Intermex Reports Fourth-Quarter and Full-Year Results
International Money Express (NASDAQ: IMXI) reported its Q4 and full-year 2024 results, with annual revenues staying flat at $658.6 million and net income slightly decreasing by 1.2% to $58.8 million. The company achieved ~10% EPS growth, with diluted EPS reaching $1.79.
Key highlights include:
- Q4 revenues declined 4.1% to $164.8 million
- Digital money transfer revenues grew 48.3% in Q4
- Full-year total principal sent decreased 0.8% to $24.4 billion
- Company ended Q4 with $130.5 million in cash
The Board suspended its strategic alternatives review process, determining that current business model offers better long-term value. The company repurchased 3,765,320 shares for $75.1 million in 2024, with $63.2 million remaining in the buyback program. For 2025, IMXI projects revenues of $657.5-677.5 million and diluted EPS of $1.76-1.91.
International Money Express (NASDAQ: IMXI) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, con ricavi annuali stabili a 658,6 milioni di dollari e un leggero calo del reddito netto dell'1,2% a 58,8 milioni di dollari. L'azienda ha registrato una crescita dell'utile per azione (EPS) di circa il 10%, con un EPS diluito che ha raggiunto 1,79 dollari.
I punti salienti includono:
- I ricavi del quarto trimestre sono diminuiti del 4,1% a 164,8 milioni di dollari
- I ricavi dei trasferimenti di denaro digitali sono cresciuti del 48,3% nel quarto trimestre
- Il totale principale inviato nell'intero anno è diminuito dello 0,8% a 24,4 miliardi di dollari
- L'azienda ha chiuso il quarto trimestre con 130,5 milioni di dollari in contante
Il Consiglio ha sospeso il processo di revisione delle alternative strategiche, determinando che il modello di business attuale offre un valore a lungo termine migliore. L'azienda ha riacquistato 3.765.320 azioni per 75,1 milioni di dollari nel 2024, con 63,2 milioni di dollari ancora disponibili nel programma di riacquisto. Per il 2025, IMXI prevede ricavi tra 657,5 e 677,5 milioni di dollari e un EPS diluito tra 1,76 e 1,91 dollari.
International Money Express (NASDAQ: IMXI) reportó sus resultados del cuarto trimestre y del año completo 2024, con ingresos anuales estables en 658,6 millones de dólares y una ligera disminución del ingreso neto del 1,2% a 58,8 millones de dólares. La compañía logró un crecimiento del EPS de aproximadamente el 10%, con un EPS diluido alcanzando 1,79 dólares.
Los aspectos destacados incluyen:
- Los ingresos del cuarto trimestre disminuyeron un 4,1% a 164,8 millones de dólares
- Los ingresos por transferencias de dinero digitales crecieron un 48,3% en el cuarto trimestre
- El total principal enviado durante el año completo disminuyó un 0,8% a 24,4 mil millones de dólares
- La compañía cerró el cuarto trimestre con 130,5 millones de dólares en efectivo
La Junta suspendió su proceso de revisión de alternativas estratégicas, determinando que el modelo de negocio actual ofrece un mejor valor a largo plazo. La compañía recompró 3.765.320 acciones por 75,1 millones de dólares en 2024, con 63,2 millones de dólares restantes en el programa de recompra. Para 2025, IMXI proyecta ingresos de 657,5 a 677,5 millones de dólares y un EPS diluido de 1,76 a 1,91 dólares.
International Money Express (NASDAQ: IMXI)는 2024년 4분기 및 연간 실적을 보고했으며, 연간 수익은 6억 5860만 달러로 변동이 없었고, 순이익은 1.2% 감소한 5880만 달러를 기록했습니다. 이 회사는 약 10%의 EPS 성장을 달성했으며, 희석된 EPS는 1.79달러에 도달했습니다.
주요 하이라이트는 다음과 같습니다:
- 4분기 수익은 4.1% 감소하여 1억 6480만 달러에 달했습니다.
- 디지털 송금 수익은 4분기 동안 48.3% 증가했습니다.
- 연간 총 송금액은 0.8% 감소하여 244억 달러에 달했습니다.
- 회사는 4분기를 1억 3050만 달러의 현금으로 마감했습니다.
