0001683695-23-000045 | 10-Q | XBRL Viewer | International Money Express INC

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET

Wire transfers and money orders payable, net consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Wire transfers payable, net	$	49,252	$	55,572
Customer voided wires payable	27,860		27,236
Money orders payable	29,159		29,443
	$	106,271	$	112,251

Customer voided wires payable consist primarily of wire transfers that were not completed because the recipient did not collect the funds within 30 days and the sender has not claimed the funds and, therefore, are considered unclaimed property. Unclaimed property laws of each state in the United States in which we operate, the District of Columbia, and Puerto Rico require us to track certain information for all of our money remittances and payment instruments and, if the funds underlying such remittances and instruments are unclaimed at the end of an applicable statutory abandonment period, require us to remit the proceeds of the unclaimed property to the appropriate jurisdiction. Applicable statutory abandonment periods range from three to seven years.

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 22,091	$ 22,095	$ 38,739	$ 38,254
U.S statutory tax rate	21.00%	21.00%	21.00%	21.00%
Income tax expense at statutory rate	$ 4,639	$ 4,640	$ 8,135	$ 8,033
State tax expense, net of federal benefit	1,741	1,369	3,055	2,353
Foreign tax rates different from U.S. statutory rate	(5)	34	43	45
Non-deductible expenses	283	220	508	357
Stock compensation	(67)	(41)	(274)	(61)
Other	78	(111)	88	(111)
Total income tax provision	$ 6,669	$ 6,111	$ 11,555	$ 10,616

SHARE-BASED COMPENSATION - RSU, RSA, and PSU Activity (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
RSUs
Number
Outstanding beginning balance (in dollar per share)	316,902
Granted (in shares)	175,121
Vested (in shares)	(101,700)
Forfeited (in shares)	(17,319)
Outstanding ending balance (in dollar per share)	373,004	316,902
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 16.58
Granted (in dollars per share)	24.80
Vested (in dollars per share)	17.36
Forfeited (in dollars per share)	19.40
Nonvested at end of period (in dollars per share)	$ 20.10	$ 16.58
Aggregate fair value of awards granted	$ 4.3
RSAs
Number
Outstanding beginning balance (in dollar per share)	159,562
Granted (in shares)	80,402
Vested (in shares)	(47,984)
Forfeited (in shares)	0
Outstanding ending balance (in dollar per share)	191,980	159,562
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 15.28
Granted (in dollars per share)	25.68
Vested (in dollars per share)	15.68
Forfeited (in dollars per share)	0
Nonvested at end of period (in dollars per share)	$ 19.53	$ 15.28
Aggregate fair value of awards granted	$ 2.1
PSUs
Number
Outstanding beginning balance (in dollar per share)	300,871
Granted (in shares)	318,386
Vested (in shares)	0
Forfeited (in shares)	0
Outstanding ending balance (in dollar per share)	619,257	300,871
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 17.30
Granted (in dollars per share)	19.49
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Nonvested at end of period (in dollars per share)	$ 18.43	$ 17.30
Weighted-Average Remaining Contractual Term (Years)	8 years 4 months 13 days	8 years 7 months 17 days
Aggregate fair value of awards granted	$ 6.2

BUSINESS AND ACCOUNTING POLICIES	6 Months Ended
BUSINESS AND ACCOUNTING POLICIES	Jun. 30, 2023
Accounting Policies [Abstract]
BUSINESS AND ACCOUNTING POLICIES	BUSINESS AND ACCOUNTING POLICIES International Money Express, Inc. (the “Company” or “us” or “we”) operates as a money transmitter between the United States of America (“United States” or “U.S.”), Canada, Spain, Italy and Germany to Mexico, Guatemala and other countries in Latin America, Africa, Asia and Europe through a network of authorized agents located in various unaffiliated retail establishments and 124 Company-operated stores throughout the United States, Canada, Spain, Italy and Germany. The condensed consolidated financial statements of the Company include International Money Express, Inc. and its majority-owned subsidiaries. The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All significant inter-company balances and transactions have been eliminated from the condensed consolidated financial statements. The Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim condensed consolidated financial statements have been included. The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In March 2022, the Company entered into a definitive purchase agreement to acquire Envios de Valores La Nacional Corp. (“La Nacional”) and LAN Holdings, Corp. (“LAN Holdings”), which either directly or indirectly operate as money remittance companies in the United States, Canada and certain countries in Europe. The acquisition of La Nacional was closed effective November 1, 2022 and the acquisition of LAN Holdings was closed effective April 5, 2023. Refer to Note 2 for additional information on these acquisitions. Concentrations The Company maintains certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The Company has not incurred any losses on these accounts. In addition, the Company maintains various bank accounts in Mexico, Guatemala, Canada and certain countries in Europe, which may not be fully insured. During the three and six months ended June 30, 2023, the Company has not incurred any losses on these uninsured foreign bank accounts. In addition, a substantial portion of our paying agents are concentrated in a few large banks and financial institutions and large retail chains in Latin American countries. Accounting Pronouncements The FASB issued guidance, ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to apply Topic 606: Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities in a business combination. This guidance improves comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The Company adopted this guidance on January 1, 2023 prospectively for business combinations that occur after the adoption date. The adoption of this accounting standard did not have a material impact on the Company’s condensed consolidated financial statements.

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 2,479
2024	3,965
2025	3,156
2026	2,521
2027	2,023
Thereafter	6,478
Net amortizable intangible assets	$ 20,622

REVENUES - Revenues from Contract with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 169,150	$ 136,935	$ 314,514	$ 251,600
Wire transfer and money order fees, net
Disaggregation of Revenue [Line Items]
Wire transfer and money order fees	145,252	118,788	270,259	217,191
Discounts and promotions	(734)	(1,166)	(1,291)	(1,570)
Revenues	144,518	117,622	268,968	215,621
Foreign exchange gain, net
Disaggregation of Revenue [Line Items]
Revenues	22,382	18,195	41,550	33,868
Other income
Disaggregation of Revenue [Line Items]
Revenues	$ 2,250	$ 1,118	$ 3,996	$ 2,111

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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SHARE-BASED COMPENSATION - Stock Option Activity (Details) - Stock options	6 Months Ended	12 Months Ended
	Jun. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Number of Options
Outstanding, beginning balance (in shares) \| shares	711,050
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(67,250)
Forfeited (in shares) \| shares	(11,250)
Outstanding, ending balance (in shares) \| shares	632,550	711,050
Exercisable, ending balance (in shares) \| shares	531,300
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 11.56
Granted (in dollars per share)	0
Exercised (in dollars per share)	12.22
Forfeited (in dollars per share)	14.07
Outstanding, ending balance (in dollars per share)	11.44	$ 11.56
Exercisable, ending balance (in dollars per share)	$ 11.03
Weighted-Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding	5 years 8 months 23 days	6 years 3 months 3 days
Weighted average remaining contractual term, exercisable	5 years 6 months 21 days
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share)	$ 4.28
Granted (in dollars per share)	0
Exercised (in dollars per share)	4.96
Forfeited (in dollars per share)	6.54
Outstanding ending balance (in dollars per share)	4.17	$ 4.28
Exercisable ending balance (in dollars per share)	$ 3.99

LEASES - Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 3,137
2024	5,760
2025	6,229
2026	4,867
2027	3,607
Thereafter	14,978
Total lease payments	38,578
Less: Imputed interest	(10,319)
Present value of lease liabilities	$ 28,259	$ 28,530

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Wire Transfer and Money Orders Payable

Wire transfers and money orders payable, net consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Wire transfers payable, net	$	49,252	$	55,572
Customer voided wires payable	27,860		27,236
Money orders payable	29,159		29,443
	$	106,271	$	112,251

EARNINGS PER SHARE - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income for basic and diluted earnings per common share	$ 15,422	$ 15,984	$ 27,184	$ 27,638
Shares:
Weighted-average common shares outstanding - basic (in shares)	36,001,670	38,257,156	36,239,997	38,309,295
Weighted-average common shares outstanding - diluted (in shares)	36,871,674	39,228,991	37,115,490	39,153,039
Earnings per common share – basic (in dollars per share)	$ 0.43	$ 0.42	$ 0.75	$ 0.72
Earnings per common share – diluted (in dollars per share)	$ 0.42	$ 0.41	$ 0.73	$ 0.71
RSUs
Shares:
Effect of dilutive securities (in shares)	122,030	111,918	131,335	86,988
RSAs
Shares:
Effect of dilutive securities (in shares)	52,046	45,064	61,626	35,500
Stock options
Shares:
Effect of dilutive securities (in shares)	329,196	713,109	332,531	631,525
PSUs
Shares:
Effect of dilutive securities (in shares)	366,732	101,744	350,001	89,731

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Reconciliation of Tax Provision (Benefit)

A reconciliation between the income tax provision at the U.S. statutory tax rate and the Company’s income tax provision on the condensed consolidated statements of income and comprehensive income is below (in thousands, except for tax rates):


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Income before income taxes	$	22,091		$	22,095		$	38,739		$	38,254
U.S statutory tax rate	21		%	21		%	21		%	21		%
Income tax expense at statutory rate	4,639			4,640			8,135			8,033

State tax expense, net of federal benefit	1,741			1,369			3,055			2,353
Foreign tax rates different from U.S. statutory rate	(5)			34			43			45
Non-deductible expenses	283			220			508			357
Stock compensation	(67)			(41)			(274)			(61)
Other	78			(111)			88			(111)
Total income tax provision	$	6,669		$	6,111		$	11,555		$	10,616

EARNINGS PER SHARE - Narrative (Details) - shares		3 Months Ended		6 Months Ended
EARNINGS PER SHARE - Narrative (Details) - shares	May 05, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Treasury stock repurchased (in shares)	500,000	916,122	503,513	1,232,581	727,901
Decrease in weighted average shares outstanding (in shares)		737,711		464,658
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)				111,900	5,900
RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)				58,400
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)					76,300
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)					131,200

DEBT

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

Debt consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Revolving credit facility	$	116,000	$	76,000
Term loan facility	78,750		80,938
	194,750		156,938
Less: Current portion of long-term debt (1)	(6,069)		(4,975)
Less: Debt origination costs	(1,480)		(1,728)
	$	187,201	$	150,235

(1)Current portion of long-term debt is net of debt origination costs of approximately $0.5 million both at June 30, 2023 and December 31, 2022, respectively.

