|
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
|
Item 2.02. |
Results of Operations and Financial Condition.
|
Item 9.01. |
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
Exhibit No.
|
Description
|
|
99.1*
|
Press release, dated May 4, 2023, issued by International Money Express, Inc.
|
|
104*
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
INTERNATIONAL MONEY EXPRESS, INC.
|
||
Dated: May 4, 2023
|
By: |
/s/ Ernesto Luciano
|
Name:
|
Ernesto Luciano
|
|
Title:
|
Chief Legal Officer, General Counsel & Corporate Secretary
|
● |
Revenues of $145.4 million, up 26.8%.
|
● |
Net Income of $11.8 million, up 0.9%.
|
● |
Diluted EPS of $0.31 per share, up 3.3%.
|
● |
Adjusted EBITDA of $24.1 million, up 16.4%.
|
■ |
Revenue of $667.0 million to $688.5 million, an increase of 22% to 26%.
|
■ |
Net Income of $66.5 million to $69.0 million, an increase of 16% to 20%.
|
■ |
Adjusted EBITDA of $120.0 million to $124.5 million, an increase of 14% to 18%.
|
■ |
Revenue of $168.6 million to $174.1 million, an increase of 23% to 27%.
|
■ |
Net Income of $16.8 million to $17.1 million, an increase of 5% to 7%.
|
■ |
Adjusted EBITDA of $30.7 million to $31.4 million, an increase of 11% to 14%.
|
(in thousands of dollars)
|
March 31,
2023
|
December 31,
2022
|
||||||
ASSETS
|
(Unaudited)
|
|||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
85,453
|
$
|
149,493
|
||||
Accounts receivable, net
|
102,596
|
129,808
|
||||||
Prepaid wires, net
|
106,878
|
90,386
|
||||||
Prepaid expenses and other current assets
|
9,482
|
12,749
|
||||||
Total current assets
|
304,409
|
382,436
|
||||||
Property and equipment, net
|
28,173
|
28,160
|
||||||
Goodwill
|
48,640
|
49,774
|
||||||
Intangible assets, net
|
18,666
|
19,826
|
||||||
Other assets
|
30,910
|
31,876
|
||||||
Total assets
|
$
|
430,798
|
$
|
512,072
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt, net
|
$
|
5,522
|
$
|
4,975
|
||||
Accounts payable
|
21,281
|
25,686
|
||||||
Wire transfers and money orders payable, net
|
91,923
|
112,251
|
||||||
Accrued and other liabilities
|
37,698
|
41,855
|
||||||
Total current liabilities
|
156,424
|
184,767
|
||||||
Long-term liabilities:
|
||||||||
Debt, net
|
93,718
|
150,235
|
||||||
Lease liabilities, net
|
21,872
|
23,272
|
||||||
Deferred tax liability, net
|
2,931
|
3,892
|
||||||
Total long-term liabilities
|
118,521
|
177,399
|
||||||
Stockholders' equity:
|
||||||||
Total stockholders' equity
|
155,853
|
149,906
|
||||||
Total liabilities and stockholders' equity
|
$
|
430,798
|
$
|
512,072
|
Three Months March 31,
|
||||||||
(in thousands of dollars, except for share data)
|
2023
|
2022
|
||||||
(Unaudited)
|
||||||||
Revenues:
|
||||||||
Wire transfer and money order fees, net
|
$
|
124,450
|
$
|
98,000
|
||||
Foreign exchange gain, net
|
19,168
|
15,674
|
||||||
Other income
|
1,746
|
992
|
||||||
Total revenues
|
145,364
|
114,666
|
||||||
Operating expenses:
|
||||||||
Service charges from agents and banks
|
96,117
|
76,993
|
||||||
Salaries and benefits
|
16,168
|
11,310
|
||||||
Other selling, general and administrative expenses
|
11,337
|
7,069
|
||||||
Depreciation and amortization
|
2,903
|
2,183
|
||||||
Total operating expenses
|
126,525
|
97,555
|
||||||
Operating income
|
18,839
|
17,111
|
||||||
|
||||||||
Interest expense
|
2,192
|
952
|
||||||
Income before income taxes
|
16,647
|
16,159
|
||||||
Income tax provision
|
4,885
|
4,505
|
||||||
Net income
|
$
|
11,762
|
$
|
11,654
|
||||
Other comprehensive income
|
182
|
112
|
||||||
Comprehensive income
