Company: IMXI
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001683695-25-000100
Chunk: 129

Company: International Money Express, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 8
Chunk 129
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 %Total operating expenses$271,907 89 %$279,453 87 %

NM - Amounts round to less than 1%.

Service charges from agents and banks — Service charges from agents and banks were $196.0 million for the six months ended June 30, 2025 compared to $211.3 million for the six months ended June 30, 2024. The decrease of $15.3 million, or 7.2%, was primarily due to the decrease in transaction volume described above, as well as lower payer fees as a result of better pricing negotiated with our paying agents.

Salaries and benefits — Salaries and benefits of $36.8 million for the six months ended June 30, 2025 increased by $1.8 million, or 5.1%, from $35.0 million for the six months ended June 30, 2024. The increase is primarily due to the Company's investment in talent acquisition and improved compensation for our sales force and digital channel services as well as severance payments.

Other selling, general and administrative expenses — Other selling, general and administrative expenses of $23.3 million for the six months ended June 30, 2025 increased by $2.9 million, or 14.2%, from $20.4 million for the six months ended June 30, 2024.

The increase was primarily the result of: 

•$1.8 million - increase in advertising related expenses primarily as a result of campaigns to promote our digital channel services;

•$0.7 million - higher IT related expenses incurred to sustain our business expansion and to improve our technology environment; and

•$0.6 million - related to a gain on legal contingency settlement that was recorded in the second quarter of 2024.

Provision for credit losses — Provision for credit losses of $3.9 million for the six months ended June 30, 2025 increased by $0.5 million, or 14.7%, from $3.4 million for the six months ended June 30, 2024. The increase is primarily due to a higher average balance outstanding of receivable balances from sending agents during the period, and a slight increase in write-offs of receivable balances primarily as a result of sending agents that were not able to pay in accordance with the original terms of their agreements with us and are, accordingly, subject to our normal collection procedures.

Restructuring costs — Restructuring