Company: IMXI
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001683695-25-000100
Chunk: 86

Company: International Money Express, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 8
Chunk 86
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2 – ACQUISITIONS 

On July 2, 2024, the Company completed the acquisition of 100% of the issued and outstanding stock of a money services entity incorporated in the United Kingdom. This acquisition provides the Company the opportunity to enter into markets in which it did not have a presence previously, such as the ability to provide outbound remittance services from the United Kingdom.The total consideration transferred by the Company in connection with the acquisition was approximately $1.4 million in cash, subject to customary purchase price adjustments. The acquisition was funded with cash on hand.The fair value of identifiable net assets acquired and goodwill in the acquisition on July 2, 2024 amounted to approximately $0.2 million and $1.2 million, respectively. The measurement period ended June 30, 2025 and no adjustments were recorded through that date.The goodwill balance for this acquisition represents the estimated values of the Company’s assembled workforce and synergies expected to be achieved from the combined operations of the acquired entity and the Company. Goodwill resulting from this acquisition is not deductible for tax purposes.Restructuring costsDuring 2024, the Company started executing a restructuring plan primarily related to certain of its foreign operations and Envios de Valores La Nacional Corp (“La Nacional”). These restructuring costs are part of the Company's plan, for which the objectives are to reorganize the workforce, streamline operational processes, integrate technology functionality, as well as to develop efficiencies within the Company. For the six months ended June 30, 2025, the Company incurred approximately $0.3 million in expenses for a reduction of workforce in certain locations. These expenses primarily consisted of severance payments and related benefits, which are included in restructuring costs in the condensed consolidated statements of income and comprehensive income. For the three and six months ended June 30, 2024, the Company incurred approximately $2.5 million in expenses for a reduction of workforce in certain locations, closing of certain facilities, discontinuing technology and disposal of obsolete assets.

11

The following table presents the changes in our liability balance related to restructuring costs for the three and six months ended June 30, 2025 (in thousands):Three Months Ended June 30, 2025Six Months Ended June 30, 2025Severance costsLegal and professional feesSeverance costsLegal and professional feesBeginning balance$69 $— $300 $16 Charges incurred— — 297 9 Payments— — (