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, Inc. (NASDAQ: IMXI) has announced an amendment to its revolving credit facility, increasing the maximum borrowing amount from $150 million to $220 million. The new terms and interest rates remain unchanged, with the facility set to mature in 2026.
Additionally, the amendment introduces an uncommitted incremental capacity of $70 million, available for future borrowing. The CFO, Andras Bende, stated that this financial flexibility could support organic growth and potential mergers and acquisitions, as well as facilitate opportunistic share buybacks.
Intermex operates a network for money remittance across more than 60 countries, using proprietary technology since its inception in 1994.
International Money Express, Inc. (NASDAQ: IMXI) will announce its First Quarter 2023 earnings on May 4, 2023, before market opening. The company will also host a conference call at 9:00 am ET on the same day to discuss financial and operational results. Investors can access the call by dialing 1-877-210-0456 for domestic or 1-212-231-2914 for international inquiries, or via a webcast. An audio replay will be available until May 18, 2023. Founded in 1994, Intermex provides money transfer services from the U.S., Canada, and Europe to over 60 countries, utilizing a network of agents, stores, a mobile app, and online services.
Intermex expands into the European remittance market
On April 5, 2023, International Money Express (NASDAQ: IMXI) announced the acquisition of LAN Holdings, Corp., which includes I-Transfer Global Payments, a Spain-based money transmitter. This acquisition enables Intermex to offer outbound remittances from Spain, Italy, and Germany for the first time, enhancing its presence in Canada and expanding its global footprint to over 60 countries.
Intermex paid $8.6 million for the acquisition, emphasizing its commitment to profitable growth and superior service for customers and partners.
International Money Express (NASDAQ: IMXI) announced significant growth in key financial metrics for Q4 and full-year 2022. Revenues soared to $154.4 million, a 21.4% increase year-over-year, while net income slightly decreased by 0.5% to $13.1 million. Adjusted net income rose 10.4% to $17.6 million, reflecting strong operational performance. The company reported a record 13.7 million transactions, a 23% increase, contributing to a principal transfer amount of $5.8 billion, securing a 22% market share in key Latin American markets. For 2023, Intermex expects revenues to rise between 22% and 26%.
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