International Money Express (IMXI) came out with quarterly earnings of $0.57 per share, missing the Zacks Consensus Estimate of $0.59 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.39%. A quarter ago, it was expected that this company would post earnings of $0.58 per share when it actually produced earnings of $0.61, delivering a surprise of 5.17%.Over the last four quarters, t ...

Company delivers ~10% EPS growth in 2024 Company to Host Conference Call Today at 9 a.m. ET MIAMI, Feb. 26, 2025 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), one of the nation’s leading omnichannel money transfer services to Latin America and the Caribbean, today reported operating results for the fourth quarter and full-year 2024. Financial performance highlights for the full-year: Revenues of $658.6 millionNet income of $58.8 millionDiluted EPS of $1. ...

[Executive Summary / Highlights](index=1&type=section&id=Executive%20Summary%20%2F%20Highlights) [Full-Year 2024 Financial Highlights](index=1&type=section&id=Full-Year%202024%20Financial%20Highlights) Intermex achieved approximately 10% diluted EPS growth in FY2024, with adjusted diluted EPS reaching $2.14 and adjusted EBITDA growing 1.1% to $121.3 million, demonstrating solid operational results Full-Year 2024 Financial Highlights | Metric | Amount (Millions USD) | Diluted EPS (USD) | Adjusted Diluted EPS (USD) | Adjusted EBITDA (Millions USD) | | :--- | :--- | :--- | :--- | :--- | | **FY 2024** | | | | | | Revenue | 658.6 | 1.79 | 2.14 | 121.3 | [Fourth Quarter 2024 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Financial%20Highlights) In Q4 2024, Intermex reported $164.8 million in revenue, $15.4 million in net income, and $0.49 diluted EPS, with adjusted diluted EPS at $0.57 and adjusted EBITDA at $30.9 million Fourth Quarter 2024 Financial Highlights | Metric | Amount (Millions USD) | Diluted EPS (USD) | Adjusted Diluted EPS (USD) | Adjusted EBITDA (Millions USD) | | :--- | :--- | :--- | :--- | :--- | | **Q4 2024** | | | | | | Revenue | 164.8 | 0.49 | 0.57 | 30.9 | [Strategic Direction & CEO Commentary](index=1&type=section&id=Strategic%20Direction%20%26%20CEO%20Commentary) CEO Bob Lisy highlighted strong EPS growth and solid operational performance, announcing a strategic shift to invest in and expand high-margin digital businesses while leveraging the strong retail model, and suspending the strategic alternatives review - The company will invest in and expand high-margin digital businesses while continuing to leverage its strong retail model[1](index=1&type=chunk)[6](index=6&type=chunk) - The Board has decided to suspend the strategic alternatives review, believing that continuing to execute the company's strategic plan is in the best interest of all shareholders[1](index=1&type=chunk)[5](index=5&type=chunk) [Suspension of Strategic Alternatives Review](index=1&type=section&id=Suspension%20of%20Strategic%20Alternatives%20Review) [Board Decision and Rationale](index=1&type=section&id=Board%20Decision%20and%20Rationale) The Board, through its independent Strategic Alternatives Committee and advisors, conducted a comprehensive review of strategic alternatives since November 2024, but the process did not yield a definitive offer superior in value to Intermex's current business model and strategic plan, leading to the decision to suspend the review - The Board, through its independent Strategic Alternatives Committee (SAC) and advisors, conducted a comprehensive evaluation of strategic alternatives[2](index=2&type=chunk) - The evaluation did not receive a definitive offer superior in value to the company's current business model and strategic plan, including significant investments in digital services[2](index=2&type=chunk)[4](index=4&type=chunk) [Future Focus](index=2&type=section&id=Future%20Focus) Following the suspension of the strategic review, Intermex will focus on executing its strategic plan as an independent public company, driving growth and value through investments in expanding digital services and products, and providing shareholder liquidity via its share repurchase program - The company will continue to focus on executing its strategic plan, including driving growth and enhancing value as an independent public