i3 Verticals (IIIV) Financials

$25.15 +0.05 (+0.20%)

Closing price 04/17/2025 04:00 PM Eastern

Extended Trading

$25.14 -0.01 (-0.06%)

As of 04/17/2025 04:26 PM Eastern

Annual Income Statements for i3 Verticals

This table shows i3 Verticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-2.09	0.90	-6.90	-3.05	-0.42	-4.46	-17	-0.81	113
Consolidated Net Income / (Loss)	-2.09	0.90	-4.96	0.56	-0.98	-7.84	-23	-2.65	175
Net Income / (Loss) Continuing Operations	-2.09	0.90	-4.96	0.56	-0.98	-7.84	-39	-24	-13
Total Pre-Tax Income	-1.85	1.08	-4.62	0.39	-3.77	-7.22	-39	-27	-19
Total Operating Income	3.96	7.60	12	6.39	7.77	-0.01	-23	-3.57	6.85
Total Gross Profit	59	73	109	133	150	224	188	227	230
Total Revenue	200	263	324	376	150	224	188	227	230
Operating Revenue	200	263	324	376	150	224	188	227	230
Total Cost of Revenue	141	189	215	243	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	55	66	97	127	142	224	211	230	223
Selling, General & Admin Expense	20	27	41	63	78	135	157	178	176
Depreciation Expense	9.90	10	12	17	18	24	19	26	29
Other Operating Expenses / (Income)	22	29	40	44	47	58	35	26	18
Total Other Income / (Expense), net	-5.81	-6.52	-17	-6.00	-12	-7.20	-16	-24	-26
Interest & Investment Income	-	-	-	-	-	-	-15	-25	-29
Other Income / (Expense), net	0.09	0.42	-8.49	0.00	-2.62	2.60	-0.99	1.22	3.40
Income Tax Expense	0.24	0.18	0.34	-0.18	-2.80	0.62	0.15	-3.79	-5.67
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	16	21	188
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	1.94	3.61	-0.56	-3.38	-6.12	-1.84	62
Weighted Average Basic Shares Outstanding	-	0.00	8.81M	10.49M	14.83M	20.99M	44.50M	46.28M	46.84M
Weighted Average Diluted Shares Outstanding	-	0.00	26.87M	10.49M	27.43M	31.71M	55.35M	57.11M	57.30M
Weighted Average Basic & Diluted Shares Outstanding	-	-	-86.20M	10.50M	30.82M	32.27M	33.12M	33.37M	33.54M

This table shows i3 Verticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	-3.73	-3.47	-0.24	0.04	-5.16	4.55	1.10	1.88	-7.55	118	2.06
Consolidated Net Income / (Loss)	-4.69	-4.41	0.17	-0.19	-6.08	3.45	1.54	3.35	-8.30	179	3.11
Net Income / (Loss) Continuing Operations	-4.69	-20	0.17	-0.19	-11	-13	-4.22	3.35	-14	-4.38	3.32
Total Pre-Tax Income	-6.50	-19	0.55	-0.76	-11	-16	-5.31	3.93	-8.58	-16	3.85
Total Operating Income	-2.73	-13	5.84	5.44	-4.58	-10	1.49	9.42	-0.67	-10	2.70
Total Gross Profit	81	-45	86	94	57	-10	35	95	56	-13	41
Total Revenue	81	-45	86	94	57	-10	55	95	56	-13	62
Operating Revenue	81	-45	86	94	57	-10	55	95	56	-13	62
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	20	0.00	0.00	-	21
Operating Cost of Revenue	-	-	-	-	-	-	20	-	-	-	21
Total Operating Expenses	83	-31	80	88	62	-0.17	34	85	57	-2.22	38
Selling, General & Admin Expense	48	14	51	57	45	24	27	54	45	24	29
Depreciation Expense	7.51	-2.49	8.68	9.02	6.67	2.08	7.05	10	6.97	2.02	7.68
Other Operating Expenses / (Income)	20	-18	19	20	10	-23	-0.24	21	4.70	-28	1.38
Total Other Income / (Expense), net	-3.77	-5.47	-5.29	-6.20	-6.63	-5.79	-6.79	-5.49	-7.91	-5.66	1.15
Interest & Investment Income	-	-	-	-	-6.73	-	-6.69	-	-7.91	-	-0.68
Other Income / (Expense), net	0.00	-0.99	0.20	0.00	0.09	0.93	-0.11	2.26	0.00	1.25	1.83
Income Tax Expense	-1.81	1.31	0.38	-0.56	-0.29	-3.32	-1.09	0.58	5.27	-12	0.52
Net Income / (Loss) Discontinued Operations	-	-	-	-	4.84	-	5.75	-	5.55	-	-0.21
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.96	-0.94	0.41	-0.23	-0.92	-1.10	0.44	1.47	-0.75	61	1.05
Weighted Average Basic Shares Outstanding	22.23M	44.50M	23.00M	23.14M	23.18M	46.28M	23.27M	23.33M	23.42M	46.84M	23.55M
Weighted Average Diluted Shares Outstanding	22.23M	55.35M	23.00M	34.27M	57.03M	57.11M	33.83M	23.72M	57.13M	57.30M	34.06M
Weighted Average Basic & Diluted Shares Outstanding	32.38M	33.12M	33.23M	33.28M	33.34M	33.37M	33.37M	33.47M	33.79M	33.54M	33.07M

