Company: IMXI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001683695-25-000030
Chunk: 139

Company: International Money Express, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 139
---
1,775,956 and 1,154,050 shares, respectively, due to the timing of the repurchases.

F-28

NOTE 17 – INCOME TAXES

The provision (benefit) for income taxes consists of the following (in thousands):Year Ended December 31, 202420232022Current tax provision:Federal$17,086 $18,590 $14,542 State7,252 9,050 5,761 Foreign560 532 148 Total Current24,898 28,172 20,451 Deferred tax benefit:Federal(112)(1,811)(423)State(305)(806)(80)Foreign(31)(6)— Total deferred(448)(2,623)(503)Total tax provision$24,450 $25,549 $19,948 A reconciliation between the income tax provision at the U.S. statutory tax rate and the Company’s income tax provision on the consolidated statements of income and comprehensive income is below (in thousands):Year Ended December 31,202420232022Income before income taxes$83,271 $85,064 $77,279 U.S. statutory tax rate21 %21 %21 %Income tax expense at statutory rate17,487 17,863 16,229 State tax expense, net of federal benefit5,488 6,513 4,488 Foreign tax rates different from U.S. statutory rate447 199 233 Non-deductible expenses1,275 1,819 1,017 Stock Compensation(683)(1,126)(1,989)Valuation allowances424 281 — Other12 — (30)Total tax provision$24,450 $25,549 $19,948 As presented in the income tax reconciliation above, the tax provision recognized on the consolidated statements of income and comprehensive income was impacted by state taxes, non-deductible officer compensation, share-based compensation tax benefits, valuation allowances, and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate. The Company is also subject to tax in various U.S. state and foreign jurisdictions. Changes in the annual allocation and apportionment of the Company’s activity amongst these state jurisdictions results in changes to the blended state rate utilized to measure the Company’s deferred tax assets and liabilities.

F-29

Deferred tax assets and liabilities are recognized