The Company and certain of its domestic subsidiaries as borrowers and the other guarantors from time to time party thereto (collectively, the “Loan Parties”) entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”) with a group of banking institutions. The A&R Credit Agreement amended and restated in its entirety the Company’s previous credit agreement. The A&R Credit Agreement provided for a $150.0 million revolving credit facility, an $87.5 million term loan facility and an uncommitted incremental facility, which may be utilized for additional revolving or term loans, of up to $70.0 million. The A&R Credit Agreement also provides for the issuance of letters of credit, which would reduce availability under the revolving credit facility. The proceeds of the term loan were used to refinance the existing term loan facility under the Company’s previous credit agreement, and the revolving credit facility is available for working capital, general corporate purposes and to pay fees and expenses in connection with this transaction. The maturity date of the A&R Credit Agreement is June 24, 2026.

On November 11, 2022, the Loan Parties entered into a First Amendment Agreement (the “First Amendment”) to the A&R Credit Agreement. The Amendment replaces LIBOR as a benchmark interest rate for loans under the A&R Credit Agreement with the secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”), and amends all applicable provisions of the A&R Credit Agreement with respect to such replacement of LIBOR as the benchmark interest rate. Except as amended by the First Amendment, the A&R Credit Agreement remains in full force and effect.

Effective as of April 18, 2023, the Company amended its A&R Credit Agreement to increase the revolving credit commitments available thereunder from an aggregate of $150.0 million to $220.0 million. The credit commitments are available for general corporate purposes to support the Company’s growth and to fund working capital needs and will be subject to the same interest rate and other terms applicable to the outstanding revolving credit commitments under the A&R Credit Agreement. In addition, as amended, the A&R Credit Agreement provides the Company with a refreshed uncommitted incremental facility which may be utilized for new revolving credit facilities or term loans in an aggregate amount of up to $70.0 million. The amendment was accounted for as a debt modification. The balance of the unamortized debt origination costs in connection with the A&R Credit Agreement and the additional debt origination costs of approximately $0.7 million incurred in connection with this amendment will be amortized over the remaining life of the A&R Credit Agreement using the straight-line method, as it is not significantly different than the effective interest method. Debt origination costs paid to third parties in connection with the amendment were expensed as incurred during the second quarter of 2023.

The unamortized portion of debt origination costs totaled approximately $3.5 million and $3.3 million at June 30, 2023 and December 31, 2022, respectively. Amortization of debt origination costs is included as a component of interest expense in the condensed consolidated statements of income and comprehensive income and amounted to approximately $0.3 million for both the three months ended June 30, 2023 and 2022, and $0.5 million for both the six months ended June 30, 2023 and 2022.

At the election of the Company, interest on the term loan facility and revolving loans under the A&R Credit Agreement, as amended, may be determined by reference to SOFR plus an index adjustment of 0.10% and an applicable margin ranging between 2.50% and 3.00% based upon the Company’s consolidated leverage ratio, as calculated pursuant to the terms of the A&R Credit Agreement. Loans (other than Term Loans, as defined in the A&R Credit Agreement), may also bear interest at the Base Rate, plus an applicable margin ranging between 1.50% and 2.00% based upon the Company’s consolidated leverage ratio, as so calculated. The Company is also required to pay a fee on the unused portion of the revolving credit facility equal to 0.35% per annum. The effective interest rates for the six months ended June 30, 2023 for the term loan facility and revolving credit facility were 8.03% and 1.85%, respectively, and 3.59% and 0.75% for the six months ended June 30, 2022, respectively.

Interest is payable (x)(i) generally on the last day of each interest period selected for SOFR loans, but in any event, not less frequently than every three months, and (ii) on the last business day of each quarter for base rate loans and (y) at final maturity. The principal amount of the term loan facility under the A&R Credit Agreement must be repaid in consecutive quarterly installments of 5.0% in years 1 and 2, 7.5% in year 3, and 10.0% in years 4 and 5, in each case on the last day of each quarter, which commenced in September 2021 with a final balloon payment at maturity. The term loans under the A&R Credit Agreement may be prepaid at any time without premium or penalty. Revolving loans may be borrowed, repaid and reborrowed from time to time in accordance with the terms and conditions of the A&R Credit Agreement. The Company is also required to repay the loans upon receipt of net proceeds from certain casualty events, upon the disposition of certain property and upon incurrence of indebtedness not permitted by the A&R Credit Agreement. In addition, the Company is required to make mandatory prepayments annually from excess cash flow if the Company’s consolidated leverage ratio (as calculated under the A&R Credit Agreement) is greater than or equal to 3.0, and the remainder of any such excess cash flow is contributed to the available amount which may be used for a variety of purposes, including investments and distributions.

The A&R Credit Agreement, as amended, contains financial covenants that require the Company to maintain a quarterly minimum fixed charge coverage ratio of 1.25:1.00 and a quarterly maximum consolidated leverage ratio of 3.25:1.00 and generally restricts the ability of the Company to make certain restricted payments, including the repurchase of shares of its common stock, provided that the Company may make restricted payments, among others, (i) without limitation so long as the Consolidated Leverage Ratio (as defined in the A&R Credit Agreement), as of the then most recently completed four fiscal quarters of the Company, after giving pro forma effect to such restricted payments, is 2.25:1.00 or less, (ii) that do not exceed, in the aggregate during any fiscal year, the greater of (x) $23.8 million and (y) 25.00% of Consolidated EBITDA (as defined in the A&R Credit Agreement) for the then most recently completed four fiscal quarters of

the Company and (iii) to repurchase Company common stock from current or former employees in an aggregate amount of up to $10.0 million per calendar year. The A&R Credit Agreement also contains covenants that limit the Company’s and its subsidiaries’ ability to, among other things, grant liens, incur additional indebtedness, make acquisitions or investments, dispose of certain assets, change the nature of their businesses, enter into certain transactions with affiliates or amend the terms of material indebtedness.

The obligations under the A&R Credit Agreement are guaranteed by the Company and certain domestic subsidiaries of the Company and secured by liens on substantially all of the assets of the Loan Parties, subject to certain exclusions and limitations.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1C
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Prepaid Expense and Other Assets [Abstract]

LEASES - Right-Of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Right-of-use assets	$ 24,446	$ 24,768
Current
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other liabilities	Accrued and other liabilities
Operating	$ 5,341	$ 5,258
Noncurrent
Operating	22,918	23,272
Total Lease liabilities	28,259	28,530
Operating lease, right-of-use asset, accumulated amortization	$ 7,900	$ 5,600

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases In the ordinary course of business, the Company enters into leases for office space, warehouses and certain Company-operated store locations. Refer to Note 7 - Leases. Contingencies and Legal Proceedings The Company is subject to legal proceedings and claims that have arisen in the ordinary course of its business and have not been finally adjudicated. Although there can be no assurance as to the ultimate disposition of these matters, it is the opinion of the Company’s management, based upon the information available at this time and the stage of the proceedings, that it is not possible to determine the probability of loss or estimate of damages and, therefore, the Company has not established a reserve for any of these proceedings. The Company operates in all 50 states in the United States, two U.S. territories and seven other countries. Money transmitters and their agents are under regulation by state and federal laws. Violations may result in civil or criminal penalties or a prohibition from providing money transfer services in a particular jurisdiction. It is the opinion of the Company’s management, based on information available at this time, that the expected outcome of regulatory examinations will not have a material adverse effect on either the results of operations or financial condition of the Company. Regulatory Requirements Pursuant to applicable licensing laws, certain domestic subsidiaries of the Company are required to maintain minimum tangible net worth and liquid assets (permissible investments) to cover the amount outstanding of wire transfers and money orders payable. As of June 30, 2023, the Company’s subsidiaries were in compliance with these requirements.

PREPAID EXPENSES AND OTHER ASSETS

6 Months Ended

Jun. 30, 2023

PREPAID EXPENSES AND OTHER ASSETS

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Prepaid insurance	$	432	$	1,578
Prepaid fees and services	2,029		1,986
Agent incentives advances	1,094		1,014
Agent advances receivable, net of allowance	1,434		1,311

Tenant allowance	2,815		3,753
Prepaid income taxes	3,430		2,130
Prepaid expenses and current assets - other	1,086		977
	$	12,320	$	12,749

Other assets consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Revolving line origination fees	$	1,997	$	1,578
Agent incentives advances	2,063		1,062
Agent advances receivable, net of allowance	1,483		1,392
Right-of-use assets, net	24,446		24,768
Funds held by seized banking entities, net of allowance	1,868		1,646
Other assets	2,604		1,430
	$	34,461	$	31,876

Prior to 2022, local banking regulators in Mexico resolved to close and liquidate a local financial institution, citing a lack of compliance with minimum capital requirements. The Company has approximately $5.2 million of exposure from deposits it held with this bank when it was closed. In accordance with the banking regulations in Mexico, large depositors such as the Company will be paid once the assets of the financial institution are liquidated. Currently, it is difficult to predict the length of the liquidation process or if the proceeds from the asset liquidation will be sufficient to recover any of the Company's funds on deposit. The Company maintains a valuation allowance of approximately $3.6 million in connection with the balance of deposits held by the financial institution as a result of its closure.

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Accounts receivable	$ 2,548		$ 2,555
Agent advances receivable	142		93
Allowance for credit losses	$ 2,690	$ 2,657	$ 2,648	$ 2,442	$ 2,256	$ 2,249

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

DEBT - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 194,750	$ 156,938
Less: Current portion of long-term debt	(6,069)	(4,975)
Less: Debt origination costs	(1,480)	(1,728)
Long-term debt, noncurrent	187,201	150,235
Debt origination costs, current	500	500
Term loan facility
Debt Instrument [Line Items]
Long-term debt, gross	78,750	80,938
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 116,000	$ 76,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes collateralized	$ 3.1	$ 2.8
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate on notes receivable	0.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate on notes receivable	10.50%

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Accounts Receivable

Accounts receivable represents primarily outstanding balances from sending agents for pending wire transfers or money orders from consumers. The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands):


	June 30, 2023		December 31, 2022
Accounts receivable	$	126,248	$	132,363
Allowance for credit losses	(2,548)		(2,555)
Accounts receivable, net	$	123,700	$	129,808

Agent Advances Receivable

Agent advances receivable, net of allowance for credit losses, from sending agents is as follows (in thousands):


	June 30, 2023		December 31, 2022
Agent advances receivable, current	$	1,513	$	1,373
Allowance for credit losses	(79)		(62)
Net current	$	1,434	$	1,311

Agent advances receivable, long-term	$	1,546	$	1,423
Allowance for credit losses	(63)		(31)
Net long-term	$	1,483	$	1,392

The net current portion of agent advances receivable is included in prepaid expenses and other current assets (see Note 5), and the net long-term portion is included in other assets in the condensed consolidated balance sheets. Some agent advances receivable have interest rates ranging from 0% to 10.5% per annum. The Company had an immaterial amount of accrued interest receivable as of June 30, 2023 and December 31, 2022, which was included in the allowance for credit losses calculation. At June 30, 2023 and December 31, 2022, there were $3.1 million and $2.8 million, respectively, of agent advances receivable collateralized by personal guarantees from sending agents and assets from their businesses in case of a default by the agent.