company[5](index=5&type=chunk) - Plans include utilizing cash resources and liquidity to invest in the expansion of digital services and products to increase revenue and improve profit margins[6](index=6&type=chunk) - Shareholder liquidity will be provided through the previously authorized share repurchase program[6](index=6&type=chunk) [Financial Results](index=2&type=section&id=Financial%20Results) [Full-Year 2024 Financial Performance](index=2&type=section&id=Full-Year%202024%20Financial%20Performance) In FY2024, Intermex's revenue remained largely flat due to a slowdown in the Latin American remittance market, partially offset by agent base and digital business growth, with net income slightly down but diluted EPS up due to share repurchases, and adjusted EBITDA showing modest growth [Revenue and Principal Sent](index=2&type=section&id=Revenue%20and%20Principal%20Sent_FY2024) | Metric | FY 2024 (Millions USD) | FY 2023 (Millions USD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 658.6 | 658.7 | 0.0% | | Principal Sent | 24,400 | 24,600 | -0.8% | | Foreign Exchange Gains | 88.9 | 87.9 | +1.1% | - Revenue remained largely flat, primarily impacted by a general slowdown in the Latin American remittance market, partially offset by growth in the agent base and digital business[7](index=7&type=chunk) [Net Income and EPS](index=2&type=section&id=Net%20Income%20and%20EPS_FY2024) | Metric | FY 2024 (Millions USD) | FY 2023 (Millions USD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Net Income | 58.8 | 59.5 | -1.2% | | Diluted EPS | 1.79 | 1.63 | +9.8% | - Net income decreased primarily due to revenue factors, partially offset by lower agent and bank service fees, reduced salaries and benefits, and lower income tax provision[8](index=8&type=chunk) - Diluted EPS benefited from a reduction in share capital due to the company's share repurchases[8](index=8&type=chunk) [Adjusted Net Income and Adjusted EPS](index=2&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20EPS_FY2024) | Metric | FY 2024 (Millions USD) | FY 2023 (Millions USD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Adjusted Net Income | 70.4 | 71.0 | -0.8% | | Adjusted Diluted EPS | 2.14 | 1.95 | +9.7% | - Adjusted diluted EPS benefited from a reduction in share capital due to the company's share repurchases[9](index=9&type=chunk) [Adjusted EBITDA](index=2&type=section&id=Adjusted%20EBITDA_FY2024) | Metric | FY 2024 (Millions USD) | FY 2023 (Millions USD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | 121.3 | 120.0 | +1.1% | [Fourth Quarter 2024 Financial Performance](index=3&type=section&id=Fourth%20Quarter%202024%20Financial%20Performance) In Q4 2024, Intermex's revenue declined due to a slowdown in the Latin American retail remittance market, despite strong digital remittance revenue growth, with net income and adjusted EBITDA decreasing, while diluted EPS was flat and adjusted diluted EPS slightly increased, both benefiting from share repurchases [Revenue and Transactions](index=3&type=section&id=Revenue%20and%20Transactions_Q42024) | Metric | Q4 2024 (Millions USD) | Q4 2023 (Millions USD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 164.8 | 171.8 | -4.1% | | Digital Remittance Revenue Growth | - | - | +48.3% | | Transactions (Millions) | 14.8 | 15.3 | -3.2% | | Principal Sent (Billions USD) | 6.1 | 6.2 | -1.6% | - Revenue decline primarily due to a general slowdown in the Latin American retail remittance market[11](index=11&type=chunk) - Digital remittance revenue grew by **48.3%**, positively impacting overall revenue[11](index=11&type=chunk) [Net Income and EPS](index=3&type=section&id=Net%20Income%20and%20EPS_Q42024) | Metric | Q4 2024 (Millions USD) | Q4 2023 (Millions USD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Net Income | 15.4 | 17.5 | -12.1% | | Diluted EPS | 0.49 | 0.49 | 0.0% | - Net income decreased primarily due to revenue factors and the inclusion of **$1.7 million** in transaction costs related to the strategic alternatives review[12](index=12&type=chunk) - Diluted EPS benefited from a reduction in share capital due to the company's share repurchases[12](index=12&type=chunk) [Adjusted Net Income and Adjusted EPS](index=3&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20EPS_Q42024) | Metric | Q4 2024 (Millions USD) | Q4 2023 (Millions USD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Adjusted Net Income | 17.8 | 19.9 | -10.6% | | Adjusted Diluted EPS | 0.57 | 0.56 | +1.8% | - Adjusted diluted EPS benefited from a reduction in share capital due to the company's share repurchases[13](index=13&type=chunk) [Adjusted EBITDA](index=3&type=section&id=Adjusted%20EBITDA_Q42024) | Metric | Q4 2024 (Millions USD) | Q4 2023 (Millions USD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | 30.9 | 33.3 | -7.2% | - Adjusted EBITDA decreased primarily due to the aforementioned business operating results[14](index=14&type=chunk) [Other Financial Information](index=3&type=section&id=Other%20Financial%20Information) [Cash and Free Cash Flow](index=3&type=section&id=Cash%20and%20Free%20Cash%20Flow) As of Q4 2024, Intermex held $130.5 million in cash and cash equivalents, with net free cash flow generated in Q4 at $4.5 million, a decrease from the prior year, primarily due to the acquisition of the Amigo Paisano brand and strategic alternatives review transaction costs Cash and Free Cash Flow | Metric | End of Q4 2024 (Millions USD) | End of Q4 2023 (Millions USD) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 130.5 | 239.2 | | Net Free Cash Flow (Q4) | 4.5 | 17.2 | - Net free cash flow decreased primarily due to the **$12 million** acquisition of the Amigo Paisano brand and **$1.7 million** in transaction costs incurred in Q4[15](index=15&type=chunk) [Share Repurchase Program](index=3&type=section&id=Share%20Repurchase%20Program) Intermex repurchased 1,025,821 shares of common stock for $20.2 million in Q4 2024, and 3,765,320 shares for $75.1 million for the full FY2024, with **$63.2 million** remaining under the program for future repurchases, expected to resume this quarter - Repurchased **1,025,821** shares of common stock for **$20.2 million** in Q4 2024[16](index=16&type=chunk) - Repurchased **3,765,320** shares for **$75.1 million** for the full FY2024[16](index=16&type=chunk) - An additional **$63.2 million** remains available for future repurchases under the program, with repurchases expected to resume this quarter[16](index=16&type=chunk) [Restructuring Costs](index=3&type=section&id=Restructuring%20Costs) For the year ended December 31, 2024, the company incurred approximately $3.1 million in restructuring costs, primarily related to its international operations for workforce restructuring, streamlining operational processes, and technology integration - Restructuring costs for FY2024 were approximately **$3.1 million**[17](index=17&type=chunk) - Restructuring expenses primarily related to the company's international operations, including workforce restructuring, streamlining operational processes, and technology integration[17](index=17&type=chunk) [Guidance](index=4&type=section&id=Guidance) [Full-Year 2025 Guidance](index=4&type=section&id=Full-Year%202025%20Guidance) Intermex provided FY2025 guidance, projecting revenue between $657.5 million and $677.5 million, diluted EPS between $1.76 and $1.91, adjusted diluted EPS between $2.09 and $2.26, and adjusted EBITDA between $113.8 million and $117.3 million, reflecting significant investments in digital customer acquisition and retail operations Full-Year 2025 Guidance | Metric | FY 2025 Guidance | | :--- | :--- | | Revenue | $657.5 million - $677.5 million | | Diluted EPS | $1.76 - $1.91 | | Adjusted Diluted EPS | $2.09 - $2.26 | | Adjusted EBITDA | $113.8 million - $117.3 million | - Guidance reflects significant proactive investments in digital customer acquisition and increased personnel and marketing to support the profitable retail business[7](index=7&type=chunk) [First Quarter 2025 Guidance](index=4&type=section&id=First%20Quarter%202025%20Guidance) The company expects Q1 2025 revenue between $145.5 million and $149.9 million, diluted EPS between $0.32 and $0.34, adjusted diluted EPS between $0.40 and $0.43, and adjusted EBITDA between $23.3 million and $24.0 million First Quarter 2025 Guidance | Metric | Q1 2025 Guidance | | :--- | :--- | | Revenue | $145.5 million - $149.9 million | | Diluted EPS | $0.32 - $0.34 | | Adjusted Diluted EPS | $0.40 - $0.43 | | Adjusted EBITDA | $23.3 