Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 85

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 85
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 do, limiting its usefulness as a comparative measure.

We adjust for these limitations by 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 intangible assets resulting from business acquisition transactions, 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 year ended December 31, 2024 was $70.4 million, representing a decrease of $0.6 million, or 0.8%, from Adjusted Net Income of $71.0 million for the year ended December 31, 2023. The decrease in Adjusted Net Income was primarily due to the decrease in net income discussed above partially offset by the slightly higher net effect of the adjusting items detailed in the table below.

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

40

Year Ended December 31,(in thousands, except for share data)20242023Net Income$58,821 $59,515 Adjusted for:Share-based compensation (a)7,043 8,111 Restructuring costs (b)3,060 1,214 Transaction costs (c)1,819 445 Legal contingency settlement (d)(570)— Other charges and expenses (e)1,239 1,850 Amortization of intangibles (f)3,820 4,740 Income tax benefit related to adjustments (g)(4,820)(4,914)Adjusted Net Income$70,412 $70,961 Adjusted Earnings per shareBasic$2.17 $1.99 Diluted$2.14 $1.95 Weighted-average common shares outstandingBasic32,430,755 35,604,582 Diluted32,850,497 36,429,714 

(a)Represents share-based compensation relating to equity awards granted primarily to employees and independent