0001683695FALSE00016836952024-11-082024-11-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 8, 2024

INTERNATIONAL MONEY EXPRESS, INC.
(Exact name of registrant as specified in charter)

Delaware001-3798647-4219082
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

9100 South Dadeland Blvd., Suite 1100, Miami, Florida
 33156
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (305) 671-8000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock ($0.0001 par value)IMXI
The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.Results of Operations and Financial Condition.
On November 8, 2024, International Money Express, Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the fiscal quarter ended September 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.Financial Statements and Exhibits.
(d)Exhibits

Exhibit No. Description
 
Press release, dated November 8, 2024, issued by International Money Express, Inc.
104*Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Filed herewith




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INTERNATIONAL MONEY EXPRESS, INC.
Dated: November 8, 2024
By:/s/ Andras Bende
Name:Andras Bende
Title:Chief Financial Officer




Exhibit 99.1
imx-logo.jpg

Intermex Reports Third-Quarter Results
Company continues to generate strong earnings and margins, announces process to assess strategic alternatives.

Company to Host Conference Call Today at 9 a.m. ET

MIAMI, (November 8, 2024) – 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 $17.3 million, an increase of 16.9%.
•Diluted EPS of $0.53 per share, an increase of 29.3%.
•Adjusted Diluted EPS of $0.61 per share, an increase of 19.6%.
•Adjusted EBITDA of $33.9 million, an increase of 6.9%.

Bob Lisy, Chairman, President, and CEO of Intermex, stated “We have delivered another strong quarter of operating results for the Company and for our shareholders. We continue to see excellent growth and profitability in our digital business, and we have leaned heavily on our DNA of efficiency to successfully navigate the retail remittance dynamic to Latin America. Net income increased by 16.9%, Adjusted EBITDA is up almost 7% from last year, and diluted EPS and adjusted diluted EPS were both up sharply at 29.3% and 19.6% year over year.

While we are confident that our differentiated, omnichannel strategy, is the right path forward for the Company, the Board of Directors along with the management team firmly believe that our current market valuation does not fully capture the Company's performance, superior positive cash, intrinsic value or growth potential. We are committed to acting in the best interest of our shareholders, and to this end, we are initiating a process to assess strategic initiatives, which could include among others, a potential sale in a private transaction. The Company has retained FTP Securities LLC as its financial advisor in this process.”

There is no set timetable for the Board of Directors to review alternatives, and there can be no assurance that the exploration of strategic alternatives will result in any transaction or other action or change in the Company’s business plans. Any potential transaction or other strategic alternative would be dependent on a number of factors that may be beyond the Company’s control. The Company does not intend to discuss or disclose further developments unless and until the Board of Directors approves a specific action or otherwise concludes the review of strategic alternatives.






Third Quarter 2024 Financial Results (all comparisons are to the Third Quarter 2023)
Total revenues for the Company were $171.9 million, down 0.3% versus last year due to slowing of the overall remittance market growth to Latin America - especially in retail. Revenue was positively impacted by 76.0% growth in revenues for digitally-sent money transfers and a 5.0% increase in unique, active customers to 4.2 million. The Company's user base generated 15.2 million money transfer transactions, down 0.9% from a year ago. The total principal amount transferred for the period was $6.4 billion.

Net income was $17.3 million, an increase of 16.9%. Diluted earnings per share were $0.53, an increase of 29.3%. The increase in Net Income was positively impacted by lower services charges from agent and banks and much lower restructuring charges, as the first phase of the La Nacional restructuring was initiated in the third quarter of 2023. Lower selling, general and administrative expenses also positively impacted net income versus 2023. Diluted earnings per share reflects the effect of higher net income and the reduction in share count as a result of the Company's stock repurchases.

Adjusted net income increased 7.6% to $19.8 million, and adjusted diluted earnings per share was $0.61, an increase of 19.6%. Adjusted net income and adjusted diluted EPS were impacted by the items noted above in net income, adjusted for certain items detailed in the reconciliation table below. Adjusted EPS also benefited from a lower share count as a result of the Company's stock repurchases.

Adjusted EBITDA increased 6.9% to $33.9 million, driven primarily by business operating results discussed above.

Adjusted and other non-GAAP measures discussed above and elsewhere in this press release are defined below under the heading, Non-GAAP Measures.

