|
|
|
(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 March 8, 2023, issued by International Money Express, Inc.
|
|
104*
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
INTERNATIONAL MONEY EXPRESS, INC.
|
|||
Dated: March 8, 2023
|
By:
|
/s/ Ernesto Luciano
|
|
Name:
|
Ernesto Luciano
|
||
Title:
|
General Counsel and Chief Legal Officer
|
• |
Revenues of $154.4 million, an increase of 21.4%;
|
• |
Net Income of $13.1 million, a decrease of 0.5%;
|
• |
Diluted EPS of $0.35 per share, an increase of 6.1%;
|
• |
Adjusted Net Income of $17.6 million, an increase of 10.4%;
|
• |
Adjusted Diluted EPS of $0.46 per share, an increase of 15.0%;
|
• |
Adjusted EBITDA of $29.1 million, an increase of 22.4%; and
|
• |
Net Free Cash Generated of $13.7 million, an increase of 24.6%.
|
• |
Revenues of $546.8 million, an increase of 19.1%;
|
• |
Net Income of $57.3 million, an increase of 22.4%;
|
• |
Diluted EPS of $1.48, an increase of 23.3%;
|
• |
Adjusted Net Income of $69.9 million, an increase of 21.6%;
|
• |
Adjusted Diluted EPS of $1.81, an increase of 23.1%;
|
• |
Adjusted EBITDA of $105.2 million, an increase of 21.4%; and
|
• |
Net Free Cash Generated of $59.6 million, an increase of 25.2%.
|
■ |
Revenue of $667.0 million to $688.5 million, an increase of 22% to 26%.
|
■ |
Net Income of $66.5 million to $69.0 million, an increase of 16% to 20%.
|
■ |
Adjusted EBITDA of $120.0 million to $124.5 million, an increase of 14% to 18%.
|
■ |
Revenue of $140.9 million to $145.5 million, an increase of 23% to 27%.
|
■ |
Net Income of $11.6 million to $11.7 million, a decrease of (1%) to flat.
|
■ |
Adjusted EBITDA of $22.5 million to $22.8 million, an increase of 9% to 10%.
|
December 31,
|
||||||||
(in thousands of dollars)
|
2022
|
2021
|
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash
|
$
|
149,493
|
$
|
132,474
|
||||
Accounts receivable, net
|
129,808
|
67,317
|
||||||
Prepaid wires, net
|
90,386
|
56,766
|
||||||
Prepaid expenses and other current assets
|
12,749
|
6,988
|
||||||
Total current assets
|
382,436
|
263,545
|
||||||
Property and equipment, net
|
28,160
|
17,905
|
||||||
Goodwill
|
49,774
|
36,260
|
||||||
Intangible assets, net
|
19,826
|
15,392
|
||||||
Other assets
|
31,876
|
7,434
|
||||||
Total assets
|
$
|
512,072
|
$
|
340,536
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt, net
|
$
|
4,975
|
$
|
3,882
|
||||
Accounts payable
|
25,686
|
23,151
|
||||||
Wire transfers and money orders payable, net
|
112,251
|
56,066
|
||||||
Accrued and other liabilities
|
41,855
|
33,760
|
||||||
Total current liabilities
|
184,767
|
116,859
|
||||||
Long-term liabilities:
|
||||||||
Long-term debt, net
|
150,235
|
79,211
|
||||||
Lease liabilities, net
|
23,272
|
-
|
||||||
Deferred tax liability, net
|
3,892
|
1,426
|
||||||
Total long-term liabilities
|
177,399
|
80,637
|
||||||
Stockholders' equity:
|
||||||||
Total stockholders' equity
|
149,906
|
143,040
|
||||||
Total liabilities and stockholders' equity
|
$
|
512,072
|
$
|
340,536
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||
(in thousands of dollars, except for share data)
|
2022
|
2021
|
2022
|
2021
|
2020
|
|||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Revenues:
|
||||||||||||||||||||
Wire transfer and money order fees, net
|
$
|
132,822
|
$
|
108,832
|
$
|
469,162
|
$
|
393,241
|
$
|
307,909
|
||||||||||
Foreign exchange gain, net
|
20,201
|
17,485
|
72,920
|
62,832
|
46,763
|
|||||||||||||||
Other income
|
1,414
|
858
|
4,723
|
3,133
|
2,537
|
|||||||||||||||
Total revenues
|
154,437
