial results, showing mixed performance. Revenue from continuing operations decreased 2% to $56.0 million in Q3, while the nine-month revenue increased 1% to $169.1 million. The company reported a net loss from continuing operations of $13.8 million for Q3, compared to a $10.9 million loss in Q3 2023. Adjusted EBITDA from continuing operations decreased 11% to $12.9 million in Q3.
i3 Verticals completed a public sector acquisition and authorized a $50 million share repurchase program. The company is progressing with the sale of its Merchant Services Business to Payroc for $440 million, expected to close in Q4 2024. Post-sale, i3 Verticals will focus on vertical market software for Public Sector, Education, and Healthcare markets.
i3 Verticals (Nasdaq: IIIV) has announced the date for its third quarter fiscal 2024 earnings release and conference call. The company will release its financial results for the quarter ended June 30, 2024, on Thursday, August 8, 2024, after the Nasdaq market close. A conference call to discuss the results and operations will be held on Friday, August 9, 2024, at 8:30 a.m. EDT.
Investors can listen to the call via telephone by dialing (844) 887-9399 about 10 minutes before the start. A replay will be available from 11:30 a.m. EDT on August 9 through August 16 by dialing (877) 344-7529 with Confirmation Code 2697756. Alternatively, a live webcast will be accessible on the company's website in the 'Investors' section, with an online replay available for 30 days after the call.
i3 Verticals has entered into a definitive agreement to sell its merchant of record payments business to Payroc WorldAccess for $440 million in cash, subject to adjustments. This transaction is expected to close in i3 Verticals' fiscal fourth quarter. The sale includes proprietary technology and two non-core assets related to the Non-profit and Property Management verticals, representing about $4 million in annual adjusted EBITDA. Post-sale, i3 Verticals will focus on Public Sector, Education, and Healthcare markets, aiming to simplify its business and strengthen its balance sheet. The proceeds will be used to pay down debt, potentially eliminating the 2023 Senior Secured Credit Facility. This shift will result in a revenue composition of approximately 75% software and related services, with the remaining from payments and other sources.
i3 Verticals, Inc. reported positive financial results for the second quarter of 2024 with an increase in revenue, net income, and adjusted EBITDA. The company's annualized recurring revenue showed growth, and the CEO highlighted progress in recurring revenue sources. However, the exploration of a potential sale of the Merchant Services Business and revised outlook for 2024 may impact future results.
i3 Verticals, Inc. (Nasdaq: IIIV) will release its financial results for the second quarter ended March 31, 2024, on May 10, 2024, before the Nasdaq market open. A conference call will be held on the same day at 9:00 a.m. ET to discuss financial results and operations.
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