International Money Express(IMXI) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenues for the first quarter of 2024 were $150.4 million, an increase of 3.5% compared to the same period last year[3]. - Net income for the first quarter was $12.1 million, reflecting a 2.9% increase year-over-year[4]. - Diluted earnings per share (EPS) rose to $0.35, marking a 12.9% increase from the previous year[4]. - Adjusted net income rose to $14,671 in Q1 2024, compared to $14,172 in Q1 2023, reflecting a 3.5% increase[30]. - Basic earnings per share increased to $0.36 in Q1 2024, up from $0.32 in Q1 2023, a growth of 12.5%[27]. - Operating income for Q1 2024 was $19,586, a 4.0% increase from $18,839 in Q1 2023[27]. - The company reported a net income margin of 8.0% for Q1 2024, slightly down from 8.1% in Q1 2023[39]. Customer Metrics - Unique, active customers increased by 3.0% to 4.2 million, generating 13.5 million money transfer transactions, a 4.8% increase[3]. Cash and Assets - The company ended the first quarter with $218.8 million in cash and cash equivalents[9]. - Total current assets decreased to $401,750 in Q1 2024, down 7.2% from $432,874 in Q4 2023[26]. - Total liabilities increased to $410,474 in Q1 2024, up from $427,775 in Q4 2023, indicating a rise of 4.1%[26]. EBITDA and Savings - Adjusted EBITDA increased by 5.5% to $25.4 million, driven by strong operating results[5]. - Adjusted EBITDA for Q1 2024 was $25,414, compared to $24,093 in Q1 2023, marking a 5.5% increase[36]. - A strategic initiative to maximize efficiency of offshore support entities is expected to generate over $2.0 million in recurring annualized savings[10]. Guidance - Full-year 2024 revenue guidance is set between $681.0 million and $701.8 million[12]. - Second quarter 2024 revenue guidance is projected between $171.5 million and $176.8 million[12]. Share Repurchase - The company repurchased 949,476 shares for $20.1 million during the first quarter[9]. Cash Flow - Net free cash generated during the period was $3,961, significantly lower than $13,935 in Q1 2023[41].