First Quarter 2019 - Financial Highlights

  • Revenues grew 22.1% versus the prior year period based on strong performance across our business in the LATAM corridor
  • Net Income totaled $3.2 million compared to a net loss in the first quarter 2018 as a result of strong revenue growth
  • Basic and Diluted Earnings per Share were $0.09 as a result of our quarterly net income
  • Adjusted EBITDA increased by 21.9% over the prior year to $10.8 million based on strong revenue growth and growing operating leverage in the business
  • Adjusted EBITDA margin was 15.8% for first quarter 2019

MIAMI, May 14, 2019 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading money remittance services company focused primarily on the Latin America and Caribbean corridor, today announced results for the first quarter 2019 and will host a conference call to discuss results at 5:00pm ET.

Intermex generated revenue of $68.3 million in the first quarter, an increase of 22.1% over the prior year period. Revenue growth was primarily driven by volume growth in the LATAM corridor.

The Company reported net income in the first quarter of $3.2 million compared to a $0.5 million loss in the prior year period, primarily as a result of strong revenue growth.

Basic and diluted earnings per share in the first quarter of 2019 were $0.09 compared to loss per share of $0.03 in the prior year period.

Adjusted EBITDA in the first quarter of 2019 grew 21.9% over the comparable period in the prior year to $10.8 million driven by volume growth coupled with higher foreign exchange income and operating efficiency. These results represent an Adjusted EBITDA margin of 15.8%, which was relatively flat compared to the prior year period.

Intermex President, Chairman and Chief Executive Officer Robert Lisy commented, “We are pleased with another strong quarter and start to 2019. Intermex continues to gain market share in our core $90 billion US to Latin America money transfer market. Additionally, we took strides to expand into new markets with our launch in Africa in the first quarter and planned launch in Canada in the second quarter. Our first quarter results displayed our ability to generate strong revenue and profit growth. We are pleased to reaffirm our 2019 Financial Guidance range of $320 million to $330 million for revenue and $54 million to $58 million for Adjusted EBITDA.”

Market Highlights
Year-to-date as of March 31, based on industry data, Intermex has captured 45% of the total growth in US to Mexico remittance volume, and 51% of the total growth in US to Guatemala remittance volume.

Non-GAAP Measures
For the Company, Adjusted EBITDA is one of the primary metrics used by management to evaluate the financial performance of our business. We present Adjusted EBITDA because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Further, we believe it is helpful in highlighting trends in our operating results, because it excludes, among other things, certain results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the jurisdictions in which we operate and capital investments.

Adjusted EBITDA is defined as net income (loss) before depreciation and amortization, interest expense, income taxes, and also adjusted to add back certain charges and expenses, such as transaction costs and non-cash compensation costs, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing, future company performance.

Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to operating income or net income as a measure of operating performance or cash flows or as a measure of liquidity. Non-GAAP financial measures are not necessarily calculated the same way by different companies and should not be considered a substitute for or superior to U.S. GAAP.

A reconciliation of Net Income (loss), the Company’s closest GAAP measure, to Adjusted EBITDA is available in the attached exhibits.

Investor and Analyst Conference Call / Presentation
Intermex will host a conference call and webcast presentation at 5:00 p.m. Eastern Time today. The conference call can be heard by dialing: 1-877-423-9813 (U.S.) or 1-201-689-8573 (outside the U.S.) ten minutes prior to the start of the call.

The conference call and accompanying slides will be available via webcast at  Registration for the event is required, so please register at least five minutes prior to the scheduled start time.

A webcast replay will be available approximately 2-4 hours after the conference call at

