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) reported significant triple-digit remittance growth through its co-branded digital service with Amigo Paisano in 2020. This partnership enhances Intermex's reach into the Latin American digital market, allowing remittances to Guatemala and 17 other LATAM countries. Amigo Paisano's targeted marketing strategies and Intermex's robust app infrastructure have proven effective in facilitating secure and efficient transactions. The companies plan to further develop their co-branding initiatives to expand their service offerings in key markets.
International Money Express (NASDAQ: IMXI) reported record remittances in Q4 2020, initiating 9.0 million transfers, an increase of 18.0% compared to Q4 2019. This surpasses the previous record of 8.7 million in Q3 2020. Key markets like Mexico and Guatemala experienced 17.0% growth, with emerging markets up 21.2%, driven by the Dominican Republic, Ecuador, Colombia, Nicaragua, and Brazil. The digital platform grew by 111% over Q4 2019, highlighting a shift towards digital solutions.
International Money Express (NASDAQ: IMXI) has appointed Ernesto Luciano as the new general counsel and chief compliance officer, succeeding Jose Perez-Villarreal who is retiring. Luciano brings 20 years of legal experience, most recently serving at Kaplan Higher Education, and previously held roles at Verizon Media, HBO, and Gilat Satellite Networks. Chairman Bob Lisy highlighted Luciano's expertise in cross-border transactions and business development as key assets for the company's growth. Intermex provides money remittance services to various countries, focusing on customer-centric solutions through technology.
International Money Express (NASDAQ: IMXI) announced the appointment of Andras Bende as its new chief financial officer, effective December 7, 2020. Chairman and CEO Bob Lisy praised Bende's 20-year experience in financial services, particularly in international markets, highlighting his strategic importance to the executive team. Bende previously served as CFO at Computer Services, Inc., where he significantly contributed to the company's growth and valuation. He also held senior finance roles at GE Capital and graduated from GE's Financial Management Program.
International Money Express (NASDAQ: IMXI) announced that CEO Bob Lisy will present at the Credit Suisse 24th Annual Technology Conference on December 1 at 4:10 PM ET. The presentation will be available via a live webcast on the company's Investor Relations website. Intermex specializes in money remittance services, allowing transfers from the US and Canada to 17 Latin American countries, parts of Africa, and Asia. Established in 1994 and headquartered in Miami, Florida, Intermex emphasizes customer-centric digital money movement.
International Money Express, Inc. (NASDAQ: IMXI) will present at the Citi 2020 Financial Technology Virtual Conference. CEO Bob Lisy is scheduled to speak on November 17, 2020, at 2:15 PM ET. A live webcast and replay will be accessible via the company's Investor Relations website. Intermex is a leading money remittance services provider, facilitating transactions from the U.S. to 17 countries in Latin America, seven in Africa, and two in Asia, utilizing a network of agent retailers and digital platforms. The company, founded in 1994, is headquartered in Miami, Florida.
International Money Express (NASDAQ: IMXI) achieved a record of 3.1 million remittances in October 2020, marking a 19.3% increase from October 2019. This surpassed their previous record set in August 2020. Contributing factors included significant transaction volumes to Mexico, Guatemala, El Salvador, and Honduras. Moreover, the company's market share in core Latin American markets grew to 20.0% in Q3 2020, up from 18.7% the previous year. CEO Bob Lisy noted the strong performance amidst pandemic-related disruptions, highlighting their focused agent network strategy.
International Money Express (NASDAQ: IMXI) reported strong third quarter results for 2020, with revenues reaching $95.6 million, a 12.0% increase year-over-year. Net income surged by 135.2% to $9.5 million, with EPS rising 127.3% to $0.25. Adjusted net income and EPS also saw growth of 28% to $12.2 million and $0.32 per share, respectively. Adjusted EBITDA reached $19.1 million, a 16.0% increase, highlighting effective cost management. The company generated free cash flow of $10.5 million, marking a 78.8% rise, illustrating its strong liquidity position.
International Money Express, Inc. (NASDAQ: IMXI) will announce its Third Quarter 2020 earnings on November 4, 2020, before market opening. A conference call will follow at 8:30 AM ET to discuss the results and company strategy. Investors can participate via phone or webcast, with details available on their investor relations page. An audio replay will be accessible from November 4 until November 18, 2020. Established in 1994 and headquartered in Miami, International Money Express facilitates money transfers to 17 Latin American and Caribbean countries and offers digital services through its app.
International Money Express, Inc. (NASDAQ: IMXI) has appointed Laura Maydón to its Board of Directors, effective October 15, 2020. Chairman and CEO Bob Lisy emphasized her extensive experience in the financial services sector, particularly in Latin America and the Caribbean, as a significant asset for the company's ongoing expansion. Maydón previously served as Managing Director and CEO for Endeavor Miami and held senior roles at Visa. Her expertise is expected to enhance Intermex's strategies to better serve its customer base and maintain its market position as a leading remittance provider.
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