Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 82

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 82
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 contingency settlement that was recorded in the second quarter of 2024 and collected in July 2024; and

•$0.3 million - related to litigation settlements incurred during 2023.

Restructuring costs — Restructuring costs of $3.1 million for the year ended December 31, 2024 included $2.3 million in severance costs, $0.4 million in fixed assets impairment, and $0.4 million in legal and professional fees primarily related to the restructuring of La Nacional and our foreign operations. Restructuring costs of $1.2 million for the year ended December 31, 2023 included $0.9 million in severance payments and related benefits, $0.3 million in computer equipment write-offs, $38.0 thousand for the early termination of a lease agreement and $31.0 thousand in legal fees related to the restructuring of La Nacional.

Transaction Costs— Transaction Costs of $1.8 million and $0.4 million for the years ended December 31, 2024 and 2023, respectively, consist primarily of financial advisory fees as well as other professional fees and legal fees incurred in connection with business acquisition transactions and strategic alternatives. Transaction costs for the year ended December 31, 2024 primarily related to the Company's evaluation of strategic alternatives, while transaction costs for the year ended December 31, 2023 primarily related to the LAN Holdings acquisition.

Depreciation and amortization— Depreciation and amortization of $13.6 million for the year ended December 31, 2024 increased by $0.7 million from $12.9 million, or 5.4%, for the year ended December 31, 2023. The increase is the result of higher depreciation associated with additional software developed and computer equipment acquired to support our growing business and sending agent network, as well as depreciation related to assets capitalized in connection with the Company’s new headquarters. These increases were partially offset by a decrease of approximately $0.9 million in amortization related to our trade names, developed technology and agent relationships during the year ended December 31, 2024, as these intangibles are being amortized on an accelerated basis, which declines over time.

Non-Operating Expenses

Interest expense— Interest expense was $11.7 million for the year ended December 31, 2024, an increase of $1.3 million, or 12.5%, from $10.4 million for the