Company: IIIV
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001728688-25-000089
Chunk: 212

Company: i3 Verticals, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 212
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 and 2024. For additional information regarding Adjusted EBITDA and Adjusted EBITDA margin, see Note 16. Adjusted EBITDA and Adjusted EBITDA margin, when presented on a consolidated basis in our other public disclosures, are non-GAAP financial measures. 

56

Results of Operations 

As a result of the sale of the Merchant Services Business, the historical results of the Merchant Services Business have been reflected as discontinued operations in our condensed consolidated financial statements. Prior period results of operations and balance sheet information have been recast to reflect this presentation, and the discussion below relates to our continuing operations after giving effect to the reclassification for the Merchant Services Business as discontinued operations. In addition, as noted above, since the Healthcare RCM Business was not classified as held for sale according to GAAP as of March 31, 2025, the current period and historical results of the Healthcare RCM Business are presented within results from continuing operations.  

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024 

The following table presents our historical results of operations for the periods indicated:Three Months Ended March 31,Change(in thousands)20252024Amount%Revenue$63,059 $57,968 $5,091 8.8 %Operating expensesOther costs of services (excluding depreciation and amortization)(1)22,187 21,147 1,040 4.9 %Selling, general and administrative(1)28,687 27,432 1,255 4.6 %Depreciation and amortization7,840 7,193 647 9.0 %Change in fair value of contingent consideration381 (290)671 n/mTotal operating expenses59,095 55,482 3,613 6.5 %Income from operations3,964 2,486 1,478 59.5 %Other (income) expensesInterest expense446 7,714 (7,268)(94.2)%Other income(631)(2,257)1,626 (72.0)%Total other (income) expenses(185)5,457 (5,642)n/mIncome (loss) before income taxes4,149 (2,971)7,120 n/mProvision for (benefit from) income taxes3,054 (669)3,723 n/mNet income (