Intermex Reports Second Quarter Results
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) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando metriche di performance miste. I ricavi sono aumentati del 1,4% rispetto all'anno precedente, raggiungendo 171,5 milioni di dollari, grazie a una crescita del 3,9% nel numero di clienti attivi. Tuttavia, l'utile netto è diminuito del 9,1%, attestandosi a 14,0 milioni di dollari, penalizzato da spese di ristrutturazione pari a 2,7 milioni di dollari. L'utile per azione diluito è rimasto invariato a 0,42 dollari, mentre l'utile per azione diluito rettificato è aumentato del 10,0% a 0,55 dollari. L'EBITDA rettificato ha registrato un leggero incremento dello 0,6%, raggiungendo 31,1 milioni di dollari.
Per il primo semestre del 2024, i ricavi sono cresciuti del 2,4% a 321,9 milioni di dollari, con l'utile netto in calo del 4,0% a 26,1 milioni di dollari. L'EBITDA rettificato per questo periodo è aumentato del 2,7%, arrivando a 56,5 milioni di dollari. L'azienda ha chiuso il secondo trimestre con 233,2 milioni di dollari in liquidità e ha riacquistato 521.651 azioni per un valore di 11,2 milioni di dollari. Le previsioni per l'intero anno 2024 prevedono ricavi tra 657,6 milioni e 677,6 milioni di dollari e un utile per azione diluito rettificato tra 2,07 e 2,25 dollari.
Intermex (NASDAQ: IMXI) reportó sus resultados financieros del segundo trimestre de 2024, mostrando métricas de rendimiento mixtas. Los ingresos aumentaron un 1.4% interanual a 171.5 millones de dólares, impulsados por un crecimiento del 3.9% en el número de clientes activos. Sin embargo, el ingreso neto disminuyó un 9.1% a 14.0 millones de dólares, afectado por gastos de reestructuración de 2.7 millones de dólares. El EPS diluido se mantuvo estable en 0.42 dólares, mientras que el EPS diluido ajustado aumentó un 10.0% a 0.55 dólares. El EBITDA ajustado vio un ligero aumento del 0.6% a 31.1 millones de dólares.
Durante la primera mitad de 2024, los ingresos crecieron un 2.4% a 321.9 millones de dólares, con un ingreso neto que cayó un 4.0% a 26.1 millones de dólares. El EBITDA ajustado para este período aumentó un 2.7% a 56.5 millones de dólares. La compañía cerró el segundo trimestre con 233.2 millones de dólares en efectivo y recompró 521,651 acciones por 11.2 millones de dólares. La guía para el año completo 2024 incluye ingresos entre 657.6 millones y 677.6 millones de dólares, y un EPS diluido ajustado de 2.07 a 2.25 dólares.
인터멕스 (NASDAQ: IMXI)는 2024년 2분기 재무 결과를 발표하며 혼합 성과 지표를 나타냈습니다. 수익은 지난해 대비 1.4% 증가하여 1억 7천 1백 50만 달러에 이르렀으며, 이는 활성 고객 수가 3.9% 증가한 데 기인합니다. 그러나 순이익은 9.1% 감소하여 1천 4백만 달러로 줄어들었으며, 2백 7십만 달러의 구조조정 비용이 영향을 미쳤습니다. 희석 주당순이익은 0.42달러로 변동이 없었으며, 조정 희석 주당순이익은 10.0% 증가하여 0.55달러로 상승했습니다. 조정 EBITDA는 약간의 증가(0.6%)가 있어 3천 1백 10만 달러에 도달했습니다.
2024년 상반기 동안 수익은 2.4% 증가하여 3억 2천 1백 90만 달러에 이르렀고, 순이익은 4.0% 감소하여 2천 6백 10만 달러가 되었습니다. 이 기간 동안 조정 EBITDA는 2.7% 증가하여 5천 6백 50만 달러가 되었습니다. 이 회사는 2분기를 2억 3천 3백 20만 달러의 현금으로 마감하고 1천 2백 20만 달러에 521,651주를 재매입했습니다. 2024년 전체 연도에 대한 가이드는 6억 5천 7백 60만 달러에서 6억 7천 7백 60만 달러 사이의 수익과 2.07에서 2.25달러 사이의 조정 희석 주당순이익을 포함합니다.
