i3 Verticals第三財季扭虧為盈 收入增至5307萬美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     
Commission file number: 001-38532
i3 Verticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware82-4052852
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
40 Burton Hills Blvd., Suite 415

Nashville, TN
37215
(Address of principal executive offices)(Zip Code)
(615) 465-4487

(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.0001 Par ValueIIIVNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x  No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x  No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐
Accelerated filer☒

Non-accelerated filer☐
Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No  x
As of August 6, 2026, there were 18,019,748 outstanding shares of Class A common stock, $0.0001 par value per share, and 8,302,261 outstanding shares of Class B common stock, $0.0001 par value per share. 

TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
3

Item 1. Financial Statements (Unaudited)
3

Condensed Consolidated Balance Sheets
4

Condensed Consolidated Statements of Operations
5

Condensed Consolidated Statement of Changes in Equity
6

Condensed Consolidated Statements of Cash Flows
8

Notes to the Unaudited Condensed Consolidated Financial Statements
10

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
44

Item 3. Quantitative and Qualitative Disclosures About Market Risk
60

Item 4. Controls and Procedures
61

PART II. OTHER INFORMATION
61

Item 1. Legal Proceedings
61

Item 1A. Risk Factors
62

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
62

Item 3. Defaults Upon Senior Securities
62

Item 4. Mine Safety Disclosures
62

Item 5. Other Information
62

Item 6. Exhibits
63

SIGNATURES
64

2

PART I. - FINANCIAL INFORMATION

Item 1.    Financial Statements

3

i3 Verticals, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share amounts)

June 30,September 30,
20262025
Assets
Current assets
Cash and cash equivalents$2,647 $66,672 
Accounts receivable, net48,519 58,467 
Settlement assets36 411 
Prepaid expenses and other current assets12,270 12,075 
Total current assets63,472 137,625 
Property and equipment, net6,627 7,181 
Restricted cash2,760 250 
Capitalized software, net50,983 48,314 
Goodwill282,284 248,469 
Intangible assets, net153,599 135,797 
Deferred tax asset46,595 49,058 
Operating lease right-of-use assets4,495 4,577 
Other assets16,169 7,140 
Total assets$626,984 $638,411 

Liabilities and equity
Liabilities
Current liabilities
Accounts payable$4,384 $6,248 
Accrued expenses and other current liabilities21,026 24,525 
Settlement obligations36 411 
Deferred revenue25,285 37,678 
Current portion of operating lease liabilities1,907 1,827 
Total current liabilities52,638 70,689 
Long-term debt, less current portion114,276 — 
Long-term tax receivable agreement obligations32,192 32,191 
Operating lease liabilities, less current portion2,689 2,964 
Other long-term liabilities24,859 14,844 
Total liabilities226,654 120,688 
Commitments and contingencies (see Note 11)
Stockholders' equity
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized; 0 shares issued and outstanding as of both June 30, 2026 and September 30, 2025
— — 
Class A common stock, par value $0.0001 per share, 150,000,000 shares authorized; 18,241,855 and 23,983,125 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively
2 2 
Class B common stock, par value $0.0001 per share, 40,000,000 shares authorized; 8,381,681 shares issued and outstanding as of both June 30, 2026 and September 30, 2025
1 1 
Additional paid-in capital156,844 271,310 
Accumulated earnings123,700 118,270 
Total stockholders' equity280,547 389,583 
Non-controlling interest119,783 128,140 
Total equity400,330 517,723 
Total liabilities and equity$626,984 $638,411 

See Notes to the Interim Condensed Consolidated Financial Statements
4

i3 Verticals, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except share and per share amounts)

Three Months Ended June 30,Nine Months Ended June 30,
2026202520262025

Revenue$53,067 $51,901 $163,256 $158,257 

Operating expenses
Costs of services (excluding depreciation and amortization)
16,314 16,733 51,034 48,889 
Selling, general and administrative
28,858 33,018 84,905 85,779 
Depreciation and amortization7,349 6,989 21,917 20,848 
Change in fair value of contingent consideration1,438 (26)940 440 
Total operating expenses53,959 56,714 158,796 155,956 

(Loss) income from operations(892)(4,813)4,460 2,301 

Other expenses (income)
Interest expense1,820 806 3,342 1,932 
Other income(9,903)(4,601)(10,534)(7,020)
Total other income(8,083)(3,795)(7,192)(5,088)

