Company: IIIV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001728688-25-000043
Chunk: 105

Company: i3 Verticals, Inc.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 1
Chunk 105
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 to our condensed consolidated financial statements.

Material Cash Requirements

The following table summarizes our material cash requirements as of December 31, 2024, including those related to leases and borrowings:Payments Due by PeriodContractual ObligationsTotalLess than 1 year1 to 3 years3 to 5 yearsMore than 5 years(in thousands)Facility leases(1)$9,784 $3,983 $4,017 $1,313 $471 2023 Senior Secured Credit Facility and related interest(2)2,266 675 1,350 241 — Exchangeable Notes and related interest(3)26,256 26,256 — — — Contingent consideration(4)3,669 339 3,330 — — Total$41,975 $31,253 $8,697 $1,554 $471 __________________________

1.In addition to the facility leases presented, we have $59.0 thousand in short-term leases. These payments will be made within the next twelve months.

2.We estimated interest payments through the maturity of our 2023 Senior Secured Credit Facility by the unused fee rate of 0.15% in effect as of December 31, 2024.

3.The chart set forth above calculates interest payments through the maturity of our Exchangeable Notes by applying the coupon interest rate of 1.0% on the principal balance as of December 31, 2024 of $26.2 million.

4.In connection with certain of our acquisitions, we may be obligated to pay the seller of the acquired entity certain amounts of contingent consideration as set forth in the relevant purchasing documents, whereby additional consideration may be due upon the achievement of certain specified financial performance targets. i3 Verticals, Inc. accounts for the fair values of such contingent payments in accordance with the Level 3 financial instrument fair value hierarchy at the close of each subsequent reporting period. The acquisition-date fair value of contingent consideration is valued using a Monte Carlo simulation. i3 Verticals, Inc. subsequently reassesses such fair value based on probability estimates with respect to the acquired entity’s likelihood of achieving the respective financial performance targets.

Potential payments under the Tax Receivable Agreement are not reflected in this table. See “—Tax Receivable Agreement” below. 

Share Repurchase Program

On August 8, 2024, the Company announced that our Board of Directors had approved a share repurchase program for