Intermex (NASDAQ: IMXI) a publié ses résultats financiers pour le 2ème trimestre 2024, affichant des indicateurs de performance contrastés. Les revenus ont augmenté de 1,4% d'une année sur l'autre pour atteindre 171,5 millions de dollars, grâce à une croissance de 3,9% du nombre de clients actifs. Cependant, le bénéfice net a chuté de 9,1% à 14,0 millions de dollars, en raison de charges de restructuration de 2,7 millions de dollars. Le bénéfice par action dilué est resté stable à 0,42 dollar, tandis que le bénéfice par action dilué ajusté a augmenté de 10,0% pour atteindre 0,55 dollar. L'EBITDA ajusté a enregistré une légère augmentation de 0,6% pour atteindre 31,1 millions de dollars.
Pour le premier semestre 2024, les revenus ont crû de 2,4% pour atteindre 321,9 millions de dollars, tandis que le bénéfice net a baissé de 4,0% à 26,1 millions de dollars. L'EBITDA ajusté pour cette période a augmenté de 2,7% pour atteindre 56,5 millions de dollars. L'entreprise a terminé le 2ème trimestre avec 233,2 millions de dollars en liquidités et a racheté 521 651 actions pour 11,2 millions de dollars. Les prévisions pour l'année entière 2024 incluent des revenus compris entre 657,6 millions et 677,6 millions de dollars, ainsi qu'un bénéfice par action dilué ajusté de 2,07 à 2,25 dollars.
Intermex (NASDAQ: IMXI) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht und dabei gemischte Leistungskennzahlen präsentiert. Die Einnahmen stiegen um 1,4% im Jahresvergleich auf 171,5 Millionen Dollar, angetrieben durch ein Wachstum von 3,9% bei aktiven Kunden. Das Netto-Einkommen hingegen sank um 9,1% auf 14,0 Millionen Dollar, belastet durch Umstrukturierungskosten in Höhe von 2,7 Millionen Dollar. Der verwässerte Gewinn pro Aktie blieb mit 0,42 Dollar stabil, während der bereinigte verwässerte Gewinn pro Aktie um 10,0% auf 0,55 Dollar anstieg. Das bereinigte EBITDA verzeichnete einen leichten Anstieg um 0,6% auf 31,1 Millionen Dollar.
Für das erste Halbjahr 2024 stiegen die Einnahmen um 2,4% auf 321,9 Millionen Dollar, während das Netto-Einkommen um 4,0% auf 26,1 Millionen Dollar fiel. Das bereinigte EBITDA für diesen Zeitraum erhöhte sich um 2,7% auf 56,5 Millionen Dollar. Das Unternehmen schloss das 2. Quartal mit 233,2 Millionen Dollar in liquiden Mitteln und kaufte 521.651 Aktien für 11,2 Millionen Dollar zurück. Die Prognosen für das Gesamtjahr 2024 beinhalten Einnahmen zwischen 657,6 Millionen und 677,6 Millionen Dollar und einen bereinigten verwässerten Gewinn pro Aktie von 2,07 bis 2,25 Dollar.
- Revenue increased by 1.4% to $171.5 million in Q2 2024.
- Adjusted Diluted EPS rose by 10.0% to $0.55.
- Adjusted EBITDA increased by 0.6% to $31.1 million.
- Company ended Q2 with $233.2 million in cash.
- Repurchased 521,651 shares for $11.2 million in Q2.
- Full-year 2024 guidance projects Adjusted Diluted EPS of $2.07 to $2.25.
- Net income decreased by 9.1% to $14.0 million.
- Diluted EPS remained flat at $0.42.
- Incurred $2.7 million in restructuring charges in Q2 2024.
Company continues to generate strong earnings and margins, continued execution of omnichannel strategy
Company to Host Conference Call Today at 9 a.m. ET
MIAMI, Aug. 07, 2024 (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 strong operating results for the second quarter of 2024.
Financial performance highlights for the second quarter of 2024 compared with the same period last year are:
- Revenues of
$171.5 million , an increase of1.4% . - Net income of
$14.0 million , a decrease of9.1% . - Diluted EPS of
$0.42 per share, same as the prior period. - Adjusted Diluted EPS of
$0.55 per share, an increase of10.0% . - Adjusted EBITDA of
$31.1 million , an increase of0.6% .
