International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the
“Company”), one of the nation’s leading omnichannel money transfer
services to Latin America and the Caribbean, today reported strong
operating results for the fourth quarter and full year 2023.
Financial performance highlights for the fourth
quarter of 2023 compared with the same period last year are:
- Revenues of
$171.8 million, an increase of 11.2%;
- Diluted EPS of
$0.49 per share, an increase of 40.0%;
- Adjusted Diluted
EPS of $0.56 per share, an increase of 21.7%;
- Adjusted EBITDA
of $33.3 million, an increase of 14.5%; and
- Net Free Cash
Generated of $17.2 million, an increase of 25.9%.
Financial performance highlights for the
full-year 2023 compared with the prior-year are:
- Revenues of
$658.7 million, an increase of 20.5%;
- Diluted EPS of
$1.63, an increase of 10.1%;
- Adjusted Diluted
EPS of $1.95, an increase of 7.7%;
- Adjusted EBITDA
of $120.0 million, an increase of 14.0%; and
- Net Free Cash
Generated of $61.7 million, an increase of 3.6%.
Bob Lisy, Chairman, President, and CEO of
Intermex, stated, “We are proud to deliver another quarter of
strong earnings growth as we continue to execute on our omnichannel
strategy. We were able to again achieve double-digit revenue
growth, performing well despite market headwinds. Our keen focus on
margins and cost control helped deliver outsized growth in EPS,
Adjusted EBITDA, and Adjusted EPS. Our highly efficient business
model provides strong cash generation under already low leverage -
allowing us to invest to accelerate growth while opportunistically
purchasing shares in the market."
Fourth Quarter
2023 Financial Results (all comparisons
are to the Fourth Quarter
2022)Total revenues for the
Company were $171.8 million, up 11.2%. Contributing to the revenue
growth is solid growth in the underlying business and the
acquisition of La Nacional in the U.S. and i-Transfer in Europe.
Contributing to the revenue growth was an over 13% increase in
unique, active customers to 4.2 million, who generated
15.3 million money transfer transactions, an increase of
11.7%. Also contributing to the growth in the number of
transactions was the 43.1% growth in digital transactions.
Transaction growth resulted in $6.2 billion in principal
transferred, a 6.9% increase.
Net income was $17.5 million, an increase of
33.9%. Diluted earnings per share were $0.49, an increase of 40.0%.
Net income and diluted EPS are impacted by an increase in revenues
partially offset by higher service charges from agents and banks,
increasing at a lower rate than revenues and increased operating
expenses, which reflect a full year of La Nacional and partial year
of i-Transfer. Higher interest expense, depreciation &
amortization - much of it acquisition related and lower transaction
costs also impacted net income. Diluted earnings per share growth
also reflects the positive benefits of the Company's stock
repurchases.
Adjusted EBITDA increased 14.5% to $33.3
million, driven by the business operating results discussed above
offset by a lower impact of the adjusting items shown in the
reconciliation table below.
Adjusted net income increased 13.5% to $19.9
million, and adjusted diluted earnings per share was $0.56, an
increase of 21.7%. Adjusted net income and adjusted diluted EPS
were impacted by the items noted above in net income, adjusted for
certain non-cash expenses and lower transaction costs that are
detailed in the reconciliation table below following the
consolidated financial statements. Adjusted EPS also benefited from
the Company's stock repurchases.
Full-year 2023 Financial Results (all
comparisons are to the full-year 2022)Revenues increased
by 20.5% to $658.7 million. Driving that growth was a 22.7%
increase in net money transfer transactions - driven by continued
growth in the core business and the acquisition of La Nacional in
the U.S. and i-Transfer in Europe. A 58.9% increase in digital
transactions initiated also contributed to the Company's growth.
Total principal sent increased 17.2% to $24.5 billion.
Net income was $59.5 million, an increase of
3.8%. Diluted earnings per share were $1.63, an increase of 10.1%,
attributable to the year-to-date effects of the same items noted
above for the quarterly results. In addition, the full-year 2022
net income was impacted by a $2.9 million tax benefit that did not
recur in 2023.
