i3 Verticals, Inc. has recently released its 10-K report, providing valuable insights into the company's financial performance and operations. The company, founded in 2012 and based in Nashville, Tennessee, specializes in providing enterprise software and services solutions to public sector entities in the United States and Canada. Its offerings include digital solutions for court systems, E-Filing and revenue cycle management solutions for courts, software solutions for departments of transportation, digital customer engagement platforms, billing and back-office management software solutions, school lunch program solutions, government fund accounting software, digital land records solutions, and more.
The Management's Discussion and Analysis of Financial Condition and Results of Operations in the 10-K report highlights the company's focus on providing mission-critical enterprise software solutions to public sector customers. The report also discusses the economic trends affecting the company, including inflationary pressures, interest rate levels, geopolitical situations, and government spending reductions, all of which could impact the company's financial results.
Regarding liquidity, the report states that as of September 30, 2025, i3 Verticals had $66.7 million in cash and cash equivalents and $400.0 million of available capacity under its 2023 Senior Secured Credit Facility, with compliance with financial covenants.
The 10-K report also details the divestitures and acquisitions made by i3 Verticals. It outlines the sale of the Healthcare RCM Business and the Merchant Services Business, as well as the acquisitions completed during the year ended September 30, 2025, and the year ended September 30, 2024. These transactions have contributed to the company's growth and expansion of its software offerings.
The report further delves into the company's revenue and expenses, detailing the sources of revenue, including software and related services revenue, volume-based payment processing fees, and fixed transaction or service fees. It also discusses various expenses, such as costs of services, selling, general and administrative expenses, depreciation and amortization, and interest expenses.
The market has reacted to these announcements by moving the company's shares 2.13% to a price of $23.94. For more information, read the company's full 10-K submission here.
