i3 Verticals, Inc. (IIIV) · 10+ Years of Financial statements

Income Statement	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	200	263	324	376	150	224	318	370
+ Sales & Services Revenue	200	263	324	376	150	224	318	370
- Cost of Revenue	163	218	255	287	47	58	73	81
+ Cost of Goods & Services	163	218	255	287	47	58	73	81
Gross Profit	37	45	69	89	103	166	244	290
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	30	37	52	83	97	159	223	256
+ Selling, General & Admin	20	27	41	63	78	135	194	220
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	10	10	12	20	18	24	29	36
Operating Income (Loss)	6	7	16	6	6	7	21	33
- Non-Operating (Income) Loss	8	6	21	6	10	14	39	37
+ Interest Expense, Net	6	7	8	6	9	10	15	25
+ Interest Expense	6	7	8	6	9	10	15	25
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	2	-1	12	- -	1	5	25	12
Pretax Income	-2	1	-5	- -	-4	-7	-18	-4
- Income Tax Expense (Benefit)	- -	- -	- -	- -	-3	1	5	-1
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-2	1	-5	1	-1	-8	-23	-3
- Net Extraordinary Losses (Gains)	- -	- -	4	7	-1	-7	-12	-4
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	4	7	-1	-7	-12	-4
Income (Loss) Incl. MI	-2	1	-9	-7	- -	-1	-11	1
- Minority Interest	- -	- -	-2	-4	1	3	6	2
Net Income, GAAP	-2	1	-7	-3	- -	-4	-17	-1
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-2	1	-7	-3	- -	-4	-17	-1
Basic Weighted Avg Shares	8	8	9	10	15	21	22	23
Basic EPS, GAAP	-0.27	0.12	-0.78	-0.29	-0.03	-0.21	-0.77	-0.04
Basic EPS from Cont Ops	-0.27	0.12	-0.56	0.05	-0.07	-0.37	-1.04	-0.11
Diluted Weighted Avg Shares	8	8	27	10	27	32	22	33
Diluted EPS, GAAP	-0.27	0.12	-0.26	-0.29	-0.02	-0.14	-0.77	-0.02
Diluted EPS from Cont Ops	-0.27	0.12	-0.18	0.05	-0.04	-0.25	-1.04	-0.08
EBITDA	16	17	28	23	25	32	51	70
EBITDA Margin (%)	8.17	6.65	8.68	6.1	16.37	14.08	15.95	18.89
EBITA	6	7	16	6	6	7	21	33
EBIT	6	7	16	6	6	7	21	33
Gross Margin (%)	18.39	17.01	21.22	23.7	68.54	74.25	76.92	78.24
Operating Margin (%)	3.22	2.81	5.02	1.7	4.24	3.18	6.7	9.05
Profit Margin (%)	-1.05	0.34	-2.13	-0.81	-0.28	-1.99	-5.38	-0.22
Sales per Employee	- -	- -	957,124	694,293	202,884	155,858	194,173	222,633
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	10	10	12	17	18	24	29	36

Balance Sheet	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	16	16	17	21	38	58	84	86
+ Cash, Cash Equivalents & STI	4	1	1	1	16	4	3	3
+ Cash & Cash Equivalents	4	1	1	1	16	4	3	3
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	6	8	12	15	18	38	53	65
+ Accounts Receivable, Net	6	8	12	15	18	38	53	65
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	5	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	-5	- -
+ Inventories	- -	- -	1	1	1	2	4	4
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	1	1	1	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	2	4	4
+ Other ST Assets	6	6	3	3	4	14	23	13
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	85	124	159	329	366	594	687	796
+ Property, Plant & Equip, Net	2	1	2	3	2	16	18	19
+ Property, Plant & Equip	2	3	3	5	5	20	23	26
- Accumulated Depreciation	1	1	1	2	3	5	5	7
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	83	123	157	326	363	578	668	776
+ Total Intangible Assets	82	122	153	291	313	505	602	699
+ Goodwill	35	59	84	168	187	292	354	410
+ Other Intangible Assets	47	63	69	123	126	213	248	290
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1	1	4	34	50	73	66	77
Total Assets	100	140	175	349	404	652	770	881
+ Payables & Accruals	6	6	16	25	28	59	67	49
+ Accounts Payable	2	2	4	3	4	8	9	11
+ Accrued Taxes	- -	- -	1	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	4	4	11	22	24	51	58	38
+ ST Debt	5	4	5	- -	- -	3	5	5
+ ST Borrowings	5	4	5	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	3	5	5
+ Other ST Liabilities	9	11	6	10	11	35	40	40
+ Deferred Revenue	2	3	5	10	11	30	32	35
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	7	8	1	- -	- -	5	8	5
Total Current Liabilities	20	20	26	35	39	97	111	93
+ LT Debt	79	107	32	139	91	213	301	396
+ LT Borrowings	79	107	32	139	91	201	287	385
+ LT Finance Leases	- -	- -	- -	- -	- -	12	14	10
+ Other LT Liabilities	11	10	5	32	34	53	50	64
+ Accrued Liabilities	- -	- -	1	1	2	3	8	20
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	11	10	4	32	31	50	42	45
Total Noncurrent Liabilities	89	117	37	172	124	266	351	460
Total Liabilities	110	137	63	207	163	362	463	553
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	21	36	39	82	158	211	242	250
+ Common Stock	21	36	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	39	82	158	211	242	250
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-30	-33	1	-2	-2	-6	-24	-13
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	-10	3	39	80	156	205	218	237
+ Minority/Non Controlling Interest	- -	- -	73	62	85	85	89	92
Total Equity	-10	3	112	142	240	290	308	328
Total Liabilities & Equity	100	140	175	349	404	652	770	881
Shares Outstanding	8	8	9	14	19	22	23	23
Capital Leases - Total	- -	- -	- -	- -	- -	15	19	15
Net Debt	80	110	36	138	75	197	284	382
Net Debt to Equity	-838.71	3,492.72	32.27	97.01	31.31	68.01	92.15	116.35
Tangible Common Equity Ratio	-510.97	-642.23	-188.83	-255.77	-80.91	-147.28	-174.7	-203.29
Current Ratio	0.77	0.78	0.63	0.58	0.98	0.6	0.75	0.92
Cash Conversion Cycle	- -	7.13	8.39	10.12	21.88	20.33	26.78	30.87
Number of Employees	- -	- -	338	542	740	1,438	1,637	1,663