Adjusted EBITDA increased 14.0% to $120.0
million, attributable to the same items noted above for the
quarterly operating results and the higher net effect of the
adjusting items detailed in the reconciliation table below.
Adjusted net income totaled $71.0 million, an
increase of 1.5%. Adjusted diluted earnings per share totaled
$1.95, an increase of 7.7%, attributable to the same items noted
above for the quarterly results.
Adjusted and other non-GAAP measures discussed
above and elsewhere in this press release are defined below under
the heading Non-GAAP Measures.
Other ItemsThe Company ended
the fourth quarter of 2023 with $239.2 million in cash and cash
equivalents. Net Free Cash Generated for the fourth quarter was
$17.2 million, up 25.9%, compared to the fourth quarter of 2022.
Higher year-over-year free cash generated was favorably impacted by
growth in net income, impacted moderately by an increase in capital
spending associated with upgrading hardware and software within the
U.S. agent base.
The Company repurchased approximately 523,000
shares of its common stock for $10.0 million during the fourth
quarter of 2023 through its underlying share repurchase program.
The Company also repurchased 770,403 shares for $15.3 million
through privately-negotiated transactions.
GuidanceThe Company is
providing full year and first quarter guidance:
Full-year 2024:
- Revenue of $681.0 million to $701.8
million.
- Diluted EPS of $1.81 to $1.96.
- Adjusted EBITDA of $124.0 million to
$127.7 million.
- Adjusted Diluted EPS of $2.13 to
$2.31.
First quarter 2024:
- Revenue of $150.4 million to $155.0
million.
- Diluted EPS of $0.32 to $0.35.
- Adjusted EBITDA of $24.4 million to
$25.1 million.
- Adjusted Diluted EPS of $0.39 to
$0.42.
Non-GAAP MeasuresAdjusted Net
Income, Adjusted Earnings per Share, Adjusted EBITDA, Adjusted
EBITDA Margin and Net Free Cash Generated, each a Non-GAAP
financial measure, are the primary metrics used by management to
evaluate the financial performance of our business. We present
these Non-GAAP financial measures because we believe they are
frequently used by analysts, investors, and other interested
parties to evaluate companies in our industry. Furthermore, we
believe they are helpful in highlighting trends in our operating
results, because certain of such measures exclude, among other
things, the effects of certain transactions that are outside the
control of management, while other measures can differ
significantly depending on long-term strategic decisions regarding
capital structure, the jurisdictions in which we operate and
capital investments.
Adjusted Net Income is defined as Net Income
adjusted to add back certain charges and expenses, such as non-cash
amortization of intangible assets resulting from business
acquisition transactions, non-cash compensation costs, and other
items outlined in the reconciliation table below, as these charges
and expenses are not considered a part of our core business
operations and are not an indicator of ongoing future Company
performance.
Adjusted Earnings per Share – Basic and Diluted
is calculated by dividing Adjusted Net Income by GAAP
weighted-average common shares outstanding (basic and diluted).
Adjusted EBITDA is defined as Net Income before
depreciation and amortization, interest expense, income taxes, and
adjusted to add back certain charges and expenses, such as non-cash
compensation costs and other items outlined in the reconciliation
table below, as these charges and expenses are not considered a
part of our core business operations and are not an indicator of
ongoing future Company performance.
Adjusted EBITDA Margin is calculated by dividing
Adjusted EBITDA by Revenues.
Net Free Cash Generated is defined as Net Income
before provision for credit losses and depreciation and
amortization adjusted to add back certain non-cash charges and
expenses, such as non-cash compensation costs, and reduced by cash
used in investing activities and servicing of our debt
obligations.
Adjusted Net Income, Adjusted Earnings per
Share, Adjusted EBITDA, Adjusted EBITDA Margin, and Net Free Cash
Generated are non-GAAP financial measures and should not be
considered as an alternative to operating income, net income, net
income margin or earnings per share, as a measure of operating
performance or cash flows, or as a measure of liquidity. Non-GAAP
financial measures are not necessarily calculated the same way by
different companies and should not be considered a substitute for
or superior to U.S. GAAP.
