i3 Verticals Reports Second Quarter 2022 Financial Results
i3 Verticals reported its fiscal Q2 results for 2022, revealing a revenue increase to $78.1 million, a 58.8% growth year-over-year. However, the company suffered a net loss of $10.4 million, contrasting with a net income of $1.3 million in the previous year. Adjusted EBITDA reached $19.5 million, marking a 59.4% increase. The company revised its fiscal year 2022 outlook, raising revenue guidance to $300,000 - $312,000 and Adjusted EBITDA to $75,000 - $81,000. Annualized Recurring Revenue (ARR) grew by 46.8% to $254.5 million.
- Revenue increased by 58.8% to $78.1 million for Q2 2022.
- Adjusted EBITDA rose by 59.4% to $19.5 million.
- Annualized Recurring Revenue (ARR) grew by 46.8% to $254.5 million.
- Revised revenue outlook for FY2022 raised to $300,000 - $312,000.
- Successful tuck-in acquisition in the Healthcare vertical expected to enhance revenue.
- Net loss of $10.4 million for Q2 2022, compared to net income of $1.3 million in Q2 2021.
- Diluted net loss per share increased to $0.33 from a profit of $0.04 in the previous year.
- Total net loss for the six months ended was $14.1 million, up from $1.7 million last year.
Raises 2022 Outlook
Highlights for the fiscal second quarter ended
-
Second quarter revenue was
$78.1 million 58.8% over the prior year's second quarter. Revenue for the six months endedMarch 31, 2022 , was$152.1 million 62.1% over the prior year's first six months. -
Second quarter net loss was
$10.4 million $1.3 million March 31, 2022 , was$14.1 million $1.7 million -
Second quarter net loss attributable to
i3 Verticals was$7.4 million March 31, 2022 , was$9.9 million -
Adjusted EBITDA1 was
$19.5 million 59.4% over the prior year's second quarter. Adjusted EBITDA1 for the six months endedMarch 31, 2022 , was$37.8 million 65.5% over the prior year's first six months. -
Adjusted EBITDA1 as a percentage of revenue was
25.0% , compared to24.9% in the prior year's second quarter. Adjusted EBITDA1 as a percentage of revenue for the six months endedMarch 31, 2022 , was24.8% , compared to24.3% in the prior year's first six months. -
Diluted net loss per share available to Class A common stock was
$0.33 $0.04 $0.45 $0.05 -
Pro forma adjusted diluted earnings per share1, which gives pro forma effect to the Company's tax rate, was
$0.37 $0.23 March 31, 2022 , was$0.72 $0.44 -
Annualized Recurring Revenue ("ARR")2 for the three months ended
March 31, 2022 and 2021 was$254.5 million $173.3 million 46.8% . -
Software and related services revenue3 as a percentage of total revenue was
50% and36% for the three months endedMarch 31, 2022 and 2021, respectively. -
As of
March 31, 2022 , consolidated interest coverage ratio was 8.66x, total leverage ratio was 3.89x and consolidated senior leverage ratio was 2.37x. These ratios are defined in the Company's Senior Secured Credit Facility. - Represents a non-GAAP financial measure. For additional information (including reconciliation information), see the attached schedules to this release.
1. |
Represents a non-GAAP financial measure. For additional information (including reconciliation information), see the attached schedules to this release. |
2. |
Annualized Recurring Revenue (ARR) is the annualized revenue derived from software-as-a-service (“SaaS”) arrangements, transaction-based software-revenue, software maintenance, recurring software-based services, payments revenue and other recurring revenue sources within the quarter. This excludes contracts that are not recurring or are one-time in nature. The Company focuses on ARR because it helps |
3. |
Software and related services revenue includes the sale of licenses, subscriptions, installation and implementation services, and ongoing support specific to software. |
“We continue to execute on our M&A strategy, and I’m pleased to announce the tuck-in acquisition of a new software business in our Healthcare vertical, which will be included in our results beginning
Revised 2022 Outlook
The Company's practice is to provide annual guidance, excluding future acquisitions and transaction-related costs.
