IIIV - Earnings call transcript Q3 2024

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Operator

Good day, everyone, and welcome to the i3 Verticals Third Quarter 2024 Earnings Conference Call. Today's call is being recorded, and a replay will be available starting today through August 16. The number for the replay is (877) 344-7529 and the access code is 2697756. The replay may also be accessed for 30 days at the company's website.

opening to like Finance. Geoff for conference turn time, over call Smith, this remarks, to I'd the At SVP of go ahead, Please sir.

Geoffrey Smith

call welcome quarter and the for conference morning, iX Good Verticals. to XXXX third

Clay our this on our Daily, and Rick are Joining Whitson, Paul me CFO; Christians, call our and our Greg Chairman CEO; CRO. President; Stanford,

information to provide information enhance non-GAAP reviewing each but to the financial consolidated its yesterday's financial GAAP will considered of also you be information. extent financial individual financial today's in to non-GAAP instead call, GAAP understanding is It addition to, GAAP not any of To This release. in comparable by financial a earnings non-GAAP the the reconciliation the should statements. discussed measure directly financial by measures is intent most find company's

conference of meaning XXXX, the within performance. and may the Act contain statements, operating Private company's among This forward-looking of statements Reform regarding others, financial including Litigation the call expected Securities

For during facts this this statements may forward-looking be be purpose, historical not are statements. to any of call deemed that statements made

that that hereby furnished the others, the forward-looking these may results set those SEC. in earnings actual from in discussed -- our statements may these cautioned the or statements. be factors, affected forth are You company's and operations and release among are forward-looking filed by reports important are Consequently, to differ materially

date, and as undertakes Finally, the company may today's law. under information shared is the required applicable of on this obligation as it, be to call no update except valid

Daily. over CEO, to now the call company's Greg I will and turn the Chairman

Gregory Daily

you on all and Geoff, call. the of Thanks, morning to good

excited share morning. you this days, at and on We have with going a iX to we're in lot these

potential latest businesses unrealized fit [indiscernible] to what that team. founder-led we cross-sell integrate, acquire, is and announce Public revenue will perfect deal software a do, Sector within transactional acquisition. it best-of-class elaborate First, vertical with product, that a is the a fantastic and pleasure Rick my opportunities, is market this our

has multiple year ways. been challenging XXXX in

a divestiture, Our the from the realignment, sources such our Merchant sale with professional licenses. and business as of software has weaker-than-expected revenue coincided Services services

We have push deals had out.

investments set believe in for we reaping stage which for stronger a yet have We we the year much significant products and made the rewards. are XXXX. have We opportunities not fiscal

visibility high us the we single-digit sales our our Our of guidance products long-term coming execution. growth funnel of focus, That have growth. market in and organic to our confidence give internal is

the call discuss you the will the we'll turn now over Rick on he'll performance. questions. detail our add I'll commentary which business. more on financial finished, finally, for Clay, open And Paul provide When call he's up will Then to revenue.

Clay Whitson

presentation pertains slide is The which -- following the following the XXXX. fiscal of Please Information titled our reference XX, this our on to refer Supplemental Thanks, The website for to year quarter third quarter Greg. June ended with XXXX, the discussion.

This announced expected portion RemainCo, The the of call to results classified reporting we closed. section. we which not is the and business, will company Merchant our but the following Services have pertain continuing a yet sale also quarterly as discontinued operations. of have operations, transitional sale, period for Due to our outlook have as we that

-- Nonrecurring software by the SaaS. revenues ongoing declined fiscal software grew from declined grew X%. of approximately revenues expected, by $XX while for growth X% transaction-based sales sources. the X%, million declines recurring shift $X $XX.X reflecting reflecting 'XX as offset of million third for licenses in to SaaS sources, QX organic to Revenues quarter million 'XX, from QX and payments nonrecurring

