0001628280-20-003396 | 10-K | XBRL Viewer | International Money Express INC

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Mar. 05, 2020	Jun. 28, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	International Money Express, Inc.
Entity Central Index Key	0001683695
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Public Float			$ 214,803,545,000
Entity Common Stock, Shares Outstanding		38,034,389
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash	$ 86,117,000	$ 73,029,000
Accounts receivable, net of allowance of $759 and $842, respectively	39,754,000	35,795,000
Prepaid wires	18,201,000	26,655,000
Prepaid expenses and other current assets	4,155,000	3,171,000
Total current assets	148,227,000	138,650,000
Property and equipment, net	13,282,000	10,393,000
Goodwill	36,260,000	36,260,000
Intangible assets, net	27,381,000	36,395,000
Deferred tax asset, net	741,000	2,267,000
Other assets	1,415,000	1,874,000
Total assets	227,306,000	225,839,000
Current liabilities:
Current portion of long-term debt, net	7,044,000	3,936,000
Accounts payable	13,401,000	11,438,000
Wire transfers and money orders payable	40,197,000	36,311,000
Accrued and other liabilities	23,074,000	16,355,000
Total current liabilities	83,716,000	68,040,000
Long-term liabilities:
Debt, net	87,623,000	113,326,000
Total long-term liabilities	87,623,000	113,326,000
Commitments and contingencies
Stockholders' equity:
Common stock $0.0001 par value; 230,000,000 shares authorized, 38,034,389 and 36,182,783 shares issued and outstanding as of December 31, 2019 and 2018, respectively	4,000	4,000
Additional paid-in capital	54,694,000	61,889,000
Retained earnings (accumulated deficit)	1,176,000	(17,418,000)
Accumulated other comprehensive income (loss)	93,000	(2,000)
Total stockholders' equity	55,967,000	44,473,000
Total liabilities and stockholders' equity	$ 227,306,000	$ 225,839,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 759	$ 842
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	230,000,000	230,000,000
Common shares, issued (in shares)	38,034,389	36,182,783
Common shares, outstanding (in shares)	38,034,389	36,182,783

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Wire transfer and money order fees	$ 11,877	$ 169,796	$ 273,081	$ 232,380
Foreign exchange	2,450	30,014	44,268	39,765
Other income	98	1,229	2,252	1,756
Total revenues	14,425	201,039	319,601	273,901
Operating expenses:
Service charges from agents and banks	9,441	135,569	212,670	182,471
Salaries and benefits	4,530	23,417	30,705	32,926
Other selling, general and administrative expenses	1,062	14,894	27,095	19,442
Transaction costs	3,917	8,706	0	10,319
Depreciation and amortization	382	16,645	12,689	15,671
Total operating expenses	19,332	199,231	283,159	260,829
Operating income (loss)	(4,907)	1,808	36,442	13,072
Interest expense	614	11,448	8,510	18,448
Income (loss) before income taxes	(5,521)	(9,640)	27,932	(5,376)
Income tax provision (benefit)	(2,203)	534	8,323	1,868
Net income (loss)	(3,318)	(10,174)	19,609	(7,244)
Other comprehensive income (loss)	(3)	(2)	95	0
Comprehensive income (loss)	$ (3,321)	$ (10,176)	$ 19,704	$ (7,244)
Earnings (loss) per common share:
Basic and diluted (in dollars per share)		$ (0.59)	$ 0.52	$ (0.28)
Weighted-average common shares outstanding:
Basic (in shares)		17,227,682	37,428,345	25,484,386
Diluted (in shares)		17,227,682	37,594,158	25,484,386

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Previously Reported	Restatement Adjustment	Common Stock	Common Stock Previously Reported	Common Stock Restatement Adjustment	Additional Paid-in Capital	Additional Paid-in Capital Previously Reported	Additional Paid-in Capital Restatement Adjustment	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Previously Reported	Retained Earnings (Accumulated Deficit) Restatement Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Previously Reported	Accumulated Other Comprehensive Income (Loss) Restatement Adjustment
Beginning Balance at Dec. 31, 2016	$ 3,259			$ 819			$ 70,011			$ (67,551)			$ (20)
Beginning balance (in shares) at Dec. 31, 2016				81,879,165
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,318)									(3,318)
Issuance of common stock:
Share-based compensation	2,916			$ 5			2,911
Share-based compensation (in shares)				561
Adjustment from foreign currency translation, net	(3)												(3)
Ending Balance at Jan. 31, 2017		$ 2,854	$ 64,410		$ 824	$ 2		$ 72,922	$ 64,408		$ (70,869)	$ 0		$ (23)	$ 0
Ending Balance (in shares) at Jan. 31, 2017					81,879,726	17,227,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(10,174)									(10,174)
Common dividend distributions	(20,178)						(20,178)
Issuance of common stock:
Share-based compensation	1,846						1,846
Adjustment from foreign currency translation, net	(2)												(2)
Ending Balance at Dec. 31, 2017	35,902			$ 2			46,076			(10,174)			(2)
Ending Balance (in shares) at Dec. 31, 2017				17,227,682
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(7,244)									(7,244)
Net equity infusion from reverse recapitalization	9,989			$ 2			9,987
Net equity infusion from reverse recapitalization (in shares)				18,955,101
Issuance of common stock:
Share-based compensation	5,826						5,826
Ending Balance at Dec. 31, 2018	44,473			$ 4			61,889			(17,418)			(2)
Ending Balance (in shares) at Dec. 31, 2018				36,182,783
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new accounting pronouncement \| Accounting Standards Update 2014-09										(1,000)
Warrant exchange	(10,031)						(10,031)
Warrant exchange (in shares)				1,800,065
Net income (loss)	19,609									19,609
Issuance of common stock:
Exercise of stock options	227						227
Exercise of stock options (in shares)				30,349
Restricted stock units	0
Restricted stock units (in shares)				21,192
Share-based compensation	2,609						2,609
Adjustment from foreign currency translation, net	95												95
Ending Balance at Dec. 31, 2019	$ 55,967			$ 4			$ 54,694			$ 1,176			$ 93
Ending Balance (in shares) at Dec. 31, 2019				38,034,389

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jan. 31, 2017	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (3,318,000)	$ (10,174,000)	$ 19,609,000	$ (7,244,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	382,000	16,645,000	12,689,000	15,671,000
Share-based compensation	2,916,000	1,846,000	2,609,000	5,826,000
Provision for bad debts	84,000	1,401,000	1,626,000	1,236,000
Debt origination costs amortization	39,200	335,000	734,000	4,448,000
Deferred income tax provision (benefit), net	(2,214,000)	370,000	1,863,000	191,000
Debt extinguishment costs	0	0	0	1,843,000
Loss on disposal of property and equipment	12,000	128,000	265,000	216,000
Total adjustments	1,219,000	20,725,000	19,786,000	29,431,000
Changes in operating assets and liabilities:
Accounts receivable	3,612,000	(29,173,000)	(5,655,000)	14,337,000
Prepaid wires	7,849,000	(4,144,000)	8,805,000	(19,000,000)
Prepaid expenses and other assets	71,000	(1,011,000)	(659,000)	(2,080,000)
Wire transfers and money orders payable	(1,884,000)	27,638,000	3,416,000	(11,899,000)
Accounts payable and accrued other liabilities	1,103,000	3,556,000	7,232,000	16,293,000
Net cash provided by operating activities	8,652,000	7,417,000	52,534,000	19,838,000
Cash flows from investing activities:
Purchases of property and equipment	(249,000)	(4,351,000)	(6,469,000)	(5,331,000)
Net cash used in business acquisition		(924,000)	0	0
Acquisition of agent locations	0	0	(250,000)	(120,000)
Net cash used in investing activities	(249,000)	(5,275,000)	(6,719,000)	(5,451,000)
Cash flows from financing activities:
Borrowings under term loan	0	102,000,000	12,000,000	90,000,000
(Repayments) borrowings under revolving loan, net	(2,000,000)	12,000,000	(30,000,000)	10,000,000
Repayments of term loan	0	(76,212,000)	(4,956,000)	(95,788,000)
Debt origination costs	0	(4,683,000)	(240,000)	(3,487,000)
Debt extinguishment costs	0	0	0	(1,843,000)
Proceeds from reverse recapitalization	0	0		101,664,000
Cash consideration to Intermex shareholders	0	0		(101,659,000)
Cash paid in warrant exchange	0	0	(10,031,000)	0
Proceeds from exercise of options	0	0	283,000	0
Common dividend distributions	0	(20,178,000)	0	0
Net cash (used in) provided by financing activities	(2,000,000)	12,927,000	(32,944,000)	(1,113,000)
Effect of exchange rate changes on cash	(16,000)	98,000	217,000	(40,000)
Net increase in cash and restricted cash	6,387,000	15,167,000	13,088,000	13,234,000
Cash and restricted cash, beginning of the period	38,241,000	44,628,000	73,029,000	59,795,000
Cash and restricted cash, end of the period	44,628,000	59,795,000	86,117,000	73,029,000
Supplemental disclosure of cash flow information:
Cash paid for interest	659,000	11,687,000	8,768,000	10,703,000
Cash paid for income taxes	0	400,000	4,870,000	1,495,000
Restricted cash at end of period (included in Prepaid expenses and other current assets)	640,000	640,000	0	0
Supplemental disclosure of non-cash investing activity:
Agent business acquired in exchange for receivables	0	640,000	85,000	0
Noncash Investing and Financing Items [Abstract]
Issuance of common stock for cashless exercise of options	0	0	21,000	0
Intermex transaction accruals settled by acquisition proceeds	0	0	0	9,062,000
Net assets acquired in the Merger	$ 0	$ 0	$ 0	$ 922,000

BASIS OF PRESENTATION AND BUSINESS	12 Months Ended
BASIS OF PRESENTATION AND BUSINESS	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND BUSINESS	BASIS OF PRESENTATION AND BUSINESS On July 26, 2018 (the “Closing Date”), International Money Express, Inc. (formerly FinTech Acquisition Corp. II) consummated the previously announced transaction (the “Merger”) by and among FinTech Acquisition Corp. II, a Delaware corporation (“FinTech”), FinTech II Merger Sub Inc., a wholly-owned subsidiary of FinTech (“Merger Sub 1”), FinTech II Merger Sub 2 LLC, a wholly-owned subsidiary of FinTech (“Merger Sub 2”), Intermex Holdings II, Inc. (“Intermex”) and SPC Intermex Representative LLC (“SPC Intermex”) (see Note 3). As a result of the Merger, the separate corporate existence of Intermex ceased and Merger Sub 2 (which changed its name to International Money Express Sub 2, LLC in connection with the closing of the Merger) continued as the surviving entity. In connection with the closing of the Merger, FinTech changed its name to International Money Express, Inc. (the “Company”). Unless the context below otherwise provides, the “Company” refers to the combined company following the Merger and, together with their respective subsidiaries, “FinTech” refers to the registrant prior to the closing of the Merger and “Intermex” refers to Intermex Holdings II, Inc. prior to the closing of the Merger. The Merger was accounted for as a reverse recapitalization where FinTech was treated as the “acquired” company for financial reporting purposes. This determination was primarily based on the facts that following the Merger, the former stockholders of Intermex control the majority of the voting rights in respect of the board of directors of the Company, Intermex comprising the ongoing operations of the Company and Intermex’s senior management comprising the senior management of the Company. Accordingly, the Merger was treated as the equivalent of Intermex issuing stock for the net assets of FinTech, accompanied by a recapitalization. The net assets of FinTech were stated at historical cost, with no goodwill or other intangible assets resulting from the Merger. The consolidated assets, liabilities and results of operations prior to the Closing Date of the Merger are those of Intermex, and FinTech’s assets, liabilities and results of operations are consolidated with Intermex beginning on the Closing Date. The shares and corresponding capital amounts included in common stock and additional paid-in capital, pre-merger, have been retroactively restated as shares reflecting the exchange ratio in the Merger for all Successor periods (see below). The historical financial information and operating results of FinTech prior to the Merger have not been separately presented in these consolidated financial statements as they were not significant or meaningful. The Company operates as a money transmitter, primarily between the United States of America (“U.S.”) and Mexico, Guatemala and other countries in Latin America and Africa through a network of authorized agents located in various unaffiliated retail establishments throughout the U.S.and 33 company-operated stores. Stella Point Capital, LLC (“Stella Point”) acquired a majority interest in Intermex on February 1, 2017 as discussed in further detail in Note 3. In connection with the acquisition of Intermex by Stella Point, the Company applied “push-down” accounting and the assets and liabilities were adjusted to fair value on the closing date of the transaction, February 1, 2017. As a result, the Company's consolidated financial statement presentation distinguishes between a predecessor period ("Predecessor Company") for periods prior to the transaction, and a successor period ("Successor Company"), for periods subsequent to the transaction. The consolidated financial statements of the Company include Intermex, its wholly-owned indirect subsidiary, Intermex Wire Transfer, LLC (“LLC”), Intermex Wire Transfers de Guatemala, S.A. (“Intermex Guatemala”) - 99.8% owned by LLC, Intermex Wire Transfer de Mexico, S.A. and Intermex Transfers de Mexico, S.A. (“Intermex Mexico”) - 98% owned by LLC, Intermex Wire Transfer Corp. - 100% owned by LLC, Intermex Wire Transfer II, LLC - 100% owned by LLC and Canada International Transfers Corp. - 100% owned by LLC. Non-controlling interest in the results of operations of consolidated subsidiaries represents the minority stockholders’ share of the profit or (loss) of Intermex Mexico and Intermex Guatemala. The non-controlling interest asset and non-controlling interest in the portion of the profit or (loss) from operations of these subsidiaries were not recorded by the Company as they are considered immaterial. The accompanying financial statements in this Annual Report on Form 10-K are presented on a consolidated basis and include the accounts of the Company and its majority-owned subsidiaries. All significant inter-company balances and transactions have been eliminated. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results could differ from these estimates.

Earnings (Loss) per Share

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding for each period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares and common share equivalents outstanding for each period. Diluted earnings (loss) per share reflects the potential dilution that could occur if outstanding stock options and warrants at the presented dates are exercised and shares of restricted stock have vested, using the treasury stock method. Potential common shares are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss. Stock options, restricted stock units (“RSUs”) and warrants are anti-dilutive when the exercise price of these instruments is greater than the average market price of the Company’s common stock for the period.

Cash

Cash is comprised of deposits in U.S. and foreign banks. The Company recognizes interest income from its cash deposits on an accrual basis. The Company considers cash equivalents to be short term, highly liquid investments with maturities of three months or less.

Concentration of Credit Risk

The Company maintains certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The amount that exceeded the federally insured limits totaled $78.6 million and $61.4 million as of December 31, 2019 and 2018, respectively. The Company has not incurred any losses on these accounts. In addition, the Company maintains various bank accounts in Mexico, Guatemala and Canada, which are not insured. The Company has not incurred any losses on these uninsured foreign bank accounts, and management believes it is not exposed to any significant credit risk regarding these accounts. Cash balances were as follows (in thousands):


	December 31, 2019		December 31, 2018
Cash in U.S. dollars in U.S. banks	$	80,736	$	69,155
Cash in foreign banks and foreign currency	5,372		3,865
Petty cash	9		9
	$	86,117	$	73,029

Revenue Recognition

Revenues for wire transfer and money order fees are recognized at the time the transaction is processed. The Company acts as the principal for these transactions as the Company controls the service at all times prior to transfer the funds to the beneficiary, is primarily responsible for fulfilling the customer contracts, has the risk of loss and has the ability to establish transaction prices. Therefore, these fees are recognized on a gross basis equal to the full amount of the fee charged to the customer. These fees also vary by transaction primarily depending upon, the principal amount sent, the send and receive locations, as well as the respective currencies of the send and receive locations. Foreign exchange gain, which represents the difference between the exchange rate set by the Company and the rate realized, is recognized upon the disbursement of U.S. dollars to the foreign bank. Other income primarily represents revenues for technology services provided to the independent network of agents who utilize the Company’s technology in processing transactions and check cashing services, for which revenue is derived by a fee per transaction.