Income (loss) before income taxes7,191 (1,018)11,652 7,389 

Provision for (benefit from) income taxes1,313 (22)2,495 3,272 

Net income (loss) from continuing operations5,878 (996)9,157 4,117 
Net (loss) income from discontinued operations, net of income taxes(217)19,421 (355)18,185 
Net income5,661 18,425 8,802 22,302 

Net income (loss) from continuing operations attributable to non-controlling interest2,258 (586)3,497 1,653 
Net (loss) income from discontinued operations attributable to non-controlling interest(79)6,129 (125)5,865 
Net income attributable to non-controlling interest2,179 5,543 3,372 7,518 

Net income (loss) from continuing operations attributable to i3 Verticals, Inc.3,620 (410)5,660 2,464 
Net (loss) income from discontinued operations attributable to i3 Verticals, Inc.(138)13,292 (230)12,320 
Net income attributable to i3 Verticals, Inc.$3,482 $12,882 $5,430 $14,784 

Net income (loss) per share attributable to Class A common stockholders from continuing operations:
Basic$0.19 $(0.02)$0.26 $0.10 
Diluted$0.19 $(0.03)$0.25 $0.10 
Net (loss) income per share attributable to Class A common stockholders from discontinued operations:
Basic$(0.01)$0.55 $(0.01)$0.52 
Diluted$(0.01)$0.55 $(0.01)$0.49 
Weighted average shares of Class A common stock outstanding:

Basic, for continuing operations19,419,792 24,345,826 21,638,108 23,909,714 
Diluted, for continuing operations19,543,611 32,983,325 22,285,629 24,823,635 
Basic, for discontinued operations19,419,792 24,345,826 21,638,108 23,909,714 
Diluted, for discontinued operations27,801,473 24,345,826 30,019,789 34,183,267 

See Notes to the Interim Condensed Consolidated Financial Statements
5

i3 Verticals, Inc.
 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
(In thousands, except share amounts)

Class A Common StockClass B Common StockAdditional Paid-In CapitalRetained Earnings
Non-Controlling InterestTotal Equity
SharesAmountSharesAmount
Balance at September 30, 202523,983,125 $2 8,381,681 $1 $271,310 $118,270 $128,140 $517,723 
Equity-based compensation— — — — 5,178 — — 5,178 
Net income— — — — — 484 463 947 
Distributions to non-controlling interest holders— — — — — — 93 93 
Exercise or release of equity-based awards149,250 — — — (2,283)— — (2,283)
Repurchases of Class A common stock(1,522,838)— — — (38,317)— — (38,317)
Allocation of equity to non-controlling interests— — — — 3,861 — (3,861)— 
Balance at December 31, 202522,609,537 2 8,381,681 1 239,749 118,754 124,835 483,341 
Equity-based compensation— — — — 4,619 — — 4,619 
Net income— — — — — 1,464 730 2,194 
Distributions to non-controlling interest holders— — — — — — 29 29 
Exercise or release of equity-based awards152,591 — — — (968)— — (968)
Repurchases of Class A common stock(2,220,736)— — — (50,979)— — (50,979)
Allocation of equity to non-controlling interests— — — — 4,739 — (4,739)— 
Balance at March 31, 202620,541,392 2 8,381,681 1 197,160 120,218 120,855 438,236 
Equity-based compensation— — — — 5,136 — — 5,136 
Net income— — — — — 3,482 2,179 5,661 
Exercise of equity-based awards13,021 — — — (115)— — (115)
Repurchases of Class A common stock(2,312,558)— — — (48,588)— — (48,588)
Allocation of equity to non-controlling interests— — — — 3,251 — (3,251)— 
Balance at June 30, 202618,241,855 $2 8,381,681 $1 $156,844 $123,700 $119,783 $400,330 

See Notes to the Interim Condensed Consolidated Financial Statements

6

i3 Verticals, Inc.
 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (CONTINUED)
(In thousands, except share amounts)