million - $24.0 million | [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) [Definition and Purpose](index=4&type=section&id=Definition%20and%20Purpose) Intermex utilizes non-GAAP financial measures like adjusted net income, adjusted EPS, adjusted EBITDA, adjusted EBITDA margin, and net free cash flow to assess business performance, aiding analysts and investors by excluding non-core transactions and highlighting trends, but these are not substitutes for GAAP measures - Non-GAAP financial measures include adjusted net income, adjusted EPS, adjusted EBITDA, adjusted EBITDA margin, and net free cash flow[19](index=19&type=chunk) - These metrics are used to evaluate the company's financial performance, helping analysts and investors understand operational trends by excluding the impact of certain transactions beyond management's control[19](index=19&type=chunk) - Non-GAAP financial measures should not be considered as substitutes for or superior to operating income, net income, net income margin, or EPS, and may be calculated differently by other companies[24](index=24&type=chunk)[25](index=25&type=chunk) [Reconciliation Statement](index=5&type=section&id=Reconciliation%20Statement) The company provides detailed reconciliation tables from the most comparable GAAP measures to adjusted net income, adjusted EBITDA, net free cash flow, and adjusted EPS and adjusted EBITDA margin; however, a quantitative reconciliation for projected adjusted EBITDA and adjusted diluted EPS to the most comparable GAAP measures is not feasible due to inherent difficulties in forecasting and quantifying certain GAAP adjustments - Detailed reconciliation tables for GAAP to non-GAAP measures are provided following the consolidated financial statements[26](index=26&type=chunk) - Due to inherent difficulties in forecasting and quantifying certain GAAP adjustment items (e.g., acquisition costs, share-based compensation, tax impacts), a quantitative reconciliation of projected adjusted EBITDA and adjusted diluted EPS to the most comparable GAAP measures cannot be provided without unreasonable effort[26](index=26&type=chunk) [Company Information & Forward-Looking Statements](index=5&type=section&id=Company%20Information%20%26%20Forward-Looking%20Statements) [Investor and Analyst Conference Call](index=5&type=section&id=Investor%20and%20Analyst%20Conference%20Call) Intermex will host a conference call and webcast presentation today at 9:00 AM ET to discuss its financial results and operational achievements, with interested parties able to participate via the company's investor relations website or by registering for the call - Intermex will host a conference call and webcast presentation today at 9:00 AM ET[27](index=27&type=chunk) - Live and archived webcasts can be accessed via the Intermex investor relations website (https://investors.intermexonline.com/)[28](index=28&type=chunk) [About International Money Express, Inc.](index=6&type=section&id=About%20International%20Money%20Express%2C%20Inc.) Founded in 1994, Intermex leverages proprietary technology to enable consumers to send money from the US, Canada, Spain, Italy, UK, and Germany to over 60 countries, facilitating digital money movement through an agent retail network, company-owned stores, mobile app, and website, with transactions completed at thousands of global retail and bank locations - Intermex, founded in **1994**, provides remittance services utilizing proprietary technology[30](index=30&type=chunk) - Services cover money transfers from the US, Canada, Spain, Italy, UK, and Germany to over **60** countries[30](index=30&type=chunk) - Digital money movement is facilitated through an agent retail network, company-owned stores, mobile application, and website, with transactions completed at thousands of global retail and bank locations[30](index=30&type=chunk) [Safe Harbor Compliance Statement](index=5&type=section&id=Safe%20Harbor%20Compliance%20Statement) This press release contains forward-looking statements subject to various risks, uncertainties, estimates, and contingencies that could cause actual results to differ materially from expectations, including risks related to digital service expansion, new technologies, economic factors, international