Safe Harbor Compliance Statement for Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current view with respect to certain events that could have an effect on our future financial performance. These statements relate to expectations concerning matters that are not historical fact and may include the words or phrases such as “will,” “should,” “expects,” “believes,” “anticipates,” “plans,” “intends,” “estimates,” “approximately,” “our planning assumptions,” “future outlook,” and similar expressions. Except for historical information, matters discussed in such statements are forward-looking statements.  All of these forward-looking statements are based largely on information currently available to our management and on our current expectations, assumptions, estimates, judgments and projections about our business and our industry, and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those currently anticipated. While we believe these expectations, assumptions, estimates, judgments and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. Accordingly, there is no assurance that our expectations will, in fact, occur or that our estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements.  Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include among other things, competition in the markets in which we operate; our ability to maintain agent relationships on terms consistent with those currently in place; our ability to maintain banking relationships necessary for us to conduct our business; credit risks from our agents and the financial institutions with which we do business; bank failures, sustained financial market illiquidity, or illiquidity at our clearing, cash management or custodial financial institutions; new technology or competitors that disrupt the current ecosystem; cyber-attacks or disruptions to our information technology, computer network systems and data centers; our success in developing and introducing new products, services and infrastructure; customer confidence in our brand and in consumer money transfers generally; our ability to maintain compliance with the regulatory requirements of the jurisdictions in which we operate or plan to operate; international political factors or implementation of tariffs, border taxes or restrictions on remittances or transfers of money out of the United States; changes in tax laws and unfavorable outcomes of tax positions we take; political instability, currency restrictions and devaluation in countries in which we operate or plan to operate; weakness in U.S. or international economic conditions; change or disruption in international migration patterns; our ability to protect our brand and intellectual property rights; our ability to retain key personnel; and other factors described in the “Risk Factors” section in periodic reports we file with the Securities and Exchange Commission. All statements other than statements of historical fact included in this press release are forward-looking statements including, but not limited to, expected financial outlook for the year 2019 and all forward-looking statements that are made or attributable to us are expressly qualified in their entirety by this cautionary notice. Any forward-looking statement that we make in this press release speaks only as of May 14, 2019. We undertake no obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise.

About International Money Express, Inc.
At International Money Express, Inc. (NASDAQ: IMXI), the customer is at the center of everything we do.  We use proprietary technology that enables consumers to send money primarily from the United States to 17 countries in Latin America and the Caribbean, including Mexico and Guatemala and four countries in Africa.  We offer the electronic movement of money and data to our customers through our network of sending and paying agents located in all 50 states, the District of Columbia and Puerto Rico, and throughout Latin America, the Caribbean and other territories.  Our services are also available digitally through  We were founded in 1994 and are headquartered in Miami, Florida with offices in Puebla, Mexico, and Guatemala City, Guatemala.

Investor Relations
Sloan Bohlen


International Money Express, Inc.
 March 31,  December 31,  
(in thousands of dollars)2019  2018 
Current assets:      
Cash $  84,739  $  73,029 
Accounts receivable, net of allowance of $621 and     
$842, respectively   86,664     35,795 
Prepaid wires   7,293     26,655 
Other prepaid expenses and current assets   2,050     3,171 
Total current assets   180,746     138,650 
Property and equipment, net   10,727     10,393 
Goodwill   36,260     36,260 
Intangible assets, net    34,310     36,395 
Deferred tax asset, net    2,817     2,267 
Other assets    2,193     1,874 
Total assets$  267,053  $  225,839 
Current liabilities:     
Current portion of long-term debt, net$  4,498  $  3,936 
Accounts payable    14,234     11,438 
Wire transfers and money orders payable    86,995     36,311 
Accrued and other    17,298     16,355 
Total current liabilities   123,025     68,040 
Long term liabilities:      
Debt, net    96,780     113,326 
Total long term liabilities   96,780     113,326 
Stockholders' equity:     
Total stockholders' equity   47,248     44,473 
Total liabilities and stockholders' equity$  267,053  $  225,839 



 Three Months Ended
 March 31,
(in thousands of dollars) 2019   2018 
Wire transfer and money order fees$  58,451  $  47,854 
Foreign exchange   9,402     7,731 
Other income   496     371 
Total revenues$  68,349  $  55,956 
Operating expenses:    
Service charges from agents and banks   45,569     37,937 
Salaries and benefits   7,597     6,223 
Other selling, general and     
administrative expenses   5,723     4,009 
Transaction costs   -      1,461 
Depreciation and amortization   3,152     3,789 
Total operating expenses   62,041     53,419 
Operating income   6,308     2,537 
Interest expense   2,071     3,284 
Income (loss) before income taxes   4,237     (747)
Income tax provision (benefit)   1,081     (207)
Net income (loss) $   3,156   $   (540)
Income (loss) per common share    
  Basic and diluted$  0.09  $  (0.03)
Weighted-average common shares    
  Basic   36,182,783     17,227,682 
  Diluted   36,195,463     17,227,682 



Reconciliation from Net income (loss) to Adjusted EBITDA
 Three Months Ended March 31,
(in thousands of dollars) 2019   2018 
Net income (loss) $   3,156   $   (540)
Adjusted for:   
Interest expense   2,071     3,284 
Income tax provision (benefit)   1,081     (207)
Depreciation and amortization   3,152     3,789 
EBITDA   9,460      6,326  
Transaction costs   -      1,461 
Incentive units plan   -      228 
Share-based compensation, 2018 Plan   626     -  
Management fee   -      195 
TCPA settlement   -      192 
Tender Offer costs   513     -  
Other employee severance   106     -  
Other charges and expenses   59     426 
Adjusted EBITDA $   10,764   $   8,828