{"product_id":"iiiv-vrio-analysis","title":"i3 Verticals, Inc. (IIIV): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlock the secrets to i3 Verticals, Inc. (IIIV)'s market position as we dissect its core capabilities through the rigorous VRIO lens. This analysis distills whether its current assets truly deliver sustainable competitive advantage by examining their Value, Rarity, Inimitability, and Organization. Dive in now to see the definitive verdict on what makes i3 Verticals, Inc. (IIIV) uniquely powerful - or potentially vulnerable - in today's landscape.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003ei3 Verticals, Inc. (IIIV) - VRIO Analysis: Recurring Revenue Stream (Approx. 76% of continuing operations revenue)\n\u003c\/h2\u003e\n\n\u003cp\u003eYou’re looking at the core engine of i3 Verticals, Inc. (IIIV) now - that sticky, predictable revenue stream that defines their post-divestiture strategy. Honestly, this is where the real value is being built, especially after shedding the Merchant Services and Healthcare RCM businesses.\u003c\/p\u003e\n\n\u003ch3\u003eValue: Predictable Cash Flow and Growth Validation\u003c\/h3\u003e\n\u003cp\u003eThe value here is clear: it’s the foundation for disciplined capital deployment. Recurring revenue, which made up \u003cstrong\u003e75%\u003c\/strong\u003e of Q4 2025 revenue, gives management the confidence to invest heavily in new solutions for courts and utilities. We saw this play out with \u003cstrong\u003e8.4%\u003c\/strong\u003e organic growth for the full fiscal year 2025, showing the core business is healthy and expanding without relying on one-off sales. Plus, the \u003cstrong\u003e25%\u003c\/strong\u003e year-over-year growth in Software-as-a-Service (SaaS) revenue in Q4 signals a successful shift away from less predictable streams.\u003c\/p\u003e\n\u003cp\u003eHere’s the quick math on the recurring strength in Q4 2025:\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRecurring Revenue as % of Q4 Revenue: \u003cstrong\u003e75%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eAnnual Recurring Revenue (ARR) Q4 2025: \u003cstrong\u003e$165.3 million\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eARR Growth (Q4 2025 vs Q4 2024): \u003cstrong\u003e9.2%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eRarity: Public Sector Concentration\u003c\/h3\u003e\n\u003cp\u003eWhile many software firms chase high recurring revenue, i3 Verticals’ concentration in the public sector makes this level of stickiness moderately rare. It’s one thing to have SaaS contracts; it’s another to have them with state and local governments, which have much longer procurement and contract cycles. The recent statewide win with the Supreme Court of Appeals of West Virginia validates this niche focus, but other specialized vertical SaaS players definitely exist in the government space.\u003c\/p\u003e\n\n\u003ch3\u003eImitability: Contractual Moat vs. Tech Copying\u003c\/h3\u003e\n\u003cp\u003eReplicating the existing contract base is incredibly costly and time-consuming - that’s the real barrier to entry. You can’t just buy a competitor’s decade-long relationship with a county government. To be fair, the underlying technology stack, the actual code for case management or utility billing, is imitable over time if a well-funded competitor decides to build it from scratch. The moat is the relationship and the embedded workflow, not just the software itself.\u003c\/p\u003e\n\n\u003ch3\u003eOrganization: Focused Execution Post-Streamlining\u003c\/h3\u003e\n\u003cp\u003eThe organization is definitely structured to maximize this metric. The CEO noted that divesting the Merchant Services and Healthcare RCM businesses turned a new chapter, narrowing the investment focus squarely onto the public sector verticals. This alignment is crucial; when management’s compensation and capital allocation - like the $67 million in cash on hand with no debt - are aimed at durable recurring revenue, execution follows. The fact that ARR growth of \u003cstrong\u003e9.2%\u003c\/strong\u003e in Q4 2025 outpaced total revenue growth of \u003cstrong\u003e7.0%\u003c\/strong\u003e shows this focus is working.\u003c\/p\u003e\n\n\u003ch3\u003eCompetitive Advantage Scoring\u003c\/h3\u003e\n\u003cp\u003eWe map these dimensions to a competitive advantage score. This isn't a permanent advantage, but it’s a strong one right now. If onboarding takes 14+ days, churn risk rises, but the current structure mitigates that by embedding deeply.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eVRIO Dimension\u003c\/td\u003e\n\u003ctd\u003eAssessment\u003c\/td\u003e\n\u003ctd\u003eScore (Y\/N)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003ctd\u003eY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRarity\u003c\/td\u003e\n\u003ctd\u003eYes (Public Sector Focus)\u003c\/td\u003e\n\u003ctd\u003eY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInimitability\u003c\/td\u003e\n\u003ctd\u003eCostly\/Time-Consuming\u003c\/td\u003e\n\u003ctd\u003eY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganization\u003c\/td\u003e\n\u003ctd\u003eHigh (Post-Divestiture Focus)\u003c\/td\u003e\n\u003ctd\u003eY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompetitive Advantage\u003c\/td\u003e\n\u003ctd\u003eTemporary Competitive Advantage\u003c\/td\u003e\n\u003ctd\u003eY\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe current advantage is \u003cstrong\u003eTemporary\u003c\/strong\u003e. The stickiness of government contracts provides a strong near-term moat, especially with new wins like the West Virginia contract, but it’s not permanently inimitable if a competitor targets the same niche with superior tech or pricing over a multi-year horizon.\u003c\/p\u003e\n\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003ei3 Verticals, Inc. (IIIV) - VRIO Analysis: Public Sector Vertical Specialization (Courts, Utilities, Transportation)\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Deep domain expertise allows for tailored, mission-critical solutions that are essential for government functions.