The maturities of agent advances receivable at June 30, 2023 are as follows (in thousands):


	Unpaid Advance Balance
Under 1 year	$	1,513
Between 1 and 2 years	1,137
More than 2 years	409
Total	$	3,059

Allowance for Credit Losses

The changes in the allowance for credit losses related to accounts receivable and agent advances receivable are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Beginning balance	$	2,657	$	2,256	$	2,648	$	2,249
Provision	1,155		1,056		1,940		1,498
Charge-offs	(1,426)		(970)		(2,434)		(1,502)
Recoveries	304		100		536		197
Ending Balance	$	2,690	$	2,442	$	2,690	$	2,442

The allowance for credit losses allocated by financial instrument category is as follows (in thousands):


	June 30, 2023		December 31, 2022
Accounts receivable	$	2,548	$	2,555
Agent advances receivable	142		93
Allowance for credit losses	$	2,690	$	2,648

PREPAID EXPENSES AND OTHER ASSETS - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 147,372	$ 149,493
MEXICO
Cash and cash equivalents			$ 5,200
Write off from financial institution closure	$ 3,600

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

Prepaid Expense and Other Assets [Abstract]

PREPAID EXPENSES AND OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Prepaid insurance	$	432	$	1,578
Prepaid fees and services	2,029		1,986
Agent incentives advances	1,094		1,014
Agent advances receivable, net of allowance	1,434		1,311

Tenant allowance	2,815		3,753
Prepaid income taxes	3,430		2,130
Prepaid expenses and current assets - other	1,086		977
	$	12,320	$	12,749

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Revolving line origination fees	$	1,997	$	1,578
Agent incentives advances	2,063		1,062
Agent advances receivable, net of allowance	1,483		1,392
Right-of-use assets, net	24,446		24,768
Funds held by seized banking entities, net of allowance	1,868		1,646
Other assets	2,604		1,430
	$	34,461	$	31,876

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Wire transfers payable, net	$ 49,252	$ 55,572
Customer voided wires payable	27,860	27,236
Money orders payable	29,159	29,443
Total wire transfers and money orders payable, net	$ 106,271	$ 112,251
Wires payable collection period	30 days
Minimum
Statutory abandonment period	3 years
Maximum
Statutory abandonment period	7 years

ACQUISITIONS

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

Envios de Valores La Nacional Corp.

On November 1, 2022, the Company completed the acquisition of 100% of the voting interest of La Nacional (the “La Nacional Acquisition”) and on April 5, 2023, the Company completed the acquisition of 100% of the voting interest of LAN Holdings (the “LAN Acquisition”) (the “LAN Acquisition,” and together with the La Nacional Acquisition, the “Acquisitions”). See “LAN Holdings, Corp.” section below.

The Company paid cash consideration of $39.7 million upon consummation of the La Nacional Acquisition (subject to customary purchase price adjustments) and could be required to pay up to $2.4 million in contingent consideration in 2023 as a result of La Nacional achieving certain transaction volume and financial targets during 2023. The contingent consideration fair value as of June 30, 2023 and December 31,

2022 was approximately $1.2 million and $1.3 million, respectively. During the three and six months ended June 30, 2023, the Company recorded a fair value adjustment of $0.1 million based on the expected achievement of the financial targets.

The following table summarizes the fair values of consideration transferred and identifiable net assets acquired in the La Nacional Acquisition on November 1, 2022, the measurement period adjustments in the six months ended June 30, 2023 and the fair values of consideration transferred and identifiable net assets acquired as of June 30, 2023.


	November 1, 2022 (As initially reported)		Measurement Period Adjustments		June 30, 2023 (As Adjusted)
Assets acquired:
Cash and cash equivalents	$	39,569	$	—	$	39,569
Accounts receivable	16,504		—		16,504
Prepaid wires	571		—		571
Prepaid expenses and other current assets	1,219		430		1,649
Property and Equipment	4,077		—		4,077
Intangible assets	8,450		—		8,450
Other assets	13,659		—		13,659
Total identifiable assets acquired	$	84,049	$	430	$	84,479

Liabilities assumed:
Accounts payable	$	(1,260)	$	—	$	(1,260)
Wire transfers and money orders payable	(35,595)		—		(35,595)
Accrued and other liabilities	(3,651)		366		(3,285)
Lease liabilities	(13,067)		—		(13,067)
Deferred tax liability	(2,969)		338		(2,631)
Total liabilities assumed	$	(56,542)	$	704	$	(55,838)

Net identifiable assets acquired	$	27,507	$	1,134	$	28,641
Consideration transferred	$	41,021	$	—	$	41,021
Goodwill	$	13,514	$	(1,134)	$	12,380

LAN Holdings, Corp.

On April 5, 2023, the Company completed the acquisition of 100% of the voting interest of LAN Holdings. LAN Holdings provides the Company the opportunity to enter into markets in which it did not have a presence previously, such as the ability to provide outbound remittance services from Spain, Italy, and Germany.

The total consideration transferred by the Company in connection with the LAN Acquisition was $13.4 million, which included $10.3 million in cash, subject to customary purchase price adjustments. The Company will also pay an additional $0.6 million in cash as a result of LAN Holdings’ achievement of certain operational milestones during 2023, which the parties have agreed have been achieved; accordingly, the earn-out will be paid under the terms of the definitive purchase agreement. Prior to the acquisition, the Company maintained a receivable balance of approximately $2.5 million related to money transfers paid by Intermex on behalf of LAN Holdings. Upon the closing of the LAN Acquisition, the receivable balance was effectively settled and, therefore, included in the determination of the total consideration transferred. The LAN Acquisition was funded with cash on hand.

As of the date of these condensed consolidated financial statements, due to the recent closing of the LAN Acquisition, the initial accounting for the LAN Acquisition is incomplete. The preliminary allocation of the consideration transferred resulted in net identifiable assets acquired of approximately $8.5 million, including $3.2 million in intangible assets, and goodwill of approximately $4.9 million, which is subject to customary purchase price adjustments. The measurement period of the LAN Acquisition extends up to one year from April 5, 2023. The Company engaged an independent third party to assist with the valuation of identifiable net assets acquired. In addition, due to the timing of the LAN Acquisition, the potential income tax consequences of this transaction have not been fully determined.

The LAN Holdings results of operations have been included in the Company's results of operations from the date of its acquisition. For both the three and six months ended June 30, 2023, the Company’s condensed consolidated statement of income and comprehensive income includes $4.7 million and $28.5 thousand of revenue and net income, respectively, from LAN Holdings.

Transaction Costs

Transaction costs include all internal and external costs directly related to the Company’s acquisition activity, consisting primarily of legal, consulting, accounting and financial advisory fees. Transaction costs for the three and six months ended June 30, 2023 amounted to $0.3 million and $0.4 million, respectively, and are included in other selling, general and administrative expenses on the condensed consolidated statement of income and comprehensive income. Transaction costs for both the three and six months ended June 30, 2022 amounted to $0.2 million.

Supplemental Pro Forma Financial Information

For the three and six months ended June 30, 2023 and 2022, unaudited supplemental pro forma revenue and net income is shown below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total revenues	$	169,150	$	140,629	$	319,222	$	258,991
Net income	$	15,814	$	16,079	$	27,698	$	27,827

These unaudited pro forma financial results include the results of operations of LAN Holdings as if it had been consolidated as of January 1, 2022, the beginning of the year prior to its acquisition, and are provided for illustrative purposes only. These unaudited pro forma financial results do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods indicated, or of the results that may be achieved by the combined companies in the future. The Company’s unaudited pro forma financial results were prepared by adding the unaudited historical results of the acquired business to the historical results of the Company, and then adjusting those combined results for transaction costs of $0.3 million and $0.4 million for the three and six months ended June 30, 2023, respectively, and the incremental depreciation and amortization expense related to the property and equipment and intangible assets acquired. Transaction costs were included in the pro forma results for the three and six months ended June 30, 2022 but removed from the pro forma results for the three and six months ended June 30, 2023. These unaudited pro forma financial results do not include adjustments to reflect other cost savings or synergies that may have resulted from this acquisition. Future results may vary significantly due to future events and other factors, many of which are beyond the Company’s control.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 27,184	$ 27,638
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,038	4,434
Share-based compensation	3,943	2,933
Provision for credit losses	1,940	1,498
Fair value of contingent consideration	(121)	0
Debt origination costs amortization	528	507
Deferred income tax benefit, net	(745)	(330)
Non-cash lease expense	4,074	999
Loss on disposal of property and equipment	840	434
Total adjustments	16,497	10,475
Changes in operating assets and liabilities:
Accounts receivable, net	5,314	(31,339)
Prepaid wires, net	(22,227)	213
Prepaid expenses and other assets	(773)	494
Wire transfers and money orders payable, net	(14,965)	5,550
Lease liabilities	(4,161)	(1,037)
Accounts payable and accrued and other liabilities	(6,861)	(7,434)
Net cash provided by operating activities	8	4,560
Cash flows from investing activities:
Purchases of property and equipment	(4,551)	(6,642)
Cash used in business acquisition, net of cash and cash equivalents acquired	(5,477)	0
Acquisition of agent locations	0	(225)
Net cash used in investing activities	(10,028)	(6,867)
Cash flows from financing activities:
Repayments of term loan facility	(2,188)	(2,188)
Borrowings under revolving credit facility, net	40,000	0
Debt origination costs	(701)	0
Proceeds from exercise of stock options	822	487
Payments for stock awards	(872)	(283)
Repurchases of common stock	(30,515)	(13,628)
Net cash provided by (used in) financing activities	6,546	(15,612)
Effect of exchange rate changes on cash and cash equivalents	1,353	45
Net decrease in cash and cash equivalents	(2,121)	(17,874)
Cash and cash equivalents, beginning of period	149,493	132,474
Cash and cash equivalents, end of period	147,372	114,600
Supplemental disclosure of cash flow information:
Cash paid for interest	4,285	1,468
Cash paid for income taxes	13,257	8,767
Supplemental disclosure of non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	4,843	253
Contingent consideration liability	600	0
Settlement of receivable balance from LAN Holdings	2,534	0
Supplemental disclosure of non-cash investing activities:
Issuance of common stock for cashless exercise of options	$ 0	$ 1,293

PREPAID EXPENSES AND OTHER ASSETS - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Revolving line origination fees	$ 1,997	$ 1,578
Agent incentives advances	2,063	1,062
Agent advances receivable, net of allowance	1,483	1,392
Right-of-use assets, net	24,446	24,768
Funds held by seized banking entities, net of allowance	1,868	1,646
Other assets	2,604	1,430
Other assets	$ 34,461	$ 31,876

SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

International Money Express, Inc. Omnibus Equity Compensation Plans

The International Money Express, Inc. 2020 Omnibus Equity Compensation Plan (the “2020 Plan”) provides for the granting of stock-based incentive awards, including stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance stock units (“PSUs”) to employees and independent directors of the Company. There are 3.7 million shares of the Company’s common stock approved for issuance under the 2020 Plan, which includes 0.4 million shares that were previously subject to awards granted under the International Money Express, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan” and together with the 2020 Plan, the “Plans”). Although awards remain outstanding under the 2018 Plan, which was terminated effective June 26, 2020, no additional awards may be granted under the 2018 Plan. As of June 30, 2023, 2.1 million shares remained available for future awards under the 2020 Plan.

