Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 102

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 102
---
).

Adjusted Net Income for the three months ended March 31, 2025 was $10.9 million, representing a decrease of $3.8 million, or 25.9%, from Adjusted Net Income of $14.7 million for the three months ended March 31, 2024. The decrease in Adjusted Net Income 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.

34

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

Three Months Ended March 31,(in thousands, except for per share data)20252024Net Income$7,769 $12,106 Adjusted for: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 Amortization of intangibles (e)711 977 Income tax benefit related to adjustments (f)(1,466)(1,012)Adjusted Net Income$10,928 $14,671 Adjusted Earnings per ShareBasic$0.36 $0.44 Diluted$0.35 $0.43 Weighted-average common shares outstandingBasic30,587,949 33,675,441 Diluted30,831,633 34,188,814 

(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.

(e)Represents the amortization of certain intangible assets that resulted from business and asset acquisition transactions.

(f)Represents the current and deferred tax impact of the taxable adjustments to Net Income using the Company’s blended federal and state tax rate for each period. Relevant tax-deductible adjustments include all adjustments to Net Income.

Adjusted Earnings per Share - Basic and Diluted (previously defined and used as described above) are as follows:

Adjusted Earnings per Share - Basic for the three months ended March 31, 2025 was $0.36, representing a decrease