Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 80

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 80
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-operated stores in the year ended December 31, 2024 compared to the year ended December 31, 2023, mainly as a result of a contraction in the market. This decrease was partially offset by $1.9 million in revenue recognized as a result of the changes to the terms and conditions of our loyalty program effective in the third quarter of 2024. In addition, 

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revenues from our digital channels for the year ended December 31, 2024 amounted to approximately $20.6 million, which represents a 58.5% increase as compared to 2023.

Revenues from foreign exchange gain, net of $88.9 million for the year ended December 31, 2024, increased by $1.0 million, or 1.1%, from $87.9 million for the year ended December 31, 2023. This increase was primarily due to a higher foreign exchange spread on money transfers sent to certain countries in the LAC slightly offset by a lower average principal amount sent per transaction to countries such as Mexico and Guatemala.

Other income of $14.9 million for the year ended December 31, 2024 increased by $5.6 million or 60.2% from $9.3 million for the year ended December 31, 2023, primarily due to the effect of higher revenue generated from other ancillary services provided by our Company-operated stores such as check-cashing fees, higher revenues primarily as a result of an increase of the base fees charged on money transfers and money orders deemed abandoned property, and higher fees related to our wires as a service relationships, as well as an increase in income related to money transfer transactions paid with debit or credit cards.

Operating Expenses

Operating expenses for the above periods are presented below:

Year Ended December 31,($ in thousands)2024% ofRevenues2023% ofRevenuesOperating expenses:Service charges from agents and banks$428,968 65 %$430,865 65 %Salaries and benefits68,247 10 %70,203 11 %Other selling, general and administrative expenses47,894 7 %47,652 7 %Restructuring costs3,060 NM1,214 NMTransaction costs1,819 NM445 NMDepreciation and amortization13,645 2 %12,866 2 %Total operating expenses$563,633 86