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare; few competitors possess this breadth of installed base across so many distinct, regulated government verticals.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Very difficult; requires years of relationship building, regulatory compliance knowledge, and embedded workflows.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the entire post-divestiture strategy centers on this single segment, showing management commitment.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; the network effects and regulatory barriers to entry in government procurement create a long-lasting advantage.\u003c\/p\u003e\n\n\u003cp\u003eThe strategic focus on the Public Sector segment is quantified by the following financial and operational metrics:\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eAmount\/Percentage\u003c\/td\u003e\n\u003ctd\u003ePeriod\/Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFull Year Revenue (Continuing Operations)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$213.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year Ended September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear-over-Year Revenue Growth\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.5%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year Ended September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnualized Recurring Revenue (ARR)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$165.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of Fiscal Year 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRecurring Revenue Mix (of Continuing Operations)\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e76%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003ePost-divestiture focus\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$57.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFull Year Fiscal 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income (Continuing Operations)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFull Year Fiscal 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe commitment to the Public Sector vertical is evidenced by strategic portfolio management:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eSale of Merchant Services Business for \u003cstrong\u003e$439.5 million\u003c\/strong\u003e in cash (September 2024).\u003c\/li\u003e\n\u003cli\u003eSale of Healthcare RCM Business for \u003cstrong\u003e$96.3 million\u003c\/strong\u003e in cash (May 2025).\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eThe installed base supports the Rarity and Imitability claims:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eSolutions deployed across \u003cstrong\u003eall 50 states and Canada\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eSoftware solutions cover Courts, Utilities, Public Administration, and Transportation within the Public Sector.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003ei3 Verticals, Inc. (IIIV) - VRIO Analysis: Cloud-Native Software Platform\n\u003c\/h2\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cp\u003e\n\u003c\/p\u003e\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Enables scalable service delivery and supports the high growth seen in SaaS revenue, which grew \u003cstrong\u003e25%\u003c\/strong\u003e in Q4 2025.\n\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cp\u003e\n\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ4 2025 Value\u003c\/th\u003e\n\u003cth\u003eFull Year 2025 Value\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue (Continuing Ops)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$54.9 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$213.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSaaS Revenue Growth (YoY)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+25%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRecurring Revenue Percentage\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e75%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnual Recurring Revenue (ARR)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$165.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash \u0026amp; Equivalents\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$67 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Not rare; most modern enterprise software is cloud-native, but the specific public sector adaptation is less common.\n\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Moderate; the core technology stack can be reverse-engineered, but the specific feature set is proprietary.\n\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: High; the company is actively investing in Justice products, showing intent to keep the platform modern.\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eAnnounced a new contract with the Supreme Court of Appeals of West Virginia for the i3 CourtOne™ Case Management Solution, estimated to represent \u003cstrong\u003eeight figures in revenue over a six-year period\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFY2026 Revenue Guidance: \u003cstrong\u003e$217 million to $232 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFY2026 Recurring Revenue Growth Expectation: \u003cstrong\u003e8% to 10%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Temporary; technology parity is achievable, but the integration with existing client systems slows down switching.\n\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003ei3 Verticals, Inc. (IIIV) - VRIO Analysis: Embedded Payments Facilitator Technology\n\u003c\/h2\u003e\n\u003cp\u003e\n\u003ch\u003e\u003ch\u003eValue: Creates a high-margin revenue stream and increases customer 'stickiness' by bundling essential transaction processing with software.