0001683695-22-000004 | 10-K | XBRL Viewer | International Money Express INC

Print Document View Excel Document

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash	$ 132,474	$ 74,907
Accounts receivable, net of allowance of $2,181 and $1,503, respectively	67,317	55,017
Prepaid wires, net	56,766	53,281
Prepaid expenses and other current assets	6,988	3,521
Total current assets	263,545	186,726
Property and equipment, net	17,905	13,021
Goodwill	36,260	36,260
Intangible assets, net	15,392	20,430
Other assets	7,434	3,036
Total assets	340,536	259,473
Current liabilities:
Current portion of long-term debt, net	3,882	7,044
Accounts payable	23,151	12,771
Wire transfers and money orders payable, net	56,066	41,746
Accrued and other liabilities	33,760	22,380
Total current liabilities	116,859	83,941
Long-term liabilities:
Long-term debt, net	79,211	80,579
Deferred tax liability, net	1,426	692
Total long-term liabilities	80,637	81,271
Commitments and contingencies
Stockholders’ equity:
Common stock $0.0001 par value; 230,000,000 shares authorized, 38,820,222 and 38,217,125 shares issued and 38,478,700 and 38,217,125 shares outstanding as of December 31, 2021 and 2020, respectively	4	4
Additional paid-in capital	66,875	59,310
Retained earnings	81,803	34,960
Accumulated other comprehensive loss	(76)	(13)
Treasury stock, at cost; 341,522 shares as of December 31, 2021 (none as of December 31, 2020)	(5,566)	0
Total stockholders’ equity	143,040	94,261
Total liabilities and stockholders’ equity	$ 340,536	$ 259,473

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable allowance	$ 2,181	$ 1,503
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	230,000,000	230,000,000
Common shares, issued (in shares)	38,820,222	38,217,125
Common shares, outstanding (in shares)	38,478,700	38,217,125
Treasury stock (in shares)	341,522,000	0

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Revenues	$ 459,206	$ 357,209	$ 319,601
Operating expenses:
Service charges from agents and banks	307,458	238,597	212,670
Salaries and benefits	43,065	32,831	30,705
Other selling, general and administrative expenses	31,340	22,086	27,095
Depreciation and amortization	9,491	10,828	12,689
Total operating expenses	391,354	304,342	283,159
Operating income	67,852	52,867	36,442
Interest expense	4,537	6,566	8,510
Income before income taxes	63,315	46,301	27,932
Income tax provision	16,472	12,517	8,323
Net income	46,843	33,784	19,609
Other comprehensive (loss) income	(63)	(106)	95
Comprehensive income	$ 46,780	$ 33,678	$ 19,704
Earnings per common share:
Basic (in dollars per share)	$ 1.22	$ 0.89	$ 0.52
Diluted (in dollars per share)	$ 1.20	$ 0.88	$ 0.52
Weighted-average common shares outstanding:
Basic (in shares)	38,474,040	38,060,290	37,428,345
Diluted (in shares)	39,103,450	38,358,171	37,594,158
Wire transfer and money order fees, net
Revenues:
Revenues	$ 393,241	$ 307,909	$ 273,081
Foreign exchange gain, net
Revenues:
Revenues	62,832	46,763	44,268
Other income
Revenues:
Revenues	$ 3,133	$ 2,537	$ 2,252

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	RSUs	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Common Stock RSUs	Additional Paid-in Capital	Additional Paid-in Capital RSUs	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive (Loss) Income	Treasury Stock
Beginning Balance at Dec. 31, 2018	$ 44,473		$ (1,015)	$ 4		$ 61,889		$ (17,418)	$ (1,015)	$ (2)
Beginning balance (in shares) at Dec. 31, 2018				36,182,783
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Warrant exchange	(10,031)					(10,031)
Warrant exchange (in shares)				1,800,065
Net income	19,609							19,609
Issuance of common stock:
Exercise of stock options	227					227
Exercise of stock options (in shares)				30,349
Restricted stock units		$ 0
Restricted stock units (in shares)					21,192
Share-based compensation	2,609					2,609
Adjustment from foreign currency translation, net	95									95
Ending Balance at Dec. 31, 2019	55,967			$ 4		54,694		1,176		93
Ending Balance (in shares) at Dec. 31, 2019				38,034,389
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	33,784							33,784
Issuance of common stock:
Exercise of stock options	1,379					1,379
Exercise of stock options (in shares)				163,783
Restricted stock units		0
Restricted stock units (in shares)					18,953
Share-based compensation	3,237					3,237
Adjustment from foreign currency translation, net	(106)									(106)
Ending Balance at Dec. 31, 2020	94,261			$ 4		59,310		34,960		(13)
Ending Balance (in shares) at Dec. 31, 2020				38,217,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46,843							46,843
Issuance of common stock:
Exercise of stock options	3,037					3,037
Exercise of stock options (in shares)				463,021
Restricted stock units	0	$ (73)					$ (73)
Restricted stock units (in shares)				88,215	47,728
Fully vested shares (in shares)				4,133
Share-based compensation	4,601					4,601
Adjustment from foreign currency translation, net	(63)									(63)
Acquisition of treasury stock, at cost	(5,566)										$ (5,566)
Acquisition of treasury stock, at cost (in shares)											(341,522)
Ending Balance at Dec. 31, 2021	$ 143,040			$ 4		$ 66,875		$ 81,803		$ (76)	$ (5,566)
Ending Balance (in shares) at Dec. 31, 2021				38,820,222							341,522

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 46,843	$ 33,784	$ 19,609
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	9,491	10,828	12,689
Share-based compensation	4,601	3,237	2,609
Provision for credit losses	1,537	1,801	1,626
Debt origination costs amortization	875	760	734
Deferred income tax provision, net	734	1,433	1,863
Loss on disposal of property and equipment	1,423	419	265
Total adjustments	18,661	18,478	19,786
Changes in operating assets and liabilities:
Accounts receivable, net	(13,846)	(17,080)	(5,655)
Prepaid wires, net	(3,887)	(35,598)	8,805
Prepaid expenses and other assets	(6,355)	(1,137)	(659)
Wire transfers and money orders payable, net	14,726	2,092	3,416
Accounts payable and accrued and other liabilities	21,956	(1,419)	7,232
Net cash provided by (used in) operating activities	78,098	(880)	52,534
Cash flows from investing activities:
Purchases of property and equipment	(10,588)	(4,062)	(6,469)
Acquisition of agent locations	(185)	0	(250)
Net cash used in investing activities	(10,773)	(4,062)	(6,719)
Cash flows from financing activities:
Borrowings under term loan facility	40,158	0	12,000
Repayments of term loan facility	(44,228)	(7,661)	(4,956)
Repayments under revolving loan, net	0	0	(30,000)
Payment of debt origination costs	(2,944)	0	(240)
Proceeds from exercise of options	3,813	1,501	283
Payments for stock-based awards	(849)	0	0
Repurchases of common stock	(5,566)	0	0
Cash paid in warrant exchange	0	0	(10,031)
Net cash used in financing activities	(9,616)	(6,160)	(32,944)
Effect of exchange rate changes on cash	(142)	(108)	217
Net increase (decrease) in cash	57,567	(11,210)	13,088
Cash, beginning of the year	74,907	86,117	73,029
Cash, end of the year	132,474	74,907	86,117
Supplemental disclosure of cash flow information:
Cash paid for interest	3,666	5,812	8,768
Cash paid for income taxes	13,456	11,140	4,870
Supplemental disclosure of non-cash investing activity:
Agent business acquired in exchange for receivables	0	0	85
Supplemental disclosure of non-cash financing activity:
Issuance of common stock for cashless exercise of options	$ 2,973	$ 130	$ 21

BASIS OF PRESENTATION AND BUSINESS	12 Months Ended
BASIS OF PRESENTATION AND BUSINESS	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND BUSINESS	BASIS OF PRESENTATION AND BUSINESS 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 36 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”). Although the worst effects of the pandemic appear to have subsided in the United States, the pandemic has had and continues to have a significant effect on economic conditions in the United States, and continues to cause significant uncertainties in the U.S. and global economies, particularly as a result of new variants of COVID-19, which appear to be causing an increase in COVID-19 cases in certain places around the world. Public health officials and medical professionals have warned that COVID-19 resurgences may continue to occur due to a variety of factors, including the extent of economic activity, social interaction, vaccination rates and the emergence of potent variants. It is unclear how long any resurgence will last, how severe it will be, and what safety measures governments and businesses will impose in response. 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 or resurgence 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, inflation, interest rate levels and foreign exchange volatility, all of which remain uncertain and cannot be predicted at this time. If the global response to contain and remedy the COVID-19 pandemic escalates further or is unsuccessful, or if governmental decisions to ease pandemic related restrictions are ineffective, premature or counterproductive, or if an escalation in the global response to contain the COVID-19 pandemic is required or is unsuccessful, the Company could experience a material adverse effect on its financial condition, results of operations and cash flows. The consolidated financial statements of the Company include Intermex Holdings, Inc. (“Holdings”), 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”) - 98.0% directly owned by LLC and 2.0% directly owned by Holdings, 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 accompanying financial statements in this Annual Report on Form 10-K are presented on a consolidated basis and include the accounts of the Company and its majority-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

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

Earnings per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding for each period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares and common share equivalents outstanding for each period. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance stock units (“PSUs”) have vested, using the treasury stock method. Potential common shares are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss. Treasury stock shares that have been repurchased are not considered outstanding and therefore are excluded from the weighted average number of common shares outstanding calculation.

Cash

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

Concentrations

The Company maintains certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The Company has not incurred any losses on these accounts. In addition, the Company maintains various bank accounts in Mexico, Guatemala and Canada, which are not insured. During the year ended December 31, 2021, the Company has not incurred any significant losses on these uninsured foreign bank accounts, with the exception of a $2.0 million valuation allowance recorded by the Company on the balance of deposits held as a result of the closure of a financial institution in Mexico during the third quarter of 2021 (see Note 5). Management believes it is not exposed to any significant credit risk regarding these accounts as it performs periodic reviews of the creditworthiness of the financial institutions the Company uses. Cash balances were as follows (in thousands):


	December 31,
	2021		2020
Cash in U.S. dollars in U.S. banks	$	130,032	$	72,566
Cash in foreign banks and foreign currency	2,433		2,332
Petty cash	9		9
	$	132,474	$	74,907

A substantial portion of our paying agents are concentrated in a few large banks and financial institutions and large retail chains. Our largest paying agent by volume accounted for approximately 22% and 18% of the Company’s total remittance volume for the years ended December 31, 2021 and 2020, respectively, primarily from the U.S. to Mexico.

Revenue Recognition

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

Refer to Note 3 for the discussion related to revenue recognition and additional information on the Company’s revenue.

Business Combinations

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

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

Accounts Receivable and Allowance for Credit Losses

Accounts receivable and agent advances receivable are recorded at their net realizable value, which is net of an allowance for credit losses. Accounts receivable are recorded upon initiation of the wire transfer and are typically due to the Company within five days. The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its sending agents to make required payments.

When preparing these estimates, management considers a number of factors, including the aging of a sending agent’s account, creditworthiness of specific sending agents, historical loss rates and other information. The Company reviews its allowance for credit losses policy periodically, reflecting current risks and changes in industry conditions and, when necessary, will increase its allowance for credit losses and recognize a provision for credit losses, included in other selling, general and administrative expenses in the consolidated statements of income and comprehensive income. Accounts receivable that are more than 90 days past due are charged off against the allowance for credit losses.