Reconciliations of Net Income, the Company’s
closest GAAP measure, to Adjusted Net Income, Adjusted EBITDA, and
Net Free Cash Generated, as well as a reconciliation of Earnings
per Share to Adjusted Earnings per Share and Net Income Margin to
Adjusted EBITDA Margin, are outlined in the tables below following
the consolidated financial statements. A quantitative
reconciliation of projected Adjusted EBITDA and Adjusted Diluted
EPS to the most comparable GAAP measure is not available without
unreasonable efforts because of the inherent difficulty in
forecasting and quantifying the amounts necessary under GAAP
guidance for operating or other adjusted items including, without
limitation, costs and expenses related to acquisitions and other
transactions, share-based compensation, tax effects of certain
adjustments and losses related to legal contingencies or disposal
of assets. For the same reasons, we are unable to address the
probable significance of the unavailable information.
Investor and Analyst Conference Call /
PresentationIntermex will host a conference call and
webcast presentation at 9:00 a.m. Eastern Time today. The
conference call can be heard by dialing: 1-844-826-3033 (U.S.) or
1-412-317-5185 (outside the U.S.) ten minutes before the start of
the call.
The conference call and accompanying slides will
be available via webcast at https://investors.intermexonline.com/.
Registration for the event is required, so please register at least
five minutes before the scheduled start time.
A webcast replay will be available approximately
2-4 hours after the conference call at
https://investors.intermexonline.com/.
Safe Harbor Compliance Statement for
Forward-Looking Statements This press release contains
certain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended, which
reflect our current views concerning certain events that are not
historical facts but could have an effect on our future
performance, including but without limitation, statements regarding
our plans, objectives, financial performance, business strategies,
projected results of operations, and expectations for the Company.
These statements may include and be identified by words or phrases
such as, without limitation, “would,” “will,” “should,” “expects,”
“believes,” “anticipates,” “continues,” “could,” “may,” “might,”
“plans,” “possible,” “potential,” “predicts,” “projects,”
“forecasts,” “intends,” “assumes,” “estimates,” “approximately,”
“shall,” “our planning assumptions,” “future outlook,” “currently,”
“target,” “guidance,” and similar expressions (including the
negative and plural forms of such words and phrases). These
forward-looking statements are based largely on information
currently available to our management and our current expectations,
assumptions, plans, estimates, judgments, projections about our
business and our industry, and macroeconomic conditions, and are
subject to various risks, uncertainties, estimates, contingencies,
and other factors, many of which are outside our control, that
could cause actual results to differ from those expressed or
implied by such forward-looking statements and could materially
adversely affect our business, financial condition, results of
operations, cash flows, and liquidity. Such factors include, among
others, changes in applicable laws or regulations; factors relating
to our business, operations and financial performance, including:
loss of, or reduction in business with, key sending agents; our
ability to effectively compete in the markets in which we operate;
economic factors such as inflation, the level of economic activity,
recession risks and labor market conditions, as well as rising
interest rates; international political factors, political
instability, tariffs, border taxes or restrictions on remittances
or transfers from the outbound countries in which we operate or
plan to operate; volatility in foreign exchange rates that could
affect the volume of consumer remittance activity and/or affect our
foreign exchange related gains and losses; public health
conditions, responses thereto and the economic and market effects
thereof; consumer confidence in our brands and in consumer money
transfers generally; expansion into new geographic markets or
product markets; our ability to successfully execute, manage,
integrate and obtain the anticipated financial benefits of key
acquisitions and mergers; the ability of our risk management and
compliance policies, procedures and systems to mitigate risk
related to transaction monitoring; consumer fraud and other risks
relating to the authenticity of customers’ orders or the improper
or illegal use of our services by consumers; cybersecurity-attacks
or disruptions to our information technology, computer network
systems, data centers and mobile devices apps; new technology or
competitors that disrupt the current money transfer and payment
ecosystem, including the introduction of new digital platforms; our
success in developing and introducing new products, services and
infrastructure; our ability to maintain favorable banking and
paying agent relationships necessary to conduct our business; bank
failures, sustained financial illiquidity, or illiquidity at the
clearing, cash management or custodial financial institutions with
which we do business; changes to banking industry regulation and
practice; credit risks from our agents and the financial
institutions with which we do business; our ability to recruit and
retain key personnel; our ability to maintain compliance with
applicable laws and regulatory requirements, including those
intended to prevent use of our money remittance services for
criminal activity, those related to data and cyber-security
protection, and those related to new business initiatives;
enforcement actions and private litigation under regulations
applicable to the money remittance services; changes in immigration
laws and their enforcement; changes in tax laws in the countries in
which we operate; our ability to protect intellectual property
rights; our ability to satisfy our debt obligations and remain in
compliance with our credit facility requirements; our use of
third-party vendors and service providers; weakness in U.S. or
international economic conditions; and other economic, business,
and/or competitive factors, risks and uncertainties, including
those described in the “Risk Factors” and other sections of
periodic reports that we file with the Securities and Exchange
Commission. Accordingly, we caution investors and all others not to
place undue reliance on any forward-looking statements. Any
forward-looking statement speaks only as of the date such statement
is made and we undertake no obligation to update any of the
forward-looking statements.
