Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 81

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 81
---
%$563,245 86 %

NM - Amounts rounds to less than 1%.

Service charges from agents and banks— Service charges from agents and banks were $429.0 million for the year ended December 31, 2024 compared to $430.9 million for the year ended December 31, 2023. The decrease of $1.9 million, or 0.4%, was primarily due to the decrease in transaction volume described above partially offset by higher transaction processing costs related to increased activity of our digital channel offerings. 

Salaries and benefits— Salaries and benefits were $68.2 million for the year ended December 31, 2024, a decrease of $2.0 million, or 2.8%, from $70.2 million for the year ended December 31, 2023. The decrease is primarily due to cost savings related to our restructuring plan, a reduction in share-based compensation, mostly due to a $2.1 million reversal of cumulative costs related to PSUs for which the performance target was assessed as not probable to be achieved, as well as a decrease in incentive bonus expense due to lower than expected performance in relation to Adjusted EBITDA targets.

Other selling, general and administrative expenses— Other selling, general and administrative expenses of $47.9 million for the year ended December 31, 2024 increased by $0.2 million, or 0.4%, from $47.7 million for the year ended December 31, 2023.

The increase was primarily the result of:

•$1.4 million - increase in provision for credit losses primarily due to a higher average balance outstanding of receivable balances from sending agents during the year ended December 31, 2024 compared to 2023, 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; and

•$0.9 million - increase in advertising related expenses primarily as a result of campaigns to promote our digital channel services.

These increases were partially offset by:

•$1.1 million - decrease in facilities related expenses during the year ended December 31, 2024 primarily related to savings from facility closures as a result of the restructuring of La Nacional during the third quarter of 2023;

38

•$0.6 million - related to a gain on legal