0001683695-21-000010 | 10-Q | XBRL Viewer | International Money Express INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 04, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-37986
Entity Registrant Name	INTERNATIONAL MONEY EXPRESS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4219082
Entity Address, Address Line One	9480 South Dixie Highway
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33156
City Area Code	305
Local Phone Number	671-8000
Title of 12(b) Security	Common stock ($0.0001 par value)
Trading Symbol	IMXI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,143,088
Entity Central Index Key	0001683695
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
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
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 liabilities, net	548	692
Total long-term liabilities	93,727	81,271
Commitments and contingencies
Stockholders’ equity:
Common stock $0.0001 par value; 230,000,000 shares authorized, 38,362,788 and 38,217,125 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively.	4	4
Additional paid-in capital	61,640	59,310
Retained earnings	43,937	34,960
Accumulated other comprehensive loss	(17)	(13)
Total stockholders’ equity	105,564	94,261
Total liabilities and stockholders’ equity	$ 286,803	$ 259,473

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable allowance	$ 1,580	$ 1,503
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized (in shares)	230,000,000	230,000,000
Common shares, issued (in shares)	38,362,788	38,217,125
Common shares, outstanding (in shares)	38,362,788	38,217,125

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
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
Other comprehensive loss	(4)	(144)
Comprehensive income	$ 8,973	$ 5,544
Earnings per common share:
Basic (in dollars per share)	$ 0.23	$ 0.15
Diluted (in dollars per share)	$ 0.23	$ 0.15
Weighted-average common shares outstanding:
Basic (in shares)	38,239,130	38,035,014
Diluted (in shares)	38,846,906	38,038,674
Wire transfer and money order fees, net
Revenues:
Revenues	$ 80,912	$ 67,095
Foreign exchange gain, net
Revenues:
Revenues	13,049	9,554
Other income
Revenues:
Revenues	$ 616	$ 602

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2019	$ 55,967	$ 4	$ 54,694	$ 1,176	$ 93
Beginning balance (in shares) at Dec. 31, 2019		38,034,389
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,688			5,688
Issuance of common stock:
Exercise of stock options	(4)		(4)
Exercise of stock options (in shares)		890
Share-based compensation	722		722
Adjustment from foreign currency translation, net	(144)				(144)
Ending balance at Mar. 31, 2020	62,229	$ 4	55,412	6,864	(51)
Ending balance (in shares) at Mar. 31, 2020		38,035,279
Beginning balance at Dec. 31, 2020	94,261	$ 4	59,310	34,960	(13)
Beginning balance (in shares) at Dec. 31, 2020		38,217,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,977			8,977
Issuance of common stock:
Exercise of stock options	1,434		1,434
Exercise of stock options (in shares)		144,632
Fully vested shares (in shares)		1,031
Share-based compensation	896		896
Adjustment from foreign currency translation, net	(4)				(4)
Ending balance at Mar. 31, 2021	$ 105,564	$ 4	$ 61,640	$ 43,937	$ (17)
Ending balance (in shares) at Mar. 31, 2021		38,362,788

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 8,977	$ 5,688
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	2,335	2,690
Share-based compensation	896	722
Provision for credit losses	162	737
Debt origination costs amortization	200	188
Deferred income tax (benefit) provision, net	(144)	382
Loss on disposal of property and equipment	65	57
Total adjustments	3,514	4,776
Changes in operating assets and liabilities:
Accounts receivable	(11,938)	744
Prepaid wires, net	(36,163)	9,271
Prepaid expenses and other assets	(59)	1,240
Wire transfers and money orders payable, net	548	758
Accounts payable and accrued and other liabilities	2,715	(3,697)
Net cash (used in) provided by operating activities	(32,406)	18,780
Cash flows from investing activities:
Purchases of property and equipment	(1,930)	(901)
Net cash used in investing activities	(1,930)	(901)
Cash flows from financing activities:
Repayments of term loan facility	(1,915)	(1,915)
Borrowings under revolving credit facility, net	15,000	0
Proceeds from exercise of options	1,434	0
Net cash provided by (used in) financing activities	14,519	(1,915)
Effect of exchange rate changes on cash	(3)	(243)
Net (decrease) increase in cash	(19,820)	15,721
Cash, beginning of period	74,907	86,117
Cash, end of period	55,087	101,838
Supplemental disclosure of cash flow information:
Cash paid for interest	1,138	1,685
Cash paid for income taxes	75	832
Supplemental disclosure of non-cash financing activity:
Issuance of common stock for cashless exercise of options	$ 0	$ 4