Refer to Note 4 for the discussion related to the adoption of the new revenue recognition guidance.

Business Combinations

The Company accounts for its business combinations using the acquisition method, which requires that intangible assets be recognized apart from goodwill if they are contractual in nature or separately identifiable. Acquisitions are measured on the fair value of consideration exchanged and, if the consideration given is not cash, measurement is based on the fair value of the consideration given or the fair value of the assets acquired, whichever is more reliably measurable. The excess of cost of an acquired entity over the fair value of identifiable acquired assets and liabilities assumed is allocated to goodwill.

The valuation and allocation processes rely on significant assumptions made by management. In certain situations, the allocations of excess purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when the Company receives updated information, including valuations and other analyses, which are completed within one year of the acquisition. Revisions to the fair values, which may be significant, are recorded when pending information is finalized, within one year from the acquisition date.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are recorded upon initiation of the wire transfer and are typically due to the Company within five days. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its sending agents to make required payments. When preparing these estimates, management considers a number of factors, including the aging of a sending agent’s account, creditworthiness of specific sending agents, historical trends and other information. The Company reviews its allowance for doubtful accounts policy periodically, reflecting current risks and changes in industry conditions and when necessary, will increase its allowance for doubtful accounts and recognize a provision to bad debt expense, included in other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss). Accounts receivable that are more than 90 days past due are charged off against the allowance for doubtful accounts.

Prepaid Wires

Prepaid wires represent funds that are required at certain payer agent locations in advance of a transaction, which are typically utilized within a few days.

Other Prepaid Expenses, Other Current Assets and Other Assets

Other prepaid expenses, other current assets and other assets consist primarily of prepaid expenses, notes receivable (see Note 5), security deposits and deferred financing costs. Interest income on notes receivable is recognized on a cash basis due to uncertainty on receiving the interest payments.

Property and Equipment

Property and equipment, including leasehold improvements, are stated at cost, or the allocated fair value in purchase accounting, less accumulated depreciation and amortization. The costs of additions and betterments that substantially extend the useful life of an asset are capitalized and the expenditures for ordinary repairs and maintenance are expensed in the period incurred as part of other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss). Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the lease term or the estimated useful life of the improvement, whichever is shorter. At the time depreciable assets are retired or otherwise disposed, the cost and the related accumulated depreciation of such assets are eliminated from the accounts and any gain or loss is recognized in the current period. The Company capitalizes costs incurred for the development of internal use computer software, which are depreciated over five years using the straight-line method.

Goodwill and Intangible Assets

Goodwill and Intangible assets result primarily from business combination acquisitions. Intangible assets include agent relationships, trade name, developed technology and other intangibles, all with finite lives. Other intangibles primarily relate to the acquisition of certain agent locations. Upon the acquisition, the purchase price is first allocated to identifiable assets and liabilities, including the trade name and other intangibles, with any remaining purchase price recorded as goodwill.

Goodwill is not amortized, rather, an impairment test is conducted on an annual basis, in the fourth quarter, or more frequently if indicators of impairment are present, which are determined through a qualitative assessment. A qualitative assessment includes consideration of the economic, industry and market conditions in addition to the overall financial performance of the Company and these assets. Based on the results of the assessment, no indicators of impairment were noted. Accordingly, no further impairment testing was completed, and no impairment charges related to goodwill were recognized during all periods presented in the consolidated financial statements.

The Company’s agent relationships, trade name and developed technology are amortized utilizing an accelerated method over their estimated useful lives of 15 years. Other intangible assets are amortized on a straight-line basis over a useful life of 10 years. The Company reviews for impairment indicators of finite-lived intangibles and other long-lived assets as described below in "Impairment of Long-Lived Assets."

Impairment of Long-Lived Assets

The Company evaluates long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to forecasted undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets. There were no impairment indicators noted for all periods presented in the consolidated financial statements for long-lived assets, including amortizable intangible assets.

Debt Origination Costs

The Company incurred debt origination costs related to the credit agreement, consisting of a term loan and a revolving credit facility and amortizes these costs over the life of the related debt using the straight-line method, which approximates the effective interest method. The unamortized portion of debt origination costs related to the term loan is recorded on the consolidated balance sheets as an offset to the related debt, while deferred up-front commitment fees paid directly to the lender related to the revolving credit facility are recorded within other assets in the consolidated balance sheets. Amortization of debt origination costs is included as a component of interest expense in the consolidated statements of operations and comprehensive income (loss).

Advertising Costs

Advertising costs are included in other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss) and are expensed as incurred. The Company incurred advertising costs of approximately $1.2 million, $1.8 million and $1.7 million for the years ended December 31, 2019 and 2018 and the Successor period from February 1, 2017 through December 31, 2017, respectively, and approximately $0.1 million for the Predecessor period from January 1, 2017 through January 31, 2017.

Income Taxes

The Company accounts for income taxes in accordance with GAAP which require, among other things, recognition of future tax benefits measured at enacted rates attributable to deductible temporary differences between financial statement and income tax bases of assets and liabilities and to tax net operating loss carryforwards to the extent that realization of said benefits is more likely than not.

The Company accounts for tax contingencies by assessing all material positions, including all significant uncertain positions, for all tax years that are open to assessment or challenge under tax statutes. Those positions that have only timing consequences are separately analyzed based on the recognition and measurement model provided in the tax guidance.

As required by the uncertain tax position guidance, the Company recognizes the financial statement benefit of a position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for the years prior to 2015. However, the Company has certain net operating loss carryforwards from tax years 2009 through 2013 that are subject to examination. The Company applies the uncertain tax position guidance to all tax positions for which the statute of limitations remains open. The Company’s policy is to classify interest accrued as interest expense and penalties as other selling, general and administrative expenses. As of December 31, 2019 and 2018, the Company did not have any amounts accrued for interest and penalties or recorded for uncertain tax positions.

Foreign subsidiaries of the Company are subject to taxes by local tax authorities.

Foreign Currency Translation and Transactions

The financial statements and transactions of the Company’s foreign operations are maintained in their functional currency, which is other than the U.S. dollar. Assets and liabilities are translated at current exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average exchange rate for each period. Translation adjustments, which result from the process of translating the financial statements of the Company’s foreign operations into U.S. dollars, are recorded as a component of accumulated other comprehensive income (loss).

Gains (losses) from foreign currency transactions amounted to approximately $41.0 thousand, $29.8 thousand and $(17.0) thousand for the years ended December 31, 2019 and 2018 and the Successor period from February 1, 2017 through December 31, 2017, respectively, and approximately $11.6 thousand for the Predecessor period from January 1, 2017 through January 31, 2017, and are included in other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

Foreign Exchange Spot Transactions

In the normal course of business, the Company enters into foreign exchange spot transactions to purchase foreign currency at the current market rate. These transactions are settled within one or two days from the trade date.

Comprehensive Income (Loss)

Comprehensive income (loss) consists of net income (loss) and the foreign currency translation adjustment and is presented in the consolidated statements of operations and comprehensive income (loss).

Share-Based Compensation

The Company accounts for its share-based employee compensation expense related to RSUs, stock options and incentive units under GAAP, which requires the measurement and recognition of compensation costs for all equity-based payment awards made to employees and directors based on estimated fair values. We have elected to account for forfeitures as they occur. See Note 12 for further discussion related to the Company’s share-based compensation plans.

Segments

The Company’s business is organized around one reportable segment that provides money transmittal services primarily between the U.S. and Latin America. This is based on the objectives of the business and how our chief operating decision maker, the CEO and President, monitors operating performance and allocates resources.

Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued guidance, Revenue from Contracts with Customers (Topic 606), which amended the existing accounting standards for revenue recognition. Refer to Note 4 for additional discussion on the adoption of this standard on January 1, 2019.

The FASB issued amended guidance, Business Combinations (Topic 805) – Clarifying the Definition of a Business, which assists entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. This guidance was adopted by the Company on January 1, 2019 on a prospective basis and it did not have a material impact on the consolidated financial statements.

The FASB issued amended guidance, Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the consolidated statements of cash flows. The amendments were aimed at reducing the existing diversity in practice. This guidance was adopted by the Company on January 1, 2019 using the retrospective approach for each period presented. The adoption of this guidance did not have a material impact on the consolidated financial statements.

The FASB issued guidance, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The guidance requires that a lessee recognizes a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. This guidance is required to be adopted by the Company on January 1, 2021 and may be applied using either the earliest period adjustment method or the modified retrospective approach. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements.

The FASB issued amended guidance, Intangibles – Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment. The amended standard simplifies how an entity tests goodwill by eliminating Step 2 of the goodwill impairment test related to measuring an impairment charge. Instead, impairment will be recorded for the amount that the carrying amount of a reporting unit exceeds its fair value. This new guidance is effective for the Company on January 1, 2021. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements.

The FASB issued guidance, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, regarding the measurement of credit losses for certain financial instruments. The new standard replaces the incurred loss model with a current expected credit loss (“CECL”) model. The CECL model is based on historical experience, adjusted for current conditions and reasonable and supportable forecasts. The Company is required to adopt the new standard on January 1, 2023. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements.

Reclassifications

Certain reclassifications have been made to prior-year amounts to conform with current-year presentation.

FINTECH MERGER AND STELLA POINT ACQUISITION

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

FINTECH MERGER AND STELLA POINT ACQUISITION

FinTech Merger

As discussed in Note 1, on July 26, 2018, Intermex and FinTech consummated the Merger, which was accounted for as a reverse recapitalization. Immediately prior to the Merger, FinTech’s shareholders exercised their right to redeem certain of their outstanding shares for cash, resulting in the redemption of 4.9 million shares of FinTech for gross redemption payments of $49.8 million. Subsequent to this redemption, there were 18.9 million outstanding shares. The aggregate consideration paid in the Merger by FinTech to the Intermex shareholders consisted of approximately (i) $102.0 million in cash and (ii) 17.2 million shares of FinTech common stock. In accounting for the reverse recapitalization, the net cash proceeds received from FinTech amounted to $5.0 thousand as shown in the table below (in thousands):


Cash balance available to Intermex prior to the consummation of the Merger	$	110,726
Less:
Intermex Merger costs paid from acquisition proceeds at closing	(9,062)
Cash consideration to Intermex shareholders	(101,659)
Net cash proceeds from reverse recapitalization	$	5

Cash balance available to Intermex prior to the consummation of the Merger	$	110,726
Less:
Cash consideration to Intermex shareholders	(101,659)
Other FinTech assets acquired and liabilities assumed in the Merger:
Prepaid expenses	76
Accrued liabilities	(136)
Deferred tax assets ⁽¹⁾	982
Net equity infusion from FinTech	$	9,989

⁽¹⁾ During the fourth quarter of 2018, the Company acquired approximately $1.0 million of deferred tax assets from FinTech. These deferred tax assets relate to capitalized transaction costs incurred by FinTech prior to the merger, therefore, they have been recorded through APIC and will be amortizable on the Company’s post-Merger tax returns over a period of 15 years.

Cash consideration to Intermex shareholders includes the payout of all vested Incentive Units issued to employees of the Company as discussed in Note 12.

After the completion of the Merger on July 26, 2018, there were 36.2 million shares of International Money Express, Inc. common stock outstanding, warrants to purchase 9 million shares of common stock and 3.4 million shares reserved for issuance under the International Money Express, Inc. 2018 Omnibus Equity Compensation Plan (see Note 12).

Acquisition by Stella Point

On February 1, 2016, Intermex and its majority owner at the time, Lindsay Goldberg LLC, entered into an agreement with Stella Point, acquirer, for the sale of Intermex. This acquisition was accounted for as a business combination and became effective on February 1, 2017 for a transaction price of $52.0 million in cash, plus $12.4 million of rollover equity from certain existing management holders, the assumption of approximately $78.0 million of Intermex’s outstanding debt and an additional funding of $5.0 million of Intermex debt. There was no contingent consideration in the transaction. As a result, Stella Point acquired 80.7% of the voting equity interest in Intermex and other minority stockholders acquired the remaining interest, none individually greater than 10%. The intangible assets acquired consist primarily of agent relationships, trade name and developed technology. The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, which is attributable to the workforce and reputation of

Intermex. The accounting for this business combination has been completed, therefore the measurement period is closed. Goodwill was not deductible for income tax purposes.

Transaction Costs

Direct costs related to the Merger and Stella Point acquisition were expensed as incurred and included as “transaction costs” in the consolidated statements of operations and comprehensive income (loss). Transaction costs for the year ended December 31, 2018 amounted to $10.3 million and related specifically to the Merger, while expenses of $8.7 million for the Successor period from February 1, 2017 through December 31, 2017 and $3.9 million for the Predecessor period from January 1, 2017 through January 31, 2017 relate to the Stella Point acquisition. There were no transaction costs for the year ended December 31, 2019. Transaction costs included all internal and external costs directly related to the Merger and Stella Point acquisition, consisting primarily of legal, consulting, accounting, advisory and financing fees and certain incentive bonuses.

REVENUE RECOGNITION STANDARD

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION STANDARD

On January 1, 2019, the Company adopted the new accounting standard, Revenue from Contracts with Customers, as amended, which modified the existing accounting standards for revenue recognition. The guidance establishes that an entity should recognize revenue to depict the transfer of promised goods or services, that is, the satisfaction of performance obligations, to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance establishes a five-step model to determine when revenue recognition is appropriate. The Company adopted the guidance using the modified retrospective approach recording the cumulative effect of initially applying the new guidance as an adjustment to the opening balance of retained earnings in the consolidated balance sheet, amounting to $1.0 million, net of tax, with a corresponding increase to deferred revenue liability, included within accrued and other liabilities in the consolidated balance sheet. In accordance with the modified retrospective approach, the comparative information has not been restated and continues to be reported under the accounting standards in effect for that period.

The Company recognized in revenues from contracts with customers for the year ended December 31, 2019, the following (in thousands):


Wire transfer and money order fees	$	274,161
Discounts and promotions	(1,080)
Wire transfer and money order fees, net	273,081
Foreign exchange gain	44,268
Other income	2,252
Total revenues	$	319,601

There are no significant initial costs incurred to obtain contracts with customers. However, the Company has a loyalty program that for each wire transfer completed, customers earn points. Customers earn 1 point for each wire transfer processed, which can be redeemed for a discounted wire transaction fee or foreign exchange rate. The discounts 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. Therefore, due to the loyalty program benefits represent a future performance obligation, a portion of the initial consideration is recorded as deferred revenue (see Note 8). Revenue from this performance obligation will be recognized upon customers redeeming points. Prior to the implementation of the standard, the Company used the incremental cost method to account for the loyalty program; therefore, a liability for the cost associated with the company’s future obligation to its customers was created and the loyalty program expense was recorded within service charges from agents and banks in the consolidated statements of operations and comprehensive income (loss). Under the new guidance, loyalty program expense is recorded as contra revenue. The loyalty program reserve balance as of January 1, 2019 of $0.6 million was credited to accumulated deficit as this became part of the beginning balance of the new deferred revenue liability.