This table details how cash moves in and out of i3 Verticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	3.78	-2.22	-0.73	1.96	17	-2.67	5.83	-11	77
Net Cash From Operating Activities	10	8.33	18	27	24	45	44	37	48
Net Cash From Continuing Operating Activities	10	8.33	18	27	24	45	44	37	48
Net Income / (Loss) Continuing Operations	-2.09	0.90	-4.96	0.56	-0.98	-7.84	-23	-2.65	175
Consolidated Net Income / (Loss)	-2.09	0.90	-4.96	0.56	-0.98	-7.84	-23	-2.65	175
Depreciation Expense	9.90	10	12	17	18	24	29	36	37
Amortization Expense	0.44	0.45	1.07	0.72	3.70	5.45	5.80	1.51	1.18
Non-Cash Adjustments To Reconcile Net Income	-0.64	-2.39	7.98	4.17	8.43	21	17	8.85	-184
Changes in Operating Assets and Liabilities, net	2.40	-0.72	2.15	4.58	-5.65	1.16	14	-7.00	19
Net Cash From Investing Activities	-35	-48	-38	-144	-35	-149	-113	-122	396
Net Cash From Continuing Investing Activities	-35	-48	-38	-144	-35	-149	-113	-122	396
Purchase of Property, Plant & Equipment	-2.88	-2.10	-4.49	-3.11	-5.95	-8.10	-12	-16	-15
Acquisitions	-32	-46	-34	-141	-29	-144	-101	-104	-24
Purchase of Investments	-	-	-	-	-	-	-0.44	-1.25	-0.09
Sale of Property, Plant & Equipment	-	-	-	-	-	-	0.00	0.00	0.62
Divestitures	-	-	-	-	-	-	0.00	0.00	435
Other Investing Activities, net	-	-	-	-	0.00	-0.10	0.60	0.30	0.00
Net Cash From Financing Activities	29	37	19	119	29	102	75	73	-367
Net Cash From Continuing Financing Activities	29	37	19	119	29	102	75	73	-367
Repayment of Debt	-37	-29	-117	-87	-336	-198	-255	-282	-748
Repurchase of Common Equity	-0.07	-0.06	-4.64	-90	-11	-0.25	0.00	0.00	-0.55
Payment of Dividends	-0.06	-1.46	0.00	-2.06	-0.00	-	0.00	0.00	-1.09
Issuance of Debt	62	57	52	188	310	303	336	365	388
Issuance of Common Equity	9.00	13	90	112	98	0.00	18	0.00	0.00
Other Financing Activities, net	-4.78	-0.97	-0.71	-1.96	-32	-2.04	-23	-9.81	-5.68
Cash Interest Paid	5.39	6.29	7.88	4.91	5.25	4.43	8.99	21	29
Cash Income Taxes Paid	0.02	0.84	0.48	1.42	0.79	0.29	1.08	3.24	7.33

This table details how cash moves in and out of i3 Verticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	2.80	-6.35	0.57	-2.01	-2.13	-7.80	-1.32	-3.79	6.40	76	-0.39
Net Cash From Operating Activities	4.63	7.92	18	7.71	0.49	11	14	12	8.12	15	11
Net Cash From Continuing Operating Activities	4.63	7.92	18	7.71	0.49	11	14	12	8.12	15	11
Net Income / (Loss) Continuing Operations	-4.69	-4.41	0.17	-0.19	-6.08	3.45	1.54	3.35	-8.30	179	3.11
Consolidated Net Income / (Loss)	-4.69	-4.41	0.17	-0.19	-6.08	3.45	1.54	3.35	-8.30	179	3.11
Depreciation Expense	7.51	7.60	8.68	9.02	9.16	9.61	9.74	10	10	7.58	7.68
Amortization Expense	1.46	1.48	0.36	0.37	0.58	0.20	0.41	0.26	0.22	0.28	0.28
Non-Cash Adjustments To Reconcile Net Income	1.27	-1.68	5.65	5.75	-5.32	2.77	5.28	4.12	3.03	-195	4.30
Changes in Operating Assets and Liabilities, net	-0.92	4.92	3.32	-7.23	2.15	-5.23	-2.56	-5.70	3.11	24	-3.88
Net Cash From Investing Activities	-9.75	-3.70	-95	-17	-4.29	-6.11	-7.17	-5.20	-4.39	413	-1.42
Net Cash From Continuing Investing Activities	-9.75	-3.70	-95	-17	-4.29	-6.11	-7.17	-5.20	-4.39	413	-1.42
Purchase of Property, Plant & Equipment	-3.32	-3.84	-4.16	-3.54	-4.32	-4.35	-3.80	-3.84	-4.01	-3.30	-2.88
Acquisitions	-6.40	-0.05	-90	-13	-0.08	-1.73	-3.98	-1.33	-0.37	-19	0.00
Purchase of Investments	-	-	-0.80	-0.43	-	-0.02	-0.01	-0.02	-0.01	-0.06	0.00
Sale of Property, Plant & Equipment	-	-	0.00	-	-	-	0.62	-	-	-	1.46
Other Investing Activities, net	-0.03	0.64	0.20	-0.02	0.11	-	0.00	-	0.00	-0.01	0.00
Net Cash From Financing Activities	7.93	-11	77	6.89	1.67	-12	-8.55	-11	2.67	-352	-10
Net Cash From Continuing Financing Activities	7.93	-11	77	6.89	1.67	-12	-8.55	-11	2.67	-352	-10
Repayment of Debt	-60	-99	-79	-101	-43	-59	-72	-149	-85	-442	-1.74
Repurchase of Common Equity	-	-	0.00	-	-	-	-0.12	-0.43	-	-	-11
Payment of Dividends	-	-	0.00	-	-	-	-0.16	-0.03	-0.93	0.03	0.00
Issuance of Debt	79	77	157	109	45	55	65	143	90	91	1.74
Other Financing Activities, net	-11	-5.88	-0.97	-1.00	-0.23	-7.60	-1.56	-4.05	-0.68	-0.75	0.72
Cash Interest Paid	1.96	3.56	4.28	5.99	4.22	6.99	6.19	7.92	7.67	7.72	0.06
Cash Income Taxes Paid	0.25	0.24	0.17	1.25	0.51	1.31	0.39	4.99	1.61	0.35	0.05