\u003c\/h\u003e\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eThe embedded payments capability drives a significant portion of the recurring revenue base, which is central to the company's valuation post-divestitures.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFull fiscal year 2025 revenue from continuing operations was reported at \u003cstrong\u003e$213.2 million\u003c\/strong\u003e, an increase of \u003cstrong\u003e11.5%\u003c\/strong\u003e over the prior year.\u003c\/li\u003e\n\u003cli\u003eAnnualized Recurring Revenue (ARR) reached \u003cstrong\u003e$165.3 million\u003c\/strong\u003e in Q4 2025.\u003c\/li\u003e\n\u003cli\u003eNet dollar retention for fiscal 2025 was a healthy \u003cstrong\u003e104%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eSaaS growth led revenue growth in Q3 2025, increasing \u003cstrong\u003e24%\u003c\/strong\u003e over the prior year period.\u003c\/li\u003e\n\u003cli\u003eRevenue from payments increased by \u003cstrong\u003e11%\u003c\/strong\u003e in Q3 2025 compared to the prior year quarter.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003ePeriod\/Date Reference\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue from Continuing Operations (FY)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$229.9 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear Ended September 30, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue from Continuing Operations (FY)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$213.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFull Fiscal Year 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnualized Recurring Revenue (ARR)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$165.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ4 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e68.76%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eLast 12 Months (TTM)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA Margin\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e26.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ4 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Dollar Retention\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e104%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\n\u003ch\u003e\u003ch\u003eRarity: Rare; integrating payments directly into vertical-specific government software is a specialized capability.\u003c\/h\u003e\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eThe company serves approximately \u003cstrong\u003e33,500 clients\u003c\/strong\u003e with tailored platforms. The focus on mission-critical software for the public sector, such as courts, creates a niche concentration.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe Justice market is the largest vertical, contributing approximately \u003cstrong\u003e25%\u003c\/strong\u003e of revenues.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\n\u003ch\u003e\u003ch\u003eImitability: Difficult; requires navigating complex financial regulations and integrating deeply into the core software architecture.\u003c\/h\u003e\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eThe deep integration into mission-critical government software, which processes essential transactions, creates high switching costs that are difficult for competitors to replicate without significant time and regulatory investment.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003e\u003ch\u003eOrganization: High; this capability is central to their value proposition, driving both software and payments revenue growth.\u003c\/h\u003e\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eThe strategic focus post-divestitures centers on a single public sector-focused segment where software and integrated payments are the core offering. Approximately \u003cstrong\u003e76%\u003c\/strong\u003e of revenue from continuing operations is described as recurring, driven by software and embedded payment fees.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003e\u003ch\u003eCompetitive Advantage: Sustained; the friction of decoupling payments from mission-critical software makes customer switching very hard.\u003c\/h\u003e\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eThe model captures both subscription revenue and transaction fees, locking in government entities reliant on the uptime and compliance of the integrated system.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003ei3 Verticals, Inc. (IIIV) - VRIO Analysis: Fortified Balance Sheet (No Debt, $66.7M Cash as of 9\/30\/25)\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides significant financial flexibility for opportunistic stock repurchases and strategic bolt-on acquisitions.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eOpportunistic stock repurchases: \u003cstrong\u003e1,573,881\u003c\/strong\u003e shares bought in FY 2025 at an average price of \u003cstrong\u003e$23.24\u003c\/strong\u003e per share.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003eInterest expense for FY 2025 was \u003cstrong\u003e$2.3M\u003c\/strong\u003e, down \u003cstrong\u003e92%\u003c\/strong\u003e from the prior year due to debt repayment.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare; many growth-focused software firms carry debt; being debt-free with substantial cash is unusual.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eNo long-term debt outstanding as of September 30, 2025.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003eCash and cash equivalents as of 9\/30\/25: \u003cstrong\u003e$66.7M\u003c\/strong\u003e.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Easy to imitate if the cash is available, but the cash was generated by successful divestitures.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eThe divestiture of the Healthcare RCM Business generated proceeds of \u003cstrong\u003e$96.0M\u003c\/strong\u003e.