Welcome to our dedicated page for International Money Express news (Ticker: IMXI), a resource for investors and traders seeking the latest updates and insights on International Money Express stock.
International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, is a prominent provider of money transfer services focusing primarily on the U.S. to Latin America and the Caribbean (LAC) corridor. Founded in 1994 and headquartered in Miami, Florida, Intermex has established itself as a leader in the digital movement of money, offering services through various channels including agent retailers, company-operated stores, a mobile app, and the company’s websites.
Intermex’s core offerings include wire transfers, money orders, foreign exchange, and check cashing services. The majority of its revenue is derived from fees associated with wire transfers and money orders. With a robust network of over 30,000 payer locations, the company operates in 45 American states and 16 Latin American countries, ensuring easy and convenient access for customers.
Notably, Intermex has recently expanded its integration with Visa Direct, enabling U.S. customers to send money to eligible Visa Debit Card holders in 20 countries. This strategic move underlines the company’s commitment to enhancing its remittance services and ensuring seamless financial transactions across borders.
Intermex reported strong financial performance in the first quarter of 2024, achieving a record-breaking start with significant growth in revenues and net income. The company’s total revenues for the quarter were $150.4 million, up by 3.5%, while net income increased by 2.9% to $12.1 million. Additionally, the company experienced a 3.0% increase in unique active customers, generating 13.5 million money transfer transactions worth $5.5 billion in principal transferred.
The company’s strategic initiatives, such as the partnership with Félix Pago, demonstrate its commitment to innovation and customer-centric services. The partnership allows users to transfer money via WhatsApp, integrating remittance services into their everyday communication tools with fees as low as $2.99.
Intermex continues to invest in growth and operational efficiency, as evidenced by its recent move to a new headquarters in Miami and ongoing technology upgrades. The company’s stock repurchase program further underscores its strong financial position, with shares repurchased for significant amounts in the first quarter of 2024.
With international offices in Puebla, Mexico; Guatemala City, Guatemala; and Madrid, Spain, Intermex is well-positioned to continue its growth and expand its services. For more information, visit www.intermexonline.com.
International Money Express (NASDAQ: IMXI) has launched a new international mobile top-up service in partnership with Ding, enabling customers to send mobile airtime credits to recipients in over 130 countries. The service, available from December 2024, allows users to add credit for calls, texts, and data to mobile phones abroad through Intermex's retail and digital channels at no additional cost.
The partnership leverages Ding's top-up delivery platform and Intermex's established presence in the Latin American community, expanding the company's financial services portfolio. This initiative aims to enhance connectivity for families separated by borders, reinforcing Intermex's commitment to providing culturally relevant financial solutions for its customer base.
International Money Express (NASDAQ: IMXI) has acquired certain assets and operations of Amigo Paisano, a Guatemala-based remittance company, including its U.S., European, and LATAM brands and trademarks. The acquisition builds upon an existing partnership since 2019, where Amigo Paisano has utilized Intermex's infrastructure, APIs, compliance oversight, and payout network.
This strategic move strengthens Intermex's digital coverage and Central American presence, following previous acquisitions of Envios de Valores La Nacional Corp. in November 2022 and LAN Holdings Corp. in April 2023. The company expects the acquisition to generate between $3.5MM and $5MM of incremental adjusted EBITDA in 2025.
International Money Express (NASDAQ: IMXI), a leading omnichannel money remittance services company, has announced its upcoming Investor Day scheduled for February 26, 2025, at the Westin New York at Times Square. The afternoon event will feature management presentations on the company's strategic direction and business opportunities.
The event is open to institutional investors and research analysts for in-person attendance, with registration required by February 7, 2025. A livestream option and supporting materials will be available for online participants. Interested attendees can register through PondelWilkinson.
International Money Express (NASDAQ: IMXI) reported Q3 2024 financial results with revenues of $171.9 million, a 0.3% decrease year-over-year. The company achieved net income of $17.3 million, up 16.9%, and diluted EPS of $0.53, a 29.3% increase. Digital money transfer revenues grew 76%, while active customers increased 5% to 4.2 million. The company announced it's initiating a process to assess strategic alternatives, including a potential private sale, and has retained FTP Securities as financial advisor. The Board believes current market valuation doesn't reflect the company's performance and growth potential.