Bob Lisy, Chairman, President, and CEO of Intermex, stated “We are proud to deliver another strong quarter of operating results. We successfully navigated a challenging market environment to deliver record Q2 revenues for the Company and double-digit Adjusted EPS growth. We continue to execute on our differentiated, omnichannel strategy, and deliver on that strategy with our focus on efficiency, which we believe is unmatched in the industry. Our expansive and highly profitable retail footprint provides the perfect pairing for a digital offering among the very best-in-class… an offering that we believe is outpacing the market in both growth and profitability."
Second Quarter 2024 Financial Results (all comparisons are to the Second Quarter 2023)
Total revenues for the Company were
Net income was
Adjusted EBITDA increased
Adjusted net income decreased
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 six months of 2023)
Revenues increased by
The Company reported net income of
Adjusted EBITDA increased
Adjusted net income totaled
Other Items
The Company ended the second quarter of 2024 with
The Company repurchased 521,651 shares of its common stock for
In the second quarter of 2024, the Company incurred restructuring costs of approximately
Guidance
The Company is revising its full-year guidance and providing third-quarter guidance:
Full-year 2024:
- Revenue of
$657.6 million to$677.6 million . - Diluted EPS of
$1.73 t o$1.87 . - Adjusted Diluted EPS of
$2.07 t o$2.25 . - Adjusted EBITDA of
$121.1 million to$124.7 million .
Third quarter 2024:
- Revenue of
$170.6 million to$175.8 million . - Diluted EPS of
$0.49 t o$0.54 . - Adjusted Diluted EPS of
$0.57 t o$0.62 . - Adjusted EBITDA of
$32.1 million to$33.1 million .
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. 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. 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 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, 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 rising interest rates; international political factors, 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; 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; new technology or competitors that disrupt the current money transfer and payment ecosystem, including the introduction of new digital platforms; our success in developing and introducing new products, services and infrastructure; 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 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 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, 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 | ||||||
| June 30, | December 31, | |||||
| (in thousands of dollars) | 2024 | 2023 | ||||
| ASSETS | (Unaudited) | |||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 233,209 | $ | 239,203 | ||
| Accounts receivable, net | 199,511 | 155,237 | ||||
| Prepaid wires, net | 19,681 | 28,366 | ||||
| Prepaid expenses and other current assets | 10,263 | 10,068 | ||||
| Total current assets | 462,664 | 432,874 | ||||
| Property and equipment, net | 46,182 | 31,656 | ||||
| Goodwill | 53,986 | 53,986 | ||||
| Intangible assets, net | 16,136 | 18,143 | ||||
| Deferred tax asset, net | 725 | — | ||||
| Other assets | 32,706 | 40,153 | ||||
| Total assets | $ | 612,399 | $ | 576,812 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Current portion of long-term debt, net | $ | 8,257 | $ | 7,163 | ||
| Accounts payable | 38,402 | 36,507 | ||||
| Wire transfers and money orders payable, net | 152,065 | 125,042 | ||||
| Accrued and other liabilities | 47,655 | 54,661 | ||||
| Total current liabilities | 246,379 | 223,373 | ||||
| Long-term liabilities: | ||||||
| Debt, net | 202,944 | 181,073 | ||||
| Lease liabilities, net | 20,661 | 22,670 | ||||
| Deferred tax liability, net | — | 659 | ||||