XX% implementation million the sources. $XXX.X the with X% strike. of recurring declined quarter QX $XXX.X million continued 'XX. compared in from delay Manitoba caused our in services come million, by by revenues to 'XX a for Over ARR principally to to of Professional $X.X workers revenues public the Celtic's result for increased QX

related and QX, other XX% with payments for X%. revenues and of XX% represented Software total services

a onetime falls XX% XX% the 'XX. million realignment the quarterly quarter This XX.X% software expenses principally declined revenues to as QX EBITDA declined bottom the by was they of line $XX.X calls. less in for on in license $XX.X Adjusted land. 'XX, resulting which sales, previous percentage from from million decline million corporate for QX QX 'XX offset to reflecting partially EBITDA Adjusted internal from $X for to lower discussed

provided fiscal XXXX on nearest of fiscal in reconciliations operations information our from for view our the revenue continuing a supplemental website, and including number. adjusted the previous and have of to We XXXX quarters EBITDA the GAAP

adjusted discontinued operations, diluted and 'XX. to press excludes Again, share expense interest continuing was number for operations please forma earnings QX but a from refer This the per description $X.XX. for reconciliation. Pro consolidated release of full includes $X.XX

positioned Our quarter were 'XX. net well under balance sheet revolver for At and remains cash of strong end, the million. $XXX.X borrowings

constraint credit. revolving is our under current The X.Xx. $XXX was ratio leverage Xx consolidated Our million

On and in August acquired we provide company of million will A growth vehicle a stock. existing plus shares Sector common the $XX acquisition This well Public and businesses X, future. fit for for permitting in our Class licensing the XXX,XXX a cash, with

The corporate high acquisition a similar RemainCo a existing overhead. margin our of profile excluding above-average business, paid We at our multiple range has due as the end to EBITDA growth.

we capacity down Merchant the our company of plenty existing services of for vertical will Following in our Services verticals. leaving us business, of and facility, anticipated all credit pure-play a revolving software to be our expansion plan and sale pay

EBITDA operations guide diluted adjusted currently This year, the I Merchant include for the have year time guidance for periods outlook or give do we cannot The sale. 'XX for I been and until expense interest fiscal continuing 'XX. announced continuing outlook that is We not our 'XX. closing anticipated know then year cannot year pro determine transitionary because fiscal date we outline forma will business costs. acquisitions fiscal a Outlook. operations not for transaction-related both will EPS so for adjusted first revenues for from

revised adjusted $XXX $XXX revenues, year to million; million. follows: million fiscal $XX 'XX, outlook EBITDA, to million For $XX our

year XX margin XXX basis to to revenue points growth expect fiscal continue of annual We 'XX. single-digit per beginning high year with in organic improvement EBITDA

Some drag. continued of tailwinds to cadence, momentum Manitoba the the market becoming utilities less short-term and that a include have transition in the project returning identified a we SaaS normal

The will Education the also lap business during which the certain of for introduction lunch, XXXX. subsidies season began in state back-to-school

basis not to of anticipated have that expect or the acquisitions our the a in sale Merchant following outlook, do business. While yet acquisitions not included closed resume regular on we

million outlook cash million interest to EBITDA, appreciation amortization, diluted million; $X.XX million; EPS, to For fiscal pro $XX expense, revised adjusted follows: year forma revenues, million 'XX, and to to $X million; million $X $XX $XX.X developed $XXX software $XX million; our to $X.XX. $XXX adjusted internally

Rick updates I and for will the call turn pipeline. to M&A now the company over

Rick Stanford

Good you, Thank everyone. Clay. morning,

after Before we begin I Services June announced wanted in of purchase Merchant my executed to our agreement. the sale business I share that remarks, a quick a update we on

in We fourth are closing that working a transaction, towards our and fiscal anticipate still quarter. closing we

stated, this offers those benefits and transaction to divestiture we the important order closes. us, benefits strategic in we transaction once As have short anticipate realizing

group. by next-generation investment further verticals, focus on enterprise toward enhance for This help As configurable, ongoing that an leader product in our we to intend specific drive adding software will us a web-native we applications. our leader team our progress

life. determine strategy to vision. vision, be commercialization and a strategy individual product He base, for bringing a communicating will will new also varied this broad help she This our road and for on services map products delivering of research-led innovation, the set or responsible product while defining tailored and for customer to and driving focusing

on I and wanted to latest in vertical. specializes solutions agencies The for support the announced and touch fits Boards, X, commissions Public deal license it on Southwestern briefly types acquisition closed able over states today. permitting our that we XXX nicely today headquarters licensing on with The in its August is company operates in The night. our regulatory and to last XX U.S. company and Sector