This table presents i3 Verticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	140	175	349	404	652	770	884	731
Total Current Assets	16	17	21	38	58	84	86	153
Cash & Equivalents	0.96	0.57	1.12	16	3.64	3.49	3.11	87
Accounts Receivable	8.41	13	15	18	39	53	51	56
Prepaid Expenses	1.14	2.63	4.12	4.87	11	19	9.51	10
Other Current Assets	5.20	0.86	-	0.00	4.77	7.54	4.87	0.63
Plant, Property, & Equipment, net	1.42	2.96	5.03	5.34	5.90	5.67	10	8.68
Total Noncurrent Assets	123	156	324	360	588	681	789	569
Goodwill	59	84	168	187	292	354	268	281
Intangible Assets	63	69	123	126	213	248	221	221
Noncurrent Deferred & Refundable Income Taxes	-	1.15	28	37	50	43	53	48
Other Noncurrent Operating Assets	1.31	1.12	4.41	10	32	35	28	18
Total Liabilities & Shareholders' Equity	140	175	349	404	652	770	884	731
Total Liabilities	129	63	207	163	362	463	556	215
Total Current Liabilities	20	26	35	39	97	111	93	165
Short-Term Debt	4.00	5.00	-	-	-	-	0.00	26
Accounts Payable	1.60	4.11	3.44	3.85	7.87	9.34	6.37	5.37
Accrued Expenses	6.71	12	22	24	51	58	34	90
Current Deferred Revenue	2.72	4.93	10	11	30	32	33	39
Other Current Liabilities	5.20	0.86	-	0.00	7.97	12	8.53	4.14
Total Noncurrent Liabilities	145	37	172	124	266	351	463	51
Capital Lease Obligations	-	-	-	-	-	14	8.97	6.32
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.79	23	28	39	41	40	29
Other Noncurrent Operating Liabilities	38	3.94	9.12	6.14	26	9.54	23	15
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-33	112	142	240	290	308	328	515
Total Preferred & Common Equity	-33	39	80	156	205	218	237	380
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-33	39	80	156	205	218	237	380
Common Stock	-	39	82	158	211	242	250	279
Retained Earnings	-33	0.74	-2.31	-2.02	-6.48	-24	-13	100
Noncontrolling Interest	-	73	62	85	85	89	92	136

This table presents i3 Verticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Total Assets	780	869	883	876	877	866	862	726
Total Current Assets	73	91	90	97	90	87	308	153
Cash & Equivalents	9.05	3.61	3.98	5.04	4.16	3.14	9.75	86
Accounts Receivable	44	53	57	61	68	67	49	51
Prepaid Expenses	14	23	22	20	14	16	11	15
Other Current Assets	6.37	12	7.19	11	3.52	1.59	1.36	1.21
Plant, Property, & Equipment, net	5.42	12	12	12	11	11	8.93	7.58
Total Noncurrent Assets	702	766	781	767	776	767	545	566
Goodwill	354	399	409	409	411	411	269	281
Intangible Assets	252	292	295	290	287	282	211	217
Noncurrent Deferred & Refundable Income Taxes	52	44	45	43	52	52	50	48
Other Noncurrent Operating Assets	44	32	32	25	25	23	15	20
Total Liabilities & Shareholders' Equity	780	869	883	876	877	866	862	726
Total Liabilities	490	566	571	563	540	519	516	215
Total Current Liabilities	106	113	109	97	181	108	103	163
Short-Term Debt	-	-	-	-	91	26	26	26
Accounts Payable	8.08	8.41	7.92	8.30	9.71	12	5.96	7.40
Accrued Expenses	64	51	55	47	33	27	23	83
Current Deferred Revenue	23	37	34	27	39	37	29	42
Other Current Liabilities	11	17	12	15	7.81	6.01	4.83	4.55
Total Noncurrent Liabilities	384	453	463	466	359	411	413	52
Capital Lease Obligations	15	13	12	11	9.42	9.36	6.95	5.42
Noncurrent Deferred & Payable Income Tax Liabilities	40	41	41	41	40	40	40	29
Other Noncurrent Operating Liabilities	22	21	24	24	22	18	17	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	290	303	312	313	337	346	346	511
Total Preferred & Common Equity	206	216	222	222	243	249	250	375
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	206	216	222	222	243	249	250	375
Common Stock	226	228	234	240	255	259	267	273
Retained Earnings	-20	-12	-12	-17	-12	-9.97	-18	102
Noncontrolling Interest	84	88	90	91	94	97	96	136