| Total long-term liabilities | 223,605 | 204,402 | ||||
| Stockholders' equity: | ||||||
| Total stockholders' equity | 142,415 | 149,037 | ||||
| Total liabilities and stockholders' equity | $ | 612,399 | $ | 576,812 | ||
| Condensed Consolidated Statements of Income | |||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| (in thousands of dollars, except for per share data) | 2024 | 2023 | 2024 | 2023 | |||||||
| (Unaudited) | (Unaudited) | ||||||||||
| Revenues: | |||||||||||
| Wire transfer and money order fees, net | $ | 145,837 | $ | 144,518 | $ | 272,758 | $ | 268,968 | |||
| Foreign exchange gain, net | 22,800 | 22,382 | 43,146 | 41,550 | |||||||
| Other income | 2,894 | 2,250 | 6,039 | 3,996 | |||||||
| Total revenues | 171,531 | 169,150 | 321,943 | 314,514 | |||||||
| Operating expenses: | |||||||||||
| Service charges from agents and banks | 113,369 | 110,996 | 211,303 | 207,113 | |||||||
| Salaries and benefits | 16,893 | 17,640 | 34,999 | 33,808 | |||||||
| Other selling, general and administrative expenses | 12,283 | 12,637 | 23,841 | 23,974 | |||||||
| Restructuring costs | 2,711 | — | 2,711 | — | |||||||
| Depreciation and amortization | 3,371 | 3,135 | 6,599 | 6,038 | |||||||
| Total operating expenses | 148,627 | 144,408 | 279,453 | 270,933 | |||||||
| Operating income | 22,904 | 24,742 | 42,490 | 43,581 | |||||||
| Interest expense | 3,095 | 2,651 | 5,797 | 4,842 | |||||||
| Income before income taxes | 19,809 | 22,091 | 36,693 | 38,739 | |||||||
| Income tax provision | 5,776 | 6,669 | 10,554 | 11,555 | |||||||
| Net income | $ | 14,033 | $ | 15,422 | $ | 26,139 | $ | 27,184 | |||
| Earnings per common share: | |||||||||||
| Basic | $ | 0.43 | $ | 0.43 | $ | 0.79 | $ | 0.75 | |||
| Diluted | $ | 0.42 | $ | 0.42 | $ | 0.78 | $ | 0.73 | |||
| Weighted-average common shares outstanding: | |||||||||||
| Basic | 32,698,951 | 36,001,670 | 33,187,196 | 36,239,997 | |||||||
| Diluted | 33,090,806 | 36,871,674 | 33,639,811 | 37,115,490 | |||||||
| Reconciliation from Net Income to Adjusted Net Income | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands of dollars, except for per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Net income | $ | 14,033 | $ | 15,422 | $ | 26,139 | $ | 27,184 | |||||||
| Adjusted for: | |||||||||||||||
| Share-based compensation (a) | 2,392 | 2,245 | 4,545 | 3,943 | |||||||||||
| Restructuring costs (b) | 2,711 | — | 2,711 | — | |||||||||||
| Transaction costs (c) | 26 | 275 | 36 | 399 | |||||||||||
| Legal contingency settlement (d) | (570 | ) | — | (570 | ) | — | |||||||||
| Other charges and expenses (e) | 218 | 492 | 655 | 1,021 | |||||||||||
| Amortization of intangibles (f) | 958 | 1,209 | 1,935 | 2,334 | |||||||||||
| Income tax benefit related to adjustments (g) | (1,673 | ) | (1,274 | ) | (2,679 | ) | (2,296 | ) | |||||||
| Adjusted net income | $ | 18,095 | $ | 18,369 | $ | 32,772 | $ | 32,585 | |||||||
| Adjusted earnings per common share: | |||||||||||||||
| Basic | $ | 0.55 | $ | 0.51 | $ | 0.99 | $ | 0.90 | |||||||
| Diluted | $ | 0.55 | $ | 0.50 | $ | 0.97 | $ | 0.88 | |||||||
(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 June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| GAAP Basic Earnings per Share | $ | 0.43 | $ | 0.43 | $ | 0.79 | $ | 0.75 | |||||||
| Adjusted for: | |||||||||||||||
| Share-based compensation | 0.07 | 0.06 | 0.14 | 0.11 | |||||||||||
| Restructuring costs | 0.08 | — | 0.08 | — | |||||||||||
| Transaction costs | NM | 0.01 | NM | 0.01 | |||||||||||
| Legal contingency settlement | (0.02 | ) | — | (0.02 | ) | — | |||||||||
| Other charges and expenses | 0.01 | 0.01 | 0.02 | 0.03 | |||||||||||
| Amortization of intangibles | 0.03 | 0.03 | 0.06 | 0.06 | |||||||||||
| Income tax benefit related to adjustments | (0.05 | ) | (0.04 | ) | (0.08 | ) | (0.06 | ) | |||||||
