i3 Verticals Inc
For the period ended Dec 31, 2023. Filed Feb 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
| Three months ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from operating activities: | ||
| Net income | $1,536 | $169 |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 9,739 | 8,676 |
| Equity-based compensation | 6,508 | 6,846 |
| Amortization of debt discount and issuance costs | 414 | 361 |
| Provision for income taxes | 182 | 355 |
| Non-cash lease expense | 1,184 | 1,063 |
| Changes in non-cash contingent consideration expense from original estimate | (237) | 1,443 |
| Other non-cash adjustments to net income | 513 | 502 |
| Changes in operating assets: | ||
| Accounts receivable | (5,321) | 8,868 |
| Prepaid expenses and other current assets | (1,773) | (3,312) |
| Other assets | 6,642 | (313) |
| Changes in operating liabilities: | ||
| Accounts payable | (1,725) | (947) |
| Accrued expenses and other current liabilities | (534) | (3,962) |
| Acquisition escrow obligations | (1,009) | (3,791) |
| Settlement obligations | (1,355) | 4,246 |
| Deferred revenue | 4,093 | 2,249 |
| Operating lease liabilities | (1,212) | (1,064) |
| Other long-term liabilities | (2,677) | 2 |
| Contingent consideration paid in excess of original estimates | (1,918) | (3,212) |
| Net cash provided by operating activities | 13,050 | 18,179 |
| Cash flows from investing activities: | ||
| Expenditures for property and equipment | (699) | (1,438) |
| Proceeds from sale of property and equipment | 618 | — |
| Expenditures for capitalized software | (3,100) | (2,721) |
| Purchases of merchant portfolios and residual buyouts | (2,883) | (275) |
| Acquisitions of businesses, net of cash and restricted cash acquired | (1,100) | (89,497) |
| Payments for other investing activities | (11) | (802) |
| Proceeds from other investing activities | 4 | 203 |
| Net cash used in investing activities | (7,171) | (94,530) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
(In thousands)
| Three months ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from financing activities: | ||
| Proceeds from revolving credit facility | 64,694 | 157,004 |
| Payments on revolving credit facility | (71,661) | (79,025) |
| Proceeds from sale of exchangeable senior note hedges | 250 | — |
| Payments for repurchases of warrants | (119) | — |
| Payments of debt issuance costs | — | (87) |
| Cash paid for contingent consideration | — | (1,000) |
| Payments for required distributions to members for tax obligations | (155) | — |
| Proceeds from stock option exercises | — | 54 |
| Payments for employee's tax withholdings from net settled stock option exercises and RSU releases | (204) | (21) |
| Net cash (used in) provided by financing activities | (7,195) | 76,925 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (1,316) | 574 |
| Cash, cash equivalents and restricted cash at beginning of period | 12,400 | 23,765 |
| Cash, cash equivalents and restricted cash at end of period | $11,084 | $24,339 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $6,189 | $4,279 |
| Cash paid for income taxes | $388 | $172 |
The following tables provide reconciliations of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to that shown in the condensed consolidated statements of cash flows:
| September 30, | ||
|---|---|---|
| 2023 | 2022 | |
| Beginning balance | ||
| Cash and cash equivalents | $3,112 | $3,490 |
| Settlement assets | 4,873 | 7,540 |
| Restricted cash | 4,415 | 12,735 |
| Total cash, cash equivalents, and restricted cash | $12,400 | $23,765 |
| December 31, | ||
| 2023 | 2022 | |
| Ending balance | ||
| Cash and cash equivalents | $4,159 | $3,609 |
| Settlement assets | 3,518 | 11,786 |
| Restricted cash | 3,407 | 8,944 |
| Total cash, cash equivalents, and restricted cash | $11,084 | $24,339 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.