Company: IIIV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001728688-25-000043
Chunk: 56

Company: i3 Verticals, Inc.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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 of the Merchant Services Business188 7,887 Accrued liabilities owed to sellers228 355 Other accrued expenses3,383 3,752 Accrued expenses and other current liabilities$82,997 $89,972 A summary of the Company's long-term liabilities as of December 31, 2024 and September 30, 2024 is as follows:December 31,September 30,20242024Accrued contingent consideration — long-term portion$3,330 $1,636 Deferred tax liability — long-term10,627 11,402 Other long-term liabilities2,958 1,883 Total other long-term liabilities$16,915 $14,921 

24

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

8. LONG-TERM DEBT, NET 

A summary of long-term debt, net as of December 31, 2024 and September 30, 2024 is as follows:December 31,September 30,Maturity20242024Revolving lines of credit to banks under the 2023 Senior Secured Credit FacilityMay 8, 2028$— $— 1% Exchangeable Senior Notes due 2025February 15, 202526,223 26,223 Total long-term debt26,223 26,223 Less current portion of long-term debt(26,223)(26,223)Long-term debt, net of current portion$— $— 2020 Exchangeable Notes OfferingOn February 18, 2020, i3 Verticals, LLC issued $138,000 aggregate principal amount of 1.0% Exchangeable Senior Notes due 2025 (the “Exchangeable Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company received approximately $132,762 in net proceeds from the sale of the Exchangeable Notes, as determined by deducting estimated offering expenses paid to third-parties from the aggregate principal amount.i3 Verticals, LLC issued the Exchangeable Notes pursuant to an Indenture, dated as of February 18, 2020, among i3 Verticals, LLC, the Company and U.S. Bank Trust Company National