i3 Verticals, Inc. IIIV
i3 Verticals provides mission-critical enterprise software solutions to public sector entities. These comprehensive cloud-native solutions address a broad range of government functions, including courts and public safety, public administration, utilities, transportation and schools. The Company's mission is to enable state and local governments and related agencies to perform their functions and serve their constituents as effectively and efficiently as possible. With thousands of software installations across all 50 states and Canada, i3 Verticals is a leader in the public sector vertical.
On September 20, 2024, i3 Verticals, LLC, and i3 Holdings Sub, Inc., a wholly-owned subsidiary of i3 Verticals, LLC ("Corporation Seller," and collectively with i3 Verticals, LLC, the "Sellers") completed the transactions (such closing, the "Closing") contemplated by that certain Securities Purchase Agreement dated as of June 26, 2024 (the "Merchant Services Purchase Agreement"), by and among i3 Verticals, LLC, Corporation Seller, the Company (solely for the purpose of providing a guaranty of the obligations of Sellers as set forth in the Purchase Agreement), Payroc Buyer, LLC ("Buyer"), and Payroc WorldAccess, LLC (solely for the purpose of providing a guaranty of the obligations of Buyer as set forth in the Merchant Services Purchase Agreement), the entry into which Merchant Services Purchase Agreement was previously disclosed in a Current Report on Form 8-K filed by the Company on June 26, 2024. Pursuant to the terms of the Merchant Services Purchase Agreement, the Sellers sold to Buyer the equity interests of certain direct and indirect wholly-owned subsidiaries of Sellers (the "Merchant Services Acquired Entities") primarily comprising the Company's merchant services business, including its associated proprietary technology (the "Merchant Services Business"), after giving effect to the contribution of certain assets and the assignment of certain liabilities associated with the Merchant Services Business from i3 Verticals, LLC and certain affiliates to the Merchant Services Acquired Entities pursuant to a contribution agreement which was entered into immediately prior to the Closing. Pursuant to the terms of the Merchant Services Purchase Agreement, Buyer paid to Sellers an aggregate purchase price of approximately $439.5 million paid in cash at the Closing, after giving effect to post-closing net working capital, indebtedness and cash adjustments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $213.2M | $191.2M | $189.7M | $187.8M | $224.1M | $150.1M | $376.3M | $323.5M | $262.6M | $199.6M |
| Cost of revenue | — | — | — | — | $0 | $0 | $242.9M | $214.5M | $189.1M | $141.0M |
| Gross profit | — | — | $333.3M | $282.7M | $195.3M | $123.4M | $106.9M | $83.2M | $56.8M | $45.6M |
| SG&A | $114.7M | $100.8M | $106.0M | $156.7M | $134.9M | $78.3M | $62.9M | $40.6M | $27.2M | $20.4M |
| Total operating expenses | $209.4M | $186.9M | $194.1M | $210.9M | $224.1M | $142.4M | $369.9M | $311.1M | $255.0M | $195.7M |
| Operating income | $3.8M | $4.4M | -$4.4M | -$23.1M | -$12.0K | $7.8M | $6.4M | $12.4M | $7.6M | $4.0M |
| Interest expense | — | — | $25.1M | $14.8M | $9.8M | $8.9M | $6.0M | $8.5M | $6.9M | $5.9M |
| Pre-tax income | $10.9M | -$21.5M | -$28.3M | -$38.9M | -$7.2M | -$3.8M | $386.0K | -$4.6M | $1.1M | -$1.9M |
