Company: IIIV
Filing Date: 2025-11-21
Form Type: 10-K
Source: 0001728688-25-000122
Chunk: 109

Company: i3 Verticals, Inc.
Filing Date: 2025-11-21
Form: 10-K
Item: Item 7
Chunk 109
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 not include the impact of any adjustments to remove the Merchant Services Business or Healthcare RCM Business as discontinued operations and is stated on a total company consolidated basis. The following table presents a summary of cash flows from operating, investing and financing activities for the following comparative periods. 

Year Ended September 30, 2025 Compared to Year Ended September 30, 2024 Year ended September 30,20252024(in thousands)Net cash provided by operating activities$5,694 $48,409 Net cash provided by investing activities$76,456 $396,150 Net cash used in financing activities$(104,414)$(367,362)

Cash Flow from Operating Activities

Net cash provided by operating activities decreased $42.7 million to $5.7 million for the year ended September 30, 2025 from $48.4 million for the year ended September 30, 2024. 

Our net income changed from $175.1 million to $26.5 million for the year ended September 30, 2024 to 2025. Net income for the year ended September 30, 2024 included the gain on the sale of the Merchant Services Business of $205.6 million. Net income for the year ended September 30, 2025 included the gain on the sale of the Healthcare RCM Business of $26.0 million. Additionally, there was $27.0 million less interest expense during the year ended September 30, 2025 as compared to the year ended September 30, 2024. Net of these amounts and other non-cash adjustments to net income, net income contributed an additional $21.3 million in cash flows from operating activities for the year ended September 30, 2025 from the year ended September 30, 2024.

Net income contributions were primarily offset by reductions in net operating assets and liabilities of $64.0 million for the year ended September 30, 2025 from the year ended September 30, 2024. Income taxes and other liabilities related to the sale of the Merchant Services Business in September 2024 were accrued in fiscal year 2024, but paid during the year ended September 30, 2025, driving most of the reductions in net operating assets and liabilities.

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Cash Flow from Investing Activities 

Net cash provided by investing activities decreased $319.7 million to $76.5 million provided by investing activities for the year ended September 30, 2025 from