Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 52

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 52
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 relying primarily on our GAAP results and using Adjusted EBITDA, as well as our other non-GAAP financial measures, only as supplemental information.

Adjusted Net Income and Adjusted Earnings per Share

Adjusted Net Income is defined as Net Income adjusted to add back certain charges and expenses, such as non-cash amortization of certain intangible assets resulting from business and asset acquisition transactions, which will recur in future periods until these assets have been fully amortized, non-cash compensation costs and other items set forth in the 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 Net Income for the three months ended March 31, 2025 was $10.9 million, representing a decrease of $3.8 million, or 25.9%, from Adjusted Net Income of $14.7 million for the three months ended March 31, 2024. The decrease in Adjusted Net Income was primarily due to the decrease in Net Income as discussed above, partially offset by the higher net effect of the adjusting items detailed in the table below.

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The following table presents the reconciliation of Net Income, our closest GAAP measure, to Adjusted Net Income:

Three Months Ended March 31,(in thousands, except for per share data)20252024Net Income$7,769 $12,106 Adjusted for:Share-based compensation (a)2,112 2,153 Restructuring costs (b)306 — Transaction costs (c)1,169 10 Other charges and expenses (d)327 437 Amortization of intangibles (e)711 977 Income tax benefit related to adjustments (f)(1,466)(1,012)Adjusted Net Income$10,928 $14,671 Adjusted Earnings per ShareBasic$0.36 $0.44 Diluted$0.35 $0.43 Weighted-average common shares outstandingBasic30,587,949 33,675,441 Diluted30,831,633 34,188,814 

(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