In the third quarter of 2021, the Company modified its estimate of the allowance for credit losses and made refinements to the related calculation methodology of net historical loss rates for the different pools of accounts and agent advances receivable grouped based on similar characteristics.

The aforementioned change was treated as a change in accounting estimate for accounting purposes and applied prospectively beginning August 2021. The impact of the change in estimate and any effect in comparability to prior periods are not material. Further, the change is not expected to materially impact any financial statement line items or the Company’s results from operations in a future period.

Prepaid Wires, Net

Prepaid wires, net represents funds provided to certain paying agents in advance of a transaction, net of wires pending to be picked up by the beneficiary of the money transfer.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist primarily of prepaid expenses, agent advances receivable (see Note 5) and deferred financing costs. Interest income on agent advances receivable is recognized on a cash basis due at the end of each calendar month, which is when the interest payments are due from the majority of the agent advances receivable.

Wire Transfers Payable, Net

Wire transfers payable, net represent wires pending to be picked up by the beneficiary of the money transfer net of funds provided to certain paying agents in advance of a transaction.

Property and Equipment

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

Goodwill and Intangible Assets

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

Goodwill is not amortized; however, it is assessed for impairment at least annually, at the beginning of the fourth quarter, or more frequently if triggering events occur. For purposes of the annual assessment, management initially performs a qualitative assessment, which includes consideration of the economic, industry and market conditions in addition to our overall financial performance and the performance of these assets. If our qualitative assessment does not conclude that it is more likely than not that the estimated fair value of the reporting unit is greater than the carrying value, we perform a quantitative analysis. In a quantitative test, the fair value of a reporting unit is determined based on a discounted cash flow analysis. A discounted cash flow analysis requires us to make various assumptions, including assumptions about future cash flows, growth rates and discount rates. The assumptions about future cash flows and growth rates are based on our long-term projections. Assumptions used in our impairment testing are consistent with our internal forecasts and operating plans. If the fair value of the reporting unit exceeds its carrying amount, there is no impairment. If not, we recognize an impairment equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of goodwill.

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

Impairment of Long-Lived Assets

The Company evaluates long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to forecasted undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets.

Debt Origination Costs

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

Advertising Costs

Advertising costs are included in other selling, general and administrative expenses in the consolidated statements of income and comprehensive income and are expensed as incurred. The Company incurred advertising costs of approximately $2.5 million, $0.4 million and $1.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Income Taxes

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

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

As required by the uncertain tax position guidance, the Company recognizes the financial statement benefit of a position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company applies the uncertain tax position guidance to all tax positions for which the statute of limitations remains open. The Company’s policy is to classify interest accrued as interest expense and penalties as other selling, general and administrative expenses.

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

Foreign Currency Translation and Transactions

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

Gains from foreign currency transactions amounted to approximately $0.3 million, $0.2 million and $41.0 thousand for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in other selling, general and administrative expenses in the consolidated statements of income and comprehensive income.

We manage foreign currency risk through the structure of the business and an active risk management process. We currently settle with our payers in Latin America primarily by entering into foreign exchange spot transactions with local and foreign currency providers (“counterparties”). The foreign currency exposure on our foreign exchange spot transactions is limited by the fact that all transactions are settled within two business days from trade date. Foreign currency fluctuations, however, may negatively affect our average exchange gain per transaction. The Company had open spot foreign exchange contracts for Mexico and Guatemala amounting to approximately $48.6 million and $42.5 million at December 31, 2021 and 2020, respectively.

In addition, included in wire transfers and money orders payable, net in our consolidated balance sheets as of December 31, 2021 and 2020, there are $17.8 million and $7.6 million, respectively, of wire transfers payable denominated in foreign currencies, primarily in Mexican pesos and Guatemalan quetzales.

Also, included in prepaid wires, net in our consolidated balance sheets as of December 31, 2021 and 2020, there are $39.7 million and $50.1 million, respectively, of prepaid wires denominated in foreign currencies, primarily in Mexican pesos and Guatemalan quetzales.

Comprehensive Income (Loss)

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

Share-Based Compensation

The Company accounts for its share-based compensation expense related to equity instruments under GAAP, which requires the measurement and recognition of compensation costs for all equity-based payment awards made to employees and directors based on estimated fair values. We have elected to account for forfeitures as they occur. The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements. See Note 12 for further discussion related to the Company’s share-based compensation plans.

Segments

The Company’s business is organized around one reportable segment that provides money transmittal services between the 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 36 Company-operated stores throughout the U.S. and Canada. This is based on the objectives of the business and how our chief operating decision maker, the CEO and President, monitors operating performance and allocates resources.

Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued 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 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 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 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 (“ROU”) asset representing its right to use the underlying asset for the lease term on the balance sheet. Leases will be classified as financing or operating, with classification affecting the pattern of expense recognition in the consolidated statements of income and comprehensive income. The Company adopted the new standard, including the related amendments, effective January 1, 2022 using the modified retrospective approach and used the effective date as the date of initial application. Management has completed its analysis and determined that all of its leasing arrangements will be classified as operating leases. The Company elected to apply three practical expedients, including (i) the election not to reassess its prior conclusions about lease identification, lease classification and initial direct costs, (ii) to use hindsight in determining the lease term, and (iii) the election not to separate lease and non-lease components for arrangements where the Company is a lessee. Additionally, management has implemented new processes to facilitate the requirements of the new standard and determined the ROU asset and lease liability will each amount to approximately $5.6 million on January 1, 2022. We do not expect the adoption of this standard to have a material impact on our consolidated statement of income and comprehensive income and consolidated statement of cash flows.

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 December 31, 2022. The Company is currently evaluating the impact this guidance will have on the 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 consolidated financial statements.

REVENUE

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

REVENUE

The Company recognized in revenues from contracts with customers for the years ended December 31, 2021, 2020 and 2019, the following (in thousands):


	December 31,
	2021		2020		2019
Wire transfer and money order fees	$	394,669	$	308,850	$	274,161
Discounts and promotions	(1,428)		(941)		(1,080)
Wire transfer and money order fees, net	393,241		307,909		273,081
Foreign exchange gain, net	62,832		46,763		44,268
Other income	3,133		2,537		2,252
Total revenues	$	459,206	$	357,209	$	319,601

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 9) and a corresponding loyalty program expense is recorded as contra revenue. Revenue from this performance obligation is recognized upon customers redeeming points or upon expiration of any points outstanding.

Except for the loyalty program discussed above, our revenues include only one performance obligation, which is to collect the 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 through our sending agents, for which revenue is derived from a fee per transaction. For substantially all of the Company’s revenues, the Company acts as principal in the 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

ACCOUNTS RECEIVABLE AND AGENT ADVANCES 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 of accounts receivable, net of allowance for credit losses, consists of the following (in thousands):


	December 31,
	2021		2020
Accounts receivable	$	69,498	$	56,520
Allowance for credit losses	(2,181)		(1,503)
Accounts receivable, net	$	67,317	$	55,017

Agent Advances Receivable

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


	December 31,
	2021		2020
Agent advances receivable, current	$	791	$	710
Allowance for credit losses	(55)		(244)
Net current	$	735	$	466

Agent advances receivable, long-term	$	656	$	816
Allowance for credit losses	(13)		(295)
Net long-term	$	644	$	521

The net current portion of agent advances receivable is included in prepaid expenses and other current assets (see Note 5), and the net long-term portion is included in other assets in the consolidated balance sheets. The agent advances receivable have interest rates ranging from 0% to 15.5% per annum. At December 31, 2021 and 2020, there were $1.4 million and $1.5 million, respectively, of agent advances receivable collateralized by personal guarantees from the sending agents and assets from their businesses in case of a default by the agent.

The maturities of agent advances receivable at December 31, 2021 are as follows (in thousands):


	Outstanding Balance
Under 1 year	$	791
Between 1 and 2 years	656
Total	$	1,447

Allowance for Credit Losses

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


	Year Ended December 31,
	2021		2020		2019
Beginning balance	$	2,042	$	1,236	$	1,290
Provision	1,537		1,801		1,626
Charge-offs	(1,863)		(1,491)		(1,972)
Recoveries	533		496		292
Ending Balance	$	2,249	$	2,042	$	1,236

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


	December 31,
	2021		2020		2019
Accounts receivable	$	2,181	$	1,503	$	759
Agent advances receivable	68		539		477
Allowance for credit losses	$	2,249	$	2,042	$	1,236

PREPAID EXPENSES AND OTHER ASSETS

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets [Abstract]

PREPAID EXPENSES AND OTHER ASSETS

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


	December 31,
	2021		2020
Prepaid insurance	$	923	$	465
Prepaid fees and services	1,930		1,452
Agent advances receivable, net of allowance	735		466
Assets pending settlement	331		218
Prepaid income taxes	1,563		103
Prepaid expenses and current assets - other	1,506		817
	$	6,988	$	3,521

Other assets consisted of the following (in thousands):


	December 31,
	2021		2020
Revolving line origination fees	$	2,032	$	423
Agent incentives advances	1,010		1,110
Agent advances receivable, net of allowance	644		521
Funds held by seized banking entities, net of allowance	3,114		130
Other assets	634		852
	$	7,434	$	3,036

During September 2021, local banking regulators in Mexico resolved to close and liquidate a local financial institution, citing a lack of compliance with minimum capital requirements. The Company has approximately $5.1 million of exposure from deposits it held with this bank when it was closed. In accordance with the banking regulations in Mexico, large depositors such as the Company will be paid once the assets of the financial institution are liquidated. Currently, it is difficult to predict the length of the liquidation process or if the proceeds from the asset liquidation will be sufficient to recover a portion or all of its funds on deposit. Consequently, the Company recorded a valuation allowance of $2.0 million in connection with the balance of deposits held by the financial institution as a result of its closure.

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

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


	December 31,				Estimated Useful Life (in years)
	2021		2020
Computer software and equipment	$	30,805	$	22,337	3 to 5
Office improvements	1,575		1,122		5
Furniture and fixtures	835		506		7
	33,215		23,965
Less accumulated depreciation	(15,310)		(10,944)
	$	17,905	$	13,021

Computer software and equipment above includes internal use software of approximately $4.7 million and $2.8 million at December 31, 2021 and 2020, respectively. During the third quarter of 2021, the Company wrote-off $1.0 million in software development expenditures, which is included in other selling, general and administrative expenses in the consolidated statements of income and comprehensive income.

Depreciation expense included in depreciation and amortization expense in the consolidated statements of income and comprehensive income was approximately $4.3 million, $3.9 million and $3.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Repairs and maintenance expenses included in other selling, general and administrative expenses in the consolidated statements of income and comprehensive income were approximately $2.6 million, $2.0 million and $1.7 million for the years ended December 31, 2021, 2020 and 2019, respectively.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill consists of the following (in thousands):


	December 31,
	2021		2020
Indefinite life:
Goodwill	$	36,260	$	36,260
Total indefinite life	$	36,260	$	36,260

Intangible assets consist of the following (in thousands):


	December 31, 2021						December 31, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Amortizable:
Agent relationships	$	40,500	$	(32,915)	$	7,585	$	40,500	$	(29,759)	$	10,741
Trade name	15,500		(9,404)		6,096		15,500		(7,964)		7,536
Developed technology	6,600		(5,690)		910		6,600		(5,234)		1,366
Other intangibles	1,279		(478)		801		1,155		(368)		787
Net amortizable intangible assets	$	63,879	$	(48,487)	$	15,392	$	63,755	$	(43,325)	$	20,430

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

The agent relationships intangible represents the network of independent sending agents. This intangible was valued using the excess earnings method, which was based on the Company’s forecasts and historical activity at agent locations in order to develop a turnover rate and expected useful life. Assuming a year-over-year location turnover rate of 17.4%, this resulted in an expected useful life for this intangible of 15 years. Developed technology includes the state-of-the-art system that the Company has continued to develop and improve upon over the past 20 years. This intangible was valued using the relief-from-royalty method based on the Company’s forecasted revenues, a royalty rate estimated using comparable market data, an expected obsolescence rate of 18.0% and an estimated useful life of 15 years. Other intangibles primarily relate to the acquisition of Company-operated stores, which are amortized on a straight-line basis over 10 years. The net book value of these intangibles was $0.8 million at both December 31, 2021 and 2020.

Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. A change in the conditions, circumstances or strategy of the Company may result in a need to recognize an impairment charge.

As a result of the annual impairment tests, the Company determined that goodwill was not impaired as of December 31, 2021 and 2020.

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


	Goodwill		Intangible Assets
Balance at December 31, 2018	$	36,260	$	36,395
Acquisition of agent locations	—		335
Amortization expense	—		(9,349)
Balance at December 31, 2019	$	36,260	$	27,381
Amortization expense	—		(6,951)
Balance at December 31, 2020	$	36,260	$	20,430
Acquisition of agent locations	—		124
Amortization expense	—		(5,162)
Balance at December 31, 2021	$	36,260	$	15,392

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


2022	$	4,010
2023	3,002
2024	2,282
2025	1,730
2026	1,310
Thereafter	3,058
	$	15,392

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET

12 Months Ended

Dec. 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):


	December 31,
	2021		2020
Wire transfers payable, net	$	20,744	$	11,806
Customer voided wires payable	16,895		13,374
Money orders payable	18,427		16,566
	$	56,066	$	41,746

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

ACCRUED AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

ACCRUED AND OTHER LIABILITIES

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


	December 31,
	2021		2020
Commissions payable to sending agents	$	16,303	$	12,500
Accrued salaries and benefits	4,892		2,957
Accrued bank charges	1,371		1,170
Accrued legal fees	422		75
Accrued other professional fees	1,619		826
Accrued taxes	4,908		1,276
Deferred revenue loyalty program	3,391		2,750
Other	854		826
	$	33,760	$	22,380

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


Balance, December 31, 2019	$	2,495
Revenue deferred during the year	1,806
Revenue recognized during the year	(1,551)
Balance, December 31, 2020	2,750
Revenue deferred during the year	2,326
Revenue recognized during the year	(1,685)
Balance, December 31, 2021	$	3,391

DEBT

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

DEBT

Debt consisted of the following (in thousands):


	December 31,
	2021		2020
Term loan facility	$	85,313	$	89,383
	85,313		89,383
Less: Current portion of long term debt (1)	(3,882)		(7,044)
Less: Debt origination costs	(2,220)		(1,760)
	$	79,211	$	80,579

(1)Current portion of long-term debt is net of debt origination costs of approximately $0.5 million and $0.6 million at December 31, 2021 and 2020, respectively.

The Company and certain of its domestic subsidiaries as borrowers and the other guarantors from time to time party thereto (collectively, the “Loan Parties”) entered into a financing agreement with a group of banking institutions, dated November 7, 2018 and further amended on December 7, 2018 (the “Original Credit Agreement”). The Original Credit Agreement provided for a $35.0 million revolving credit facility, a $90.0 million term loan facility and an up to $30.0 million incremental facility of which $12.0 million was utilized in 2019 for the term loan facility and $10.0 million was utilized in May of 2021 for the revolving credit facility (see below). The Original Credit Agreement also provided for the issuance of letters of credit, which would reduce availability under the revolving credit facility. The maturity date of the Original Credit Agreement was November 7, 2023.

Effective as of May 12, 2021, the Company amended the Original Credit Agreement by entering into Increase Joinder No. 2 (the “Joinder No. 2”) to the Original Credit Agreement, which was accounted for as a debt modification, under which the revolving line of credit commitment under the Original Credit Agreement was increased by $10.0 million to an aggregate of $45.0 million. The Joinder No. 2 did not have any impact to any of the terms of the term loan facility under the Original Credit Agreement. The Company incurred debt origination costs of $76.8 thousand in the second quarter of 2021, which were capitalized and will be amortized over the remaining life of the revolving line of credit facility, as described below, using the straight-line method, as it is not significantly different than the effective interest method.

On June 24, 2021, the Loan Parties entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”) with a group of banking institutions. The A&R Credit Agreement amended and restated in its entirety the Original Credit Agreement. The A&R Credit Agreement provides for a $150.0 million revolving credit facility, an $87.5 million term loan facility and an uncommitted incremental facility, which may be utilized for additional revolving or term loans, of up to $70.0 million. The A&R Credit Agreement also provides for the issuance of letters of credit, which would reduce availability under the revolving credit facility. The proceeds of the term loan were used to refinance the existing term loan facility under the Original Credit Agreement, and the revolving credit facility is available for working capital, general corporate purposes and to pay fees and expenses in connection with this transaction. The maturity date of the A&R Credit Agreement is June 24, 2026.

This refinancing was accounted for as a debt modification. The balance of the unamortized debt origination costs of $1.8 million under the Original Credit Agreement, the origination costs paid to the Loan Parties of $1.0 million in connection with the term loan facility of the A&R Credit Agreement and debt origination costs paid to the Loan Parties and third-party costs of $1.8 million incurred in connection with the revolving credit facility of the A&R Credit Agreement will be associated with the new arrangement, and therefore, they will be amortized over the remaining life of the A&R Credit Agreement using the straight-line method, as it is not significantly different than the effective interest method. Debt origination costs paid to third parties related to a portion of the term loan facility in connection with the A&R Credit Agreement were expensed as incurred during the second quarter of 2021.

The unamortized portion of debt origination costs totaled approximately $4.5 million and $2.2 million at December 31, 2021 and 2020, respectively. Amortization of debt origination costs is included as a component of interest expense in the consolidated statements of income and comprehensive income and amounted to approximately $0.9 million, $0.8 million and $0.7 million for the years ended December 31, 2021, 2020, and 2019, respectively.

At the election of the Company, interest on the term loan facility and revolving credit facility under the A&R Credit Agreement is determined by reference to either LIBOR (subject to replacement) or a “base rate”, in each case plus an applicable margin ranging between 2.50% and 3.00% per annum for LIBOR loans and between 1.50% and 2.00% per annum for base rate loans depending on the level of our consolidated leverage ratio, as calculated pursuant to the terms of the A&R Credit Agreement. The Company is also required to pay a fee on the unused portion of the revolving credit facility equal to 0.35% per annum. The effective interest rates for the year ended December 31, 2021 for the term loan facility and revolving credit facility were 4.23% and 0.78%, respectively.

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

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

In addition, the A&R Credit Agreement generally restricts the payment of dividends or cash distributions by the Company with certain exceptions, including the following: i) to repurchase the Company’s common stock from current or former employees in an aggregate amount of up to $10.0 million per calendar year, and ii) other restricted payments in an aggregate amount not to exceed $40.0 million plus the Available Amount (as defined in the A&R Credit Agreement).

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

The scheduled annual payments of the term loan at December 31, 2021 are as follows (in thousands):


2022	$	4,375
2023	5,469
2024	7,656
2025	8,750
2026	59,063
	$	85,313

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 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 intangible assets. The determination of our intangible fair values includes several assumptions and inputs (Level 3) that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. All other financial assets and liabilities are carried at amortized cost. The Company’s cash 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 instruments. The Company’s financial liabilities include its revolving credit facility and term loan facility. The fair value of the term loan facility, which approximates book value, is estimated by discounting the future cash flows using a current market interest rate. The estimated fair value of the revolving credit facility would approximate face value given the payment schedule and interest rate structure, which approximates current market interest rates.

- 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

12 Months Ended

Dec. 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 approximately 3.7 million shares of the Company’s common stock approved for issuance under the 2020 Plan, which includes 0.4 million shares that were previously subject to awards granted under the International Money Express, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan” and together with the 2020 Plan, the “Plans”). As of December 31, 2021, 2.9 million shares remained available for grant of future awards under the 2020 Plan. The 2018 Plan was terminated effective June 26, 2020, and no additional awards may be granted under the 2018 Plan.

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.

The Company used the following assumptions for the BSM to determine the fair value of the stock options granted during the year ended December 31, 2020; there were no options granted during the year ended December 31, 2021.


	Year Ended
	December 31, 2020
Weighted-average grant date price of our common stock (per share)	$	12.94
Weighted-average expected volatility	45.2		%
Weighted-average risk-free interest rate	0.5		%
Expected term (in years)	6.25
Expected dividend yield	0.0		%

Share-based compensation is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The stock options issued under the Plans have 10-year terms and generally vest in four equal annual installments beginning one year after the date of the grant. The Company recognized compensation expense for stock options of approximately $2.4 million, $2.8 million and $2.6 million for the years ended December 31, 2021, 2020 and 2019, respectively, which is included in salaries and benefits in the consolidated statements of income and comprehensive income. As of December 31, 2021, there were 1.9 million outstanding stock options awarded under the Plans and unrecognized compensation expense of approximately $2.9 million is expected to be recognized over a weighted-average period of 1.3 years.

A summary of the stock option activity during the year ended December 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(1)	(691,090)	$	9.93		$	3.54
Forfeited	(125,125)	$	12.59		$	5.85
Outstanding at December 31, 2021	1,898,687	$	11.24	7.11	$	4.17

Exercisable at December 31, 2021(2)	1,061,086	$	10.76	6.87	$	3.83

(1) The aggregate intrinsic value of stock options exercised during the year ended December 31, 2021 was $4.7 million.

(2) The aggregate fair value of all vested/exercisable options outstanding as of December 31, 2021 was $4.1 million.

Restricted Stock Units

The RSUs granted under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date 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 all RSUs of approximately $1.2 million, $0.4 million and $0.2 million for the years ended December 31, 2021, 2020 and 2019, respectively, which is included in salaries and benefits in the consolidated statements of income and comprehensive income. As of December 31, 2021, unrecognized compensation expense of approximately $2.8 million is expected to be recognized over a weighted-average period of 1.9 years.

A summary of the RSU grant activity during the year ended December 31, 2021 is presented below:


	Number of RSU awards	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2020	40,881	$	13.38
Granted	290,783	$	15.02
Vested (and settled)	(47,728)	$	14.11
Forfeited	(52,002)	$	14.73
Outstanding (nonvested) at December 31, 2021	231,934	$	14.99

Share Awards

Under the 2020 Plan and 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 year ended December 31, 2021, 4,133 fully vested shares were granted to the Lead Independent Director and Chairs of the Committees of the Board of Directors resulting in compensation expense of $64.0 thousand recognized and included in salaries and benefits in the consolidated statements of income and comprehensive income.

Restricted Stock Awards

The RSAs issued under the 2020 Plan to the Company’s employees generally vest in four equal annual installments beginning one year after the date of grant. The Company recognized compensation expense for RSAs granted of $258.6 thousand for the year ended December 31, 2021, which is included in salaries and benefits in the consolidated statements of income and comprehensive income. No compensation expense for RSAs was recognized for the years ended December 31, 2020 and 2019. As of December 31, 2021, there was $1.0 million of unrecognized compensation expense related to RSAs, which is expected to be recognized over a weighted-average period of 2.1 years.