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003eNet cash provided by investing activities was \u003cstrong\u003e$76.5M\u003c\/strong\u003e, reflecting proceeds from 2024\/2025 divestitures.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; management is actively deploying this capital for buybacks and has a \u003cstrong\u003e$400M\u003c\/strong\u003e credit facility available.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eManagement has a \u003cstrong\u003e$400M\u003c\/strong\u003e available on the revolving credit facility.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cp\u003eA new share repurchase program was authorized to extend through September 2026.\u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; cash reserves can be spent, but the timing of achieving this clean slate is a past success.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eBalance Sheet Metric (as of 9\/30\/25)\u003c\/th\u003e\n\u003cth\u003eAmount\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash and Cash Equivalents\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$66.7M\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLong-Term Debt\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAvailable Revolving Credit Facility\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$400M\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$638.4M\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets (Prior Year)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$730.7M\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eShares Repurchased (FY 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1,573,881\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003ei3 Verticals, Inc. (IIIV) - VRIO Analysis: Disciplined Acquisition Integration Framework\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eDisciplined Acquisition Integration Framework\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eValue\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eAllows i3 Verticals to strategically grow its public sector footprint by adding capabilities like the Utility Billing Software Business, acquired on April 1, 2025, for \u003cstrong\u003e$9.0 million\u003c\/strong\u003e in cash consideration, plus contingent consideration not to exceed \u003cstrong\u003e$5.0 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eModerately rare; many acquirers fail to integrate; i3 Verticals has a large Goodwill balance of \u003cstrong\u003e$248.5M\u003c\/strong\u003e as of year-end 2025, suggesting a history of M\u0026amp;A.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eDifficult; success depends on tacit knowledge and processes developed over many transactions.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eHigh; the company has a clear M\u0026amp;A focus, using cash and credit capacity to execute deals. As of year-end 2025, there was \u003cstrong\u003e$400M\u003c\/strong\u003e available on the revolving credit facility and over \u003cstrong\u003e$65 million\u003c\/strong\u003e in cash on hand.\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003eTemporary; while the framework is valuable, a new competitor could hire experienced M\u0026amp;A talent to catch up.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eKey M\u0026amp;A Transaction Metrics\u003c\/strong\u003e\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eTransaction\/Metric\u003c\/th\u003e\n\u003cth\u003eAmount\/Date\u003c\/th\u003e\n\u003cth\u003eContext\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eUtility Billing Software Acquisition (Cash)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$9.0 million\u003c\/strong\u003e (April 1, 2025)\u003c\/td\u003e\n\u003ctd\u003eAddition to Public Sector Footprint\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHealthcare RCM Business Sale (Cash)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$96.3 million\u003c\/strong\u003e (May 2025)\u003c\/td\u003e\n\u003ctd\u003eDivestiture from Continuing Operations\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMerchant Services Business Sale (Cash)\u003c\/td\u003e\n\u003ctd\u003eApprox. \u003cstrong\u003e$439.5 million\u003c\/strong\u003e (September 2024)\u003c\/td\u003e\n\u003ctd\u003eDivestiture from Continuing Operations\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGoodwill Balance (Year-End 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$248.5M\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eIndication of M\u0026amp;A Reliance\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevolving Credit Facility Capacity\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$400M\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eLiquidity for Execution\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe company's focus is evidenced by \u003cstrong\u003e80%\u003c\/strong\u003e of Q1 2025 revenue from continuing operations being derived from public sector SaaS offerings. Full year revenue from continuing operations for FY 2025 was \u003cstrong\u003e$213.2 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eGoodwill recognized from the Utility Billing Software acquisition in FY 2025: \u003cstrong\u003e$5.1M\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal liabilities decreased significantly to \u003cstrong\u003e$120. million\u003c\/strong\u003e from \u003cstrong\u003e$215. million\u003c\/strong\u003e following divestitures.\u003c\/li\u003e\n\u003cli\u003eSelling, general \u0026amp; administrative expenses increased by \u003cstrong\u003e13.8%\u003c\/strong\u003e to over \u003cstrong\u003e$114. million\u003c\/strong\u003e, partly due to M\u0026amp;A related expenses.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\n\u003cbr\u003e\u003ch2\u003ei3 Verticals, Inc. (IIIV) - VRIO Analysis: Deep Installed Base Across U.S. Government (Thousands of Installations)\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a massive, stable base for upselling new software modules and capturing incremental revenue from existing clients.