Welcome to our dedicated page for I3 Verticals news (Ticker: IIIV), a resource for investors and traders seeking the latest updates and insights on I3 Verticals stock.
i3 Verticals, Inc. (NASDAQ: IIIV) is an enterprise software company focused on mission-critical, cloud-native solutions for public sector entities. Its software and services support government functions such as courts and public safety, public administration, utilities, transportation, revenue, and schools, with thousands of installations across all 50 U.S. states and Canada. The company regularly issues updates on its financial performance, strategic focus and major customer contracts, making its news flow relevant to investors and observers of government technology.
On this page, readers can follow IIIV news related to quarterly and annual earnings releases, guidance updates, and non-GAAP metrics such as adjusted EBITDA and Annualized Recurring Revenue (ARR). The company’s announcements often discuss the mix of software and related services, recurring revenue trends, and changes in segment presentation following acquisitions or divestitures, including the sale of its merchant services business and its Healthcare Revenue Cycle Management business.
News items also highlight public sector customer wins and deployments, such as JusticeTech solutions, the WVPASS public access search system in West Virginia, and the i3 CourtOne Case Management Solution (CMS) for state courts. These stories provide insight into how i3 Verticals’ products are used by courts, utilities and other agencies to modernize operations and improve access for citizens.
Investors and researchers can use this IIIV news feed to review earnings dates, conference call details, investor conference participation and other corporate developments. Bookmark this page to quickly access the latest official press releases and updates related to i3 Verticals’ operations, strategy and public sector software initiatives.
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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