Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 48

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 48
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5.6 billion, as compared to the same period in 2024.

Revenues from foreign exchange gain, net of $20.2 million for the three months ended March 31, 2025 decreased slightly by $0.1 million, or 0.5%, from $20.3 million for the three months ended March 31, 2024. This decrease was primarily due to lower transaction volume, offset by a higher foreign exchange spread on money transfers sent to certain countries in the LAC and a higher average principal amount sent per transaction to countries such as Mexico and Guatemala as a result of the factors mentioned above.

Other income of $4.0 million for the three months ended March 31, 2025 increased by $0.9 million, or 29.0%, from $3.1 million for the three months ended March 31, 2024 primarily due to the effect of higher fees related to increased activity of our wires-as-a-service relationships, as well as higher revenues primarily as a result of an increase of the base fees charged on money transfers and money orders deemed abandoned property.

Operating Expenses

Operating expenses for the above periods are presented below:

($ in thousands)Three Months Ended March 31, 2025% ofRevenuesThree Months Ended March 31, 2024% ofRevenuesOperating expenses:Service charges from agents and banks$93,788 65 %$97,934 65 %Salaries and benefits18,288 13 %18,106 12 %Other selling, general and administrative expenses10,989 8 %9,953 7 %Provision for credit losses2,066 1 %1,595 1 %Restructuring costs306 NM— — Transaction costs1,169 1 %10 NMDepreciation and amortization3,629 3 %3,228 2 %Total operating expenses$130,235 90 %$130,826 87 %

NM - Amounts round to less than 1%.

Service charges from agents and banks — Service charges from agents and banks were $93.8 million for the three months ended March 31, 2025 compared to $97.9 million for the three months ended March 31, 2024. The decrease of $4.1 million, or 4.2%, was primarily due to the decrease in transaction volume described above