i3 Verticals, Inc.

Good day, everyone, and welcome to the I3 Vertical's fourth quarter 2022 earnings conference call. Today's call is being recorded, and a replay will be available starting today through November 28. The number for the replay is 877-344-7529, and the code is 978-5901. The replay may also be accessed for 30 days at the company's website. At this time for opening remarks, I would like to turn the call over to Jeff Smith, SVP of Finance. Please go ahead, sir.

Good morning, and welcome to the fourth quarter 2022 conference call for I3 Verticals. Joining me on this call are Greg Daly, our Chairman and CEO, Clay Whitson, our CFO, and Rick Stanford, our President. To the extent any non-GAAP financial measure is discussed in today's call, You will also find a reconciliation to the most directly comparable GAAP financial measure by reviewing yesterday's earnings release. It is the company's intent to provide non-GAAP financial information to enhance understanding of its consolidated GAAP financial information. This non-GAAP financial information should be considered by each individual in addition to, but not instead of, the GAAP financial statements. This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, regarding the company's expected financial and operating performance. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. You are hereby caution that these forward-looking statements may be affected by the important factors, among others, set forth in the company's earnings release and reports that are filed or furnished to the SEC. Consequently, actual operations and results may differ materially from those discussed in the forward-looking statements. Finally, the information shared on this call is valid as of today's date, and the company undertakes no obligation to update it, except as may be required under applicable law. I now turn the call over to the company's chairman and CEO, Greg Daly.

Thanks, Jeff, and good morning to all of you. I'm pleased to report a strong finish to fiscal year 22, and we're excited by what's coming in fiscal year 23. We set sequential records for revenue and adjusted EBITDA every quarter this year. Year-to-date revenue and adjusted EBITDA grew 42% and 44% respectively from fiscal year 21 to fiscal year 22. Our identity as a vertical market software company is more fully realized than ever. Software and related services are our largest source of revenue, comprising 49% of total revenue in fiscal year 22, up from 40% a year before and 26% a year before that. We love the recurring nature of software and related services. We also value payments as a platform because it provides another recurring revenue growth engine. More than 80% of our revenue in fiscal year 22 came from recurring sources, and that section of our P&L continue to outgrow all others. We look for acquisition targets that have untapped recurring revenue sources, and we continue to find great opportunities. One such opportunity, as we previously announced, our second largest acquisition to date, Celtic Systems. Rick will share more, but Celtic is a perfect fit with our 2021 BIS acquisition. Celtic and BIS each have complementary best-of-class products for transportation departments at the state level. The cross-selling opportunities are compelling enough, but we are better positioned to respond to RFPs. We can't wait to see how Celtic grows, and landing this deal was an ideal start to fiscal year 23. Now I'll turn the call over to Clay. He will provide you more details on our financial quarter performance. Following Clay's comments, Rick will provide an update. on some role changes and address M&A, and then we'll open up the call for questions.