|
127,175
|
546,805
|
459,206
|
357,209
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Service charges from agents and banks
|
102,087
|
84,806
|
364,804
|
307,458
|
238,597
|
|||||||||||||||
Salaries and benefits
|
15,313
|
12,156
|
52,224
|
43,065
|
32,831
|
|||||||||||||||
Other selling, general and administrative expenses
|
9,904
|
7,784
|
34,394
|
30,334
|
22,086
|
|||||||||||||||
Transaction costs
|
2,531
|
1,006
|
3,005
|
1,006
|
-
|
|||||||||||||||
Depreciation and amortization
|
2,758
|
2,449
|
9,470
|
9,491
|
10,828
|
|||||||||||||||
Total operating expenses
|
132,593
|
108,201
|
463,897
|
391,354
|
304,342
|
|||||||||||||||
Operating income
|
21,844
|
18,974
|
82,908
|
67,852
|
52,867
|
|||||||||||||||
|
||||||||||||||||||||
Interest expense
|
2,099
|
976
|
5,629
|
4,537
|
6,566
|
|||||||||||||||
Income before income taxes
|
19,745
|
17,998
|
77,279
|
63,315
|
46,301
|
|||||||||||||||
Income tax provision
|
6,678
|
4,866
|
19,948
|
16,472
|
12,517
|
|||||||||||||||
Net income
|
$
|
13,067
|
$
|
13,132
|
$
|
57,331
|
$
|
46,843
|
$
|
33,784
|
||||||||||
Earnings per common share:
|
||||||||||||||||||||
Basic
|
$
|
0.35
|
$
|
0.34
|
$
|
1.52
|
$
|
1.22
|
$
|
0.89
|
||||||||||
Diluted
|
$
|
0.35
|
$
|
0.33
|
$
|
1.48
|
$
|
1.20
|
$
|
0.88
|
||||||||||
Weighted-average common shares outstanding:
|
||||||||||||||||||||
Basic
|
36,941,754
|
38,608,869
|
37,733,047
|
38,474,040
|
38,060,290
|
|||||||||||||||
Diluted
|
37,788,404
|
39,236,948
|
38,625,390
|
39,103,450
|
38,358,171
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||
(in thousands of dollars, except for share data)
|
2022
|
2021
|
2022
|
2021
|
2020
|
|||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||
Net Income
|
$
|
13,067
|
$
|
13,132
|
$
|
57,331
|
$
|
46,843
|
$
|
33,784
|
||||||||||
Adjusted for:
|
||||||||||||||||||||
Share-based compensation (a)
|
1,560
|
1,219
|
7,118
|
4,601
|
3,237
|
|||||||||||||||
Offering costs (b)
|
-
|
-
|
-
|
-
|
509
|
|||||||||||||||
TCPA settlement (c)
|
-
|
-
|
-
|
-
|
60
|
|||||||||||||||
Loss on bank closure (d)
|
-
|
-
|
1,583
|
2,000
|
252
|
|||||||||||||||
Transaction costs (e)
|
2,531
|
1,006
|
3,005
|
1,006
|
-
|
|||||||||||||||
Other charges and expenses (f)
|
382
|
112
|
1,141
|
1,705
|
637
|
|||||||||||||||
Amortization of intangibles (g)
|
1,186
|
1,263
|
4,102
|
5,052
|
6,841
|
|||||||||||||||
Income tax benefit related to adjustments (h)
|
(1,176
|
)
|
(842
|
)
|
(4,376
|
)
|
(3,738
|
)
|
(2,981
|
)
|
||||||||||
Adjusted Net Income
|
$
|
17,550
|
$
|
15,890
|
$
|
69,904
|
$
|
57,469
|
$
|
42,339
|
||||||||||
Adjusted Earnings per share
|
||||||||||||||||||||
Basic
|
$
|
0.48
|
$
|
0.41
|
$
|
1.85
|
$
|
1.49
|
$
|
1.11
|
||||||||||
Diluted
|
$
|
0.46
|
$
|
0.40
|
$
|
1.81
|
$
|
1.47
|
$
|
1.10
|
Three months ended December 31,
|
Year Ended December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
GAAP Basic Earnings per Share
|
$
|
0.35
|
$
|
0.34
|
$
|
1.52
|
$
|
1.22
|
||||||||
Adjusted for:
|
||||||||||||||||
Share-based compensation
|
0.04
|
0.03
|
0.19
|
0.12
|
||||||||||||
Loss on bank closure
|
-
|
-
|
0.04
|
0.05
|
||||||||||||
Transaction costs
|
0.07
|
0.03
|
0.08
|
0.03
|
||||||||||||
Other charges and expenses
|
0.01
|
NM
|
0.03
|
0.04
|
||||||||||||
Amortization of intangibles
|
0.03
|
0.03
|
0.11
|
0.13
|
||||||||||||
Income tax benefit related to adjustments
|
(0.03
|
)
|
(0.02
|
)
|
(0.12
|
)
|
(0.10
|
)
|
||||||||
Non-GAAP Adjusted Basic Earnings per Share
|
$
|
0.48
|
$
|
0.41
|
$
|
1.85
|
$
|
1.49
|
Three months ended December 31,