This table displays calculated financial ratios and metrics derived from i3 Verticals' official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	31.52%	23.21%	16.32%	-60.10%	49.28%	-16.23%	20.76%	1.41%
EBITDA Growth	0.00%	28.92%	-9.53%	41.05%	14.35%	19.87%	-65.83%	221.37%	37.16%
EBIT Growth	0.00%	97.90%	-51.67%	64.95%	-19.37%	-49.86%	-1,034.26%	90.28%	537.06%
NOPAT Growth	0.00%	129.02%	36.19%	7.71%	-41.62%	-100.15%	-192,741.67%	84.58%	292.04%
Net Income Growth	0.00%	143.10%	-650.00%	111.35%	-273.89%	-700.72%	-196.17%	88.58%	6,703.70%
EPS Growth	0.00%	0.00%	0.00%	-462.50%	89.66%	-633.33%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	0.00%	-16.74%	117.05%	47.11%	-10.82%	87.74%	-1.74%	-15.06%	30.24%
Free Cash Flow Firm Growth	0.00%	0.00%	29.49%	-122.79%	76.16%	-484.38%	21.23%	175.97%	-57.34%
Invested Capital Growth	0.00%	0.00%	75.45%	89.09%	12.38%	54.29%	24.39%	-17.34%	-7.78%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	6.97%	-31.89%	14.81%	-37.37%	-29.68%	-38.79%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-0.15%	-7.21%	13.74%	-55.60%	-29.41%	-34.21%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-20.28%	-38.99%	362.08%	-167.07%	-117.73%	-69.59%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	8.81%	-7.95%	-102.15%	-156.10%	-125.63%	199.16%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-83.43%	-191.50%	0.96%	-11.87%	74.77%	500,271.43%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	40.00%	15.38%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	6.03%	34.89%	16.35%	-6.58%	-5.57%	2.18%	16.93%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-193.52%	13.24%	-11.82%	208.28%	-79.16%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	1.48%	7.85%	-0.73%	0.14%	-29.42%	-6.64%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	29.38%	27.98%	33.68%	35.46%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	7.21%	7.07%	5.19%	6.29%	18.03%	14.48%	5.91%	15.72%	21.25%
Operating Margin	1.99%	2.89%	3.82%	1.70%	5.18%	-0.01%	-12.33%	-1.57%	2.98%
EBIT Margin	2.03%	3.05%	1.20%	1.70%	3.43%	1.15%	-12.85%	-1.03%	4.46%
Profit (Net Income) Margin	-1.05%	0.34%	-1.53%	0.15%	-0.65%	-3.50%	-12.37%	-1.17%	76.17%
Tax Burden Percent	113.14%	83.60%	107.29%	145.85%	25.94%	108.63%	59.67%	9.65%	-921.06%
Interest Burden Percent	-45.68%	13.46%	-119.36%	6.04%	-73.25%	-279.37%	161.23%	1,171.56%	-185.52%
Effective Tax Rate	0.00%	16.40%	0.00%	-45.85%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	15.02%	7.43%	4.34%	1.83%	0.00%	-2.97%	-0.45%	1.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	5.10%	-11.21%	-5.70%	-4.19%	-5.76%	-5.81%	-0.52%	289.77%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-22.15%	-18.84%	-3.90%	-2.34%	-2.96%	-4.81%	-0.38%	40.52%
Return on Equity (ROE)	0.00%	-7.13%	-11.42%	0.44%	-0.51%	-2.96%	-7.77%	-0.83%	41.52%
Cash Return on Invested Capital (CROIC)	0.00%	-184.98%	-47.35%	-57.29%	-9.83%	-42.70%	-24.70%	18.53%	9.09%
Operating Return on Assets (OROA)	0.00%	5.73%	2.46%	2.44%	1.37%	0.49%	-3.39%	-0.28%	1.27%
Return on Assets (ROA)	0.00%	0.64%	-3.15%	0.21%	-0.26%	-1.49%	-3.27%	-0.32%	21.69%
Return on Common Equity (ROCE)	0.00%	-9.31%	-0.83%	0.21%	-0.32%	-2.01%	-5.51%	-0.60%	30.34%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-2.73%	-12.62%	0.70%	-0.63%	-3.83%	-10.63%	-1.12%	46.12%
Net Operating Profit after Tax (NOPAT)	2.77	6.35	8.65	9.32	5.44	-0.01	-16	-2.50	4.80
NOPAT Margin	1.39%	2.42%	2.67%	2.48%	3.62%	0.00%	-8.63%	-1.10%	2.09%
Net Nonoperating Expense Percent (NNEP)	0.00%	9.92%	18.64%	10.04%	6.02%	5.75%	2.84%	0.07%	-288.77%
Cost of Revenue to Revenue	70.62%	72.02%	66.32%	64.54%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	10.21%	10.36%	12.55%	16.70%	52.17%	60.18%	83.44%	78.39%	76.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.39%	25.08%	29.86%	33.76%	94.82%	100.01%	112.33%	101.57%	97.02%
Earnings before Interest and Taxes (EBIT)	4.05	8.02	3.87	6.39	5.15	2.58	-24	-2.35	10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	19	17	24	27	32	11	36	49
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	15.38	6.87	4.46	3.81	2.97	2.98	1.90
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.43	0.33	1.87	1.46	4.62	3.48	3.45	3.11	3.13
Price to Earnings (P/E)	0.00	95.84	0.00	0.00	0.00	0.00	0.00	0.00	6.35
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.74%
Enterprise Value to Invested Capital (EV/IC)	0.00	2.41	4.81	2.68	2.71	2.18	1.71	2.38	1.74
Enterprise Value to Revenue (EV/Rev)	0.00	0.78	2.21	2.00	5.69	4.74	5.51	5.25	3.49
Enterprise Value to EBITDA (EV/EBITDA)	0.00	11.00	42.50	31.71	31.54	32.71	93.39	33.41	16.40
Enterprise Value to EBIT (EV/EBIT)	0.00	25.46	184.16	117.49	165.72	410.98	0.00	0.00	78.22
Enterprise Value to NOPAT (EV/NOPAT)	0.00	32.12	82.45	80.56	156.92	0.00	0.00	0.00	167.09
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	24.50	39.46	28.23	36.00	23.84	23.66	32.02	16.56
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.62	18.34
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	-4.38	0.33	0.98	0.38	0.69	0.98	1.21	0.06
Long-Term Debt to Equity	0.00	-4.22	0.28	0.98	0.38	0.69	0.98	1.21	0.01
Financial Leverage	0.00	-4.34	1.68	0.68	0.56	0.51	0.83	0.74	0.14
Leverage Ratio	0.00	-5.53	3.63	2.06	1.97	1.99	2.38	2.60	1.91
