Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 126

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 126
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Results of Operations

The following table summarizes the key components of our results of operations for the periods indicated:

Three Months Ended March 31,(in thousands, except for share data)20252024Revenues:Wire transfer and money order fees, net$120,167 $126,921 Foreign exchange gain, net20,181 20,346 Other income3,962 3,145 Total revenues144,310 150,412 Operating expenses:Service charges from agents and banks93,788 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 

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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