BUSINESS AND ACCOUNTING POLICIES	3 Months Ended
BUSINESS AND ACCOUNTING POLICIES	Mar. 31, 2021
Accounting Policies [Abstract]
BUSINESS AND ACCOUNTING POLICIES	BUSINESS AND ACCOUNTING POLICIES International Money Express, Inc. (the “Company” or “us” or “we”) operates as a money transmitter between the United States of America (“United States” or “U.S.”) and Canada to Mexico, Guatemala and other countries in Latin America, Africa and Asia through a network of authorized agents located in various unaffiliated retail establishments and 34 Company-operated stores throughout the United States and Canada. During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (“COVID-19”). The pandemic has had and continues to have a significant effect on economic conditions in the United States of America, as the efforts of federal, state, local and foreign governments to react to the public health crisis with mitigation measures have created and continue to cause significant uncertainties in the U.S. and global economy. The extent to which the COVID-19 pandemic affects our business, operations and financial results depends, and will continue to depend, on numerous evolving factors that we may not be able to accurately predict. Although the Company’s operations continued effectively despite social distancing and other measures taken in response to the pandemic, the ultimate impact of the COVID-19 pandemic on our financial condition, results of operations and cash flows is dependent on future developments, including the duration of the pandemic and the related extent of its severity, as well as its impact on the economic conditions, particularly the level of unemployment of our customers, which remain uncertain and cannot be predicted at this time. If the global response to contain the COVID-19 pandemic escalates further or is unsuccessful, or if governmental decisions to ease pandemic related restrictions are ineffective, premature or counterproductive, the Company could experience a material adverse effect on its financial condition, results of operations and cash flows. The condensed consolidated financial statements of the Company include Intermex Holdings, Inc., its wholly-owned indirect subsidiary, Intermex Wire Transfer, LLC (“LLC”), Intermex Wire Transfers de Guatemala, S.A. (“Intermex Guatemala”) - 100% 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. The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All significant inter-company balances and transactions have been eliminated from the condensed consolidated financial statements. The Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim financial statements have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Accounting Pronouncements The Financial Accounting Standards Board (“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 guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements. The FASB issued amended guidance, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amended standard requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement if those costs would be capitalized by the customers in a software licensing arrangement. This guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements. The FASB issued guidance, Simplifying the Accounting for Income Taxes (Topic 740), which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed 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, 2022 using the modified retrospective approach. The Company is currently evaluating the impact this guidance will have on the condensed 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 guidance on January 1, 2023. The Company is currently evaluating the impact this guidance will have on the condensed consolidated financial statements. The FASB issued guidance, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. This accounting standards update provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This new guidance may be adopted by the Company no later than December 1, 2022, with early adoption permitted. The potential adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements.

REVENUES

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

REVENUES

The Company recognized revenues from contracts with customers for the three months ended March 31, 2021 and 2020, as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Wire transfer and money order fees	$	81,216	$	67,316
Discounts and promotions	(304)		(221)
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

There are no significant initial costs incurred to obtain contracts with customers, although the Company has a loyalty program under which customers earn one point for each wire transfer completed. Points can be redeemed for a discounted wire transaction fee or a foreign exchange rate that is more favorable to the customer. The customer benefits vary by country, and the earned points expire if the customer has not initiated and completed an eligible wire transfer transaction within the immediately preceding 180-day period. In addition, earned points will expire 30 days after the end of the program. Because the loyalty program benefits represent a future performance obligation, a portion of the initial consideration is recorded as deferred revenue loyalty program (see Note 7) and a corresponding loyalty program expense is recorded as contra revenue. Revenue from this performance obligation is recognized upon customers redeeming points or upon expiration of any points outstanding.

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

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE

Accounts Receivable

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


	March 31, 2021		December 31, 2020
Accounts receivable	$	68,369	$	56,520
Allowance for credit losses	(1,580)		(1,503)
Accounts receivable, net	$	66,789	$	55,017

Notes Receivable

The Company had notes receivable, net of allowance for credit losses, from sending agents as follows (in thousands):


	March 31, 2021		December 31, 2020
Notes receivable, current	$	570	$	710
Allowance for credit losses	(204)		(244)
Net current	$	366	$	466

Notes receivable, long-term	$	763	$	816
Allowance for credit losses	(274)		(295)
Net long-term	$	489	$	521

The net current portion is included in prepaid expenses and other current assets (see Note 4), and the net long-term portion is included in other assets in the condensed consolidated balance sheets. The notes have interest rates ranging from 0% to 16% per annum. At March 31, 2021 and December 31, 2020, there were $1.3 million and $1.5 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 March 31, 2021 are as follows (in thousands):


	Unpaid Principle Balance
Under 1 year	$	570
Between 1 and 2 years	516
Between 2 and 3 years	247
Total	$	1,333

Allowance for Credit Losses

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


	Three Months Ended March 31,
	2021		2020
Beginning balance	$	2,042	$	1,236
Provision	162		737
Charge-offs	(265)		(629)
Recoveries	119		133
Ending Balance	$	2,058	$	1,477

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


	March 31, 2021		December 31, 2020
Accounts receivable	$	1,580	$	1,503
Notes receivable	478		539
Allowance for credit losses	$	2,058	$	2,042

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2021

Prepaid Expense and Other Assets [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

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


	March 31, 2021		December 31, 2020
Prepaid insurance	$	365	$	465
Prepaid fees and services	1,644		1,452
Notes receivable, net of allowance	366		466
Assets pending settlement	208		218
Prepaid income taxes	—		103
Prepaid expenses and current assets - other	1,005		817
	$	3,588	$	3,521

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Intangible assets on the condensed consolidated balance sheets of the Company consist of goodwill, agent relationships, trade name, developed technology and other intangible assets. Agent relationships, trade name and developed technology are all amortized over 15 years using an accelerated method that correlates with the projected realization of the benefit. The agent relationships intangible represents the network of independent sending agents; trade name refers to the Intermex name, branded on all agent locations and well recognized in the market; and developed technology includes the state-of-the-art system that the Company has continued to develop and improve over the past 20 years. Other intangible assets primarily relate to the acquisition of Company-operated stores, which are amortized on a straight line basis over 10 years. The determination of our intangible fair values includes several assumptions that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties, and no impairment charges were determined necessary to be recognized during the three months ended March 31, 2021.

