Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 136

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 136
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 will be achieved. Therefore, the Company recognized an adjustment of approximately $2.1 million to reverse compensation expense on a cumulative basis in the fourth quarter of 2024.The Company recognized compensation expense for PSUs of $1.6 million, $3.5 million and $3.2 million for the years ended December 31, 2024, 2023 and 2022, respectively, which is included in salaries and benefits in the consolidated statements of income and comprehensive 

F-26

income. As of December 31, 2024, there was $2.6 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted-average period of 2.0 years.A summary of the PSU activity during the year ended December 31, 2024 is presented below:Number of PSUsWeighted-AverageRemaining ContractualTerm (Years)Weighted-AverageGrant PriceOutstanding (nonvested) at December 31, 2023247,680 8.73$23.72 Granted(1)224,850 $19.60 Vested(142,600)$21.45 Forfeited(8,400)$22.39 Outstanding (nonvested) at December 31, 2024321,530 8.77$21.88 (1) The aggregate fair value of all PSUs granted during the year ended December 31, 2024 was approximately $4.4 million, which was determined based on the market value of our stock as of that date.

NOTE 15 – EQUITY

On August 18, 2021, the Company’s Board of Directors approved a stock repurchase program that authorizes the Company to purchase up to $40.0 million of outstanding shares of the Company’s common stock and which authorization was increased on March 3, 2023 to an additional $100.0 million and on August 26, 2024 to an additional $63.8 million of its outstanding shares (the “Repurchase Program”). Under the Repurchase Program, the Company is authorized to repurchase shares from time to time in accordance with applicable laws, both on the open market and in privately negotiated transactions and may include the use of derivative contracts or structured share repurchase agreements. The timing and amount of repurchases depends on several factors, including market and business conditions, the trading price of the Company’s common stock and