A summary of the RSA activity during the year ended December 31, 2021 is presented below:


	Number of RSAs	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2020	—	$	—
Granted	88,215	$	14.17
Vested (and settled)	—	$	—
Forfeited	—	$	—
Outstanding (nonvested) at December 31, 2021	88,215	$	14.17

Performance Stock Units

PSUs granted under the 2020 Plan to the Company’s employees generally vest subject to attainment of performance criteria during the service period established by the Compensation Committee. Each PSU represents the right to receive one share of common stock, and the actual number of shares issuable upon vesting is determined based upon performance compared to financial performance targets. The PSUs vest based on the achievement of certain revenue targets 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 $0.7 million for the year ended December 31, 2021, which is included in salaries and benefits in the consolidated statements of income and comprehensive income. There was no compensation expense for PSUs

recognized for the years ended December 31, 2020 and 2019. As of December 31, 2021, there was $1.7 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted-average period of 2.0 years.

A summary of the PSU activity during the year ended December 31, 2021 is presented below:


	Number of PSUs	Weighted-Average Remaining Contractual Term (Years)	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2020	—	—	$	—
Granted	171,500		$	14.17
Vested (and settled)	—		$	—
Forfeited	—		$	—
Outstanding (nonvested) at December 31, 2021	171,500	9.17	$	14.17

Equity	12 Months Ended
Equity	Dec. 31, 2021
Equity [Abstract]
EQUITY	EQUITY In August 2021, the Company’s Board of Directors approved a stock repurchase program (the “Repurchase Program”) that authorizes the Company to purchase up to $40.0 million of outstanding shares of the Company’s common stock. Under the Repurchase Program, the Company is authorized to repurchase shares from time to time in accordance with applicable laws, both on the open market and in privately negotiated transactions and may include the use of derivative contracts or structured share repurchase agreements. The timing and amount of repurchases depends on several factors, including market and business conditions, the trading price of the Company’s common stock and the nature of other investment opportunities. The Repurchase Program may be limited, suspended or discontinued at any time without prior notice. The Repurchase Program does not have an expiration date. Under the terms of the A&R Credit Agreement, the Company has restrictions that limit the maximum amount of repurchases to (i) $40.0 million in the aggregate (plus the Available Amount as defined in the A&R Credit Agreement) and (ii) $10.0 million annually for shares held by any current or former officer, director, employee or consultant (or any spouses, ex-spouses or estates of the foregoing) of the Company or its subsidiaries. The Company accounts for purchases of treasury stock under the cost method. Any direct costs incurred to acquire treasury stock are considered stock issue costs and added to the cost of the treasury stock. During the year ended December 31, 2021, the Company purchased 341,522 shares for an aggregate purchase price totaling $5.6 million. As of December 31, 2021, the remaining amount available for future share repurchases under the Repurchase Program was $34.4 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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):


	Year Ended December 31,
	2021		2020		2019
Net income for basic and diluted income per common share	$	46,843	$	33,784	$	19,609
Shares:
Weighted-average common shares outstanding – basic	38,474,040		38,060,290		37,428,345
Effect of dilutive securities
RSUs	48,077		10,566		12,416
Stock options	532,972		287,315		140,640
RSAs	14,667		—		—
PSUs	33,694		—		—
Warrants	—		—		12,757
Weighted-average common shares outstanding – diluted	39,103,450		38,358,171		37,594,158

Earnings per common share - basic	$	1.22	$	0.89	$	0.52
Earnings per common share - diluted	$	1.20	$	0.88	$	0.52

As of December 31, 2021, there were 0.4 million options and 35.2 thousand RSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

As of December 31, 2020, there were 0.7 million options and 10.9 thousand RSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.

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

As discussed in Note 13, during the third quarter of 2021, the Company’s Board of Directors authorized the Repurchase Program, under which the Company repurchased 341,522 shares of treasury stock for $5.6 million in the year ended December 31, 2021. The effect of these repurchases on the Company’s weighted average shares outstanding for the year ended December 31, 2021 was a reduction of 43,098 shares due to the timing of the repurchases.

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

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


	Year Ended December 31,
	2021		2020		2019
Current tax provision:
Foreign	$	212	$	224	$	201
Federal	11,702		8,080		4,668
State	3,824		2,780		1,591
Total Current	15,738		11,084		6,460

Deferred tax provision:
Federal	667		1,089		1,290
State	67		344		573
Total deferred	734		1,433		1,863
Total tax provision	$	16,472	$	12,517	$	8,323

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


	Year Ended December 31,
	2021			2020			2019
Income before income taxes	$	63,315		$	46,301		$	27,932
U.S. statutory tax rate	21		%	21		%	21		%
Income tax expense at statutory rate	13,296			9,723			5,866

State tax expense, net of federal	3,073			2,530			1,639
Foreign tax rates different from U.S. statutory rate	273			264			260
Non-deductible expenses	337			57			374
Change in tax rate	—			(9)			71
Other	(507)			(48)			113
Total tax provision	$	16,472		$	12,517		$	8,323

As presented in the income tax reconciliation above, the tax provision recognized on the consolidated statements of income and comprehensive income was impacted by state taxes, non-deductible officer compensation and share-based compensation tax benefits, and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate. The Company is also subject to tax in various U.S. state jurisdictions. Changes in the annual allocation and apportionment of the Company’s activity amongst these state jurisdictions results in changes to the blended state rate utilized to measure the Company’s deferred tax assets and liabilities.

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


	December 31,
	2021		2020
Deferred tax assets:
U.S. federal and state net operating losses	$	4,181	$	5,529
Foreign net operating losses	248		165
Allowance for credit losses	537		483
Share-based compensation	1,854		1,468
Accrued compensation	762		487
Deferred revenue	895		725
Other	827		—
Total deferred tax assets	9,304		8,857

Deferred tax liabilities
Depreciation	(3,176)		(2,460)
Intangible amortization	(6,914)		(6,924)
Debt origination costs	(392)		—
Total deferred tax liabilities	(10,482)		(9,384)

Valuation allowance	(248)		(165)

Net deferred tax liability	$	(1,426)	$	(692)

At December 31, 2021, the Company had pre-tax federal, state and foreign net operating loss carryforwards of approximately $17.4 million, $13.7 million and $0.9 million, respectively, which are available to reduce future taxable income. With few exceptions, these net operating loss carryforwards will expire from 2030 through 2037 for federal losses, from 2029 through 2037 for state losses, and from 2039 through 2041 for foreign losses. Utilization of the Company’s net operating loss carryforwards is now subject to an annual limitation under Internal Revenue Code Section 382. The Company has recorded a deferred tax asset for only the portion of its net operating loss carryforward that it expects to realize before expiration.

With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for the years prior to 2018. However, the Company has certain net operating loss carryforwards from tax years 2010 through 2017 that are subject to examination. As of December 31, 2021 and 2020, the Company did not have any amounts accrued for interest and penalties or recorded for uncertain tax positions.

In January 2020, Intermex Holdings II, Inc., the Company’s previous parent company, was notified by the IRS that its 2017 federal income tax return was selected for examination. In August 2020, the examination was closed with no changes to the reported tax. As of December 31, 2021 and 2020, no amounts for tax, interest, or penalties have been paid or accrued as a result of this examination.

In accordance with criteria under FASB guidance, Income Taxes, a valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. After consideration of all evidence, both positive and negative, management has determined that no valuation allowance is required at December 31, 2021 or 2020 on the Company’s U.S. deferred tax assets. However, a valuation allowance of $0.2 million as of both December 31, 2021 and 2020 has been recorded on deferred tax assets associated with Canadian net operating loss carryforwards.

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 years ended December 31, 2021 and 2020.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 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 consolidated statements of income and comprehensive income, amounted to approximately $2.4 million, $2.2 million and $2.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.

At December 31, 2021, future minimum rental payments required under operating leases for the next five years and thereafter are as follows (in thousands):


2022	$	1,625
2023	1,237
2024	1,031
2025	861
2026	109
Thereafter	7
	$	4,870

Contingencies and Legal Proceedings

The Company is subject to legal proceedings and claims that have arisen in the ordinary course of its business and have not been finally adjudicated. Although there can be no assurance as to the ultimate disposition of these matters, it is the opinion of the Company’s management, based upon the information available at this time and the stage of the proceedings, that it is not possible to determine the probability of loss or estimate of damages, and therefore, the Company has not established a reserve for any of these proceedings, except for the matter related to a complaint filed under the Telephone Consumer Protection Act of 1991 (the “TCPA claim”) described below.

On May 30, 2019, Stuart Sawyer filed a putative class action complaint in the United States District Court for the Southern District of Florida asserting a claim under the TCPA, 47 U.S.C. § 227, et seq., based on allegations that since May 30, 2015, the Company had sent text messages to class members’ wireless telephones without their consent. The litigation was settled under a definitive Settlement Agreement on March 16, 2020, subsequently approved by the Court. The Settlement Agreement provides for resolution of Mr. Sawyer’s TCPA claims and the claims of a class of similarly situated individuals, as defined in the complaint, who received text messages from the Company during the period May 30, 2015 through October 7, 2019, and for the creation of a $3.25 million settlement fund that will be used to pay all class member claims, class counsel’s fees and the costs of administering the settlement.

The settlement fund will be managed by a duly-appointed settlement administrator which will be authorized to, among other things, make payments from the fund in accordance with the terms of the Settlement Agreement and the final judgment in the case. No amount of the settlement fund will revert to the Company; instead, any unclaimed funds will be sent to a consumer advocacy organization approved by the Court.

The settlement fund and related legal expenses were paid in full in October 2020, and therefore, no remaining balance is included in accrued and other liabilities in the consolidated balance sheet as of December 31, 2021 or 2020. The settlement amount and related legal fees amounted to $3.8 million out of which approximately $0.1 million and $3.7 million were incurred during the years ended December 31, 2020 and 2019, respectively, and are included in other selling, general and administrative expenses in the consolidated statements of income and comprehensive income. There were no expenses related to the settlement amount or legal expenses during the year ended December 31, 2021.

The Company operates in 50 U.S. states, two U.S. territories and three other countries. Money transmitters and their agents are under regulation by state and federal laws. Violations may result in civil or criminal penalties or a prohibition from providing money transfer services in a particular jurisdiction. It is the opinion of the Company’s management, based on information available at this time, that the expected outcome of regulatory examinations will not have a material adverse effect on either the results of operations or financial condition of the Company.

Regulatory Requirements

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 December 31, 2021 and 2020, the Company’s subsidiaries were in compliance with these two requirements.