Compound Leverage Factor	0.00	-0.75	-4.33	0.12	-1.44	-5.57	3.84	30.48	-3.55
Debt to Total Capital	0.00%	129.57%	24.69%	49.44%	27.43%	40.92%	49.45%	54.73%	5.94%
Short-Term Debt to Total Capital	0.00%	4.68%	3.36%	0.00%	0.00%	0.00%	0.00%	0.00%	4.79%
Long-Term Debt to Total Capital	0.00%	124.89%	21.33%	49.44%	27.43%	40.92%	49.45%	54.73%	1.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	9.03%	48.93%	22.14%	25.56%	17.31%	14.67%	12.62%	24.75%
Common Equity to Total Capital	0.00%	-38.60%	26.38%	28.42%	47.01%	41.77%	35.88%	32.64%	69.31%
Debt to EBITDA	0.00	5.97	2.19	5.88	3.35	6.18	27.15	11.14	0.67
Net Debt to EBITDA	0.00	5.92	2.16	5.84	2.78	6.07	26.84	11.05	-1.11
Long-Term Debt to EBITDA	0.00	5.76	1.89	5.88	3.35	6.18	27.15	11.14	0.13
Debt to NOPAT	0.00	17.45	4.25	14.95	16.68	-23,881.55	-18.58	-158.90	6.78
Net Debt to NOPAT	0.00	17.30	4.18	14.83	13.82	-23,448.10	-18.37	-157.65	-11.26
Long-Term Debt to NOPAT	0.00	16.82	3.67	14.95	16.68	-23,881.55	-18.58	-158.90	1.32
Altman Z-Score	0.00	2.10	7.62	2.67	2.95	1.56	0.90	0.98	2.54
Noncontrolling Interest Sharing Ratio	0.00%	-30.53%	92.77%	53.12%	38.41%	31.98%	29.16%	28.44%	26.93%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.78	0.63	0.58	0.98	0.60	0.75	0.92	0.93
Quick Ratio	0.00	0.46	0.49	0.47	0.85	0.44	0.51	0.58	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-78	-55	-123	-29	-171	-135	102	44
Operating Cash Flow to CapEx	347.76%	397.42%	403.03%	856.31%	398.39%	549.99%	351.90%	226.99%	337.53%
Free Cash Flow to Firm to Interest Expense	0.00	-11.28	-6.49	-20.47	-3.28	-17.47	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	1.70	1.20	2.13	4.43	2.66	4.54	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.21	0.90	1.60	3.91	1.99	3.72	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.88	2.05	1.44	0.40	0.42	0.26	0.27	0.28
Accounts Receivable Turnover	0.00	31.21	30.94	27.04	9.13	8.00	4.09	4.36	4.31
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	184.91	147.79	94.27	28.97	39.88	32.45	28.83	24.54
Accounts Payable Turnover	0.00	118.20	75.09	64.32	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	11.69	11.80	13.50	39.96	45.63	89.27	83.81	84.75
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	3.09	4.86	5.67	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	8.61	6.94	7.82	39.96	45.63	89.27	83.81	84.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	85	148	281	315	487	605	500	461
Invested Capital Turnover	0.00	6.21	2.78	1.75	0.50	0.56	0.34	0.41	0.48
Increase / (Decrease) in Invested Capital	0.00	85	64	132	35	171	119	-105	-39
Enterprise Value (EV)	0.00	204	713	751	854	1,062	1,035	1,190	802
Market Capitalization	86	86	604	550	694	780	649	705	720
Book Value per Share	$0.00	($4.97)	$1.49	$2.93	$5.66	$6.36	$6.74	$7.10	$11.24
Tangible Book Value per Share	$0.00	($23.24)	($4.34)	($7.72)	($5.74)	($9.33)	($11.84)	($7.57)	($3.62)
Total Capital	0.00	86	149	282	331	490	609	725	548
Total Debt	0.00	111	37	139	91	201	301	397	33
Total Long-Term Debt	0.00	107	32	139	91	201	301	397	6.32
Net Debt	0.00	110	36	138	75	197	298	394	-54
Capital Expenditures (CapEx)	2.88	2.10	4.49	3.11	5.95	8.10	12	16	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-1.47	-5.45	-16	-16	-42	-31	-11	-72
Debt-free Net Working Capital (DFNWC)	0.00	-0.52	-4.88	-15	-0.92	-38	-27	-7.92	15
Net Working Capital (NWC)	0.00	-4.52	-9.88	-15	-0.92	-38	-27	-7.92	-11
Net Nonoperating Expense (NNE)	4.87	5.45	14	8.76	6.42	7.83	7.02	0.15	-170
Net Nonoperating Obligations (NNO)	0.00	110	36	138	75	197	298	172	-54
Total Depreciation and Amortization (D&A)	10	11	13	17	22	30	35	38	39
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-0.56%	-1.68%	-4.19%	-10.98%	-18.75%	-16.48%	-4.86%	-31.17%
Debt-free Net Working Capital to Revenue	0.00%	-0.20%	-1.51%	-3.90%	-0.61%	-17.13%	-14.62%	-3.49%	6.47%
Net Working Capital to Revenue	0.00%	-1.72%	-3.05%	-3.90%	-0.61%	-17.13%	-14.62%	-3.49%	-4.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.08	($0.29)	($0.03)	($0.21)	($0.77)	($0.04)	$0.00
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	8.81M	10.49M	14.83M	20.99M	22.25M	23.14M	46.84M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.08	($0.29)	($0.03)	($0.22)	($0.77)	($0.07)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	26.87M	10.49M	27.43M	31.71M	22.25M	33.25M	57.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($0.29)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	26.32M	27.40M	30.82M	32.27M	33.12M	33.37M	33.54M
Normalized Net Operating Profit after Tax (NOPAT)	4.49	6.17	11	6.85	4.45	4.99	-16	-2.50	4.80
Normalized NOPAT Margin	2.25%	2.35%	3.51%	1.82%	2.97%	2.23%	-8.63%	-1.10%	2.09%
Pre Tax Income Margin	-0.93%	0.41%	-1.43%	0.10%	-2.51%	-3.22%	-20.72%	-12.12%	-8.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.69	1.16	0.46	1.06	0.58	0.26	0.00	0.00	0.00
NOPAT to Interest Expense	0.47	0.92	1.02	1.55	0.61	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.20	0.85	-0.07	0.55	-0.09	-0.56	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-0.02	0.61	0.49	1.04	-0.06	-0.83	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-2.68%	162.31%	0.00%	365.90%	-0.31%	0.00%	0.00%	0.00%	0.62%
Augmented Payout Ratio	-5.92%	169.40%	-93.43%	16,356.48%	-1,111.95%	-3.23%	0.00%	0.00%	0.94%