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


	Goodwill		Intangibles
Balance at December 31, 2020	$	36,260	$	20,430
Amortization expense	—		(1,290)
Balance at March 31, 2021	$	36,260	$	19,140

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


2021	$	3,871
2022	3,997
2023	2,989
2024	2,270
2025	1,717
Thereafter	4,296
	$	19,140

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET

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


	March 31, 2021		December 31, 2020
Wire transfers payable, net	$	9,473	$	11,806
Customer voided wires payable	13,711		13,374
Money orders payable	18,783		16,566
	$	41,967	$	41,746

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

ACCRUED AND OTHER LIABILITIES

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

ACCRUED AND OTHER LIABILITIES

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


	March 31, 2021		December 31, 2020
Commissions payable to sending agents	$	13,295	$	12,500
Accrued salaries and benefits	2,745		2,957
Accrued bank charges	1,562		1,170
Accrued legal fees	—		75
Accrued other professional fees	711		826
Accrued taxes	4,408		1,276
Deferred revenue loyalty program	2,819		2,750
Other	1,142		826
	$	26,682	$	22,380

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


Balance, December 31, 2020	$	2,750
Revenue deferred during the period	454
Revenue recognized during the period	(385)
Balance, March 31, 2021	$	2,819

DEBT

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

DEBT

Debt consisted of the following (in thousands):


	March 31, 2021		December 31, 2020
Revolving credit facility	$	15,000	$	—
Term loan facility	87,468		89,383
	102,468		89,383
Less: Current portion of long-term debt (1)	(7,682)		(7,044)
Less: Debt origination costs	(1,607)		(1,760)
	$	93,179	$	80,579

(1)Current portion of long-term debt is net of debt origination costs of approximately $0.6 million both at March 31, 2021 and December 31, 2020.

The Company and certain of its domestic subsidiaries as borrowers (the “Loan Parties”) entered into a financing agreement (as amended, the “Credit Agreement”) with a group of banking institutions. The Credit Agreement provides for a $35 million revolving credit facility, a $90 million term loan facility and an up to $30 million incremental facility of which $12 million was utilized in 2019. The Credit Agreement also provides for the issuance of letters of credit, which would reduce availability under the revolving credit facility. The maturity date of the Credit Agreement is November 7, 2023.

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 three months ended March 31, 2021 for the term loan facility and revolving credit facility were 5.32% and 0.96%, respectively.

The principal amount of the term loan facility under the Credit Agreement must be repaid in consecutive quarterly installments of 5.0% in year 1, 7.5% in years 2 and 3, and 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 balloon payment at maturity. The loans under the Credit Agreement may be prepaid at any time without premium or penalty.

The Credit Agreement contains financial covenants that require the Company to maintain a quarterly minimum fixed charge coverage ratio of 1.25:1.00 and a quarterly maximum consolidated leverage ratio of 3.25:1.00.

The Credit Agreement also contains covenants that limit the Company’s and its subsidiaries’ ability to, among other things, grant liens, incur additional indebtedness, make acquisitions or investments, dispose of certain assets, change the nature of their businesses, enter into certain transactions with affiliates or amend the terms of material indebtedness.

In addition, the Credit Agreement establishes certain restrictions on payment of dividends or cash distributions other than for certain purposes, including the following: i) to pay cash dividends to the Company in an amount necessary to cover reasonable and customary corporate and operating expenses, ii) to purchase, redeem or otherwise acquire warrants, right or options on the Company’s common stock of an aggregate amount of up to $10 million plus the Available Amount (as defined in the Credit Agreement), iii) to repurchase the Company’s common stock from current or former employees in an aggregate amount of up to $5 million per calendar year, and iv) other restricted payments in an aggregate amount not to exceed $5 million plus the Available Amount.

As a result of the restrictions described above, among others, substantially all of the Company’s subsidiaries’ net assets as of March 31, 2021 and December 31, 2020 are considered restricted net assets.

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.

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company determines fair value in accordance with the provisions of FASB guidance, Fair Value Measurements and Disclosures, which defines fair value as an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-level fair value hierarchy that prioritizes the inputs used to measure fair value was established. There are three levels of inputs used to measure fair value and for disclosure purposes. Level 1 relates to quoted market prices for identical assets or liabilities in active markets. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s non-financial assets measured at fair value on a nonrecurring basis include goodwill and intangibles assets. The determination of our intangible fair values includes several assumptions and inputs (Level 3) that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. All other financial assets and liabilities are carried at amortized cost. The Company’s cash balances are representative of their fair values as these balances are comprised of deposits available on demand. The carrying amounts of accounts receivable, prepaid wires, accounts payable and wire transfers and money orders payable are representative of their fair values because of the short turnover of these items. The Company’s financial liabilities 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

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

International Money Express, Inc. Omnibus Equity Compensation Plans

On June 26, 2020, at the 2020 Annual Meeting of Stockholders, the Company’s stockholders approved the International Money Express, Inc. 2020 Omnibus Equity Compensation Plan (the “2020 Plan”), which provides for the granting of stock-based incentive awards, including stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance stock units (“PSUs”) to employees and independent directors of the Company. There are 3.4 million shares of the Company’s common stock available for issuance under the 2020 Plan, including 0.4 million shares that were available for grant under the International Money Express, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan” and together with the 2020 Plan, the “Plans”). As of March 31, 2021, 2.9 million shares remained available for future awards under the 2020 Plan. The 2018 Plan was terminated effective June 26, 2020.

Stock Options

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 volatility of the Company’s common stock 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.

