Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 119

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 119
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 ended December 31, 2024 (in thousands):Year Ended December 31, 2024Severance costsLegal and professional feesBeginning balance$— $— Charges incurred2,254 376 Payments(1,954)(360)Ending balance$300 $16 For the year ended December 31, 2023, the Company incurred $1.2 million in expenses related to a restructuring plan for La Nacional. These expenses include approximately $0.9 million in severance payments and related benefits included in salaries and benefits in the consolidated statement of income and comprehensive income, $0.3 million in computer equipment write-offs, $38 thousand for the early 

F-14

termination of a lease agreement and $31 thousand in legal fees related to the surrender of money transmitter licenses of La Nacional, which are included in other selling, general and administrative expenses in the consolidated statement of income and comprehensive income.Transaction Costs

Transaction costs include all internal and external costs directly related to acquisition activities and the Company's evaluation of strategic alternatives, consisting primarily of legal, consulting, accounting and financial advisory fees. Transaction costs for the years ended December 31, 2024, 2023, and 2022 amounted to $1.8 million, $0.4 million and $3.0 million, respectively. 

NOTE 4 – REVENUE

The Company recognized in revenues from contracts with customers, sending agents and others for the years ended December 31, 2024, 2023 and 2022, the following (in thousands):December 31,202420232022 Wire transfer and money order fees$557,697 $564,337 $471,190  Discounts and promotions(2,896)(2,797)(2,028) Wire transfer and money order fees, net554,801 561,540 469,162  Foreign exchange gain, net88,944 87,908 72,920  Other income14,904 9,287 4,723  Total revenues$658,649 $658,735 $546,805 There are no significant initial costs incurred to obtain contracts with customers, although the Company has a loyalty program under which customers earn one point for each wire transfer completed. Points can be redeemed for a discounted wire transaction fee or a foreign exchange rate that is more favorable to the customer. The customer benefits vary by country, and the