DEFINED CONTRIBUTION PLAN	12 Months Ended
DEFINED CONTRIBUTION PLAN	Dec. 31, 2021
Retirement Benefits [Abstract]
DEFINED CONTRIBUTION PLAN	DEFINED CONTRIBUTION PLANThe Company has a defined contribution plan available to most of its employees, where the Company makes contributions to the plan based on employee contributions. Total employer contribution expense included in salaries and benefits in the consolidated statements of income and comprehensive income was approximately $0.2 million, $0.1 million and $0.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying financial statements in this Annual Report on Form 10-K are presented on a consolidated basis and include the accounts of the Company and its majority-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”).
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results could differ from these estimates.
Earnings per Share	Earnings per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding for each period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares and common share equivalents outstanding for each period. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance stock units (“PSUs”) have vested, using the treasury stock method. Potential common shares are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss. Treasury stock shares that have been repurchased are not considered outstanding and therefore are excluded from the weighted average number of common shares outstanding calculation.
Cash	Cash Cash is comprised of deposits in U.S. and foreign banks. The Company recognizes interest income from its cash deposits on an accrual basis. The Company considers cash equivalents to be short term, highly liquid investments with original maturities of three months or less.
Concentrations	ConcentrationsThe Company maintains certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The Company has not incurred any losses on these accounts. In addition, the Company maintains various bank accounts in Mexico, Guatemala and Canada, which are not insured. During the year ended December 31, 2021, the Company has not incurred any significant losses on these uninsured foreign bank accounts, with the exception of a $2.0 million valuation allowance recorded by the Company on the balance of deposits held as a result of the closure of a financial institution in Mexico during the third quarter of 2021 (see Note 5). Management believes it is not exposed to any significant credit risk regarding these accounts as it performs periodic reviews of the creditworthiness of the financial institutions the Company uses.
Revenue Recognition	Revenue RecognitionRevenues for wire transfer and money order fees are recognized at the time the transaction is processed. The Company acts as the principal for these transactions as the Company controls the service at all times prior to transferring the funds to the beneficiary, is primarily responsible for fulfilling the customer contracts, has the risk of loss and has the ability to establish transaction prices. Therefore, these fees are recognized on a gross basis equal to the full amount of the fee charged to the customer. These fees also vary by transaction primarily depending upon, the principal amount sent, the send and receive locations, as well as the respective currencies of the send and receive locations. Foreign exchange gain, net, which represents the difference between the exchange rate set by the Company and the rate realized, is recognized upon the disbursement of U.S. dollars to the entities from which the Company is acquiring foreign currency. Other income primarily represents revenues for technology services provided to the independent network of agents who utilize the Company’s technology in processing transactions and check cashing services, for which revenue is derived by a fee per transaction.
Business Combinations	Business Combinations The Company accounts for its business combinations using the acquisition method, which requires that intangible assets be recognized apart from goodwill if they are contractual in nature or separately identifiable. Acquisitions are measured based on the fair value of consideration transferred and, if the consideration transferred is not cash, measurement is based on the fair value of the consideration transferred or the fair value of the assets acquired, whichever is more reliably measurable. The excess of the consideration transferred over the fair value of identifiable acquired assets and liabilities assumed is allocated to goodwill. The valuation and allocation processes rely on significant assumptions made by management. In certain situations, the allocations of excess purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations are subject to revision when the Company receives updated information, including valuations and other analyses, which are completed within one year of the acquisition. Revisions to the fair values, which may be significant, are recorded when pending information is finalized, within one year from the acquisition date.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable and agent advances receivable are recorded at their net realizable value, which is net of an allowance for credit losses. Accounts receivable are recorded upon initiation of the wire transfer and are typically due to the Company within five days. The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its sending agents to make required payments. When preparing these estimates, management considers a number of factors, including the aging of a sending agent’s account, creditworthiness of specific sending agents, historical loss rates and other information. The Company reviews its allowance for credit losses policy periodically, reflecting current risks and changes in industry conditions and, when necessary, will increase its allowance for credit losses and recognize a provision for credit losses, included in other selling, general and administrative expenses in the consolidated statements of income and comprehensive income. Accounts receivable that are more than 90 days past due are charged off against the allowance for credit losses. In the third quarter of 2021, the Company modified its estimate of the allowance for credit losses and made refinements to the related calculation methodology of net historical loss rates for the different pools of accounts and agent advances receivable grouped based on similar characteristics. The aforementioned change was treated as a change in accounting estimate for accounting purposes and applied prospectively beginning August 2021. The impact of the change in estimate and any effect in comparability to prior periods are not material. Further, the change is not expected to materially impact any financial statement line items or the Company’s results from operations in a future period.
Prepaid Wires, Net	Prepaid Wires, Net Prepaid wires, net represents funds provided to certain paying agents in advance of a transaction, net of wires pending to be picked up by the beneficiary of the money transfer.
Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets Prepaid expenses and other assets consist primarily of prepaid expenses, agent advances receivable (see Note 5) and deferred financing costs. Interest income on agent advances receivable is recognized on a cash basis due at the end of each calendar month, which is when the interest payments are due from the majority of the agent advances receivable.
Wire Transfers Payable, Net	Wire Transfers Payable, Net Wire transfers payable, net represent wires pending to be picked up by the beneficiary of the money transfer net of funds provided to certain paying agents in advance of a transaction.
Property and Equipment	Property and Equipment Property and equipment, including leasehold improvements, are stated at cost, or the allocated fair value in purchase accounting, less accumulated depreciation and amortization. The costs of additions and betterments that substantially extend the useful life of an asset are capitalized and the expenditures for ordinary repairs and maintenance are expensed in the period incurred as part of other selling, general and administrative expenses in the consolidated statements of income and comprehensive income. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the lease term or the estimated useful life of the improvement, whichever is shorter. At the time depreciable assets are retired or otherwise disposed, the cost and the related accumulated depreciation of such assets are eliminated from the accounts and any gain or loss is recognized in the current period. The Company capitalizes costs incurred for the development of internal use computer software, which are depreciated over five years using the straight-line method.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets result primarily from business combination acquisitions. Intangible assets include agent relationships, trade name, developed technology and other intangibles, all with finite lives. Other intangibles relate to the acquisition of certain agent locations. Upon the acquisition, the purchase price is first allocated to identifiable assets and liabilities, including the trade name and other intangibles, with any remaining purchase price recorded as goodwill. Goodwill is not amortized; however, it is assessed for impairment at least annually, at the beginning of the fourth quarter, or more frequently if triggering events occur. For purposes of the annual assessment, management initially performs a qualitative assessment, which includes consideration of the economic, industry and market conditions in addition to our overall financial performance and the performance of these assets. If our qualitative assessment does not conclude that it is more likely than not that the estimated fair value of the reporting unit is greater than the carrying value, we perform a quantitative analysis. In a quantitative test, the fair value of a reporting unit is determined based on a discounted cash flow analysis. A discounted cash flow analysis requires us to make various assumptions, including assumptions about future cash flows, growth rates and discount rates. The assumptions about future cash flows and growth rates are based on our long-term projections. Assumptions used in our impairment testing are consistent with our internal forecasts and operating plans. If the fair value of the reporting unit exceeds its carrying amount, there is no impairment. If not, we recognize an impairment equal to the difference between the carrying amount of the reporting unit and its fair value, not to exceed the carrying amount of goodwill. The Company’s agent relationships, trade name and developed technology are amortized utilizing an accelerated method over their estimated useful lives of 15 years. Other intangible assets are amortized on a straight-line basis over a useful life of 10 years. The Company reviews for impairment indicators of finite-lived intangibles and other long-lived assets as described below in “Impairment of Long-Lived Assets.”
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to forecasted undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets.
Debt Origination Costs	Debt Origination Costs The Company incurred debt origination costs related to the credit agreement, consisting of a term loan and a revolving credit facility and amortizes these costs over the life of the related debt using the straight-line method, which approximates the effective interest method. The unamortized portion of debt origination costs related to the term loan is recorded on the consolidated balance sheets as an offset to the related debt, while deferred up-front commitment fees paid directly to the lender related to the revolving credit facility are recorded within other assets in the consolidated balance sheets. Amortization of debt origination costs is included as a component of interest expense in the consolidated statements of income and comprehensive income.
Advertising Costs	Advertising CostsAdvertising costs are included in other selling, general and administrative expenses in the consolidated statements of income and comprehensive income and are expensed as incurred.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with GAAP which requires, among other things, recognition of future tax benefits measured at enacted rates attributable to deductible temporary differences between financial statement and income tax bases of assets and liabilities and to tax net operating loss carryforwards to the extent that realization of said benefits is more likely than not. The Company accounts for tax contingencies by assessing all material positions, including all significant uncertain positions, for all tax years that are open to assessment or challenge under tax statutes. Those positions that have only timing consequences are separately analyzed based on the recognition and measurement model provided in the tax guidance. As required by the uncertain tax position guidance, the Company recognizes the financial statement benefit of a position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company applies the uncertain tax position guidance to all tax positions for which the statute of limitations remains open. The Company’s policy is to classify interest accrued as interest expense and penalties as other selling, general and administrative expenses. Foreign subsidiaries of the Company are subject to taxes by local tax authorities.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The financial statements and transactions of the Company’s foreign operations are maintained in their functional currency, which is other than the U.S. dollar. Assets and liabilities are translated at current exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average exchange rate for each period. Translation adjustments, which result from the process of translating the financial statements of the Company’s foreign operations into U.S. dollars, are recorded as a component of accumulated other comprehensive income (loss). Gains from foreign currency transactions amounted to approximately $0.3 million, $0.2 million and $41.0 thousand for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in other selling, general and administrative expenses in the consolidated statements of income and comprehensive income.We manage foreign currency risk through the structure of the business and an active risk management process. We currently settle with our payers in Latin America primarily by entering into foreign exchange spot transactions with local and foreign currency providers (“counterparties”). The foreign currency exposure on our foreign exchange spot transactions is limited by the fact that all transactions are settled within two business days from trade date. Foreign currency fluctuations, however, may negatively affect our average exchange gain per transaction.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and the foreign currency translation adjustment and is presented in the consolidated statements of income and comprehensive income.
Share-Based Compensation	Share-Based CompensationThe Company accounts for its share-based compensation expense related to equity instruments under GAAP, which requires the measurement and recognition of compensation costs for all equity-based payment awards made to employees and directors based on estimated fair values. We have elected to account for forfeitures as they occur.
Segments	Segments The Company’s business is organized around one reportable segment that provides money transmittal services between the 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 36 Company-operated stores throughout the U.S. and Canada. This is based on the objectives of the business and how our chief operating decision maker, the CEO and President, monitors operating performance and allocates resources.
Accounting Pronouncements	Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued 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 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 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 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 (“ROU”) asset representing its right to use the underlying asset for the lease term on the balance sheet. Leases will be classified as financing or operating, with classification affecting the pattern of expense recognition in the consolidated statements of income and comprehensive income. The Company adopted the new standard, including the related amendments, effective January 1, 2022 using the modified retrospective approach and used the effective date as the date of initial application. Management has completed its analysis and determined that all of its leasing arrangements will be classified as operating leases. The Company elected to apply three practical expedients, including (i) the election not to reassess its prior conclusions about lease identification, lease classification and initial direct costs, (ii) to use hindsight in determining the lease term, and (iii) the election not to separate lease and non-lease components for arrangements where the Company is a lessee. Additionally, management has implemented new processes to facilitate the requirements of the new standard and determined the ROU asset and lease liability will each amount to approximately $5.6 million on January 1, 2022. We do not expect the adoption of this standard to have a material impact on our consolidated statement of income and comprehensive income and consolidated statement of cash flows. 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 December 31, 2022. The Company is currently evaluating the impact this guidance will have on the 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 consolidated financial statements.
Fair Value Measurements	The Company determines fair value in accordance with the provisions of FASB guidance, Fair Value Measurements and Disclosures, which defines fair value as an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-level fair value hierarchy that prioritizes the inputs used to measure fair value was established. There are three levels of inputs used to measure fair value and for disclosure purposes. Level 1 relates to quoted market prices for identical assets or liabilities in active markets. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s non-financial assets measured at fair value on a nonrecurring basis include goodwill and intangible assets. The determination of our intangible fair values includes several assumptions and inputs (Level 3) that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. All other financial assets and liabilities are carried at amortized cost. The Company’s cash 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 instruments. The Company’s financial liabilities include its revolving credit facility and term loan facility. The fair value of the term loan facility, which approximates book value, is estimated by discounting the future cash flows using a current market interest rate. The estimated fair value of the revolving credit facility would approximate face value given the payment schedule and interest rate structure, which approximates current market interest rates.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Concentration of Credit Risk

Cash balances were as follows (in thousands):


	December 31,
	2021		2020
Cash in U.S. dollars in U.S. banks	$	130,032	$	72,566
Cash in foreign banks and foreign currency	2,433		2,332
Petty cash	9		9
	$	132,474	$	74,907