Stock Options

Share-based compensation is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The stock options issued under the Plans have 10-year terms and generally vest in four equal annual installments beginning one year after the date of the grant. The Company recognized compensation expense for stock options of approximately $0.1 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, and $0.3 million and $1.1 million for the six months ended June 30, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of June 30, 2023, unrecognized compensation expense related to stock options of approximately $0.3 million is expected to be recognized over a weighted-average period of 0.9 years.

A summary of stock option activity under the Plans during the six months ended June 30, 2023 is presented below:


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2022	711,050	$	11.56	6.26	$	4.28
Granted	—	$	—		$	—
Exercised	(67,250)	$	12.22		$	4.96
Forfeited	(11,250)	$	14.07		$	6.54
Outstanding at June 30, 2023	632,550	$	11.44	5.73	$	4.17

Exercisable at June 30, 2023	531,300	$	11.03	5.56	$	3.99

Restricted Stock Units

The RSUs granted under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date set forth in the applicable grant agreement, while RSUs issued to the Company’s independent directors vest on the one-year anniversary from the grant date. The Company recognized compensation expense for RSUs of approximately $0.7 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, and $1.3 million and $0.8 million for the six months ended June 30, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of June 30, 2023, unrecognized compensation expense related to RSUs of approximately $6.7 million is expected to be recognized over a weighted-average period of 1.9 years.

A summary of RSU activity during the six months ended June 30, 2023 is presented below:


	Number of RSUs	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2022	316,902	$	16.58
Granted(1)	175,121	$	24.80
Vested	(101,700)	$	17.36
Forfeited	(17,319)	$	19.40
Outstanding (nonvested) at June 30, 2023	373,004	$	20.10

(1) The aggregate fair value of all RSUs granted during the six months ended June 30, 2023 was approximately $4.3 million.

Share Awards

The Lead Independent Director and Chairs of the Committees of the Board of Directors are granted, in aggregate, $80.5 thousand in awards of fully vested shares of the Company’s common stock, payable on a quarterly basis at the end of each quarter in payment of fees earned in such capacities. During the three and six months ended June 30, 2023, 781 and 1,607 fully vested shares, respectively, were granted to the Lead Independent Director and Chairs of the Committees of the Board of Directors resulting in compensation expense of $20.1 thousand and $40.3 thousand, respectively, recorded and included in salaries and benefits in the condensed consolidated statements of income and comprehensive income.

Restricted Stock Awards

The RSAs issued under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date set forth in the applicable grant agreement. The Company recognized compensation expense for RSAs granted of $0.4 million and $0.2 million for the three months ended June 30, 2023 and 2022, respectively, and $0.6 million and $0.3 million for the six months ended June 30, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of June 30, 2023, there was $3.4 million of unrecognized compensation expense related to RSAs, which is expected to be recognized over a weighted-average period of 2.0 years.

A summary of RSA activity during the six months ended June 30, 2023 is presented below:


	Number of RSAs	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2022	159,562	$	15.28
Granted(1)	80,402	$	25.68
Vested	(47,984)	$	15.68
Forfeited	—	$	—
Outstanding (nonvested) at June 30, 2023	191,980	$	19.53

(1) The aggregate fair value of all RSAs granted during the six months ended June 30, 2023 was approximately $2.1 million.

Performance Stock Units

PSUs granted to the Company’s employees generally vest subject to attainment of performance criteria during the service period established by the Compensation Committee. Each PSU represents the right to receive one share of common stock, and the actual number of shares issuable upon vesting is determined based upon performance compared to financial performance targets. The PSUs vest based on the achievement of certain revenue or adjusted earnings per share parameters for a period of up to three years combined with a service period of three years. Compensation cost is recognized over the requisite service period when it is probable that the performance condition will be satisfied. During the third quarter of 2022, the Company reassessed the probability of vesting for PSU awards and determined that it was probable that a higher performance target will be achieved. Therefore, the Company recognized a cumulative catch-up adjustment of approximately $1.1 million as additional compensation expense for the three months ended September 30, 2022 (none in 2023). On February 28, 2023, the Compensation Committee determined that the higher performance target was achieved and approved the incremental grant of PSUs.

The Company recognized compensation expense for PSUs of $1.0 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, and $1.8 million and $0.7 million for the six months ended June 30, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of June 30, 2023, there was $5.7 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted-average period of 1.9 years.

A summary of PSU activity during the six months ended June 30, 2023 is presented below:


	Number of PSUs	Weighted-Average Remaining Contractual Term (Years)	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2022	300,871	8.63	$	17.30
Granted(1)	318,386		$	19.49
Vested	—		$	—
Forfeited	—		$	—
Outstanding (nonvested) at June 30, 2023	619,257	8.37	$	18.43

(1) The aggregate fair value of all PSUs granted during the six months ended June 30, 2023 was approximately $6.2 million.

GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	8 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Goodwill
Beginning balance	$ 49,774
Measurement period adjustment (Refer to Note 2)		$ (1,134)
Amortization expense	0
Ending balance	53,487	53,487
Intangibles
Beginning balance	19,826
Measurement period adjustment (Refer to Note 2)	0
Amortization expense	(2,404)
Ending balance	20,622	20,622
LAN Holdings
Goodwill
Acquisition of LAN Holdings		4,847
Ending balance	4,900	$ 4,900
Intangibles
Acquisition of LAN Holdings	$ 3,200

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 2,010	$ 530	$ 4,074	$ 999

ACQUISITIONS - Summary of Estimated Fair Values of Consideration Paid and Net Assets Acquired (Details) - USD ($) $ in Thousands			8 Months Ended
	Jun. 30, 2023	Nov. 01, 2022	Jun. 30, 2023	Dec. 31, 2022
Liabilities assumed:
Goodwill	$ 53,487		$ 53,487	$ 49,774
Measurement Period Adjustments, Goodwill			(1,134)
La Nacional
Assets acquired:
Cash and cash equivalents	39,569	$ 39,569	39,569
Accounts receivable	16,504	16,504	16,504
Prepaid wires	571	571	571
Prepaid expenses and other current assets	1,649	1,219	1,649
Measurement Period Adjustments, Prepaid expenses and other current assets			430
Property and Equipment	4,077	4,077	4,077
Intangible assets	8,450	8,450	8,450
Other assets	13,659	13,659	13,659
Total identifiable assets acquired	84,479	84,049	84,479
Measurement Period Adjustments, Total identifiable assets acquired			430
Liabilities assumed:
Accounts payable	(1,260)	(1,260)	(1,260)
Wire transfers and money orders payable	(35,595)	(35,595)	(35,595)
Accrued and other liabilities	(3,285)	(3,651)	(3,285)
Measurement Period Adjustments, Accrued and other liabilities			366
Lease liabilities	(13,067)	(13,067)	(13,067)
Deferred tax liability	(2,631)	(2,969)	(2,631)
Measurement Period Adjustments, Deferred tax liability			338
Total liabilities assumed	(55,838)	(56,542)	(55,838)
Measurement Period Adjustments, Total liabilities assumed			704
Net identifiable assets acquired	28,641	27,507	28,641
Measurement Period Adjustments, Net identifiable assets acquired			1,134
Consideration transferred	41,021	41,021
Goodwill	$ 12,380	$ 13,514	12,380
Measurement Period Adjustments, Goodwill			$ (1,134)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 15,422	$ 15,984	$ 27,184	$ 27,638

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2023

GOODWILL AND INTANGIBLE ASSETS

Goodwill and the majority of intangible assets on the condensed consolidated balance sheets of the Company were recognized from business acquisitions. Intangible assets on the condensed consolidated balance sheets of the Company consist of agent relationships, trade names, developed technology and other intangible assets. Agent relationships, trade names and developed technology are amortized over their estimated useful lives of up to 15 years using an accelerated method that correlates with the projected realization of the benefit. The agent relationships intangible represents the network of independent sending agents; trade names refers to the Intermex, La Nacional and I-Transfer names, branded on all applicable agent locations and well recognized in the market; and developed technology includes the state-of-the-art system that the Company has continued to develop and improve over the past 20 years. Other intangible assets relate to the acquisition of Company-operated stores, which are amortized on a straight line basis over 10 years, and non-competition agreements, which are amortized over the length of the agreement, typically 5 years. The determination of our intangible fair values includes several assumptions that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties, and no impairment charges were determined necessary to be recognized during the three and six months ended June 30, 2023.

