Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 119

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 119
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) and mobile device applications. For the three months ended March 31, 2025, we have grown our agent network by approximately 0.5%. For the three months ended March 31, 2025, principal amount sent increased by approximately 3.7% to $5.6 billion, as compared to the same period in 2024, and total remittances processed were approximately 12.8 million, representing a decrease of approximately 5.2%, as compared to the same period in 2024 primarily related to decreased volume generated that we attribute to a change in consumer behavior with a lower number of money transfers combined with a higher principal sent per transaction, which was partially offset by increased volume generated by our digital channels and European subsidiaries.

Current political conditions in the United States have resulted in high levels of volatility in the market as well as uncertainty as to the economic and financial impacts of recent economic, trade and immigration enforcement actions taken by the current administration on the U.S., as well as foreign countries, including those that are a destination for money transfers or in which we currently operate. In addition, political, social and economic conditions in key Latin American markets continue to exhibit instability, as evidenced by higher interest 

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rates, high unemployment rates, restricted lending activity, higher inflation, volatility in foreign currencies and low consumer confidence, among other economic, political and market factors.

Restructuring costs

During 2024, the Company started executing a restructuring plan primarily related to certain of its foreign operations and La Nacional. These restructuring costs are part of the Company's restructuring plan, for which the objectives are to reorganize the workforce, streamline operational processes, integrate technology functionality, and to develop efficiencies within the Company. For the three months ended March 31, 2025, the Company incurred approximately $0.3 million in expenses for a reduction of workforce in certain locations. These expenses primarily consisted of severance payments and related benefits, which are included in restructuring costs in the condensed consolidated statement of income and comprehensive income.

The Company paid out all of the above charges during the three months ended March 31, 2025 and has a liability of $69 thousand relating to other charges incurred in 2024 recorded in accrued and other liabilities in the condensed consolidated balance sheet as of March 31, 2025.

As a result of implementing this strategy, the Company expects to reduce compensation expense and certain facilities related charges in an amount of approximately $2.0 million a