REVENUE (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

The Company recognized in revenues from contracts with customers for the years ended December 31, 2021, 2020 and 2019, the following (in thousands):


	December 31,
	2021		2020		2019
Wire transfer and money order fees	$	394,669	$	308,850	$	274,161
Discounts and promotions	(1,428)		(941)		(1,080)
Wire transfer and money order fees, net	393,241		307,909		273,081
Foreign exchange gain, net	62,832		46,763		44,268
Other income	3,133		2,537		2,252
Total revenues	$	459,206	$	357,209	$	319,601

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

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Accounts Receivable, Net of Allowance for Credit Losses

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


	December 31,
	2021		2020
Accounts receivable	$	69,498	$	56,520
Allowance for credit losses	(2,181)		(1,503)
Accounts receivable, net	$	67,317	$	55,017

Notes Receivable, Net of Allowance for Credit Loss

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


	December 31,
	2021		2020
Agent advances receivable, current	$	791	$	710
Allowance for credit losses	(55)		(244)
Net current	$	735	$	466

Agent advances receivable, long-term	$	656	$	816
Allowance for credit losses	(13)		(295)
Net long-term	$	644	$	521

Maturities of Notes Receivable

The maturities of agent advances receivable at December 31, 2021 are as follows (in thousands):


	Outstanding Balance
Under 1 year	$	791
Between 1 and 2 years	656
Total	$	1,447

Accounts Receivable, Allowance for Credit Loss

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


	Year Ended December 31,
	2021		2020		2019
Beginning balance	$	2,042	$	1,236	$	1,290
Provision	1,537		1,801		1,626
Charge-offs	(1,863)		(1,491)		(1,972)
Recoveries	533		496		292
Ending Balance	$	2,249	$	2,042	$	1,236

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


	December 31,
	2021		2020		2019
Accounts receivable	$	2,181	$	1,503	$	759
Agent advances receivable	68		539		477
Allowance for credit losses	$	2,249	$	2,042	$	1,236

PREPAID EXPENSES AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets [Abstract]

Prepaid Expenses and Other Assets

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


	December 31,
	2021		2020
Prepaid insurance	$	923	$	465
Prepaid fees and services	1,930		1,452
Agent advances receivable, net of allowance	735		466
Assets pending settlement	331		218
Prepaid income taxes	1,563		103
Prepaid expenses and current assets - other	1,506		817
	$	6,988	$	3,521

Schedule of Other Assets, Noncurrent

Other assets consisted of the following (in thousands):


	December 31,
	2021		2020
Revolving line origination fees	$	2,032	$	423
Agent incentives advances	1,010		1,110
Agent advances receivable, net of allowance	644		521
Funds held by seized banking entities, net of allowance	3,114		130
Other assets	634		852
	$	7,434	$	3,036

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	December 31,				Estimated Useful Life (in years)
	2021		2020
Computer software and equipment	$	30,805	$	22,337	3 to 5
Office improvements	1,575		1,122		5
Furniture and fixtures	835		506		7
	33,215		23,965
Less accumulated depreciation	(15,310)		(10,944)
	$	17,905	$	13,021

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill and Intangible Assets

Goodwill consists of the following (in thousands):


	December 31,
	2021		2020
Indefinite life:
Goodwill	$	36,260	$	36,260
Total indefinite life	$	36,260	$	36,260

Intangible assets consist of the following (in thousands):


	December 31, 2021						December 31, 2020
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Amortizable:
Agent relationships	$	40,500	$	(32,915)	$	7,585	$	40,500	$	(29,759)	$	10,741
Trade name	15,500		(9,404)		6,096		15,500		(7,964)		7,536
Developed technology	6,600		(5,690)		910		6,600		(5,234)		1,366
Other intangibles	1,279		(478)		801		1,155		(368)		787
Net amortizable intangible assets	$	63,879	$	(48,487)	$	15,392	$	63,755	$	(43,325)	$	20,430

Changes in Goodwill and Intangible Assets

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


	Goodwill		Intangible Assets
Balance at December 31, 2018	$	36,260	$	36,395
Acquisition of agent locations	—		335
Amortization expense	—		(9,349)
Balance at December 31, 2019	$	36,260	$	27,381
Amortization expense	—		(6,951)
Balance at December 31, 2020	$	36,260	$	20,430
Acquisition of agent locations	—		124
Amortization expense	—		(5,162)
Balance at December 31, 2021	$	36,260	$	15,392

Amortization Expense Related to Intangible Assets

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


2022	$	4,010
2023	3,002
2024	2,282
2025	1,730
2026	1,310
Thereafter	3,058
	$	15,392

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Summary of Wire Transfer and Money Orders Payable, Net

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


	December 31,
	2021		2020
Wire transfers payable, net	$	20,744	$	11,806
Customer voided wires payable	16,895		13,374
Money orders payable	18,427		16,566
	$	56,066	$	41,746

ACCRUED AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued and Other Liabilities

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


	December 31,
	2021		2020
Commissions payable to sending agents	$	16,303	$	12,500
Accrued salaries and benefits	4,892		2,957
Accrued bank charges	1,371		1,170
Accrued legal fees	422		75
Accrued other professional fees	1,619		826
Accrued taxes	4,908		1,276
Deferred revenue loyalty program	3,391		2,750
Other	854		826
	$	33,760	$	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, 2019	$	2,495
Revenue deferred during the year	1,806
Revenue recognized during the year	(1,551)
Balance, December 31, 2020	2,750
Revenue deferred during the year	2,326
Revenue recognized during the year	(1,685)
Balance, December 31, 2021	$	3,391

DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Debt

Debt consisted of the following (in thousands):


	December 31,
	2021		2020
Term loan facility	$	85,313	$	89,383
	85,313		89,383
Less: Current portion of long term debt (1)	(3,882)		(7,044)
Less: Debt origination costs	(2,220)		(1,760)
	$	79,211	$	80,579

(1)Current portion of long-term debt is net of debt origination costs of approximately $0.5 million and $0.6 million at December 31, 2021 and 2020, respectively.

Scheduled Annual Payments of Term Loan

The scheduled annual payments of the term loan at December 31, 2021 are as follows (in thousands):


2022	$	4,375
2023	5,469
2024	7,656
2025	8,750
2026	59,063
	$	85,313

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: 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=124435984&loc=d3e28541-108399

Reference 4: 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=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: 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=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Fair Value of Stock Options and Performance Shares


	Year Ended
	December 31, 2020
Weighted-average grant date price of our common stock (per share)	$	12.94
Weighted-average expected volatility	45.2		%
Weighted-average risk-free interest rate	0.5		%
Expected term (in years)	6.25
Expected dividend yield	0.0		%

Stock Option Activity

A summary of the stock option activity during the year ended December 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(1)	(691,090)	$	9.93		$	3.54
Forfeited	(125,125)	$	12.59		$	5.85
Outstanding at December 31, 2021	1,898,687	$	11.24	7.11	$	4.17

Exercisable at December 31, 2021(2)	1,061,086	$	10.76	6.87	$	3.83

(1) The aggregate intrinsic value of stock options exercised during the year ended December 31, 2021 was $4.7 million.

(2) The aggregate fair value of all vested/exercisable options outstanding as of December 31, 2021 was $4.1 million.

Summary of RSU Grant Activity

A summary of the RSU grant activity during the year ended December 31, 2021 is presented below:


	Number of RSU awards	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2020	40,881	$	13.38
Granted	290,783	$	15.02
Vested (and settled)	(47,728)	$	14.11
Forfeited	(52,002)	$	14.73
Outstanding (nonvested) at December 31, 2021	231,934	$	14.99

Nonvested Restricted Stock Shares Activity

A summary of the RSA activity during the year ended December 31, 2021 is presented below:


	Number of RSAs	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2020	—	$	—
Granted	88,215	$	14.17
Vested (and settled)	—	$	—
Forfeited	—	$	—
Outstanding (nonvested) at December 31, 2021	88,215	$	14.17

Schedule of Nonvested Performance-based Units Activity

A summary of the PSU activity during the year ended December 31, 2021 is presented below:


	Number of PSUs	Weighted-Average Remaining Contractual Term (Years)	Weighted-Average Grant Price
Outstanding (nonvested) at December 31, 2020	—	—	$	—
Granted	171,500		$	14.17
Vested (and settled)	—		$	—
Forfeited	—		$	—
Outstanding (nonvested) at December 31, 2021	171,500	9.17	$	14.17

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Basic and Diluted Earnings (Loss) per Share

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


	Year Ended December 31,
	2021		2020		2019
Net income for basic and diluted income per common share	$	46,843	$	33,784	$	19,609
Shares:
Weighted-average common shares outstanding – basic	38,474,040		38,060,290		37,428,345
Effect of dilutive securities
RSUs	48,077		10,566		12,416
Stock options	532,972		287,315		140,640
RSAs	14,667		—		—
PSUs	33,694		—		—
Warrants	—		—		12,757
Weighted-average common shares outstanding – diluted	39,103,450		38,358,171		37,594,158

Earnings per common share - basic	$	1.22	$	0.89	$	0.52
Earnings per common share - diluted	$	1.20	$	0.88	$	0.52

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Taxes

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


	Year Ended December 31,
	2021		2020		2019
Current tax provision:
Foreign	$	212	$	224	$	201
Federal	11,702		8,080		4,668
State	3,824		2,780		1,591
Total Current	15,738		11,084		6,460

Deferred tax provision:
Federal	667		1,089		1,290
State	67		344		573
Total deferred	734		1,433		1,863
Total tax provision	$	16,472	$	12,517	$	8,323

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


	Year Ended December 31,
	2021			2020			2019
Income before income taxes	$	63,315		$	46,301		$	27,932
U.S. statutory tax rate	21		%	21		%	21		%
Income tax expense at statutory rate	13,296			9,723			5,866

State tax expense, net of federal	3,073			2,530			1,639
Foreign tax rates different from U.S. statutory rate	273			264			260
Non-deductible expenses	337			57			374
Change in tax rate	—			(9)			71
Other	(507)			(48)			113
Total tax provision	$	16,472		$	12,517		$	8,323

Deferred Tax Assets Liabilities

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


	December 31,
	2021		2020
Deferred tax assets:
U.S. federal and state net operating losses	$	4,181	$	5,529
Foreign net operating losses	248		165
Allowance for credit losses	537		483
Share-based compensation	1,854		1,468
Accrued compensation	762		487
Deferred revenue	895		725
Other	827		—
Total deferred tax assets	9,304		8,857

Deferred tax liabilities
Depreciation	(3,176)		(2,460)
Intangible amortization	(6,914)		(6,924)
Debt origination costs	(392)		—
Total deferred tax liabilities	(10,482)		(9,384)

Valuation allowance	(248)		(165)

Net deferred tax liability	$	(1,426)	$	(692)

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Rental Payments

At December 31, 2021, future minimum rental payments required under operating leases for the next five years and thereafter are as follows (in thousands):