이사회는 현재 비즈니스 모델이 장기적으로 더 나은 가치를 제공한다고 판단하여 전략적 대안 검토 프로세스를 중단했습니다. 이 회사는 2024년에 3,765,320주를 7,510만 달러에 재매입했으며, 6,320만 달러가 남아 있는 재매입 프로그램이 있습니다. 2025년을 위해 IMXI는 6억 5750만 달러에서 6억 7750만 달러의 수익과 1.76달러에서 1.91달러의 희석 EPS를 예상하고 있습니다.
International Money Express (NASDAQ: IMXI) a publié ses résultats du quatrième trimestre et de l'année 2024, avec des revenus annuels stables à 658,6 millions de dollars et un bénéfice net en légère baisse de 1,2 % à 58,8 millions de dollars. L'entreprise a connu une croissance d'environ 10 % de son bénéfice par action (EPS), avec un EPS dilué atteignant 1,79 dollar.
Les points clés incluent:
- Les revenus du quatrième trimestre ont diminué de 4,1 % pour atteindre 164,8 millions de dollars
- Les revenus des transferts d'argent numériques ont augmenté de 48,3 % au quatrième trimestre
- Le montant total principal envoyé pour l'année a diminué de 0,8 % pour atteindre 24,4 milliards de dollars
- L'entreprise a terminé le quatrième trimestre avec 130,5 millions de dollars en espèces
Le Conseil a suspendu son processus d'examen des alternatives stratégiques, déterminant que le modèle commercial actuel offre une meilleure valeur à long terme. L'entreprise a racheté 3 765 320 actions pour 75,1 millions de dollars en 2024, avec 63,2 millions de dollars restant dans le programme de rachat. Pour 2025, IMXI prévoit des revenus de 657,5 à 677,5 millions de dollars et un EPS dilué de 1,76 à 1,91 dollar.
International Money Express (NASDAQ: IMXI) hat seine Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht, wobei die Jahresumsätze mit 658,6 Millionen Dollar stabil blieben und der Nettogewinn um 1,2% auf 58,8 Millionen Dollar leicht zurückging. Das Unternehmen erzielte ein EPS-Wachstum von etwa 10%, wobei das verwässerte EPS 1,79 Dollar erreichte.
Wichtige Highlights sind:
- Die Umsätze im vierten Quartal sanken um 4,1% auf 164,8 Millionen Dollar
- Die Einnahmen aus digitalen Geldüberweisungen stiegen im vierten Quartal um 48,3%
- Der gesamte im Jahr versendete Betrag verringerte sich um 0,8% auf 24,4 Milliarden Dollar
- Das Unternehmen schloss das vierte Quartal mit 130,5 Millionen Dollar in bar ab
Der Vorstand hat den Prozess zur Überprüfung strategischer Alternativen ausgesetzt, da festgestellt wurde, dass das aktuelle Geschäftsmodell einen besseren langfristigen Wert bietet. Das Unternehmen hat 2024 insgesamt 3.765.320 Aktien für 75,1 Millionen Dollar zurückgekauft, wobei noch 63,2 Millionen Dollar im Rückkaufprogramm verbleiben. Für 2025 prognostiziert IMXI Umsätze zwischen 657,5 und 677,5 Millionen Dollar und ein verwässertes EPS von 1,76 bis 1,91 Dollar.
- 48.3% growth in digital money transfer revenues in Q4
- ~10% EPS growth achieved in 2024
- Strong cash position of $130.5M at year-end
- Active share repurchase program with $63.2M remaining
- 1.1% increase in foreign exchange gains
- Q4 revenues declined 4.1% to $164.8M
- Full-year net income decreased 1.2%
- Total principal sent decreased 0.8% to $24.4B
- Q4 money transfer transactions down 3.2%
- Flat annual revenue at $658.6M due to slowing remittance market
Insights
Intermex's Q4 and full-year 2024 results reveal a company at a strategic inflection point. While annual revenue remained flat at
The company's decision to terminate its strategic alternatives review process is particularly significant. After extensive discussions with potential buyers, management and the board concluded that external offers undervalued Intermex's long-term potential, suggesting confidence in their standalone strategy despite current market headwinds. This decision places increased pressure on management to execute their digital transformation successfully.
