Company: IMXI
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001628280-25-051013
Chunk: 64

Company: International Money Express, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 64
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 100 %

Wire transfer and money order fees, net of $380.9 million for the nine months ended September 30, 2025 decreased by $36.5 million, or 8.7%, from $417.4 million for the nine months ended September 30, 2024. The decrease was primarily due to a decrease in transaction volume processed through our retail network of sending agents and Company-operated stores in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, which we primarily attribute to a contraction in the remittance market, particularly the Mexico corridor coupled with a change in consumer behavior of sending a lower number of money transfers at a higher average principal sent per transaction. As noted in the overview section above, for the nine months ended September 30, 2025, principal amount sent decreased by approximately 1.7% to $18.0 billion whereas the number of transactions decreased by approximately 7.7% to 40.6 million, as compared to the same period in 2024. Therefore, the lower number of wire transfers sent resulted in lower fees paid by consumers. 

Revenues from foreign exchange gain, net of $66.1 million for the nine months ended September 30, 2025 decreased by $1.0 million, or 1.5%, from $67.1 million for the nine months ended September 30, 2024. This decrease was primarily due to the decrease in transaction volume described above, partially offset by an increase in the average principal sent per transaction.

Other income of $13.3 million for the nine months ended September 30, 2025 increased by $3.9 million, or 41.5%, from $9.4 million for the nine months ended September 30, 2024 primarily due to the effect of higher fees related to increased activity of our remittance-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)Nine Months Ended September 30, 2025% ofRevenuesNine Months Ended September 30, 2024% ofRevenuesOperating expenses:Service charges from agents and banks$294,681 64 %$322,651 65 %Salaries and benefits56,514 12 %52,