Company: IIIV
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001728688-25-000108
Chunk: 228

Company: i3 Verticals, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 228
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5 million for the nine months ended June 30, 2025 from the nine months ended June 30, 2024.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased $10.2 million, or 13.5%, to $85.8 million for the nine months ended June 30, 2025 from $75.6 million for the nine months ended June 30, 2024. The increase was primarily driven by an increase in M&A-related expenses of $3.6 million, which primarily increased due to activity that is for non-recurring expenses for which we are reimbursed through the transition services agreements, employee leasing arrangement, and processing services agreement with Infinx and Payroc, and for which revenue is recognized in other income. Additional increases were driven by an increase in internal and external personnel costs of $5.0 million and software costs of $1.4 million for the nine months ended June 30, 2025 from the nine months ended June 30, 2024. 

Depreciation and Amortization

Depreciation and amortization increased $2.1 million, or 10.9%, to $20.8 million for the nine months ended June 30, 2025 from $18.8 million for the nine months ended June 30, 2024. Amortization expense increased $2.1 million to $19.0 million for the nine months ended June 30, 2025 from $16.9 million for the nine months ended June 30, 2024 primarily due to an increase in capitalized software project releases, driving an increase in amortization expense, as well as amortization expense recorded for intangible assets and capitalized software acquired from current year and prior year acquisitions. Depreciation expense was $1.9 million for both the nine months ended June 30, 2025 and 2024.

Change in Fair Value of Contingent Consideration

Change in fair value of contingent consideration to be paid in connection with acquisitions was a charge of $0.4 million for the nine months ended June 30, 2025 related to adjustments to the expected present value of consideration to be paid for earnouts. The change in fair value of contingent consideration for the nine months ended June 30, 2024 was a charge of $0.2 million.

Interest Expense

Interest expense decreased $20.4 million, or 91.3%, to $1.