politics, foreign exchange fluctuations, regulatory changes, and cybersecurity attacks - This press release contains forward-looking statements, subject to various risks, uncertainties, estimates, and contingencies that could cause actual results to differ materially from expectations[27](index=27&type=chunk) - Key risk factors include customer acceptance of digital services and infrastructure, disruption from new technologies, loss of key agent business, market competition, economic factors (e.g., inflation, recession risk), international political factors, foreign exchange fluctuations, changes in laws and regulations, changes in immigration laws, and cybersecurity attacks[27](index=27&type=chunk)[29](index=29&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets present Intermex's financial position as of December 31, 2024, and December 31, 2023, detailing assets, liabilities, and stockholders' equity Consolidated Balance Sheets | (Thousands USD) | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and Cash Equivalents | 130,503 | 239,203 | | Total Assets | 462,377 | 576,812 | | **Liabilities and Stockholders' Equity** | | | | Total Liabilities | 327,453 | 427,775 | | Total Stockholders' Equity | 134,924 | 149,037 | [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) The consolidated statements of income present Intermex's financial performance for the three months and year ended December 31, 2024, and comparable periods, including revenue, operating expenses, net income, and earnings per share Consolidated Statements of Income | (Thousands USD, except per share data) | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 164,758 | 171,783 | 658,649 | 658,735 | | Operating Income | 24,702 | 27,657 | 95,016 | 95,490 | | Net Income | 15,385 | 17,499 | 58,821 | 59,515 | | Diluted EPS | 0.49 | 0.49 | 1.79 | 1.63 | [Non-GAAP Reconciliations Tables](index=9&type=section&id=Non-GAAP%20Reconciliations%20Tables) [Net Income to Adjusted Net Income Reconciliation](index=9&type=section&id=Net%20Income%20to%20Adjusted%20Net%20Income%20Reconciliation) This table details the reconciliation process from GAAP net income to adjusted net income, including adjustments for share-based compensation, restructuring costs, transaction costs, and intangible asset amortization, along with their tax impacts - The detailed reconciliation table illustrates the calculation process from GAAP net income to adjusted net income, including all adjustments[37](index=37&type=chunk) [GAAP EPS to Adjusted EPS Reconciliation](index=10&type=section&id=GAAP%20EPS%20to%20Adjusted%20EPS%20Reconciliation) This section provides a reconciliation table from GAAP basic and diluted EPS to the corresponding adjusted non-GAAP EPS, detailing the impact of each adjustment on earnings per share - The reconciliation table illustrates the calculation process from GAAP basic and diluted EPS to adjusted basic and diluted EPS[40](index=40&type=chunk)[41](index=41&type=chunk) [Net Income to Adjusted EBITDA Reconciliation](index=12&type=section&id=Net%20Income%20to%20Adjusted%20EBITDA%20Reconciliation) This table reconciles GAAP net income to adjusted EBITDA by adding back interest expense, income tax provision, depreciation and amortization, and other non-operating adjustments - The reconciliation table illustrates the calculation process from GAAP net income to adjusted EBITDA, including the add-back of interest expense, income tax provision, depreciation, and amortization[43](index=43&type=chunk) [Net Income Margin to Adjusted EBITDA Margin Reconciliation](index=12&type=section&id=Net%20Income%20Margin%20to%20Adjusted%20EBITDA%20Margin%20Reconciliation) This table presents the reconciliation process from net income margin to adjusted EBITDA margin, showing the percentage impact of each adjustment on profitability - The reconciliation table illustrates the calculation process from net income margin to adjusted EBITDA margin, including the percentage impact of each adjustment[46](index=46&type=chunk) [Net Income to Net Free Cash Generated Reconciliation](index=14&type=section&id=Net%20Income%20to%20Net%20Free%20Cash%20Generated%20Reconciliation) This table reconciles net income to net free cash flow, adjusting for non-cash items like depreciation, amortization, share-based compensation, and provision for credit losses, and considering cash used in investing activities and term loan repayments - The reconciliation table illustrates the calculation process from net income to net free cash flow, including non-cash item adjustments and cash flow from investing activities[47](index=47&type=chunk)