Year-to-Date Financial Results for 2024 (all comparisons are to the first nine months of 2023)
Revenues increased by 1.4% to $493.9 million. Driving that growth was a 4.5% increase in revenue from net foreign exchange gain combined with a 46.9% increase in other income primarily related to fees generated by our Company-operated stores. Principal amount from remittance activity decreased slightly by approximately 0.2% to $18.3 billion.

The Company reported net income of $43.4 million, an increase of 3.3%. Diluted earnings per share were $1.30, an increase of 14.0%, attributable to the year-to-date effects of some of the same items noted above for the third quarter of 2024.

Adjusted net income totaled $52.6 million, an increase of 3.1%. Adjusted diluted earnings per share totaled $1.58, an increase of 13.7%, attributable to the same items noted above for the third quarter of 2024.

Adjusted EBITDA increased 4.2% to $90.3 million, attributable to the same items noted above for the third quarter of 2024 and the higher net effect of the adjusting items detailed in the reconciliation table below following the unaudited condensed consolidated financial statements.

Other Items
The Company ended the third quarter of 2024 with $156.6 million in cash and cash equivalents. Net Free Cash Generated for the third quarter of 2024 was $16.9 million, slightly down from the third quarter of 2023. Year-over-year Net Free Cash Generated reflects the impact from the July acquisition of a money service entity in the United Kingdom.
The Company repurchased 1,093,372 shares of its common stock for $20.3 million during the third quarter of 2024 through its underlying share repurchase program. During the first nine months of 2024, the Company purchased 2,739,499 shares for $54.9 million.



In the nine months ended September 30, 2024, the Company incurred restructuring costs of approximately $2.7 million. The charges were primarily related to the Company's foreign operations and constituted reorganizing the workforce, streamlining operational processes, and integrating technology functionality. On completion, the Company expects these actions to generate over $2.0 million in recurring annualized savings starting in 2025.

Non-GAAP Measures
Adjusted Net Income, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Net Free Cash Generated, each a Non-GAAP financial measure, are the primary metrics used by management to evaluate the financial performance of our business. We present these Non-GAAP financial measures because we believe they are frequently used by analysts, investors, and other interested parties to evaluate companies in our industry. Furthermore, we believe they are helpful in highlighting trends in our operating results, because certain of such measures exclude, among other things, the effects of certain transactions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the jurisdictions in which we operate and capital investments.

Adjusted Net Income is defined as Net Income adjusted to add back certain charges and expenses, such as non-cash amortization of intangible assets resulting from business acquisition transactions, non-cash compensation costs, and other items outlined in the reconciliation table below, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing future Company performance.

Adjusted Earnings per Share – Basic and Diluted is calculated by dividing Adjusted Net Income by GAAP weighted-average common shares outstanding (basic and diluted).

Adjusted EBITDA is defined as Net Income before depreciation and amortization, interest expense, income taxes, and adjusted to add back certain charges and expenses, such as non-cash compensation costs and other items outlined in the reconciliation table below, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing future Company performance.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenues.

Net Free Cash Generated is defined as Net Income before provision for credit losses and depreciation and amortization adjusted to add back certain non-cash charges and expenses, such as non-cash compensation costs, and reduced by cash used in investing activities and servicing of our debt obligations.

Adjusted Net Income, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted EBITDA Margin, and Net Free Cash Generated are non-GAAP financial measures and should not be considered as an alternative to operating income, net income, net income margin or earnings per share, as a measure of operating performance or cash flows, or as a measure of liquidity. Non-GAAP financial measures are not necessarily calculated the same way by different companies and should not be considered a substitute for or superior to U.S. GAAP.

Reconciliations of Net Income, the Company’s closest GAAP measure, to Adjusted Net Income, Adjusted EBITDA, and Net Free Cash Generated, as well as a reconciliation of Earnings per Share to Adjusted Earnings per Share and Net Income Margin to Adjusted EBITDA Margin, are outlined in the tables below following the condensed consolidated financial statements.

Investor and Analyst Conference Call / Presentation
Intermex will host a conference call and webcast presentation at 9:00 a.m. Eastern Time today. Interested parties are invited to join the discussion and gain firsthand knowledge about Intermex's financial performance and operational achievements through the following channels:



•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 via telephone, please register HERE. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
•Following the conference call, an archived webcast of the call will be available for one year on Intermex’s website at https://investors.intermexonline.com/.

