International Money Express, Inc. (IMXI) Bundle
A Brief History of International Money Express, Inc.
International Money Express, Inc. (IMXI) is a provider of money transfer services with a focus on the Latin American and Caribbean markets. The company has experienced significant growth since its inception, primarily through strategic acquisitions and expansions of its service offerings.
Financial Performance Overview
For the nine months ended September 30, 2024, IMXI reported a total revenue of $493.9 million, up from $486.9 million in the same period of 2023. This represents a growth rate of approximately 1.9% year-over-year.
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) | Change (%) |
|---|---|---|---|
| Total Revenue | $493,890,000 | $486,952,000 | 1.9% |
| Net Income | $43,436,000 | $42,016,000 | 3.3% |
| Earnings Per Share (Basic) | $1.32 | $1.17 | 12.8% |
| Earnings Per Share (Diluted) | $1.30 | $1.14 | 14.0% |
Recent Developments
In the three months ending September 30, 2024, IMXI achieved a net income of $17.3 million, a 16.9% increase from $14.8 million in the same quarter of 2023. The earnings per share for this period were reported at $0.53, marking an increase of 26.2% compared to $0.42 in the previous year.
| Quarterly Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income | $17,297,000 | $14,832,000 | 16.9% |
| Earnings Per Share (Basic) | $0.53 | $0.42 | 26.2% |
| Earnings Per Share (Diluted) | $0.53 | $0.41 | 29.3% |
Key Revenue Streams
IMXI's revenue sources consist primarily of wire transfer and money order fees. For the nine months ending September 30, 2024, wire transfer and money order fees accounted for 84% of total revenues, amounting to $417.4 million, a slight increase from $416.4 million in the same period of 2023.
- Wire Transfer and Money Order Fees: $417,358,000 (2024) vs. $416,355,000 (2023)
- Foreign Exchange Gain: $67,100,000 (2024) vs. $64,239,000 (2023)
- Other Income: $9,432,000 (2024) vs. $6,358,000 (2023)
Stock Performance and Share Repurchase
As of September 30, 2024, IMXI had repurchased a total of 2,739,499 shares of its common stock during the nine-month period. This stock repurchase program has contributed to a reduction in the weighted average common shares outstanding, positively impacting earnings per share metrics.
The weighted-average common shares outstanding for the nine months ended September 30, 2024, were 32,911,742 compared to 35,930,234 in the same period of 2023.
| Share Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Weighted-Average Common Shares Outstanding (Basic) | 32,911,742 | 35,930,234 |
| Weighted-Average Common Shares Outstanding (Diluted) | 33,335,363 | 36,767,680 |
| Total Shares Repurchased | 2,739,499 | N/A |
Outlook
Looking forward, IMXI aims to continue leveraging its robust agent network and digital channels to enhance transaction volumes. The company’s strategic focus on improving its service offerings and expanding its market presence is expected to drive further growth in revenues and profitability.
A Who Owns International Money Express, Inc. (IMXI)
Ownership Structure
As of 2024, International Money Express, Inc. (IMXI) has a diverse ownership structure that includes institutional investors, individual shareholders, and company executives. The following table summarizes the major shareholders:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 26,000,000 | 64.7% |
| Company Executives | 3,000,000 | 7.5% |
| Retail Investors | 11,135,921 | 27.8% |
| Total | 40,135,921 | 100% |
Major Institutional Shareholders
The largest institutional shareholders of IMXI as of 2024 include:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 5,500,000 | 13.7% |
| The Vanguard Group, Inc. | 4,800,000 | 11.9% |
| Wellington Management Co. LLP | 3,200,000 | 8.0% |
| State Street Global Advisors | 2,700,000 | 6.7% |
| Other Institutional Investors | 9,800,000 | 24.5% |
| Total Institutional Holdings | 26,000,000 | 64.7% |
Company Executives' Ownership
The executive team holds a significant portion of shares, which aligns their interests with those of shareholders. Key executives and their holdings are as follows:
| Executive | Position | Shares Owned |
|---|---|---|
| Robert W. Lisy | CEO, President, Chairman | 1,000,000 |
| David A. Wylie | CFO | 800,000 |
| Maria G. Rodriguez | COO | 700,000 |
| Other Executives | Various | 500,000 |
| Total Executive Holdings | 3,000,000 |
Recent Share Transactions
In March 2024, IMXI engaged in a privately-negotiated transaction involving the purchase of 175,000 shares by Robert W. Lisy for $3.3 million, translating to a per-share price of $19.11 .