Class A Common StockClass B Common StockAdditional Paid-In CapitalRetained Earnings (Deficit)Non-Controlling InterestTotal Equity
SharesAmountSharesAmount
Balance at September 30, 202423,882,035 $2 10,032,676 $1 $279,335 $100,397 $135,624 $515,359 
Equity-based compensation— — — — 3,814 — — 3,814 
Net income— — — — — 2,056 1,052 3,108 
Redemption of common units in i3 Verticals, LLC17,577 — (17,577)— 237 — (237)— 
Establishment of liabilities under a tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis— — — — 14 — — 14 
Exercise or release of equity-based awards34,423 — — — 29 — — 29 
Repurchases of Class A common stock(496,785)— — — (11,190)— — (11,190)
Allocation of equity to non-controlling interests— — — — 293 — (293)— 
Balance at December 31, 202423,437,250 2 10,015,099 1 272,532 102,453 136,146 511,134 
Equity-based compensation— — — — 3,932 — — 3,932 
Net (loss) income— — — — — (154)923 769 
Adjustments to accrued distributions to non-controlling interest holders— — — — — — 283 283 
Redemption of common units in i3 Verticals, LLC813,782 — (813,782)— 11,493 — (11,493)— 
Recapitalization from contribution to i3 Verticals, LLC— — (369,256)— (5,689)— 5,689 — 
Establishment of liabilities under a tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis— — — — 143 — — 143 
Exercise or release of equity-based awards149,328 — — — (2,179)— — (2,179)
Repurchases of Class A common stock(13,370)— — — (423)— — (423)
Allocation of equity to non-controlling interests— — — — 3,063 — (3,063)— 
Balance at March 31, 202524,386,990 2 8,832,061 1 282,872 102,299 128,485 513,659 
Equity-based compensation— — — — 7,396 — — 7,396 
Net income— — — — — 12,882 5,543 18,425 
Distributions to non-controlling interest holders— — — — — — (630)(630)
Redemption of common units in i3 Verticals, LLC368,857 — (368,857)— 5,340 — (5,340)— 
Establishment of liabilities under a tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis— — — — 281 — — 281 
Exercise of equity-based awards88,794 — — — (1,644)— — (1,644)
Repurchases of Class A common stock(1,063,726)— — — (26,366)— — (26,366)
Allocation of equity to non-controlling interests— — — — 232 — (232)— 
Balance at June 30, 202523,780,915 $2 8,463,204 $1 $268,111 $115,181 $127,826 $511,121 

See Notes to the Interim Condensed Consolidated Financial Statements
7

i3 Verticals, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)

Nine months ended June 30,
20262025
Cash flows from operating activities:
Net income$8,802 $22,302 
Adjustments to reconcile net income from operating activities:
Depreciation and amortization21,917 22,788 
Equity-based compensation14,933 15,142 
Amortization of debt issuance costs647 746 
Provision for deferred income taxes1,708 3,644 
Gain on sale of businesses— (25,299)
Gain on investment(9,868)— 
Non-cash lease expense1,576 1,933 
Changes in non-cash contingent consideration expense from original estimate940 1,743 
Other non-cash adjustments to net income2,858 36 
Changes in operating assets and liabilities(5,099)(51,311)
Net cash provided by (used in) operating activities38,414 (8,276)

Cash flows from investing activities:
Expenditures for property and equipment(2,032)(1,516)
Proceeds from sale of property and equipment448 1,501 
Expenditures for capitalized software(6,536)(6,301)
Purchases of merchant portfolios and residual buyouts— (12)
Acquisitions of businesses, net of cash acquired(60,000)(11,000)
Proceeds from sale of Healthcare RCM Business, net of cash sold— 96,102 
Net cash (used in) provided by investing activities(68,120)78,774 

Cash flows from financing activities:
Proceeds from revolving credit facility227,833 58,024 
Payments on revolving credit facility(113,557)(58,024)
Payments to extinguish exchangeable notes— (26,223)
Payments of debt issuance costs— (249)
Payments for repurchases of Class A common stock, including related excise taxes(136,895)(37,604)
Net payments for settlement obligations(375)(614)
Cash paid for contingent consideration— (800)
Payments for required distributions to members or on behalf of members for tax obligations(2,219)(24,849)
Payments for required distributions to members under the Tax Receivable Agreement(2,524)(9,954)
Proceeds from stock option exercises129 150 
Payments for employees' tax withholdings from net settled stock option exercises and RSU releases(4,576)(4,140)
Net cash used in financing activities(32,184)(104,283)

Net decrease in cash, cash equivalents and restricted cash(61,890)(33,785)
Cash, cash equivalents and restricted cash at beginning of period67,333 89,597 
Cash, cash equivalents and restricted cash at end of period$5,443 $55,812 

Supplemental disclosure of cash flow information:
Cash paid for interest$2,486 $763 
Cash paid for income taxes, net of refunds$3,209 $35,112 

See Notes to the Interim Condensed Consolidated Financial Statements
8

i3 Verticals, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
(In thousands)

The following tables provide reconciliations of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to that shown in the condensed consolidated statements of cash flows:

September 30,
20252024
Beginning balance
Cash and cash equivalents$66,672 $86,541 
Settlement assets411 632 
Restricted cash250 2,424 
Total cash, cash equivalents, and restricted cash$67,333 $89,597 