Intermex's 48.3% growth in digital money transfers represents the bright spot amid overall market slowdown. The company is now pivoting to heavily invest in expanding this high-margin digital business while leveraging its established retail infrastructure. This strategic shift explains the conservative 2025 guidance (
The company's strong balance sheet (
For investors, Intermex presents an interesting case of a company transitioning from a mature retail model to a higher-growth digital strategy, with the financial resources to execute this pivot while maintaining shareholder returns. The success of this transition will determine whether the board's rejection of acquisition offers proves prescient or premature.
Intermex's latest results reveal a company executing a critical strategic pivot in the evolving remittance market. While maintaining flat annual revenue of
The suspension of the strategic alternatives review process is particularly telling. Despite engaging with numerous potential buyers through Lazard Freres and FT Partners, the board determined that current valuations failed to capture the potential value of their digital transformation strategy. This suggests management sees significant untapped potential in their hybrid model that combines established retail infrastructure with expanded digital capabilities.
The
Intermex's financial position remains solid with
For investors, the key question becomes execution risk. Intermex possesses established market presence, strong cash generation from its retail business, and growing digital momentum. However, competing against digital-native fintech platforms requires different capabilities and potentially higher customer acquisition costs. Management's ability to leverage their existing agent network as a competitive advantage while building digital scale will determine whether this strategic pivot ultimately delivers the value that justified rejecting acquisition offers.
Company delivers ~
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 million - Net income of
$58.8 million - Diluted EPS of
$1.79 per share - Adjusted Diluted EPS of
$2.14 per share - Adjusted EBITDA of
$121.3 million
Financial performance highlights for the fourth quarter of 2024:
- Revenues of
$164.8 million - Net income of
$15.4 million - Diluted EPS of
$0.49 per share - Adjusted Diluted EPS of
$0.57 per share - Adjusted EBITDA of
$30.9 million
Bob Lisy, Chairman, President, and CEO of Intermex, stated “We have delivered another year of strong EPS growth and continued providing solid operating results for our shareholders. As a highly efficient provider of the premium product at retail, we are now turning our attention to invest and expand our high margin digital business. We continue to be a highly profitable operator, and a strong generator of cash. At this afternoon's Investor Day, we look forward to sharing our 2025 plan which will scale our digital business while continuing to leverage the strength of the underlying retail model we have built."
The Company also reported that, consistent with the recommendation of its independent Strategic Alternatives Committee (“SAC”), the Board of Directors (“Board”) has unanimously determined to suspend the Company's previously announced assessment of strategic alternatives.
The Board conducted the review of strategic alternatives through the SAC, composed solely of independent members of the Board. The SAC, along with its independent financial advisor, Lazard Freres, the Company’s financial advisor, FT Partners, and the assistance of its independent legal counsel, evaluated a comprehensive range of strategic alternatives to maximize stockholder value and held discussions with a wide array of strategic and financial investors since the process was announced in November of 2024 regarding potential alternatives, including a sale or merger of the Company and other transactions. The robust strategic review did not, however, result in a definitive offer at a price that offered a superior alternative to the long-term stockholder value potentially created by Intermex’s current business model and its strategic plan, which includes a significant investment to increase the revenue from the Company's digital services.
Accordingly, after considering views of Company stockholders, significant internal discussion and consultation with external financial and legal advisors, and the recommendation of the SAC, the Board concluded that the best interests of all stockholders are served by continuing to focus on the execution of the Company’s strategic plan, including opportunities to drive growth and enhance value as an independent public company. As such, the Board has suspended the review process. The Intermex’s Board and management team are committed to maximizing stockholder value and remain open to all opportunities to achieve this objective.
Mr. Lisy commented, “Since becoming a public company, we have built Intermex into one of the nation’s leading omnichannel money transfer services to Latin America and expanded our reach to additional markets while consistently generating strong and recurring bottom line results and free cash generated. We are committed to building upon that foundation of success, which has been driven by our retail service offerings, by applying our cash resources and liquidity to invest in the expansion of our digital services and products that offer the potential for increased revenue and wider margins. In addition, we have ample financial resources and flexibility to provide liquidity to our stockholders through share repurchases under our previously authorized share repurchase program.