This table displays calculated financial ratios and metrics derived from i3 Verticals' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.60%	-166.78%	16.35%	20.16%	-28.92%	76.73%	-36.01%	0.71%	-2.14%	-21.14%	12.06%
EBITDA Growth	-17.24%	-163.35%	100.21%	447.73%	-15.69%	108.71%	-23.52%	48.44%	82.82%	-382.94%	8.31%
EBIT Growth	-227.07%	-2,407.66%	900.13%	188.13%	-64.23%	35.41%	-77.19%	114.51%	85.08%	1.71%	228.37%
NOPAT Growth	-227.07%	-2,249.60%	438.81%	188.13%	-67.59%	23.77%	-41.95%	110.71%	85.38%	-1.52%	124.33%
Net Income Growth	-11.59%	-126.62%	104.59%	98.16%	-29.65%	178.21%	808.88%	1,843.75%	-36.53%	5,076.69%	102.34%
EPS Growth	-13.33%	0.00%	90.91%	100.00%	-29.41%	0.00%	0.00%	0.00%	-45.45%	0.00%	0.00%
Operating Cash Flow Growth	12.74%	-24.57%	-17.03%	-17.18%	-89.50%	36.38%	-20.76%	57.00%	1,570.58%	40.21%	-20.20%
Free Cash Flow Firm Growth	41.41%	24.99%	34.74%	11.15%	7.42%	176.31%	76.50%	92.42%	299.05%	-67.66%	1,003.86%
Invested Capital Growth	23.32%	24.39%	22.55%	20.61%	17.27%	-17.34%	4.41%	2.39%	-30.27%	-7.78%	-36.58%
Revenue Q/Q Growth	3.11%	-155.69%	0.91%	9.12%	-39.00%	-118.23%	627.39%	2.77%	-40.73%	-122.57%	587.83%
EBITDA Q/Q Growth	130.29%	-186.38%	-1.53%	-1.66%	-64.55%	-91.08%	2,358.64%	18.47%	-56.34%	-113.81%	1,041.15%
EBIT Q/Q Growth	55.79%	-429.81%	-3.00%	-9.88%	-182.38%	-108.36%	114.75%	38.61%	-105.73%	-1,272.94%	149.27%
NOPAT Q/Q Growth	55.79%	-393.52%	109.85%	112.82%	-184.07%	-124.47%	114.45%	5.27%	-105.83%	-1,459.04%	131.94%
Net Income Q/Q Growth	55.09%	5.93%	103.83%	-213.61%	-3,065.63%	156.75%	-55.47%	117.97%	-347.85%	2,251.65%	-98.26%
EPS Q/Q Growth	48.48%	0.00%	93.75%	100.00%	0.00%	0.00%	0.00%	100.00%	-500.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-50.26%	71.15%	81.68%	-57.62%	-93.69%	2,122.22%	33.38%	-7.30%	-32.88%	86.51%	-24.09%
Free Cash Flow Firm Q/Q Growth	11.53%	-10.25%	8.45%	6.86%	7.82%	190.88%	-130.11%	61.26%	2,519.17%	-85.24%	741.68%
Invested Capital Q/Q Growth	3.39%	0.14%	14.09%	2.11%	0.52%	-29.42%	44.11%	0.14%	-31.55%	-6.64%	-0.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	0.00%	100.00%	100.00%	100.00%	0.00%	64.44%	100.00%	100.00%	0.00%	65.91%
EBITDA Margin	7.74%	0.00%	17.53%	15.79%	9.18%	0.00%	20.94%	23.28%	17.15%	0.00%	20.24%
Operating Margin	-3.39%	0.00%	6.79%	5.80%	-7.99%	0.00%	2.70%	9.96%	-1.19%	0.00%	4.38%
EBIT Margin	-3.39%	0.00%	7.02%	5.80%	-7.83%	0.00%	2.50%	12.35%	-1.19%	0.00%	7.33%
Profit (Net Income) Margin	-5.82%	0.00%	0.20%	-0.20%	-10.61%	0.00%	2.79%	3.54%	-14.81%	0.00%	5.04%
Tax Burden Percent	72.15%	23.28%	30.67%	25.43%	54.22%	-21.48%	-28.93%	85.23%	96.77%	-1,110.00%	80.83%
Interest Burden Percent	237.93%	130.94%	9.12%	-13.87%	249.94%	171.85%	-385.27%	33.64%	1,281.76%	175.12%	84.97%
Effective Tax Rate	0.00%	0.00%	69.33%	0.00%	0.00%	0.00%	0.00%	14.77%	0.00%	0.00%	13.60%
Return on Invested Capital (ROIC)	-1.30%	0.00%	1.10%	2.18%	-2.75%	0.00%	0.52%	4.49%	-0.52%	0.00%	1.52%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.36%	0.00%	0.60%	1.02%	-3.56%	0.00%	0.65%	3.27%	-3.40%	0.00%	1.99%
Return on Net Nonoperating Assets (RNNOA)	-2.15%	0.00%	0.66%	1.17%	-4.18%	0.00%	0.79%	3.82%	-2.81%	0.00%	0.77%
Return on Equity (ROE)	-3.45%	0.00%	1.76%	3.35%	-6.93%	0.00%	1.31%	8.31%	-3.33%	0.00%	2.29%
Cash Return on Invested Capital (CROIC)	-22.04%	-24.70%	-19.81%	-16.97%	-14.41%	18.53%	-5.10%	2.29%	34.87%	9.09%	45.73%
Operating Return on Assets (OROA)	-1.43%	0.00%	2.82%	2.42%	-3.05%	0.00%	0.56%	5.32%	-0.52%	0.00%	2.16%
Return on Assets (ROA)	-2.45%	0.00%	0.08%	-0.09%	-4.13%	0.00%	0.63%	1.53%	-6.40%	0.00%	1.49%
Return on Common Equity (ROCE)	-2.45%	0.00%	1.25%	2.38%	-4.92%	0.00%	0.94%	5.95%	-2.39%	0.00%	1.67%
Return on Equity Simple (ROE_SIMPLE)	-10.07%	0.00%	-8.98%	-4.11%	-4.73%	0.00%	-0.53%	0.90%	0.01%	0.00%	47.12%
Net Operating Profit after Tax (NOPAT)	-1.91	-9.43	1.79	3.81	-3.20	-7.19	1.04	8.03	-0.47	-7.30	2.33
NOPAT Margin	-2.37%	0.00%	2.08%	4.06%	-5.60%	0.00%	1.89%	8.49%	-0.84%	0.00%	3.78%
Net Nonoperating Expense Percent (NNEP)	1.06%	-2.03%	0.49%	1.16%	0.81%	-4.53%	-0.13%	1.22%	2.88%	-315.07%	-0.47%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	0.14%	-	-	-	0.43%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	35.56%	0.00%	0.00%	0.00%	34.09%
SG&A Expenses to Revenue	59.31%	0.00%	59.29%	60.94%	78.67%	0.00%	49.36%	57.29%	80.36%	0.00%	46.85%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	103.39%	0.00%	93.21%	94.20%	107.99%	0.00%	61.74%	90.04%	101.19%	0.00%	61.53%
Earnings before Interest and Taxes (EBIT)	-2.73	-14	6.04	5.44	-4.49	-9.35	1.38	12	-0.67	-9.19	4.53
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.23	-5.39	15	15	5.26	0.47	12	22	9.61	-1.33	12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.93	2.97	3.74	3.67	3.42	2.98	2.91	3.06	2.96	1.90	2.06
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.70	3.45	2.44	2.36	2.36	3.11	3.61	2.03	1.97	3.13	3.27
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	1,339.30	322.46	0.00	6.35	6.76
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.31%	0.00%	15.74%	14.79%
Enterprise Value to Invested Capital (EV/IC)	2.00	1.71	1.86	1.84	1.76	2.38	1.64	1.71	2.44	1.74	1.87
Enterprise Value to Revenue (EV/Rev)	4.03	5.51	3.88	3.76	3.87	5.25	6.05	3.28	3.21	3.49	3.61
Enterprise Value to EBITDA (EV/EBITDA)	48.37	93.39	32.57	25.23	24.71	33.41	36.91	17.68	16.24	16.40	17.16
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	381.11	86.64	94.28	0.00	0.00	41.37	35.80	78.22	63.83
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	441.03	117.59	127.96	0.00	0.00	37.24	0.00	167.09	151.39
Enterprise Value to Operating Cash Flow (EV/OCF)	26.07	23.66	30.41	32.04	34.29	32.02	35.45	36.62	29.15	16.56	18.79
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	11.62	0.00	75.73	5.75	18.34	3.17
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.11	0.98	1.29	1.27	1.28	1.21	1.15	1.10	1.10	0.06	0.06
Long-Term Debt to Equity	1.11	0.98	1.29	1.27	1.28	1.21	0.88	1.02	1.03	0.01	0.01
Financial Leverage	0.91	0.83	1.10	1.15	1.18	0.74	1.20	1.17	0.83	0.14	0.39