2022	$	1,625
2023	1,237
2024	1,031
2025	861
2026	109
Thereafter	7
	$	4,870

BASIS OF PRESENTATION AND BUSINESS (Details)	Dec. 31, 2021 store
Noncontrolling Interest [Line Items]
Number of company-operated stores	36
Intermex Guatemala
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%
Intermex Mexico
Noncontrolling Interest [Line Items]
Ownership percentage	98.00%
Holdings, Intermex Wire Transfer Corp
Noncontrolling Interest [Line Items]
Ownership percentage	2.00%
Intermex Wire Transfer Corp
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%
Intermex Wire Transfer II, LLC
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%
Canada International Transfers Corp
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) store businessDay segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2022 USD ($)
Significant Accounting Policies [Line Items]
Losses, uninsured amount	$ 0
Losses, uninsured amount on foreign bank accounts	0
Write off from financial institution closure	2,000,000
Advertising costs	2,500,000	$ 400,000	$ 1,200,000
Gains (losses) from foreign currency transactions	$ 300,000	200,000	$ 41,000
Foreign currency transactions, settlement, threshold business days \| businessDay	2
Amount of foreign exchange contracts opened	$ 48,600,000	42,500,000
Wire transfers payable, net in in foreign currencies	17,800,000	7,600,000
Prepaid wires, net in in foreign currencies	$ 39,700,000	$ 50,100,000
Number of reportable segments \| segment	1
Number of company-operated stores \| store	36
Subsequent Event
Significant Accounting Policies [Line Items]
Opearting lease, right-of-use asset				$ 5,600,000
Operating lease liability				$ 5,600,000
Maximum
Significant Accounting Policies [Line Items]
Number of days recorded upon initiation of wire transfer	5 days
Threshold period past due for write-off of accounts receivable	90 days
Agent relationships
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life	15 years
Trade name
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life	15 years
Developed technology
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life	15 years
Other intangibles
Significant Accounting Policies [Line Items]
Intangible assets, estimated useful life	10 years
Computer Equipment
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	5 years
Remittance Volume \| Paying Agent Concentration Risk \| Banking, Financial Services, and Retail
Significant Accounting Policies [Line Items]
Concentration risk percentage	22.00%	18.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Cash in U.S. dollars in U.S. banks	$ 130,032	$ 72,566
Cash in foreign banks and foreign currency	2,433	2,332
Petty cash	9	9
Cash	$ 132,474	$ 74,907

REVENUE - Narrative (Details)	12 Months Ended
REVENUE - Narrative (Details)	Dec. 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 completion of program	30 days
Number of performance obligation \| obligation	1

REVENUE - Revenues from Contract with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Wire transfer and money order fees	$ 394,669	$ 308,850	$ 274,161
Discounts and promotions	(1,428)	(941)	(1,080)
Revenues	459,206	357,209	319,601
Wire transfer and money order fees, net
Disaggregation of Revenue [Line Items]
Revenues	393,241	307,909	273,081
Foreign exchange gain, net
Disaggregation of Revenue [Line Items]
Revenues	62,832	46,763	44,268
Other income
Disaggregation of Revenue [Line Items]
Revenues	$ 3,133	$ 2,537	$ 2,252

- 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=123359005&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=123351226&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123351226&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=123359005&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=123359005&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

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Agent Advances Receivable Outstanding Balance (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable	$ 69,498	$ 56,520
Allowance for credit losses	(2,181)	(1,503)
Accounts receivable, net	$ 67,317	$ 55,017

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Agent Advances Receivable, Net of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Agent advances receivable, current	$ 791	$ 710
Allowance for credit losses	(55)	(244)
Net current	735	466
Agent advances receivable, long-term	656	816
Allowance for credit losses	(13)	(295)
Net long-term	$ 644	$ 521

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes collateralized	$ 1.4	$ 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	15.50%

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Maturities of Agent Advances Receivable (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Receivables [Abstract]
Under 1 year	$ 791
Between 1 and 2 years	656
Total	$ 1,447

- Definition

Amount, before allowance for credit loss, of financing receivable.

+ References + Details

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,042	$ 1,236	$ 1,290
Provision	1,537	1,801	1,626
Charge-offs	(1,863)	(1,491)	(1,972)
Recoveries	533	496	292
Ending Balance	$ 2,249	$ 2,042	$ 1,236

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Accounts receivable	$ 2,181	$ 1,503	$ 759
Agent advances receivable	68	539	477
Allowance for credit losses	$ 2,249	$ 2,042	$ 1,236	$ 1,290

- Definition

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

+ References + Details

PREPAID EXPENSES AND OTHER ASSETS - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets [Abstract]
Prepaid insurance	$ 923	$ 465
Prepaid fees and services	1,930	1,452
Agent advances receivable, net of allowance	735	466
Assets pending settlement	331	218
Prepaid income taxes	1,563	103
Prepaid expenses and current assets - other	1,506	817
Prepaid expenses and other current assets	$ 6,988	$ 3,521

PREPAID EXPENSES AND OTHER ASSETS - Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets [Abstract]
Revolving line origination fees	$ 2,032	$ 423
Agent incentives advances	1,010	1,110
Agent advances receivable, net of allowance	644	521
Funds held by seized banking entities, net of allowance	3,114	130
Other assets	634	852
Total other assets	$ 7,434	$ 3,036

PREPAID EXPENSES AND OTHER ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash	$ 132,474		$ 74,907
Write off from financial institution closure	$ 2,000
MEXICO
Cash		$ 5,100

PROPERTY AND EQUIPMENT - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment [Abstract]
Property and equipment, gross	$ 33,215	$ 23,965
Less accumulated depreciation	(15,310)	(10,944)
Property and equipment, net	17,905	13,021
Computer software and equipment
Property and Equipment [Abstract]
Property and equipment, gross	$ 30,805	22,337
Computer software and equipment \| Minimum
Property and Equipment [Abstract]
Estimated useful lives	3 years
Computer software and equipment \| Maximum
Property and Equipment [Abstract]
Estimated useful lives	5 years
Office improvements
Property and Equipment [Abstract]
Property and equipment, gross	$ 1,575	1,122
Estimated useful lives	5 years
Furniture and fixtures
Property and Equipment [Abstract]
Property and equipment, gross	$ 835	$ 506
Estimated useful lives	7 years

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 4.3	$ 3.9	$ 3.3
Repairs and maintenance expenses	2.6	2.0	$ 1.7
Computer software and equipment
Property, Plant and Equipment [Line Items]
Equipment maintained at locations of agents	4.7	$ 2.8
Software and Software Development Costs
Property, Plant and Equipment [Line Items]
Write-off of software development expenditures	$ 1.0

GOODWILL AND INTANGIBLE ASSETS - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Indefinite life:
Goodwill	$ 36,260	$ 36,260	$ 36,260	$ 36,260
Total indefinite life	36,260	36,260
Amortizable:
Gross Carrying Value	63,879	63,755
Accumulated Amortization	(48,487)	(43,325)
Net Carrying Value	15,392	20,430
Agent relationships
Amortizable:
Gross Carrying Value	40,500	40,500
Accumulated Amortization	(32,915)	(29,759)
Net Carrying Value	7,585	10,741
Trade name
Amortizable:
Gross Carrying Value	15,500	15,500
Accumulated Amortization	(9,404)	(7,964)
Net Carrying Value	6,096	7,536
Developed technology
Amortizable:
Gross Carrying Value	6,600	6,600
Accumulated Amortization	(5,690)	(5,234)
Net Carrying Value	910	1,366
Other intangibles
Amortizable:
Gross Carrying Value	1,279	1,155
Accumulated Amortization	(478)	(368)
Net Carrying Value	$ 801	$ 787

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Net book value of intangibles	$ 15,392,000	$ 20,430,000
Amortization expense	$ 0	0	$ 0
Trade name
Finite-Lived Intangible Assets [Line Items]
Expected useful life	15 years
Net book value of intangibles	$ 6,096,000	7,536,000
Agent relationships
Finite-Lived Intangible Assets [Line Items]
Expected useful life	15 years
Location turnover rate	17.40%
Net book value of intangibles	$ 7,585,000	10,741,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Expected useful life	15 years
Number of development years for state-of-the-art system	20 years
Obsolescence rate	18.00%
Net book value of intangibles	$ 910,000	1,366,000
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Expected useful life	10 years
Net book value of intangibles	$ 801,000	$ 787,000

GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill
Goodwill, beginning balance	$ 36,260,000	$ 36,260,000	$ 36,260,000
Acquisition of agent locations	0		0
Amortization expense	0	0	0
Goodwill, ending balance	36,260,000	36,260,000	36,260,000
Intangible Assets
Intangible assets, beginning balance	20,430,000	27,381,000	36,395,000
Acquisition of agent locations	124,000		335,000
Amortization expense	(5,162,000)	(6,951,000)	(9,349,000)
Intangible assets, ending balance	$ 15,392,000	$ 20,430,000	$ 27,381,000

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 4,010
2023	3,002
2024	2,282
2025	1,730
2026	1,310
Thereafter	3,058
Net Carrying Value	$ 15,392	$ 20,430

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Wire transfers payable, net	$ 20,744	$ 11,806
Customer voided wires payable	16,895	13,374
Money orders payable	18,427	16,566
Total wire transfers and money orders payable, net	$ 56,066	$ 41,746
Wires payable collection period	30 days
Minimum
Statutory abandonment period	3 years
Maximum
Statutory abandonment period	7 years

ACCRUED AND OTHER LIABILITIES - Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Commissions payable to sending agents	$ 16,303	$ 12,500
Accrued salaries and benefits	4,892	2,957
Accrued bank charges	1,371	1,170
Accrued legal fees	422	75
Accrued other professional fees	1,619	826
Accrued taxes	4,908	1,276
Deferred revenue loyalty program	3,391	2,750	$ 2,495
Other	854	826
Accrued and other liabilities	$ 33,760	$ 22,380

ACCRUED AND OTHER LIABILITIES - Changes in Deferred Revenue Loyalty Program Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Movement in Deferred Revenue [Roll Forward]
Beginning balance	$ 2,750	$ 2,495
Revenue deferred during the year	2,326	1,806
Revenue recognized during the year	(1,685)	(1,551)
Ending balance	$ 3,391	$ 2,750

DEBT - Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 85,313	$ 89,383
Less: Current portion of long-term debt	(3,882)	(7,044)
Less: Debt origination costs	(2,220)	(1,760)
Long-term debt, noncurrent	79,211	80,579
Debt origination costs, current	500	600
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 85,313	$ 89,383

DEBT - Narrative (Details) - USD ($)				3 Months Ended	12 Months Ended
DEBT - Narrative (Details) - USD ($)	Jun. 24, 2021	May 12, 2021	Nov. 07, 2018	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Payments of Debt Issuance Costs					$ 2,944,000	$ 0	$ 240,000
Amortization of debt issuance costs					$ 875,000	760,000	734,000
Credit Agreement
Debt Instrument [Line Items]
Unused line fee percentage	0.35%
Debt instrument, covenant, repurchase of warrants or options threshold	$ 10,000,000
Debt instrument, covenant, repurchase of common stock threshold	$ 40,000,000
Credit Agreement \| Minimum \| LIBOR
Debt Instrument [Line Items]
Interest rate					2.50%
Credit Agreement \| Minimum \| Base Rate
Debt Instrument [Line Items]
Interest rate					1.50%
Credit Agreement \| Maximum \| LIBOR
Debt Instrument [Line Items]
Interest rate					3.00%
Credit Agreement \| Maximum \| Base Rate
Debt Instrument [Line Items]
Interest rate					2.00%
Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Aggregate principal amount			$ 90,000,000
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 45,000,000	35,000,000
Payments of Debt Issuance Costs				$ 76,800
Unamortized portion of debt origination costs			1,800,000
Effective interest rate					0.78%
Credit Agreement \| Incremental Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			30,000,000
Repayments under revolving loan, net		$ 10,000,000					12,000,000
Credit Agreement \| Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Effective interest rate					4.23%
A&R Credit Agreement
Debt Instrument [Line Items]
Unamortized portion of debt origination costs					$ 4,500,000	2,200,000
Amortization of debt issuance costs					$ 900,000	$ 800,000	$ 700,000
Consolidated leverage ratio	3.0
A&R Credit Agreement \| Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.25
A&R Credit Agreement \| Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio	3.25
A&R Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Payments of Debt Issuance Costs			1,800,000
A&R Credit Agreement \| Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 87,500,000
Payments of Debt Issuance Costs			$ 1,000,000
A&R Credit Agreement \| Term Loan Facility \| Term Loan \| Year 1
Debt Instrument [Line Items]
Periodic repayment percentage	5.00%
A&R Credit Agreement \| Term Loan Facility \| Term Loan \| Year 2
Debt Instrument [Line Items]
Periodic repayment percentage	5.00%
A&R Credit Agreement \| Term Loan Facility \| Term Loan \| Year 3
Debt Instrument [Line Items]
Periodic repayment percentage	7.50%
A&R Credit Agreement \| Term Loan Facility \| Term Loan \| Year 4
Debt Instrument [Line Items]
Periodic repayment percentage	10.00%
A&R Credit Agreement \| Term Loan Facility \| Term Loan \| Year 5
Debt Instrument [Line Items]
Periodic repayment percentage	10.00%
A&R Credit Agreement \| Uncommitted Incremental Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 70,000,000