Upgrading opportunities, presence and the which Public the core of our market, attractive in to the massive competency of cross-sell a for footprint market the opportunities our and offering our business. of licensing through significant Sector are ample size existing transactional revenue permitting is because

boards. the that occupations, United the the X,XXX provide services to These there regulate over professions In need to state-level ensuring licensing standards and boards States, required practitioners public. are various

its state level the boards care, that health of engineering, names. as professions others. local Each market another many set legal, state such large Below oversee and is of own accounting, have has real similar who estate governments

of both in company The available sales pipeline in and industry a boasts a a sells opportunities and direct reseller wide across the model. strong cross-section the

multiple so of a this unconstrained. combination of completed stock the within deal standard attractive deal of our and cash is they other One that with was geographically facets range. are This is that

our general, pipeline acquisition in be M&A, to continues strong. Regarding

in share a to return maintain to and meet to the We respective our objectives continue hope the markets. on more our details However, augment in we also the to able acquisitions discipline near front future. offerings M&A ensure our strong be

turn now the on additional Paul business. the over for call I'll comments to

Paul Christians

you, software clients proprietary through public delivering software. and streamlining accessible the by sector with and solutions. a vertical markets in iX Thank dynamic health Rick. their our is serve software offerings empowers communities processes Verticals secure strategic company our care to iX better

The market with responding resonate history flexible both existing. positively and deep is new market to domain and expertise, that our clients, solution

remarks. by coalesce Rick as each to around detailed vertical to our continues M&A augment Additionally, product his offerings in

top X a major of health one our payers, use expanding win QX States' XXXX, of the secured care X,XXX Healthcare to United with platform the vertical users globally. over the

of service these we multiple extending X-figure also platform addition, on secured new focusing organizations. engagements departments In into our within the value

our with and customer opportunities customers, Robust include software bill electronic cross-selling additional which solutions records, of the across offerings, breadth acquire health presentment. portals

expansion in management accounts medical experiencing and over mid-market pleased continued our we experience academic clients, cycle to offerings services an with also the service last are revenue quarter. uptick our are Our onboarding institution new among

our to client customer existing established with -- expand base established continues our our in markets base. customer with Education our geographical and footprint

are new recently In broad integrated experiencing Texas, SaaS Carolina we of opened addition, have fully territories, and our adoption where solutions. North X we

segments: more experiencing under ePortal up in our played J.D. Power measurement key utility of and or software top our Public leading and JusticeTech. customers well utilities, has ERP, by suite. organizations. solution have management. X of This in satisfaction as SaaS a currently We adoption is million broad The more resource helping of customer utility subvertical role is a made Sector as electronic recognized than customer customers planning, engagement, transportation, utility rankings XX% research X than other achieve segment

across the services is access designed user-friendly a first Verticals customers that approach, utility can or tablet portal's ePortal for mobile whether using their effortlessly, with Built they are seamless all devices. smartphone, manage The computer. iX ensures interface

prominent Verticals which successfully months. utility just states, customers X this water year iX A notable serving X includes implemented across within achievement a million X over portal

also for are the offer installing a system we addition to predominant a for designed process this technology, capabilities, software, in our customer utility In transportation utility minimizing costly latest configuration building the provider. digital need engagement multistate system state-of-the-art to customizations. gas of the Leveraging exceptional is

The and new foundation ensure It as a scalability, SaaS-based and also solution, model streamlines hosted on operations, security. laying solutions. core the future architectural which top-tier AWS, for is reliability

a than follows XXX,XXX meters, we our successfully product software also on utility systems are clients hosted On billing evolution which customer deploying also SaaS similar less focused note, on our AWS upgraded model. information with

states with are to transportation, spectrum motor our license services. modernize vehicle solutions, as the looking that we interest seeing spans across increased and carrier, strong In demand driver's motor are