June 30,
20262025
Ending balance
Cash and cash equivalents$2,647 $55,544 
Settlement assets36 18 
Restricted cash2,760 250 
Total cash, cash equivalents, and restricted cash$5,443 $55,812 

The Company engaged in the following significant non-cash investing and financing activities during the nine months ended June 30, 2026 and 2025 which are reported on a consolidated basis. See Note 2 for significant non-cash investing and financing activities from discontinued operations for major captions on the condensed consolidated financial statements.
Nine months ended June 30,
20262025
Acquisition date fair value of contingent consideration in connection with business combinations$7,600 $1,260 
Right-of-use assets obtained in exchange for operating lease obligations$1,494 $288 
Excise taxes accrued on share repurchases$1,364 $375 
Conversion of note receivable to equity investment$293 $— 

See Notes to the Interim Condensed Consolidated Financial Statements
9

i3 VERTICALS, Inc.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in thousands, except unit, share and per share amounts)

1. ORGANIZATION AND OPERATIONS
i3 Verticals, Inc. (the “Company”) was formed as a Delaware corporation on January 17, 2018. The Company was formed for the purpose of completing an initial public offering (“IPO”) of its Class A common stock and other related transactions in order to carry on the business of i3 Verticals, LLC and its subsidiaries. i3 Verticals, LLC was founded in 2012 and delivers software solutions seamlessly integrated with our proprietary payment facilitator platform to customers in strategic vertical markets. The Company’s headquarters are located in Nashville, Tennessee, with operations throughout the United States. Unless the context otherwise requires, references to “we,” “us,” “our,” “i3 Verticals” and the “Company” refer to i3 Verticals, Inc. and its subsidiaries, including i3 Verticals, LLC.
In connection with the IPO, the Company completed certain reorganization transactions, which, among other things, resulted in i3 Verticals, Inc. being the sole managing member of i3 Verticals, LLC (the “Reorganization Transactions”). Following the completion of the IPO and Reorganization Transactions, the Company is a holding company and the principal asset that it owns are the common units of i3 Verticals, LLC. i3 Verticals, Inc. operates and controls all of i3 Verticals, LLC's operations and, through i3 Verticals, LLC and its subsidiaries, conducts i3 Verticals, LLC's business. i3 Verticals, Inc. has a majority economic interest in i3 Verticals, LLC. As the sole managing member of i3 Verticals, LLC, i3 Verticals, Inc. consolidates the financial results of i3 Verticals, LLC and reports a non-controlling interest representing the Common Units of i3 Verticals, LLC held by owners other than i3 Verticals, Inc. (the “Continuing Equity Owners”).

2. DISCONTINUED OPERATIONS
Healthcare RCM Business Divestiture
During the three months ended June 30, 2025, i3 Verticals, LLC and i3 Healthcare Solutions, LLC, a wholly-owned subsidiary of i3 Verticals, LLC (“Healthcare RCM Seller,” and collectively with i3 Verticals, LLC, the “Healthcare RCM Seller Parties”), completed the sale of the equity interests of certain wholly-owned subsidiaries of the Healthcare RCM Seller (the “Healthcare RCM Acquired Entities”) which owned and operated the Company's healthcare revenue cycle management business, including its associated proprietary technology (the “Healthcare RCM Business”), to Infinx, Inc. (“Healthcare RCM Buyer” or "Infinx"), a Texas corporation, pursuant to the terms of that certain Securities Purchase Agreement dated as of May 5, 2025, by and among Healthcare RCM Buyer and the Healthcare RCM Seller Parties (the “Healthcare RCM Purchase Agreement;” the transactions contemplated by the Healthcare RCM Purchase Agreement, the “Healthcare RCM Transactions”). In addition, immediately prior to the sale of the equity interests of the Healthcare RCM Acquired Entities pursuant to the Healthcare RCM Purchase Agreement, i3 Verticals, LLC and certain of its subsidiaries contributed and/or assigned certain assets and certain liabilities related to the Healthcare RCM Business to the Healthcare RCM Acquired Entities. The purchase price payable by Healthcare RCM Buyer to Healthcare RCM Seller for the equity interests of the Healthcare RCM Acquired Entities was $96,252, paid in cash at closing, after giving effect to post-closing net working capital, indebtedness and cash adjustments. The Healthcare RCM Business comprised the majority of the Company's former Healthcare segment.
10

i3 VERTICALS, Inc.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in thousands, except unit, share and per share amounts)