|
Year Ended December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
GAAP Diluted Earnings per Share
|
$
|
0.35
|
$
|
0.33
|
$
|
1.48
|
$
|
1.20
|
||||||||
Adjusted for:
|
||||||||||||||||
Share-based compensation
|
0.04
|
0.03
|
0.18
|
0.12
|
||||||||||||
Loss on bank closure
|
-
|
-
|
0.04
|
0.05
|
||||||||||||
Transaction costs
|
0.07
|
0.03
|
0.08
|
0.03
|
||||||||||||
Other charges and expenses
|
0.01
|
NM
|
0.03
|
0.04
|
||||||||||||
Amortization of intangibles
|
0.03
|
0.03
|
0.11
|
0.13
|
||||||||||||
Income tax benefit related to adjustments
|
(0.03
|
)
|
(0.02
|
)
|
(0.11
|
)
|
(0.10
|
)
|
||||||||
Non-GAAP Adjusted Diluted Earnings per Share
|
$
|
0.46
|
$
|
0.40
|
$
|
1.81
|
$
|
1.47
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||
(in thousands of dollars)
|
2022
|
2021
|
2022
|
2021
|
2020
|
|||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||
Net income
|
$
|
13,067
|
$
|
13,132
|
$
|
57,331
|
$
|
46,843
|
$
|
33,784
|
||||||||||
Adjusted for:
|
||||||||||||||||||||
Interest expense
|
2,099
|
976
|
5,629
|
4,537
|
6,566
|
|||||||||||||||
Income tax provision
|
6,678
|
4,866
|
19,948
|
16,472
|
12,517
|
|||||||||||||||
Depreciation and amortization
|
2,758
|
2,450
|
9,470
|
9,491
|
10,828
|
|||||||||||||||
EBITDA
|
24,602
|
21,424
|
92,378
|
77,343
|
63,695
|
|||||||||||||||
Share-based compensation (a)
|
1,560
|
1,219
|
7,118
|
4,601
|
3,237
|
|||||||||||||||
Offering costs (b)
|
-
|
-
|
-
|
-
|
509
|
|||||||||||||||
TCPA settlement (c)
|
-
|
-
|
-
|
-
|
60
|
|||||||||||||||
Loss on bank closure (d)
|
-
|
-
|
1,583
|
2,000
|
252
|
|||||||||||||||
Transaction costs (e)
|
2,531
|
1,006
|
3,005
|
1,006
|
-
|
|||||||||||||||
Other charges and expenses (f)
|
383
|
112
|
1,141
|
1,705
|
637
|
|||||||||||||||
Adjusted EBITDA
|
$
|
29,076
|
$
|
23,761
|
$
|
105,225
|
$
|
86,655
|
$
|
68,390
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net Income Margin
|
8.5
|
%
|
10.3
|
%
|
10.5
|
%
|
10.2
|
%
|
||||||||
Adjusted for:
|
||||||||||||||||
Interest expense
|
1.4
|
%
|
0.8
|
%
|
1.0
|
%
|
1.0
|
%
|
||||||||
Income tax provision
|
4.3
|
%
|
3.8
|
%
|
3.6
|
%
|
3.6
|
%
|
||||||||
Depreciation and amortization
|
1.8
|
%
|
1.9
|
%
|
1.7
|
%
|
2.1
|
%
|
||||||||
EBITDA
|
15.9
|
%
|
16.8
|
%
|
16.9
|
%
|
16.8
|
%
|
||||||||
Share-based compensation
|
1.0
|
%
|
1.0
|
%
|
1.3
|
%
|
1.0
|
%
|
||||||||
Loss on bank closure
|
0.0
|
%
|
0.0
|
%
|
0.3
|
%
|
0.4
|
%
|
||||||||
Transaction costs
|
1.6
|
%
|
0.8
|
%
|
0.5
|
%
|
0.2
|
%
|
||||||||
Other charges and expenses
|
0.2
|
%
|
0.1
|
%
|
0.2
|
%
|
0.4
|
%
|
||||||||
Adjusted EBITDA Margin
|
18.8
|
%
|
18.7
|
%
|
19.3
|
%
|
18.9
|
%
|
For the three months ended December 31,
|
For the year-ended December 31,
|
|||||||||||||||||||
(in thousands of dollars)
|
2022
|
2021
|
2022
|
2021
|
2020
|
|||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||
Net income for the period
|
$
|
13,067
|
$
|
13,132
|
$
|
57,331
|
$
|
46,843
|
$
|
33,784
|
||||||||||
Depreciation and amortization
|
2,758
|
2,450
|
9,470
|
9,491
|
10,828
|
|||||||||||||||
Stock compensation expense
|
1,560
|
1,219
|
7,118
|
4,601
|
3,237
|
|||||||||||||||
Provision for credit losses
|
550
|
529
|
2,572
|
1,537
|
1,801
|
|||||||||||||||
Cash used in investing activities
|
(3,149
|
)
|
(5,250
|
)
|
(12,529
|
)
|
(10,773
|
)
|
(4,062
|
)
|
||||||||||
Term loan pay downs
|
(1,094
|
)
|
(1,094
|
)
|
(4,375
|
)
|
(4,103
|
)
|
(7,661
|
)
|
||||||||||
Net free cash generated during the period
|
$
|
13,692
|
$
|
10,986
|
$
|
59,587
|
$
|
47,596
|
$
|
37,927
|