Delaware
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001-37986
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47-4219082
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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9480 South Dixie Highway, Miami, FL
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33156
|
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(Address of Principal Executive Offices)
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(Zip Code)
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02. |
Results of Operations and Financial Condition.
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Item 9.01. |
Financial Statements and Exhibits.
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Exhibit No.
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Description
|
|
Press release of International Money Express, Inc., dated August 9, 2018.
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INTERNATIONAL MONEY EXPRESS, INC.
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||
Dated: August 9, 2018
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By:
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/s/ Robert Lisy
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Name:
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Robert Lisy
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Title:
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President and Chief Executive Officer
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· |
Revenues grew 31% versus the prior year period based on strong performance across our business in Mexico and Guatemala
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· |
GAAP Net Income totaled $1.8 million
|
· |
Adjusted EBITDA expanded by nearly 55% over the prior year to $13.3 million based on strong revenue growth and growing operating leverage in the business
|
· |
Adjusted EBITDA margin was 19.0% for second quarter 2018, which represents a 290 basis point expansion over the prior year period
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· |
Intermex began trading as a public company on July 27, 2018 following the closing of its acquisition by FinTech Acquisition Corp II
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· |
In May of 2018 Intermex recorded its first month with over 2 million transactions, which compares to May of 2015, when Intermex recorded its first month with over 1 million transactions.
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Successor Company
|
||||||||
June 30,
2018
|
December 31,
2017
|
|||||||
ASSETS
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(Unaudited)
|
|||||||
Current assets:
|
||||||||
Cash
|
$
|
61,335,968
|
$
|
59,155,618
|
||||
Accounts receivable, net of allowance of $456,985 and $307,562, respectively
|
55,803,921
|
51,374,377
|
||||||
Prepaid wires
|
14,226,586
|
7,675,491
|
||||||
Other prepaid expenses and current assets
|
1,725,205
|
900,386
|
||||||
Total current assets
|
133,091,680
|
119,105,872
|
||||||
|
||||||||
Property and equipment, net
|
9,245,656
|
8,490,794
|
||||||
Goodwill
|
36,259,666
|
36,259,666
|
||||||
Intangible assets, net
|
42,503,932
|
48,741,032
|
||||||
Deferred tax asset, net
|
2,779,388
|
1,748,854
|
||||||
Other assets
|
900,962
|
1,706,693
|
||||||
Total assets
|
$
|
224,781,284
|
$
|
216,052,911
|
||||
LIABILITIES AND STOCKHOLDER'S EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt, net
|
$
|
4,078,627
|
$
|
3,913,436
|
||||
Accounts payable
|
10,862,718
|
8,919,796
|
||||||
Wire transfers and money orders payable
|
49,879,419
|
48,276,649
|
||||||
Accrued and other
|
16,656,126
|
11,514,449
|
||||||
Total current liabilities
|
81,476,890
|
72,624,330
|
||||||
Long term liabilities:
|
||||||||
Debt, net
|
105,400,196
|
107,526,462
|
||||||
Total long term liabilities
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105,400,196
|
107,526,462
|
||||||
Total stockholder's equity
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37,904,198
|
35,902,119
|
||||||
Total liabilities and stockholder's equity
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$
|
224,781,284
|
$
|
216,052,911
|
Successor Company
|
Predecessor
Company
|
|||||||||||||||||||
Three Months
Ended June 30,
|
Six Months
Ended June 30,
|
Period from
February 1, 2017
to June 30,
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Period from
January 1, 2017
to January 31,
|
|||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Revenues:
|
||||||||||||||||||||
Total revenues
|
$
|
70,379,391
|
$
|
53,777,344
|
$
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126,335,424
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$
|
85,377,828
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$
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14,425,343
|
||||||||||
Operating expenses:
|
||||||||||||||||||||
Service charges from agents and banks
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46,323,264
|
35,995,569
|
84,259,931
|
56,761,860
|
9,440,774
|
|||||||||||||||
Salaries and benefits
|
7,441,220
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5,877,726
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13,673,403
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10,411,401
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4,530,308
|
|||||||||||||||
Other selling, general and administrative expenses
|
4,183,193
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3,737,922
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8,183,517
|
6,236,771
|
1,063,379
|
|||||||||||||||
Transaction costs
|
2,553,301
|
2,000
|
4,014,311
|
6,212,602
|
3,917,188
|
|||||||||||||||
Depreciation and amortization
|
3,818,126
|
4,526,650
|
7,607,374
|
7,503,944
|
381,746
|
|||||||||||||||
Total operating expenses
|
64,319,104
|
50,139,867
|
117,738,536
|
87,126,578
|
19,333,395
|
|||||||||||||||
Operating income (loss)
|
6,060,287
|
3,637,477
|
8,596,888
|
(1,748,750
|
)
|
(4,908,052
|
)
|
|||||||||||||
Interest expense
|
3,392,043
|
2,120,240
|
6,675,933
|
3,494,828
|
613,742
|
|||||||||||||||
Income (loss) before income taxes
|
2,668,244
|
1,517,237
|
1,920,955
|
(5,243,578
|
)
|
(5,521,794
|
)
|
|||||||||||||
Income tax provision (benefit)
|
823,889
|
243,754
|
616,372
|
1,244,206
|
(2,203,373
|
)
|
||||||||||||||
Net income (loss)
|
$
|
1,844,355
|
$
|
1,273,483
|
$
|
1,304,583
|
$
|
(6,487,784
|
)
|
$
|
(3,318,421
|
)
|
Successor Company
|
Predecessor
Company
|
|||||||||||||||||||
Three Months
Ended June 30,
|
Six Months
Ended June 30,
|
Period from
February 1, 2017
to June 30,
|
Period from
January 1, 2017
to January 31,
|
|||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2017
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Net income (loss)
|
$
|
1,844,355
|
$
|
1,273,483
|
$
|
1,304,583
|
$
|
(6,487,784
|
)
|
$
|
(3,318,421
|
)
|
||||||||
Adjusted for:
|
||||||||||||||||||||
Interest expense
|
3,392,043
|
2,120,240
|
6,675,933
|
3,494,828
|
613,742
|
|||||||||||||||
Tax expense
|
823,889
|
243,754
|
616,372
|
1,244,206
|
(2,203,373
|
)
|
||||||||||||||
Depreciation and amortization
|
3,818,126
|
4,526,650
|
7,607,374
|
7,503,944
|
381,746
|
|||||||||||||||
EBITDA
|
9,878,413
|
8,164,127
|
16,204,262
|
5,755,194
|
(4,526,306
|
)
|
||||||||||||||
Transaction costs
|
2,553,301
|
2,000
|
4,014,311
|
6,212,602
|
3,917,188
|
|||||||||||||||
Incentive units plan
|
484,805
|
217,756
|
712,597
|
1,247,215
|
-
|
|||||||||||||||
Change in control adjustment for stock options
|
-
|
-
|
-
|
-
|
2,812,919
|
|||||||||||||||
Management fee
|
195,000
|
195,000
|
390,000
|
325,000
|
-
|
|||||||||||||||
TCPA settlement
|
-
|
-
|
191,500
|
-
|
-
|
|||||||||||||||
Transition expenses
|
191,675
|
-
|
347,909
|
-
|
-
|
|||||||||||||||
Other charges and expenses
|
37,380
|
50,150
|
308,444
|
70,000
|
105,314
|
|||||||||||||||
Adjusted EBITDA
|
$
|
13,340,574
|
$
|
8,629,033
|
$
|
22,169,023
|
$
|
13,610,011
|
$
|
2,309,115
|