Our 2025 guidance reflects a large and aggressive investment on digital customer capture, along with additional staff and marketing to bolster our profitable, cash-generating retail engine. We will discuss how these - and the political and macro backdrop - impact our outlook at our Investor Day later this afternoon."
Financial Results for full-year 2024 (all comparisons are to the full-year 2023)
Revenues remained relatively flat at
The Company reported net income of
Adjusted net income totaled
Adjusted EBITDA increased
Fourth Quarter 2024 Financial Results (all comparisons are to the Fourth Quarter 2023)
Total revenues for the Company were
Net income was
Adjusted net income decreased
Adjusted EBITDA decreased
Adjusted and other non-GAAP measures discussed above and elsewhere in this press release are defined below under the heading, Non-GAAP Measures.
Other Items
The Company ended the fourth quarter of 2024 with
The Company repurchased 1,025,821 shares of its common stock for
In the year ended December 31, 2024, the Company incurred restructuring costs of approximately
Guidance
The Company provides the following full-year and first quarter guidance:
Full-year 2025:
- Revenue of
$657.5 million to$677.5 million - Diluted EPS of
$1.76 t o$1.91 - Adjusted Diluted EPS of
$2.09 t o$2.26 - Adjusted EBITDA of
$113.8 million to$117.3 million
First quarter 2025:
- Revenue of
$145.5 million to$149.9 million - Diluted EPS of
$0.32 t o$0.34 - Adjusted Diluted EPS of
$0.40 t o$0.43 - Adjusted EBITDA of
$23.3 million to$24.0 million
The above guidance does not reflect an estimate of transaction costs related to the now suspended process to review strategic alternatives.
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 (Basic and Diluted) to Adjusted Earnings per Share (Basic and Diluted) and Net Income Margin to Adjusted EBITDA Margin, are outlined in the tables below following the consolidated financial statements. A quantitative reconciliation of projected Adjusted EBITDA and Adjusted Diluted EPS to the most comparable GAAP measure is not available without unreasonable efforts because of the inherent difficulty in forecasting and quantifying the amounts necessary under GAAP guidance for operating or other adjusted items including, without limitation, costs and expenses related to acquisitions and other transactions, share-based compensation, tax effects of certain adjustments and losses related to legal contingencies or disposal of assets. For the same reasons, we are unable to address the probable significance of the unavailable information.
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: potential adverse effects on the Company’s stock price from the suspension of the Company's strategic alternatives evaluation process; our success in expanding customer acceptance of our digital services and infrastructure, as well as developing, introducing and marketing new digital and other products and services; new technology or competitors that disrupt the current money transfer and payment ecosystem, including the introduction of new digital platforms; 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, including the effects of tariffs on domestic markets and industrial activity and employment, 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; changes in applicable laws and regulations; changes in immigration laws and their enforcement, including its effects on the level of immigrant employment and earning potential; 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; 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, sending agents or digital partners; cybersecurity-attacks or disruptions to our information technology, computer network systems, data centers and mobile devices applications; 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, digital partners 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 cybersecurity protection, and those related to new business initiatives; enforcement actions and private litigation under regulations applicable to money remittance services; 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; public health conditions, responses thereto and the economic and market effects thereof; the 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 apps; 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
