Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 127

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 127
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 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 $5.6 billion, as compared to the same period in 2024.

Revenues from foreign exchange gain, net of $20.2 million for the three months ended March 31, 2025 decreased slightly by $0.1 million, or 0.5%, from $20.3 million for the three months ended March 31, 2024. This decrease was primarily due to lower transaction volume, offset by a higher foreign exchange spread on money transfers sent to certain countries in the LAC and a higher average principal amount sent per transaction to countries such as Mexico and Guatemala as a result of the factors mentioned above.

Other income of $4.0 million for the three months ended March 31, 2025 increased by $0.9 million, or 29.0%, from $3.1 million for the three months ended March 31, 2024 primarily due to the effect of higher fees related to increased activity of our wires-as-a-service relationships, as well as higher revenues primarily as a result of an increase of the base fees charged on money transfers and money orders deemed abandoned property.

Operating Expenses

Operating expenses for the above periods are presented below:

($ in thousands)Three Months Ended March 31, 2025% ofRevenuesThree Months Ended March 31, 2024% ofRevenuesOperating expenses:Service charges from agents and banks$93,788 65 %$97,934 65 %Salaries and benefits18,288 13 %18,106 12 %Other selling, general and administrative expenses10,989 8 %9,953 7 %Provision for credit losses2,066 1 %1,595 1 %Restructuring costs306 NM— — Transaction costs1,169 1 %10 NMDepreciation and amortization3,629 3 %3,228 2 %Total operating expenses