Company: IIIV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001728688-25-000043
Chunk: 71

Company: i3 Verticals, Inc.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 1
Chunk 71
---
 vested during the three months ended December 31, 2024 was $3,209.Restricted Stock UnitsThe Company has issued Class A common stock in the form of restricted stock units ("RSUs") under the 2018 Plan. A summary of activity related to restricted stock units for the three months ended December 31, 2024 is as follows:Restricted Stock UnitsWeighted Average Grant Date Fair ValueOutstanding at September 30, 2024771,214 $22.71 Granted419,717 24.11 Vested(15,220)21.91 Forfeited(5,000)21.41 Outstanding at December 31, 20241,170,711 $23.18 As of December 31, 2024, total unrecognized compensation expense related to unvested RSUs, including an estimate for pre-vesting forfeitures, was $16,862, which is expected to be recognized over a weighted average period of 3.1 years. 

The total fair value of RSUs that vested during the three months ended December 31, 2024 was $408.

14. COMMITMENTS AND CONTINGENCIES

LeasesThe Company utilizes office space and equipment under operating leases. Rent expense from continuing operations under these leases amounted to $996 during the three months ended December 31, 2024, and $1,042 

34

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

during the three months ended December 31, 2023. Refer to Note 11 for further discussion and a table of the future minimum payments under these leases.LitigationWith respect to all legal, regulatory and governmental proceedings, and in accordance with ASC 450-20, Contingencies—Loss Contingencies, the Company considers the likelihood of a negative outcome. If the Company determines the likelihood of a negative outcome with respect to any such matter is probable and the amount of the loss can be reasonably estimated, the Company records an accrual for the estimated amount of loss for the expected outcome of the matter. If the likelihood of a negative outcome with respect to material matters is reasonably possible and the Company is able to determine an estimate of the amount of possible loss or a range of loss, whether in excess of a related accrued liability or where there is no accrued liability, the Company