| Consolidated Balance Sheets | ||||||
| December 31, | December 31, | |||||
| (in thousands of dollars) | 2024 | 2023 | ||||
| ASSETS | (Unaudited) | |||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 130,503 | $ | 239,203 | ||
| Accounts receivable, net of allowance of | 107,077 | 155,237 | ||||
| Prepaid wires, net | 49,205 | 28,366 | ||||
| Prepaid expenses and other current assets | 10,998 | 10,068 | ||||
| Total current assets | 297,783 | 432,874 | ||||
| Property and equipment, net | 50,354 | 31,656 | ||||
| Goodwill | 55,195 | 53,986 | ||||
| Intangible assets, net | 26,847 | 18,143 | ||||
| Other assets | 32,198 | 40,153 | ||||
| Total assets | $ | 462,377 | $ | 576,812 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Current portion of long-term debt, net | $ | — | $ | 7,163 | ||
| Accounts payable | 19,520 | 36,507 | ||||
| Wire transfers and money orders payable, net | 85,044 | 125,042 | ||||
| Accrued and other liabilities | 47,434 | 54,661 | ||||
| Total current liabilities | 151,998 | 223,373 | ||||
| Long-term liabilities: | ||||||
| Debt, net | 156,623 | 181,073 | ||||
| Lease liabilities, net | 18,582 | 22,670 | ||||
| Deferred tax liability, net | 250 | 659 | ||||
| Total long-term liabilities | 175,455 | 204,402 | ||||
| Stockholders' equity: | ||||||
| Total stockholders' equity | 134,924 | 149,037 | ||||
| Total liabilities and stockholders' equity | $ | 462,377 | $ | 576,812 | ||
| Consolidated Statements of Income | ||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
| (in thousands of dollars, except for per share data) | 2024 | 2023 | 2024 | 2023 | 2022 | |||||||||
| (Unaudited) | (Unaudited) | |||||||||||||
| Revenues: | ||||||||||||||
| Wire transfer and money order fees, net | $ | 137,443 | $ | 145,185 | $ | 554,801 | $ | 561,540 | $ | 469,162 | ||||
| Foreign exchange gain, net | 21,843 | 23,669 | 88,944 | 87,908 | 72,920 | |||||||||
| Other income | 5,472 | 2,929 | 14,904 | 9,287 | 4,723 | |||||||||
| Total revenues | 164,758 | 171,783 | 658,649 | 658,735 | 546,805 | |||||||||
| Operating expenses: | ||||||||||||||
| Service charges from agents and banks | 106,317 | 110,882 | 428,968 | 430,865 | 364,804 | |||||||||
| Salaries and benefits | 16,010 | 18,606 | 68,247 | 70,203 | 52,224 | |||||||||
| Other selling, general and administrative expenses | 12,010 | 11,181 | 47,894 | 47,652 | 34,394 | |||||||||
| Restructuring costs | 322 | 69 | 3,060 | 1,214 | — | |||||||||
| Transaction costs | 1,733 | 33 | 1,819 | 445 | 3,005 | |||||||||
| Depreciation and amortization | 3,664 | 3,355 | 13,645 | 12,866 | 9,470 | |||||||||
| Total operating expenses | 140,056 | 144,126 | 563,633 | 563,245 | 463,897 | |||||||||
| Operating income | 24,702 | 27,657 | 95,016 | 95,490 | 82,908 | |||||||||
| Interest expense | 2,748 | 2,783 | 11,745 | 10,426 | 5,629 | |||||||||
| Income before income taxes | 21,954 | 24,874 | 83,271 | 85,064 | 77,279 | |||||||||
| Income tax provision | 6,569 | 7,375 | 24,450 | 25,549 | 19,948 | |||||||||
| Net income | $ | 15,385 | $ | 17,499 | $ | 58,821 | $ | 59,515 | $ | 57,331 | ||||
| Earnings per common share: | ||||||||||||||
| Basic | $ | 0.50 | $ | 0.51 | $ | 1.81 | $ | 1.67 | $ | 1.52 | ||||
| Diluted | $ | 0.49 | $ | 0.49 | $ | 1.79 | $ | 1.63 | $ | 1.48 | ||||
| Weighted-average common shares outstanding: | ||||||||||||||