Safe Harbor Compliance Statement for Forward-Looking Statements
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 strategies, projected results of operations, restructuring initiatives and expectations for the Company. Such forward-looking statements include all statements regarding the Board’s evaluation of strategic alternatives, including exploring options for a potential sale in a private transaction. These statements may include and be identified by words or phrases such as, without limitation, “would,” “will,” “should,” “expects,” “believes,” “anticipates,” “continues,” “could,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “forecasts,” “intends,” “assumes,” “estimates,” “approximately,” “shall,” “our planning assumptions,” “future outlook,” “currently,” “target,” “guidance,” and similar expressions (including the negative and plural forms of such words and phrases). These forward-looking statements are based largely on information currently available to our management and our current expectations, assumptions, plans, estimates, judgments, projections about our business and our industry, and macroeconomic conditions, and are subject to various risks, uncertainties, estimates, contingencies, and other factors, many of which are outside our control, that could cause actual results to differ materially from those expressed or implied by such forward-looking statements and could materially adversely affect our business, financial condition, results of operations, cash flows, and liquidity. Such factors include, among others: risks and uncertainties as to the outcome and timing of the Board’s strategic alternative evaluation process, which may be suspended or modified at any time; the possibility that the Board may decide not to undertake a strategic alternative following the evaluation process; the Company’s inability to consummate any proposed strategic alternative resulting from the review due to, among other things, market, regulatory and other factors; the potential for disruption to our business resulting from the review process; potential adverse effects on the Company’s stock price from the announcement, suspension or consummation of the evaluation process and the results thereof; changes in applicable laws or regulations; factors relating to our business, operations and financial performance, including: loss of, or reduction in business with, key sending agents; our ability to effectively compete in the markets in which we operate; economic factors such as inflation, the level of economic activity, recession risks and labor market conditions, as well as volatility in market interest rates; international political factors, including ongoing hostilities in Ukraine and the Middle East, political instability, tariffs, border taxes or restrictions on remittances or transfers from the outbound countries in which we operate or plan to operate; volatility in foreign exchange rates that could affect the volume of consumer remittance activity and/or affect our foreign exchange related gains and losses; public health conditions, responses thereto and the economic and market effects thereof; consumer confidence in our brands and in consumer money transfers generally; expansion into new geographic markets or product markets; our ability to successfully execute, manage, integrate and obtain the anticipated financial benefits of key acquisitions and mergers; new technology or competitors that disrupt the current money transfer and payment ecosystem, including the introduction of new digital platforms; our success in developing, introducing and expanding customer acceptance of new products, digital services and infrastructure; the ability of our risk management and compliance policies, procedures and systems to mitigate risk related to transaction monitoring; consumer fraud and other risks relating to the authenticity of customers’ orders or the improper or illegal use of our services by consumers or sending agents; cybersecurity-attacks or disruptions to our information technology,


computer network systems, data centers and mobile devices apps; our ability to maintain favorable banking and paying agent relationships necessary to conduct our business; bank failures, sustained financial illiquidity, or illiquidity at the clearing, cash management or custodial financial institutions with which we do business; changes to banking industry regulation and practice; credit risks from our agents and the financial institutions with which we do business; our ability to recruit and retain key personnel; our ability to maintain compliance with applicable laws and regulatory requirements, including those intended to prevent use of our money remittance services for criminal activity, those related to data and cyber-security protection, and those related to new business initiatives; enforcement actions and private litigation under regulations applicable to the money remittance services; changes in immigration laws and their enforcement; changes in tax laws in the countries in which we operate; our ability to protect intellectual property rights; our ability to satisfy our debt obligations and remain in compliance with our credit facility requirements; our use of third-party vendors and service providers; weakness in U.S. or international economic conditions; and other economic, business, and/or competitive factors, risks and uncertainties, including those described in the “Risk Factors” and other sections of periodic reports and other filings that we file with the Securities and Exchange Commission. Accordingly, we caution investors and all others not to place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date such statement is made and we undertake no obligation to update any of the forward-looking statements.

About International Money Express, Inc.
Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom and Germany to more than 60 countries. The Company provides the digital movement of money through a network of agent retailers in the United States, Canada, Spain, Italy, the United Kingdom and Germany; Company-operated stores; our mobile app; and the Company’s websites. Transactions are fulfilled and paid through thousands of retail and bank locations around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.

