i3 Verticals, Inc. has recently released its 10-K report, offering a detailed insight into its business operations. The company specializes in building, acquiring, and growing software solutions in the public sector and healthcare vertical markets in the United States and Canada. Its offerings include digital solutions for court systems, E-Filing and revenue cycle management solutions, computer-aided dispatch, law records management, evidence management, jail management, mobile solutions, livescan, and more. Additionally, i3 Verticals provides enterprise resource planning products, digital land records solutions, licensing and permitting solutions, and digital solutions for appraisal information, tax collection management, and revenue collection.
In its Management's Discussion and Analysis of Financial Condition and Results of Operations, i3 Verticals noted that it sold its Healthcare RCM Business on May 5, 2025, and the results of operations for this business have been reclassified as discontinued operations. The company also mentioned that it had $66.7 million of cash and cash equivalents and $400.0 million of available capacity under its 2023 Senior Secured Credit Facility as of September 30, 2025, and was in compliance with its financial covenants.
The report also highlighted the sale of the Merchant Services Business on September 20, 2024, for an aggregate purchase price of approximately $439.5 million. Additionally, i3 Verticals detailed its acquisitions during the year ended September 30, 2025, including the acquisition of a business to expand its Public Sector utility billing software offerings for a total purchase consideration of $10.3 million.
In terms of revenues, i3 Verticals generates revenue from software and related services, including the sale of subscriptions, recurring services, ongoing support, licenses, and installation and implementation services specific to software. The company also generates revenue from volume-based payment processing fees and fixed transaction or service fees. As for expenses, i3 Verticals incurs costs of services, selling, general, and administrative expenses, depreciation and amortization, and interest expenses.
Following the sale of its Merchant Services Business in 2024 and the Healthcare RCM Business in 2025, i3 Verticals has one operating and reportable segment, providing mission-critical enterprise software and services solutions to its public sector customers.
The 10-K report provides a comprehensive overview of i3 Verticals' financial performance, strategic decisions, and business operations, offering valuable insights for investors and stakeholders. Following these announcements, the company's shares moved 2.13%, and are now trading at a price of $23.94. Check out the company's full 10-K submission here.
