$IIIV
i3 Verticals, Inc.

2021 Q1 Form 10-Q Financial Statement

#000172868821000050 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $49.20M $39.18M
YoY Change 25.57% -54.12%
Cost Of Revenue $11.30M $0.00
YoY Change -100.0%
Gross Profit $44.40M $32.39M
YoY Change 37.08% 33.53%
Gross Profit Margin 90.26% 82.68%
Selling, General & Admin $30.51M $20.79M
YoY Change 46.79% 45.16%
% of Gross Profit 68.71% 64.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.851M $4.538M
YoY Change 28.93% 16.42%
% of Gross Profit 13.18% 14.01%
Operating Expenses $30.51M $20.79M
YoY Change 46.79% 45.16%
Operating Profit $1.199M $2.041M
YoY Change -41.25% -1105.42%
Interest Expense -$2.400M -$2.200M
YoY Change 9.09% 83.33%
% of Operating Profit -200.17% -107.79%
Other Income/Expense, Net -$5.000K -$2.184M
YoY Change -99.77% 89.09%
Pretax Income $1.194M -$143.0K
YoY Change -934.97% -89.47%
Income Tax -$136.0K -$2.062M
% Of Pretax Income -11.39%
Net Earnings $1.303M $737.0K
YoY Change 76.8% -166.88%
Net Earnings / Revenue 2.65% 1.88%
Basic Earnings Per Share $0.06 $0.05
Diluted Earnings Per Share $0.04 $0.05
COMMON SHARES
Basic Shares Outstanding 20.94M shares 14.46M shares
Diluted Shares Outstanding 33.40M shares 16.11M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.400M $1.600M
YoY Change 50.0% 14.29%
Cash & Equivalents $2.352M $1.591M
Short-Term Investments
Other Short-Term Assets $16.10M $4.700M
YoY Change 242.55% 30.56%
Inventory $1.806M $1.662M
Prepaid Expenses
Receivables $24.60M $13.52M
Other Receivables $0.00 $0.00
Total Short-Term Assets $42.99M $19.77M
YoY Change 117.47% 17.8%
LONG-TERM ASSETS
Property, Plant & Equipment $5.929M $5.035M
YoY Change 17.76% 64.81%
Goodwill $267.1M $167.1M
YoY Change 59.91% 59.63%
Intangibles $165.1M $102.8M
YoY Change 60.59% 24.41%
Long-Term Investments
YoY Change
Other Assets $10.04M $5.101M
YoY Change 96.8% 39.98%
Total Long-Term Assets $563.1M $331.4M
YoY Change 69.9% 64.3%
TOTAL ASSETS
Total Short-Term Assets $42.99M $19.77M
Total Long-Term Assets $563.1M $331.4M
Total Assets $606.1M $351.2M
YoY Change 72.58% 60.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.871M $3.520M
YoY Change 38.38% 4.79%
Accrued Expenses $42.36M $17.88M
YoY Change 136.84% 14.73%
Deferred Revenue $23.56M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.77M $31.02M
YoY Change 153.94% 7.7%
LONG-TERM LIABILITIES
Long-Term Debt $178.4M $123.2M
YoY Change 44.81% 75.43%
Other Long-Term Liabilities $12.14M $4.385M
YoY Change 176.81% -7.18%
Total Long-Term Liabilities $190.6M $127.6M
YoY Change 49.34% 70.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.77M $31.02M
Total Long-Term Liabilities $190.6M $127.6M
Total Liabilities $321.4M $184.4M
YoY Change 74.27% 77.71%
SHAREHOLDERS EQUITY
Retained Earnings -$2.718M -$1.016M
YoY Change 167.52% 440.43%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $199.7M $103.1M
YoY Change
Total Liabilities & Shareholders Equity $602.8M $351.2M
YoY Change 71.65% 60.72%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $1.303M $737.0K
YoY Change 76.8% -166.88%
Depreciation, Depletion And Amortization $5.851M $4.538M
YoY Change 28.93% 16.42%
Cash From Operating Activities $11.93M $1.370M
YoY Change 770.8% -74.39%
INVESTING ACTIVITIES
Capital Expenditures -$2.110M -$1.040M
YoY Change 102.88% 76.27%
Acquisitions
YoY Change
Other Investing Activities -$52.50M -$1.050M
YoY Change 4900.0% -95.3%
Cash From Investing Activities -$54.60M -$2.100M
YoY Change 2500.0% -90.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.68M 1.650M
YoY Change 2062.42% -90.87%
NET CHANGE
Cash From Operating Activities 11.93M 1.370M
Cash From Investing Activities -54.60M -2.100M
Cash From Financing Activities 35.68M 1.650M
Net Change In Cash -6.990M 920.0K
YoY Change -859.78% 84.0%
FREE CASH FLOW
Cash From Operating Activities $11.93M $1.370M
Capital Expenditures -$2.110M -$1.040M
Free Cash Flow $14.04M $2.410M
YoY Change 482.57% -59.43%

