On this page of StockholderLetter.com we present the 1/23/2023 shareholder letter from i3 Verticals, Inc. — ticker symbol IIIV. Reading current and past IIIV letters to shareholders can bring important insights into the investment thesis.
Annual Report 2022 i3verticals.com
To Our Shareholders I am a milestone person. Anniversaries and achieved goals mark our journey and encourage reflection, but they also reveal possibilities. As Shakespeare wrote, what s past is prologue - meaning, the past foreshadows the future. September 2022 marked the 10th anniversary of i3 s founding, and this coming June will mark five years since our IPO. With these milestones as a backdrop, I want to mention a few other achievements in 2022 that we think offer a window into i3 s future. For example, this year was the second straight year that our revenue growth exceeded 40%. We also expanded beyond the U.S. by adding a location in India, and we added significant talent and experience to our executive team with a new Chief Technology Officer (Pete Panagakis), Chief Operating Officer (Paul Christians) and President Public Sector (Chris Laisure). Since our 2018 IPO almost five years ago, we have increased our employee count from around 300 to over 1600, our revenue from $73 million in fiscal 2017 to $318 million in fiscal 2022, and deployed an average of almost $100 million per year for acquisitions. In that same time period, software and related services revenue has climbed from approximately 5% in fiscal 2017 to 50% in fiscal 2022. These are incredible achievements for our team! I want to personally thank each of you for your support. Our vision for i3 remains unchanged we are laser focused on our strategic verticals, increasing our recurring revenues, and maintaining healthy margins all while promoting an inviting and entrepreneurial culture. We think we are just getting started, and our past is evidence of where we are going. GREG DAILY Chairman & Chief Executive Officer Leadership Team Board of Directors GREG DAILY GREG DAILY CLAY WHITSON Chairman & Chief Executive Officer Chairman Director CLAY WHITSON DAVID WILDS TIMOTHY MCKENNA Chief Financial Officer Managing Partner, First Avenue Partners Former President of Fidelity Capital Markets Fidelity Investment President BURTON HARVEY JOHN HARRISON PETE PANAGAKIS Managing Partner, Capital Alignment Partners Director, Harbert Management Corporation DECOSTA JENKINS DAVID MORGAN Former Chief Executive Officer, Nashville Electric Service Chairman and Vice President, LBMC Financial Services, LLC RICK STANFORD Chief Technology Officer PAUL CHRISTIANS Chief Operating Officer PAUL MAPLE General Counsel & Secretary ELIZABETH SEIGENTHALER COURTNEY GEOFF SMITH Managing Partner, Southeast, Finn Partners Inc. Senior Vice President - Finance CHRIS LAISURE President - Public Sector
 • shareholder letter icon 1/23/2023 Letter Continued (Full PDF)
 • stockholder letter icon 1/9/2024 IIIV Stockholder Letter
 • stockholder letter icon 1/10/2025 IIIV Stockholder Letter
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 • Benford's Law Stocks icon IIIV Benford's Law Stock Score = 93


IIIV 1/23/2023 Shareholder/Stockholder Letter Transcript:

Annual Report
2022
i3verticals.com

To Our Shareholders
I am a milestone person. Anniversaries and achieved goals mark our journey and encourage reflection, but they also
reveal possibilities. As Shakespeare wrote,    what   s past is prologue    - meaning, the past foreshadows the future.
September 2022 marked the 10th anniversary of i3   s founding, and this coming June will mark five years since our
IPO. With these milestones as a backdrop, I want to mention a few other achievements in 2022 that we think offer a
window into i3   s future. For example, this year was the second straight year that our revenue growth exceeded 40%.
We also expanded beyond the U.S. by adding a location in India, and we added significant talent and experience to
our executive team with a new Chief Technology Officer (Pete Panagakis), Chief Operating Officer (Paul Christians)
and President     Public Sector (Chris Laisure).
Since our 2018 IPO almost five years ago, we have increased our employee count from around 300 to over 1600,
our revenue from $73 million in fiscal 2017 to $318 million in fiscal 2022, and deployed an average of almost $100
million per year for acquisitions. In that same time period, software and related services revenue has climbed from
approximately 5% in fiscal 2017 to 50% in fiscal 2022. These are incredible achievements for our team!
I want to personally thank each of you for your support. Our vision for i3 remains unchanged     we are laser focused
on our strategic verticals, increasing our recurring revenues, and maintaining healthy margins     all while promoting
an inviting and entrepreneurial culture. We think we are just getting started, and our past is evidence of where we
are going.
GREG DAILY
Chairman & Chief Executive Officer
Leadership Team
Board of Directors
GREG DAILY
GREG DAILY
CLAY WHITSON
Chairman & Chief Executive Officer
Chairman
Director
CLAY WHITSON
DAVID WILDS
TIMOTHY MCKENNA
Chief Financial Officer
Managing Partner, First Avenue
Partners
Former President of Fidelity Capital
Markets Fidelity Investment
President
BURTON HARVEY
JOHN HARRISON
PETE PANAGAKIS
Managing Partner, Capital
Alignment Partners
Director, Harbert Management
Corporation
DECOSTA JENKINS
DAVID MORGAN
Former Chief Executive Officer,
Nashville Electric Service
Chairman and Vice President,
LBMC Financial Services, LLC
RICK STANFORD
Chief Technology Officer
PAUL CHRISTIANS
Chief Operating Officer
PAUL MAPLE
General Counsel & Secretary
ELIZABETH SEIGENTHALER
COURTNEY
GEOFF SMITH
Managing Partner, Southeast, Finn
Partners Inc.
Senior Vice President - Finance
CHRIS LAISURE
President - Public Sector



shareholder letter icon 1/23/2023 Letter Continued (Full PDF)
 

IIIV Stockholder/Shareholder Letter (i3 Verticals, Inc.) 1/23/2023 | www.StockholderLetter.com
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