International Money Express (NASDAQ: IMXI), also known as Intermex, has announced the release of its Third Quarter 2024 earnings before trading begins on Friday, November 8, 2024. The company will host a conference call on the same day at 9:00 am ET to discuss its financial performance and operational achievements.
Interested parties can access the live broadcast of the conference call through the Investor Relations section of Intermex's website. For those wishing to participate via telephone, registration is required, after which a dial-in number and unique PIN will be provided. An archived webcast of the call will be available on the company's website for one year following the conference.
Breach Inlet Capital, a significant shareholder of International Money Express (NASDAQ: IMXI), has sent a public letter to IMXI's Board of Directors urging them to pursue strategic alternatives, including a potential sale of the company. The investment firm believes IMXI is materially undervalued with significant growth opportunities, particularly in Digital and European markets.
Key points from the letter include:
- IMXI has tripled Adjusted EBITDA over six years, yet trades at only ~5x LTM Adjusted EBITDA
- Peer MoneyGram was acquired for ~8x Adjusted EBITDA despite eroding performance
- IMXI could better execute long-term growth strategies as a private company
- A private equity takeout could offer up to 65% upside from current share price
- The Board should immediately announce a strategic review to maximize shareholder value
International Money Express (NASDAQ: IMXI) has secured a new $425 million revolving credit facility, refinancing its existing secured debt. The facility, maturing in 2029, offers improved terms and increased flexibility. Key features include:
- $133 million increase in credit availability
- Improved spreads over SOFR
- Expanded capacity for share repurchases and M&A activity
- Option for additional $100 million in loans
Intermex has used part of the facility to repay its $72 million term loan. Additionally, the Board has increased the share repurchase authorization to $100 million, approving up to $20 million in repurchases for each of Q3 and Q4 2024.
Intermex (NASDAQ: IMXI) reported its Q2 2024 financial results, showcasing mixed performance metrics. Revenues increased by 1.4% year-over-year to $171.5 million, driven by a 3.9% growth in active customers. However, net income declined by 9.1% to $14.0 million, affected by $2.7 million in restructuring charges. Diluted EPS remained flat at $0.42, while Adjusted Diluted EPS rose by 10.0% to $0.55. Adjusted EBITDA saw a slight increase of 0.6% to $31.1 million.
For the first half of 2024, revenues grew 2.4% to $321.9 million, with net income falling 4.0% to $26.1 million. Adjusted EBITDA for this period increased by 2.7% to $56.5 million. The company ended Q2 with $233.2 million in cash and repurchased 521,651 shares for $11.2 million. Guidance for full-year 2024 includes revenue between $657.6 million and $677.6 million, and Adjusted Diluted EPS of $2.07 to $2.25.
Intermex (NASDAQ: IMXI), a leading money remittance provider, has announced two strategic hires to bolster its leadership team. Chris Kawula joins as Executive Vice President, Head of Sales, bringing extensive experience from Western Union, Sigue , and Small World Financial Services. Cheyenne Moore takes on the role of Director of Inside Sales, leveraging his decade-long sales experience and professional basketball background.
These appointments underscore Intermex's commitment to growth and innovation in the remittance industry. CEO Bob Lisy expressed enthusiasm about the new hires, emphasizing their potential to enhance Intermex's market position and service quality. Kawula's expertise in delivering significant revenue and operating profit, coupled with Moore's diverse cultural understanding, are expected to drive Intermex's retail sales strategy and market penetration.
International Money Express (NASDAQ: IMXI), also known as Intermex, has announced the release of its Second Quarter 2024 earnings before trading begins on Wednesday, August 7, 2024. The company will host a conference call at 9:00 am ET on the same day to discuss financial performance and operational achievements.
Interested parties can access the live broadcast through the Investor Relations section of Intermex's website. For telephone participation, registration is required, after which a dial-in number and unique PIN will be provided. An archived webcast of the call will be available on the company's website for one year following the conference.
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