The following table presents the changes in goodwill and intangible assets (in thousands):


	Goodwill		Intangibles
Balance at December 31, 2022	$	49,774	$	19,826
Measurement period adjustment (Refer to Note 2)	(1,134)		—
Acquisition of LAN Holdings	4,847		3,200
Amortization expense	—		(2,404)
Balance at June 30, 2023	$	53,487	$	20,622

Amortization expense related to intangible assets for the remainder of 2023 and thereafter is as follows (in thousands):


2023	$	2,479
2024	3,965
2025	3,156
2026	2,521
2027	2,023
Thereafter	6,478
	$	20,622

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 169,150	$ 136,935	$ 314,514	$ 251,600
Operating expenses:
Service charges from agents and banks	110,996	92,066	207,113	169,060
Salaries and benefits	17,640	11,748	33,808	23,058
Other selling, general and administrative expenses	12,637	7,663	23,974	14,730
Depreciation and amortization	3,135	2,251	6,038	4,434
Total operating expenses	144,408	113,728	270,933	211,282
Operating income	24,742	23,207	43,581	40,318
Interest expense	2,651	1,112	4,842	2,064
Income before income taxes	22,091	22,095	38,739	38,254
Income tax provision	6,669	6,111	11,555	10,616
Net income	15,422	15,984	27,184	27,638
Other comprehensive income (loss)	175	(101)	357	11
Comprehensive income	$ 15,597	$ 15,883	$ 27,541	$ 27,649
Earnings per common share:
Basic (in dollars per share)	$ 0.43	$ 0.42	$ 0.75	$ 0.72
Diluted (in dollars per share)	$ 0.42	$ 0.41	$ 0.73	$ 0.71
Weighted-average common shares outstanding:
Basic (in shares)	36,001,670	38,257,156	36,239,997	38,309,295
Diluted (in shares)	36,871,674	39,228,991	37,115,490	39,153,039
Wire transfer and money order fees, net
Revenues:
Total revenues	$ 144,518	$ 117,622	$ 268,968	$ 215,621
Foreign exchange gain, net
Revenues:
Total revenues	22,382	18,195	41,550	33,868
Other income
Revenues:
Total revenues	$ 2,250	$ 1,118	$ 3,996	$ 2,111

ACQUISITIONS - Pro Forma Revenue and Net Income (Details) - LAN Holdings - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Total revenues	$ 169,150	$ 140,629	$ 319,222	$ 258,991
Net income	$ 15,814	$ 16,079	$ 27,698	$ 27,827

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Robert Lisy [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 11, 2023, Robert Lisy, the Company’s Chief Executive Officer, President and Chairman of the Board of Directors, terminated a plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act (the “10b5-1 plan”), which 10b5-1 plan was entered into on December 16, 2022 and provided for the potential sale of up to 150,000 shares of the Company’s common stock between May and June 2023.Mr. Lisy sold 116,000 shares of the Company’s common stock under the 10b5-1 plan during May 2023 prior to termination of such plan.
Name	Robert Lisy
Title	Chief Executive Officer, President and Chairman of the Board of Directors
Adoption Date	December 16, 2022
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 11, 2023
Aggregate Available	150,000	150,000

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Maturities of Notes Receivable (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Receivables [Abstract]
Under 1 year	$ 1,513
Between 1 and 2 years	1,137
More than 2 years	409
Total	$ 3,059

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

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Goodwill and Intangible Assets Disclosure [Abstract]

BUSINESS AND ACCOUNTING POLICIES (Details)	6 Months Ended
BUSINESS AND ACCOUNTING POLICIES (Details)	Jun. 30, 2023 store
Accounting Policies [Abstract]
Number of company owned stores	124

ACQUISITIONS - Narrative (Details) - USD ($)				3 Months Ended		6 Months Ended
ACQUISITIONS - Narrative (Details) - USD ($)	Jun. 30, 2023	Apr. 05, 2023	Nov. 01, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Apr. 04, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Adjustment to fair value of contingent consideration						$ (121,000)	$ 0
Receivable balance maintained	$ 123,700,000			$ 123,700,000		123,700,000			$ 129,808,000
Goodwill	53,487,000			53,487,000		53,487,000			49,774,000
LAN Holdings
Business Acquisition [Line Items]
Receivable balance maintained								$ 2,500,000
La Nacional
Business Acquisition [Line Items]
Percentage of outstanding common stock owned			100.00%
Cash paid for acquisition			$ 39,700,000
Additional contingent consideration liability (up to)			2,400,000
Fair value of contingent consideration	1,200,000			1,200,000		1,200,000			$ 1,300,000
Adjustment to fair value of contingent consideration				100,000		100,000
Consideration transferred	41,021,000		41,021,000
Net identifiable assets acquired	28,641,000		27,507,000	28,641,000		28,641,000
Intangible assets	8,450,000		8,450,000	8,450,000		8,450,000
Goodwill	12,380,000		$ 13,514,000	12,380,000		12,380,000
LAN Holdings
Business Acquisition [Line Items]
Percentage of outstanding common stock owned		100.00%
Cash paid for acquisition		$ 10,300,000
Fair value of contingent consideration		600,000
Consideration transferred		$ 13,400,000
Net identifiable assets acquired	8,500,000			8,500,000		8,500,000
Intangible assets	3,200,000			3,200,000		3,200,000
Goodwill	$ 4,900,000			4,900,000		4,900,000
Pro forma revenue since acquisition date				4,700,000		4,700,000
Pro forma net income since acquisition date				28,500		28,500
Transaction costs from acquisition				$ 300,000	$ 200,000	$ 400,000	$ 200,000

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

Changes in Goodwill and Intangible Assets

The following table presents the changes in goodwill and intangible assets (in thousands):


	Goodwill		Intangibles
Balance at December 31, 2022	$	49,774	$	19,826
Measurement period adjustment (Refer to Note 2)	(1,134)		—
Acquisition of LAN Holdings	4,847		3,200
Amortization expense	—		(2,404)
Balance at June 30, 2023	$	53,487	$	20,622

Amortization Expense Related to Intangible Assets

Amortization expense related to intangible assets for the remainder of 2023 and thereafter is as follows (in thousands):


2023	$	2,479
2024	3,965
2025	3,156
2026	2,521
2027	2,023
Thereafter	6,478
	$	20,622

ACCRUED AND OTHER LIABILITIES - Changes in Deferred Revenue Loyalty Program Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 4,212
Revenue deferred during the period	1,493
Revenue recognized during the period	(1,312)
Ending balance	$ 4,393

REVENUES (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

The Company recognized revenues from contracts with customers for the three and six months ended June 30, 2023 and 2022, as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Wire transfer and money order fees	$	145,252	$	118,788	$	270,259	$	217,191
Discounts and promotions	(734)		(1,166)		(1,291)		(1,570)
Wire transfer and money order fees, net	144,518		117,622		268,968		215,621
Foreign exchange gain, net	22,382		18,195		41,550		33,868
Other income	2,250		1,118		3,996		2,111
Total revenues	$	169,150	$	136,935	$	314,514	$	251,600

DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Revolving credit facility	$	116,000	$	76,000
Term loan facility	78,750		80,938
	194,750		156,938
Less: Current portion of long-term debt (1)	(6,069)		(4,975)
Less: Debt origination costs	(1,480)		(1,728)
	$	187,201	$	150,235

(1)Current portion of long-term debt is net of debt origination costs of approximately $0.5 million both at June 30, 2023 and December 31, 2022, respectively.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Accounts Receivable, Allowance for Credit Loss

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 147,372	$ 149,493
Accounts receivable, net	123,700	129,808
Prepaid wires, net	119,169	90,386
Prepaid expenses and other current assets	12,320	12,749
Total current assets	402,561	382,436
Property and equipment, net	28,670	28,160
Goodwill	53,487	49,774
Intangible assets, net	20,622	19,826
Other assets	34,461	31,876
Total assets	539,801	512,072
Current liabilities:
Current portion of long-term debt, net	6,069	4,975
Accounts payable	21,658	25,686
Wire transfers and money orders payable, net	106,271	112,251
Accrued and other liabilities	41,959	41,855
Total current liabilities	175,957	184,767
Long-term liabilities:
Debt, net	187,201	150,235
Lease liabilities, net	22,918	23,272
Deferred tax liability, net	2,900	3,892
Total long-term liabilities	213,019	177,399
Commitments and contingencies, see Note 16
Stockholders’ equity:
Common stock $0.0001 par value; 230,000,000 shares authorized, 39,571,073 and 39,453,236 shares issued and 35,516,226 and 36,630,970 shares outstanding as of June 30, 2023 and December 31, 2022, respectively.	4	4
Additional paid-in capital	74,103	70,210
Retained earnings	166,318	139,134
Accumulated other comprehensive income (loss)	215	(142)
Treasury stock, at cost; 4,054,847 and 2,822,266 shares as of June 30, 2023 and December 31, 2022, respectively.	(89,815)	(59,300)
Total stockholders’ equity	150,825	149,906
Total liabilities and stockholders’ equity	$ 539,801	$ 512,072

LEASES

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

LEASESTo conduct certain of our operations, the Company is a party to leases for office space, warehouses and Company-operated store locations. In December 2022, the Company entered into a lease agreement, which expires in 2033, for its new headquarters to accommodate its growing workforce. The Company expects to complete the move to the new headquarters in the second half of 2023 following the completion of leasehold improvements. The new lease agreement provides for the Company to receive a tenant allowance amounting to approximately $3.8 million through the construction period and the Company will commence making monthly lease payments on November 1, 2024. Such tenant allowance has been recorded within prepaid expenses and other current assets in the condensed consolidated balance sheet.

The presentation of right-of-use assets and lease liabilities in the condensed consolidated balance sheet is as follows (in thousands):


Leases	Classification	June 30, 2023		December 31, 2022
Assets
Right-of-use assets	Other assets(1)	$	24,446	$	24,768
Total leased assets		$	24,446	$	24,768

Liabilities
Current
Operating	Accrued and other liabilities	$	5,341	$	5,258
Noncurrent
Operating	Lease liabilities	22,918		23,272
Total Lease liabilities		$	28,259	$	28,530

(1) Operating right of-use assets are recorded net of accumulated amortization of $7.9 million and $5.6 million as of June 30, 2023 and December 31, 2022, respectively.

Lease expense for the three and six months ended June 30, 2023 and 2022, was as follows (in thousands):


		Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	Classification	2023		2022		2023		2022
Operating lease cost	Other selling, general and administrative expenses	$	2,010	$	530	$	4,074	$	999

As of June 30, 2023 and December 31, 2022, the Company’s weighted-average remaining lease terms on its operating leases is 6.5 years and 6.6 years, and the Company’s weighted-average discount rate is 5.95% and 5.67%, respectively, which is the Company’s incremental borrowing rate. The Company used its incremental borrowing rate for all leases, as none of the Company’s lease agreements provide a readily determinable implicit rate.

