Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 98

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 98
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%, 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.

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Salaries and benefits — Salaries and benefits of $18.3 million for the three months ended March 31, 2025 increased by $0.2 million, or 1.1%, from $18.1 million for the three months ended March 31, 2024. The increase is primarily attributable to increased wages and payroll taxes due to annual merit increases.

Other selling, general and administrative expenses — Other selling, general and administrative expenses of $11.0 million for the three months ended March 31, 2025 increased by $1.0 million, or 10.0%, from $10.0 million for the three months ended March 31, 2024.

The increase was primarily the result of: 

•$0.7 million -