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i3 Verticals, Inc.
8/9/2024
Good day everyone and welcome to the I3 Vertical's third quarter 2024 earnings conference call. Today's call is being recorded and a replay will be available starting today through August 16th. The number for the replay is 877-344-7529 and the access code is 269-7756. The replay may also be accessed for 30 days at the company's website. At this time, for opening remarks, I'd like to turn the conference call over to Jeff Smith, SVP of Finance. Please go ahead, sir.
Good morning, and welcome to the third quarter 2024 conference call for I3 Verticals. Joining me on this call are Greg Daly, our Chairman and CEO, Clay Whitson, our CFO, Rick Stanford, our President, and Paul Christens, our CRO. 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, if 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 cautioned that these forward-looking statements may be affected by important factors, among others, set forth in the company's earnings release, and in reports that are filed or furnished to the FCC. 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 will now turn the call over to the company's chairman and CEO, Greg Daley.
Thanks, Jeff, and good morning to all of you on the call. We have a lot going on at I3. these days, and we're excited to share with you this morning. First, it is my pleasure to announce our latest acquisition. Rick will elaborate that this is a deal that is a perfect fit with what we do, acquire, integrate vertical market software businesses within the public sector and best of class product, unrealized transactional revenue, opportunities, cross-sell potential, and a fantastic founder-led team. 2024 has been a challenging year in multiple ways. Our realignment, our divestiture of the merchant services business has coincided with weaker than expected revenue from sources such as professional services and the sale of software licenses. We have had deals push out, We have made significant investments in products and opportunities for which we are not yet reaping the rewards. We believe we have set the stage for a much stronger fiscal year 2025. Our visibility of our sales tunnel and the products we have coming to market give us confidence in our long-term guidance of high single-digit organic growth. That is our focus, internal growth execution. I'll now turn the call over to Clay, which he'll provide you more detail on our financial performance. When he's finished, Rick will add commentary on the business, and finally, Paul will discuss revenue. Then we'll open up the call for questions.
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