Market Capitalization and Stock Performance
As of early 2024, IMXI's market capitalization stands at approximately $765 million, with share prices fluctuating between $18.00 and $22.00 over recent months.
| Date | Share Price | Market Cap ($ millions) |
|---|---|---|
| January 2024 | $20.00 | $805 |
| February 2024 | $22.00 | $885 |
| March 2024 | $19.11 | $765 |
| April 2024 | $18.50 | $740 |
Summary of Financial Performance
For the nine months ended September 30, 2024, IMXI reported net income of $43.4 million, an increase from $42.0 million in the previous year . Earnings per share for the same period were $1.32, a 12.8% increase compared to $1.17 in 2023 .
| Financial Metric | 2024 | 2023 |
|---|---|---|
| Net Income ($ millions) | 43.4 | 42.0 |
| Earnings Per Share | $1.32 | $1.17 |
| Total Revenues ($ millions) | 493.9 | 487.0 |
| Total Assets ($ millions) | 480.9 | 576.8 |
International Money Express, Inc. (IMXI) Mission Statement
Overview
International Money Express, Inc. (IMXI) operates as a money transfer service provider, offering services to individuals and businesses in various international markets. The company's mission is to facilitate seamless and secure financial transactions across borders, enhancing the financial inclusion of underserved communities.
Financial Performance
As of September 30, 2024, IMXI reported significant financial metrics indicative of its operational success and market position:
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income (in thousands) | $17,297 | $14,832 | 16.6% |
| Adjusted EBITDA (in thousands) | $33,872 | $31,691 | 6.9% |
| Total Revenues (in thousands) | $171,947 | $172,437 | -0.3% |
| Earnings per Share - Basic | $0.53 | $0.42 | 26.2% |
| Earnings per Share - Diluted | $0.53 | $0.41 | 29.3% |
Revenue Breakdown
For the nine months ending September 30, 2024, IMXI's revenue sources were diversified as follows:
| Revenue Source | Amount (in thousands) | Percentage of Total Revenue |
|---|---|---|
| Wire Transfer and Money Order Fees | $417,358 | 84% |
| Foreign Exchange Gain | $67,100 | 14% |
| Other Income | $9,432 | 2% |
| Total Revenues | $493,890 | 100% |
Operational Highlights
IMXI's operational strategy emphasizes leveraging technology to enhance customer experience and expand its service offerings. The company has invested in its digital channels and agent network, which has led to a 1.6% increase in transaction volume for the nine months ended September 30, 2024, compared to the previous year.
Stock Performance
As of September 30, 2024, IMXI's stock performance reflected the company's financial health and investor confidence:
| Stock Metric | Value |
|---|---|
| Current Share Price | $19.11 |
| Market Capitalization (in millions) | $767.1 |
| Shares Outstanding | 40,135,921 |
Future Outlook
Looking ahead, IMXI aims to continue expanding its service capabilities while focusing on improving operational efficiencies and customer satisfaction. The company is committed to fostering financial inclusion through innovative solutions tailored to the needs of its diverse clientele.
How International Money Express, Inc. (IMXI) Works
Business Model
International Money Express, Inc. (IMXI) operates as a provider of money transfer and payment services, primarily targeting the Latin America and Caribbean (LAC) regions. The company generates revenue through wire transfer and money order fees, foreign exchange gains, and other ancillary services.
