|
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which
registered
|
|
|
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
Exhibit No.
|
Description
|
Press release, dated August 3, 2022, issued by International Money Express, Inc.
|
|
104*
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
INTERNATIONAL MONEY EXPRESS, INC.
|
|||
Dated: August 3, 2022
|
By:
|
/s/ Ernesto Luciano
|
|
Name:
|
Ernesto Luciano
|
||
Title:
|
General Counsel and Chief Legal Officer
|
• |
Revenues of $136.9 million, up 17.3%.
|
• |
Net Income of $16.0 million, up 20.8%.
|
• |
Diluted EPS of $0.41 per share, up 20.6%.
|
• |
Adjusted Net Income of $18.3 million, up 19.5%.
|
• |
Adjusted Diluted EPS of $0.47 per share, up 20.5%.
|
• |
Adjusted EBITDA of $27.7 million, up 19.3%.
|
■ |
Revenue of $542 million to $551 million, an increase of 18% to 20%.
|
■ |
Net Income of $60 million to $61 million, an increase of 28% to 30%.
|
■ |
Adjusted Net Income of $68 million to $69 million, an increase of 19% to 20%.
|
■ |
Adjusted EBITDA of $104 million to $106 million, an increase of 20% to 22%.
|
(in thousands of dollars)
|
June 30,
2022
|
December 31,
2021
|
||||||
ASSETS
|
(Unaudited)
|
|||||||
Current assets:
|
||||||||
Cash
|
$
|
114,600
|
$
|
132,474
|
||||
Accounts receivable, net
|
97,154
|
67,317
|
||||||
Prepaid wires, net
|
56,818
|
56,766
|
||||||
Prepaid expenses and other current assets
|
5,686
|
6,988
|
||||||
Total current assets
|
274,258
|
263,545
|
||||||
Property and equipment, net
|
21,698
|
17,905
|
||||||
Goodwill
|
36,260
|
36,260
|
||||||
Intangible assets, net
|
13,607
|
15,392
|
||||||
Other assets
|
12,798
|
7,434
|
||||||
Total assets
|
$
|
358,621
|
$
|
340,536
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt, net
|
$
|
3,882
|
$
|
3,882
|
||||
Accounts payable
|
15,375
|
23,151
|
||||||
Wire transfers and money orders payable, net
|
61,878
|
56,066
|
||||||
Accrued and other liabilities
|
35,792
|
33,760
|
||||||
Total current liabilities
|
116,927
|
116,859
|
||||||
Long-term liabilities:
|
||||||||
Debt, net
|
77,270
|
79,211
|
||||||
Lease liabilities, net
|
3,130
|
-
|
||||||
Deferred tax liability, net
|
1,096
|
1,426
|
||||||
Total long-term liabilities
|
81,496
|
80,637
|
||||||
Stockholders' equity:
|
||||||||
Total stockholders' equity
|
160,198
|
143,040
|
||||||
Total liabilities and stockholders' equity
|
$
|
358,621
|
$
|
340,536
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
(in thousands of dollars)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Revenues:
|
||||||||||||||||
Wire transfer and money order fees, net
|
$
|
117,622
|
$
|
99,306
|
$
|
215,621
|
$
|
180,218
|
||||||||
Foreign exchange gain, net
|
18,195
|
16,655
|
33,868
|
29,703
|
||||||||||||
Other income
|
1,118
|
786
|
2,111
|
1,402
|
||||||||||||
Total revenues
|
136,935
|
116,747
|
251,600
|
211,323
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Service charges from agents and banks
