Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 129

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 129
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2025 consist primarily of financial advisory fees as well as other professional fees and legal fees incurred in connection with the Company's evaluation of strategic alternatives. 

Depreciation and amortization — Depreciation and amortization of $3.6 million for the three months ended March 31, 2025 increased by $0.4 million from $3.2 million or 12.5%, for the three months ended March 31, 2024. The increase is primarily the result of higher depreciation associated with additional software developed and computer equipment acquired to support our digital business expansion initiatives and sending agent network. These increases were partially offset by a decrease of approximately $0.3 million in amortization related to our trade names, developed technology and agent relationships during the three months ended March 31, 2025, as these intangibles are being amortized on an accelerated basis, which declines over time.

Non-Operating Expenses

Interest expense — Interest expense of $2.7 million for the three months ended March 31, 2025 remained flat, from $2.7 million for the three months ended March 31, 2024. 

Income tax provision — Income tax provision was $3.6 million for the three months ended March 31, 2025, which represents a decrease of $1.2 million from an income tax provision of $4.8 million for the three months ended March 31, 2024. The decrease in income tax provision was mainly attributable to a decrease in income before taxes primarily due to the factors discussed above. 

Net Income

We reported Net Income of $7.8 million for the three months ended March 31, 2025 compared to Net Income of $12.1 million for the three months ended March 31, 2024, which resulted in a decrease of $4.3 million, or 35.5%, due to the same factors discussed above. 

Earnings Per Share

Earnings per Share - Basic for the three months ended March 31, 2025 was $0.25, representing a decrease of $0.11, or 30.6%, compared to $0.36 for the three months ended March 31, 2024.

Earnings per Share - Diluted for the three months ended March 31, 2025 was $0.25, representing a decrease of $0.10, or 28.6%, compared to $0.35 for the three months