Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 47

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 47
---
,788 97,934 Salaries and benefits18,288 18,106 Other selling, general and administrative expenses10,989 9,953 Provision for credit losses2,066 1,595 Restructuring costs306 — Transaction costs1,169 10 Depreciation and amortization3,629 3,228 Total operating expenses130,235 130,826 Operating income14,075 19,586 Interest expense2,700 2,702 Income before income taxes11,375 16,884 Income tax provision3,606 4,778 Net income$7,769 $12,106 Earnings per common share:Basic$0.25 $0.36 Diluted$0.25 $0.35 

31

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Revenues

Revenues for the above periods are presented below:

($ in thousands)Three Months Ended March 31, 2025% ofRevenuesThree Months Ended March 31, 2024% ofRevenuesRevenues:Wire transfer and money order fees, net$120,167 83 %$126,921 84 %Foreign exchange gain, net20,181 14 %20,346 14 %Other income3,962 3 %3,145 2 %Total revenues$144,310 100 %$150,412 100 %

Wire transfer and money order fees, net of $120.2 million for the three months ended March 31, 2025 decreased by $6.7 million, or 5.3%, from $126.9 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease in transaction volume processed through our retail network of sending agents and Company-operated stores in the three months ended March 31, 2025 compared to the three months ended March 31, 2024, which we primarily attribute to a change in consumer behavior of sending a lower number of money transfers combined with a higher principal sent per transaction. Therefore, the lower number of wire transfers sent resulted in lower fees paid by consumers. As noted in the overview section above, for the three months ended March 31, 2025, principal amount sent increased by approximately 3.7% to $