Manitoba. Carolina recently in have and Florida, in installations South X successful deployed with and We X solutions Phase

to consists Sector's next-generation management, several with of and capital cloud regulatory Public suite with management, ERP compliance all demand software standards. payment is records property the consistent, integrated administration, official tax, meet processing seamlessly also ERP unit, products interfaces. In appraisal, financial business our refreshed our and configurability and being human

e-filing management line. subvertical broadest Safety encompasses iX JusticeTech's and solutions, JusticeTech management safety, and at vertical our court represents our The solutions. deepest public Public document product

developing are iX solution, our configurable our management solutions. we highly X.X web-native, JusticeTech as technology court we addition, In evolve to

activity Sales continue on grow with ARR expanded and demand to an model. generation a focus

have opened opportunities not additional historically in in recently focus. increased been have seeing we as a markets as municipal adoption that local core share are the well markets We

for about I to verticals marketing our also product, vertical market segment, sales, highly has speak delivery. Each would leadership quickly or staff segment as service seasoned structure. vertical dedicated and well like within leadership as

and is augmented marketing, continuity The legal ensures finance, sales spectrum. our expertise development, by product This teams. entire HR across domain and staff of further corporate the fulfillment

for call concludes we comments, This At Q&A, the Jamie. time, my open this please. will

Operator

[Operator John Instructions] question from first today Davis our Raymond James. And comes from

John Davis

this wanted EBITDA for just touch I year. to next on outlook year both and

RemainCo. for slightly I will at if midpoint, think look year-over-year we EBITDA be the down

look headwind you us gets $X next my give like organic You headwinds. of back to several minus to called of on math, that organic XX% some million growth kind this year out headwinds, comfort XX% By different if growth could million $X year. EBITDA you

the are us headwinds color called the any called in out is million But Or to you it million? $X out you $X say fair XXXX? size kind in to different other of helping headwinds

Clay Whitson

I'll a give this is $X Education a a $X $X a million little And more is was year. -- than is year. million million a headwind Manitoba that. transition $X The headwind. headwind SaaS this million or

I So million headwind not $XX year. repeat should get year, which this a next

John Davis

about high-margin I And EBITDA. Right. Clay, business, talking would that's I assume as was

So though, revenue think of to [ XX very that $XX margin. this EBITDA said year, [ license is XX we look the million, at going if the high ] ] I you

So the I'm just looking guide. at EBITDA

would you revs, million $XX growth a for number reasonable to that maybe fiscal back So 'XX. EBITDA a get statement? XX% a if XX% margin, Is that take that you of kind of

Clay Whitson

Yes. my numbers Yes, were numbers. -- I revenue was correct.

John Davis

helpful. No, higher growth. talked then, of that growth the new either or And -- acquisition, end or and forget that's of about Okay. multiple range you Clay the better Rick, for one you, high Rick I said

to August -- just of growth on deal the closed more elaborate a want X. I bit the little August the So profile

Clay Whitson

in We win ability expect that fiscal digit. double 'XX. to double-digit some contracts. been company growth comfortably larger recent have They In years, the it's from year

can rates any those bump so And given growth year. in

John Davis

been And 'XX to you Clay, running the for XXX margin then think have XX helpful. points. expansion I That's closer about one Okay. to last Historically, the me. guide guys basis XXX. in for is implied

that of point? should call think and this It about it expected maybe what's basis term, in out next driving? revenue at 'XX to year? high-margin acquisition pushed points Is we it, the coming XX Is Is some got is similar that like that longer And that beyond? XXX sounds still then fair margins.

Clay Whitson

are and highest -- Well, not and might the license be and Revenues expenses while the margin, better a is growing year 'XX. the order at we're X%. that midpoint in software in sales expecting -- on growing X.X% of

-- to quarters. that's effects leading and about internal leftover that that's realignment previous talked So some of we've in the

Operator

question Our VanVliet from BTIG. Matt next from comes

Matthew VanVliet

you overlap of there? guess, do selling I some announced, much just have look acquisition at guess, of I appropriate markets buyers how you into the these the when kind in

the any, those build payments frame through And better will that also then take product? you mentioned platform. to What, if it the ability monetize to time integrations into

Paul Christians

similar Matt, be There product -- is -- would is attention Paul. have is that a this need we needing refined. to

begun this that so we and And will be in our have our we new. arena, benchmark product -- our historic to transition planning to will

process The cost we as well And new to and product for is are acquisition in an iX structures new expanded under more the the base. favorable. marketing offering support the as as other that appreciably customer activity speak mechanisms