The Company is providing the following revised outlook for the fiscal year ending
(in thousands, except share and per share amounts) |
|
|
|
||||||||
|
Fiscal year ending |
||||||||||
Revenue |
$ |
288,000 |
- |
$ |
304,000 |
|
$ |
300,000 |
- |
$ |
312,000 |
Adjusted EBITDA (non-GAAP) |
$ |
74,000 |
- |
$ |
80,000 |
|
$ |
75,000 |
- |
$ |
81,000 |
Pro forma adjusted diluted earnings per share(1)(non-GAAP) |
$ |
1.28 |
- |
$ |
1.42 |
|
$ |
1.40 |
- |
$ |
1.47 |
_______________________ |
|
1. |
Assumes an effective pro forma tax rate of |
With respect to the “Revised 2022 Outlook” above, reconciliation of net revenue, adjusted EBITDA and pro forma adjusted diluted earnings per share guidance to the closest corresponding GAAP measure on a forward-looking basis is not available without unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including changes in the fair value of contingent consideration, income tax expense of
Conference Call
The Company will host a conference call on
To listen to the call live via webcast, participants should visit the “Investors” section of the Company’s website, www.i3verticals.com, and go to the “Events & Presentations” page approximately 10 minutes prior to the start of the call. The online replay will be available on this page of the Company’s website beginning shortly after the conclusion of the call and will remain available for 30 days.
Non-GAAP Measures
This press release contains information prepared in conformity with GAAP as well as non-GAAP information. It is management’s intent to provide non-GAAP financial information to enhance understanding of the Company's consolidated financial information as prepared in accordance with GAAP. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure and the most directly comparable GAAP financial measure are presented so as not to imply that more emphasis should be placed on the non-GAAP measure. The non-GAAP financial information presented may be determined or calculated differently by other companies.
Additional information about non-GAAP financial measures, including, but not limited to, adjusted net revenue, pro forma adjusted net income, adjusted EBITDA and pro forma adjusted diluted EPS, and a reconciliation of those measures to the most directly comparable GAAP measures is included in the financial schedules of this release.
About
The Company delivers seamless integrated payment and software solutions to customers and end users in strategic vertical markets. Building on its sophisticated and diverse platform of payment solutions, the Company creates and acquires software products to serve the specific needs of public and private organizations in its strategic verticals that include Public Sector, Healthcare and Education, among others.
Forward-Looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this release are forward-looking statements, including any statements regarding the Company's fiscal 2022 financial outlook and statements of a general economic or industry specific nature. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, guidance, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “could have,” “exceed,” “significantly,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.
The forward-looking statements contained in this release are based on assumptions that we have made in light of the Company's industry experience and its perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you review and consider information presented herein, you should understand that these statements are not guarantees of future performance or results. They depend upon future events and are subject to risks, uncertainties (many of which are beyond the Company's control) and assumptions. Factors that could cause actual results to differ from those expressed or implied by our forward-looking statements include, among other things: future economic, competitive, and regulatory conditions, the COVID-19 pandemic, the successful integration of acquired businesses, and future decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the