| Basic | 30,998,252 | 34,638,245 | 32,430,755 | 35,604,582 | 37,733,047 | |||||||||
| Diluted | 31,406,360 | 35,426,435 | 32,850,497 | 36,429,714 | 38,625,390 | |||||||||
| Reconciliation from Net Income to Adjusted Net Income | |||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
| (in thousands of dollars, except for per share data) | 2024 | 2023 | 2024 | 2023 | 2022 | ||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||
| Net income | $ | 15,385 | $ | 17,499 | $ | 58,821 | $ | 59,515 | $ | 57,331 | |||||||||
| Adjusted for: | |||||||||||||||||||
| Share-based compensation (a) | 186 | 1,894 | 7,043 | 8,111 | 7,118 | ||||||||||||||
| Restructuring costs (b) | 322 | 69 | 3,060 | 1,214 | — | ||||||||||||||
| Transaction costs (c) | 1,733 | 34 | 1,819 | 445 | 3,005 | ||||||||||||||
| Legal contingency settlement (d) | — | — | (570 | ) | — | — | |||||||||||||
| Loss on bank closure (e) | — | — | — | — | 1,583 | ||||||||||||||
| Other charges and expenses (f) | 308 | 294 | 1,239 | 1,850 | 1,141 | ||||||||||||||
| Amortization of intangibles (g) | 926 | 1,178 | 3,820 | 4,740 | 4,102 | ||||||||||||||
| Income tax benefit related to adjustments (h) | (1,047 | ) | (1,042 | ) | (4,820 | ) | (4,914 | ) | (4,376 | ) | |||||||||
| Adjusted net income | $ | 17,813 | $ | 19,926 | $ | 70,412 | $ | 70,961 | $ | 69,904 | |||||||||
| Adjusted earnings per common share: | |||||||||||||||||||
| Basic | $ | 0.57 | $ | 0.58 | $ | 2.17 | $ | 1.99 | $ | 1.85 | |||||||||
| Diluted | $ | 0.57 | $ | 0.56 | $ | 2.14 | $ | 1.95 | $ | 1.81 | |||||||||
| (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 and strategic alternatives. | |||||||||||||||||||
| (d) Represents a gain contingency related to a legal settlement. | |||||||||||||||||||
| (e) Represents losses related to the closure of a financial institution in Mexico during 2021. | |||||||||||||||||||
| (f) Represents primarily loss on disposal of fixed assets. | |||||||||||||||||||
| (g) Represents the amortization of intangible assets that resulted from business acquisition transactions. | |||||||||||||||||||
| (h) 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 December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| GAAP Basic Earnings per Share | $ | 0.50 | $ | 0.51 | $ | 1.81 | $ | 1.67 | |||||||
| Adjusted for: | |||||||||||||||
| Share-based compensation | 0.01 | 0.05 | 0.22 | 0.23 | |||||||||||
| Restructuring costs | 0.01 | — | 0.09 | 0.03 | |||||||||||
| Transaction costs | 0.06 | — | 0.06 | 0.01 | |||||||||||
| Legal contingency settlement | — | — | (0.02 | ) | — | ||||||||||
| Other charges and expenses | 0.01 | 0.01 | 0.04 | 0.05 | |||||||||||
| Amortization of intangibles | 0.03 | 0.03 | 0.12 | 0.13 | |||||||||||
| Income tax benefit related to adjustments | (0.03 | ) | (0.03 | ) | (0.15 | ) | (0.14 | ) | |||||||
| Non-GAAP Adjusted Basic Earnings per Share | $ | 0.57 | $ | 0.58 | $ | 2.17 | $ | 1.99 | |||||||
| 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 December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| GAAP Diluted Earnings per Share | $ | 0.49 | $ | 0.49 | $ | 1.79 | $ | 1.63 | |||||||
| Adjusted for: | |||||||||||||||
| Share-based compensation | 0.01 | 0.05 | 0.21 | 0.22 | |||||||||||
| Restructuring costs | 0.01 | — | 0.09 | 0.03 | |||||||||||
| Transaction costs | 0.06 | — | 0.06 | 0.01 | |||||||||||
| Legal contingency settlement | — | — | (0.02 | ) | — | ||||||||||
| Other charges and expenses | 0.01 | 0.01 | 0.04 | 0.05 | |||||||||||
| Amortization of intangibles | 0.03 | 0.03 | 0.12 | 0.13 | |||||||||||
| Income tax benefit related to adjustments | (0.03 | ) | (0.03 | ) | (0.15 | ) | (0.13 | ) | |||||||
| Non-GAAP Adjusted Diluted Earnings per Share | $ | 0.57 | $ | 0.56 | $ | 2.14 | $ | 1.95 | |||||||
| The table above may contain slight summation differences due to rounding | |||||||||||||||