Facts In Submission

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ORGANIZATION AND OPERATIONS<div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">i3 Verticals, Inc. (the “Company”) was formed as a Delaware corporation on January 17, 2018. The Company was formed for the purpose of completing an initial public offering (“IPO”) of its Class A common stock and other related transactions in order to carry on the business of i3 Verticals, LLC and its subsidiaries. i3 Verticals, LLC was founded in 2012 and delivers seamlessly integrated payment and software solutions to small- and medium-sized businesses (“SMBs”) and organizations in strategic vertical markets. The Company’s headquarters are located in Nashville, Tennessee, with operations throughout the United States. Unless the context otherwise requires, references to “we,” “us,” “our,” “i3 Verticals” and the “Company” refer to i3 Verticals, Inc. and its subsidiaries, including i3 Verticals, LLC.</span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Initial Public Offering</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 25, 2018, the Company completed the IPO of 7,647,500 shares of its Class A common stock at a public offering price of $13.00 per share. The Company received approximately $92.5 million of net proceeds, after deducting underwriting discounts and commissions, which the Company used to purchase newly issued common units from i3 Verticals, LLC (the “Common Units”), and Common Units from a selling Common Unit holder, in each case at a price per Common Unit equal to the price per share paid by the underwriters for shares of the Company's Class A common stock in the IPO. </span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reorganization Transactions</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the IPO, the Company completed the following transactions (the “Reorganization Transactions”):</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">i3 Verticals, LLC amended and restated its existing limited liability company agreement to, among other things, (1) convert all existing Class A units, common units (including common units issued upon the exercise of existing warrants) and Class P units of ownership interest in i3 Verticals, LLC into either Class A voting common units of i3 Verticals, LLC (such holders of Class A voting common units referred to herein as the “Continuing Equity Owners”) or Class B non-voting common units of i3 Verticals, LLC (such holders of Class B non-voting common units referred to herein as the “Former Equity Owners”), and (2) appoint i3 Verticals, Inc. as the sole managing member of i3 Verticals, LLC upon its acquisition of Common Units in connection with the IPO;</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">the Company amended and restated its certificate of incorporation to provide for, among other things, Class A common stock and Class B common stock;</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">i3 Verticals, LLC and the Company consummated a merger among i3 Verticals, LLC, i3 Verticals, Inc. and a newly formed wholly-owned subsidiary of i3 Verticals, Inc. (“MergerSub”) whereby: (1) MergerSub merged with and into i3 Verticals, LLC, with i3 Verticals, LLC as the surviving entity; (2) Class A voting common units converted into newly issued Common Units in i3 Verticals, LLC together with an equal number of shares of Class B common stock of i3 Verticals, Inc., and (3) Class B non-voting common units converted into Class A common stock of i3 Verticals, Inc. based on a conversion ratio that provided an equitable adjustment to reflect the full value of the Class B non-voting common units; and</span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">the Company issued shares of its Class A common stock pursuant to a voluntary private conversion of certain subordinated notes by certain related and unrelated creditors of i3 Verticals, LLC.</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the completion of the IPO and Reorganization Transactions, the Company became a holding company and its principal asset is the Common Units in i3 Verticals, LLC that it owns. i3 Verticals, Inc. operates and controls all of i3 Verticals, LLC's operations and, through i3 Verticals, LLC and its subsidiaries, conducts i3 Verticals, LLC's business. i3 Verticals, Inc. has a majority economic interest in i3 Verticals, LLC. </span></div><div style="margin-bottom:4pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Public Offering</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 15, 2020, the Company completed a public offering (the “September 2020 Public Offering”) of 3,737,500 shares of its Class A common stock, at a public offering price of $23.50 per share, which included a full exercise of the underwriters' option to purchase 487,500 additional shares of Class A Common Stock from the Company. The Company received approximately $83,400 of net proceeds, after deducting underwriting discounts and commissions, but before offering expenses. The Company used the net proceeds to purchase (1) 3,250,000 Common Units directly from i3 Verticals, LLC, and (2) 487,500 Common Units pursuant to the exercise of the underwriters' option to purchase additional shares in full and an equivalent number of Class B common stock (which shares were then canceled) from certain Continuing Equity Owners, in each case at a price per Common Unit equal to the price per share paid by the underwriters for shares of the Company's Class A common stock in the offering. i3 Verticals, LLC received $72,018 in net proceeds from the sale of Common Units to the Company, which it used to repay outstanding indebtedness. </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">As of March 31, 2021, i3 Verticals, Inc. owned 68.2% of the economic interest in i3 Verticals, LLC. </span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">As of March 31, 2021, the Continuing Equity Owners owned Common Units in i3 Verticals, LLC representing approximately 31.8% of the economic interest in i3 Verticals, LLC, shares of Class A common stock in the Company representing approximately 0.6% of the economic interest and voting power in the Company, and shares of Class B common stock in i3 Verticals, Inc., representing approximately 31.8% of the voting power in the Company. </span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The Continuing Equity Owners who own Common Units in i3 Verticals, LLC may redeem at each of their options (subject in certain circumstances to time-based vesting requirements) their Common Units for, at the election of i3 Verticals, LLC, cash or newly-issued shares of the Company's Class A common stock. </span></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Combining the Class A common stock and Class B common stock, the Continuing Equity Owners hold approximately 32.4% of the economic interest and voting power in i3 Verticals, Inc. </span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">i3 Verticals, Inc. is the sole managing member of i3 Verticals, LLC and as a result, consolidates the financial results of i3 Verticals, LLC and reports a non-controlling interest representing the Common Units of i3 Verticals, LLC held by the Continuing Equity Owners. </span></div>As the Reorganization Transactions are considered transactions between entities under common control, the financial statements retroactively reflect the accounts of i3 Verticals, LLC for periods prior to the IPO and Reorganization Transactions.
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us-gaap Use Of Estimates
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Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, the value of purchase consideration paid and identifiable assets acquired and assumed in acquisitions, goodwill and intangible asset impairment review, determination of performance obligations for revenue recognition, loss reserves, assumptions used in the calculation of equity-based compensation and in the calculation of income taxes, and certain tax assets and liabilities as well as the related valuation allowances. Actual results could differ from those estimates.
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P2Y
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450000 USD
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CY2021Q1 iiiv Residual Expense
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CY2021Q1 us-gaap Selling General And Administrative Expense
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CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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322000 USD
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640000 USD
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0 USD

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