Any forward-looking statement made by us in this release speaks only as of the date of this release and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
(Unaudited) ($ in thousands, except share and per share amounts) |
|||||||||||||||||||
|
Three months ended |
|
Six months ended |
||||||||||||||||
|
2022 |
|
2021(1) |
|
% Change |
|
2022 |
|
2021(1) |
|
% Change |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
78,120 |
|
|
$ |
49,197 |
|
|
|
|
$ |
152,059 |
|
|
$ |
93,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other costs of services |
|
16,631 |
|
|
|
11,314 |
|
|
|
|
|
33,141 |
|
|
|
24,980 |
|
|
|
Selling, general and administrative |
|
48,716 |
|
|
|
30,511 |
|
|
|
|
|
95,103 |
|
|
|
55,473 |
|
|
|
Depreciation and amortization |
|
7,447 |
|
|
|
5,851 |
|
|
|
|
|
14,317 |
|
|
|
10,943 |
|
|
|
Change in fair value of contingent consideration |
|
11,503 |
|
|
|
322 |
|
|
3, |
|
|
16,430 |
|
|
|
2,226 |
|
|
|
Total operating expenses |
|
84,297 |
|
|
|
47,998 |
|
|
|
|
|
158,991 |
|
|
|
93,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income from operations |
|
(6,177 |
) |
|
|
1,199 |
|
|
n/m |
|
|
(6,932 |
) |
|
|
196 |
|
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
3,377 |
|
|
|
2,358 |
|
|
|
|
|
6,531 |
|
|
|
4,387 |
|
|
|
Other income |
|
— |
|
|
|
(2,353 |
) |
|
(100)% |
|
|
— |
|
|
|
(2,353 |
) |
|
(100)% |
Total other expenses |
|
3,377 |
|
|
|
5 |
|
|
67, |
|
|
6,531 |
|
|
|
2,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(Loss) income before income taxes |
|
(9,554 |
) |
|
|
1,194 |
|
|
n/m |
|
|
(13,463 |
) |
|
|
(1,838 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Provision for (benefit from) income taxes |
|
884 |
|
|
|
(136 |
) |
|
n/m |
|
|
656 |
|
|
|
(146 |
) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
(10,438 |
) |
|
|
1,330 |
|
|
n/m |
|
|
(14,119 |
) |
|
|
(1,692 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to non-controlling interest |
|
(3,065 |
) |
|
|
27 |
|
|
n/m |
|
|
(4,218 |
) |
|
|
(997 |
) |
|
|
Net (loss) income attributable to |
$ |
(7,373 |
) |
|
$ |
1,303 |
|
|
n/m |
|
$ |
(9,901 |
) |
|
$ |
(695 |
) |
|
1, |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per share available to Class A common stock: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic |
$ |
(0.33 |
) |
|
$ |
0.06 |
|
|
|
|
$ |
(0.45 |
) |
|
$ |
(0.03 |
) |
|
|
Diluted |
$ |
(0.33 |
) |
|
$ |
0.04 |
|
|
|
|
$ |
(0.45 |
) |
|
$ |
(0.05 |
) |
|
|
Weighted average shares of Class A common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic |
|
22,076,297 |
|
|
|
20,940,725 |
|
|
|
|
|
22,059,365 |
|
|
|
20,024,936 |
|
|
|
Diluted |
|
22,076,297 |
|
|
|
33,404,983 |
|
|
|
|
|
22,059,365 |
|
|
|
31,237,675 |
|
|
|
__________________________ |
|
1. |
Effective |
(Unaudited) ($ in thousands, except per share amounts) |
|||||||||||||||||
|
Three months ended |
|
Six months ended |
||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
2022 |
|
2021 |
|
% Change |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA(1) |
$ |
19,493 |
|
$ |
12,226 |
|
59 |
% |
|
$ |
37,754 |
|
$ |
22,817 |
|
65 |
% |
Pro forma adjusted diluted earnings per share(1) |
$ |
0.37 |
|
$ |
0.23 |
|
61 |
% |
|
$ |
0.72 |
|
$ |
0.44 |
|
64 |
% |
__________________________ |
|
1. |