About International Money Express,
Inc.Founded in 1994, Intermex applies proprietary
technology enabling consumers to send money from the United States,
Canada, Spain, Italy and Germany to more than 60 countries. The
Company provides the digital movement of money through a network of
agent retailers in the United States, Canada, Spain, Italy and
Germany; Company-operated stores; our mobile app; and the
Company’s websites. Transactions are fulfilled and paid through
thousands of retail and bank locations around the world. Intermex
is headquartered in Miami, Florida, with international offices in
Puebla, Mexico, Guatemala City, Guatemala, and Madrid, Spain. For
more information about Intermex, please visit
www.intermexonline.com.
Alex Sadowski Investor Relations
Coordinatorasadowski@intermexusa.comtel. 305-671-8000
Consolidated Balance Sheets |
|
|
|
|
|
|
|
December 31, |
|
December 31, |
(in thousands of dollars) |
|
2023 |
|
2022 |
ASSETS |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
239,203 |
|
$ |
149,493 |
Accounts receivable, net |
|
|
155,237 |
|
|
129,808 |
Prepaid wires, net |
|
|
28,366 |
|
|
90,386 |
Prepaid expenses and other current assets |
|
|
10,068 |
|
|
12,749 |
Total current assets |
|
|
432,874 |
|
|
382,436 |
|
|
|
|
|
Property and equipment, net |
|
|
31,656 |
|
|
28,160 |
Goodwill |
|
|
53,986 |
|
|
49,774 |
Intangible assets, net |
|
|
18,143 |
|
|
19,826 |
Other assets |
|
|
40,153 |
|
|
31,876 |
Total assets |
|
$ |
576,812 |
|
$ |
512,072 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Current portion of long-term debt, net |
|
$ |
7,163 |
|
$ |
4,975 |
Accounts payable |
|
|
36,507 |
|
|
25,686 |
Wire transfers and money orders payable, net |
|
|
125,042 |
|
|
112,251 |
Accrued and other liabilities |
|
|
54,661 |
|
|
41,855 |
Total current liabilities |
|
|
223,373 |
|
|
184,767 |
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
Debt, net |
|
|
181,073 |
|
|
150,235 |
Lease liabilities, net |
|
|
22,670 |
|
|
23,272 |
Deferred tax liability, net |
|
|
659 |
|
|
3,892 |
Total long-term liabilities |
|
|
204,402 |
|
|
177,399 |
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Total stockholders' equity |
|
|
149,037 |
|
|
149,906 |
Total liabilities and stockholders' equity |
|
$ |
576,812 |
|
$ |
512,072 |
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Income |
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(in thousands of dollars, except for per share data) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
Wire transfer and money order fees, net |
$ |
145,185 |
|
$ |
132,822 |
|
$ |
561,540 |
|
$ |
469,162 |
|
$ |
393,241 |
Foreign exchange gain, net |
|
23,669 |
|
|
20,201 |
|
|
87,908 |
|
|
72,920 |
|
|
62,832 |
Other income |
|
2,929 |
|
|
1,414 |
|
|
9,287 |
|
|
4,723 |
|
|
3,133 |
Total revenues |
|
171,783 |
|
|
154,437 |
|
|
658,735 |
|
|
546,805 |
|
|
459,206 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Service charges from agents and banks |
|
110,882 |
|
|
102,087 |
|
|
430,865 |
|
|
364,804 |
|
|
307,458 |
Salaries and benefits |
|
18,675 |
|
|
15,313 |
|
|
71,090 |
|
|
52,224 |
|
|
43,065 |
Other selling, general and administrative expenses |
|
11,181 |
|