|
$
|
11,944
|
$
|
11,766
|
||||
Earnings per common share:
|
||||||||
Basic
|
$
|
0.32
|
$
|
0.30
|
||||
Diluted
|
$
|
0.31
|
$
|
0.30
|
||||
Weighted-average common shares outstanding:
|
||||||||
Basic
|
36,480,972
|
38,362,014
|
||||||
Diluted
|
37,361,953
|
39,077,665
|
Three Months Ended March 31,
|
||||||||
(in thousands of dollars, except for share data)
|
2023
|
2022
|
||||||
(Unaudited)
|
||||||||
Net income
|
$
|
11,762
|
$
|
11,654
|
||||
Adjusted for:
|
||||||||
Share-based compensation (a)
|
1,698
|
1,268
|
||||||
Transaction costs (b)
|
124
|
-
|
||||||
Other charges and expenses (c)
|
529
|
141
|
||||||
Amortization of intangibles (d)
|
1,125
|
972
|
||||||
Income tax benefit related to adjustments (e)
|
(1,066
|
)
|
(667
|
)
|
||||
Adjusted net income
|
$
|
14,172
|
$
|
13,368
|
||||
Adjusted earnings per common share:
|
||||||||
Basic
|
$
|
0.39
|
$
|
0.35
|
||||
Diluted
|
$
|
0.38
|
$
|
0.34
|
||||
Three months ended March 31,
|
||||||||
2023
|
2022
|
|||||||
(Unaudited)
|
||||||||
GAAP Basic Earnings per Share
|
$
|
0.32
|
$
|
0.30
|
||||
Adjusted for:
|
||||||||
Share-based compensation
|
0.05
|
0.03
|
||||||
Transaction costs
|
NM
|
-
|
||||||
Other charges and expenses
|
0.01
|
NM
|
||||||
Amortization of intangibles
|
0.03
|
0.03
|
||||||
Income tax benefit related to adjustments
|
(0.03
|
)
|
(0.02
|
)
|
||||
Non-GAAP Adjusted Basic Earnings per Share
|
$
|
0.39
|
$
|
0.35
|
Three months ended March 31,
|
||||||||
2023
|
2022
|
|||||||
(Unaudited)
|
||||||||
GAAP Diluted Earnings per Share
|
$
|
0.31
|
$
|
0.30
|
||||
Adjusted for:
|
||||||||
Share-based compensation
|
0.05
|
0.03
|
||||||
Transaction costs
|
NM
|
-
|
||||||
Other charges and expenses
|
0.01
|
NM
|
||||||
Amortization of intangibles
|
0.03
|
0.02
|
||||||
Income tax benefit related to adjustments
|
(0.03
|
)
|
(0.02
|
)
|
||||
Non-GAAP Adjusted Diluted Earnings per Share
|
$
|
0.38
|
$
|
0.34
|
Three Months Ended March 31,
|
|||||||||
(in thousands of dollars)
|
2023
|
2022
|
|||||||
(Unaudited)
|
|||||||||
Net income
|
$
|
11,762
|
$
|
11,654
|
|||||
Adjusted for:
|
|||||||||
Interest expense
|
2,192
|
952
|
|||||||
Income tax provision
|
4,885
|
4,505
|
|||||||
Depreciation and amortization
|
2,903
|
2,183
|
|||||||
EBITDA
|
21,742
|
19,294
|
|||||||
Share-based compensation (a)
|
1,698
|
1,268
|
|||||||
Transaction costs (b)
|
124
|
-
|
|||||||
Other charges and expenses (c)
|
529
|
141
|
|||||||
Adjusted EBITDA
|
$
|
24,093
|
$
|
20,703
|
Three Months Ended March 31,
|
||||||||
2023
|
2022
|
|||||||
(Unaudited)
|
||||||||
Net Income Margin
|
8.1
|
%
|
10.2
|
%
|
||||
Adjusted for:
|
||||||||
Interest expense
|
1.5
|
%
|
0.8
|
%
|
||||
Income tax provision
|
3.4
|
%
|
3.9
|
%
|
||||
Depreciation and amortization
|
2.0
|
%
|
1.9
|
%
|
||||
EBITDA
|
15.0
|
%
|
16.8
|
%
|
||||
Share-based compensation
|
1.2
|
%
|
1.1
|
%
|
||||
Transaction costs
|
0.1
|
%
|
0.0
|
%
|
||||
Other charges and expenses
|
0.4
|
%
|
0.1
|
%
|
||||
Adjusted EBITDA Margin
|
16.6
|
%
|
18.1
|
%
|
Three months ended March 31,
|
||||||||
(in thousands of dollars)
|
2023
|
2022
|
||||||
(Unaudited)
|
||||||||
Net income for the period
|
$
|
11,762
|
$
|
11,654
|
||||
Depreciation and amortization
|
2,903
|
2,183
|
||||||
Share-based compensation expense
|
1,698
|
1,268
|
||||||
Provision for credit losses
|
785
|
442
|
||||||
Cash used in investing activities
|
(2,119
|
)
|
(4,316
|
)
|
||||
Term loan pay downs
|
(1,094
|
)
|
(1,094
|
)
|
||||
Net free cash generated during the period
|
$
|
13,935
|
$
|
10,137
|