Represents a non-GAAP financial measure. For additional information (including reconciliation information), see the attached schedules to this release. |
(Unaudited) ($ in thousands) |
|||||||||||
|
Three months ended |
|
Three months ended |
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
|
|
|
|
|
|
|
|
||||
Payment volume(1) |
$ |
5,337,986 |
|
$ |
4,263,205 |
|
$ |
10,647,935 |
|
$ |
8,063,732 |
__________________________ |
|
1. |
Payment volume is the net dollar value of both 1) |
(Unaudited) ($ in thousands) |
||||||||||||||
|
For the Three Months Ended |
|||||||||||||
|
Merchant Services |
|
|
|
Other |
|
Total |
|||||||
Revenue |
$ |
29,180 |
|
$ |
48,962 |
|
|
$ |
(22 |
) |
|
$ |
78,120 |
|
Income (loss) from operations |
$ |
5,783 |
|
$ |
(155 |
) |
|
$ |
(11,805 |
) |
|
$ |
(6,177 |
) |
|
|
|
|
|
|
|
|
|||||||
Payment volume |
$ |
4,801,656 |
|
$ |
536,330 |
|
|
$ |
— |
|
|
$ |
5,337,986 |
|
|
For the Six months ended |
|||||||||||||
|
Merchant Services |
|
|
|
Other |
|
Total |
|||||||
Revenue |
$ |
58,357 |
|
$ |
93,736 |
|
$ |
(34 |
) |
|
$ |
152,059 |
|
|
Income (loss) from operations |
$ |
11,398 |
|
$ |
4,832 |
|
|
$ |
(23,162 |
) |
|
$ |
(6,932 |
) |
|
|
|
|
|
|
|
|
|||||||
Payment volume |
$ |
9,621,510 |
|
$ |
1,026,425 |
|
|
$ |
— |
|
|
$ |
10,647,935 |
|
|
For the Three Months Ended |
|||||||||||||
|
Merchant Services |
|
|
|
Other |
|
Total |
|||||||
Revenue |
$ |
26,106 |
|
$ |
23,769 |
|
$ |
(678 |
) |
|
$ |
49,197 |
||
Income (loss) from operations |
$ |
4,684 |
|
$ |
5,250 |
|
|
$ |
(8,735 |
) |
|
$ |
1,199 |
|
|
|
|
|
|
|
|
|
|||||||
Payment volume |
$ |
3,816,170 |
|
$ |
447,035 |
|
|
$ |
— |
|
|
$ |
4,263,205 |
|
__________________________ |
|
1. |
Effective |
|
For the Six months ended |
|||||||||||||
|
Merchant Services |
|
|
|
Other |
|
Total |
|||||||
Revenue |
$ |
51,167 |
|
$ |
43,762 |
|
$ |
(1,111 |
) |
|
$ |
93,818 |
||
Income (loss) from operations |
$ |
9,537 |
|
$ |
7,195 |
|
|
$ |
(16,536 |
) |
|
$ |
196 |
|
|
|
|
|
|
|
|
|
|||||||
Payment volume |
$ |
7,398,784 |
|
$ |
664,948 |
|
|
$ |
— |
|
|
$ |
8,063,732 |
|
__________________________ |
|
1. |
Effective |
($ in thousands, except share and per share amounts) |
|||||||
|
|
|
|
||||
|
2022 |
|
2021 |
||||
|
(unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
6,340 |
|
|
$ |
3,641 |
|
Accounts receivable, net |
|
42,585 |
|
|
|
38,500 |
|
Settlement assets |
|
7,272 |
|
|
|
4,768 |
|
Prepaid expenses and other current assets |
|
15,250 |
|
|
|
11,214 |
|
Total current assets |
|
71,447 |
|
|
|
58,123 |
|
|
|
|
|
||||
Property and equipment, net |
|
5,625 |
|
|
|
5,902 |
|
Restricted cash |
|
13,701 |
|
|
|
9,522 |
|
Capitalized software, net |
|
50,913 |
|
|
|
41,371 |
|
|
|
349,454 |
|
|
|
292,243 |
|
Intangible assets, net |
|
203,143 |
|
|
|
171,706 |
|
Deferred tax asset |
|
48,764 |
|
|
|
49,992 |
|
Operating lease right-of-use assets |
|
19,892 |
|
|
|
14,479 |
|
Other assets |
|
9,717 |
|
|
|
8,462 |
|
Total assets |
$ |
772,656 |
|
|
$ |
651,800 |
|
|
|
|
|
||||
Liabilities and equity |
|
|
|
||||
Liabilities |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
9,331 |
|
|
$ |
7,865 |
|
Accrued expenses and other current liabilities |
|
71,384 |
|
|
|
50,815 |
|
Settlement obligations |
|
7,272 |
|
|
|
4,768 |
|
Deferred revenue |
|
30,088 |
|
|
|
29,862 |
|
Current portion of operating lease liabilities |
|
4,680 |
|
|
|
3,201 |
|
Total current liabilities |
|
122,755 |
|
|
|
96,511 |
|
|
|
|
|
||||
Long-term debt, less current portion and debt issuance costs, net |
|
287,385 |
|
|
|
200,605 |
|
Long-term tax receivable agreement obligations |
|
39,493 |
|
|
|
39,122 |
|
Operating lease liabilities, less current portion |
|
16,024 |
|
|
|
11,960 |
|
Other long-term liabilities |
