Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 127

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 127
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, December 31, 2021$3,391 Revenue deferred during the year2,936 Revenue recognized during the year(2,115)Balance, December 31, 20224,212 Revenue deferred during the year3,230 Revenue recognized during the year(2,671)Balance, December 31, 20234,771 Revenue deferred during the year2,783 Revenue recognized during the year(4,862)Balance, December 31, 2024$2,692 

F-21

Revenue recognized during the year ended December 31, 2024 of $4.9 million includes a $0.6 million adjustment as a result of the changes in the terms and conditions of points expiration as described in Note 4. Also, it includes a $1.3 million cumulative catch-up adjustment to remeasure the contract liability as a result of an update of the assumed expiration rate of the loyalty points outstanding as of September 30, 2024.

NOTE 12 – DEBT

Debt consisted of the following (in thousands):December 31,20242023Revolving credit facility$156,600 $114,000 Term loan facility— 75,469 Other23 — 156,623 189,469 Less: Current portion of long term debt (1)— (7,163)Less: Debt origination costs— (1,233)$156,623 $181,073 (1)Current portion of long-term debt is net of debt origination costs of approximately $0.5 million as of December 31, 2023 (none in 2024).Until August 28, 2024, the Company and certain of its domestic subsidiaries as borrowers and the other guarantors from time to time party thereto (collectively, the “Loan Parties”) maintained an Amended and Restated Credit Agreement (as amended, the “A&R Credit Agreement”) with a group of banking institutions. The A&R Credit Agreement provided for a $220.0 million revolving credit facility, an $87.5 million term loan facility and an uncommitted incremental facility, which may have been utilized for additional revolving or term loans, of up to $70.0 million. The A&R Credit Agreement also provided for the issuance of letters of credit, which would reduce availability under the revolving credit facility. The proceeds of the term loan were used to refinance the