\u003c\/p\u003e\n\u003cp\u003eThe value derived from this installed base is evidenced by the 104% net dollar retention rate for fiscal 2025. Annualized Recurring Revenue ('ARR') from continuing operations for the fourth quarter of 2025 was $165.3 million.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare; penetration across all 50 states and Canada in specific government functions is a significant footprint.\u003c\/p\u003e\n\u003cp\u003eThe company delivers solutions to public sector entities in the United States and Canada. The shift to a subscription model is accelerating, with SaaS revenues growing 25% in Q4 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Very difficult; this requires decades of trust and successful contract wins against incumbent competitors.\u003c\/p\u003e\n\u003cp\u003eThe company has streamlined its portfolio, completing the sale of its Healthcare RCM Business for $96.3 million in cash in May 2025, focusing resources on the entrenched public sector software base.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the company uses this base to drive its 104% net dollar retention rate for fiscal 2025.\u003c\/p\u003e\n\u003cp\u003eThe organization's effectiveness is demonstrated by the 104% net dollar retention rate for fiscal 2025. Approximately 76% of revenue from continuing operations is considered recurring.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; the sheer scale and geographic spread create high switching costs and brand recognition within government IT circles.\u003c\/p\u003e\n\u003cp\u003eFull year revenue from continuing operations for fiscal 2025 was $213.2 million, reflecting organic revenue growth of 8.4% for the year.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eFinancial Metric\u003c\/th\u003e\n\u003cth\u003ePeriod\/Date\u003c\/th\u003e\n\u003cth\u003eAmount\/Rate\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Dollar Retention Rate\u003c\/td\u003e\n\u003ctd\u003eFiscal 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e104%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnualized Recurring Revenue (ARR)\u003c\/td\u003e\n\u003ctd\u003eQ4 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$165.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue (Continuing Operations)\u003c\/td\u003e\n\u003ctd\u003eFiscal Year Ended Sep 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$213.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganic Revenue Growth\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e8.4%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSaaS Revenue Growth\u003c\/td\u003e\n\u003ctd\u003eQ4 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e25%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHealthcare RCM Business Sale Proceeds\u003c\/td\u003e\n\u003ctd\u003eMay 2025\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$96.3 million\u003c\/strong\u003e in cash\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe company's public sector focus includes solutions for:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eCourts and Public Safety\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003ePublic Administration\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eUtilities and Transportation\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eSchools\/Education\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eShare structure as of November 20, 2025:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eClass A shares outstanding: \u003cstrong\u003e23,972,102\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eClass B shares outstanding: \u003cstrong\u003e8,381,681\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003ei3 Verticals, Inc. (IIIV) - VRIO Analysis: High Goodwill and Intangible Asset Base ($135.8M Intangibles)\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Represents the capitalized value of past successful acquisitions and internally developed intellectual property, underpinning future revenue streams. As of the latest reported period (September 30, 2025), the balance sheet reflects Goodwill of $\\$248.5\\text{M}$ and Intangible assets, net of $\\$135.8\\text{M}$. These assets support a business model with Annualized Recurring Revenue (ARR) from continuing operations at $\\$165.3\\text{M}$ in Q4 2025.\u003c\/p\u003e\n\u003cp\u003eThe strategic shift to focus on the Public Sector vertical, which accounted for 80% of Q1 2025 revenue from SaaS offerings, is intended to maximize the long-term value of these acquired assets.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eFinancial Metric\u003c\/th\u003e\n\u003cth\u003eAmount (as of 9\/30\/2025)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGoodwill\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$\\$248.5\\text{M}$\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIntangible Assets, net\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$\\$135.8\\text{M}$\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash and Cash Equivalents\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$\\$66.7\\text{M}$\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDebt Outstanding\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$\\$0$\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eARR from Continuing Operations (Q4 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$\\$165.3\\text{M}$\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Not rare for an acquisitive company, but the quality of these assets, tied to the public sector focus, is key. The company has completed over 40 acquisitions since inception. The current focus concentrates on mission-critical software for state and local governments in submarkets like transportation, ERP, public safety, K-12 education, and justice tech.