|
19,504 |
|
|
|
14,011 |
|
Total liabilities |
|
485,161 |
|
|
|
362,209 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
Stockholders' equity |
|
|
|
||||
Preferred stock, par value |
|
— |
|
|
|
— |
|
Class A common stock, par value |
|
2 |
|
|
|
2 |
|
Class B common stock, par value |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
220,201 |
|
|
|
211,237 |
|
Accumulated deficit |
|
(16,381 |
) |
|
|
(6,480 |
) |
Total stockholders' equity |
|
203,823 |
|
|
|
204,760 |
|
Non-controlling interest |
|
83,672 |
|
|
|
84,831 |
|
Total equity |
|
287,495 |
|
|
|
289,591 |
|
Total liabilities and equity |
$ |
772,656 |
|
|
$ |
651,800 |
|
(Unaudited) ($ in thousands) |
|||||||
|
Six months ended |
||||||
|
2022 |
|
2021 |
||||
|
|
|
|
||||
Net cash provided by operating activities |
$ |
31,213 |
|
|
$ |
29,931 |
|
Net cash used in investing activities |
$ |
(99,598 |
) |
|
$ |
(115,934 |
) |
Net cash provided by financing activities |
$ |
77,767 |
|
|
$ |
83,900 |
|
Reconciliation of GAAP to Non-GAAP Financial Measures
The Company believes that non-GAAP financial measures are important to enable investors to understand and evaluate its ongoing operating results. Accordingly,
Although non-GAAP financial measures are often used to measure the Company's operating results and assess its financial performance, they are not necessarily comparable to similarly titled measures of other companies due to potential inconsistencies in the method of calculation.
(Unaudited) ($ in thousands) |
|||||||||||||||
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
2022 |
|
2021(1) |
|
2022 |
|
2021(1) |
||||||||
Net (loss) income attributable to |
$ |
(7,373 |
) |
|
$ |
1,303 |
|
|
$ |
(9,901 |
) |
|
$ |
(695 |
) |
Net (loss) income attributable to non-controlling interest |
|
(3,065 |
) |
|
|
27 |
|
|
|
(4,218 |
) |
|
|
(997 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
||||||||
Provision for (benefit from) from income taxes |
|
884 |
|
|
|
(136 |
) |
|
|
656 |
|
|
|
(146 |
) |
Financing-related expenses(2) |
|
6 |
|
|
|
63 |
|
|
|
6 |
|
|
|
116 |
|
Non-cash change in fair value of contingent consideration(3) |
|
11,503 |
|
|
|
322 |
|
|
|
16,430 |
|
|
|
2,226 |
|
Equity-based compensation(4) |
|
6,257 |
|
|
|
4,142 |
|
|
|
12,881 |
|
|
|
7,583 |
|
Acquisition-related expenses(5) |
|
373 |
|
|
|
520 |
|
|
|
881 |
|
|
|
1,530 |
|
Acquisition intangible amortization(6) |
|
6,203 |
|
|
|
4,827 |
|
|
|
11,879 |
|
|
|
8,944 |
|
Non-cash interest expense(7) |
|
1,437 |
|
|
|
1,352 |
|
|
|
2,853 |
|
|
|
2,684 |
|
Other taxes(8) |
|
84 |
|
|
|
129 |
|
|
|
171 |
|
|
|
223 |
|
Gain on investment(9) |
|
— |
|
|
|
(2,353 |
) |
|
|
— |
|
|
|
(2,353 |
) |
Non-GAAP pro forma adjusted income before taxes |
|
16,309 |
|
|
|
10,196 |
|
|
|
31,638 |
|
|
|
19,115 |
|
Pro forma taxes at effective tax rate(10) |
|
(4,077 |
) |
|
|
(2,549 |
) |
|
|
(7,910 |
) |
|
|
(4,779 |
) |
Pro forma adjusted net income(11) |
$ |
12,232 |
|
|
$ |
7,647 |
|
|
$ |
23,728 |
|
|
$ |
14,336 |
|
Cash interest expense, net(12) |
|
1,940 |
|
|
|
1,006 |
|
|
|
3,678 |
|
|
|
1,703 |
|
Pro forma taxes at effective tax rate(10) |
|
4,077 |
|
|
|
2,549 |
|
|
|
7,910 |
|
|
|
4,779 |
|
Depreciation, non-acquired intangible asset amortization and internally developed software amortization(13) |
|
1,244 |
|
|
|
1,024 |
|
|
|
2,438 |
|
|
|
1,999 |
|
Adjusted EBITDA |
$ |
19,493 |
|
|
$ |
12,226 |
|
|
$ |
37,754 |
|
|
$ |
22,817 |
|
_______________ |
|
1. |
Effective |
2. |
Financing-related expenses includes expenses directly related to certain transactions as part of financing transactions. |
3. |