Based on our assessment of the new standard, except for the loyalty program discussed above, we have determined that 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.

PREPAID EXPENSES AND OTHER ASSETS

12 Months Ended

Dec. 31, 2019

Prepaid Expense and Other Assets [Abstract]

PREPAID EXPENSES AND OTHER ASSETS

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


	December 31,
	2019		2018
Prepaid insurance	$	404	$	300
Prepaid fees	1,211		719
Notes receivable	648		451
Prepaid taxes	1,025		878
Other prepaid expenses and current assets	867		823
	$	4,155	$	3,171

Other assets totaling $1.4 million and $1.9 million as of December 31, 2019 and 2018, respectively, consisted primarily of the long-term portion of notes receivable, deferred financing costs on revolving credit facility, security deposits and other prepaids.

The Company had notes receivable from sending agents as follows (in thousands):


	December 31,
	2019		2018
Notes receivable, current	$	1,005	$	730
Allowance	(357)		(279)
Net current	$	648	$	451

Notes receivable, long-term	$	311	$	478
Allowance	(120)		(169)
Net long-term	$	191	$	309

The net current portion is included in prepaid expenses and other current assets, and the net long-term portion is included in other assets in the consolidated balance sheets. The notes have interest rates ranging from 0% to 15.5% per annum. At December 31, 2019 and 2018, there were $1.3 million and $1.2 million, respectively, of notes collateralized by personal guarantees from the sending agents and assets from their businesses in case of a default by the agent.

The maturities of notes receivable at December 31, 2019 is as follows (in thousands):


	Unpaid Principle Balance
Under 1 year	$	1,005
Between 1 and 2 years	276
Between 2 and 3 years	35
Total	$	1,316

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment consists of the following (in thousands):


	December 31, 2019		December 31, 2018		Estimated Useful Life (in years)
Computer software and equipment	$	19,630	$	14,114	3 to 5
Office improvements	1,225		989		5
Furniture and fixtures	500		397		7
	21,355		15,500
Less accumulated depreciation	(8,073)		(5,107)
	$	13,282	$	10,393

Computer software and equipment above includes equipment maintained at sending agent locations and used and owned by the Company of approximately $9.3 million and $7.2 million at December 31, 2019 and 2018, respectively. Also, it includes development of internal use software of approximately $2.4 million and $1.9 million at December 31, 2019 and 2018, respectively. Depreciation expense was approximately $3.3 million, $3.2 million and $2.1 million for the years ended December 31, 2019 and 2018 and Successor period from February 1, 2017 through December 31, 2017, respectively, and $0.2 million for the Predecessor period from January 1, 2017 through January 31, 2017.

Repairs and maintenance expenses included in other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss) were approximately $1.7 million, $1.4 million and $0.9 million for the years ended December 31, 2019 and 2018 and Successor period from February 1, 2017 through December 31, 2017, respectively, and approximately $0.1 million for the Predecessor period from January 1, 2017 through January 31, 2017.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The gross carrying amount and accumulated amortization for goodwill and intangible assets are as follows (in thousands):


	December 31,
	2019		2018
Indefinite life:
Goodwill	$	36,260	$	36,260
Total indefinite life	$	36,260	$	36,260
Amortizable:
Agent relationships	$	40,500	$	40,500
Trade name	15,500		15,500
Developed technology	6,600		6,600
Other intangibles	1,155		820
Accumulated amortization	(36,374)		(27,025)
Net amortizable intangible assets	$	27,381	$	36,395

Goodwill and the majority of intangible assets on the consolidated balance sheets of the Company were recognized upon the acquisition by Stella Point (see Note 3). The fair value measurements were based on significant inputs, such as the Company’s forecasted revenues, assumed turnover of agent locations, obsolescence assumptions for technology, market discount and royalty rates. These inputs are based on information not observable in the market and represent Level 3 measurements within the fair value hierarchy. Trade name refers to the Intermex name, branded on all agent locations and well recognized in the market. This fair value was determined using the relief-from-royalty method, which is based on the Company’s expected revenues and a royalty rate estimated using comparable market data. As a result of the Stella Point acquisition, the Company determined it was appropriate to assign a finite useful life of 15 years to the trade name. The Company decided that a finite life would be more appropriate, providing better matching of the amortization expense during the period of expected benefits.

The agent relationships intangible represents the network of independent sending agents. This intangible was valued using the excess earnings method, which was based on the Company’s forecasts and historical activity at agent locations in order to develop a turnover rate and expected useful life. Assuming a year-over-year location turnover rate of 17.4%, this resulted in an expected useful life for this intangible of 15 years. Developed technology includes the state-of-the-art system that the Company has continued to develop and improve upon over the past 20 years. This intangible was valued using the relief-from-royalty method based on the Company’s forecasted revenues, a royalty rate estimated using comparable market data, an expected obsolescence rate of 18.0% and an estimated useful life of 15 years. Other intangibles primarily relate to the acquisition of certain agent locations, which are amortized over 10 years. The net book value of these intangibles was $0.9 million and $0.7 million at December 31, 2019 and 2018, respectively. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. A change in the conditions, circumstances or strategy of the Company may result in a need to recognize an impairment charge.

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


Predecessor Company	Goodwill		Intangible Assets
Balance at December 31, 2016	$	—	$	6,348
Amortization expense	—		(231)
Balance at January 31, 2017	$	—	$	6,117

Successor Company	Goodwill		Intangible Assets
Balance at February 1, 2017	$	36,260	$	62,660
Acquisition of agent locations	—		640
Amortization expense	—		(14,559)
Balance at December 31, 2017	$	36,260	$	48,741
Acquisition of agent locations	—		120
Amortization expense	—		(12,466)
Balance at December 31, 2018	$	36,260	$	36,395
Acquisition of agent locations	—		335
Amortization expense	—		(9,349)
Balance at December 31, 2019	$	36,260	$	27,381

Amortization expense related to intangible assets for the next five years and thereafter is as follows (in thousands):


2020	$	6,951
2021	5,161
2022	3,997
2023	2,989
2024	2,270
Thereafter	6,013
	$	27,381

ACCRUED AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

ACCRUED AND OTHER LIABILITIES

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


	December 31,
	2019		2018
Payables to sending agents	$	10,124	$	8,972
Accrued legal settlement (see Note 15)	3,250		—
Accrued salaries and benefits	2,374		2,365
Accrued bank charges	976		983
Accrued loyalty program reserve	—		621
Accrued interest	17		1,009
Accrued legal fees	120		920
Accrued other professional fees	655		559
Accrued taxes	2,345		756
Deferred revenue loyalty program	2,495		—
Other	718		170
	$	23,074	$	16,355

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


Balance, December 31, 2018	$	—
Adoption of ASC 606	1,976
Revenue deferred during the period	2,618
Revenue recognized during the period	(2,099)
Balance, December 31, 2019	$	2,495

DEBT

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

DEBT

Debt consisted of the following (in thousands):


	December 31,
	2019		2018
Revolving credit facility	$	—	$	30,000
Term loan	97,044		90,000
	97,044		120,000
Less: Current portion of long term debt ⁽¹⁾	(7,044)		(3,936)
Less: Debt origination costs	(2,377)		(2,738)
	$	87,623	$	113,326

⁽¹⁾Current portion of long-term debt is net of debt origination costs of approximately $0.6 million both at December 31, 2019 and 2018.

On August 23, 2017, Intermex entered into a Financing Agreement (the “Financing Agreement”) with MC Credit Partners to refinance its debt. The Financing Agreement included a revolving credit facility that provided for funding of up to $20.0 million in the aggregate and a term loan in an aggregate principal amount of $97.0 million (together the “Senior Secured Credit Facility”). Interest on the term loan and revolving credit facility was determined by reference to either LIBOR or a “base rate”, in each case plus an applicable margin of 9% per annum for LIBOR loans or 8% per annum for base rate loans. The effective interest rates at December 31, 2017 for the term loan and revolving credit facility were 10.46% and 12.50%, respectively. The principal amount of the term loan had to be repaid in consecutive quarterly installments on the last business day of each March, June, September and December commencing in December 2017. The proceeds from the revolver and term loan discussed above were primarily used to repay existing debt.

On December 19, 2017, the Financing Agreement was amended to allow for the change of control of Intermex pursuant to the Merger. Upon closing of the Merger, the Company was required to pay $1.5 million in fees to MC Credit Partners, which were expensed as transaction costs in the consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2018 and funded by the proceeds received in the Merger.

On November 7, 2018 and further amended on December 7, 2018, the Company entered into a new financing agreement (the “Credit Agreement”) with, among others, certain of its domestic subsidiaries as borrowers (the "Loan Parties") and a group of banking institutions. The Credit Agreement provided for a $35.0 million revolving credit facility, a $90.0 million term loan facility and an up to $30.0 million incremental facility. The Credit Agreement also provides for the issuance of letters of credit, which would reduce availability under the revolving credit facility. The proceeds of the Credit Agreement were used to repay existing indebtedness, for working capital purposes and to pay fees and expenses in connection with the transaction. The maturity date of the Credit Agreement is November 7, 2023.This refinancing was accounted for as an extinguishment of debt, and the loss recognized amounted to approximately $5.4 million, consisting mainly of a prepayment penalty of $1.8 million and the write-off of unamortized debt origination costs of $3.5 million, which were both recognized as interest expense in the fourth quarter of 2018 in the consolidated statement of operations and comprehensive income (loss).

On March 25, 2019, the Company entered into an Increase Joinder No. 1 to the Credit Agreement (the “Increase Joinder”), which was accounted for as a debt modification, under which the Company received $12.0 million from the incremental facility on April 29, 2019. The proceeds of the Increase Joinder were primarily used to pay for the cash portion of the Tender Offer (the “Offer”) to purchase warrants (see Note 12) during the second quarter of 2019.

Interest on the term loan facility and revolving credit facility under the Credit Agreement is determined by reference to either LIBOR or a “base rate”, in each case plus an applicable margin of 4.50% per annum for LIBOR loans or 3.50% per annum for base rate loans. 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 year ended December 31, 2019 for the term loan and revolving credit facility were 7.62% and 9.23%, respectively.

The principal amount of the term loan facility must be repaid in consecutive quarterly installments of 5.0% in year 1, 7.5% in years 2 and 3, 10.0% in years 4 and 5, in each case on the last day of each quarter, which commenced in March 2019 with a final payment at maturity. The loans under the Credit Agreement may be prepaid at any time without payment or penalty.

The Credit Agreement 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, make dividends and distributions, change the nature of their businesses, enter into certain transactions with affiliates or amend the terms of material indebtedness.

The Credit Agreement also contains financial covenants which 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.

The obligations under the 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 scheduled annual maturities of the term loan at December 31, 2019 are as follows (in thousands):


2020	$	7,661
2021	7,661
2022	10,215
2023	71,507
	$	97,044

During 2019, the Company capitalized costs of approximately $0.2 million related to the Increase Joinder. During November 2018, the Company capitalized costs of approximately $3.5 million related to the Credit Agreement. During August 2017, the Company capitalized costs totaling $4.7 million for the Successor period from February 1, 2017 through December 31, 2017 relating to the Financing Agreement. There were no debt origination costs incurred for the Predecessor period from January 1, 2017 through January 31, 2017.

The unamortized portion of debt origination costs totaled approximately $2.9 million and $3.4 million at December 31, 2019 and 2018, respectively. Amortization of debt origination costs is included as a component of interest expense in the consolidated statements of operations and comprehensive income (loss) and amounted to approximately $0.7 million, $4.4 million and $0.3 million for the years ended December 31, 2019 and 2018 and Successor period from February 1, 2017 through December 31, 2017, respectively, and approximately $39.2 thousand for the Predecessor period from January 1, 2017 through January 31, 2017.

Debt origination costs of approximately $1.9 million related to debt that was assumed by the Successor Company in connection with the Stella Point acquisition (see Note 3) were written off to goodwill at the February 1, 2017 acquisition date.

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2019
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. Level 1 relates to quoted market prices for identical assets or liabilities. 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 the goodwill and intangibles assets. The Company’s cash is representative of fair value as these balances are comprised of deposits available on demand. 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 items. The Company’s financial instruments that are not measured at fair value on a recurring basis include its revolving credit facility and term loan. The fair value of the term loan, 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.

- Definition

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.

+ References + Details

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSDuring the Successor periods prior to the Merger, Intermex paid a monthly management fee of $65.0 thousand, plus reimbursement of expenses, to a related party for management services, which is included in other selling, general and administrative expenses on the Company’s consolidated statements of operations and comprehensive income (loss). During the Predecessor periods, all management fees were waived. There were no amounts payable to or receivable from related parties included in the consolidated balance sheets at December 31, 2019 and 2018. The management company was reimbursed expenses of approximately $12.0 thousand in the Successor period from February 1, 2017 through December 31, 2017. Upon closing of the Merger on July 26, 2018 (see Note 3), the management fee agreement with the related party was terminated, and a one-time termination fee of $1.6 million was included as part of transaction costs in the consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2018.

STOCKHOLDER'S EQUITY AND SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

STOCKHOLDER'S EQUITY AND SHARE-BASED COMPENSATION

STOCKHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

Common Stock

On the Closing Date of the Merger, there were 36.2 million shares of the Company’s common stock outstanding and outstanding warrants to purchase approximately 9 million shares of common stock. As of the Closing Date, the former stockholders of Intermex owned approximately 48.3% and the former stockholders of FinTech owned approximately 51.7% of the combined company’s outstanding common stock. At December 31, 2019, the Company was authorized to issue 230 million shares of common stock and had 38.0 million shares of common stock issued and outstanding at $0.0001 par value per common share.

On September 11, 2019, the Company entered into an underwriting agreement with certain selling stockholders and several underwriters relating to the underwritten public offering of 5.2 million shares of the Company’s common stock, at a price to the public of $12.75 per share. Also, the underwriters purchased 782,608 additional shares of common stock at the same price as the initial shares under a 30-day option period granted by the selling stockholders. The closing of the offering occurred on September 16, 2019. The Company did not receive any of the proceeds from the offering. However, it did incur approximately $0.8 million in certain costs, which are included in other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

Equity Warrants

Prior to the Merger, FinTech issued 8.8 million public warrants (“Public Warrants”) and 0.2 million private placement warrants (“Placement Warrants”)(combined are referred to as the “Warrants”). The Company assumed the Warrants upon the change of control event. As a result of the Merger, the Warrants issued by FinTech were no longer exercisable for shares of FinTech common stock but instead were exercisable for common stock of the Company. All other features of the Warrants remained unchanged. There were no cash obligations for the Company pertaining to these Warrants.

Each whole Warrant entitled the holder to purchase one share of the Company’s common stock at a price of $11.50 per share. The Warrants became exercisable 30 days after the completion of the Merger and were to expire 5 years after that date, or earlier upon redemption or liquidation.