Rick Stanford

has add close. deals. that prior our with I'll several and that Sector been quoted Public to together And to exchanged this acquisition and say And group several deals existing we've on working

the traction, get to by expect way. we So

Matthew VanVliet

look made? Okay. a -- of still the higher end little that the mentioned the something typical pipeline, there kind platform, next of M&A coming maybe at, the you're deal high higher the of replatformed going years? Very this or deals some through at higher a you more helpful. now expect range should ready range, kind just in with think bigger to look of products Or of end targets Is margin either you've the the And in potential to of line if that we couple reason broad at other sort modernized sort of that, is growth, have your at you above of then came in, or any as a range. you

Clay Whitson

we're XX% higher is history quoting. that it XXX% growing our have, If plus, something higher deserves we if a it obviously, But a something ranges multiple. is multiple. These SaaS, deserves

I they're really rules, companies remain history. range, warrant would they not strict So that we would flexible following but them. but normal have in guess our characteristics are just if

Operator

Stephens. Nabhan Charles from comes question next Our from

Charles Nabhan

the confirm your a comments. get of math understanding the impact and to wanted based around I more acquisition color little on my and

would end you that EBITDA. You line of something margin in more which, had million with guess, a the than said $X I'm a that And revenue about standpoint. a about X-ish to correctly, it's if top assuming book, I gets imply from thinking in range, your the little

about a is And to that 'XX that that, confirm of Is thinking included of sort fair the way wanted it? year fiscal well. as also in guide

Clay Whitson

Yes, guide. reasonable a is that's Chuck. it approach, the And included in

Charles Nabhan

Got it.

to So would -- that X% in about about get roughly should you the that organic I being the think to I'm guess, range, guess, we X% correctly. that if case, thinking I

guidance, about know of year? fiscal would acceleration Or not the should it follow-up the we any be year, a quarterly as but through we do my as guess, you're respect 'XX? step-up think the cadence with about move any year as I point anticipate to gradual giving guide, disproportionate you through we think the I sort at in

Clay Whitson

our Back-to-school seasonality QX, at our best quarter I September as is the is history strongest quarter. during look would guide. quarter. a that always

very then usually a our is Our but organic And of weakest payment basis now, less an factor on calendar QX it's in the which flat QX. is fourth with quarter. processing, the

as 'XX. that. just best I onetime than history year So 'XX. million software to It's at in the would were prior $XX.X $XX don't sales guide -- $X look million, for much We million the in have less be

that's a prior it less So of than was distortion in years.

Charles Nabhan

Got it.

of follow-up, consistent business a as competitors your well a a a sounds ago. a had question. is of weeks few demand which high-level pretty from standpoint, things like and trending Okay. from a one sort comments It I And are with

catalyst. talked they out about there some providing to well. that underlying I around know any I cybersecurity some additional helpful. thoughts are underlying concerns of on just as get environment tailwind your that the and the the But thoughts would funds demand still a a know there's as tailwinds wanted I demand. to federal tailwinds be

Paul Christians

cyber it resources agree concern, impact people all live they have is we can make there. Well, sure to systems, also the a of that it as additional taking in are coordinate takes to throughput the get you and and longer

to our going perspective, bills -- given in focused demand public. every durable general month, given not a that a utilities From they're paid orientation with markets really the have fairly and Utility heavy down. we're we're and on, be

experience. So gives that degree not a necessarily us -- we others protection that nice our that mix may for of don't

system And generally, capability demand less from really and a demand. customer seeing not things, of we're

activities with have to our needing customers are modernize on but their RFP engagement customers that also are do and spectrum Our the services. up, to trying of software up, also constraints entire across

we're more So process. it on transitions the to expanding facilitate the easier our them for positions seamless software enhance for data configurability make and transitions also make and in to ability their

Operator

next James Stanley. Faucette Our question comes Morgan from from

Unknown Analyst

a I'm wondering solely what software-focused software if looking that now of asking on in I James. question was the environment a company, any there. changes you're there's competitive behalf the is like space

your And do now differentiator with secondly, peers think you what then versus this like new key realignment? is

Paul Christians

it It's then with been. the integrated focused heavily Software of We monetization on downstream that payments. relatively to what were has consistent and

that So changed. hasn't

our verticals our to uncertainty our continuity across and of more of into subverticals and ensure alignments Our responsive spectrum. has execution and allowed us be delivery

do and culturally key very do business that's us. something, when that's live. is well I in our of we we as it one important think to And we a that that it differentiators the get execute piece critical on sell