MIAMI, Feb. 20, 2025 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ:IMXI) ("Intermex" or the "Company"), a leading omnichannel money remittance and financial services provider, is making it easier than ever to send money by launching wire transfers through WhatsApp, the messaging app of choice for millions of Latinos. With 95% of U.S. Hispanics using WhatsApp on their smartphones, this new feature brings fast, secure, and convenient money transfers right into the app they already trust and lo ...

Followed by Investor DayMIAMI, Feb. 12, 2025 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading omnichannel money remittance services company, will release Fourth Quarter and Full Year 2024 earnings before the start of trading on Wednesday, February 26, 2025. The Intermex management team will be hosting a conference call on the same day at 9:00 AM ET. Interested parties are invited to join the conference and gain firsthand knowledge about Intermex's ...

For the quarter ended September 2024, International Money Express (IMXI) reported revenue of $171.95 million, down 0.3% over the same period last year. EPS came in at $0.61, compared to $0.51 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $173.1 million, representing a surprise of -0.67%. The company delivered an EPS surprise of +5.17%, with the consensus EPS estimate being $0.58.While investors closely watch year-over-year changes in headline numbers -- revenue and ...

International Money Express (IMXI) came out with quarterly earnings of $0.61 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.17%. A quarter ago, it was expected that this company would post earnings of $0.56 per share when it actually produced earnings of $0.55, delivering a surprise of -1.79%.Over the last four quarters, t ...

Company to Host Conference Call Today at 9 a.m. ET MIAMI, Nov. 08, 2024 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), one of the nation’s leading omnichannel money transfer services to Latin America and the Caribbean, today reported strong operating results for the third quarter of 2024. Financial performance highlights for the third quarter of 2024 compared with the same period last year are: Revenues of $171.9 million, a decrease of 0.3%.Net income of ...

Financial Performance - Total revenues for the three months ended September 30, 2024, were $171,947 thousand, a slight decrease of 0.3% compared to $172,437 thousand for the same period in 2023[13]. - Net income for the three months ended September 30, 2024, was $17,297 thousand, representing an increase of 16.6% from $14,832 thousand in the prior year[13]. - Operating income increased to $27,825 thousand for the three months ended September 30, 2024, up from $24,252 thousand in the same period last year, reflecting a growth of 10.6%[13]. - Basic earnings per share for the three months ended September 30, 2024, were $0.53, up from $0.42 in the prior year, reflecting a growth of 26.2%[13]. - Net income for the nine months ended September 30, 2024, was $43,436, compared to $42,016 for the same period in 2023, reflecting a year-over-year increase of 3.4%[18]. - Total revenues for the nine months ended September 30, 2024, were $493.9 million, a rise of $6.9 million, or 1.4%, from $486.9 million for the same period in 2023[169]. - Basic Earnings per Share for the nine months ended September 30, 2024, was $1.32, representing an increase of $0.15, or 12.8%, compared to $1.17 for the same period in 2023[181]. - Adjusted Net Income for the nine months ended September 30, 2024, was $52.6 million, an increase of $1.6 million, or 3.1%, from $51.0 million for the same period in 2023[183]. Cash and Assets - Cash and cash equivalents decreased to $156,611 thousand as of September 30, 2024, down from $239,203 thousand at the end of 2023, a decline of 34.5%[12]. - Total assets decreased to $480,923 thousand as of