Quarterly Information (Tables)

12 Months Ended

Sep. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

The tables below present summarized unaudited quarterly results of operations for the years ended September 30, 2019 and 2018. Management believes that all necessary adjustments have been included in the amounts stated below for a fair presentation of the results of operations for the periods presented when read in conjunction with the consolidated financial statements for the years ended September 30, 2019 and 2018. Results of operations for a particular quarter are not necessarily indicative of results of operations for an annual period and are not predictive of future periods.


	Quarter ended
	December 31,		March 31,		June 30,		September 30,
Fiscal Year 2018:
Revenue	$	77,221	$	77,698	$	84,536	$	84,053
Income from operations	$	3,347	$	2,596	$	2,923	$	3,495
(Loss) income before income taxes	$	(721)	$	(6,586)	$	37	$	2,646
Net (loss) income attributable to i3 Verticals, Inc.⁽¹⁾	$	(332)	$	(6,836)	$	(564)	$	834
Basic (loss) earnings per share attributable to i3 Verticals, Inc.⁽²⁾⁽³⁾					$	(0.01)	$	0.09
Diluted (loss) earnings per share attributable to i3 Verticals, Inc.⁽²⁾⁽⁴⁾					$	(0.01)	$	0.09
Fiscal Year 2019:
Revenue	$	84,868	$	85,394	$	97,483	$	108,562
Income (loss) from operations	$	3,530	$	(203)	$	1,194	$	1,869
Income (loss) before income taxes	$	2,616	$	(1,358)	$	(724)	$	(148)
Net income (loss) attributable to i3 Verticals, Inc.	$	178	$	(1,102)	$	(1,191)	$	(930)
Basic earnings (loss) per share attributable to i3 Verticals, Inc.⁽³⁾	$	0.02	$	(0.12)	$	(0.12)	$	(0.07)
Diluted earnings (loss) per share attributable to i3 Verticals, Inc.⁽⁵⁾	$	0.02	$	(0.12)	$	(0.12)	$	(0.07)

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1.Represents net loss of i3 Verticals, LLC for the periods prior to the Company's Reorganization Transactions.

2.Basic and diluted (loss) earnings per Class A common stock is presented only for the period after the Company’s Reorganization Transactions. As such, net loss used in the calculation for the quarter ended June 30, 2018 represents the loss for the period from June 25 through June 30, 2018.

3.Basic (loss) earnings per share excludes 279,273 and 299,412 restricted Class A common units from the calculation for the quarters ended June 30, 2018, and September 20, 2018, respectively, and 295,405, 277,758, 285,433 and 271,881 restricted Class A common stock units from the calculation for the quarters ended December 31, 2018, March 31, 2019, June 30, 2019, and September 30, 2019, respectively.

4.For the quarters ended June 30, 2018, and September 30, 2018, the following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted earnings per share of Class A common stock:

a.17,213,806 shares of weighted average Class B common stock for the quarters ended June 30, 2018 and September 30, 2018, along with the reallocation of net income assuming conversion of these shares, were excluded from the calculation of diluted earnings per share of Class A common stock because the effect would have been anti-dilutive, and

b.377,537 and 565,840 shares for the quarters ended June 30, 2018, and September 30, 2018, respectively, resulting from estimated stock option exercises as calculated by the treasury stock method, and 279,273 and 299,412 restricted Class A common units for the quarters ended June 30, 2018, and September 30, 2018, respectively, were excluded because the effect of including them would have been anti-dilutive.

5.For the quarters ended December 31, 2018, and March 31, June 30, and September 30, 2019, the following securities were excluded from the weighted average effect of dilutive securities in the computation of diluted earnings per share of Class A common stock:

a.17,213,806, 17,112,164, 16,184,026 and 12,921,637 shares of weighted average Class B common stock for the quarters ended December 31, 2018, and March 31, June 30, and September 30, 2019, respectively, along with the reallocation of net income assuming conversion of these shares, were excluded from the calculation of diluted earnings per share of Class A common stock because the effect would have been anti-dilutive,

b.754,750, 30,500, 443,000 and 446,000 stock options for the quarters ended December 31, 2018, and March 31, June 30, and September 30, 2019, respectively, were excluded because the exercise price of these stock options exceeded the average market price of our Class A common stock during the period (“out-of-the-money”) and the effect of including them would have been anti-dilutive, and

c.1,012,916, 1,188,987 and 1,131,760 shares for the quarters ended March 31, June 30, and September 30, 2019, respectively, resulting from estimated stock option exercises as calculated by the treasury stock method, and 277,758, 285,433 and 271,881 restricted Class A common units for the quarters ended March 31, June 30, and September 30, 2019, respectively, were excluded because the effect of including them would have been anti-dilutive.