Share-based compensation is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The stock options issued under the Plans have 10-year terms and vest in four equal annual installments beginning one year after the date of the grant. The Company recognized compensation expense for stock options of approximately $0.6 million for both the three months ended March 31, 2021 and 2020, which is included in salaries and benefits in the condensed consolidated statements of operations and comprehensive income. As of March 31, 2021, there were 2.5 million outstanding stock options and unrecognized compensation expense of $5.2 million is expected to be recognized over a weighted-average period of 1.7 years.

A summary of the stock option activity under the Plans during the three months ended March 31, 2021 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, 2020	2,714,902	$	10.97	8.19	$	4.03
Granted	—	$	—		$	—
Exercised	(144,632)	$	9.91		$	3.55
Forfeited	(44,500)	$	10.08		$	4.48
Outstanding at March 31, 2021	2,525,770	$	11.05	7.79	$	4.11

Exercisable at March 31, 2021	1,005,569	$	10.19	7.41	$	3.56

Restricted Stock Units and Share Awards

The RSUs granted under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date of the grant, while RSUs issued to the Company’s independent directors vest on the one year anniversary from the grant date. The Company recognized compensation expense for RSUs of approximately $0.2 million and $0.1 million for the three months ended March 31, 2021 and 2020, respectively, which is included in salaries and benefits in the condensed consolidated statements of operations

and comprehensive income. As of March 31, 2021, unrecognized compensation expense of approximately $2.3 million is expected to be recognized over a weighted-average period of 2.3 years.

A summary of the RSU activity during the three months ended March 31, 2021 is presented below:


	Number of RSUs	Weighted-Average Grant Price
Nonvested at December 31, 2020	40,881	$	13.38
Granted	158,705	$	14.17
Forfeited	(7,500)	$	14.49
Nonvested at March 31, 2021	192,086	$	13.99

Under the 2020 Plan, effective October 1, 2020, the Lead Independent Director and Chairs of the Committees of the Board of Directors are granted, in aggregate, $64.0 thousand in awards of fully vested shares of the Company’s common stock, payable on a quarterly basis at the end of each quarter in payment of fees earned in such capacities. During the three months ended March 31, 2021, 1,031 fully vested shares were granted to the Lead Independent Director and Chairs of the Committees of the Board of Directors.

Restricted Stock Awards

The RSAs issued under the Plans to the Company’s employees vest in four equal annual installments beginning one year after the date of grant. The Company recognized compensation expense for RSAs granted of $23.1 thousand for the three months ended March 31, 2021, which is included in salaries and benefits in the condensed consolidated statement of operations and comprehensive income. No compensation expense was recognized for the three months ended March 31, 2020. As of March 31, 2021, there was $1.2 million of unrecognized compensation expense for the RSAs, which is expected to be recognized over a weighted-average period of 2.5 years.

A summary of the RSA activity during the three months ended March 31, 2021 is presented below:


	Number of RSAs	Weighted-Average Grant Price
Nonvested at December 31, 2020	—	$	—
Granted	88,215	$	14.17
Vested	—	$	—
Forfeited	—	$	—
Nonvested at March 31, 2021	88,215	$	14.17

Performance Stock Units

PSUs granted to the Company’s employees vest subject to attainment of performance criteria during the service period established by the Compensation Committee. Each PSU represents the right to receive one share of common stock, and the actual number of shares issuable upon vesting is determined based upon performance compared to financial performance targets. The PSUs vest based on the achievement of certain revenue parameters for a period of two years combined with a service period of three years. Compensation cost is recognized over the requisite service period when it is probable that the performance condition will be satisfied. The Company recognized compensation expense for PSUs of $63.6 thousand for the three months ended March 31, 2021, which is included in salaries and benefits in the condensed consolidated statement of operations and comprehensive income. There was no compensation expense recognized for the

three months ended March 31, 2020. As of March 31, 2021, there was $2.4 million of unrecognized compensation expense for the PSUs, which is expected to be recognized over a weighted-average period of 2.8 years.

A summary of the PSU activity during the three months ended March 31, 2021 is presented below:


	Number of PSUs	Weighted-Average Remaining Contractual Term (Years)	Weighted-Average Grant Price
Nonvested at December 31, 2020	—	—	$	—
Granted	171,500		$	14.17
Vested	—		$	—
Forfeited	—		$	—
Nonvested at March 31, 2021	171,500	9.92	$	14.17

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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

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


	Three Months Ended March 31,
	2021		2020

Net income for basic and diluted earnings per common share	$	8,977	$	5,688

Shares:
Weighted-average common shares outstanding – basic	38,239,130		38,035,014
Effect of dilutive securities:
RSUs	26,242		3,477
Stock options	573,770		183
RSAs	2,574		—
PSUs	5,190		—
Weighted-average common shares outstanding – diluted	38,846,906		38,038,674

Earnings per common share – basic and diluted	$	0.23	$	0.15

As of March 31, 2021 and 2020, there were 0.6 million and 3.0 million options, respectively, excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

INCOME TAXES

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

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


	Three Months Ended March 31,
	2021			2020
Income before income taxes	$	12,151		$	7,768
U.S statutory tax rate	21		%	21		%
Income tax expense at statutory rate	2,552			1,631

State tax expense, net of federal	678			400
Foreign tax rates different from U.S. statutory rate	17			32
Non-deductible expenses	62			11
Other	(135)			6
Total tax provision	$	3,174		$	2,080

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

As presented in the income tax reconciliation above, the tax provision recognized on the condensed consolidated statements of operations and comprehensive income was affected by state taxes, non-deductible expenses, share-based compensation expenses and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate.

