Company: IMXI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001683695-25-000063
Chunk: 84

Company: International Money Express, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 84
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 the periods indicated (in thousands, except for share data):Three Months Ended March 31,20252024Net income$7,769 $12,106 Shares:Weighted-average common shares outstanding – basic30,587,949 33,675,441 Effect of dilutive securitiesRSUs97,342 113,534 Stock options44,316 237,985 RSAs53,495 58,380 PSUs48,531 103,474 Weighted-average common shares outstanding – diluted30,831,633 34,188,814 Earnings per common share – basic$0.25 $0.36 Earnings per common share – diluted$0.25 $0.35 As of March 31, 2025, there were approximately 300.3 thousand RSUs and 168.0 thousand RSAs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.As of March 31, 2024, there were approximately 77.9 thousand PSUs, 202.8 thousand RSUs and 108.3 thousand RSAs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive.As discussed in Note 13, the Company repurchased 367,873 shares and 1,124,476 shares of its common stock in the three months ended March 31, 2025 and 2024, respectively. The effect of these repurchases on the Company’s weighted-average shares outstanding for the three months ended March 31, 2025 and 2024 was a reduction of 69,236 shares and 386,747 shares, respectively, due to the timing of the repurchases.

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NOTE 15 – INCOME TAXES

A reconciliation between the income tax provision at the U.S. statutory tax rate and the Company’s income tax provision on the condensed consolidated statements of income and comprehensive income is below (in thousands, except for tax rates):Three Months EndedMarch 31,20252024Income before income taxes$11,375 $16,884 U.S statutory tax rate21 %21 %Income tax expense at statutory rate2,389 3,546 State tax expense, net of federal benefit867 1,229 Foreign tax rates different from U.S. statutory rate99 19 Non-deductible expenses173