Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 71

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 71
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 result of a lower number of sending agents onboarded during the year relative to ordinary course agent terminations. For the year ended December 31, 2024, principal amount sent decreased slightly by approximately 0.8% to $24.4 billion, as compared to fiscal year 2023, primarily as a result of a lower principal amount sent per transaction. Total remittances processed were approximately 58.9 million for the year ended December 31, 2024, representing an increase of approximately 0.4%, as compared to fiscal year 2023 primarily related to increased volume generated by our digital channels and European subsidiaries.

Acquisitions

31

Index

Effective July 2, 2024, the Company completed the acquisition of a money services entity incorporated in the United Kingdom. See Note 3 in Part II, Item 8, Financial Statements and Supplementary Data for additional information regarding the acquisition. This acquisition provides the Company the opportunity to enter into markets in which it did not have a presence previously, such as the ability to provide outbound remittance services from the United Kingdom.

Effective December 4, 2024, the Company completed the acquisition of the Amigo Paisano brands. See Note 9 in Part II, Item 8, Financial Statements and Supplementary Data for additional information regarding the acquisition. This acquisition provides the Company the opportunity to enhance digital channel offerings, strengthen our presence in the United States to Guatemala corridor and increase the profitability of our digital products.

Restructuring costs

During 2024, the Company executed a restructuring plan primarily related to certain of its foreign operations and La Nacional. These restructuring costs are part of the Company's restructuring plan, for which the objectives are to reorganize the workforce, streamline operational processes, integrate technology functionality, and to develop efficiencies within the Company. For the year ended December 31, 2024, the Company incurred approximately $3.1 million in expenses for a reduction of workforce in certain locations, closing of certain facilities, discontinuing technology and disposal of obsolete assets. These expenses include approximately $2.3 million in severance payments and related benefits, $0.4 million in software and software development costs write-offs and $0.4 million in legal and professional fees, which are included in restructuring costs in the consolidated statement of income and comprehensive income.

The Company has paid out $2.3 million of the above charges during the year ended December 31, 2024 and has a liability of $0.3