September 30, 2024, compared to $576,812 thousand at the end of 2023, a reduction of 16.6%[12]. - The company reported a net accounts receivable of $126.3 million as of September 30, 2024, down from $155.2 million at the end of 2023[42]. - The company’s retained earnings increased to $242,085 thousand as of September 30, 2024, compared to $198,649 thousand at the end of 2023, an increase of 21.8%[12]. - Cash flows from operating activities for the nine months ended September 30, 2024, were $57,968, a decrease from $82,440 in the prior year[18]. Liabilities and Debt - Total current liabilities decreased to $180,890 thousand as of September 30, 2024, down from $223,373 thousand at the end of 2023, a decrease of 19.0%[12]. - The company’s long-term liabilities decreased to $158,188 thousand as of September 30, 2024, from $204,402 thousand at the end of 2023, a decline of 22.6%[12]. - As of September 30, 2024, the Company had a total debt of $138.2 million, an increase from $114.0 million as of December 31, 2023[63]. - The Second Amended and Restated Credit Agreement provides for a new $425.0 million multi-currency revolving credit facility, maturing on August 29, 2029[66]. - The Company is required to maintain a quarterly minimum interest coverage ratio of 3.00:1.00 and a maximum consolidated leverage ratio of 3.50[73]. Expenses - The company reported depreciation and amortization expenses of $9,981 for the nine months ended September 30, 2024, compared to $9,511 in 2023[18]. - The provision for credit losses increased to $5,036 in 2024 from $3,770 in 2023, indicating a rise of 33.5%[18]. - Salaries and benefits decreased to $17.2 million for the three months ended September 30, 2024, down by $0.6 million, or 3%, from $17.8 million for the same period in 2023[142]. - Other selling, general and administrative expenses were $12.1 million for the three months ended September 30, 2024, a decrease of $0.8 million, or 6.2%, from $12.9 million for the same period in 2023[143]. - Interest expense increased by $0.4 million or 14.3% to $3.2 million for the three months ended September 30, 2024, compared to $2.8 million for the same period in 2023[147]. Acquisitions and Investments - The Company completed the acquisition of a money services entity in the UK for approximately $1.4 million in cash, enabling entry into new markets for outbound remittance services[29][30]. - For the three months ended September 30, 2024, the acquired entity contributed $95.0 thousand in revenue and incurred a net loss of $65.0 thousand[33]. - The goodwill from the acquisition is valued at $1.2 million, reflecting the expected synergies from the combined operations[32]. Stock and Share Repurchase - The company repurchased 2,739,499 shares of its common stock for an aggregate purchase price of $54.9 million during the nine months ended September 30, 2024, compared to 1,734,481 shares for $40.6 million in the same period of 2023, representing a 35.2% increase in repurchase value[93]. - As of September 30, 2024, there was $80.0 million available for future share repurchases under the Repurchase Program[93]. - The Company has a stock repurchase program authorized for up to $200.7 million, with no expiration date[91]. Market and Economic Conditions - Money remittance services to Latin America and the Caribbean are the primary source of revenue, with significant reliance on consumers without traditional banking relationships[109]. - Political and economic instability in key Latin American markets continues to affect business, with high inflation and low consumer confidence being notable challenges[118]. - The company operates in all 50 states in the U.S., two U.S. territories, and eight other countries, providing remittance services to over 60 countries[108].

MIAMI, Oct. 14, 2024 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, will release its Third Quarter 2024 earnings before the start of trading on Friday, November 8, 2024. The Intermex management team will be hosting a conference call on the same day at 9:00 am ET. Interested parties are invited to join the conference and gain firsthand knowledge about Intermex's financial performance and operational achievements through the following channels: A live broadcast o ...