|
9,904 |
|
|
47,979 |
|
|
34,394 |
|
|
30,334 |
Transaction costs |
|
33 |
|
|
2,531 |
|
|
445 |
|
|
3,005 |
|
|
1,006 |
Depreciation and amortization |
|
3,355 |
|
|
2,758 |
|
|
12,866 |
|
|
9,470 |
|
|
9,491 |
Total operating expenses |
|
144,126 |
|
|
132,593 |
|
|
563,245 |
|
|
463,897 |
|
|
391,354 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
27,657 |
|
|
21,844 |
|
|
95,490 |
|
|
82,908 |
|
|
67,852 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
2,783 |
|
|
2,099 |
|
|
10,426 |
|
|
5,629 |
|
|
4,537 |
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
24,874 |
|
|
19,745 |
|
|
85,064 |
|
|
77,279 |
|
|
63,315 |
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
7,375 |
|
|
6,678 |
|
|
25,549 |
|
|
19,948 |
|
|
16,472 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
17,499 |
|
$ |
13,067 |
|
$ |
59,515 |
|
$ |
57,331 |
|
$ |
46,843 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.51 |
|
$ |
0.35 |
|
$ |
1.67 |
|
$ |
1.52 |
|
$ |
1.22 |
Diluted |
$ |
0.49 |
|
$ |
0.35 |
|
$ |
1.63 |
|
$ |
1.48 |
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
34,638,245 |
|
|
36,941,754 |
|
|
35,604,582 |
|
|
37,733,047 |
|
|
38,474,040 |
Diluted |
|
35,426,435 |
|
|
37,788,404 |
|
|
36,429,714 |
|
|
38,625,390 |
|
|
39,103,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from Net Income to Adjusted Net
Income |
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(in thousands of dollars, except for per share data) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
17,499 |
|
|
$ |
13,067 |
|
|
$ |
59,515 |
|
|
$ |
57,331 |
|
|
$ |
46,843 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
Share-based compensation (a) |
|
1,894 |
|
|
|
1,560 |
|
|
|
8,111 |
|
|
|
7,118 |
|
|
|
4,601 |
|
Restructuring costs (b) |
|
69 |
|
|
|
— |
|
|
|
1,214 |
|
|
|
— |
|
|
|
— |
|
Transaction costs (c) |
|
34 |
|
|
|
2,531 |
|
|
|
445 |
|
|
|
3,005 |
|
|
|
1,006 |
|
Loss on bank closure (d) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,583 |
|
|
|
2,000 |
|
Other charges and expenses (e) |
|
294 |
|
|
|
382 |
|
|
|
1,850 |
|
|
|
1,141 |
|
|
|
1,705 |
|
Amortization of intangibles (f) |
|
1,178 |
|
|
|
1,186 |
|
|
|
4,740 |
|
|
|
4,102 |
|
|
|
5,052 |
|
Income tax benefit related to adjustments (g) |
|
(1,042 |
) |
|
|
(1,176 |
) |
|
|
(4,914 |
) |
|
|
(4,376 |
) |
|
|
(3,738 |
) |
Adjusted net income |
$ |
19,926 |
|
|
$ |
17,550 |
|
|
$ |
70,961 |
|
|
$ |
69,904 |
|
|
$ |
57,469 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per common share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.58 |
|
|
$ |
0.48 |
|
|
$ |
1.99 |
|
|
$ |
1.85 |
|
|
$ |
1.49 |
|
Diluted |
$ |
0.56 |
|
|
$ |
0.46 |
|
|
$ |
1.95 |
|
|
$ |
1.81 |
|
|
$ |
1.47 |
|
(a) |
|
Represents shared-based compensation relating to equity awards
granted primarily to employees and independent directors of the
Company. |
(b) |
|
Represents primarily severance, write-off of fixed assets and
professional fees related to the restructuring of La Nacional. |
(c) |
|
Represents primarily financial advisory, professional and legal
fees related to business acquisition transactions. |
(d) |
|
Represents losses related to the closure of a financial institution