On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the United States economy and fund a nationwide effort to curtail the effects of COVID-19. The CARES Act provides various tax law changes in response to the COVID-19 pandemic, including increasing the ability to deduct interest expense, providing for deferral on tax deposits, and amending certain provisions of the previously enacted Tax Cuts and Jobs Act. After considering the provisions of the CARES Act, the Company determined that the CARES Act did not have a material effect on its annual effective tax rate and the income tax provision for the three months ended on March 31, 2021.

- Definition

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

+ References + Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2021

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 condensed consolidated statements of operations and comprehensive income, amounted to approximately $0.6 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively.

At March 31, 2021, future minimum rental payments required under operating leases for the remainder of 2021 and thereafter are as follows (in thousands):


2021	$	1,162
2022	1,278
2023	970
2024	814
2025	697
Thereafter	—
	$	4,921

Contingencies and Legal Proceedings

The Company is subject to legal proceedings and claims that have arisen in the ordinary course of its business and have not been finally adjudicated. Although there can be no assurance as to the ultimate disposition of these matters, it is the opinion of the Company’s management, based upon the information available at this time and the stage of the proceedings, that it is not possible to determine the probability of loss or estimate of damages, and therefore, the Company has not established a reserve for any of these proceedings.

The Company operates in all 50 states in the United States, two U.S. territories and 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

Pursuant to applicable licensing laws, certain domestic subsidiaries of the Company are required to maintain minimum tangible net worth and liquid assets (eligible securities) to cover the amount outstanding of wire transfers and money orders payable. As of March 31, 2021, the Company’s subsidiaries were in compliance with these two requirements.

BUSINESS AND ACCOUNTING POLICIES (Policies)	3 Months Ended
BUSINESS AND ACCOUNTING POLICIES (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All significant inter-company balances and transactions have been eliminated from the condensed consolidated financial statements. The Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim financial statements have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Accounting Pronouncements	Accounting Pronouncements The Financial Accounting Standards Board (“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 guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements. The FASB issued amended guidance, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The amended standard requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement if those costs would be capitalized by the customers in a software licensing arrangement. This guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements. The FASB issued guidance, Simplifying the Accounting for Income Taxes (Topic 740), which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed 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, 2022 using the modified retrospective approach. The Company is currently evaluating the impact this guidance will have on the condensed 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 guidance on January 1, 2023. The Company is currently evaluating the impact this guidance will have on the condensed consolidated financial statements. The FASB issued guidance, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. This accounting standards update provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This new guidance may be adopted by the Company no later than December 1, 2022, with early adoption permitted. The potential adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements.
Fair Value Measurements	The Company’s non-financial assets measured at fair value on a nonrecurring basis include goodwill and intangibles assets. The determination of our intangible fair values includes several assumptions and inputs (Level 3) that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. All other financial assets and liabilities are carried at amortized cost. The Company’s cash balances are representative of their fair values as these balances are comprised of deposits available on demand. The carrying amounts of accounts receivable, prepaid wires, accounts payable and wire transfers and money orders payable are representative of their fair values because of the short turnover of these items. The Company’s financial liabilities 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.

REVENUES (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

The Company recognized revenues from contracts with customers for the three months ended March 31, 2021 and 2020, as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Wire transfer and money order fees	$	81,216	$	67,316
Discounts and promotions	(304)		(221)
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

ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Accounts Receivable, Allowance for Credit Loss


	March 31, 2021		December 31, 2020
Accounts receivable	$	68,369	$	56,520
Allowance for credit losses	(1,580)		(1,503)
Accounts receivable, net	$	66,789	$	55,017

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


	Three Months Ended March 31,
	2021		2020
Beginning balance	$	2,042	$	1,236
Provision	162		737
Charge-offs	(265)		(629)
Recoveries	119		133
Ending Balance	$	2,058	$	1,477

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


	March 31, 2021		December 31, 2020
Accounts receivable	$	1,580	$	1,503
Notes receivable	478		539
Allowance for credit losses	$	2,058	$	2,042

Notes Receivable, Net of Allowance for Credit Loss

The Company had notes receivable, net of allowance for credit losses, from sending agents as follows (in thousands):


	March 31, 2021		December 31, 2020
Notes receivable, current	$	570	$	710
Allowance for credit losses	(204)		(244)
Net current	$	366	$	466

Notes receivable, long-term	$	763	$	816
Allowance for credit losses	(274)		(295)
Net long-term	$	489	$	521

Maturities of Notes Receivable

The maturities of notes receivable at March 31, 2021 are as follows (in thousands):


	Unpaid Principle Balance
Under 1 year	$	570
Between 1 and 2 years	516
Between 2 and 3 years	247
Total	$	1,333

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2021

Prepaid Expense and Other Assets [Abstract]

Prepaid Expenses and Other Current Assets

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


	March 31, 2021		December 31, 2020
Prepaid insurance	$	365	$	465
Prepaid fees and services	1,644		1,452
Notes receivable, net of allowance	366		466
Assets pending settlement	208		218
Prepaid income taxes	—		103
Prepaid expenses and current assets - other	1,005		817
	$	3,588	$	3,521

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Goodwill and Intangible Assets

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


	Goodwill		Intangibles
Balance at December 31, 2020	$	36,260	$	20,430
Amortization expense	—		(1,290)
Balance at March 31, 2021	$	36,260	$	19,140