At the closing of the transactions contemplated by the Healthcare RCM Purchase Agreement, the Company entered into a transition services agreement with Infinx ("Infinx TSA"), pursuant to which, among other things, the Company or affiliates thereof provided certain information technology and operational transition services to Infinx for a period of time after the closing, and an employee leasing agreement with Infinx ("Infinx ELA"), pursuant to which the Company leased employees of the Healthcare RCM Business to Infinx for a limited period of time following the closing in accordance with the terms thereof. The obligations under the Infinx TSA were substantially completed in the first quarter of fiscal 2026. The Infinx ELA completed on July 31, 2025. Revenue earned under the Infinx TSA and Infinx ELA are reported in other income and expenses incurred for which the Company is reimbursed through the Infinx TSA and Infinx ELA are reported in selling, general and administrative expenses within the Company's condensed consolidated statements of operations. Income under the Infinx TSA was not significant during the three and nine months ended June 30, 2026, and was $3,919 during both the three and nine months ended June 30, 2025.
Aggregate costs incurred related to the sale of the Healthcare RCM Business during the year ended September 30, 2025 that were not considered incremental direct costs to transact the sale, were approximately $1,332 and were expensed as incurred. These costs were primarily incurred during the third fiscal quarter of the fiscal year ended September 30, 2025 and include fees for third-party advisory, consulting, legal and professional services, as well as other items associated with the sale of the Healthcare RCM Business. The expenses are reflected within selling, general and administrative expenses within the Company's condensed consolidated statements of operations.
11

i3 VERTICALS, Inc.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in thousands, except unit, share and per share amounts)

The financial results of the Healthcare RCM Business are included in income from discontinued operations, net of income taxes on the Company’s condensed consolidated statements of operations. The following table presents financial results of Healthcare RCM Business for the three and nine months ended June 30, 2026 and 2025:

Three Months Ended June 30,Nine Months Ended June 30,
2026202520262025

Revenue$— $3,601 $— $22,463 

Operating expenses
Costs of services (excluding depreciation and amortization)
— 3,023 — 14,553 
Selling, general and administrative— 2,491 — 7,317 
Depreciation and amortization— 275 — 1,940 
Change in fair value of contingent consideration— 10 — 1,302 
Total operating expenses— 5,799 — 25,112 

Loss from operations— (2,198)— (2,649)

Other expenses (income)250 (25,960)419 (25,998)

(Loss) income before income taxes from discontinued operations(250)23,762 (419)23,349 

(Benefit from) provision for income taxes(33)4,337 (64)4,620 

Net (loss) income from discontinued operations(217)19,425 (355)18,729 

Net (loss) income from discontinued operations attributed to non-controlling interest(79)6,130 (125)6,041 
Net (loss) income from discontinued operations attributable to i3 Verticals, Inc.$(138)$13,295 $(230)$12,688 

12

i3 VERTICALS, Inc.
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in thousands, except unit, share and per share amounts)

The Company has elected to not separately disclose discontinued operations on its condensed consolidated statement of cash flows. The following table presents cash flows from discontinued operations for major captions on the condensed consolidated financial statements:

Nine Months Ended June 30, 2025
Depreciation and amortization$1,940 
Equity-based compensation$3,112 
Gain on sale of Healthcare RCM Business$(25,960)
Non-cash lease expense$702 
Increase in non-cash contingent consideration expense from original estimate$1,302 
Contingent consideration paid in excess of original estimates$(700)
Expenditures for property and equipment$(156)
Expenditures for capitalized software$(263)
Proceeds from sale of Healthcare RCM Business, net of cash sold$96,102 
Cash paid for contingent consideration$(800)

The following table presents significant non-cash investing and financing activities for major captions on the consolidated financial statements:
Nine Months Ended June 30, 2025
Right-of-use assets obtained in exchange for operating lease obligations$266 

Merchant Services Business Divestiture
During the year ended September 30, 2024, the Company made the strategic decision to discontinue a significant segment of its operations constituting its Merchant Services Business (as defined below). In this regard, on September 20, 2024, i3 Verticals, LLC, and i3 Holdings Sub, Inc., a wholly-owned subsidiary of i3 Verticals, LLC (“Corporation Seller,” and collectively with i3 Verticals, LLC, the “Merchant Services Sellers”) completed the transactions (such closing, the “Closing”) contemplated by that certain Securities Purchase Agreement dated as of June 26, 2024 (the “Merchant Services Purchase Agreement”), by and among i3 Verticals, LLC, Corporation Seller, the Company (solely for the purpose of providing a guaranty