Cash Flow Statement	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-2	1	-5	1	-1	-8	-23	-3
+ Depreciation & Amortization	10	10	12	17	18	24	29	36
+ Non-Cash Items	2	-2	12	8	8	31	46	24
+ Stock-Based Compensation	- -	- -	2	6	10	21	26	28
+ Deferred Income Taxes	- -	- -	-1	-1	-3	- -	3	-6
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	3
+ Other Non-Cash Adj	2	-2	11	3	- -	11	18	-1
+ Chg in Non-Cash Work Cap	- -	-1	-1	1	-1	-1	-7	-23
+ (Inc) Dec in Accts Receiv	-1	-2	-2	2	-1	-11	-16	-8
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-1	- -	1	-1	-1	-2	-4	2
+ Inc (Dec) in Accts Payable	1	1	3	- -	2	14	15	2
+ Inc (Dec) in Other	- -	- -	-3	- -	-1	-3	-2	-19
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	10	8	18	27	24	47	46	35
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-1	-1	-3	-1	-3	-8	-12	-16
+ Acq of Fixed Prod Assets	-1	-1	-2	-1	-3	-8	-12	-16
+ Acq of Intangible Assets	- -	- -	-1	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	-2	-1	-4	-2	1	1	-2
+ Dec in LT Investment	- -	- -	- -	- -	- -	3	1	- -
+ Inc in LT Investment	- -	-2	-1	-4	-2	-2	- -	-2
+ Net Cash From Acq & Div	-32	-44	-32	-137	-28	-149	-101	-102
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-32	-44	-32	-137	-28	-149	-101	-102
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-2	-1	-1	-2	-3	- -	- -	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-35	-48	-38	-144	-35	-156	-113	-122
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	26	28	-65	102	-21	104	81	- -
+ Cash From Debt	62	56	52	188	310	303	336	- -
+ Repayments of Debt	-36	-29	-117	-87	-331	-198	-255	- -
+ Cash (Repurchase) of Equity	9	12	85	22	72	- -	18	- -
+ Increase in Capital Stock	9	12	90	112	83	- -	18	- -
+ Decrease in Capital Stock	- -	- -	-5	-90	-11	- -	- -	- -
+ Other Financing Activities	-6	-3	-1	-4	-22	-2	-25	76
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	29	37	19	119	29	102	73	76
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	4	-3	-1	2	17	-7	6	-11
EBITDA	16	17	28	23	25	32	51	70
EBITDA Margin (%)	8.17	6.65	8.68	6.1	16.37	14.08	15.95	18.89
Net Cash Paid for Acquisitions	32	44	32	137	28	149	101	102
Free Cash Flow	9	7	15	26	21	39	33	18
Free Cash Flow to Firm	- -	13	- -	- -	- -	- -	- -	- -
Free Cash Flow to Equity	- -	35	-49	127	- -	143	114	18
Free Cash Flow per Basic Share	1.17	0.91	1.67	2.45	1.39	1.84	1.5	0.78
Price/Free Cash Flow	- -	- -	28.25	7.55	25.71	14.35	7.64	14.17
Cash Flow to Net Income	-4.78	8.57	-2.62	-8.73	-56.61	-10.49	-2.68	-42.54

i3 Verticals, Inc.

IIIV US

19.97

19.97