Amortization Expense Related to Intangible Assets

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


2021	$	3,871
2022	3,997
2023	2,989
2024	2,270
2025	1,717
Thereafter	4,296
	$	19,140

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Tables)

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Schedule of Wire Transfer and Money Orders Payable

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


	March 31, 2021		December 31, 2020
Wire transfers payable, net	$	9,473	$	11,806
Customer voided wires payable	13,711		13,374
Money orders payable	18,783		16,566
	$	41,967	$	41,746

ACCRUED AND OTHER LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Accrued and Other Liabilities

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


	March 31, 2021		December 31, 2020
Commissions payable to sending agents	$	13,295	$	12,500
Accrued salaries and benefits	2,745		2,957
Accrued bank charges	1,562		1,170
Accrued legal fees	—		75
Accrued other professional fees	711		826
Accrued taxes	4,408		1,276
Deferred revenue loyalty program	2,819		2,750
Other	1,142		826
	$	26,682	$	22,380

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, 2020	$	2,750
Revenue deferred during the period	454
Revenue recognized during the period	(385)
Balance, March 31, 2021	$	2,819

DEBT (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt consisted of the following (in thousands):


	March 31, 2021		December 31, 2020
Revolving credit facility	$	15,000	$	—
Term loan facility	87,468		89,383
	102,468		89,383
Less: Current portion of long-term debt (1)	(7,682)		(7,044)
Less: Debt origination costs	(1,607)		(1,760)
	$	93,179	$	80,579

(1)Current portion of long-term debt is net of debt origination costs of approximately $0.6 million both at March 31, 2021 and December 31, 2020.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Option Activity

A summary of the stock option activity under the Plans during the three months ended March 31, 2021 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, 2020	2,714,902	$	10.97	8.19	$	4.03
Granted	—	$	—		$	—
Exercised	(144,632)	$	9.91		$	3.55
Forfeited	(44,500)	$	10.08		$	4.48
Outstanding at March 31, 2021	2,525,770	$	11.05	7.79	$	4.11

Exercisable at March 31, 2021	1,005,569	$	10.19	7.41	$	3.56

RSU Activity

A summary of the RSU activity during the three months ended March 31, 2021 is presented below:


	Number of RSUs	Weighted-Average Grant Price
Nonvested at December 31, 2020	40,881	$	13.38
Granted	158,705	$	14.17
Forfeited	(7,500)	$	14.49
Nonvested at March 31, 2021	192,086	$	13.99

RSA Activity

A summary of the RSA activity during the three months ended March 31, 2021 is presented below:


	Number of RSAs	Weighted-Average Grant Price
Nonvested at December 31, 2020	—	$	—
Granted	88,215	$	14.17
Vested	—	$	—
Forfeited	—	$	—
Nonvested at March 31, 2021	88,215	$	14.17

PSU Activity

A summary of the PSU activity during the three months ended March 31, 2021 is presented below:


	Number of PSUs	Weighted-Average Remaining Contractual Term (Years)	Weighted-Average Grant Price
Nonvested at December 31, 2020	—	—	$	—
Granted	171,500		$	14.17
Vested	—		$	—
Forfeited	—		$	—
Nonvested at March 31, 2021	171,500	9.92	$	14.17

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Basic and Diluted Net Loss per Share

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


	Three Months Ended March 31,
	2021		2020

Net income for basic and diluted earnings per common share	$	8,977	$	5,688

Shares:
Weighted-average common shares outstanding – basic	38,239,130		38,035,014
Effect of dilutive securities:
RSUs	26,242		3,477
Stock options	573,770		183
RSAs	2,574		—
PSUs	5,190		—
Weighted-average common shares outstanding – diluted	38,846,906		38,038,674

Earnings per common share – basic and diluted	$	0.23	$	0.15

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Reconciliation of Tax Provision (Benefit)


	Three Months Ended March 31,
	2021			2020
Income before income taxes	$	12,151		$	7,768
U.S statutory tax rate	21		%	21		%
Income tax expense at statutory rate	2,552			1,631

State tax expense, net of federal	678			400
Foreign tax rates different from U.S. statutory rate	17			32
Non-deductible expenses	62			11
Other	(135)			6
Total tax provision	$	3,174		$	2,080

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Rental Payments

At March 31, 2021, future minimum rental payments required under operating leases for the remainder of 2021 and thereafter are as follows (in thousands):


2021	$	1,162
2022	1,278
2023	970
2024	814
2025	697
Thereafter	—
	$	4,921

BUSINESS AND ACCOUNTING POLICIES (Details)	3 Months Ended
BUSINESS AND ACCOUNTING POLICIES (Details)	Mar. 31, 2021 store
Noncontrolling Interest [Line Items]
Number of company owned stores	34
Intermex Guatemala
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%
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%

REVENUES, Revenues from Contract with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Wire transfer and money order fees	$ 81,216	$ 67,316
Discounts and promotions	(304)	(221)
Revenues	94,577	77,251
Wire transfer and money order fees, net
Disaggregation of Revenue [Line Items]
Revenues	80,912	67,095
Foreign exchange gain, net
Disaggregation of Revenue [Line Items]
Revenues	13,049	9,554
Other income
Disaggregation of Revenue [Line Items]
Revenues	$ 616	$ 602