Lease Payments


2023	$	3,137
2024	5,760
2025	6,229
2026	4,867
2027	3,607
Thereafter	14,978
Total lease payments	38,578
Less: Imputed interest	(10,319)
Present value of lease liabilities	$	28,259

PREPAID EXPENSES AND OTHER ASSETS - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Prepaid insurance	$ 432	$ 1,578
Prepaid fees and services	2,029	1,986
Agent incentives advances	1,094	1,014
Agent advances receivable, net of allowance	1,434	1,311
Tenant allowance	2,815	3,753
Prepaid income taxes	3,430	2,130
Prepaid expenses and current assets - other	1,086	977
Prepaid expenses and other assets	$ 12,320	$ 12,749

LEASES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Tenant allowance	$ 2,815	$ 3,753
Operating lease, weighted average remaining lease terms	6 years 6 months	6 years 7 months 6 days
Operating lease, weighted average discount rate	5.95%	5.67%

SHARE-BASED COMPENSATION - Narrative (Details)	3 Months Ended			6 Months Ended
SHARE-BASED COMPENSATION - Narrative (Details)	Jun. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) installment shares	Jun. 30, 2022 USD ($)	Jun. 26, 2020 shares
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options term				10 years
Number of equal installments for options vesting \| installment				4
Award vesting period				1 year
Share-based compensation expense	$ 100,000		$ 500,000	$ 300,000	$ 1,100,000
Unrecognized compensation expense	300,000			$ 300,000
Weighted-average period for recognition				10 months 24 days
Stock options \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares						3,700,000
Shares issued in period (in shares) \| shares				2,100,000
Stock options \| 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares						400,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	700,000		500,000	$ 1,300,000	800,000
Unrecognized compensation expense	6,700,000			$ 6,700,000
Weighted-average period for recognition				1 year 10 months 24 days
Granted (in shares) \| shares				175,121
RSUs \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal installments for options vesting \| installment				4
Award vesting period				1 year
RSUs \| Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				1 year
Share Awards \| Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested (in shares)				$ 80,500
Share Awards \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 20,100			$ 40,300
Granted (in shares) \| shares	781			1,607
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal installments for options vesting \| installment				4
Award vesting period				1 year
Share-based compensation expense	$ 400,000		200,000	$ 600,000	300,000
Unrecognized compensation expense	3,400,000			$ 3,400,000
Weighted-average period for recognition				2 years
Granted (in shares) \| shares				80,402
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Share-based compensation expense	1,000,000		$ 500,000	$ 1,800,000	$ 700,000
Unrecognized compensation expense	$ 5,700,000			$ 5,700,000
Weighted-average period for recognition				1 year 10 months 24 days
Granted (in shares) \| shares				318,386
Award service period				3 years
Catch-up adjustment to compensation expense		$ 1,100,000		$ 0

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income for the period by the weighted-average number of common shares outstanding for the period. In computing dilutive earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including common stock options, RSUs, RSAs and PSUs.

Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Net income for basic and diluted earnings per common share	$	15,422	$	15,984	$	27,184	$	27,638

Shares:
Weighted-average common shares outstanding – basic	36,001,670		38,257,156		36,239,997		38,309,295
Effect of dilutive securities:
RSUs	122,030		111,918		131,335		86,988
Stock options	329,196		713,109		332,531		631,525
RSAs	52,046		45,064		61,626		35,500
PSUs	366,732		101,744		350,001		89,731
Weighted-average common shares outstanding – diluted	36,871,674		39,228,991		37,115,490		39,153,039

Earnings per common share – basic	$	0.43	$	0.42	$	0.75	$	0.72
Earnings per common share – diluted	$	0.42	$	0.41	$	0.73	$	0.71

As of June 30, 2023, there were 111.9 thousand RSUs and 58.4 thousand RSAs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of June 30, 2022, there were 76.3 thousand stock options, 5.9 thousand RSUs and 131.2 thousand PSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As discussed in Note 13, the Company repurchased 916,122 shares and 1,232,581 shares of its common stock in the three and six months ended June 30, 2023, respectively. The effect of these repurchases on the Company’s weighted-average shares outstanding for the three and six months ended June 30, 2023 was a reduction of 737,711 shares and 464,658 shares, respectively, due to the timing of the repurchases.

ACCRUED AND OTHER LIABILITIES - Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Commissions payable to sending agents	$ 19,013	$ 19,141
Accrued salaries and benefits	4,024	5,578
Accrued bank charges	1,922	1,644
Accrued other professional fees	1,291	1,169
Accrued taxes	1,579	1,329
Lease liabilities, current portion	5,341	5,258
Contingent consideration liability	1,800	1,321
Deferred revenue loyalty program	4,393	4,212
Other	2,596	2,203
Total accrued and other liabilities	$ 41,959	$ 41,855

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Notes Receivable, Net of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Agent advances receivable, current	$ 1,513	$ 1,373
Allowance for credit losses	(79)	(62)
Net current	1,434	1,311
Agent advances receivable, long-term	1,546	1,423
Allowance for credit losses	(63)	(31)
Net long-term	$ 1,483	$ 1,392

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands):


	June 30, 2023		December 31, 2022
Accounts receivable	$	126,248	$	132,363
Allowance for credit losses	(2,548)		(2,555)
Accounts receivable, net	$	123,700	$	129,808

The changes in the allowance for credit losses related to accounts receivable and agent advances receivable are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Beginning balance	$	2,657	$	2,256	$	2,648	$	2,249
Provision	1,155		1,056		1,940		1,498
Charge-offs	(1,426)		(970)		(2,434)		(1,502)
Recoveries	304		100		536		197
Ending Balance	$	2,690	$	2,442	$	2,690	$	2,442

The allowance for credit losses allocated by financial instrument category is as follows (in thousands):


	June 30, 2023		December 31, 2022
Accounts receivable	$	2,548	$	2,555
Agent advances receivable	142		93
Allowance for credit losses	$	2,690	$	2,648

Notes Receivable, Net of Allowance for Credit Loss

Agent advances receivable, net of allowance for credit losses, from sending agents is as follows (in thousands):


	June 30, 2023		December 31, 2022
Agent advances receivable, current	$	1,513	$	1,373
Allowance for credit losses	(79)		(62)
Net current	$	1,434	$	1,311

Agent advances receivable, long-term	$	1,546	$	1,423
Allowance for credit losses	(63)		(31)
Net long-term	$	1,483	$	1,392

Maturities of Notes Receivable

The maturities of agent advances receivable at June 30, 2023 are as follows (in thousands):


	Unpaid Advance Balance
Under 1 year	$	1,513
Between 1 and 2 years	1,137
More than 2 years	409
Total	$	3,059

REVENUES - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
REVENUES - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($) obligation	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) point obligation	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Point earned for each wire transfer processed \| point			1
Point expiration period for non completion of wire transfer transaction			180 days
Point expiration period after end of program			30 days
Number of performance obligation \| obligation	1		1
Money order fees \| $	$ 0.5	$ 0.4	$ 1.1	$ 0.8

ACCRUED AND OTHER LIABILITIES

6 Months Ended

Jun. 30, 2023

ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Commissions payable to sending agents	$	19,013	$	19,141
Accrued salaries and benefits	4,024		5,578
Accrued bank charges	1,922		1,644
Accrued other professional fees	1,291		1,169
Accrued taxes	1,579		1,329
Lease liabilities, current portion	5,341		5,258
Contingent consideration liability	1,800		1,321
Deferred revenue loyalty program	4,393		4,212

Other	2,596		2,203
	$	41,959	$	41,855

The following table shows the changes in the deferred revenue loyalty program liability (in thousands):


Balance, December 31, 2022	$	4,212
Revenue deferred during the period	1,493
Revenue recognized during the period	(1,312)
Balance, June 30, 2023	$	4,393

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Accounts Receivable Outstanding Balance (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 126,248	$ 132,363
Allowance for credit losses	(2,548)	(2,555)
Accounts receivable, net	$ 123,700	$ 129,808

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Basic and Diluted Net Loss per Share

Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

Net income for basic and diluted earnings per common share	$	15,422	$	15,984	$	27,184	$	27,638

Shares:
Weighted-average common shares outstanding – basic	36,001,670		38,257,156		36,239,997		38,309,295
Effect of dilutive securities:
RSUs	122,030		111,918		131,335		86,988
Stock options	329,196		713,109		332,531		631,525
RSAs	52,046		45,064		61,626		35,500
PSUs	366,732		101,744		350,001		89,731
Weighted-average common shares outstanding – diluted	36,871,674		39,228,991		37,115,490		39,153,039

Earnings per common share – basic	$	0.43	$	0.42	$	0.75	$	0.72
Earnings per common share – diluted	$	0.42	$	0.41	$	0.73	$	0.71

REVENUES

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

The Company recognized revenues from contracts with customers for the three and six months ended June 30, 2023 and 2022, as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Wire transfer and money order fees	$	145,252	$	118,788	$	270,259	$	217,191
Discounts and promotions	(734)		(1,166)		(1,291)		(1,570)
Wire transfer and money order fees, net	144,518		117,622		268,968		215,621
Foreign exchange gain, net	22,382		18,195		41,550		33,868
Other income	2,250		1,118		3,996		2,111
Total revenues	$	169,150	$	136,935	$	314,514	$	251,600

There are no significant initial costs incurred to obtain contracts with customers, although the Company has a loyalty program under which customers in the United States earn one point for each wire transfer completed. Points can be redeemed for a discounted wire transaction fee or a foreign exchange rate that is more favorable to the customer. The customer benefits vary by country, and the earned points expire if the customer has not initiated and completed an eligible wire transfer transaction within the immediately preceding 180-day period. In addition, earned points will expire 30 days after the end of the program. Because the loyalty program benefits represent a future performance obligation, a portion of the initial consideration is recorded as deferred revenue loyalty program (see Note 9) and a corresponding loyalty program expense is recorded as contra revenue. Revenue from this performance obligation is recognized upon customers redeeming points or upon expiration of any points outstanding.

Except for the loyalty program discussed above, our revenues include only one performance obligation, which is to collect the consumer’s money and make funds available for payment, generally on the same day, to a designated recipient in the currency requested.

The Company also offers several other services, including money orders and check cashing through its sending agents, for which revenue is derived from a fee per transaction. For substantially all of the Company’s revenues, the Company acts as principal in the transaction and reports revenue on a gross basis because the Company controls the service at all times prior to transfer to the customer, is primarily responsible for fulfilling the customer contracts, has the risk of loss and has the ability to establish transaction prices.

Wire transfers and money order fees include money order fees of $0.5 million and $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and $1.1 million and $0.8 million for the six months ended June 30, 2023 and 2022, respectively.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

INCOME TAXES

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Income before income taxes	$	22,091		$	22,095		$	38,739		$	38,254
U.S statutory tax rate	21		%	21		%	21		%	21		%
Income tax expense at statutory rate	4,639			4,640			8,135			8,033

State tax expense, net of federal benefit	1,741			1,369			3,055			2,353
Foreign tax rates different from U.S. statutory rate	(5)			34			43			45
Non-deductible expenses	283			220			508			357
Stock compensation	(67)			(41)			(274)			(61)
Other	78			(111)			88			(111)
Total income tax provision	$	6,669		$	6,111		$	11,555		$	10,616

Effective income tax rates for interim periods are based upon our current estimated annual rate. The Company’s effective income tax rate varies based upon an estimate of taxable earnings as well as on the mix of taxable earnings in the various states and countries in which we operate. Changes in the annual allocation and apportionment of the Company’s activity among these jurisdictions results in changes to the effective rate utilized to measure the Company’s deferred tax assets and liabilities.