Alex Sadowski
Investor Relations Coordinator
ir@intermexusa.com
tel. 305-671-8000


Condensed Consolidated Balance Sheets

September 30,December 31,
(in thousands of dollars)20242023
ASSETS
(Unaudited)
Current assets:
Cash and cash equivalents$156,611 $239,203 
Accounts receivable, net 126,296 155,237 
Prepaid wires, net32,103 28,366 
Prepaid expenses and other current assets10,831 10,068 
Total current assets325,841 432,874 
Property and equipment, net49,497 31,656 
Goodwill55,195 53,986 
Intangible assets, net 15,677 18,143 
Deferred tax asset, net451 — 
Other assets 34,262 40,153 
Total assets$480,923 $576,812 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt, net$— $7,163 
Accounts payable 29,618 36,507 
Wire transfers and money orders payable, net105,719 125,042 
Accrued and other liabilities45,553 54,661 
Total current liabilities180,890 223,373 
Long-term liabilities:
Debt, net 138,228 181,073 
Lease liabilities, net19,960 22,670 
Deferred tax liability, net — 659 
Total long-term liabilities158,188 204,402 
Stockholders' equity:
Total stockholders' equity141,845 149,037 
Total liabilities and stockholders' equity$480,923 $576,812 




Condensed Consolidated Statements of Income
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands of dollars, except for per share data)2024202320242023
(Unaudited)
(Unaudited)
Revenues:
Wire transfer and money order fees, net$144,600 $147,387 $417,358 $416,355 
Foreign exchange gain, net23,954 22,688 67,100 64,239 
Other income3,393 2,362 9,432 6,358 
Total revenues171,947 172,437 493,890 486,952 
Operating expenses:
Service charges from agents and banks111,348 112,871 322,651 319,983 
Salaries and benefits17,238 17,789 52,237 51,597 
Other selling, general and administrative expenses12,127 12,908 35,968 36,883 
Restructuring costs27 1,145 2,738 1,145 
Depreciation and amortization3,382 3,472 9,981 9,511 
Total operating expenses144,122 148,185 423,575 419,119 
Operating income27,825 24,252 70,315 67,833 
Interest expense3,200 2,801 8,997 7,643 
Income before income taxes24,625 21,451 61,318 60,190 
Income tax provision7,328 6,619 17,882 18,174 
Net income$17,297 $14,832 $43,436 $42,016 
Earnings per common share:
Basic$0.53 $0.42 $1.32 $1.17 
Diluted$0.53 $0.41 $1.30 $1.14 
Weighted-average common shares outstanding:
Basic32,366,831 35,320,809 32,911,742 35,930,234 
Diluted32,732,465 36,082,163 33,335,363 36,767,680 


Reconciliation from Net Income to Adjusted Net Income
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands of dollars, except for per share data)2024202320242023
(Unaudited)(Unaudited)
Net income $17,297 $14,832 $43,436 $42,016 
Adjusted for:
Share-based compensation (a)2,312 2,274 6,857 6,217 
Restructuring costs (b)27 1,145 2,738 1,145 
Transaction costs (c)50 13 86 411 
Legal contingency settlement (d)— — (570)— 
Other charges and expenses (e)276 535 931 1,556 
Amortization of intangibles (f)959 1,228 2,894 3,562 
Income tax benefit related to adjustments (g)(1,078)(1,602)(3,773)(3,892)
Adjusted net income$19,843 $18,425 $52,599 $51,015 
Adjusted earnings per common share:
Basic$0.61 $0.52 $1.60 $1.42 
Diluted$0.61 $0.51 $1.58 $1.39 
(a) Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.
(b) Represents primarily severance, write-off of assets and, legal and professional fees related to the execution of restructuring plans.
(c) Represents primarily financial advisory, professional and legal fees related to business acquisition transactions.
(d) Represents a gain contingency related to a legal settlement.
(e) Represents primarily loss on disposal of fixed assets.
(f) Represents the amortization of intangible assets that resulted from business acquisition transactions.
(g) Represents the current and deferred tax impact of the taxable adjustments to Net Income using the Company’s blended federal and state tax rate for each period. Relevant tax-deductible adjustments include all adjustments to Net Income.



