Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 36

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 36
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, the tax provision recognized on the condensed consolidated statements of income and comprehensive income was impacted by state taxes, non-deductible officer compensation and share-based compensation tax expense, and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate. Our effective state tax rate for the three months ended March 31, 2025 was higher than our effective state tax rate for the three ended March 31, 2024. The increase in our effective state tax rate is primarily a result of lower share-based compensation tax benefits.

NOTE 16 – SEGMENT REPORTING

The Company is a leading global omnichannel money remittance services company focused primarily on the U.S. to LAC corridor, which includes Mexico, Central and South America and the Caribbean. We also provide our remittances services to Africa and Asia from the United States and offer sending services from Canada to Latin America and Africa, as well as remittance services from Spain, Italy, the United Kingdom and Germany to Africa, Asia, Europe and Latin America. The Company has identified one operating and reportable segment. The Company defines its segment on the basis of the way in which internally reported financial information is regularly reviewed by the Company’s chief operating decision maker (the “CODM”) to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is Robert Lisy, Chairman, Chief Executive Officer and President. The CODM uses the Company’s consolidated financial results as a basis for making key operating decisions. Examples of key operating decisions include entering new markets, stock repurchases, and managing liquidity.  The CODM considers Net Income as one of the relevant metrics in his decision making process. The table below provides information about the Company's measure of segment performance and significant expense categories:

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Three Months EndedMarch 31,20252024Revenues: Wire transfer and money order fees, net$120,167 $126,921 Foreign exchange gain, net20,181 20,346 Other income3,962 3,145 Total revenues144,310 150,412 Less:Agent commissions61,163 64,137 Payer commissions23,811 25,116 Bank charges and fees6,594 6,014 Salaries and benefits18,288 18,106 Other segment items (1)13,209 12,620 Provision for credit losses2,066 1,595 Restructuring costs306 —