On March 28, 2019, the Company commenced a Tender Offer (the “Offer”) to purchase the Warrants. In connection with the Offer, the Company offered the holders of the Warrants a combination of 0.201 shares of its common stock and $1.12 in cash (the “Exchange Consideration”) for each Warrant tendered and exchanged pursuant to the Offer. Concurrently with the Offer, the Company solicited consents from holders of the Warrants to amend the Warrant Agreement dated January 19, 2017 (the “Warrant Agreement”), to permit the Company to require that each outstanding Warrant be converted into a combination of 0.181 shares of the Company’s Common Stock and $1.00 in cash, without interest (the “Conversion Consideration”), which Conversion Consideration was approximately 10% less than the Exchange Consideration applicable to the Offer. Approximately 99.51% of the outstanding Warrants were validly tendered and not withdrawn in the Offer. On April 29, 2019, the Company entered into Amendment No. 1 to the Warrant Agreement and, on or about May 20, 2019, exchanged all remaining untendered Warrants for the Conversion Consideration.

Between April and May of 2019, the Company issued an aggregate of approximately 1.8 million shares of common stock and paid approximately $10.0 million in cash in exchange for the Warrants tendered in the Offer as well as those converted at the Conversion Consideration, resulting in a total of approximately 38.0 million shares of common stock outstanding following the issuance. For the year ended December 31, 2019, the Company incurred approximately $0.9 million in professional and legal fees related to the Offer, which are included in other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

International Money Express, Inc. 2018 Omnibus Equity Compensation Plan

In connection with the Merger, the stockholders of FinTech approved the International Money Express, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan”), which provides for the granting of stock options and RSUs to employees and independent directors of the Company. As of December 31, 2019, there were 3.3 million shares reserved for issuance under the 2018 Plan.

The value of each option grant is estimated on the grant date using the Black-Scholes option pricing model ("BSM"). The option pricing model requires the input of highly subjective assumptions, including the grant date fair value of our common stock, expected volatility, risk-free interest rates, expected term and expected dividend yield. To determine the grant date fair value of the Company’s common stock, we use the closing market price of our common stock at the grant date. We also use an expected volatility based on the historical volatilities of a group of guideline companies and the “simplified” method for calculating the expected life of our stock options as the options are “plain vanilla” and we do not have any significant historical post-vesting activity. We have elected to account for forfeitures as they occur. The risk-free interest rates are obtained from publicly available U.S. Treasury yield curve rates.

The Company used the following assumptions for the BSM to determine the fair value of the stock options:


	Year Ended December 31, 2019			Year Ended December 31, 2018
Weighted-average grant date price of our common stock (per share)	$	13.83		$	10.00
Expected volatility	28.6		%	28.6		%
Weighted-average risk-free interest rate	1.7		%	2.9		%
Expected term (in years)	6.25			6.25
Expected dividend yield	0.0		%	0.0		%

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 2018 Plan have 10-year terms and 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 $2.6 million and $1.0 million for the years ended December 31, 2019 and 2018, respectively, which is included in salaries and benefits in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2019, there were 2.9 million outstanding stock options and unrecognized compensation expense of approximately $7.2 million is expected to be recognized over a weighted-average period of 2.3 years.

A summary of the stock option activity during the year ended December 31, 2019 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, 2018	2,881,219	$	10.00	9.60	$	3.47
Granted	475,000	$	13.83		$	4.38
Exercised⁽¹⁾	(48,000)	$	10.20		$	3.54
Forfeited	(403,000)	$	10.81		$	3.68
Expired	—				$	—
Outstanding at December 31, 2019	2,905,219	$	10.51	8.74	$	3.58

Exercisable at December 31, 2019⁽²⁾	639,805	$	9.95	8.59	$	3.45

⁽¹⁾ The aggregate intrinsic value of stock options exercised during the year ended December 31, 2019 was $0.2 million.

⁽²⁾ The aggregate fair value of all vested/exercisable options outstanding as of December 31, 2019 was $7.7 million.

The RSUs issued under the 2018 Plan to the Company’s independent directors vest on the one-year anniversary from the grant date. The Company granted 19.0 thousand and 21.2 thousand of RSUs during the years ended December 31, 2019 and 2018, respectively, with weighted-average grant date fair values of $14.77 and $9.91, respectively. The Company recognized compensation expense for the RSUs of $192.5 thousand and $87.5 thousand for the years ended December 31, 2019 and 2018, respectively, which is included in salaries and benefits in the consolidated statements of operations and comprehensive income (loss). During 2019, 21,192 RSUs with a weighted-average grant date fair value of $9.91 vested and there were no forfeited RSUs. The aggregate fair value of the vested RSUs was $255.1 thousand. In addition, there were no forfeited or vested RSUs during 2018. As of December 31, 2019, there was $210.0 thousand of unrecognized compensation expense for the RSUs.

Incentive Units

Interwire LLC, the former parent company of Intermex, issued Class B, C and D incentive units to employees of the Company (collectively “incentive units”) in connection with the Stella Point acquisition (see Note 3). As these units were issued as compensation to the Company’s employees, the expense was recorded by the Company. In connection with the Merger, on the Closing Date, all unvested incentive units for Class B, C and D became fully vested and were immediately recognized as share-based compensation expense.

Share-based compensation expense recognized related to these incentive units and included in salaries and benefits in the consolidated statements of operations and comprehensive income (loss), amounted to $4.7 million for the year ended December 31, 2018, and $1.8 million for the Successor period from February 1, 2017 through December 31, 2017. The performance conditions related to the Class C and D units were not considered probable of being achieved prior to the Merger, and therefore, no compensation was recognized for all prior periods. Subsequent to this settlement, all incentive units ceased to exist. Share-based compensation of $2.9 million for the Predecessor period from January 1, 2017 through January 31, 2017 primarily included the expense associated with stock options and restricted awards that vested due to the Stella Point acquisition.

Incentive units authorized and issued during the Successor period from February 1, 2017 through December 31, 2017 consisted of the following:


Incentive Units	Authorized	Units Issued February 2017	Units Issued September 2017
Class B	10,000,000	9,055,000	665,000
Class C	5,000,000	4,527,500	332,500
Class D	5,000,000	4,527,500	332,500

The grant date fair value of the incentive units was calculated using the Monte Carlo Simulation. This approach derives the fair value of the incentive units based on certain assumptions related to expected volatility, expected term, risk-free interest rate and dividend yield. Expected volatilities were based on observed volatilities of similar publicly-traded companies, and the expected term was based on a formula that considers the vesting terms and the original contract term of the incentive unit awards. The risk-free rate was based on the U.S. Treasury yield curve, and the selected dividend yield assumption was determined in view of Interwire LLC’s historical and estimated dividend payout. The following were the assumptions used in calculating the fair value of the units at the grant dates:


	Units Issued February 2017		Units Issued September 2017
Expected dividend yield	0.0	%	0.0	%
Expected volatility	46.9	%	47.4	%
Risk-free interest rate	2.1	%	1.9	%
Expected term (in years)	6		5.8

The grant date fair value per unit for each class of incentive unit for the Successor period from February 1, 2017 to December 31, 2017 were as follows:


Incentive Units	Per Unit Amount February 2017 Issuance		Per Unit Amount September 2017 Issuance
Class B	$	0.4872	$	0.4948
Class C	$	0.2077	$	0.2126
Class D	$	0.1485	$	0.1535

The number of units and the weighted-average grant date fair value for the incentive units were as follows:


	Number of Class B Units	Weighted- Average Grant Date Fair Value		Number of Class C Units	Weighted- Average Grant Date Fair Value		Number of Class D Units	Weighted- Average Grant Date Fair Value
Granted during the Successor Period	9,720,000	$	0.4878	4,860,000	$	0.2080	4,860,000	$	0.1489
Vested	(1,944,000)	0.4878		—	—		—	—
Forfeited	(304,000)	0.4872		(190,000)	0.2077		(190,000)	0.1485
Outstanding at December 31, 2017	7,472,000	0.4879		4,670,000	0.2080		4,670,000	0.1489
Granted	410,000	0.4948		205,000	0.2126		205,000	0.1535
Vested	(7,882,000)	0.4883		(4,875,000)	0.2082		(4,875,000)	0.1491
Outstanding at December 31, 2018	—	$	—	—	$	—	—	$	—

Dividend Distributions

During the Successor period from February 1, 2017 through December 31, 2017, the Company distributed $20.2 million in cash dividends to its stockholders. The dividends were distributed out of the cash proceeds from the term loan entered into in August 2017 discussed in Note 9 and were recorded as a reduction to additional paid-in capital. There were no dividend distributions during the years ended December 31, 2019 and 2018 and the Predecessor period from January 1, 2017 through January 31, 2017.

EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

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

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


	Year Ended December 31, 2019		Year Ended December 31, 2018		Period from February 1, 2017 to December 31, 2017
Net (income) loss for basic and diluted income (loss) per common share	$	19,609	$	(7,244)	$	(10,174)
Shares:
Weighted-average common shares outstanding – basic	37,428,345		25,484,386		17,227,682
Effect of dilutive securities
RSUs	12,416		—		—
Stock options	140,640		—		—
Warrants	12,757		—		—
Weighted-average common shares outstanding – diluted	37,594,158		25,484,386		17,227,682

Earnings (loss) per common share - basic and diluted	$	0.52	$	(0.28)	$	(0.59)

As of December 31, 2019, there were 0.5 million options and 19.0 thousand RSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive. The Warrants were included in the calculation of the diluted earnings per share for the periods for which they were outstanding; the shares issued in exchange for the Warrants tendered in the Offer have been included in the basic earnings per share beginning on the date the shares were issued.

As of December 31, 2018, there were 2.9 million options and 9.0 million warrants to purchase shares of the Company’s common stock and 21.2 thousand RSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of December 31, 2017, there were no outstanding options or warrants to purchase shares of Company stock or RSUs.

INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

The provision (benefit) for income taxes consists of the following (in thousands):


	Successor Company								Predecessor Company
	Year Ended December 31, 2019		Year Ended December 31, 2018		Period from February 1, 2017 to December 31, 2017		Period from January 1, 2017 to January 31, 2017
Current tax provision:
Foreign	$	201	$	212	$	164	$	11
Federal	4,668		1,283		—		—
State	1,591		182		—		—
Total Current	6,460		1,677		164		11

Deferred tax provision (benefit):
Federal	1,290		93		596		(1,792)
State	573		98		(226)		(422)
Total deferred	1,863		191		370		(2,214)
Total tax provision (benefit):	$	8,323	$	1,868	$	534	$	(2,203)

A reconciliation between the income tax provision (benefit) at the U.S. statutory tax rate and the Company’s income tax provision (benefit) on the consolidated statements of operations and comprehensive income (loss) is below (in thousands):


	Successor Company												Predecessor Company
	Year Ended December 31, 2019			Year Ended December 31, 2018			Period from February 1, 2017 to December 31, 2017			Period from January 1, 2017 to January 31, 2017
Income (loss) before income taxes	$	27,932		$	(5,376)		$	(9,640)		$	(5,521)
US statutory tax rate	21		%	21		%	34		%	34		%
Income tax (benefit) expense at statutory rate	5,866			(1,129)			(3,277)			(1,877)

State tax expense (benefit), net of federal	1,639			145			(182)			(279)
Foreign tax rates different from U.S. statutory rate	260			146			95			(46)
Non-deductible expenses	374			1,978			3,309			1
Write-off of transaction costs	—			321			—			—
Write-off of net operating losses	—			314			—			—
Change in tax rate	71			76			604			—
Other	113			17			(15)			(2)
Total tax provision (benefit)	$	8,323		$	1,868		$	534		$	(2,203)

As presented in the income tax reconciliation above, the tax provision (benefit) recognized on the consolidated statements of operations and comprehensive income (loss) was impacted by state taxes, non-deductible expenses, such as offering costs, share-based compensation expense, transaction costs and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate. The effective tax rate for the Successor period from February 1, 2017 through December 31, 2017 is also affected by a reduction in the corporate tax rate from 34% to 21% as a result of the Act. The Company is subject to tax in various U.S. state jurisdictions. Changes in the annual allocation and apportionment of the Company’s activity amongst these state jurisdictions results in changes to the blended state rate utilized to measure the Company’s deferred tax assets and liabilities.

Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the book and tax bases of the Company's assets and liabilities. The following table outlines the principal components of the deferred tax assets and liabilities as of December 31 (in thousands):


	2019		2018
Deferred tax assets:
U.S. federal and state net operating losses	$	6,385	$	7,567
Foreign net operating losses	73		—
Allowance for doubtful accounts	275		287
Interest expense carryforwards	—		2,525
Share-based compensation	897		294
Accrued compensation	279		281
Deferred revenue	653		—
Accrued TCPA claim	880		—
Other	—		213
Total deferred tax assets	9,442		11,167

Deferred tax liabilities
Depreciation	(1,918)		(1,134)
Intangible amortization	(6,710)		(7,766)
Total deferred tax liabilities	(8,628)		(8,900)

Valuation allowance	(73)		—

Net deferred tax asset	$	741	$	2,267

At December 31, 2019, the Company had federal and state net operating loss carryforwards of approximately $25.9 million and $23.9 million, respectively, which are available to reduce future taxable income. With few exceptions, these net operating loss carryforwards will expire from 2029 through 2037. On February 1, 2017, the Company was acquired by Stella Point (see Note 3). On July 26, 2018, the Company consummated the Merger with FinTech (see Note 3). These transactions were considered changes of ownership under Internal Revenue Code Section 382. After the changes of ownership, utilization of the Company’s net operating loss carryforwards is now subject to an annual limitation. The Company has recorded a deferred tax asset for only the portion of its net operating loss carryforward that it expects to realize before expiration.

In 2018, FinTech Acquisition Corp II was notified by the IRS that its 2017 federal income tax return was selected for examination. In 2019, the exam was closed with no adjustments. In January 2020, Intermex was notified by the IRS that its 2017 federal income tax return was selected for examination. The Company has complied with all information requested to date. As of December 31, 2019 and 2018, no amounts for tax, interest, or penalties have been paid or accrued as a result of this examination.

In accordance with criteria under FASB guidance, Income Taxes, a valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. After consideration of all evidence, both positive and negative, management has determined that no valuation allowance is required at December 31, 2019 or December 31, 2018 on the Company's U.S. federal or state deferred tax assets. However, a valuation allowance of $73.3 thousand has been recorded on deferred tax assets associated with Canadian net operating loss carryforwards.

On December 22, 2017, the U.S. enacted tax reform legislation known as H.R. 1, commonly referred to as the “Tax Cuts and Jobs Act” (the “Act”), resulting in significant modifications to existing law. Due to the timing of the Act and the complexity involved in applying the provisions of the Act, the Company made a reasonable estimate of the effects and recorded provisional amounts in the fourth quarter of 2017, which primarily included the impact of the remeasurement of the Company’s deferred tax balances to reflect the change in the corporate tax rate. As a result of the changes to tax laws and tax rates under the Act, the Company reduced its deferred tax asset as of December 31, 2017 by $0.6 million. All changes to the tax code that are effective as of January 1, 2018 have been applied by the Company in computing its income tax expense for the years ended December 31, 2019 and 2018. Additional guidance issued by the U.S. Treasury Department, the IRS, and other standard-setting bodies may materially impact the provision for income taxes and effective tax rate in the period in which the guidance is issued.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Leases

The Company is a party to leases for office space, warehouses and company-operated store locations. Rent expense under all operating leases, included in other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss), amounted to approximately $2.1 million, $1.8 million and $1.6 million for the years ended December 31, 2019 and 2018 and for the Successor period from February 1, 2017 through December 31, 2017, respectively, and approximately $0.1 million for the Predecessor period from January 1, 2017 through January 31, 2017.