Our income tax provision includes the expected benefit of all deferred tax assets, including our net operating loss carryforwards. With few exceptions, our U.S federal and state net operating loss carryforwards will expire from 2039 through 2042 and our foreign net operating losses will not expire. After consideration of all evidence, both positive and negative, management has determined that no valuation allowance is required at June 30, 2023 on the Company’s U.S. federal or state deferred tax assets; however, a valuation allowance has been recorded at June 30, 2023 on deferred tax assets associated with Canadian, Spanish, Italian, German and Dutch net operating loss carryforwards. Utilization of the Company's net operating loss carryforwards is subject to limitation under Internal Revenue Code Section 382 and similar tax provisions in the foreign jurisdictions in which we operate.

As presented in the income tax reconciliation above, the tax provision recognized on the condensed consolidated statements of income and comprehensive income was impacted by state taxes, non-deductible officer compensation and share-based compensation tax benefits, and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate. Our effective state tax rate for the three and six months ended June 30, 2023 was higher than our effective state tax rate for the three and six ended June 30, 2022. The increase in our effective state tax rate is primarily a result of revenue from La Nacional earned during the three and six months ended June 30, 2023 which is sourced to states with relatively higher tax rates and from increases in non-deductible officer expenses.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2023

Stock Option Activity

A summary of stock option activity under the Plans during the six months ended June 30, 2023 is presented below:


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2022	711,050	$	11.56	6.26	$	4.28
Granted	—	$	—		$	—
Exercised	(67,250)	$	12.22		$	4.96
Forfeited	(11,250)	$	14.07		$	6.54
Outstanding at June 30, 2023	632,550	$	11.44	5.73	$	4.17

Exercisable at June 30, 2023	531,300	$	11.03	5.56	$	3.99

RSU Activity

A summary of RSU activity during the six months ended June 30, 2023 is presented below:


	Number of RSUs	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2022	316,902	$	16.58
Granted(1)	175,121	$	24.80
Vested	(101,700)	$	17.36
Forfeited	(17,319)	$	19.40
Outstanding (nonvested) at June 30, 2023	373,004	$	20.10

(1) The aggregate fair value of all RSUs granted during the six months ended June 30, 2023 was approximately $4.3 million.

RSA Activity

A summary of RSA activity during the six months ended June 30, 2023 is presented below:


	Number of RSAs	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2022	159,562	$	15.28
Granted(1)	80,402	$	25.68
Vested	(47,984)	$	15.68
Forfeited	—	$	—
Outstanding (nonvested) at June 30, 2023	191,980	$	19.53

(1) The aggregate fair value of all RSAs granted during the six months ended June 30, 2023 was approximately $2.1 million.

PSU Activity

A summary of PSU activity during the six months ended June 30, 2023 is presented below:


	Number of PSUs	Weighted-Average Remaining Contractual Term (Years)	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2022	300,871	8.63	$	17.30
Granted(1)	318,386		$	19.49
Vested	—		$	—
Forfeited	—		$	—
Outstanding (nonvested) at June 30, 2023	619,257	8.37	$	18.43

(1) The aggregate fair value of all PSUs granted during the six months ended June 30, 2023 was approximately $6.2 million.

DEBT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
DEBT - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Apr. 18, 2023	Apr. 17, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt origination costs amortization			$ 528	$ 507
A&R Credit Agreement
Debt Instrument [Line Items]
Unamortized debt origination costs	$ 3,500		3,500				$ 3,300
Debt origination costs amortization	300	$ 300	$ 500	$ 500
Consolidated leverage ratio			3.0
Debt instrument, covenant, restricted payment threshold	$ 23,800		$ 23,800
Debt instrument, covenant, restricted payment threshold, percent of EBITDA	25.00%		25.00%
Debt instrument, covenant, repurchase of common stock threshold	$ 10,000		$ 10,000
A&R Credit Agreement \| Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio			1.25
A&R Credit Agreement \| Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio			3.25
Leverage ratio, restricted payments			2.25
A&R Credit Agreement \| SOFR
Debt Instrument [Line Items]
Interest rate			0.10%
A&R Credit Agreement \| SOFR \| Minimum
Debt Instrument [Line Items]
Interest rate			2.50%
A&R Credit Agreement \| SOFR \| Maximum
Debt Instrument [Line Items]
Interest rate			3.00%
A&R Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Interest rate			1.50%
A&R Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Interest rate			2.00%
A&R Credit Agreement \| Term loan facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 87,500		$ 87,500
Effective interest rate	8.03%	3.59%	8.03%	3.59%
A&R Credit Agreement \| Term loan facility \| Year 1
Debt Instrument [Line Items]
Periodic repayment percentage	5.00%		5.00%
A&R Credit Agreement \| Term loan facility \| Year 2
Debt Instrument [Line Items]
Periodic repayment percentage	5.00%		5.00%
A&R Credit Agreement \| Term loan facility \| Year 3
Debt Instrument [Line Items]
Periodic repayment percentage	7.50%		7.50%
A&R Credit Agreement \| Term loan facility \| Year 4
Debt Instrument [Line Items]
Periodic repayment percentage	10.00%		10.00%
A&R Credit Agreement \| Term loan facility \| Year 5
Debt Instrument [Line Items]
Periodic repayment percentage	10.00%		10.00%
Revolving credit facility \| A&R Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000		$ 150,000		$ 220,000	$ 150,000
Unused line fee percentage			0.35%
Effective interest rate	1.85%	0.75%	1.85%	0.75%
Uncommitted Incremental Facility \| A&R Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 70,000		$ 70,000		70,000
Unamortized debt origination costs					$ 700

EQUITY	6 Months Ended
EQUITY	Jun. 30, 2023
Equity [Abstract]
EQUITY	EQUITY In August 2021, the Company’s Board of Directors approved a stock repurchase program (the “Repurchase Program”) that authorizes the Company to purchase up to $40.0 million of outstanding shares of the Company’s common stock. On March 3, 2023 the Board of Directors approved an increase to the Repurchase Program that authorizes the Company to purchase an additional $100.0 million of its outstanding shares. Under the Repurchase Program, the Company is authorized to repurchase shares from time to time in accordance with applicable laws, both on the open market and in privately negotiated transactions and may include the use of derivative contracts or structured share repurchase agreements. The timing and amount of repurchases depends on several factors, including market and business conditions, the trading price of the Company’s common stock and the nature of other investment opportunities. The Repurchase Program may be limited, suspended or discontinued at any time without prior notice. The Repurchase Program does not have an expiration date. The A&R Credit Agreement, as amended, permits the Company to make restricted payments (including share repurchases, among others), (i) without limitation so long as the Consolidated Leverage Ratio (as defined in the A&R Credit Agreement, as amended), as of the then most recently completed four fiscal quarters of the Company, after giving pro forma effect to such restricted payments, is 2.25:1.00 or less, (ii) that do not exceed, in the aggregate during any fiscal year, the greater of (x) $23.8 million and (y) 25.00% of Consolidated EBITDA (as defined in the A&R Credit Agreement) for the then most recently completed four fiscal quarters of the Company and (iii) to repurchase Company common stock from current or former employees in an aggregate amount of up to $10.0 million per calendar year. The Company accounts for purchases of treasury stock under the cost method. Any direct costs incurred to acquire treasury stock are considered stock issue costs and added to the cost of the treasury stock. On May 5, 2023, the Company entered into an agreement with SPC Intermex, LP, a related party, for the purchase of 500,000 shares of the Company’s common stock for a total purchase price of $12.6 million, in a privately-negotiated transaction. During the three and six months ended June 30, 2023, including the shares previously mentioned, the Company purchased 916,122 shares and 1,232,581 shares for an aggregate purchase price of $22.9 million and $30.5 million, respectively. During the three and six months ended June 30, 2022, the Company purchased 503,513 shares and 727,901 shares for an aggregate purchase price of $10.0 million and $13.6 million, respectively. As of June 30, 2023, there was $90.7 million available for future share repurchases under the Repurchase Program.

The entire disclosure for equity.

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Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Estimated Fair Values of Consideration Paid and Net Assets Acquired


	November 1, 2022 (As initially reported)		Measurement Period Adjustments		June 30, 2023 (As Adjusted)
Assets acquired:
Cash and cash equivalents	$	39,569	$	—	$	39,569
Accounts receivable	16,504		—		16,504
Prepaid wires	571		—		571
Prepaid expenses and other current assets	1,219		430		1,649
Property and Equipment	4,077		—		4,077
Intangible assets	8,450		—		8,450
Other assets	13,659		—		13,659
Total identifiable assets acquired	$	84,049	$	430	$	84,479

Liabilities assumed:
Accounts payable	$	(1,260)	$	—	$	(1,260)
Wire transfers and money orders payable	(35,595)		—		(35,595)
Accrued and other liabilities	(3,651)		366		(3,285)
Lease liabilities	(13,067)		—		(13,067)
Deferred tax liability	(2,969)		338		(2,631)
Total liabilities assumed	$	(56,542)	$	704	$	(55,838)

Net identifiable assets acquired	$	27,507	$	1,134	$	28,641
Consideration transferred	$	41,021	$	—	$	41,021
Goodwill	$	13,514	$	(1,134)	$	12,380

Pro Forma Revenue and Net Income

For the three and six months ended June 30, 2023 and 2022, unaudited supplemental pro forma revenue and net income is shown below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Total revenues	$	169,150	$	140,629	$	319,222	$	258,991
Net income	$	15,814	$	16,079	$	27,698	$	27,827