DEBT - Scheduled Annual Payments of Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 85,313	$ 89,383
MC Credit Partners
Debt Instrument [Line Items]
2022	4,375
2023	5,469
2024	7,656
2025	8,750
2026	59,063
Long-term debt, gross	$ 85,313

SHARE-BASED COMPENSATION - Narrative (Details)	6 Months Ended	12 Months Ended
SHARE-BASED COMPENSATION - Narrative (Details)	Dec. 31, 2020 shares	Dec. 31, 2021 USD ($) installment shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Jun. 26, 2020 shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares			290,783
RSUs \| Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options 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
Options vesting period		1 year
Long-term debt, net		$ 258,600	$ 0	$ 0
Unrecognized compensation expense		$ 1,000,000
Weighted-average non-vested period		2 years 1 month 6 days
Granted (in shares) \| shares		88,215
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period		2 years
Long-term debt, net		$ 700,000	0	0
Unrecognized compensation expense		$ 1,700,000
Weighted-average non-vested period		2 years
PSU service period		3 years
2020 Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares) \| shares					3,700,000
Units Issued (in shares) \| shares	2,900,000
2020 Plan \| Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term debt, net		$ 64,000
Granted (in shares) \| shares		4,133
2018 Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares					400,000
2018 and 2020 Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited RSUs (in shares) \| shares		125,125
2018 and 2020 Plans \| 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
Options vesting period		1 year
Long-term debt, net		$ 2,400,000	2,800,000	2,600,000
Options non-vested (in shares) \| shares		1,900,000
Unrecognized compensation expense		$ 2,900,000
Weighted-average non-vested period		1 year 3 months 18 days
2018 and 2020 Plans \| RSUs \| Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal installments for options vesting \| installment		4
Options vesting period		1 year
2018 and 2020 Plans \| RSUs \| Share-based Payment Arrangement, Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long-term debt, net		$ 1,200,000	$ 400,000	$ 200,000
Unrecognized compensation expense		$ 2,800,000
Weighted-average non-vested period		1 year 10 months 24 days
2018 and 2020 Plans \| RSUs \| Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate value of fully vested RSUs		$ 64,000

SHARE-BASED COMPENSATION - Fair Value of Stock Options (Details) - Stock options	12 Months Ended
	Dec. 31, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date price of our common stock (in dollars per share)	$ 12.94
Weighted-average expected volatility	45.20%
Weighted-average risk-free interest rate	0.50%
Expected term (in years)	6 years 3 months
Expected dividend yield	0.00%

SHARE-BASED COMPENSATION - Stock Option Activity (Details) - 2018 and 2020 Plans - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Outstanding at beginning of period (in shares)	2,714,902
Granted (in shares)	0
Exercised (in shares)	(691,090)
Forfeited (in shares)	(125,125)
Outstanding at end of period (in shares)	1,898,687	2,714,902
Exercisable at end of period (in shares)	1,061,086
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 10.97
Granted (in dollars per share)	0
Exercised (in dollars per share)	9.93
Forfeited (in dollars per share)	12.59
Outstanding at end of period (in dollars per share)	11.24	$ 10.97
Exercisable at end of period (in dollars per share)	$ 10.76
Weighted-Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding	7 years 1 month 9 days	8 years 2 months 8 days
Weighted average remaining contractual term, Exercisable	6 years 10 months 13 days
Weighted-Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 4.03
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.54
Forfeited (in dollars per share)	5.85
Outstanding at end of period (in dollars per share)	4.17	$ 4.03
Exercisable at end of period (in dollars per share)	$ 3.83
Aggregate intrinsic value of stock options exercised	$ 4.7
Aggregate fair value of vested/exercisable options	$ 4.1

SHARE-BASED COMPENSATION - Summary of RSUs, RSAs, and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	231,934	40,881
Granted (in shares)		290,783
Vested (and settled) (in shares)	(47,728)
Forfeited (in shares)		(52,002)
Nonvested, ending balance (in shares)		231,934
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, beginning balance (in dollars per share)	$ 14.99	$ 13.38
Granted (in dollars per share)		15.02
Vested (and settled) (in dollars per share)		14.11
Forfeited (in dollars per share)		14.73
Nonvested, ending balance (in dollars per share)		$ 14.99
RSAs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	0
Granted (in shares)	88,215
Vested (and settled) (in shares)	0
Forfeited (in shares)	0
Nonvested, ending balance (in shares)	88,215	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	14.17
Vested (and settled) (in dollars per share)	0
Forfeited (in dollars per share)	0
Nonvested, ending balance (in dollars per share)	$ 14.17	$ 0
PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance (in shares)	0
Granted (in shares)	171,500
Vested (and settled) (in shares)	0
Forfeited (in shares)	0
Nonvested, ending balance (in shares)	171,500	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	14.17
Vested (and settled) (in dollars per share)	0
Forfeited (in dollars per share)	0
Nonvested, ending balance (in dollars per share)	$ 14.17	$ 0
Weighted-Average Remaining Contractual Term (Years)	9 years 2 months 1 day

Equity (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
Equity (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Aug. 31, 2021
Equity [Abstract]
Stock repurchase program, authorized amount				$ 40,000
Stock repurchase program, annual authorized amount for related parties				$ 10,000
Treasury stock repurchased (in shares)	341,522
Value of treasury stock repurchased		$ 5,600	$ 5,566
Stock repurchase program, remaining authorized repurchase amount			$ 34,400

EARNINGS PER SHARE - Basic and Diluted Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share, Basic and Diluted [Abstract]
Net income for basic and diluted income per common share	$ 46,843	$ 33,784	$ 19,609
Shares:
Weighted-average common shares outstanding - basic (in shares)	38,474,040	38,060,290	37,428,345
Weighted-average common shares outstanding - diluted (in shares)	39,103,450	38,358,171	37,594,158
Earnings (loss) per common share - basic (in dollars per share)	$ 1.22	$ 0.89	$ 0.52
Earnings (loss) per common share - diluted (in dollars per share)	$ 1.20	$ 0.88	$ 0.52
RSUs
Shares:
Effect of dilutive securities	48,077	10,566	12,416
Stock options
Shares:
Effect of dilutive securities	532,972	287,315	140,640
RSAs
Shares:
Effect of dilutive securities	14,667	0	0
PSUs
Shares:
Effect of dilutive securities	33,694	0	0
Warrants
Shares:
Effect of dilutive securities	0	0	12,757

EARNINGS PER SHARE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Treasury stock repurchased (in shares)	341,522
Value of treasury stock repurchased		$ 5,600	$ 5,566
Stock repurchase program, decrease in weighted average shares outstanding (in shares)			43,098
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)			400,000	700,000	500,000
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)			35,200	10,900	19,000

INCOME TAXES - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax provision:
Foreign	$ 212	$ 224	$ 201
Federal	11,702	8,080	4,668
State	3,824	2,780	1,591
Total Current	15,738	11,084	6,460
Deferred tax provision:
Federal	667	1,089	1,290
State	67	344	573
Total deferred	734	1,433	1,863
Total tax provision	$ 16,472	$ 12,517	$ 8,323

INCOME TAXES - Reconciliation of Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income before income taxes	$ 63,315	$ 46,301	$ 27,932
U.S. statutory tax rate	21.00%	21.00%	21.00%
Income tax expense at statutory rate	$ 13,296	$ 9,723	$ 5,866
State tax expense, net of federal	3,073	2,530	1,639
Foreign tax rates different from U.S. statutory rate	273	264	260
Non-deductible expenses	337	57	374
Change in tax rate	0	(9)	71
Other	(507)	(48)	113
Total tax provision	$ 16,472	$ 12,517	$ 8,323

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
U.S. federal and state net operating losses	$ 4,181	$ 5,529
Foreign net operating losses	248	165
Allowance for credit losses	537	483
Share-based compensation	1,854	1,468
Accrued compensation	762	487
Deferred revenue	895	725
Other	827	0
Total deferred tax assets	9,304	8,857
Deferred tax liabilities
Depreciation	(3,176)	(2,460)
Intangible amortization	(6,914)	(6,924)
Debt origination costs	(392)	0
Total deferred tax liabilities	(10,482)	(9,384)
Valuation allowance	(248)	(165)
Net deferred tax liability	$ (1,426)	$ (692)

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure, Line Items [Line Items]
Income tax examination, accrued interest and penalties	$ 0	$ 0
Valuation allowance	248,000	165,000
Domestic Tax Authority
Income Tax Disclosure, Line Items [Line Items]
Net operating loss carryforwards	17,400,000
Valuation allowance	0	0
State and Local Jurisdiction
Income Tax Disclosure, Line Items [Line Items]
Net operating loss carryforwards	13,700,000
Valuation allowance	0	0
Foreign Tax Authority
Income Tax Disclosure, Line Items [Line Items]
Net operating loss carryforwards	900,000
Operating loss carryforwards, valuation allowance	$ 200,000	$ 200,000

COMMITMENTS AND CONTINGENCIES - Narrative (Details)		12 Months Ended			19 Months Ended
COMMITMENTS AND CONTINGENCIES - Narrative (Details)	May 30, 2019 USD ($)	Dec. 31, 2021 USD ($) state territory country	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease, rent expense		$ 2,400,000	$ 2,200,000	$ 2,100,000
Amount of settlement fund created	$ 3,250,000
Remaining balance of settlement liabilities		0	0		$ 0
Settlement amount and related legal fees incurred		$ 0	$ 100,000	$ 3,700,000	$ 3,800,000
Number of states in which entity operates \| state		50
Number of territories in which entity operates \| territory		2
Number of countries in which entity operates \| country		3

COMMITMENTS AND CONTINGENCIES - Future Minimum Rental Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease term	5 years
2022	$ 1,625
2023	1,237
2024	1,031
2025	861
2026	109
Thereafter	7
Total	$ 4,870

DEFINED CONTRIBUTION PLAN (Details) - USD ($) $ in Millions	12 Months Ended
DEFINED CONTRIBUTION PLAN (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Selling, General and Administrative Expenses
Defined Contribution Plan [Abstract]
Defined benefit plan, employer contribution	$ 0.2	$ 0.1	$ 0.1

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2014-09 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL121967933-165497

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=123459177&loc=SL121830611-158277

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=122150657&loc=SL122150809-237846

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL122642865-165497

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S65
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=124359872&loc=SL124427846-239511

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124402435&loc=SL124402458-218513

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=124434974&loc=SL124442142-165695

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(1)

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(2)

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(01)

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)

+ Details