Company: IMXI
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001683695-25-000100
Chunk: 105

Company: International Money Express, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Item 8
Chunk 105
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 outstanding for the three and six months ended June 30, 2025 was a reduction of 880,152 shares and 476,934 shares, respectively, due to the timing of the repurchases.

NOTE 15 – INCOME TAXES

A reconciliation between the income tax provision at the U.S. statutory tax rate and the Company’s income tax provision on the condensed consolidated statements of income and comprehensive income is below (in thousands, except for tax rates):Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Income before income taxes$16,368 $19,809 $27,743 $36,693 U.S statutory tax rate21 %21 %21 %21 %Income tax expense at statutory rate3,437 4,160 5,826 7,706 State tax expense, net of federal benefit1,273 1,515 2,140 2,745 Foreign tax rates different from U.S. statutory rate186 73 285 92 Non-deductible expenses297 263 470 487 Stock compensation152 (258)249 (508)Other16 23 (3)32 Total income tax provision$5,361 $5,776 $8,967 $10,554 Effective income tax rates for interim periods are based upon our current estimated annual rate. The Company’s effective income tax rate varies based upon an estimate of taxable earnings as well as on the mix of taxable earnings in the various states and countries in which we operate. Changes in the annual allocation and apportionment of the Company’s activity among these jurisdictions results in changes to the effective rate utilized to measure the Company’s deferred tax assets and liabilities.

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Our income tax provision includes the expected benefit of all deferred tax assets, including our net operating loss carryforwards. With certain exceptions, these net operating loss carryforwards will expire from 2030 through 2037 for federal losses, from 2028 through 2038 for state losses, and from 2038 through 2044 for foreign losses. After consideration of all evidence, both positive and negative, management has determined that no valuation allowance is required at June 30, 2025 on the Company’s U.S. federal or state deferred tax assets; however, a valuation allowance has been recorded at June 30, 2025 on deferred tax assets associated with Canadian, Spanish, Italian, German,