Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 83

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 83
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 year ended December 31, 2023. The increase was primarily due to higher market interest rates during the first half of 2024, partially offset by lower rates under our Second A&R Credit Facility during the second half of 2024, as well as higher and more frequent draws under our revolving credit facility to fund our working capital needs during the year ended December 31, 2024. Additionally, the Company recognized a loss on debt extinguishment of $0.3 million associated with the payoff of our term loan facility as a result of entering into the Second A&R Credit Agreement on August 29, 2024.

Income tax provision— Income tax provision was $24.5 million for the year ended December 31, 2024, a decrease of $1.0 million, or 3.9%, from an income tax provision of $25.5 million for the year ended December 31, 2023. The decrease in income tax provision was mainly attributable to a decrease in income before taxes primarily due to the factors discussed above, as well as a decrease in our effective state tax rate for the year ended December 31, 2024, offset by lower deductible share based compensation. 

Net Income

We reported net income of $58.8 million for the year ended December 31, 2024 compared to net income of $59.5 million for the year ended December 31, 2023, which resulted in a decrease of $0.7 million due to the same factors discussed above.

Earnings Per Share

Earnings per Share - Basic for the year ended December 31, 2024 was $1.81, representing an increase of $0.14, or 8.4%, compared to $1.67 for the year ended December 31, 2023. 

Earnings per Share - Diluted for the year ended December 31, 2024 was $1.79, representing an increase of $0.16, or 9.8%, compared to $1.63 for the year ended December 31, 2023. 

The increase in both basic and diluted EPS largely reflect the effect of a reduced share count as a result of the stock repurchases.

Non-GAAP Financial Measures

We use Adjusted Net Income, Adjusted Earnings per Share and Adjusted EBITDA to evaluate our performance, both internally and as compared with our peers, because these measures exclude certain items that may not be indicative of