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DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Disposal Groups, Including Discontinued Operations | The following table presents financial results of Merchant Services Business for the three and six months ended March 31, 2025 and 2024:
| Three months ended March 31, | Six months ended March 31,
| 2025 |  | 2024 | 2025 |  | 2024
Revenue | $ | — |  |  | $ | 36,574 |  | $ | — |  |  | $ | 73,510 |
Operating expenses |  |  |  |  |  |
Other costs of services | — |  |  | 16,477 |  | — |  |  | 32,786 |
Selling, general and administrative | — |  |  | 10,286 |  | — |  |  | 21,180 |
Depreciation and amortization | — |  |  | 2,876 |  | — |  |  | 5,561 |
Total operating expenses | — |  |  | 29,639 |  | — |  |  | 59,527 |
Income from operations | — |  |  | 6,935 |  | — |  |  | 13,983 |
Other expenses |  |  |  |  |  |
Interest expense, net | — |  |  | 36 |  | — |  |  | 56 |
Other expense | 404 |  |  | — |  | 657 |  |  | — |
Total other expenses | 404 |  |  | 36 |  | 657 |  |  | 56 |
(Loss) income before income taxes from discontinued operations | (404) |  |  | 6,899 |  | (657) |  |  | 13,927 |
(Benefit from) provision for income taxes | (78) |  |  | 1,249 |  | (117) |  |  | 2,526 |
Net (loss) income from discontinued operations | (326) |  |  | 5,650 |  | (540) |  |  | 11,401 |
Net (loss) income from discontinued operations attributed to non-controlling interest | (99) |  |  | 2,063 |  | (175) |  |  | 3,831 |
Net (loss) income from discontinued operations attributable to i3 Verticals, Inc. | $ | (227) |  |  | $ | 3,587 |  | $ | (365) |  |  | $ | 7,570 |
The Company has elected to not separately disclose discontinued operations on its condensed consolidated statement of cash flows. The Company had no significant cash flow activity pertaining to discontinued operations in the three and six months ended March 31, 2025. The following table presents cash flows from discontinued operations for major captions on the condensed consolidated financial statements:
| Six months ended March 31,
| 2025 |  | 2024
Depreciation and amortization | $ | — |  |  | $ | 5,561 |
Equity-based compensation | $ | — |  |  | $ | 1,905 |
Amortization of capitalized customer acquisition costs | $ | — |  |  | $ | 430 |
Adjustments to loss (gain) on sale of Merchant Services Business | $ | 657 |  |  | $ | — |
Non-cash lease expense | $ | — |  |  | $ | 536 |
Expenditures for property and equipment | $ | — |  |  | $ | (386) |
Expenditures for capitalized software | $ | — |  |  | $ | (414) |
Purchases of merchant portfolios and residual buyouts | $ | — |  |  | $ | (4,214) |
The following table presents significant non-cash investing and financing activities for major captions on the consolidated financial statements:
| Six months ended March 31, 2024
Consideration accrued for December 2023 residual buyout | $ | 252 |
Right-of-use assets obtained in exchange for operating lease obligations | $ | 742 |

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