Leverage Ratio	2.49	2.38	2.76	2.76	2.74	2.60	2.73	2.66	2.64	1.91	1.89
Compound Leverage Factor	5.92	3.12	0.25	-0.38	6.86	4.47	-10.50	0.89	33.80	3.35	1.61
Debt to Total Capital	52.65%	49.45%	56.28%	56.02%	56.16%	54.73%	53.50%	52.27%	52.42%	5.94%	5.83%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.52%	3.62%	3.61%	4.79%	4.83%
Long-Term Debt to Total Capital	52.65%	49.45%	56.28%	56.02%	56.16%	54.73%	40.98%	48.65%	48.81%	1.15%	1.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	13.75%	14.67%	12.65%	12.65%	12.68%	12.62%	13.02%	13.35%	13.24%	24.75%	25.08%
Common Equity to Total Capital	33.61%	35.88%	31.07%	31.33%	31.16%	32.64%	33.47%	34.38%	34.34%	69.31%	69.09%
Debt to EBITDA	12.93	27.15	9.93	7.72	7.94	11.14	12.09	5.42	5.13	0.67	0.64
Net Debt to EBITDA	12.57	26.84	9.84	7.64	7.84	11.05	11.96	5.37	5.00	-1.11	-1.08
Long-Term Debt to EBITDA	12.93	27.15	9.93	7.72	7.94	11.14	9.26	5.04	4.78	0.13	0.11
Debt to NOPAT	-51.06	-18.58	134.50	35.98	41.13	-158.90	-69.96	11.41	-78.75	6.78	5.60
Net Debt to NOPAT	-49.63	-18.37	133.25	35.62	40.61	-157.65	-69.21	11.32	-76.74	-11.26	-9.54
Long-Term Debt to NOPAT	-51.06	-18.58	134.50	35.98	41.13	-158.90	-53.59	10.62	-73.34	1.32	0.96
Altman Z-Score	1.28	0.94	1.21	1.22	1.13	0.95	0.87	1.32	1.55	2.45	2.68
Noncontrolling Interest Sharing Ratio	29.03%	0.00%	29.05%	28.93%	28.97%	0.00%	28.45%	28.35%	28.35%	0.00%	27.18%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.69	0.75	0.81	0.83	1.00	0.92	0.50	0.81	2.98	0.93	0.94
Quick Ratio	0.50	0.51	0.50	0.56	0.68	0.58	0.40	0.65	0.57	0.87	0.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-116	-128	-125	-117	-108	98	-29	-8.85	214	32	266
Operating Cash Flow to CapEx	139.28%	206.17%	437.10%	217.41%	11.25%	248.22%	452.85%	314.70%	202.27%	458.46%	810.65%
Free Cash Flow to Firm to Interest Expense	-30.84	0.00	-22.82	-18.82	0.00	0.00	0.00	-1.14	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	1.23	0.00	3.31	1.24	0.00	0.00	0.00	1.56	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.35	0.00	2.55	0.67	0.00	0.00	0.00	1.06	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.26	0.40	0.42	0.39	0.27	0.22	0.43	0.43	0.28	0.30
Accounts Receivable Turnover	8.26	4.09	7.14	6.95	6.17	4.36	3.24	6.10	6.87	4.31	3.96
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	52.65	32.45	37.64	38.78	36.76	28.83	17.04	32.48	35.69	24.54	25.27
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	2.16	0.00	0.00	0.00	0.17
Days Sales Outstanding (DSO)	44.18	89.27	51.13	52.54	59.11	83.81	112.70	59.80	53.17	84.75	92.24
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	168.96	0.00	0.00	0.00	2,147.95
Cash Conversion Cycle (CCC)	44.18	89.27	51.13	52.54	59.11	83.81	-56.27	59.80	53.17	84.75	-2,055.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	604	605	690	705	709	500	721	722	494	461	457
Invested Capital Turnover	0.55	0.34	0.53	0.54	0.49	0.41	0.28	0.53	0.62	0.48	0.40
Increase / (Decrease) in Invested Capital	114	119	127	120	104	-105	30	17	-215	-39	-264
Enterprise Value (EV)	1,208	1,035	1,281	1,298	1,247	1,190	1,184	1,237	1,207	802	855
Market Capitalization	810	649	806	815	761	705	706	764	739	720	773
Book Value per Share	$6.37	$6.74	$6.51	$6.68	$6.68	$7.10	$10.43	$7.47	$7.46	$11.24	$11.18
Tangible Book Value per Share	($12.36)	($11.84)	($14.35)	($14.49)	($14.32)	($7.57)	($19.58)	($13.30)	($6.88)	($3.62)	($3.65)
Total Capital	613	609	694	709	714	725	725	725	727	548	543
Total Debt	323	301	391	397	401	397	388	379	381	33	32
Total Long-Term Debt	323	301	391	397	401	397	297	353	355	6.32	5.42
Net Debt	314	298	387	393	396	394	384	376	371	-54	-54
Capital Expenditures (CapEx)	3.32	3.84	4.16	3.54	4.32	4.35	3.18	3.84	4.01	3.30	1.42
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-41	-31	-26	-23	-5.35	-11	-3.80	2.14	221	-72	-70
Debt-free Net Working Capital (DFNWC)	-32	-27	-22	-19	-0.31	-7.92	0.36	5.28	231	15	16
Net Working Capital (NWC)	-32	-27	-22	-19	-0.31	-7.92	-90	-21	205	-11	-10
Net Nonoperating Expense (NNE)	2.78	-5.02	1.62	4.00	2.87	-11	-0.50	4.68	7.83	-186	-0.78
Net Nonoperating Obligations (NNO)	314	298	387	393	396	172	384	376	148	-54	-54
Total Depreciation and Amortization (D&A)	8.97	9.08	9.04	9.38	9.74	9.81	10	10	10	7.86	7.96
Debt-free, Cash-free Net Working Capital to Revenue	-13.84%	-16.48%	-7.79%	-6.60%	-1.66%	-4.86%	-1.94%	0.57%	58.89%	-31.17%	-29.45%
Debt-free Net Working Capital to Revenue	-10.82%	-14.62%	-6.70%	-5.45%	-0.10%	-3.49%	0.18%	1.40%	61.49%	6.47%	6.72%
Net Working Capital to Revenue	-10.82%	-14.62%	-6.70%	-5.45%	-0.10%	-3.49%	-46.19%	-5.56%	54.51%	-4.93%	-4.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.17)	$0.00	($0.01)	$0.00	($0.22)	$0.00	$0.05	$0.08	($0.32)	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	22.23M	44.50M	23.00M	23.14M	23.18M	46.28M	23.27M	23.33M	23.42M	46.84M	23.55M
Adjusted Diluted Earnings per Share	($0.17)	$0.00	($0.01)	$0.00	($0.22)	$0.00	$0.04	$0.08	($0.32)	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	22.23M	55.35M	23.00M	34.27M	23.18M	57.11M	33.83M	23.72M	57.13M	57.30M	34.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	32.38M	33.12M	33.23M	33.28M	33.34M	33.37M	33.37M	33.47M	33.79M	33.54M	33.07M
Normalized Net Operating Profit after Tax (NOPAT)	3.87	-9.43	5.10	5.41	-3.20	-7.19	1.04	7.78	-0.47	-7.30	2.33
Normalized NOPAT Margin	4.80%	0.00%	5.92%	5.76%	-5.60%	0.00%	1.89%	8.23%	-0.84%	0.00%	3.78%
Pre Tax Income Margin	-8.07%	0.00%	0.64%	-0.80%	-19.58%	0.00%	-9.64%	4.15%	-15.30%	0.00%	6.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.73	0.00	1.10	0.88	0.00	0.00	0.00	1.51	0.00	0.00	0.00
NOPAT to Interest Expense	-0.51	0.00	0.33	0.61	0.00	0.00	0.00	1.04	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-1.61	0.00	0.34	0.31	0.00	0.00	0.00	1.01	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-1.39	0.00	-0.43	0.04	0.00	0.00	0.00	0.54	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-12.06%	0.00%	0.00%	0.62%	0.53%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-21.32%	24.48%	1,577.14%	0.94%	7.11%

