Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 91

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 91
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 On March 3, 2023, the Board of Directors approved an increase to the Repurchase Program that authorizes the Company to purchase an additional $100.0 million of its outstanding shares. On August 26, 2024, the Board of Directors approved a second increase to the Repurchase Program that authorizes the Company to purchase an additional $63.8 million of its outstanding shares. 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 the nature of other investment opportunities. The Repurchase Program may be limited, suspended or discontinued at any time without prior notice. The Repurchase Program does not have an expiration date. The Second A&R Credit Agreement permits the Company to make restricted payments (including share repurchases, among others) under a variety of tests as described above, including, without limitation, so long as the Consolidated Leverage Ratio (as defined in the Second A&R Credit Agreement), as of the then most recently completed four fiscal quarters of the Company, after giving pro forma effect to such restricted payments, is 2.50:1.00 or less.

The Company accounts for purchases of treasury stock under the cost method. Any direct costs incurred to acquire treasury stock are considered stock issue costs and added to the cost of the treasury stock. During the year ended December 31, 2024, including the shares 

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purchased in the privately-negotiated transaction described below, the Company purchased 3,765,320 shares for an aggregate purchase price of $75.1 million. During the year ended December 31, 2023, the Company purchased 3,027,768 shares for an aggregate purchase price of $66.3 million. As of December 31, 2024, there was $63.2 million remaining available for future share repurchases under the Repurchase Program.

Privately-Negotiated Share Repurchase Transactions

On March 11, 2024, the Company entered into an agreement with Robert W. Lisy, the Company's Chief Executive Officer, President and Chairman of the Board of Directors, for the purchase of 175,000 shares of the Company’s common stock for a total purchase price of $3.3