in Mexico during 2021. |
(e) |
|
Represents primarily loss on disposal of fixed assets. |
(f) |
|
Represents the amortization of intangible assets that resulted from
business acquisition transactions. |
(g) |
|
Represents the current and deferred tax impact of the taxable
adjustments to Net Income using the Company’s blended federal and
state tax rate for each period. Relevant tax-deductible adjustments
include all adjustments to net income. |
|
|
|
|
|
|
Reconciliation from GAAP Basic Earnings per Share to
Adjusted Basic Earnings per Share |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(Unaudited) |
|
(Unaudited) |
GAAP Basic Earnings per Share |
$ |
0.51 |
|
|
$ |
0.35 |
|
|
$ |
1.67 |
|
|
$ |
1.52 |
|
Adjusted for: |
|
|
|
|
|
|
|
Share-based compensation |
|
0.05 |
|
|
|
0.04 |
|
|
|
0.23 |
|
|
|
0.19 |
|
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
Transaction costs |
|
— |
|
|
|
0.07 |
|
|
|
0.01 |
|
|
|
0.08 |
|
Loss on bank closure |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
Other charges and expenses |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.03 |
|
Amortization of intangibles |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.13 |
|
|
|
0.11 |
|
Income tax benefit related to adjustments |
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.14 |
) |
|
|
(0.12 |
) |
Non-GAAP Adjusted Basic Earnings per Share |
$ |
0.58 |
|
|
$ |
0.48 |
|
|
$ |
1.99 |
|
|
$ |
1.85 |
|
|
|
|
|
|
|
|
|
The table above may contain slight summation
differences due to rounding
Reconciliation from GAAP Diluted Earnings per Share to
Adjusted Diluted Earnings per Share |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(Unaudited) |
|
(Unaudited) |
GAAP Diluted Earnings per Share |
$ |
0.49 |
|
|
$ |
0.35 |
|
|
$ |
1.63 |
|
|
$ |
1.48 |
|
Adjusted for: |
|
|
|
|
|
|
|
Share-based compensation |
|
0.05 |
|
|
|
0.04 |
|
|
|
0.22 |
|
|
|
0.18 |
|
Restructuring costs |
|
— |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
Transaction costs |
|
— |
|
|
|
0.07 |
|
|
|
0.01 |
|
|
|
0.08 |
|
Loss on bank closure |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
Other charges and expenses |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
|
0.03 |
|
Amortization of intangibles |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.13 |
|
|
|
0.11 |
|
Income tax benefit related to adjustments |
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.13 |
) |
|
|
(0.11 |
) |
Non-GAAP Adjusted Diluted Earnings per Share |
$ |
0.56 |
|
|
$ |
0.46 |
|
|
$ |
1.95 |
|
|
$ |
1.81 |
|
|
|
|
|
|
|
|
|
The table above may contain slight summation
differences due to rounding
Reconciliation from Net Income to Adjusted
EBITDA |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(in thousands of dollars) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
Net income |
$ |
17,499 |
|
$ |
13,067 |
|
$ |
59,515 |
|
$ |
57,331 |
|
$ |
46,843 |
|
|
|
|
|
|
|
|
|
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
2,783 |
|
|
2,099 |
|
|
10,426 |
|
|
5,629 |
|
|
4,537 |
Income tax provision |
|
7,375 |
|
|
6,678 |
|
|
25,549 |
|
|
19,948 |
|
|
16,472 |
Depreciation and amortization |
|
3,355 |
|
|
2,758 |
|
|
12,866 |
|
|
