i3 Verticals Inc
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 9, 2024
IIIV$19.32+0.1%Stored close · as of Nov 10, 2026
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)
| Nine months ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(3,414) | $(6,101) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 29,865 | 26,849 |
| Equity-based compensation | 17,387 | 20,846 |
| Amortization of debt issuance costs | 897 | 1,312 |
| Gain on repurchase of exchangeable notes | (2,397) | — |
| Loss on sale of exchangeable senior note hedges | 245 | — |
| Gain on repurchases of warrants | (105) | — |
| Provision for deferred income taxes | 4,078 | 1,860 |
| Non-cash lease expense | 3,534 | 3,464 |
| Changes in non-cash contingent consideration expense from original estimate | (545) | 9,905 |
| Other non-cash adjustments to net income | 793 | 946 |
| Changes in operating assets: | ||
| Accounts receivable | 7,574 | 2,961 |
| Prepaid expenses and other current assets | (1,398) | (200) |
| Other assets | (1,076) | (980) |
| Changes in operating liabilities: | ||
| Accounts payable | (415) | (1,111) |
| Accrued expenses and other current liabilities | (6,718) | (1,548) |
| Acquisition escrow obligations | (1,820) | (8,370) |
| Deferred revenue | (3,141) | (9,319) |
| Operating lease liabilities | (3,510) | (3,339) |
| Other long-term liabilities | (2) | 2 |
| Contingent consideration paid in excess of original estimates | (6,566) | (10,807) |
| Net cash provided by operating activities | 33,266 | 26,370 |
| Cash flows from investing activities: | ||
| Expenditures for property and equipment | (2,434) | (3,110) |
| Proceeds from sale of property and equipment | 618 | — |
| Expenditures for capitalized software | (9,223) | (8,914) |
| Purchases of merchant portfolios and residual buyouts | (4,585) | (462) |
| Acquisitions of businesses, net of cash and restricted cash acquired | (1,100) | (101,997) |
| Payments for other investing activities | (39) | (1,227) |
| Proceeds from other investing activities | 8 | 295 |
| Net cash used in investing activities | (16,755) | (115,415) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
(In thousands)
| Nine months ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from financing activities: | ||
| Proceeds from revolving credit facility | 296,043 | 310,436 |
| Payments on revolving credit facility | (217,149) | (222,055) |
| Payments for repurchase of exchangeable notes | (87,840) | — |
| Proceeds from sale of exchangeable senior note hedges | 1,238 | — |
| Payments for repurchases of warrants | (552) | — |
| Payments of debt issuance costs | (906) | (694) |
| Net (payments for) proceeds from settlement obligations(1) | (3,518) | 3,253 |
| Cash paid for contingent consideration | (760) | (4,835) |
| Payments for required distributions to members for tax obligations | (1,117) | — |
| Proceeds from stock option exercises | 25 | 154 |
| Payments for employee's tax withholdings from net settled stock option exercises and RSU releases | (679) | (777) |
| Net cash (used in) provided by financing activities | (15,215) | 85,482 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 1,296 | (3,563) |
| Cash, cash equivalents and restricted cash at beginning of period | 12,400 | 23,765 |
| Cash, cash equivalents and restricted cash at end of period | $13,696 | $20,202 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $21,773 | $14,488 |
| Cash paid for income taxes | $6,984 | $1,931 |
- Refer to Note 3 for discussion of the change in the current period presentation.
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 |
| June 30, | ||
| 2024 | 2023 | |
| Ending balance | ||
| Cash and cash equivalents | $9,745 | $5,043 |
| Settlement assets | 1,355 | 10,793 |
| Restricted cash | 2,596 | 4,366 |
| Total cash, cash equivalents, and restricted cash | $13,696 | $20,202 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.