In April 2018, the Company renegotiated its corporate lease to extend the term through November 2025. At December 31, 2019, future minimum rental payments required under operating leases for the next five years and thereafter are as follows (in thousands):


2020	$	1,498
2021	1,241
2022	1,018
2023	869
2024	776
Thereafter	662
	$	6,064

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, except for the matter related to a complaint filed under the Telephone Consumer Protection Act of 1991 (the “TCPA claim”) described below.

On May 30, 2019, Stuart Sawyer filed a putative class action complaint in the United States District Court for the Southern District of Florida asserting a claim under the TCPA, 47 U.S.C. § 227, et seq., based on allegations that since May 30, 2015, the Company had sent text messages to class members’ wireless telephones without their consent. At mediation held on October 7, 2019, the Company and the plaintiff entered into a term sheet providing the general terms for the settlement of the action, which is subject to memorialization in a definitive agreement and subsequent Court approval. The terms of the settlement agreement provide for resolution of Mr. Sawyer's TCPA claims and the claims of a class of similarly situated individuals, as defined in the complaint, who received text messages from the Company during the period May 30, 2015 through October 7, 2019, and for the creation of a $3.25 million settlement fund that will be used to pay all class member claims, class counsel's fees and the costs of administering the settlement. The settlement agreement will establish procedures for the notification of claimants and the processing of claims. The settlement fund will be managed by a duly-appointed settlement administrator which will be authorized to communicate with class members, process claims and make payments from the fund in accordance with the terms of the settlement agreement and the final judgment in the case. No amount of the settlement fund will revert to Intermex; instead, any unclaimed funds will be sent to a consumer advocacy organization approved by the Court. Once executed, the settlement agreement will be contingent upon the Court’ s final approval which is expected to be obtained in due course.

The settlement amount of approximately $3.25 million and related legal expenses of $0.4 million are included in accrued and other liabilities in the consolidated balance sheets as of December 31, 2019 and other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss), respectively, for year ended December 31, 2019.

The Company operates in 50 U.S. states, two U.S. territories and three 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

Certain domestic subsidiaries of the Company are subject to maintaining minimum tangible net worth and liquid assets (eligible securities) to cover the amount outstanding of wire transfers and money orders payable. As of December 31, 2019, the Company’s subsidiaries were in compliance with these two requirements.

DEFINED CONTRIBUTION PLAN	12 Months Ended
DEFINED CONTRIBUTION PLAN	Dec. 31, 2019
Retirement Benefits [Abstract]
DEFINED CONTRIBUTION PLAN	DEFINED CONTRIBUTION PLANThe Company has a defined contribution plan available to most of its employees, where the Company makes contributions to the plan based on employee contributions. Total employer contribution expense included in salaries and benefits in the consolidated statements of operations and comprehensive income (loss) was approximately $132.0 thousand, $115.2 thousand and $96.6 thousand for the years ended December 31, 2019 and 2018 and Successor period from February 1, 2017 through December 31, 2017, respectively, and approximately $10.0 thousand for the Predecessor period from January 1, 2017 through January 31, 2017.

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Summarized quarterly results for the years ended December 31, 2019 and 2018 is presented below (in thousands, except per share data):


2019 by Quarter:	Q1		Q2		Q3		Q4
Revenues	$	68,349	$	82,675	$	85,334	$	83,243
Operating expenses	62,041		70,711		76,898		73,509
Operating income	6,308		11,964		8,436		9,734
Interest expense	2,071		2,288		2,145		2,006
Income before income taxes	4,237		9,676		6,291		7,728
Income tax provision	1,081		2,602		2,253		2,387
Net income	$	3,156	$	7,074	$	4,038	$	5,341
Earnings per share:
Basic and diluted	$	0.09	$	0.19	$	0.11	$	0.14
Weighted-average shares outstanding:
Basic	36,182,783		37,505,598		37,984,316		38,014,444
Diluted	36,195,463		37,594,151		38,286,702		38,274,079


2018 by Quarter:	Q1		Q2		Q3		Q4
Revenues	$	55,956	$	70,379	$	72,508	$	75,058
Operating expenses	53,419		64,319		74,918		68,173
Operating income (loss)	2,537		6,060		(2,410)		6,885
Interest expense	3,284		3,392		3,434		8,338
(Loss) income before income taxes	(747)		2,668		(5,844)		(1,453)
Income tax (benefit) provision	(207)		824		7,569		(6,318)
Net (loss) income	$	(540)	$	1,844	$	(13,413)	$	4,865
(Loss) earnings per share:
Basic and diluted	$	(0.03)	$	0.11	$	(0.43)	$	0.13
Weighted-average shares outstanding:
Basic	17,227,682		17,227,682		30,975,338		36,182,783
Diluted	17,227,682		17,227,682		30,975,338		36,572,071

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2019
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results could differ from these estimates.
Earnings (Loss) per Share	Earnings (Loss) per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding for each period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares and common share equivalents outstanding for each period. Diluted earnings (loss) per share reflects the potential dilution that could occur if outstanding stock options and warrants at the presented dates are exercised and shares of restricted stock have vested, using the treasury stock method. Potential common shares are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss. Stock options, restricted stock units (“RSUs”) and warrants are anti-dilutive when the exercise price of these instruments is greater than the average market price of the Company’s common stock for the period.
Cash	Cash Cash is comprised of deposits in U.S. and foreign banks. The Company recognizes interest income from its cash deposits on an accrual basis. The Company considers cash equivalents to be short term, highly liquid investments with maturities of three months or less.
Concentration of Credit Risk	Concentration of Credit RiskThe Company maintains certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The amount that exceeded the federally insured limits totaled $78.6 million and $61.4 million as of December 31, 2019 and 2018, respectively. The Company has not incurred any losses on these accounts. In addition, the Company maintains various bank accounts in Mexico, Guatemala and Canada, which are not insured. The Company has not incurred any losses on these uninsured foreign bank accounts, and management believes it is not exposed to any significant credit risk regarding these accounts.
Revenue Recognition	Revenue RecognitionRevenues for wire transfer and money order fees are recognized at the time the transaction is processed. The Company acts as the principal for these transactions as the Company controls the service at all times prior to transfer the funds to the beneficiary, is primarily responsible for fulfilling the customer contracts, has the risk of loss and has the ability to establish transaction prices. Therefore, these fees are recognized on a gross basis equal to the full amount of the fee charged to the customer. These fees also vary by transaction primarily depending upon, the principal amount sent, the send and receive locations, as well as the respective currencies of the send and receive locations. Foreign exchange gain, which represents the difference between the exchange rate set by the Company and the rate realized, is recognized upon the disbursement of U.S. dollars to the foreign bank. Other income primarily represents revenues for technology services provided to the independent network of agents who utilize the Company’s technology in processing transactions and check cashing services, for which revenue is derived by a fee per transaction.
Business Combinations	Business Combinations The Company accounts for its business combinations using the acquisition method, which requires that intangible assets be recognized apart from goodwill if they are contractual in nature or separately identifiable. Acquisitions are measured on the fair value of consideration exchanged and, if the consideration given is not cash, measurement is based on the fair value of the consideration given or the fair value of the assets acquired, whichever is more reliably measurable. The excess of cost of an acquired entity over the fair value of identifiable acquired assets and liabilities assumed is allocated to goodwill. The valuation and allocation processes rely on significant assumptions made by management. In certain situations, the allocations of excess purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when the Company receives updated information, including valuations and other analyses, which are completed within one year of the acquisition. Revisions to the fair values, which may be significant, are recorded when pending information is finalized, within one year from the acquisition date.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded upon initiation of the wire transfer and are typically due to the Company within five days. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its sending agents to make required payments. When preparing these estimates, management considers a number of factors, including the aging of a sending agent’s account, creditworthiness of specific sending agents, historical trends and other information. The Company reviews its allowance for doubtful accounts policy periodically, reflecting current risks and changes in industry conditions and when necessary, will increase its allowance for doubtful accounts and recognize a provision to bad debt expense, included in other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss). Accounts receivable that are more than 90 days past due are charged off against the allowance for doubtful accounts.
Prepaid wires	Prepaid Wires Prepaid wires represent funds that are required at certain payer agent locations in advance of a transaction, which are typically utilized within a few days.
Other Prepaid Expenses, Other Current Assets and Other Assets	Other Prepaid Expenses, Other Current Assets and Other Assets Other prepaid expenses, other current assets and other assets consist primarily of prepaid expenses, notes receivable (see Note 5), security deposits and deferred financing costs. Interest income on notes receivable is recognized on a cash basis due to uncertainty on receiving the interest payments.
Property and Equipment	Property and Equipment Property and equipment, including leasehold improvements, are stated at cost, or the allocated fair value in purchase accounting, less accumulated depreciation and amortization. The costs of additions and betterments that substantially extend the useful life of an asset are capitalized and the expenditures for ordinary repairs and maintenance are expensed in the period incurred as part of other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss). Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the lease term or the estimated useful life of the improvement, whichever is shorter. At the time depreciable assets are retired or otherwise disposed, the cost and the related accumulated depreciation of such assets are eliminated from the accounts and any gain or loss is recognized in the current period. The Company capitalizes costs incurred for the development of internal use computer software, which are depreciated over five years using the straight-line method.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and Intangible assets result primarily from business combination acquisitions. Intangible assets include agent relationships, trade name, developed technology and other intangibles, all with finite lives. Other intangibles primarily relate to the acquisition of certain agent locations. Upon the acquisition, the purchase price is first allocated to identifiable assets and liabilities, including the trade name and other intangibles, with any remaining purchase price recorded as goodwill. Goodwill is not amortized, rather, an impairment test is conducted on an annual basis, in the fourth quarter, or more frequently if indicators of impairment are present, which are determined through a qualitative assessment. A qualitative assessment includes consideration of the economic, industry and market conditions in addition to the overall financial performance of the Company and these assets. Based on the results of the assessment, no indicators of impairment were noted. Accordingly, no further impairment testing was completed, and no impairment charges related to goodwill were recognized during all periods presented in the consolidated financial statements. The Company’s agent relationships, trade name and developed technology are amortized utilizing an accelerated method over their estimated useful lives of 15 years. Other intangible assets are amortized on a straight-line basis over a useful life of 10 years. The Company reviews for impairment indicators of finite-lived intangibles and other long-lived assets as described below in "Impairment of Long-Lived Assets."
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to forecasted undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets. There were no impairment indicators noted for all periods presented in the consolidated financial statements for long-lived assets, including amortizable intangible assets.
Debt Origination Costs	Debt Origination Costs The Company incurred debt origination costs related to the credit agreement, consisting of a term loan and a revolving credit facility and amortizes these costs over the life of the related debt using the straight-line method, which approximates the effective interest method. The unamortized portion of debt origination costs related to the term loan is recorded on the consolidated balance sheets as an offset to the related debt, while deferred up-front commitment fees paid directly to the lender related to the revolving credit facility are recorded within other assets in the consolidated balance sheets. Amortization of debt origination costs is included as a component of interest expense in the consolidated statements of operations and comprehensive income (loss).
Advertising Costs	Advertising CostsAdvertising costs are included in other selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss) and are expensed as incurred.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with GAAP which require, among other things, recognition of future tax benefits measured at enacted rates attributable to deductible temporary differences between financial statement and income tax bases of assets and liabilities and to tax net operating loss carryforwards to the extent that realization of said benefits is more likely than not. The Company accounts for tax contingencies by assessing all material positions, including all significant uncertain positions, for all tax years that are open to assessment or challenge under tax statutes. Those positions that have only timing consequences are separately analyzed based on the recognition and measurement model provided in the tax guidance. As required by the uncertain tax position guidance, the Company recognizes the financial statement benefit of a position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for the years prior to 2015. However, the Company has certain net operating loss carryforwards from tax years 2009 through 2013 that are subject to examination. The Company applies the uncertain tax position guidance to all tax positions for which the statute of limitations remains open. The Company’s policy is to classify interest accrued as interest expense and penalties as other selling, general and administrative expenses.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The financial statements and transactions of the Company’s foreign operations are maintained in their functional currency, which is other than the U.S. dollar. Assets and liabilities are translated at current exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average exchange rate for each period. Translation adjustments, which result from the process of translating the financial statements of the Company’s foreign operations into U.S. dollars, are recorded as a component of accumulated other comprehensive income (loss). Foreign Exchange Spot Transactions In the normal course of business, the Company enters into foreign exchange spot transactions to purchase foreign currency at the current market rate. These transactions are settled within one or two days from the trade date.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and the foreign currency translation adjustment and is presented in the consolidated statements of operations and comprehensive income (loss).
Share-Based Compensation	Share-Based CompensationThe Company accounts for its share-based employee compensation expense related to RSUs, stock options and incentive units under GAAP, which requires the measurement and recognition of compensation costs for all equity-based payment awards made to employees and directors based on estimated fair values. We have elected to account for forfeitures as they occur.
Segments	Segments The Company’s business is organized around one reportable segment that provides money transmittal services primarily between the U.S. and Latin America. This is based on the objectives of the business and how our chief operating decision maker, the CEO and President, monitors operating performance and allocates resources.
Accounting Pronouncements	Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued guidance, Revenue from Contracts with Customers (Topic 606), which amended the existing accounting standards for revenue recognition. Refer to Note 4 for additional discussion on the adoption of this standard on January 1, 2019. The FASB issued amended guidance, Business Combinations (Topic 805) – Clarifying the Definition of a Business, which assists entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. This guidance was adopted by the Company on January 1, 2019 on a prospective basis and it did not have a material impact on the consolidated financial statements. The FASB issued amended guidance, Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the consolidated statements of cash flows. The amendments were aimed at reducing the existing diversity in practice. This guidance was adopted by the Company on January 1, 2019 using the retrospective approach for each period presented. The adoption of this guidance did not have a material impact on the consolidated financial statements. The FASB issued guidance, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The guidance requires that a lessee recognizes a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. This guidance is required to be adopted by the Company on January 1, 2021 and may be applied using either the earliest period adjustment method or the modified retrospective approach. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements. The FASB issued amended guidance, Intangibles – Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment. The amended standard simplifies how an entity tests goodwill by eliminating Step 2 of the goodwill impairment test related to measuring an impairment charge. Instead, impairment will be recorded for the amount that the carrying amount of a reporting unit exceeds its fair value. This new guidance is effective for the Company on January 1, 2021. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements. The FASB issued guidance, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, regarding the measurement of credit losses for certain financial instruments. The new standard replaces the incurred loss model with a current expected credit loss (“CECL”) model. The CECL model is based on historical experience, adjusted for current conditions and reasonable and supportable forecasts. The Company is required to adopt the new standard on January 1, 2023. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to prior-year amounts to conform with current-year presentation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Concentration of Credit Risk

Cash balances were as follows (in thousands):


	December 31, 2019		December 31, 2018
Cash in U.S. dollars in U.S. banks	$	80,736	$	69,155
Cash in foreign banks and foreign currency	5,372		3,865
Petty cash	9		9
	$	86,117	$	73,029

