Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 49

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 49
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32

Salaries and benefits — Salaries and benefits of $18.3 million for the three months ended March 31, 2025 increased by $0.2 million, or 1.1%, from $18.1 million for the three months ended March 31, 2024. The increase is primarily attributable to increased wages and payroll taxes due to annual merit increases.

Other selling, general and administrative expenses — Other selling, general and administrative expenses of $11.0 million for the three months ended March 31, 2025 increased by $1.0 million, or 10.0%, from $10.0 million for the three months ended March 31, 2024.

The increase was primarily the result of: 

•$0.7 million - increase in advertising related expenses primarily as a result of campaigns to promote our digital channel services; and

•$0.5 million - higher IT related expenses incurred to sustain our business expansion and to improve our technology environment.

Provision for credit losses — Provision for credit losses of $2.1 million for the three months ended March 31, 2025 increased by $0.5 million, or 31.3%, from $1.6 million for the three months ended March 31, 2024. The increase is primarily due to a higher average balance outstanding of receivable balances from sending agents during the period, 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.

Restructuring costs — Restructuring costs of $0.3 million for the three months ended March 31, 2025 included primarily severance costs related to the restructuring of La Nacional and our foreign operations. 

Transaction Costs — Transaction Costs of $1.2 million for the three months ended March 31, 2025 consist primarily of financial advisory fees as well as other professional fees and legal fees incurred in connection with the Company's evaluation of strategic alternatives. 

Depreciation and amortization — Depreciation and amortization of $3.6 million for the three months ended March 31, 2025 increased by $0.4 million from $3.2 million or 12.5%, for the three months ended March 31, 2024. The increase is primarily the result of higher depreciation associated with additional