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUES, Narrative (Details)	3 Months Ended
REVENUES, Narrative (Details)	Mar. 31, 2021 point obligation
Revenue from Contract with Customer [Abstract]
Point earned for each wire transfer processed \| point	1
Point expiration period for non completion of wire transfer transaction	180 days
Point expiration period after end of program	30 days
Number of performance obligation \| obligation	1

ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Accounts Receivable Outstanding Balance (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable	$ 68,369	$ 56,520
Allowance for credit losses	(1,580)	(1,503)
Accounts receivable, net	$ 66,789	$ 55,017

ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Notes Receivable, Net of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Notes receivable, current	$ 570	$ 710
Allowance for credit losses	(204)	(244)
Net current	366	466
Notes receivable, long-term	763	816
Allowance for credit losses	(274)	(295)
Net long-term	$ 489	$ 521

ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes collateralized	$ 1.3	$ 1.5
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	16.00%

ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Maturities of Notes Receivable (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Receivables [Abstract]
Under 1 year	$ 570
Between 1 and 2 years	516
Between 2 and 3 years	247
Total	$ 1,333

ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,042	$ 1,236
Provision	162	737
Charge-offs	(265)	(629)
Recoveries	119	133
Ending Balance	$ 2,058	$ 1,477

ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Accounts receivable	$ 1,580	$ 1,503
Notes receivable	478	539
Allowance for credit losses	$ 2,058	$ 2,042	$ 1,477	$ 1,236

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets [Abstract]
Prepaid insurance	$ 365	$ 465
Prepaid fees and services	1,644	1,452
Notes receivable, net of allowance	366	466
Assets pending settlement	208	218
Prepaid income taxes	0	103
Prepaid expenses and current assets - other	1,005	817
Prepaid expenses and other assets	$ 3,588	$ 3,521

GOODWILL AND INTANGIBLE ASSETS, Narrative (Details)	3 Months Ended
GOODWILL AND INTANGIBLE ASSETS, Narrative (Details)	Mar. 31, 2021
Agent Relationships
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets amortization period, under accelerated method	15 years
Trade Names
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets amortization period, under accelerated method	15 years
Developed Technology Rights
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets amortization period, under accelerated method	15 years
Number of development years for state-of-the-art system	20 years
Other Intangible Assets
Finite-Lived Intangible Assets, Net [Abstract]
Intangible asset, useful life	10 years

GOODWILL AND INTANGIBLE ASSETS, Changes in Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Goodwill
Goodwill, beginning balance	$ 36,260
Amortization expense	0
Goodwill, ending balance	36,260
Intangibles
Other intangible assets, beginning balance	20,430
Amortization expense	(1,290)
Other intangible assets, ending balance	$ 19,140

GOODWILL AND INTANGIBLE ASSETS, Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 3,871
2022	3,997
2023	2,989
2024	2,270
2025	1,717
Thereafter	4,296
Net amortizable intangible assets	$ 19,140

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Wire transfers payable, net	$ 9,473	$ 11,806
Customer voided wires payable	13,711	13,374
Money orders payable	18,783	16,566
Total wire transfers and money orders payable, net	$ 41,967	$ 41,746

ACCRUED AND OTHER LIABILITIES, Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Commissions payable to sending agents	$ 13,295	$ 12,500
Accrued salaries and benefits	2,745	2,957
Accrued bank charges	1,562	1,170
Accrued legal fees	0	75
Accrued other professional fees	711	826
Accrued taxes	4,408	1,276
Deferred revenue loyalty program	2,819	2,750
Other	1,142	826
Total accrued and other liabilities	$ 26,682	$ 22,380

ACCRUED AND OTHER LIABILITIES, Changes in Deferred Revenue Loyalty Program Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Movement in Deferred Revenue [Roll Forward]
Beginning balance	$ 2,750
Revenue deferred during the period	454
Revenue recognized during the period	(385)
Ending balance	$ 2,819

DEBT, Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 102,468	$ 89,383
Less: Current portion of long-term debt	(7,682)	(7,044)
Less: Debt origination costs	(1,607)	(1,760)
Long-term debt, noncurrent	93,179	80,579
Debt origination costs, current	600	600
Term loan facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 87,468	$ 89,383

DEBT, Narrative (Details)		3 Months Ended
DEBT, Narrative (Details)	Nov. 07, 2018 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Borrowings under revolving credit facility, net		$ 15,000,000	$ 0
Long-term debt, gross		102,468,000			$ 89,383,000
Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.25
Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio	3.25
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross		15,000,000			0
Term loan facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 87,468,000			$ 89,383,000
Credit Agreement
Debt Instrument [Line Items]
Unused line fee percentage		0.35%
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 facility
Debt Instrument [Line Items]
Debt instrument, face amount		$ 90,000,000
Effective interest rate		5.32%
Credit Agreement \| Term loan facility \| Year 1
Debt Instrument [Line Items]
Periodic repayment percentage	5.00%
Credit Agreement \| Term loan facility \| Year 2
Debt Instrument [Line Items]
Periodic repayment percentage	7.50%
Credit Agreement \| Term loan facility \| Year 3
Debt Instrument [Line Items]
Periodic repayment percentage	7.50%
Credit Agreement \| Term loan facility \| Year 4
Debt Instrument [Line Items]
Periodic repayment percentage	10.00%
Credit Agreement \| Term loan facility \| 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
Effective interest rate		0.96%
Debt instrument, covenant, repurchase of warrants or options threshold	$ 10,000,000
Debt instrument, covenant, repurchase of common stock threshold	5,000,000
Debt instrument, covenant, restricted payment threshold	$ 5,000,000
Credit Agreement \| Incremental Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 30,000,000
Borrowings under revolving credit facility, net				$ 12,000,000