FINTECH MERGER AND STELLA POINT ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Net Cash Proceeds Received in Reverse Recapitalization

In accounting for the reverse recapitalization, the net cash proceeds received from FinTech amounted to $5.0 thousand as shown in the table below (in thousands):


Cash balance available to Intermex prior to the consummation of the Merger	$	110,726
Less:
Intermex Merger costs paid from acquisition proceeds at closing	(9,062)
Cash consideration to Intermex shareholders	(101,659)
Net cash proceeds from reverse recapitalization	$	5

Cash balance available to Intermex prior to the consummation of the Merger	$	110,726
Less:
Cash consideration to Intermex shareholders	(101,659)
Other FinTech assets acquired and liabilities assumed in the Merger:
Prepaid expenses	76
Accrued liabilities	(136)
Deferred tax assets ⁽¹⁾	982
Net equity infusion from FinTech	$	9,989

REVENUE RECOGNITION STANDARD (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

The Company recognized in revenues from contracts with customers for the year ended December 31, 2019, the following (in thousands):


Wire transfer and money order fees	$	274,161
Discounts and promotions	(1,080)
Wire transfer and money order fees, net	273,081
Foreign exchange gain	44,268
Other income	2,252
Total revenues	$	319,601

PREPAID EXPENSES AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

Prepaid Expense and Other Assets [Abstract]

Prepaid Expenses and Other Assets

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


	December 31,
	2019		2018
Prepaid insurance	$	404	$	300
Prepaid fees	1,211		719
Notes receivable	648		451
Prepaid taxes	1,025		878
Other prepaid expenses and current assets	867		823
	$	4,155	$	3,171

Notes Receivable from Agents

The Company had notes receivable from sending agents as follows (in thousands):


	December 31,
	2019		2018
Notes receivable, current	$	1,005	$	730
Allowance	(357)		(279)
Net current	$	648	$	451

Notes receivable, long-term	$	311	$	478
Allowance	(120)		(169)
Net long-term	$	191	$	309

Maturities of Notes Receivable

The maturities of notes receivable at December 31, 2019 is as follows (in thousands):


	Unpaid Principle Balance
Under 1 year	$	1,005
Between 1 and 2 years	276
Between 2 and 3 years	35
Total	$	1,316

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (in thousands):


	December 31, 2019		December 31, 2018		Estimated Useful Life (in years)
Computer software and equipment	$	19,630	$	14,114	3 to 5
Office improvements	1,225		989		5
Furniture and fixtures	500		397		7
	21,355		15,500
Less accumulated depreciation	(8,073)		(5,107)
	$	13,282	$	10,393

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Gross Carrying Amounts and Accumulated Amortization for Goodwill and Intangible Assets

The gross carrying amount and accumulated amortization for goodwill and intangible assets are as follows (in thousands):


	December 31,
	2019		2018
Indefinite life:
Goodwill	$	36,260	$	36,260
Total indefinite life	$	36,260	$	36,260
Amortizable:
Agent relationships	$	40,500	$	40,500
Trade name	15,500		15,500
Developed technology	6,600		6,600
Other intangibles	1,155		820
Accumulated amortization	(36,374)		(27,025)
Net amortizable intangible assets	$	27,381	$	36,395

Changes in Goodwill and Intangible Assets

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


Predecessor Company	Goodwill		Intangible Assets
Balance at December 31, 2016	$	—	$	6,348
Amortization expense	—		(231)
Balance at January 31, 2017	$	—	$	6,117

Successor Company	Goodwill		Intangible Assets
Balance at February 1, 2017	$	36,260	$	62,660
Acquisition of agent locations	—		640
Amortization expense	—		(14,559)
Balance at December 31, 2017	$	36,260	$	48,741
Acquisition of agent locations	—		120
Amortization expense	—		(12,466)
Balance at December 31, 2018	$	36,260	$	36,395
Acquisition of agent locations	—		335
Amortization expense	—		(9,349)
Balance at December 31, 2019	$	36,260	$	27,381

Amortization Expense Related to Intangible Assets

Amortization expense related to intangible assets for the next five years and thereafter is as follows (in thousands):


2020	$	6,951
2021	5,161
2022	3,997
2023	2,989
2024	2,270
Thereafter	6,013
	$	27,381

ACCRUED AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Accrued and Other Liabilities

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


	December 31,
	2019		2018
Payables to sending agents	$	10,124	$	8,972
Accrued legal settlement (see Note 15)	3,250		—
Accrued salaries and benefits	2,374		2,365
Accrued bank charges	976		983
Accrued loyalty program reserve	—		621
Accrued interest	17		1,009
Accrued legal fees	120		920
Accrued other professional fees	655		559
Accrued taxes	2,345		756
Deferred revenue loyalty program	2,495		—
Other	718		170
	$	23,074	$	16,355

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, 2018	$	—
Adoption of ASC 606	1,976
Revenue deferred during the period	2,618
Revenue recognized during the period	(2,099)
Balance, December 31, 2019	$	2,495

DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt Instruments

Debt consisted of the following (in thousands):


	December 31,
	2019		2018
Revolving credit facility	$	—	$	30,000
Term loan	97,044		90,000
	97,044		120,000
Less: Current portion of long term debt ⁽¹⁾	(7,044)		(3,936)
Less: Debt origination costs	(2,377)		(2,738)
	$	87,623	$	113,326

⁽¹⁾Current portion of long-term debt is net of debt origination costs of approximately $0.6 million both at December 31, 2019 and 2018.

Annual Maturities of Term Loan

The scheduled annual maturities of the term loan at December 31, 2019 are as follows (in thousands):


2020	$	7,661
2021	7,661
2022	10,215
2023	71,507
	$	97,044

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

STOCKHOLDER'S EQUITY AND SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Fair Value of Stock Options and Performance Shares

The Company used the following assumptions for the BSM to determine the fair value of the stock options:


	Year Ended December 31, 2019			Year Ended December 31, 2018
Weighted-average grant date price of our common stock (per share)	$	13.83		$	10.00
Expected volatility	28.6		%	28.6		%
Weighted-average risk-free interest rate	1.7		%	2.9		%
Expected term (in years)	6.25			6.25
Expected dividend yield	0.0		%	0.0		%

The following were the assumptions used in calculating the fair value of the units at the grant dates:


	Units Issued February 2017		Units Issued September 2017
Expected dividend yield	0.0	%	0.0	%
Expected volatility	46.9	%	47.4	%
Risk-free interest rate	2.1	%	1.9	%
Expected term (in years)	6		5.8

Stock Option Activity

A summary of the stock option activity during the year ended December 31, 2019 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, 2018	2,881,219	$	10.00	9.60	$	3.47
Granted	475,000	$	13.83		$	4.38
Exercised⁽¹⁾	(48,000)	$	10.20		$	3.54
Forfeited	(403,000)	$	10.81		$	3.68
Expired	—				$	—
Outstanding at December 31, 2019	2,905,219	$	10.51	8.74	$	3.58

Exercisable at December 31, 2019⁽²⁾	639,805	$	9.95	8.59	$	3.45

⁽¹⁾ The aggregate intrinsic value of stock options exercised during the year ended December 31, 2019 was $0.2 million.

⁽²⁾ The aggregate fair value of all vested/exercisable options outstanding as of December 31, 2019 was $7.7 million.

Incentive Units Authorized and Issued

Incentive units authorized and issued during the Successor period from February 1, 2017 through December 31, 2017 consisted of the following:


Incentive Units	Authorized	Units Issued February 2017	Units Issued September 2017
Class B	10,000,000	9,055,000	665,000
Class C	5,000,000	4,527,500	332,500
Class D	5,000,000	4,527,500	332,500

Grant Date Fair Value Per Unit for Each Class of Incentive Unit

The grant date fair value per unit for each class of incentive unit for the Successor period from February 1, 2017 to December 31, 2017 were as follows:


Incentive Units	Per Unit Amount February 2017 Issuance		Per Unit Amount September 2017 Issuance
Class B	$	0.4872	$	0.4948
Class C	$	0.2077	$	0.2126
Class D	$	0.1485	$	0.1535

Number of Units and Weighted-average Grant Date Fair Value

The number of units and the weighted-average grant date fair value for the incentive units were as follows:


	Number of Class B Units	Weighted- Average Grant Date Fair Value		Number of Class C Units	Weighted- Average Grant Date Fair Value		Number of Class D Units	Weighted- Average Grant Date Fair Value
Granted during the Successor Period	9,720,000	$	0.4878	4,860,000	$	0.2080	4,860,000	$	0.1489
Vested	(1,944,000)	0.4878		—	—		—	—
Forfeited	(304,000)	0.4872		(190,000)	0.2077		(190,000)	0.1485
Outstanding at December 31, 2017	7,472,000	0.4879		4,670,000	0.2080		4,670,000	0.1489
Granted	410,000	0.4948		205,000	0.2126		205,000	0.1535
Vested	(7,882,000)	0.4883		(4,875,000)	0.2082		(4,875,000)	0.1491
Outstanding at December 31, 2018	—	$	—	—	$	—	—	$	—

EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Basic and Diluted Net Loss per Share

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


	Year Ended December 31, 2019		Year Ended December 31, 2018		Period from February 1, 2017 to December 31, 2017
Net (income) loss for basic and diluted income (loss) per common share	$	19,609	$	(7,244)	$	(10,174)
Shares:
Weighted-average common shares outstanding – basic	37,428,345		25,484,386		17,227,682
Effect of dilutive securities
RSUs	12,416		—		—
Stock options	140,640		—		—
Warrants	12,757		—		—
Weighted-average common shares outstanding – diluted	37,594,158		25,484,386		17,227,682

Earnings (loss) per common share - basic and diluted	$	0.52	$	(0.28)	$	(0.59)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consists of the following (in thousands):


	Successor Company								Predecessor Company
	Year Ended December 31, 2019		Year Ended December 31, 2018		Period from February 1, 2017 to December 31, 2017		Period from January 1, 2017 to January 31, 2017
Current tax provision:
Foreign	$	201	$	212	$	164	$	11
Federal	4,668		1,283		—		—
State	1,591		182		—		—
Total Current	6,460		1,677		164		11

Deferred tax provision (benefit):
Federal	1,290		93		596		(1,792)
State	573		98		(226)		(422)
Total deferred	1,863		191		370		(2,214)
Total tax provision (benefit):	$	8,323	$	1,868	$	534	$	(2,203)

Reconciliation Between Income Tax Provision (Benefit) at US Statutory Tax Rate


	Successor Company												Predecessor Company
	Year Ended December 31, 2019			Year Ended December 31, 2018			Period from February 1, 2017 to December 31, 2017			Period from January 1, 2017 to January 31, 2017
Income (loss) before income taxes	$	27,932		$	(5,376)		$	(9,640)		$	(5,521)
US statutory tax rate	21		%	21		%	34		%	34		%
Income tax (benefit) expense at statutory rate	5,866			(1,129)			(3,277)			(1,877)

State tax expense (benefit), net of federal	1,639			145			(182)			(279)
Foreign tax rates different from U.S. statutory rate	260			146			95			(46)
Non-deductible expenses	374			1,978			3,309			1
Write-off of transaction costs	—			321			—			—
Write-off of net operating losses	—			314			—			—
Change in tax rate	71			76			604			—
Other	113			17			(15)			(2)
Total tax provision (benefit)	$	8,323		$	1,868		$	534		$	(2,203)

Deferred Tax Assets Liabilities

The following table outlines the principal components of the deferred tax assets and liabilities as of December 31 (in thousands):


	2019		2018
Deferred tax assets:
U.S. federal and state net operating losses	$	6,385	$	7,567
Foreign net operating losses	73		—
Allowance for doubtful accounts	275		287
Interest expense carryforwards	—		2,525
Share-based compensation	897		294
Accrued compensation	279		281
Deferred revenue	653		—
Accrued TCPA claim	880		—
Other	—		213
Total deferred tax assets	9,442		11,167

Deferred tax liabilities
Depreciation	(1,918)		(1,134)
Intangible amortization	(6,710)		(7,766)
Total deferred tax liabilities	(8,628)		(8,900)

Valuation allowance	(73)		—

Net deferred tax asset	$	741	$	2,267

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Rental Payments

At December 31, 2019, future minimum rental payments required under operating leases for the next five years and thereafter are as follows (in thousands):


2020	$	1,498
2021	1,241
2022	1,018
2023	869
2024	776
Thereafter	662
	$	6,064

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Quarterly Financial Information

Summarized quarterly results for the years ended December 31, 2019 and 2018 is presented below (in thousands, except per share data):


2019 by Quarter:	Q1		Q2		Q3		Q4
Revenues	$	68,349	$	82,675	$	85,334	$	83,243
Operating expenses	62,041		70,711		76,898		73,509
Operating income	6,308		11,964		8,436		9,734
Interest expense	2,071		2,288		2,145		2,006
Income before income taxes	4,237		9,676		6,291		7,728
Income tax provision	1,081		2,602		2,253		2,387
Net income	$	3,156	$	7,074	$	4,038	$	5,341
Earnings per share:
Basic and diluted	$	0.09	$	0.19	$	0.11	$	0.14
Weighted-average shares outstanding:
Basic	36,182,783		37,505,598		37,984,316		38,014,444
Diluted	36,195,463		37,594,151		38,286,702		38,274,079


2018 by Quarter:	Q1		Q2		Q3		Q4
Revenues	$	55,956	$	70,379	$	72,508	$	75,058
Operating expenses	53,419		64,319		74,918		68,173
Operating income (loss)	2,537		6,060		(2,410)		6,885
Interest expense	3,284		3,392		3,434		8,338
(Loss) income before income taxes	(747)		2,668		(5,844)		(1,453)
Income tax (benefit) provision	(207)		824		7,569		(6,318)
Net (loss) income	$	(540)	$	1,844	$	(13,413)	$	4,865
(Loss) earnings per share:
Basic and diluted	$	(0.03)	$	0.11	$	(0.43)	$	0.13
Weighted-average shares outstanding:
Basic	17,227,682		17,227,682		30,975,338		36,182,783
Diluted	17,227,682		17,227,682		30,975,338		36,572,071

BASIS OF PRESENTATION AND BUSINESS (Details)	Dec. 31, 2019 store
Noncontrolling Interest [Line Items]
Number of company-operated stores	33
Intermex Guatemala
Noncontrolling Interest [Line Items]
Ownership percentage	99.80%
Intermex Mexico
Noncontrolling Interest [Line Items]
Ownership percentage	98.00%
Intermex Wire Transfer Corp
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%
Intermex Wire Transfer II, LLC
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%
Canada International Transfers Corp
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	1 Months Ended	11 Months Ended	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jan. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($) segment	Dec. 31, 2018 USD ($)
Significant Accounting Policies [Line Items]
Amount exceeded of federally insured limits			$ 78,600,000	$ 61,400,000
Losses, uninsured amount			0
Losses, uninsured amount on foreign bank accounts			0
Impairment charges	$ 0	$ 0	0	0
Advertising costs	100,000	1,700,000	1,200,000	1,800,000
Accrued interest and penalties			0	0
Gains (losses) from foreign currency transactions	$ 11,600	$ (17,000.0)	$ 41,000.0	$ 29,800
Number of reportable segments \| segment			1
Minimum
Significant Accounting Policies [Line Items]
Foreign exchange settlement term			1 day
Maximum
Significant Accounting Policies [Line Items]
Number of days recorded upon initiation of wire transfer			5 days
Foreign exchange settlement term			2 days
Agent relationships
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life			15 years
Trade name
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life			15 years
Developed technology
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life			15 years
Other intangibles
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life			10 years
Computer Equipment
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life			5 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentration of Credit Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Cash in U.S. dollars in U.S. banks	$ 80,736	$ 69,155
Cash in foreign banks and foreign currency	5,372	3,865
Petty cash	9	9
Cash	$ 86,117	$ 73,029

