Company: IIIV
Filing Date: 2025-11-21
Form Type: 10-K
Source: 0001728688-25-000122
Chunk: 100

Company: i3 Verticals, Inc.
Filing Date: 2025-11-21
Form: 10-K
Item: Item 7
Chunk 100
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1.Refer to Note 3 to the accompanying consolidated financial statements contained in this report for discussion of the change in the current and prior period presentation.

56

Revenue

Revenue increased $21.9 million, or 11.5%, to $213.2 million for the year ended September 30, 2025 from $191.2 million for the year ended September 30, 2024. This increase included incremental revenue from acquisitions completed during the completed during the years ended September 30, 2025, and 2024, of $5.9 million. The remaining increase was primarily driven by an increase of $11.4 million in recurring revenues, an increase of $2.6 million in software license revenue and an increase of $2.0 million in professional services revenue.

Other Costs of Services

Other costs of services increased $6.1 million, or 10.0%, to $66.6 million for the year ended September 30, 2025 from $60.5 million for the year ended September 30, 2024. This increase was primarily driven by an increase in internal and external personnel costs of $3.4 million and an increase in software costs of $2.5 million for the year ended September 30, 2025 from the year ended September 30, 2024.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased $13.9 million, or 13.8%, to $114.7 million for the year ended September 30, 2025 from $100.8 million for the year ended September 30, 2024. This increase was driven by an increase in internal and external personnel costs of $6.8 million as well as an increase in M&A-related expenses of $4.6 million, which increased primarily due to activity that is for non-recurring expenses for which we are reimbursed through the transition services agreements with Infinx and Payroc, the employee leasing arrangement with Infinx, and the processing services agreement with Payroc, and for which revenue is recognized in other income. Additional increases were driven by an increase in internal-use software costs of $1.5 million for the year ended September 30, 2025 from the year ended September 30, 2024.

Depreciation and Amortization

Depreciation and amortization increased $2.3 million, or 9.2%, to $27.9 million for the year ended