|
92,066
|
77,864
|
169,060
|
141,237
|
||||||||||||
Salaries and benefits
|
11,748
|
10,175
|
23,058
|
20,050
|
||||||||||||
Other selling, general and administrative expenses
|
7,663
|
7,079
|
14,730
|
12,582
|
||||||||||||
Depreciation and amortization
|
2,251
|
2,345
|
4,434
|
4,679
|
||||||||||||
Total operating expenses
|
113,728
|
97,463
|
211,282
|
178,548
|
||||||||||||
Operating income
|
23,207
|
19,284
|
40,318
|
32,775
|
||||||||||||
Interest expense
|
1,112
|
1,254
|
2,064
|
2,594
|
||||||||||||
Income before income taxes
|
22,095
|
18,030
|
38,254
|
30,181
|
||||||||||||
Income tax provision
|
6,111
|
4,803
|
10,616
|
7,977
|
||||||||||||
Net income
|
$
|
15,984
|
$
|
13,227
|
$
|
27,638
|
$
|
22,204
|
||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$
|
0.42
|
$
|
0.34
|
$
|
0.72
|
$
|
0.58
|
||||||||
Diluted
|
$
|
0.41
|
$
|
0.34
|
$
|
0.71
|
$
|
0.57
|
||||||||
Weighted-average common shares outstanding:
|
||||||||||||||||
Basic
|
38,257,156
|
38,433,748
|
38,309,295
|
38,336,977
|
||||||||||||
Diluted
|
39,228,991
|
39,027,414
|
39,153,039
|
38,937,699
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
(in thousands of dollars, except for per share data)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net income
|
$
|
15,984
|
$
|
13,227
|
$
|
27,638
|
$
|
22,204
|
||||||||
Adjusted for:
|
||||||||||||||||
Share-based compensation (a)
|
1,665
|
1,374
|
2,933
|
2,270
|
||||||||||||
Transaction costs (b)
|
216
|
-
|
216
|
-
|
||||||||||||
Other charges and expenses (c)
|
317
|
176
|
458
|
293
|
||||||||||||
Amortization of certain intangibles (d)
|
972
|
1,263
|
1,944
|
2,525
|
||||||||||||
Income tax benefit related to adjustments (e)
|
(899
|
)
|
(763
|
)
|
(1,566
|
)
|
(1,382
|
)
|
||||||||
Adjusted net income
|
$
|
18,255
|
$
|
15,277
|
$
|
31,623
|
$
|
25,910
|
||||||||
Adjusted earnings per common share
|
||||||||||||||||
Basic
|
$
|
0.48
|
$
|
0.40
|
$
|
0.83
|
$
|
0.68
|
||||||||
Diluted
|
$
|
0.47
|
$
|
0.39
|
$
|
0.81
|
$
|
0.67
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
GAAP Basic Earnings per Share
|
$
|
0.42
|
$
|
0.34
|
$
|
0.72
|
$
|
0.58
|
||||||||
Adjusted for:
|
||||||||||||||||
Share-based compensation
|
0.04
|
0.04
|
0.08
|
0.06
|
||||||||||||
Transaction costs
|
0.01
|
-
|
0.01
|
-
|
||||||||||||
Other charges and expenses
|
0.01
|
NM
|
0.01
|
0.01
|
||||||||||||
Amortization of certain intangibles
|
0.03
|
0.03
|
0.05
|
0.07
|
||||||||||||
Income tax benefit related to adjustments
|
(0.02
|
)
|
(0.01
|
)
|
(0.04
|
)
|
(0.04
|
)
|
||||||||
Non-GAAP Adjusted Basic Earnings per Share
|
$
|
0.48
|
$
|
0.40
|
$
|
0.83
|
$
|
0.68
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
GAAP Diluted Earnings per Share
|
$
|
0.41
|
$
|
0.34
|
$
|
0.71
|
$
|
0.57
|
||||||||
Adjusted for:
|
||||||||||||||||
Share-based compensation
|
0.04
|
0.04
|
0.07
|
0.06
|
||||||||||||
Transaction costs
|
0.01
|
-