FINTECH MERGER AND STELLA POINT ACQUISITION, Net Cash Proceeds Received in Reverse Recapitalization (Details) - USD ($)		1 Months Ended	3 Months Ended	11 Months Ended	12 Months Ended
	Jul. 26, 2018	Jan. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2016
Business Acquisition [Line Items]
Cash balance available to Intermex prior to the consummation of the Merger			$ 44,473,000	$ 35,902,000	$ 44,473,000	$ 55,967,000	$ 3,259,000
Cash consideration to Intermex shareholders	$ (101,659,000)	$ 0		$ 0	(101,659,000)
Net equity infusion					9,989,000
Intermex
Business Acquisition [Line Items]
Cash balance available to Intermex prior to the consummation of the Merger	110,726,000
Intermex Merger costs paid from acquisition proceeds at closing	(9,062,000)
Cash consideration to Intermex shareholders	(101,659,000)
FinTech
Business Acquisition [Line Items]
Cash consideration to Intermex shareholders	102,000,000.0
Net cash proceeds from reverse recapitalization	5,000.0
Prepaid expenses	76,000
Accrued liabilities	(136,000)
Deferred tax assets	982,000		$ 1,000,000.0		$ 1,000,000.0
Net equity infusion	$ 9,989,000
Amortization post-merger tax returns period			15 years

FINTECH MERGER AND STELLA POINT ACQUISITION, Narrative (Details) - USD ($)			1 Months Ended	11 Months Ended	12 Months Ended
	Jul. 26, 2018	Feb. 01, 2017	Jan. 31, 2017	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	May 31, 2019
Business Acquisition [Line Items]
Cash consideration to Intermex shareholders	$ 101,659,000		$ 0	$ 0		$ 101,659,000
Common shares, outstanding (in shares)	36,200,000				38,034,389	36,182,783	38,000,000.0
Warrants to purchase common stock (in shares)	9,000,000
Transaction cost			$ 3,917,000	8,706,000	$ 0	$ 10,319,000
2018 Equity Compensation Plan
Business Acquisition [Line Items]
Shares reserved for issuance (in shares)	3,400,000				3,300,000
Intermex
Business Acquisition [Line Items]
Cash consideration to Intermex shareholders	$ 101,659,000
Ownership interest acquired	48.30%
FinTech
Business Acquisition [Line Items]
Redemption of shares (in shares)	4,900,000
Gross redemption payments	$ 49,800,000
Number of outstanding shares subsequent to redemption (in shares)	18,900,000
Cash consideration to Intermex shareholders	$ (102,000,000.0)
Consideration paid in equity (in shares)	17,200,000
Ownership interest acquired	51.70%
Stella Point
Business Acquisition [Line Items]
Transaction price paid in cash		$ 52,000,000.0
Transaction price paid in equity		12,400,000
Outstanding debt		78,000,000.0
Additional debt		5,000,000.0
Contingent consideration		$ 0
Ownership interest acquired			80.70%
Transaction cost			$ 3,900,000	$ 8,700,000	$ 0	$ 10,300,000

REVENUE RECOGNITION STANDARD, Revenues from Contract with Customers (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Disaggregation of Revenue [Line Items]
Wire transfer and money order fees	$ 274,161
Discounts and promotions	(1,080)
Revenues from contract with customers	319,601
Wire transfer and money order fees, net
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	273,081
Foreign exchange gain
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	44,268
Other income
Disaggregation of Revenue [Line Items]
Revenues from contract with customers	$ 2,252

REVENUE RECOGNITION STANDARD, Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) point obligation	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
Disaggregation of Revenue [Line Items]
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 completion of program	30 days
Accrued loyalty program reserve	$ 0	$ 600	$ 621
Number of performance obligation \| obligation	1
Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Adoption of new accounting pronouncement		(1,015)
Retained Earnings (Accumulated Deficit) \| Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Adoption of new accounting pronouncement		$ (1,015)	$ (1,000)

PREPAID EXPENSES AND OTHER ASSETS, Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Prepaid Expense and Other Assets [Abstract]
Prepaid insurance	$ 404	$ 300
Prepaid fees	1,211	719
Notes receivable	648	451
Prepaid taxes	1,025	878
Other prepaid expenses and current assets	867	823
Prepaid expenses and other current assets	$ 4,155	$ 3,171

PREPAID EXPENSES AND OTHER ASSETS, Notes Receivable from Agents (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Prepaid Expense and Other Assets [Abstract]
Notes receivable, current	$ 1,005	$ 730
Allowance	(357)	(279)
Net current	648	451
Notes receivable, long-term	311	478
Allowance	(120)	(169)
Net long-term	$ 191	$ 309

PREPAID EXPENSES AND OTHER ASSETS, Maturities of Notes Receivable (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Prepaid Expense and Other Assets [Abstract]
Under 1 year	$ 1,005
Between 1 and 2 years	276
Between 2 and 3 years	35
Total	$ 1,316

PREPAID EXPENSES AND OTHER ASSETS, Narritive (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes collateralized amount	$ 1.3	$ 1.2
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	15.50%

PROPERTY AND EQUIPMENT, Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment [Abstract]
Property and equipment, gross	$ 21,355	$ 15,500
Less accumulated depreciation	(8,073)	(5,107)
Property and equipment, net	13,282	10,393
Computer software and equipment
Property and Equipment [Abstract]
Property and equipment, gross	$ 19,630	14,114
Computer software and equipment \| Minimum
Property and Equipment [Abstract]
Estimated useful lives	3 years
Computer software and equipment \| Maximum
Property and Equipment [Abstract]
Estimated useful lives	5 years
Office improvements
Property and Equipment [Abstract]
Property and equipment, gross	$ 1,225	989
Estimated useful lives	5 years
Furniture and fixtures
Property and Equipment [Abstract]
Property and equipment, gross	$ 500	$ 397
Estimated useful lives	7 years

PROPERTY AND EQUIPMENT, Narrative (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 0.2	$ 2.1	$ 3.3	$ 3.2
Repairs and maintenance expenses	$ 0.1	$ 0.9	1.7	1.4
Computer software and equipment
Property, Plant and Equipment [Line Items]
Equipment maintained at locations of agents			9.3	7.2
Software and Software Development Costs
Property, Plant and Equipment [Line Items]
Equipment maintained at locations of agents			$ 2.4	$ 1.9

GOODWILL AND INTANGIBLE ASSETS, Gross Carrying Amounts and Accumulated Amortization for Goodwill and Intangible Assets (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 01, 2017	Jan. 31, 2017	Dec. 31, 2016
Indefinite life:
Goodwill	$ 36,260,000	$ 36,260,000	$ 36,260,000	$ 36,260,000	$ 0	$ 0
Total indefinite life	36,260,000	36,260,000
Amortizable:
Accumulated amortization	(36,374,000)	(27,025,000)
Net amortizable intangible assets	27,381,000	36,395,000
Agent relationships
Amortizable:
Gross amortizable intangibles	40,500,000	40,500,000
Trade name
Amortizable:
Gross amortizable intangibles	15,500,000	15,500,000
Developed technology
Amortizable:
Gross amortizable intangibles	6,600,000	6,600,000
Other intangibles
Amortizable:
Gross amortizable intangibles	1,155,000	820,000
Net amortizable intangible assets	$ 900,000	$ 700,000

GOODWILL AND INTANGIBLE ASSETS, Narrative (Details)	12 Months Ended
GOODWILL AND INTANGIBLE ASSETS, Narrative (Details)	Dec. 31, 2019
Trade name
Finite-Lived Intangible Assets [Line Items]
Expected useful life	15 years
Agent relationships
Finite-Lived Intangible Assets [Line Items]
Expected useful life	15 years
Location turnover rate	17.40%
Developed technology
Finite-Lived Intangible Assets [Line Items]
Expected useful life	15 years
Number of development years for state-of-the-art system	20 years
Obsolescence rate	18.00%
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Expected useful life	10 years

GOODWILL AND INTANGIBLE ASSETS, Changes in Intangible Assets (Details) - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Goodwill
Goodwill, beginning balance	$ 0	$ 0	$ 36,260,000	$ 36,260,000
Acquisition of agent locations		0	0	0
Amortization expense	0	0	0	0
Goodwill, ending balance	0	36,260,000	36,260,000	36,260,000
Intangible Assets
Other intangibles, beginning balance	6,348,000	6,117,000	36,395,000	48,741,000
Acquisition of agent locations		640,000	335,000	120,000
Amortization expense	(231,000)	(14,559,000)	(9,349,000)	(12,466,000)
Other intangibles, ending balance	$ 6,117,000	$ 48,741,000	$ 27,381,000	$ 36,395,000

GOODWILL AND INTANGIBLE ASSETS, Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 6,951
2021	5,161
2022	3,997
2023	2,989
2024	2,270
Thereafter	6,013
Net amortizable intangible assets	$ 27,381	$ 36,395

ACCRUED AND OTHER LIABILITIES, Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Accrued Liabilities and Other Liabilities [Abstract]
Payables to sending agents	$ 10,124		$ 8,972
Accrued legal settlement	3,250		0
Accrued salaries and benefits	2,374		2,365
Accrued bank charges	976		983
Accrued loyalty program reserve	0	$ 600	621
Accrued interest	17		1,009
Accrued legal fees	120		920
Accrued other professional fees	655		559
Accrued taxes	2,345		756
Deferred revenue loyalty program	2,495		0
Other	718		170
Accrued and other liabilities	$ 23,074		$ 16,355

ACCRUED AND OTHER LIABILITIES, Changes in Deferred Revenue Loyalty Program Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Movement in Deferred Revenue [Roll Forward]
Balance, December 31, 2018	$ 0
Revenue deferred during the period	2,618
Revenue recognized during the period	(2,099)
Balance, December 31, 2019	2,495
Accounting Standards Update 2014-09
Movement in Deferred Revenue [Roll Forward]
Adoption of ASC 606	$ 1,976

DEBT, Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 97,044	$ 120,000
Less: Current portion of long-term debt	(7,044)	(3,936)
Less: Debt origination costs	(2,377)	(2,738)
Long-term debt, noncurrent	87,623	113,326
Debt origination costs, current	600	600
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	97,044	90,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 30,000

DEBT, Narrative (Details)					1 Months Ended	3 Months Ended	11 Months Ended	12 Months Ended
DEBT, Narrative (Details)	Apr. 29, 2019 USD ($)	Nov. 07, 2018 USD ($)	Aug. 23, 2017 USD ($)	Feb. 01, 2017 USD ($)	Jan. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Nov. 30, 2018 USD ($)	Aug. 31, 2017 USD ($)
Debt Instrument [Line Items]
Transaction costs					$ 3,917,000		$ 8,706,000	$ 0	$ 10,319,000
Loss on extinguishment of debt						$ 5,400,000
Prepayment of debt					0	1,800,000	0	0	1,843,000
Write-off of unamortized debt origination costs				$ 1,900,000		3,500,000
Capitalized debt issuance costs						2,738,000		2,377,000	2,738,000
Unamortized portion of debt origination costs						$ 3,400,000		2,900,000	3,400,000
Amortization of debt issuance costs					39,200		$ 335,000	$ 734,000	4,448,000
Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio								1.25
Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio								3.25
Senior Secured Credit Facility
Debt Instrument [Line Items]
Transaction costs									$ 1,500,000
Senior Secured Credit Facility \| LIBOR
Debt Instrument [Line Items]
Interest rate			9.00%
Senior Secured Credit Facility \| Base Rate
Debt Instrument [Line Items]
Interest rate			8.00%
Senior Secured Credit Facility \| Term Loan
Debt Instrument [Line Items]
Aggregate principal amount			$ 97,000,000.0
Senior Secured Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 20,000,000.0
Credit Agreement
Debt Instrument [Line Items]
Unused line fee percentage		0.35%
Capitalized debt issuance costs					$ 0					$ 3,500,000	$ 4,700,000
Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Interest rate		4.50%
Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Interest rate		3.50%
Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Aggregate principal amount		$ 90,000,000.0
Effective interest rate							10.46%	7.62%
Credit Agreement \| Term Loan \| Year 1
Debt Instrument [Line Items]
Periodic repayment percentage		5.00%
Credit Agreement \| Term Loan \| Year 2
Debt Instrument [Line Items]
Periodic repayment percentage		7.50%
Credit Agreement \| Term Loan \| Year 3
Debt Instrument [Line Items]
Periodic repayment percentage		7.50%
Credit Agreement \| Term Loan \| Year 4
Debt Instrument [Line Items]
Periodic repayment percentage		10.00%
Credit Agreement \| Term Loan \| Year 5
Debt Instrument [Line Items]
Periodic repayment percentage		10.00%
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 35,000,000.0
Effective interest rate							12.50%	9.23%
Credit Agreement \| Incremental Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 30,000,000.0
Increase Joinder
Debt Instrument [Line Items]
Capitalized debt issuance costs								$ 200,000
Increase Joinder \| Incremental Facility
Debt Instrument [Line Items]
Proceeds from issuance of secured debt	$ 12,000,000.0

DEBT, Annual Maturities of Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 97,044	$ 120,000
MC Credit Partners
Debt Instrument [Line Items]
2020	7,661
2021	7,661
2022	10,215
2023	71,507
Long-term debt, gross	$ 97,044

RELATED PARTY TRANSACTIONS (Details) - USD ($)	11 Months Ended	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Monthly management fees plus reimbursement expense		$ 65,000.0
Amounts payable to related parties		0	$ 0
Amounts receivable from related parties		$ 0	0
Reimbursed expenses	$ 12,000.0
Termination fee			$ 1,600,000

