i3 Verticals, Inc. has recently released its 10-Q report, providing a detailed look into the company's financial performance and operations. i3 Verticals, Inc. primarily offers integrated payment and software solutions to the public sector and healthcare markets in the United States. The company operates in two segments, Software and Services, and Merchant Services, providing a wide range of payment processing services and software platforms to its clients, including public schools and healthcare providers.
In the 10-Q report, i3 Verticals, Inc. discussed the Management's Discussion and Analysis of Financial Condition and Results of Operations. The report highlighted the company's liquidity position as of June 30, 2024, revealing $9.7 million in cash and cash equivalents and $98.6 million of available capacity under its 2023 Senior Secured Credit Facility. Additionally, the report detailed the anticipated sale of its Merchant Services Business to Payroc, with a purchase price of $440 million. The sale is expected to occur in the three months ending September 30, 2024.
Furthermore, the report outlined recent acquisitions made by i3 Verticals, Inc. During the nine months ended June 30, 2024, the company completed the acquisition of a business to expand its permitting and licensing software offerings in the Public Sector vertical. The total purchase consideration was $18.0 million in cash funded by the proceeds from its revolving credit facility, the issuance of 311,634 shares of its Class A common stock in a private placement, and an amount of contingent consideration of up to $22.0 million. Additionally, the report provided details of acquisitions completed during the nine months ended June 30, 2023, including the acquisition of Celtic Cross Holdings, Inc. and Celtic Systems Pvt. Ltd., among others.
Following these announcements, the company's shares moved -7.5%, and are now trading at a price of $22.42. For the full picture, make sure to review i3 Verticals's 10-Q report.