Frequently Asked Questions About i3 Verticals' Financials

When does i3 Verticals's financial year end?

According to the most recent income statement we have on file, i3 Verticals' fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has i3 Verticals' net income changed over the last 8 years?

i3 Verticals' net income appears to be on an upward trend, with a most recent value of $175.13 million in 2024, falling from -$2.09 million in 2016. The previous period was -$2.65 million in 2023.

What is i3 Verticals's operating income?

i3 Verticals's total operating income in 2024 was $6.85 million, based on the following breakdown:

Total Gross Profit: $229.92 million
Total Operating Expenses: $223.07 million

How has i3 Verticals revenue changed over the last 8 years?

Over the last 8 years, i3 Verticals' total revenue changed from $199.64 million in 2016 to $229.92 million in 2024, a change of 15.2%.

How much debt does i3 Verticals have?

i3 Verticals' total liabilities were at $215.32 million at the end of 2024, a 61.3% decrease from 2023, and a 66.8% increase since 2017.

How much cash does i3 Verticals have?

In the past 7 years, i3 Verticals' cash and equivalents has ranged from $572 thousand in 2018 to $86.54 million in 2024, and is currently $86.54 million as of their latest financial filing in 2024.

How has i3 Verticals' book value per share changed over the last 8 years?

Over the last 8 years, i3 Verticals' book value per share changed from 0.00 in 2016 to 11.24 in 2024, a change of 1,123.9%.

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This page (NASDAQ:IIIV) was last updated on 4/19/2025 by MarketBeat.com Staff

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i3 Verticals (IIIV) Financials

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i3 Verticals (IIIV) Financials

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