SHARE-BASED COMPENSATION, Narrative (Details)	3 Months Ended
SHARE-BASED COMPENSATION, Narrative (Details)	Mar. 31, 2021 USD ($) installment shares	Mar. 31, 2020 USD ($)	Oct. 01, 2020 shares	Jun. 26, 2020 shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal installments for options vesting \| installment	4
Share-based compensation expense \| $	$ 200,000	$ 100,000
Unrecognized compensation expense \| $	$ 2,300,000
Weighted-average period for recognition	2 years 3 months 18 days
Granted (in shares)	158,705
RSUs \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
RSUs \| Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal installments for options vesting \| installment	4
Award vesting period	1 year
Share-based compensation expense \| $	$ 23,100	0
Unrecognized compensation expense \| $	$ 1,200,000
Weighted-average period for recognition	2 years 6 months
Granted (in shares)	88,215
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Share-based compensation expense \| $	$ 63,600	0
Unrecognized compensation expense \| $	$ 2,400,000
Weighted-average period for recognition	2 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	3 years
the “2020 Plan”
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	2,900,000			3,400,000
the “2020 Plan” \| Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			64,000.0
Granted (in shares)	1,031
the “2018 Plan”
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)				400,000
the “2018 Plan” \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options term	10 years
Number of equal installments for options vesting \| installment	4
Award vesting period	1 year
Share-based compensation expense \| $	$ 600,000	$ 600,000
Outstanding stock options (in shares)	2,500,000
Unrecognized compensation expense \| $	$ 5,200,000
Weighted-average period for recognition	1 year 8 months 12 days
Granted (in shares)	0
Forfeited RSUs (in shares)	44,500

SHARE-BASED COMPENSATION, Stock Option Activity (Details) - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020
Weighted-Average Grant Date Fair Value
Exercisable ending balance (in dollars per share)	$ 3.56
Stock options \| the “2018 Plan”
Number of Options
Outstanding, beginning balance (in shares)	2,714,902
Granted (in shares)	0
Exercised (in shares)	(144,632)
Forfeited (in shares)	(44,500)
Outstanding, ending balance (in shares)	2,525,770
Exercisable, ending balance (in shares)	1,005,569
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 10.97
Granted (in dollars per share)	0
Exercised (in dollars per share)	9.91
Forfeited (in dollars per share)	10.08
Outstanding, ending balance (in dollars per share)	11.05
Exercisable, ending balance (in dollars per share)	$ 10.19
Weighted-Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding	7 years 9 months 14 days	8 years 2 months 8 days
Weighted average remaining contractual term, exercisable	7 years 4 months 28 days
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share)	$ 4.03
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.55
Forfeited (in dollars per share)	4.48
Outstanding ending balance (in dollars per share)	$ 4.11

SHARE-BASED COMPENSATION, RSU, RSA, and PSU Activity (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
RSUs
Number
Nonvested at beginning of period (in shares) \| shares	40,881
Granted (in shares) \| shares	158,705
Forfeited (in shares) \| shares	(7,500)
Nonvested at end of period (in shares) \| shares	192,086
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share) \| $ / shares	$ 13.38
Granted (in dollars per share) \| $ / shares	14.17
Forfeited (in dollars per share) \| $ / shares	14.49
Nonvested at end of period (in dollars per share) \| $ / shares	$ 13.99
RSAs
Number
Nonvested at beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	88,215
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Nonvested at end of period (in shares) \| shares	88,215
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	14.17
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Nonvested at end of period (in dollars per share) \| $ / shares	$ 14.17
PSUs
Number
Nonvested at beginning of period (in shares) \| shares	0
Granted (in shares) \| shares	171,500
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Nonvested at end of period (in shares) \| shares	171,500
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	14.17
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Nonvested at end of period (in dollars per share) \| $ / shares	$ 14.17
Weighted-Average Remaining Contractual Term (Years)	9 years 11 months 1 day

EARNINGS PER SHARE, Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income for basic and diluted earnings per common share	$ 8,977	$ 5,688
Shares:
Weighted-average common shares outstanding - basic (in shares)	38,239,130	38,035,014
Weighted-average common shares outstanding - diluted (in shares)	38,846,906	38,038,674
Earnings per common share – basic (in dollars per share)	$ 0.23	$ 0.15
Earnings per common share – diluted (in dollars per share)	$ 0.23	$ 0.15
RSUs
Shares:
Effect of dilutive securities (in shares)	26,242	3,477
Stock options
Shares:
Effect of dilutive securities (in shares)	573,770	183
RSAs
Shares:
Effect of dilutive securities (in shares)	2,574	0
PSUs
Shares:
Effect of dilutive securities (in shares)	5,190	0

EARNINGS PER SHARE, Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)	0.6	3.0

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income before income taxes	$ 12,151	$ 7,768
U.S statutory tax rate	21.00%	21.00%
Income tax expense at statutory rate	$ 2,552	$ 1,631
State tax expense, net of federal	678	400
Foreign tax rates different from U.S. statutory rate	17	32
Non-deductible expenses	62	11
Other	(135)	6
Total tax provision	$ 3,174	$ 2,080

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

COMMITMENTS AND CONTINGENCIES, Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) state territory country	Mar. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Rent expense \| $	$ 0.6	$ 0.5
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	Mar. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 1,162
2022	1,278
2023	970
2024	814
2025	697
Thereafter	0
Total	$ 4,921