Operator

Markets. Alex Markgraff Capital from comes question KeyBanc next from Our

Alexander Markgraff

Just for Paul one for me Clay. and/or

on growth the is around represent that of on opportunity thoughts in sort annual what curious an growth terms get and to cross-sell of of contribution. what sort basis Just could your

Paul Christians

UPO several position organizationally then steps I'll refine we're to each our that offering one. expand we're have been a that I'll in our via that. highly are highly opportunities effective take the cross-sell This -- and defined further And profound. our of and and start in able to significant. arena. our -- is since and being that ago with The market and offering on Paul. execute years with then then realignments, initial They're started We that

profound we're are think those as we that. doing So

haven't numbers In mean role, the back around those this I'm terms opportunity up to as of tie had coalesce for fresh really that so all us, we segments. those would I what relatively in

a So that for be will time. future

Operator

Heckmann next our And comes from question Peter from Davidson. D.A.

Peter Heckmann

any if gets project to I wanted see to of and reramped Remind line when sight see sight. you and of recognized is that there still just you have if and when follow us might be up completed. had line on we as additional it what Manitoba to

Geoffrey Smith

This is Geoff.

million, there assuming So recognized X USD is on project. you approximately that

in of our far as next that half half line is year. will the fiscal forecast about year the what's As right now this of when time coming be that about and recognized,

that on you we've delays keep dialed stay far line, that time is think have just periods has numbers just we project that to As don't of we weather would got will the have it. in this. apprised perfect significant the And that we'll experienced as that. on over This conservatively. line to But a caution we we've sight had

Peter Heckmann

Right.

when do expect certainly, so should And we it we hit lumpy? relatively those be to milestones,

Geoffrey Smith

smooth. permit and actually we that. [ would out we probably project sometimes on, this professional -- project, pursuing in of acquisition, eventually, we're In on transactional to turn like nice will maintenance but revenue. ways a a services, revenue this decently from is did little come see will SaaS ] chunk it not using primarily sold So was that was This it a before

of a we towards as kind percent complete So basis. recognized it's on work completion, getting essentially,

kind as revenue the of our in forward, will kind of estimate So gradually. come moves

Peter Heckmann

it, helpful. That's it. got Okay. Got

a really And real then for driver the on you necessarily. just Okay. or Plan, as that haven't spend called American out catalyst Rescue

it? kind the think here we to by any be -- end the the cause think year flush budget I seen or of of year. But have going you that of funds Do need already would earmarked that's to end

Clay Whitson

Plan. Rescue American The

Paul Christians

Yes.

I we don't will. believe it think -- I

-- already we're I think to largely see, we've seen. going what we

Clay Whitson

for it. choose it, whatever hard they us about to visibility our It's is which about to arms murky to thing get It's of for and us our tell -- around. really have kind us It that. know into a clients what

Operator

Markets. BMO from comes question next Our Rufus Capital Hone Instructions] from [Operator

Rufus Hone

a of called headwinds And revenue numbers-related question. out $XX just about you in million 'XX. think I maybe Clay, So

for $XX So the 'XX guide growth adjust the revenue guide year-over-year. revenue like midpoint I of 'XX headwinds, then looks the X% about if million of those implies

you to do And thoughts high what those what get to back organic happen rolling timing? need off single-digit guess, I beyond are headwinds to your So the growth? around

Clay Whitson

that, Well have realignment, an so organization a organization as time we there those our reverse. its new through -- to groups been which we internal we will companies which structures favorably. of organizational of are finding purchased. plans, get in to the top sales think smaller unify headwinds, little it's On impact footing, sales commission new But opposed to being the

that be the in also business. part believe I all been refocus carve-out where efforts been software little very the we'll a of of transaction services happy distraction the of on growing to just the engaged we've and for has our better bit a year

Operator

time, turn at questions. the showing floor gentlemen, this and I'm closing like additional to Greg to ladies Daily back no And over any I'd for remarks.

Gregory Daily

XXXX, and interest. we a Well, everyone. year. It's over. been for books, in busy we're and our excited And about the what excited very I the appreciate 'XX visibility. future, that transitional the am your And have we for almost in pipeline, is thanks, excited team our

Operator

we And ladies joining. and presentation. you today's do will conference and gentlemen, for call conclude thank with We that,

lines. You may now disconnect your

i3 Verticals (IIIV) 9 Aug 242024 Q3 Earnings call transcript