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Low; the specific value is tied to past purchase prices and amortization schedules, not easily replicated. The value is embedded in the historical purchase prices of acquired entities, such as the $\\$85\\text{M}$ acquisition in October 2022 or the $\\$9\\text{M}$ utility billing software acquisition. The divestiture of non-core segments, like the Merchant Services unit for $\\$438\\text{M}$ - $\\$439.5\\text{M}$, further defines the current asset base.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Moderate; the company must actively manage and defend the value of these assets through continued product investment. The organization is structured to support this focus, having divested the Healthcare RCM segment for $\\$96\\text{M}$ - $\\$96.3\\text{M}$ to concentrate efforts.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe company is accelerating investments in new solutions for courts and utilities.\u003c\/li\u003e\n\u003cli\u003eThe forward growth strategy includes deeply integrating AI technologies into the product suite.\u003c\/li\u003e\n\u003cli\u003eThe balance sheet is strong with no debt and $\\$400\\text{M}$ available on the revolving credit facility.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; the assets themselves are historical; the future value depends on current R\u0026amp;D execution and successful integration of past purchases.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eSaaS revenue grew 23% year-over-year in fiscal year 2025.\u003c\/li\u003e\n\u003cli\u003eAdjusted EBITDA from continuing operations for the full year 2025 was $\\$57.5\\text{M}$.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003ei3 Verticals, Inc. (IIIV) - VRIO Analysis: Focused Strategic Mandate (Pure-Play Public Sector)\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eFocused Strategic Mandate (Pure-Play Public Sector)\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eValue:\u003c\/strong\u003e Eliminates internal resource conflict and allows for clear communication of value proposition to investors and customers.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare; many peers are still juggling multiple, disparate business lines; this focus is a recent strategic choice.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eImitability:\u003c\/strong\u003e Easy to imitate conceptually, but difficult to execute the actual divestitures to achieve this focus. The divestiture of the Healthcare RCM division was for \u003cstrong\u003e$96 million\u003c\/strong\u003e in cash, following the 2024 sale of the merchant services division for approximately \u003cstrong\u003e$440 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; management has clearly signaled this is the path forward, as seen by the 2025 divestiture of Healthcare RCM.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; while it provides clarity now, another management team could reverse course or pivot to a different focus.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinance:\u003c\/strong\u003e Latest reported cash position and key financial metrics from continuing operations:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003ePeriod\/Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash on Hand\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e$65 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eAs of Fiscal Year End September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevolving Credit Facility Commitments\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$400 million\u003c\/strong\u003e (Reduced from $450 million)\u003c\/td\u003e\n\u003ctd\u003ePost-RCM Divestiture\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Debt Outstanding\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eNo debt outstanding\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of Year-End 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFull Year Revenue (Continuing Operations)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$213.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear Ended September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSaaS Revenue Growth\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e23%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2025 vs. Prior Year\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFull Year Adjusted EBITDA (Continuing Operations)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$57.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear Ended September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInterest Expense\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\n\u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eThe RCM Business accounted for approximately \u003cstrong\u003e83%\u003c\/strong\u003e of the company's Healthcare Segment revenues in calendar year 2024.\u003c\/li\u003e\n\u003cli\u003eThe RCM Business contributed \u003cstrong\u003e$9.1 million\u003c\/strong\u003e in revenue for the three months ended March 31, 2025.\u003c\/li\u003e\n\u003cli\u003eThe Healthcare RCM sale resulted in a \u003cstrong\u003e$26.0 million\u003c\/strong\u003e gain recognized in Fiscal Year 2025.\u003c\/li\u003e\n\u003cli\u003eThe Merchant Services sale generated a \u003cstrong\u003e$205.6 million\u003c\/strong\u003e gain in Fiscal Year 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eShare repurchase activity during the year ended September 30, 2025:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eShares repurchased: \u003cstrong\u003e1,573,881\u003c\/strong\u003e shares of Class A Common Stock.\u003c\/li\u003e\n\u003cli\u003eAverage price per share: \u003cstrong\u003e$23.24\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTotal spent on repurchases: approximately \u003cstrong\u003e$38 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516185796757,"sku":"iiiv-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/iiiv-vrio-analysis.png?v=1740183085","url":"https:\/\/dcf-model.com\/fr\/products\/iiiv-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}