Company: IIIV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001728688-25-000108
Chunk: 193

Company: i3 Verticals, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 193
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-of-use asset. The incremental borrowing rates were determined based on a portfolio approach considering the Company’s current secured borrowing rate adjusted for market conditions and the length of the lease term. The weighted-average discount rate used in the measurement of our lease liabilities was 7.4% and 7.9% as of June 30, 2025 and 2024, respectively. Operating lease cost is recognized on a straight-line basis over the lease term. Operating lease costs from continuing operations were $640 and $1,447 for the three and nine months ended June 30, 2025 and $686 and $2,095 for the three and nine months ended June 30, 2024, which are included in selling, general and administrative expenses in the condensed consolidated statements of operations.Total operating lease costs from continuing operations include variable lease costs of approximately $56 and $360 for the three and nine months ended June 30, 2025, and $140 and $187 for the three and nine months ended June 30, 2024, which are primarily comprised of costs of maintenance and utilities and changes in rates, and are determined based on the actual costs incurred during the period. Variable payments are expensed in the period incurred and not included in the measurement of lease assets and liabilities. Short-term rent expense from continuing operations was $61 and $111 for the three and nine months ended June 30, 2025, and $11 and $26 for the three and nine months ended June 30, 2024, and are included in selling, general and administrative expenses in the condensed consolidated statements of operations.As of June 30, 2025, maturities of lease liabilities for continuing operations are as follows: Fiscal Years ending September 30:2025 (three months remaining)$671 20262,095 20271,378 2028601 2029591 Thereafter621 Total future minimum lease payments (undiscounted)(1)5,957 Less: present value discount(567)Present value of lease liability$5,390 __________________________

1.Total future minimum lease payments excludes payments of $41 for leases designated as short-term leases, which are excluded from the Company's right-of-use assets. These payments will be made within the next twelve months. 

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