9,470 |
|
|
9,491 |
EBITDA |
|
31,012 |
|
|
24,602 |
|
|
108,356 |
|
|
92,378 |
|
|
77,343 |
Share-based compensation (a) |
|
1,894 |
|
|
1,560 |
|
|
8,111 |
|
|
7,118 |
|
|
4,601 |
Restructuring costs (b) |
|
69 |
|
|
— |
|
|
1,214 |
|
|
— |
|
|
— |
Transaction costs (c) |
|
34 |
|
|
2,531 |
|
|
445 |
|
|
3,005 |
|
|
1,006 |
Loss on bank closure (d) |
|
— |
|
|
— |
|
|
— |
|
|
1,583 |
|
|
2,000 |
Other charges and expenses (e) |
|
294 |
|
|
383 |
|
|
1,850 |
|
|
1,141 |
|
|
1,705 |
Adjusted EBITDA |
$ |
33,303 |
|
$ |
29,076 |
|
$ |
119,976 |
|
$ |
105,225 |
|
$ |
86,655 |
(a) |
|
Represents share-based compensation relating to equity awards
granted primarily to employees and independent directors of the
Company. |
(b) |
|
Represents primarily severance,
write-off of fixed assets and professional fees related to the
restructuring of La Nacional. |
(c) |
|
Represents primarily financial
advisory, professional and legal fees related to business
acquisition transactions. |
(d) |
|
Represents losses related to the
closure of a financial institution in Mexico during 2021. |
(e) |
|
Represents primarily loss on
disposal of fixed assets. |
|
|
|
|
|
|
Reconciliation from Net Income Margin to Adjusted EBITDA
Margin |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
(Unaudited) |
|
(Unaudited) |
Net Income Margin |
10.2 |
% |
|
8.5 |
% |
|
9.0 |
% |
|
10.5 |
% |
Adjusted for: |
|
|
|
|
|
|
|
Interest expense |
1.6 |
% |
|
1.4 |
% |
|
1.6 |
% |
|
1.0 |
% |
Income tax provision |
4.3 |
% |
|
4.3 |
% |
|
3.9 |
% |
|
3.6 |
% |
Depreciation and amortization |
2.0 |
% |
|
1.8 |
% |
|
2.0 |
% |
|
1.7 |
% |
EBITDA |
18.1 |
% |
|
15.9 |
% |
|
16.4 |
% |
|
16.9 |
% |
Share-based compensation |
1.1 |
% |
|
1.0 |
% |
|
1.2 |
% |
|
1.3 |
% |
Restructuring costs |
— |
% |
|
— |
% |
|
0.2 |
% |
|
— |
% |
Transaction costs |
— |
% |
|
1.6 |
% |
|
0.1 |
% |
|
0.5 |
% |
Loss on bank closure |
— |
% |
|
— |
% |
|
— |
% |
|
0.3 |
% |
Other charges and expenses |
0.2 |
% |
|
0.2 |
% |
|
0.3 |
% |
|
0.2 |
% |
Adjusted EBITDA Margin |
19.4 |
% |
|
18.8 |
% |
|
18.2 |
% |
|
19.3 |
% |
The table above may contain slight summation
differences due to rounding
Reconciliation of Net Income to Net Free Cash
Generated |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(in thousands of dollars) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Net income for the period |
$ |
17,499 |
|
|
$ |
13,067 |
|
|
$ |
59,515 |
|
|
$ |
57,331 |
|
|
$ |
46,843 |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
3,355 |
|
|
|
2,758 |
|
|
|
12,866 |
|
|
|
9,470 |
|
|
|
9,491 |
|
Share-based compensation |
|
1,894 |
|
|
|
1,560 |
|
|
|
8,111 |
|
|
|
7,118 |
|
|
|
4,601 |
|
Provision for credit losses |
|
1,227 |
|
|
|
550 |
|
|
|
4,997 |
|
|
|
2,572 |
|
|
|
1,537 |
|
Cash used in investing activities |
|
(5,092 |
) |
|
|
(3,149 |
) |
|
|
(18,280 |
) |
|
|
(12,529 |
) |
|
|
(10,773 |
) |
Term loan pay downs |
|
(1,641 |
) |
|
|
(1,094 |
) |
|
|
(5,469 |
) |
|
|
(4,375 |
) |
|
|
(4,103 |
) |
|
|
|
|
|
|
|
|
|
|
Net free cash generated during the period |
$ |
17,242 |
|
|
$ |
13,692 |
|
|
$ |
61,740 |
|
|
$ |
59,587 |
|
|
$ |
47,596 |
|
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