On August 7, 2024, International Money Express Inc (IMXI, Financial) released its 8-K filing for the second quarter of 2024. International Money Express Inc is a processor of money transfer services in the USA to the Latin America and the Caribbean (LAC) corridor. The company offers wire transfer, money order, foreign exchange, and cash checking services, with the majority of revenue derived from wire transfer and money order fees.
Performance Overview
International Money Express Inc (IMXI, Financial) reported revenues of $171.5 million for Q2 2024, a 1.4% increase compared to the same period last year. However, this figure fell short of the analyst estimate of $180.90 million. Net income for the quarter was $14.0 million, a 9.1% decrease year-over-year, primarily due to $2.7 million in restructuring charges. Despite the revenue miss, the company reported a diluted EPS of $0.42, matching the prior year's figure but falling short of the analyst estimate of $0.53. Adjusted diluted EPS, however, increased by 10.0% to $0.55, surpassing expectations.
Key Financial Achievements
Adjusted EBITDA for the quarter was $31.1 million, a slight increase of 0.6% from the previous year. The company also reported a 3.9% increase in unique, active customers to 4.2 million, who generated 15.3 million money transfer transactions, up 1.3%. The total principal amount transferred was $6.4 billion.
Bob Lisy, Chairman, President, and CEO of Intermex, stated, "We are proud to deliver another strong quarter of operating results. We successfully navigated a challenging market environment to deliver record Q2 revenues for the Company and double-digit Adjusted EPS growth."
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Revenues | $171.5 million | $169.2 million |
| Net Income | $14.0 million | $15.4 million |
| Diluted EPS | $0.42 | $0.42 |
| Adjusted Diluted EPS | $0.55 | $0.50 |
| Adjusted EBITDA | $31.1 million | $30.9 million |
Balance Sheet and Cash Flow
As of June 30, 2024, International Money Express Inc (IMXI, Financial) had $233.2 million in cash and cash equivalents. The company generated $13.3 million in net free cash for the quarter, slightly up from the previous year. The company also repurchased 521,651 shares of its common stock for $11.2 million during the quarter.
Challenges and Future Outlook
The decrease in net income was primarily impacted by restructuring charges, which were aimed at reorganizing the workforce and streamlining operational processes. These actions are expected to generate over $2.0 million in recurring annualized savings starting in 2025. Despite these challenges, the company continues to execute its omnichannel strategy effectively.
For the full year 2024, the company has revised its guidance, expecting revenues between $657.6 million and $677.6 million, diluted EPS between $1.73 and $1.87, and adjusted diluted EPS between $2.07 and $2.25.
For more detailed insights and to access the full earnings report, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from International Money Express Inc for further details.
