Company: IIIV
Filing Date: 2025-11-21
Form Type: 10-K
Source: 0001728688-25-000122
Chunk: 104

Company: i3 Verticals, Inc.
Filing Date: 2025-11-21
Form: 10-K
Item: Item 7
Chunk 104
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762 Net income from discontinued operations attributable to i3 Verticals, Inc.124,195 15,805 108,390 Net income (loss) attributable to i3 Verticals, Inc.$113,341 $(811)$114,152 n/mn/m = not meaningful

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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.

Revenue

Revenue increased $1.6 million, or 0.8%, to $191.2 million for the year ended September 30, 2024 from $189.7 million for the year ended September 30, 2023. This increase included incremental revenue from acquisitions completed during the years ended September 30, 2024, and 2023, of $2.4 million. The increase was 

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also driven by an increase of $8.4 million in recurring revenues, which was offset by a decrease of $4.9 million in software license revenue and decrease of $4.6 million in professional services revenue.

Other Costs of Services

Other costs of services increased $5.7 million, or 10.4%, to $60.5 million for the year ended September 30, 2024 from $54.8 million for the year ended September 30, 2023. This increase was primarily driven by an increase in software costs of $2.7 million, an increase $1.6 million in processing expenses and an increase in internal and external personnel costs of $1.4 million for the year ended September 30, 2024 from the year ended September 30, 2023.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased $5.2 million, or 4.9%, to $100.8 million for the year ended September 30, 2024 from $106.0 million for the year ended September 30, 2023. This decrease was principally driven by a decrease in internal and external personnel costs of $7.9 million which was partially offset by an increase in M&A-related expenses of $2.0 million, which increased primarily due to costs related to the sale of the Merchant Services Business, and an increase in internal-use software costs of $0.8 million for the year ended September 30, 2024 from the year ended September 30, 2023.

Depreciation and Amortization