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 ...

Investors in International Money Express, Inc. (IMXI) need to pay close attention to the stock based on moves in the options market lately. That is because the Sept 20, 2025 $10 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the oth ...

Second Quarter 2024 Earnings Presentation August 7, 2024 Safe Harbor Statement / Non-GAAP Financial Measures This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which reflect our current views concerning certain events that are not historical facts but could have an effect on our future performance, including but without limitation, statements regarding our plans, objectives, financial performance, business ...

International Money Express (IMXI) came out with quarterly earnings of $0.55 per share, missing the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.50 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -1.79%. A quarter ago, it was expected that this company would post earnings of $0.39 per share when it actually produced earnings of $0.43, delivering a surprise of 10.26%. Over the last four quarters ...

Strong relationships with major banks, rigorous compliance processes and a seasoned management team further solidify IMXI's competitive edge in the market. Strategic acquisitions, like LAN Holdings, have expanded its geographic reach, and a significant investment in digital platforms supports the growing trend of online and mobile remittances. International Money Express (IMXI) shares rallied 5.3% in the last trading session to close at $21.11. This move can be attributable to notable volume with a higher n ...

Interested parties are invited to join the conference and gain firsthand knowledge about Intermex's financial performance and operational achievements through the following channels: About International Money Express, Inc. MIAMI, July 15, 2024 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, will release its Second Quarter 2024 earnings before the start of trading on Wednesday, August 7, 2024. The Intermex management team will be hosting a conference call on the ...

MIAMI, July 15, 2024 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, will release its Second Quarter 2024 earnings before the start of trading on Wednesday, August 7, 2024. The Intermex management team will be hosting a conference call on the same day at 9:00 am ET. A live broadcast of the conference call may be accessed via the Investor Relations section of Intermex's website at https://investors.intermexonline.com/. To participate in the live conference call v ...

Financial Performance - Total revenues for Q1 2024 were $150,412, an increase of 3.6% compared to $145,364 in Q1 2023[18] - Net income for Q1 2024 was $12,106, representing a 2.9% increase from $11,762 in Q1 2023[18] - Operating income for Q1 2024 was $19,586, up from $18,839 in Q1 2023, reflecting a growth of 4.0%[18] - The company reported a basic earnings per share of $0.36 for Q1 2024, compared to $0.32 for Q1 2023, an increase of 12.5%[18] - Net income for the three months ended March 31, 2024, was $12,106,000, an increase of 2.9% compared to $11,762,000 in the same period of 2023[88] - Basic earnings per share increased to $0.36 for Q1 2024, up from $0.32 in Q1 2023, representing a growth of 12.5%[88] - Adjusted net income for Q1 2024 was $14.7 million, up $0.5 million or 3.5% from $14.2 million in Q1 2023[154] - Adjusted EBITDA for Q1 2024 was $25.4 million, representing an increase of $1.3 million or 5.5% from $24.1 million in Q1 2023[162] Cash Flow and Liquidity - Cash flows from operating activities for Q1 2024 were $48,236, significantly higher than $1,158 in Q1 2023[20] - Cash and cash equivalents decreased to $218,795 as of March 31, 2024, down from $239,203 at the end of 2023, a decline of 8.5%[20] - Net cash provided by operating activities was $48.2 million for the three months ended March 31, 2024, an increase of $47.0 million from $1.2 million for the same period in 2023[185] - Net cash used in investing activities was $13.5 million for the three months ended March 31, 2024, an increase of $11.4 million from $2.1 million for the same period in 2023[186] - Net cash used in financing activities was $55.1 million for the three months ended March 31, 2024, primarily consisting of $28.5 million of net repayments of the revolving credit facility and $23.4 million used for repurchases of common stock[187] Assets and Liabilities - Total assets decreased to $548,702 as of March 31, 2024, down from $576,812 at the end of 2023, a reduction of 4.9%[17] - Total current liabilities increased to $238,618 as of March 31, 2024, compared to $223,373 at the end of 2023, an increase of 6.8%[17] - The net accounts receivable as of March 31, 2024, was $149,054,000, a decrease from $155,237,000 as of December 31, 2023, indicating a decline of 3.99%[40] - The total debt decreased from $189,469,000 as of December 31, 2023, to $159,328,000 as of March 31, 2024[57] - The balance of accrued and other liabilities decreased from $54,661,000 on December 31, 2023, to $53,477,000 on March 31, 2024[56] Expenses - Operating expenses totaled $130.8 million for the three months ended March 31, 2024, up from $126.5 million in the same period of 2023, representing an increase of 3.0%[129] - Salaries and benefits increased by $1.9 million, or 11.7%, to $18.1 million for the three months ended March 31, 2024, mainly due to an expanded workforce from the LAN Holdings acquisition[135] - Depreciation and amortization for Q1 2024 was $3.2 million, an increase of $0.3 million or 10.3% from $2.9 million in Q1 2023[139] - Interest expense for Q1 2024 rose to $2.7 million, up $0.5 million or 22.7% from $2.2 million in Q1 2023, primarily due to higher market interest rates[140] Share Repurchase and Stock Options - The company repurchased $23,423 worth of common stock in Q1 2024, compared to $7,584 in Q1 2023, indicating an increase in stock buybacks[20] - The Company purchased 1,124,476 shares for an aggregate price of $23.4 million during Q1 2024, compared to 316,459 shares for $7.6 million in Q1 2023[85] - As of March 31, 2024, there was $50.7 million available for future share repurchases under the Repurchase Program[85] - The Company recognized stock option compensation expense of approximately $44.4 thousand for Q1 2024, compared to $139.9 thousand for Q1 2023[72] - The aggregate intrinsic value of stock options exercised during Q1 2024 was approximately $2.4 million[73] Acquisitions and Goodwill - The company completed the acquisition of LAN Holdings, Corp. for a total consideration of $13.4 million, which included $10.3 million in cash[32] - The goodwill recognized from the LAN Acquisition increased to $5,536,000 after measurement period adjustments[34] - Goodwill remained unchanged at $53,986,000 from December 31, 2023, to March 31, 2024, while intangible assets decreased from $18,143,000 to $17,130,000[48] Regulatory and Future Plans - The company plans to implement a Restructuring Plan in Q2 2024, expecting to incur approximately $2.4 million in restructuring costs[103] - The anticipated reduction in expenses from the Restructuring Plan is expected to be approximately $2.0 million annually, primarily realized in 2025[106] - The company expects ongoing regulatory requirements to lead to changes in business practices and potentially increased costs in the future[110] Foreign Exchange and Transactions - Wire transfer and money order fees for Q1 2024 were $127,484,000, compared to $125,007,000 in Q1 2023, reflecting an increase of 1.98%[36] - Principal amount sent through the company's services increased by approximately 2.6% to $5.5 billion for the three months ended March 31, 2024, compared to the same period in 2023[102] - Total remittances processed rose by approximately 4.8% to approximately 13.5 million transactions in Q1 2024, compared to the same period in 2023[102] - Foreign exchange gain, net, increased by $1.1 million, or 5.7%, to $20.3 million for the three months ended March 31, 2024, attributed to higher transaction volume and a higher foreign exchange spread[132]

Digital Disciplined, profitable growth Continued growth in LAC, expansions into new markets Market Expansion Operational Excellence Retail is still king Strengthening Inside Sales reach Increased interactions with agents: drives ability to offer competitive solutions to our customers and access growth opportunities across the country Cost-effective staffing by basing new roles at Intermex offshore support centers 2024 12 Accelerating retail growth Tripled staff to increase coverage across our agent network ...