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance, common (in shares) at Dec. 31, 2021		38,820,222
Beginning balance at Dec. 31, 2021	$ 143,040	$ 4	$ (5,566)	$ 66,875	$ 81,803	$ (76)
Beginning balance, treasury (in shares) at Dec. 31, 2021			(341,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	27,638				27,638
Issuance of common stock:
Exercise of stock options, net of shares withheld for taxes (in shares)		73,715
Exercise of stock options, net of shares withheld for taxes	487			487
Restricted stock units and awards, net of shares withheld for taxes (in shares)		115,327
Restricted stock units and awards, net of shares withheld for taxes	(283)			(283)
Fully vested shares (in shares)		1,778
Share-based compensation	2,933			2,933
Adjustment from foreign currency translation, net	$ 11					11
Acquisition of treasury stock, at cost (in shares)	(727,901)		(727,901)
Acquisition of treasury stock, at cost	$ (13,628)		$ (13,628)
Ending balance, common (in shares) at Jun. 30, 2022		39,011,042
Ending balance at Jun. 30, 2022	160,198	$ 4	$ (19,194)	70,012	109,441	(65)
Ending balance, treasury (in shares) at Jun. 30, 2022			(1,069,423)
Beginning balance, common (in shares) at Mar. 31, 2022		38,885,736
Beginning balance at Mar. 31, 2022	152,734	$ 4	$ (9,194)	68,431	93,457	36
Beginning balance, treasury (in shares) at Mar. 31, 2022			(565,910)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,984				15,984
Issuance of common stock:
Exercise of stock options, net of shares withheld for taxes (in shares)		29,990
Exercise of stock options, net of shares withheld for taxes	(75)			(75)
Restricted stock units and awards, net of shares withheld for taxes (in shares)		94,540
Restricted stock units and awards, net of shares withheld for taxes	(9)			(9)
Fully vested shares (in shares)		776
Share-based compensation	1,665			1,665
Adjustment from foreign currency translation, net	$ (101)					(101)
Acquisition of treasury stock, at cost (in shares)	(503,513)		(503,513)
Acquisition of treasury stock, at cost	$ (10,000)		$ (10,000)
Ending balance, common (in shares) at Jun. 30, 2022		39,011,042
Ending balance at Jun. 30, 2022	$ 160,198	$ 4	$ (19,194)	70,012	109,441	(65)
Ending balance, treasury (in shares) at Jun. 30, 2022			(1,069,423)
Beginning balance, common (in shares) at Dec. 31, 2022	36,630,970	39,453,236
Beginning balance at Dec. 31, 2022	$ 149,906	$ 4	$ (59,300)	70,210	139,134	(142)
Beginning balance, treasury (in shares) at Dec. 31, 2022	(2,822,266)		(2,822,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 27,184				27,184
Issuance of common stock:
Exercise of stock options, net of shares withheld for taxes (in shares)		67,250
Exercise of stock options, net of shares withheld for taxes	822			822
Restricted stock units and awards, net of shares withheld for taxes (in shares)		48,980
Restricted stock units and awards, net of shares withheld for taxes	(872)			(872)
Fully vested shares (in shares)		1,607
Share-based compensation	3,943			3,943
Adjustment from foreign currency translation, net	$ 357					357
Acquisition of treasury stock, at cost (in shares)	(1,232,581)		(1,232,581)
Acquisition of treasury stock, at cost	$ (30,515)		$ (30,515)
Ending balance, common (in shares) at Jun. 30, 2023	35,516,226	39,571,073
Ending balance at Jun. 30, 2023	$ 150,825	$ 4	$ (89,815)	74,103	166,318	215
Ending balance, treasury (in shares) at Jun. 30, 2023	(4,054,847)		(4,054,847)
Beginning balance, common (in shares) at Mar. 31, 2023		39,556,217
Beginning balance at Mar. 31, 2023	$ 155,853	$ 4	$ (66,884)	71,797	150,896	40
Beginning balance, treasury (in shares) at Mar. 31, 2023			(3,138,725)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,422				15,422
Issuance of common stock:
Exercise of stock options, net of shares withheld for taxes (in shares)		10,000
Exercise of stock options, net of shares withheld for taxes	99			99
Restricted stock units and awards, net of shares withheld for taxes (in shares)		4,075
Restricted stock units and awards, net of shares withheld for taxes	(38)			(38)
Fully vested shares (in shares)		781
Share-based compensation	2,245			2,245
Adjustment from foreign currency translation, net	$ 175					175
Acquisition of treasury stock, at cost (in shares)	(916,122)		(916,122)
Acquisition of treasury stock, at cost	$ (22,931)		$ (22,931)
Ending balance, common (in shares) at Jun. 30, 2023	35,516,226	39,571,073
Ending balance at Jun. 30, 2023	$ 150,825	$ 4	$ (89,815)	$ 74,103	$ 166,318	$ 215
Ending balance, treasury (in shares) at Jun. 30, 2023	(4,054,847)		(4,054,847)

EQUITY (Details) $ in Thousands		3 Months Ended		6 Months Ended
EQUITY (Details) $ in Thousands	May 05, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Mar. 03, 2023 USD ($)	Aug. 31, 2021 USD ($)
Schedule of Capitalization [Line Items]
Stock repurchase program, authorized amount							$ 40,000
Treasury stock repurchased (in shares) \| shares	500,000	916,122	503,513	1,232,581	727,901
Value of treasury stock repurchased	$ 12,600	$ 22,931	$ 10,000	$ 30,515	$ 13,628
Stock repurchase program, remaining authorized repurchase amount		90,700		90,700
A&R Credit Agreement
Schedule of Capitalization [Line Items]
Stock repurchase program, authorized amount						$ 100,000
Debt instrument, covenant, restricted payment threshold		$ 23,800		$ 23,800
Debt instrument, covenant, restricted payment threshold, percent of EBITDA		25.00%		25.00%
Debt instrument, covenant, repurchase of common stock threshold		$ 10,000		$ 10,000
A&R Credit Agreement \| Maximum
Schedule of Capitalization [Line Items]
Leverage ratio, restricted payments				2.25

BUSINESS AND ACCOUNTING POLICIES (Policies)	6 Months Ended
BUSINESS AND ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting	The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All significant inter-company balances and transactions have been eliminated from the condensed consolidated financial statements.The Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim condensed consolidated financial statements have been included. The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Concentrations	ConcentrationsThe Company maintains certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The Company has not incurred any losses on these accounts. In addition, the Company maintains various bank accounts in Mexico, Guatemala, Canada and certain countries in Europe, which may not be fully insured.
Accounting Pronouncements	Accounting PronouncementsThe FASB issued guidance, ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities to apply Topic 606: Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities in a business combination. This guidance improves comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The Company adopted this guidance on January 1, 2023 prospectively for business combinations that occur after the adoption date. The adoption of this accounting standard did not have a material impact on the Company’s condensed consolidated financial statements.
Fair Value Measurements	The Company determines fair value in accordance with the provisions of FASB guidance, Fair Value Measurements and Disclosures, which defines fair value as an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-level fair value hierarchy that prioritizes the inputs used to measure fair value was established. There are three levels of inputs used to measure fair value and for disclosure purposes. Level 1 relates to quoted market prices for identical assets or liabilities in active markets. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s non-financial assets measured at fair value on a nonrecurring basis include goodwill and intangible assets. The determination of our intangible fair values includes several assumptions and inputs (Level 3) that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. All other financial assets and liabilities are carried at amortized cost. The Company’s cash and cash equivalents balances are representative of their fair values as these balances are comprised of deposits available on demand or overnight. The carrying amounts of accounts receivable, prepaid wires, accounts payable and wire transfers and money orders payable are representative of their fair values because of the short turnover of these instruments. The Company’s financial liabilities include its revolving credit facility and term loan facility. The fair value of the term loan facility, which approximates book value, is estimated by discounting the future cash flows using a current market interest rate. The estimated fair value of the revolving credit facility would approximate face value given the payment schedule and interest rate structure, which approximates current market interest rates.

COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2023 state territory country
Commitments and Contingencies Disclosure [Abstract]
Number of states in which entity operates \| state	50
Number of territories in which entity operates \| territory	2
Number of countries in which entity operates \| country	7

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-37986
Entity Registrant Name	INTERNATIONAL MONEY EXPRESS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4219082
Entity Address, Address Line One	9480 South Dixie Highway
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33156
City Area Code	305
Local Phone Number	671-8000
Title of 12(b) Security	Common stock ($0.0001 par value)
Trading Symbol	IMXI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,418,293
Entity Central Index Key	0001683695
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized (in shares)	230,000,000	230,000,000
Common shares, issued (in shares)	39,571,073	39,453,236
Common shares, outstanding (in shares)	35,516,226	36,630,970
Treasury stock (in shares)	4,054,847	2,822,266

ACCRUED AND OTHER LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2023

Accrued and Other Liabilities

Accrued and other liabilities consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Commissions payable to sending agents	$	19,013	$	19,141
Accrued salaries and benefits	4,024		5,578
Accrued bank charges	1,922		1,644
Accrued other professional fees	1,291		1,169
Accrued taxes	1,579		1,329
Lease liabilities, current portion	5,341		5,258
Contingent consideration liability	1,800		1,321
Deferred revenue loyalty program	4,393		4,212

Other	2,596		2,203
	$	41,959	$	41,855

Changes in Deferred Revenue Loyalty Program Liability

The following table shows the changes in the deferred revenue loyalty program liability (in thousands):


Balance, December 31, 2022	$	4,212
Revenue deferred during the period	1,493
Revenue recognized during the period	(1,312)
Balance, June 30, 2023	$	4,393

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,657	$ 2,256	$ 2,648	$ 2,249
Provision	1,155	1,056	1,940	1,498
Charge-offs	(1,426)	(970)	(2,434)	(1,502)
Recoveries	304	100	536	197
Ending Balance	$ 2,690	$ 2,442	$ 2,690	$ 2,442

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Finite-Lived Intangible Assets, Net [Abstract]
Goodwill and intangible asset impairment	$ 0.0	$ 0.0
Agent Relationships
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets amortization period, under accelerated method		15 years
Trade Names
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets amortization period, under accelerated method		15 years
Developed Technology Rights
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets amortization period, under accelerated method		15 years
Number of development years for state-of-the-art system		20 years
Other Intangible Assets
Finite-Lived Intangible Assets, Net [Abstract]
Intangible asset, useful life	10 years	10 years
Noncompete Agreements
Finite-Lived Intangible Assets, Net [Abstract]
Intangible asset, useful life	5 years	5 years

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company determines fair value in accordance with the provisions of FASB guidance, Fair Value Measurements and Disclosures, which defines fair value as an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-level fair value hierarchy that prioritizes the inputs used to measure fair value was established. There are three levels of inputs used to measure fair value and for disclosure purposes. Level 1 relates to quoted market prices for identical assets or liabilities in active markets. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s non-financial assets measured at fair value on a nonrecurring basis include goodwill and intangible assets. The determination of our intangible fair values includes several assumptions and inputs (Level 3) that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. All other financial assets and liabilities are carried at amortized cost. The Company’s cash and cash equivalents balances are representative of their fair values as these balances are comprised of deposits available on demand or overnight. The carrying amounts of accounts receivable, prepaid wires, accounts payable and wire transfers and money orders payable are representative of their fair values because of the short turnover of these instruments. The Company’s financial liabilities include its revolving credit facility and term loan facility. The fair value of the term loan facility, which approximates book value, is estimated by discounting the future cash flows using a current market interest rate. The estimated fair value of the revolving credit facility would approximate face value given the payment schedule and interest rate structure, which approximates current market interest rates.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.