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i3 Verticals Inc. (IIIV-1.25%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports revenue of $61.7 million, a 12.1% increase from the $55.1 million reported in the same period the previous year. This growth was driven by an increase in recurring revenues and software license sales.
Operating expenses totaled $59.0 million, up from $53.6 million in the prior year, attributed to higher personnel costs and technology expenses.
The company reported income from operations of $2.7 million, compared to $1.5 million in the previous year. Interest expense decreased significantly to $0.7 million from $6.7 million due to lower outstanding debt.
Net income from continuing operations was $3.3 million, compared to a net loss of $4.2 million in the prior year, reflecting improved operational performance and reduced interest expenses.
Discontinued operations, related to the sale of the Merchant Services Business, resulted in a net loss of $0.2 million for the quarter.
i3 Verticals Inc. reported cash and cash equivalents of $85.6 million as of December 31, 2024, with no borrowings under its $450 million revolving credit facility.
The company completed no acquisitions during the quarter but continues to focus on expanding its software offerings in the Public Sector and Healthcare segments.
i3 Verticals Inc. repurchased 496,785 shares of Class A common stock at an average price of $22.49 during the quarter under its share repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the i3 Verticals Inc. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.