(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
||
(Address of Principal Executive Offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
|
Item 2.02. |
Results of Operations and Financial Condition.
|
Item 9.01. |
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
Exhibit No.
|
Description
|
Press release, dated May 5, 2021, issued by International Money Express, Inc.
|
|
104*
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
INTERNATIONAL MONEY EXPRESS, INC.
|
|||
Dated: May 5, 2021
|
By:
|
/s/ Ernesto Luciano
|
|
Name:
|
Ernesto Luciano
|
||
Title:
|
General Counsel
|
• |
Revenues of $94.6 million, an increase of 22.4% compared with the prior-year period
|
• |
Net Income of $9.0 million, an increase of 57.8%, and Basic and Diluted EPS of $0.23, up 53.3%, compared with the prior-year period
|
• |
Adjusted Net Income increased 40.0% to $10.6 million and Adjusted Basic and Diluted EPS grew 40.0% and 35.0% to $0.28 and $0.27 per share,
respectively, compared with the prior-year period
|
• |
Adjusted EBITDA of $16.8 million, an increase of 27.4% over the prior-year period
|
• |
A 13.8% increase in active customers compared with the prior-year period
|
(in thousands of dollars)
|
March 31,
2021
|
December 31,
2020
|
||||||
ASSETS
|
(Unaudited)
|
|||||||
Current assets:
|
||||||||
Cash
|
$
|
55,087
|
$
|
74,907
|
||||
Accounts receivable, net of allowance of $1,580 and $1,503, respectively
|
66,789
|
55,017
|
||||||
Prepaid wires, net
|
89,127
|
53,281
|
||||||
Prepaid expenses and other current assets
|
3,588
|
3,521
|
||||||
Total current assets
|
214,591
|
186,726
|
||||||
Property and equipment, net
|
13,831
|
13,021
|
||||||
Goodwill
|
36,260
|
36,260
|
||||||
Intangible assets, net
|
19,140
|
20,430
|
||||||
Other assets
|
2,981
|
3,036
|
||||||
Total assets
|
$
|
286,803
|
$
|
259,473
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt, net
|
$
|
7,682
|
$
|
7,044
|
||||
Accounts payable
|
11,181
|
12,771
|
||||||
Wire transfers and money orders payable, net
|
41,967
|
41,746
|
||||||
Accrued and other liabilities
|
26,682
|
22,380
|
||||||
Total current liabilities
|
87,512
|
83,941
|
||||||
Long-term liabilities:
|
||||||||
Debt, net
|
93,179
|
80,579
|
||||||
Deferred tax liability, net
|
548
|
692
|
||||||
Total long-term liabilities
|
93,727
|
81,271
|
||||||
Stockholders' equity:
|
||||||||
Total stockholders' equity
|
105,564
|
94,261
|
||||||
Total liabilities and stockholders' equity
|
$
|
286,803
|
$
|
259,473
|
Three Months Ended
March 31,
|
||||||||
(in thousands of dollars)
|
2021
|
2020
|
||||||
(Unaudited)
|
||||||||
Revenues:
|
||||||||
Wire transfer and money order fees, net
|
$
|
80,912
|
$
|
67,095
|
||||
Foreign exchange gain, net
|
13,049
|
9,554
|
||||||
Other income
|
616
|
602
|
||||||
Total revenues
|
$
|
94,577
|
$
|
77,251
|
||||
Operating expenses:
|
||||||||
Service charges from agents and banks
|
63,372
|
52,227
|
||||||
Salaries and benefits
|
9,875
|
7,359
|
||||||
Other selling, general and administrative expenses
|
5,505
|
5,337
|
||||||
Depreciation and amortization
|
2,335
|
2,690
|
||||||
Total operating expenses
|
81,087
|
67,613
|
||||||
Operating income
|
13,490
|
9,638
|
||||||
Interest expense
|
1,339
|
1,870
|
||||||
Income before income taxes
|
12,151
|
7,768
|
||||||
Income tax provision
|
3,174
|
2,080
|
||||||
Net income
|
$
|
8,977
|
$
|
5,688
|
||||
Earnings per common share:
|
||||||||
Basic
|
$
|
0.23
|
$
|
0.15
|
||||
Diluted
|
$
|
0.23
|
$
|
0.15
|
||||
Weighted-average common shares outstanding:
|
||||||||
Basic
|
38,239,130
|
38,035,014
|
||||||
Diluted
|
38,846,906
|
38,038,674
|
Three Months Ended March 31,
|
||||||||
(in thousands of dollars)
|
2021
|
2020
|
||||||
(Unaudited)
|
||||||||
Net income
|
$
|
8,977
|
$
|
5,688
|
||||
Adjusted for:
|
||||||||
Share-based compensation (a)
|
896
|
722
|
||||||
TCPA settlement (b)
|
-
|
23
|
||||||
Other charges and expenses (c)
|
117
|
147
|
||||||
Amortization of certain intangibles (d)
|
1,262
|
1,711
|
||||||
Income tax benefit related to adjustments (e)
|
(619
|
)
|
(695
|
)
|
||||
Adjusted net income
|
$
|
10,633
|
$
|
7,596
|
||||
Adjusted earnings per common share
|
||||||||
Basic
|
$
|
0.28
|
$
|
0.20
|
||||
Diluted
|
$
|
0.27
|
$
|
0.20
|
(a)
|
Equity awards were granted to employees and independent directors of the Company.