| Reconciliation from Net Income to Adjusted EBITDA | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (in thousands of dollars) | 2024 | 2023 | 2024 | 2023 | 2022 | ||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Net income | $ | 15,385 | $ | 17,499 | $ | 58,821 | $ | 59,515 | $ | 57,331 | |||||
| Adjusted for: | |||||||||||||||
| Interest expense | 2,748 | 2,783 | 11,745 | 10,426 | 5,629 | ||||||||||
| Income tax provision | 6,568 | 7,375 | 24,450 | 25,549 | 19,948 | ||||||||||
| Depreciation and amortization | 3,664 | 3,355 | 13,645 | 12,866 | 9,470 | ||||||||||
| EBITDA | 28,365 | 31,012 | 108,661 | 108,356 | 92,378 | ||||||||||
| Share-based compensation (a) | 186 | 1,894 | 7,043 | 8,111 | 7,118 | ||||||||||
| Restructuring costs (b) | 322 | 69 | 3,060 | 1,214 | — | ||||||||||
| Transaction costs (c) | 1,733 | 34 | 1,819 | 445 | 3,005 | ||||||||||
| Legal contingency settlement (d) | — | — | (570 | ) | — | — | |||||||||
| Loss on bank closure (e) | — | — | — | — | 1,583 | ||||||||||
| Other charges and expenses (f) | 308 | 294 | 1,239 | 1,850 | 1,141 | ||||||||||
| Adjusted EBITDA | $ | 30,914 | $ | 33,303 | $ | 121,252 | $ | 119,976 | $ | 105,225 | |||||
| (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 and strategic alternatives. | |||||||||||||||
| (d) Represents a gain contingency related to a legal settlement. | |||||||||||||||
| (e) Represents losses related to the closure of a financial institution in Mexico during 2021. | |||||||||||||||
| (f) Represents primarily loss on disposal of fixed assets. | |||||||||||||||
| Reconciliation from Net Income Margin to Adjusted EBITDA Margin | |||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| (Unaudited) | (Unaudited) | ||||||||||
| Net Income Margin | 9.3 | % | 10.2 | % | 8.9 | % | 9.0 | % | |||
| Adjusted for: | |||||||||||
| Interest expense | 1.7 | % | 1.6 | % | 1.8 | % | 1.6 | % | |||
| Income tax provision | 4.0 | % | 4.3 | % | 3.7 | % | 3.9 | % | |||
| Depreciation and amortization | 2.2 | % | 2.0 | % | 2.1 | % | 2.0 | % | |||
| EBITDA Margin | 17.2 | % | 18.1 | % | 16.5 | % | 16.4 | % | |||
| Share-based compensation | 0.1 | % | 1.1 | % | 1.1 | % | 1.2 | % | |||
| Restructuring costs | 0.2 | % | — | % | 0.5 | % | 0.2 | % | |||
| Transaction costs | 1.1 | % | — | % | 0.3 | % | 0.1 | % | |||
| Legal contingency settlement | — | % | — | % | (0.1 | )% | — | % | |||
| Other charges and expenses | 0.2 | % | 0.2 | % | 0.2 | % | 0.3 | % | |||
| Adjusted EBITDA Margin | 18.8 | % | 19.4 | % | 18.4 | % | 18.2 | % | |||
| The table above may contain slight summation differences due to rounding | |||||||||||
| Reconciliation of Net Income to Net Free Cash Generated | |||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
| (in thousands of dollars) | 2024 | 2023 | 2024 | 2023 | 2022 | ||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||
| Net income for the period | $ | 15,385 | $ | 17,499 | $ | 58,821 | $ | 59,515 | $ | 57,331 | |||||||||
| Depreciation and amortization | 3,664 | 3,355 | 13,645 | 12,866 | 9,470 | ||||||||||||||
| Share-based compensation | 186 | 1,894 | 7,043 | 8,111 | 7,118 | ||||||||||||||
| Provision for credit losses | 1,375 | 1,227 | 6,411 | 4,997 | 2,572 | ||||||||||||||
| Cash used in investing activities | (16,087 | ) | (5,092 | ) | (43,946 | ) | (18,280 | ) | (12,529 | ) | |||||||||
| Term loan pay-downs | — | (1,641 | ) | (3,281 | ) | (5,469 | ) | (4,375 | ) | ||||||||||
| Net free cash generated during the period | $ | 4,523 | $ | 17,242 | $ | 38,693 | $ | 61,740 | $ | 59,587 | |||||||||
FAQ
What were IMXI's key financial metrics for full-year 2024?
How much did IMXI spend on share repurchases in 2024?
What is IMXI's revenue guidance for 2025?
How did IMXI's digital money transfer business perform in Q4 2024?
Why did IMXI suspend its strategic alternatives review?