Non-cash change in fair value of contingent consideration reflects the changes in management’s estimates of future cash consideration to be paid in connection with prior acquisitions from the amount estimated as of the later of the most recent balance sheet date forming the beginning of the income statement period or the original estimates made at the closing of the applicable acquisition. |
4. |
Equity-based compensation expense related to related to stock options and restricted stock units issued under the Company's 2018 Equity Incentive Plan and 2020 Acquisition Equity Incentive Plan. |
5. |
Acquisition-related expenses are the professional service and related costs directly related to the Company's acquisitions and are not part of its core performance. |
6. |
Acquisition intangible amortization reflects amortization of intangible assets and software acquired through business combinations, acquired customer portfolios, acquired referral agreements and related asset acquisitions. |
7. |
Non-cash interest expense reflects amortization of debt discount and debt issuance costs and any write-offs of debt issuance costs. |
8. |
Other taxes consist of franchise taxes, commercial activity taxes, employer payroll taxes related to stock exercises and other non-income based taxes. Taxes related to salaries are not included. |
9. |
In |
10. |
Pro forma corporate income tax expense is based on Non-GAAP adjusted income before taxes and is calculated using a tax rate of |
11. |
Pro forma adjusted net income assumes that all net income during that period was available to the holders of the Company's Class A common stock. |
12. |
Cash interest expense, net represents all interest expense net of interest income recorded on the Company's statement of operations other than non-cash interest expense, which represents amortization of debt discount and debt issuance costs and any write-offs of debt issuance costs. |
13. |
Depreciation, non-acquired intangible asset amortization and internally developed software amortization reflects depreciation on the Company's property, plant and equipment, net, and amortization expense on its internally developed capitalized software. |
(Unaudited) ($ in thousands, except share and per share amounts) |
|||||||||||||||
|
Three months ended |
|
Six months ended |
||||||||||||
|
2022 |
|
2021(1) |
|
2022 |
|
2021(1) |
||||||||
Diluted net (loss) income available to Class A common stock per share |
$ |
(0.33 |
) |
|
$ |
0.04 |
|
|
$ |
(0.45 |
) |
|
$ |
(0.05 |
) |
Pro forma adjusted diluted earnings per share(2)(3) |
$ |
0.37 |
|
|
$ |
0.23 |
|
|
$ |
0.72 |
|
|
$ |
0.44 |
|
Pro forma adjusted net income(3) |
$ |
12,232 |
|
|
$ |
7,647 |
|
|
$ |
23,728 |
|
|
$ |
14,336 |
|
Pro forma weighted average shares of adjusted diluted Class A common stock outstanding(4) |
|
32,808,794 |
|
|
|
33,404,983 |
|
|
|
32,889,893 |
|
|
|
32,698,865 |
|
________________ |
|
1. |
Effective |
2. |
Pro forma adjusted diluted earnings per share is calculated using pro forma adjusted net income and the pro forma weighted average shares of adjusted diluted Class A common stock outstanding. |
3. |
Pro forma adjusted net income, assumes that all net income during the period is available to the holders of the Company's Class A common stock. Further, pro forma adjusted diluted earnings per share assumes that all Common Units in |
4. |
Pro forma weighted average shares of adjusted diluted Class A common stock outstanding include 10,210,142 and 10,747,158 outstanding shares of Class A common stock issuable upon the exchange of Common Units in |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220509006129/en/
Chief Financial Officer
(888) 251-0987
investorrelations@i3verticals.com
Source:
FAQ
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