Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 104

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 104
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 ended March 31, 2024. The decrease in Adjusted EBITDA was primarily due to the decrease in Net Income as discussed above, partially offset by the higher net effect of the adjusting items detailed in the table below.

The following table presents the reconciliation of Net Income, our closest GAAP measure, to Adjusted EBITDA:

Three Months Ended March 31,(in thousands)20252024Net Income$7,769 $12,106 Adjusted for:Interest expense2,700 2,702 Income tax provision3,606 4,778 Depreciation and amortization3,629 3,228 EBITDA17,704 22,814 Share-based compensation (a)2,112 2,153 Restructuring costs (b)306 — Transaction costs (c)1,169 10 Other charges and expenses (d)327 437 Adjusted EBITDA$21,618 $25,414 

(a)Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.

(b)Represents primarily severance, write-off of assets and legal and professional fees related to the execution of restructuring plans.

(c)Represents primarily financial advisory, professional and legal fees related to business acquisition transactions and strategic alternatives.

(d)Represents primarily loss on disposal of fixed assets.

36

Liquidity and Capital Resources

We consider liquidity in terms of our cash and cash equivalents position, cash flows from operations and their sufficiency to fund business operations, including working capital needs, debt service, acquisitions, capital expenditures, contractual obligations and other commitments. In particular, to meet our payment service obligations at all times, we must have sufficient highly liquid assets and be able to move funds on a timely basis.

Our principal sources of liquidity are our cash generated by operating activities supplemented with borrowings under our revolving credit facility. Our primary cash needs are for day-to-day operations, to pay interest and principal on our indebtedness, to fund working capital requirements, and to make capital expenditures and repurchases of our common stock.

We have funded and still expect to continue funding our liquidity requirements through internally generated funds, supplemented in the ordinary course, with borrowings under our revolving credit facility. We maintain a strong cash and cash equivalents balance position and have access to committed funding sources, which we have used only on an ordinary course basis during the three months ended March 31, 2025. Therefore, we believe that our