Reconciliation from GAAP Basic Earnings per Share to Adjusted Basic Earnings per Share
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(Unaudited)(Unaudited)
GAAP Basic Earnings per Share$0.53 $0.42 $1.32 $1.17 
Adjusted for:
Share-based compensation0.07 0.06 0.21 0.17 
Restructuring costs NM 0.03 0.08 0.03 
Transaction costs NM —  NM 0.01 
Legal contingency settlement— — (0.02)— 
Other charges and expenses 0.01 0.02 0.03 0.04 
Amortization of intangibles
0.03 0.03 0.09 0.10 
Income tax benefit related to adjustments (0.03)(0.05)(0.11)(0.11)
Non-GAAP Adjusted Basic Earnings per Share$0.61 $0.52 $1.60 $1.42 
NM—Amount is not meaningful
The table above may contain slight summation differences due to rounding

Reconciliation from GAAP Diluted Earnings per Share to Adjusted Diluted Earnings per Share

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(Unaudited)(Unaudited)
GAAP Diluted Earnings per Share$0.53 $0.41 $1.30 $1.14 
Adjusted for:
Share-based compensation0.07 0.06 0.21 0.17 
Restructuring costs NM 0.03 0.08 0.03 
Transaction costs NM —  NM 0.01 
Legal contingency settlement— — (0.02)— 
Other charges and expenses 0.01 0.01 0.03 0.04 
Amortization of intangibles
0.03 0.03 0.09 0.10 
Income tax benefit related to adjustments (0.03)(0.04)(0.11)(0.11)
Non-GAAP Adjusted Diluted Earnings per Share$0.61 $0.51 $1.58 $1.39 

NM—Amount is not meaningful
The table above may contain slight summation differences due to rounding













Reconciliation from Net Income to Adjusted EBITDA

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands of dollars)2024202320242023
(Unaudited)(Unaudited)
Net income $17,297 $14,832 $43,436 $42,016 
Adjusted for:
Interest expense3,200 2,801 8,997 7,643 
Income tax provision 7,328 6,619 17,882 18,174 
Depreciation and amortization3,382 3,472 9,981 9,511 
EBITDA31,207 27,724 80,296 77,344 
Share-based compensation (a)2,312 2,274 6,857 6,217 
Restructuring costs (b)27 1,145 2,738 1,145 
Transaction costs (c)50 13 86 411 
Legal contingency settlement (d)— — (570)— 
Other charges and expenses (e)276 535 931 1,556 
Adjusted EBITDA $33,872 $31,691 $90,338 $86,673 

(a) Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.
(b) Represents primarily severance, write-off of assets and, legal and professional fees related to the execution of restructuring plans.

(c) Represents primarily financial advisory, professional and legal fees related to business acquisition transactions.
(d) Represents a gain contingency related to a legal settlement.
(e) Represents primarily loss on disposal of fixed assets.

Reconciliation from Net Income Margin to Adjusted EBITDA Margin

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(Unaudited)(Unaudited)
Net Income Margin10.1 %8.6 %8.8 %8.6 %
Adjusted for:
Interest expense1.9 %1.6 %1.8 %1.6 %
Income tax provision4.3 %3.8 %3.6 %3.7 %
Depreciation and amortization2.0 %2.0 %2.0 %2.0 %
EBITDA Margin18.1 %16.1 %16.3 %15.9 %
Share-based compensation1.3 %1.3 %1.4 %1.3 %
Restructuring costs— %0.7 %0.6 %0.2 %
Transaction costs— %— %— %0.1 %
Legal contingency settlement— %— %(0.1)%— %
Other charges and expenses 0.2 %0.3 %0.2 %0.3 %
Adjusted EBITDA Margin19.7 %18.4 %18.3 %17.8 %

The table above may contain slight summation differences due to rounding


Reconciliation of Net Income to Net Free Cash Generated

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands of dollars)2024202320242023
(Unaudited)(Unaudited)
Net income for the period$17,297 $14,832 $43,436 $42,016 
Depreciation and amortization3,382 3,472 9,981 9,511 
Share-based compensation
2,312 2,274 6,857 6,217 
Provision for credit losses1,665 1,830 5,036 3,770 
Cash used in investing activities(7,709)(3,160)(27,859)(13,188)
Term loan pay downs— (1,641)(3,281)(3,828)
Net free cash generated during the period$16,947 $17,607 $34,170 $44,498 

v3.24.3
Cover
Nov. 08, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 08, 2024
Entity Registrant Name INTERNATIONAL MONEY EXPRESS, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-37986
Entity Tax Identification Number 47-4219082
Entity Address, City or Town Miami
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33156
City Area Code 305
Local Phone Number 671-8000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock ($0.0001 par value)
Trading Symbol IMXI
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001683695
Amendment Flag false
Entity Address, Address Line One 9100 South Dadeland Blvd., Suite 1100
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