|
0.01
|
-
|
||||||||||||
Other charges and expenses
|
0.01
|
NM
|
0.01
|
0.01
|
||||||||||||
Amortization of certain intangibles
|
0.02
|
0.03
|
0.05
|
0.07
|
||||||||||||
Income tax benefit related to adjustments
|
(0.02
|
)
|
(0.02
|
)
|
(0.04
|
)
|
(0.04
|
)
|
||||||||
Non-GAAP Adjusted Diluted Earnings per Share
|
$
|
0.47
|
$
|
0.39
|
$
|
0.81
|
$
|
0.67
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
(in thousands of dollars)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net income
|
$
|
15,984
|
$
|
13,227
|
$
|
27,638
|
$
|
22,204
|
||||||||
Adjusted for:
|
||||||||||||||||
Interest expense
|
1,112
|
1,254
|
2,064
|
2,594
|
||||||||||||
Income tax provision
|
6,111
|
4,803
|
10,616
|
7,977
|
||||||||||||
Depreciation and amortization
|
2,251
|
2,345
|
4,434
|
4,679
|
||||||||||||
EBITDA
|
25,458
|
21,629
|
44,752
|
37,454
|
||||||||||||
Share-based compensation (a)
|
1,665
|
1,374
|
2,933
|
2,270
|
||||||||||||
Transaction costs (b)
|
216
|
-
|
216
|
-
|
||||||||||||
Other charges and expenses (c)
|
317
|
176
|
458
|
293
|
||||||||||||
Adjusted EBITDA
|
$
|
27,656
|
$
|
23,179
|
$
|
48,359
|
$
|
40,017
|
(a)
|
Represents share-based compensation relating to equity awards granted to employees and independent directors of the Company.
|
(b)
|
Represents primarily professional and legal fees related to business acquisition transactions.
|
(c)
|
Represents primarily loss on disposal of fixed assets and foreign currency (gains) losses.
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net Income Margin
|
11.7
|
%
|
11.3
|
%
|
11.0
|
%
|
10.5
|
%
|
||||||||
Adjusted for:
|
||||||||||||||||
Interest expense
|
0.8
|
%
|
1.1
|
%
|
0.8
|
%
|
1.2
|
%
|
||||||||
Income tax provision
|
4.5
|
%
|
4.1
|
%
|
4.2
|
%
|
3.8
|
%
|
||||||||
Depreciation and amortization
|
1.6
|
%
|
2.0
|
%
|
1.8
|
%
|
2.2
|
%
|
||||||||
EBITDA
|
18.6
|
%
|
18.5
|
%
|
17.8
|
%
|
17.7
|
%
|
||||||||
Share-based compensation
|
1.2
|
%
|
1.2
|
%
|
1.2
|
%
|
1.1
|
%
|
||||||||
Transaction costs
|
0.2
|
%
|
0.0
|
%
|
0.1
|
%
|
0.0
|
%
|
||||||||
Other charges and expenses
|
0.2
|
%
|
0.2
|
%
|
0.2
|
%
|
0.1
|
%
|
||||||||
Adjusted EBITDA Margin
|
20.2
|
%
|
19.9
|
%
|
19.2
|
%
|
18.9
|
%
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
(in thousands of dollars)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net income for the period
|
$
|
15,984
|
$
|
13,227
|
$
|
27,638
|
$
|
22,204
|
||||||||
Depreciation and amortization
|
2,251
|
2,345
|
4,434
|
4,679
|
||||||||||||
Share-based compensation expense
|
1,665
|
1,374
|
2,933
|
2,270
|
||||||||||||
Provision for credit losses
|
1,056
|
505
|
1,498
|
667
|
||||||||||||
Cash used in investing activities
|
(2,551
|
)
|
(1,251
|
)
|
(6,867
|
)
|
(3,181
|
)
|
||||||||
Term loan pay downs
|
(1,094
|
)
|
-
|
(2,188
|
)
|
(1,915
|
)
|
|||||||||
Net free cash generated during the period
|
$
|
17,311
|
$
|
16,200
|
$
|
27,448
|
$
|
24,724
|