STOCKHOLDER'S EQUITY AND SHARE-BASED COMPENSATION, Narrative (Details)		1 Months Ended	2 Months Ended	11 Months Ended	12 Months Ended
	Sep. 11, 2019 USD ($) $ / shares shares	Jan. 31, 2017 USD ($)	May 31, 2019 USD ($) shares	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($) installment $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Mar. 28, 2019 $ / shares shares	Jul. 26, 2018 shares
Share-based Compensation Arrangement [Abstract]
Common shares, outstanding (in shares)			38,000,000.0		38,034,389	36,182,783		36,200,000
Warrants to purchase common stock (in shares)								9,000,000
Common stock, shares authorized (in shares)					230,000,000	230,000,000
Common shares, issued (in shares)					38,034,389	36,182,783
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001	$ 0.0001
Number of shares of common stock called by each warrant (in shares)					1
Warrant exercise price (in dollars per share) \| $ / shares					$ 11.50
Warrants exercisable period on completion of business combination					30 days
Warrants expiration period					5 years
Percentage of conversion consideration less than the exchange consideration							10.00%
Percentage of outstanding warrants							99.51%
Warrant exchange (in shares)			1,800,000
Cash paid in warrant exchange \| $		$ 0	$ 10,000,000.0	$ 0	$ 10,031,000	$ 0
Cash dividends \| $		0		20,200,000	$ 0	$ 0
Underwriting Agreement
Share-based Compensation Arrangement [Abstract]
Common stock newly issued (in shares)	5,200,000
Stock price to redeem warrants (in dollars per share) \| $ / shares	$ 12.75
Additional shares of common stock purchased (in shares)	782,608
Option period for the additional shares	30 days
Offering costs \| $	$ 800,000
2018 Equity Compensation Plan
Share-based Compensation Arrangement [Abstract]
Shares reserved for issuance (in shares)					3,300,000			3,400,000
Tender Offer
Share-based Compensation Arrangement [Abstract]
Stock price to redeem warrants (in dollars per share) \| $ / shares							$ 1.12
Number of shares of common stock called by each warrant (in shares)							0.201
Professional and legal fees \| $					$ 900,000
Warrant Amendment
Share-based Compensation Arrangement [Abstract]
Stock price to redeem warrants (in dollars per share) \| $ / shares							$ 1.00
Number of shares of common stock called by each warrant (in shares)							0.181
Stock options
Share-based Compensation Arrangement [Abstract]
Stock price to redeem warrants (in dollars per share) \| $ / shares					$ 13.83	$ 10.00
Stock options \| 2018 Equity Compensation Plan
Share-based Compensation Arrangement [Abstract]
Weighted-average non-vested period					2 years 3 months 18 days
Stock options term					10 years
Number of equal installments for options vesting \| installment					4
Options non-vested (in shares)					2,900,000
RSUs granted (in shares)					475,000
Weighted-average grant date price (in dollars per share) \| $ / shares					$ 4.38
Forfeited RSUs (in shares)					403,000
Unrecognized compensation expense \| $					$ 7,200,000
Share-based compensation expense \| $					$ 2,600,000	$ 1,000,000.0
RSUs \| 2018 Equity Compensation Plan
Share-based Compensation Arrangement [Abstract]
Options vesting period					1 year
RSUs granted (in shares)					19,000.0	21,200
Weighted-average grant date price (in dollars per share) \| $ / shares					$ 14.77	$ 9.91
Forfeited RSUs (in shares)					0	0
Aggregate fair value of the vested RSUs \| $					$ 255,100
Unrecognized compensation expense \| $					210,000.0
Share-based compensation expense \| $					$ 192,500	$ 87,500
Options vested (in shares)					21,192
Class C and D
Share-based Compensation Arrangement [Abstract]
Share-based compensation expense \| $		0		0		0
Performance Shares
Share-based Compensation Arrangement [Abstract]
Share-based compensation expense \| $		$ 2,900,000		$ 1,800,000		$ 4,700,000
Intermex
Share-based Compensation Arrangement [Abstract]
Percentage of outstanding common stock owned								48.30%
FinTech
Share-based Compensation Arrangement [Abstract]
Percentage of outstanding common stock owned								51.70%
FinTech \| Public Warrants
Share-based Compensation Arrangement [Abstract]
Number of warrants issued (in shares)					8,800,000
FinTech \| Placement Warrants
Share-based Compensation Arrangement [Abstract]
Number of warrants issued (in shares)					200,000

STOCKHOLDER'S EQUITY AND SHARE-BASED COMPENSATION, Fair Value of Stock Options (Details) - $ / shares	1 Months Ended		12 Months Ended
	Sep. 30, 2017	Feb. 28, 2017	Dec. 31, 2019	Dec. 31, 2018
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date price of our common stock (in dollars per share)			$ 13.83	$ 10.00
Expected volatility			28.60%	28.60%
Risk-free interest rate			1.70%	2.90%
Expected term (in years)			6 years 3 months	6 years 3 months
Expected dividend yield			0.00%	0.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	47.40%	46.90%
Risk-free interest rate	1.90%	2.10%
Expected term (in years)	5 years 9 months 18 days	6 years
Expected dividend yield	0.00%	0.00%

STOCKHOLDER'S EQUITY AND SHARE-BASED COMPENSATION, Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Weighted-Average Grant Date Fair Value
Exercisable at December 31, 2019 (in dollars per share)	$ 3.45
Stock Option \| 2018 Equity Compensation Plan
Number of Options
Outstanding at December 31, 2018 (in shares)	2,881,219
Granted (in shares)	475,000
Exercised (in shares)	(48,000)
Forfeited (in shares)	(403,000)
Expired (in shares)	0
Outstanding at December 31, 2019 (in shares)	2,905,219	2,881,219
Exercisable at December 31, 2019 (in shares)	639,805
Weighted-Average Exercise Price
Outstanding at December 31, 2018 (in dollars per share)	$ 10.00
Granted (in dollars per share)	13.83
Exercised (in dollars per share)	10.20
Forfeited (in dollars per share)	10.81
Outstanding at December 31, 2019 (in dollars per share)	10.51	$ 10.00
Exercisable at December 31, 2019 (in dollars per share)	$ 9.95
Weighted-Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding	8 years 8 months 26 days	9 years 7 months 6 days
Weighted average remaining contractual term, Exercisable	8 years 7 months 2 days
Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2018 (in dollars per share)	$ 3.47
Granted (in dollars per share)	4.38
Exercised (in dollars per share)	3.54
Forfeited (in dollars per share)	3.68
Expired (in dollars per share)	0
Outstanding at December 31, 2019 (in dollars per share)	$ 3.58	$ 3.47
Aggregate intrinsic value of stock options exercised	$ 0.2
Aggregate fair value of vested/exercisable options	$ 7.7

STOCKHOLDER'S EQUITY AND SHARE-BASED COMPENSATION, Incentive Units Authorized and Issued (Details) - shares	1 Months Ended
	Sep. 30, 2017	Feb. 28, 2017	Dec. 31, 2017
Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)			10,000,000
Units Issued (in shares)	665,000	9,055,000
Class C
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)			5,000,000
Units Issued (in shares)	332,500	4,527,500
Class D
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)			5,000,000
Units Issued (in shares)	332,500	4,527,500

STOCKHOLDER'S EQUITY AND SHARE-BASED COMPENSATION, Number of Units and Weighted-average Grant Date Fair Value (Details) - $ / shares	1 Months Ended		11 Months Ended	12 Months Ended
	Sep. 30, 2017	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018
Class B
Number of Units
Granted during the Successor Period (in shares)			9,720,000	410,000
Vested (in shares)			(1,944,000)	(7,882,000)
Forfeited (in shares)			(304,000)
Outstanding, ending balance (in shares)			7,472,000	0
Weighted-Average Grant Date Fair Value
Granted during the Successor Period (in dollars per share)	$ 0.4948	$ 0.4872	$ 0.4878	$ 0.4948
Vested (in dollars per share)			0.4878	0.4883
Forfeited (in dollars per share)			0.4872
Outstanding, ending balance (in dollars per share)			$ 0.4879	$ 0
Class C
Number of Units
Granted during the Successor Period (in shares)			4,860,000	205,000
Vested (in shares)			0	(4,875,000)
Forfeited (in shares)			(190,000)
Outstanding, ending balance (in shares)			4,670,000	0
Weighted-Average Grant Date Fair Value
Granted during the Successor Period (in dollars per share)	0.2126	0.2077	$ 0.2080	$ 0.2126
Vested (in dollars per share)			0	0.2082
Forfeited (in dollars per share)			0.2077
Outstanding, ending balance (in dollars per share)			$ 0.2080	$ 0
Class D
Number of Units
Granted during the Successor Period (in shares)			4,860,000	205,000
Vested (in shares)			0	(4,875,000)
Forfeited (in shares)			(190,000)
Outstanding, ending balance (in shares)			4,670,000	0
Weighted-Average Grant Date Fair Value
Granted during the Successor Period (in dollars per share)	$ 0.1535	$ 0.1485	$ 0.1489	$ 0.1535
Vested (in dollars per share)			0	0.1491
Forfeited (in dollars per share)			0.1485
Outstanding, ending balance (in dollars per share)			$ 0.1489	$ 0

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
(Loss) earnings per share:
Net (income) loss for basic and diluted income (loss) per common share	$ (3,318)	$ 5,341	$ 4,038	$ 7,074	$ 3,156	$ 4,865	$ (13,413)	$ 1,844	$ (540)	$ (10,174)	$ 19,609	$ (7,244)
Shares:
Weighted-average common shares outstanding - basic (in shares)		38,014,444	37,984,316	37,505,598	36,182,783	36,182,783	30,975,338	17,227,682	17,227,682	17,227,682	37,428,345	25,484,386
Weighted-average common shares outstanding - diluted (in shares)		38,274,079	38,286,702	37,594,151	36,195,463	36,572,071	30,975,338	17,227,682	17,227,682	17,227,682	37,594,158	25,484,386
Earnings (loss) per common share - basic and diluted (in dollars per share)		$ 0.14	$ 0.11	$ 0.19	$ 0.09	$ 0.13	$ (0.43)	$ 0.11	$ (0.03)	$ (0.59)	$ 0.52	$ (0.28)
RSUs
Shares:
Effect of dilutive securities (in shares)										0	12,416	0
Securities excluded from computation of diluted loss per share (in shares)											19,000.0	21,200
Stock options
Shares:
Effect of dilutive securities (in shares)										0	140,640	0
Securities excluded from computation of diluted loss per share (in shares)										0	500,000	2,900,000
Warrants
Shares:
Effect of dilutive securities (in shares)										0	12,757	0
Securities excluded from computation of diluted loss per share (in shares)										0		9,000,000.0

INCOME TAXES, Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Current tax provision:
Foreign	$ 11									$ 164	$ 201	$ 212
Federal	0									0	4,668	1,283
State	0									0	1,591	182
Total Current	11									164	6,460	1,677
Deferred tax provision (benefit):
Federal	(1,792)									596	1,290	93
State	(422)									(226)	573	98
Total deferred	(2,214)									370	1,863	191
Total tax provision (benefit)	$ (2,203)	$ 2,387	$ 2,253	$ 2,602	$ 1,081	$ (6,318)	$ 7,569	$ 824	$ (207)	$ 534	$ 8,323	$ 1,868

INCOME TAXES, Reconciliation of Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (5,521)	$ 7,728	$ 6,291	$ 9,676	$ 4,237	$ (1,453)	$ (5,844)	$ 2,668	$ (747)	$ (9,640)	$ 27,932	$ (5,376)
US statutory tax rate	34.00%									34.00%	21.00%	21.00%
Income tax (benefit) expense at statutory rate	$ (1,877)									$ (3,277)	$ 5,866	$ (1,129)
State tax expense (benefit), net of federal	(279)									(182)	1,639	145
Foreign tax rates different from U.S. statutory rate	(46)									95	260	146
Non-deductible expenses	1									3,309	374	1,978
Write-off of transaction costs	0									0	0	321
Write-off of net operating losses	0									0	0	314
Change in tax rate	0									604	71	76
Other	(2)									(15)	113	17
Total tax provision (benefit)	$ (2,203)	$ 2,387	$ 2,253	$ 2,602	$ 1,081	$ (6,318)	$ 7,569	$ 824	$ (207)	$ 534	$ 8,323	$ 1,868

INCOME TAXES, Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
U.S. federal and state net operating losses	$ 6,385,000	$ 7,567,000
Foreign net operating losses	73,000	0
Allowance for doubtful accounts	275,000	287,000
Interest expense carryforwards	0	2,525,000
Share-based compensation	897,000	294,000
Accrued compensation	279,000	281,000
Deferred revenue	653,000	0
Accrued TCPA claim	880,000	0
Other	0	213,000
Total deferred tax assets	9,442,000	11,167,000
Deferred tax liabilities
Depreciation	(1,918,000)	(1,134,000)
Intangible amortization	(6,710,000)	(7,766,000)
Total deferred tax liabilities	(8,628,000)	(8,900,000)
Valuation allowance	(73,000)	0
Net deferred tax asset	741,000	2,267,000
Domestic Tax Authority
Deferred tax liabilities
Valuation allowance	0	0
State and Local Jurisdiction
Deferred tax liabilities
Valuation allowance	$ 0	$ 0

INCOME TAXES, Narrative (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure, Line Items [Line Items]
Accrued interest and tax penalties	$ 0	$ 0
Valuation allowance	73,000	0
Decrease in deferred tax asset			$ (600,000)
Domestic Tax Authority
Income Tax Disclosure, Line Items [Line Items]
Net operating loss carryforwards	25,900,000
Valuation allowance	0	0
State and Local Jurisdiction
Income Tax Disclosure, Line Items [Line Items]
Net operating loss carryforwards	23,900,000
Valuation allowance	0	$ 0
Foreign Tax Authority
Income Tax Disclosure, Line Items [Line Items]
Operating Loss Carryforwards, Valuation Allowance	$ 73,300

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		1 Months Ended	11 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Oct. 07, 2019 USD ($)	Jan. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($) state territory country	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Rent expense		$ 100	$ 1,600	$ 2,100	$ 1,800
Amount of settlement fund created	$ 3,250
Settlement amount				3,250
Related legal expenses				$ 400
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				3

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease term	5 years
2020	$ 1,498
2021	1,241
2022	1,018
2023	869
2024	776
Thereafter	662
Total	$ 6,064

DEFINED CONTRIBUTION PLAN (Details) - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
DEFINED CONTRIBUTION PLAN (Details) - USD ($)	Jan. 31, 2017	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Selling, General and Administrative Expenses
Defined Contribution Plan [Abstract]
Defined benefit plan, employer contribution	$ 10,000.0	$ 96,600	$ 132,000.0	$ 115,200

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								11 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Revenues	$ 14,425	$ 83,243	$ 85,334	$ 82,675	$ 68,349	$ 75,058	$ 72,508	$ 70,379	$ 55,956	$ 201,039	$ 319,601	$ 273,901
Operating expenses	19,332	73,509	76,898	70,711	62,041	68,173	74,918	64,319	53,419	199,231	283,159	260,829
Operating income (loss)	(4,907)	9,734	8,436	11,964	6,308	6,885	(2,410)	6,060	2,537	1,808	36,442	13,072
Interest expense	614	2,006	2,145	2,288	2,071	8,338	3,434	3,392	3,284	11,448	8,510	18,448
Income (loss) before income taxes	(5,521)	7,728	6,291	9,676	4,237	(1,453)	(5,844)	2,668	(747)	(9,640)	27,932	(5,376)
Income tax (benefit) provision	(2,203)	2,387	2,253	2,602	1,081	(6,318)	7,569	824	(207)	534	8,323	1,868
Net income (loss)	$ (3,318)	$ 5,341	$ 4,038	$ 7,074	$ 3,156	$ 4,865	$ (13,413)	$ 1,844	$ (540)	$ (10,174)	$ 19,609	$ (7,244)
(Loss) earnings per share:
Basic and diluted (in dollars per share)		$ 0.14	$ 0.11	$ 0.19	$ 0.09	$ 0.13	$ (0.43)	$ 0.11	$ (0.03)	$ (0.59)	$ 0.52	$ (0.28)
Weighted-average common shares outstanding:
Basic (in shares)		38,014,444	37,984,316	37,505,598	36,182,783	36,182,783	30,975,338	17,227,682	17,227,682	17,227,682	37,428,345	25,484,386
Diluted (in shares)		38,274,079	38,286,702	37,594,151	36,195,463	36,572,071	30,975,338	17,227,682	17,227,682	17,227,682	37,594,158	25,484,386