Company: IIIV
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001728688-25-000089
Chunk: 163

Company: i3 Verticals, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 163
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Revenue earned over time$45,992 $10,648 $(202)$56,438 Revenue earned at a point in time6,413 209 (1)6,621 Total revenue$52,405 $10,857 $(203)$63,059 For the Three Months Ended March 31, 2024Public SectorHealthcareOtherTotalRevenue earned over time$42,961 $11,035 $(144)$53,852 Revenue earned at a point in time4,136 18 (38)4,116 Total revenue$47,097 $11,053 $(182)$57,968 For the Six Months Ended March 31, 2025Public SectorHealthcareOtherTotalRevenue earned over time$91,657 $22,116 $(468)$113,305 Revenue earned at a point in time9,533 1,912 — 11,445 Total revenue$101,190 $24,028 $(468)$124,750 

20

i3 VERTICALS, Inc.NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)(in thousands, except unit, share and per share amounts)

For the Six Months Ended March 31, 2024Public SectorHealthcareOtherTotalRevenue earned over time$84,366 $22,475 $(159)$106,682 Revenue earned at a point in time6,229 158 (47)6,340 Total revenue$90,595 $22,633 $(206)$113,022 Contract AssetsThe Company bills for certain software and related services sales and fixed fee professional services upon pre-determined milestones in the contracts. Therefore, the Company may have contract assets other than trade accounts receivable for performance obligations that are partially completed, which would typically represent consulting services provided before a milestone is completed in a contract. Additionally, contract assets also include software licenses sold as a right to use license but paid for under a subscription model. Under this structure, the license revenue is recognized upfront while a portion of the revenue is unbilled. Unbilled amounts associated with these professional services and software licenses sold under the subscription model are presented as accounts receivable as the Company has an unconditional right to payment for services performed.As of March 31, 2025 and September 30, 2024, the Company’s contract assets from contracts with customers was $9