| Income tax | $5.3M | $5.5M | $3.5M | $152.0K | $623.0K | $2.8M | $177.0K | $337.0K | $177.0K | $243.0K |
| Net income | $17.9M | $113.3M | -$811.0K | -$17.1M | -$4.5M | -$419.0K | -$3.0M | -$6.9M | $902.0K | -$2.1M |
| EPS, basic | 0.75 | 4.84 | -0.04 | -0.77 | -0.21 | -0.03 | -0.29 | 0.08 | — | — |
| EPS, diluted | 0.72 | 4.73 | -0.07 | -0.77 | -0.22 | -0.03 | -0.29 | 0.08 | — | — |
| Shares, diluted (wtd. avg.) | 34.2M | 33.9M | 33.2M | 22.2M | 31.7M | 27.4M | 10.5M | 26.9M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $66.7M | $86.5M | $12.4M | $23.8M | $17.9M | $15.6M | $1.1M | $572.0K | $955.0K | $4.2M |
| Receivables | $58.5M | $50.8M | $50.8M | $53.3M | $38.5M | $17.5M | $15.3M | $12.5M | $8.4M | — |
| Inventory | $2.5M | $2.4M | $2.0M | $4.1M | $2.2M | $1.3M | $1.3M | $1.3M | $930.0K | — |
| Total current assets | $137.6M | $153.4M | $85.5M | $83.8M | $58.1M | $38.0M | $20.6M | $16.6M | $15.7M | — |
| Property, plant and equipment | $7.2M | $8.3M | $10.1M | $5.7M | $5.9M | $5.3M | $5.0M | $3.0M | $1.4M | — |
| Goodwill | $248.5M | $243.0M | $230.3M | $214.9M | $292.2M | $187.0M | $168.3M | $84.0M | $58.5M | $35.1M |
| Other intangibles | $135.8M | $140.7M | $163.1M | $195.9M | $171.7M | $109.2M | $107.4M | $66.0M | $59.3M | — |
| Total assets | $638.4M | $730.7M | $884.4M | $770.3M | $651.8M | $403.5M | $349.3M | $175.1M | $140.0M | $100.3M |
| Accounts payable | $6.2M | $4.9M | $6.4M | $9.3M | $7.9M | $3.8M | $3.4M | $4.1M | $1.6M | — |
| Short-term debt | $0 | $26.2M | $0 | — | — | — | $0 | $5.0M | $4.0M | — |
| Total current liabilities | $70.7M | $164.7M | $93.5M | $111.3M | $96.5M | $38.9M | $35.2M | $26.4M | $20.2M | — |
| Long-term debt | $0 | $0 | $388.0M | $287.0M | $200.6M | $90.8M | $139.3M | $31.8M | $106.8M | — |
| Total liabilities | $120.7M | $215.3M | $556.1M | $462.6M | $362.2M | $163.4M | $206.9M | $62.9M | $129.1M | — |
| Retained earnings | $118.3M | $100.4M | -$12.9M | -$23.6M | -$6.5M | -$2.0M | -$2.3M | $736.0K | -$33.0M | — |
| Total equity | $389.6M | $379.7M | $328.3M | $307.7M | $289.6M | $240.2M | $142.4M | $112.2M | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.7M | $48.4M | $37.2M | $43.8M | $44.5M | $23.7M | $26.6M | $18.1M | $8.3M | $10.0M |
| Depreciation and amortisation | $27.9M | $25.6M | $23.3M | $19.3M | $24.4M | $18.2M | $16.6M | $11.8M | $10.1M | $9.9M |
| Stock-based compensation | $18.3M | $26.3M | $27.9M | $26.2M | $20.9M | $10.5M | $6.1M | $1.6M | $0 | $0 |
| Capital expenditure | $1.9M | $3.0M | $4.2M | $2.3M | $1.9M | $2.9M | $807.0K | $2.2M | $636.0K | $862.0K |
| Investing cash flow | $76.5M | $396.1M | -$121.5M | -$113.0M | -$149.3M | -$35.4M | -$143.7M | -$38.1M | -$47.9M | -$35.2M |
| Financing cash flow | -$104.4M | -$367.4M | $73.0M | $75.1M | $102.1M | $29.1M | $119.1M | $19.2M | $37.4M | $28.9M |
| Buybacks | $37.6M | $0 | $0 | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001728688-25-000122.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $199.6M | $262.6M | $323.5M | $376.3M | $150.1M | $224.1M | $187.8M | $189.7M | $191.2M | $213.2M |
| Gross profit | $45.6M | $56.8M | $83.2M | $106.9M | $123.4M | $195.3M | $282.7M | $333.3M | — | — |
| Net income | -$2.1M | $902.0K | -$6.9M | -$3.0M | -$419.0K | -$4.5M | -$17.1M | -$811.0K | $113.3M | $17.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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