|
(b)
|
Represents legal fees for the settlement of a class action lawsuit related to the Telephone Consumer Protection Act.
|
(c)
|
Includes loss on disposal of fixed assets and foreign currency (gains) losses.
|
(d)
|
Represents the amortization of certain intangible assets that resulted from the application of push-down accounting.
|
(e)
|
Represents the current and deferred tax impact of the taxable adjustments to net income using the Company’s blended federal and state
tax rate for each period. Relevant tax-deductible adjustments include all adjustments to net income.
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
(Unaudited)
|
||||||||
GAAP Basic Earnings per Share
|
$
|
0.23
|
$
|
0.15
|
||||
Adjusted for:
|
||||||||
Share-based compensation
|
0.02
|
0.02
|
||||||
TCPA settlement
|
-
|
NM
|
||||||
Other charges and expenses
|
NM
|
NM
|
||||||
Amortization of certain intangibles
|
0.03
|
0.04
|
||||||
Income tax benefit related to adjustments
|
(0.01
|
)
|
(0.02
|
)
|
||||
Non-GAAP Adjusted Basic Earnings per Share
|
$
|
0.28
|
$
|
0.20
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
(Unaudited)
|
||||||||
GAAP Diluted Earnings per Share
|
$
|
0.23
|
$
|
0.15
|
||||
Adjusted for:
|
||||||||
Share-based compensation
|
0.02
|
0.02
|
||||||
TCPA settlement
|
-
|
NM
|
||||||
Other charges and expenses
|
NM
|
NM
|
||||||
Amortization of certain intangibles
|
0.03
|
0.04
|
||||||
Income tax benefit related to adjustments
|
(0.01
|
)
|
(0.02
|
)
|
||||
Non-GAAP Adjusted Diluted Earnings per Share
|
$
|
0.27
|
$
|
0.20
|
Three Months Ended March 31,
|
||||||||
(in thousands of dollars)
|
2021
|
2020
|
||||||
(Unaudited)
|
||||||||
Net income
|
$
|
8,977
|
$
|
5,688
|
||||
Adjusted for:
|
||||||||
Interest expense
|
1,339
|
1,870
|
||||||
Income tax provision
|
3,174
|
2,080
|
||||||
Depreciation and amortization
|
2,335
|
2,690
|
||||||
EBITDA
|
15,825
|
12,328
|
||||||
Share-based compensation (a)
|
896
|
722
|
||||||
TCPA settlement (b)
|
-
|
23
|
||||||
Other charges and expenses (c)
|
117
|
147
|
||||||
Adjusted EBITDA
|
$
|
16,838
|
$
|
13,220
|
(a)
|
Equity awards were granted to employees and independent directors of the Company.
|
(b)
|
Represents legal fees for the settlement of a class action lawsuit related to the Telephone Consumer Protection Act.
|
(c)
|
Includes loss on disposal of fixed assets and foreign currency (gains) losses.
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
(Unaudited)
|
||||||||
Net Income margin
|
9.5
|
%
|
7.4
|
%
|
||||
Adjusted for:
|
||||||||
Interest expense
|
1.4
|
%
|
2.4
|
%
|
||||
Income tax provision
|
3.4
|
%
|
2.7
|
%
|
||||
Depreciation and amortization
|
2.5
|
%
|
3.5
|
%
|
||||
EBITDA
|
16.7
|
%
|
16.0
|
%
|
||||
Share-based compensation
|
0.9
|
%
|
0.9
|
%
|
||||
TCPA settlement
|
0.0
|
%
|
0.0
|
%
|
||||
Other charges and expenses
|
0.1
|
%
|
0.2
|
%
|
||||
Adjusted EBITDA Margin
|
17.8
|
%
|
17.1
|
%
|