| Non-GAAP Adjusted Basic Earnings per Share | $ | 0.55 | $ | 0.51 | $ | 0.99 | $ | 0.90 | |||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| GAAP Diluted Earnings per Share | $ | 0.42 | $ | 0.42 | $ | 0.78 | $ | 0.73 | |||||||
| Adjusted for: | |||||||||||||||
| Share-based compensation | 0.07 | 0.06 | 0.14 | 0.11 | |||||||||||
| Restructuring costs | 0.08 | — | 0.08 | — | |||||||||||
| Transaction costs | NM | 0.01 | NM | 0.01 | |||||||||||
| Legal contingency settlement | (0.02 | ) | — | (0.02 | ) | — | |||||||||
| Other charges and expenses | 0.01 | 0.01 | 0.02 | 0.03 | |||||||||||
| Amortization of intangibles | 0.03 | 0.03 | 0.06 | 0.06 | |||||||||||
| Income tax benefit related to adjustments | (0.05 | ) | (0.03 | ) | (0.08 | ) | (0.06 | ) | |||||||
| Non-GAAP Adjusted Diluted Earnings per Share | $ | 0.55 | $ | 0.50 | $ | 0.97 | $ | 0.88 | |||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||
| (in thousands of dollars) | 2024 | 2023 | 2024 | 2023 | |||||||||
| (Unaudited) | (Unaudited) | ||||||||||||
| Net income | $ | 14,033 | $ | 15,422 | $ | 26,139 | $ | 27,184 | |||||
| Adjusted for: | |||||||||||||
| Interest expense | 3,095 | 2,651 | 5,797 | 4,842 | |||||||||
| Income tax provision | 5,776 | 6,669 | 10,554 | 11,555 | |||||||||
| Depreciation and amortization | 3,371 | 3,135 | 6,599 | 6,038 | |||||||||
| EBITDA | 26,275 | 27,877 | 49,089 | 49,619 | |||||||||
| Share-based compensation (a) | 2,392 | 2,245 | 4,545 | 3,943 | |||||||||
| Restructuring costs (b) | 2,711 | — | 2,711 | — | |||||||||
| Transaction costs (c) | 26 | 275 | 36 | 399 | |||||||||
| Legal contingency settlement (d) | (570 | ) | — | (570 | ) | — | |||||||
| Other charges and expenses (e) | 218 | 492 | 655 | 1,021 | |||||||||
| Adjusted EBITDA | $ | 31,052 | $ | 30,889 | $ | 56,466 | $ | 54,982 | |||||
(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 June 30, | Six Months Ended June 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| (Unaudited) | (Unaudited) | ||||||||||
| Net Income Margin | 8.2 | % | 9.1 | % | 8.1 | % | 8.6 | % | |||
| Adjusted for: | |||||||||||
| Interest expense | 1.8 | % | 1.6 | % | 1.8 | % | 1.5 | % | |||
| Income tax provision | 3.4 | % | 3.9 | % | 3.3 | % | 3.7 | % | |||
| Depreciation and amortization | 2.0 | % | 1.9 | % | 2.0 | % | 1.9 | % | |||
| EBITDA | 15.3 | % | 16.5 | % | 15.2 | % | 15.8 | % | |||
| Share-based compensation | 1.4 | % | 1.3 | % | 1.4 | % | 1.3 | % | |||
| Restructuring costs | 1.6 | % | — | % | 0.9 | % | — | % | |||
| Transaction costs | — | % | 0.2 | % | — | % | 0.1 | % | |||
| Legal contingency settlement | (0.3 | )% | — | % | (0.2 | )% | — | % | |||
| Other charges and expenses | 0.1 | % | 0.3 | % | 0.2 | % | 0.3 | % | |||
| Adjusted EBITDA Margin | 18.1 | % | 18.3 | % | 17.6 | % | 17.5 | % | |||
The table above may contain slight summation differences due to rounding
| Reconciliation of Net Income to Net Free Cash Generated | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in thousands of dollars) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Net income for the period | $ | 14,033 | $ | 15,422 | $ | 26,139 | $ | 27,184 | |||||||
| Depreciation and amortization | 3,371 | 3,135 | 6,599 | 6,038 | |||||||||||
| Share-based compensation | 2,392 | 2,245 | 4,545 | 3,943 | |||||||||||
| Provision for credit losses | 1,776 | 1,155 | 3,371 | 1,940 | |||||||||||
| Cash used in investing activities | (6,670 | ) | (7,909 | ) | (20,150 | ) | (10,028 | ) | |||||||
| Term loan pay downs | (1,641 | ) | (1,094 | ) | (3,281 | ) | (2,188 | ) | |||||||
| Net free cash generated during the period | $ | 13,261 | $ | 12,954 | $ | 17,223 | $ | 26,889 | |||||||
FAQ
What were Intermex's Q2 2024 revenues?
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What restructuring charges did Intermex incur in Q2 2024?
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