i3 Verticals completed the divestiture of its Merchant Services business in September 2024 and is now reporting as RemainCo, a pure-play vertical market software company. In Q4 2024, revenues rose 4% year over year to $60.9 million, driven by organic growth of 2% and two months of revenue from the public sector permitting-and-licensing acquisition. Recurring revenue accounted for 77% of quarterly revenues, with SaaS and payments growth of 8% and 11% respectively, and annualized recurring revenues (ARR) of $188.2 million, up 7.5% YoY. Net dollar retention for fiscal 2024 was 100%, underscoring the stickiness of the remaining software and services book, though payments are not included in that metric. Adjusted EBITDA for Q4 2024 was $16.2 million (27% of revenue approximately 26.7%), reflecting higher corporate costs related to the divestiture and ongoing transition. Pro forma adjusted diluted EPS from continuing operations was $0.15 for Q4 2024. Management guided FY2025 continuing-operations revenue of $243–$263 million, adjusted EBITDA of $63–$71.5 million, and pro forma diluted EPS of $1.05–$1.25, with high-single-digit organic revenue growth and margin improvements of 50–100 basis points. The company ended the quarter with $86.5 million of cash, $26.2 million of debt, and $450 million of revolving debt capacity, implying substantial liquidity to fund growth and select bolt-on acquisitions (3–5 deals targeted for 2025). In management commentary, the leadership emphasized a strategic shift to web-native, configurable software, a robust M&A pipeline, and a renewed emphasis on cross-vertical solution bundling as key growth drivers. Overall, IIIV presents a materially stronger recurring-revenue base and clearer path to profitability post-transition, with meaningful optionality from an active M&A program and product-roadmap investments.