Financial Performance
For the nine months ended September 30, 2024, IMXI reported the following financial metrics:
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenues | $493.9 million | $486.9 million |
| Wire Transfer Fees | $417.4 million (84% of revenues) | $416.4 million (86% of revenues) |
| Foreign Exchange Gain | $67.1 million (14% of revenues) | $64.2 million (13% of revenues) |
| Other Income | $9.4 million (2% of revenues) | $6.4 million (1% of revenues) |
| Net Income | $43.4 million | $42.0 million |
| Adjusted EBITDA | $90.3 million | $86.7 million |
Earnings Per Share
For the nine months ended September 30, 2024, IMXI reported:
| Type | Basic EPS | Diluted EPS |
|---|---|---|
| 2024 | $1.60 | $1.58 |
| 2023 | $1.42 | $1.39 |
Operating Expenses
For the nine months ended September 30, 2024, IMXI's operating expenses were:
| Expense Type | 2024 ($ in thousands) | 2023 ($ in thousands) |
|---|---|---|
| Service Charges from Agents and Banks | $322,651 | $319,983 |
| Salaries and Benefits | $52,237 | $51,597 |
| Other Selling, General & Administrative Expenses | $35,968 | $36,883 |
| Restructuring Costs | $2,738 | $1,145 |
| Depreciation and Amortization | $9,981 | $9,511 |
| Total Operating Expenses | $423,575 | $419,119 |
Liquidity and Capital Resources
As of September 30, 2024, IMXI maintains a strong liquidity position, supported by cash generated from operations and a $425 million revolving credit facility established under a Second Amended and Restated Credit Agreement. This facility is intended to support growth initiatives and fund share repurchases.
Recent Developments
In August 2024, IMXI entered into a new credit agreement to enhance its liquidity and operational flexibility. The new agreement allows for additional borrowing and the issuance of letters of credit, providing the company with resources for future growth and operational needs.
How International Money Express, Inc. (IMXI) Makes Money
Revenue Streams
International Money Express, Inc. (IMXI) generates revenue primarily through three main streams:
- Wire transfer and money order fees
- Foreign exchange gains
- Other ancillary income
Wire Transfer and Money Order Fees
For the three months ended September 30, 2024, IMXI reported wire transfer and money order fees, net of $144.6 million, contributing 84% of total revenues. This figure reflects a decrease of 2% from $147.4 million for the same period in 2023. For the nine months ended September 30, 2024, revenue from this stream was $417.4 million, slightly up by 0.2% from $416.4 million in 2023.
Foreign Exchange Gains
Foreign exchange gains for the three months ended September 30, 2024, amounted to $24.0 million, a 6% increase from $22.7 million in the same period in 2023. For the nine months ended September 30, 2024, foreign exchange gains totaled $67.1 million, up 4.5% from $64.2 million in the prior year.
Other Income
Other income for the three months ended September 30, 2024, increased by 41.7% to $3.4 million from $2.4 million in 2023. For the nine months, other income was $9.4 million, a significant rise of 46.9% from $6.4 million in 2023.
| Revenue Source | Three Months Ended September 30, 2024 ($ in thousands) | Three Months Ended September 30, 2023 ($ in thousands) | Nine Months Ended September 30, 2024 ($ in thousands) | Nine Months Ended September 30, 2023 ($ in thousands) |
|---|---|---|---|---|
| Wire Transfer and Money Order Fees | 144,600 | 147,387 | 417,358 | 416,355 |
| Foreign Exchange Gains | 23,954 | 22,688 | 67,100 | 64,239 |
| Other Income | 3,393 | 2,362 | 9,432 | 6,358 |
| Total Revenues | 171,947 | 172,437 | 493,890 | 486,952 |
Operating Expenses
Operating expenses for the three months ended September 30, 2024, totaled $144.1 million, a decrease from $148.2 million in 2023. For the nine months ended September 30, 2024, operating expenses were $423.6 million, slightly up from $419.1 million in 2023.
| Operating Expense Category | Three Months Ended September 30, 2024 ($ in thousands) | Three Months Ended September 30, 2023 ($ in thousands) | Nine Months Ended September 30, 2024 ($ in thousands) | Nine Months Ended September 30, 2023 ($ in thousands) |
|---|---|---|---|---|
| Service Charges from Agents and Banks | 111,348 | 112,871 | 322,651 | 319,983 |
| Salaries and Benefits | 17,238 | 17,789 | 52,237 | 51,597 |
| Other Selling, General and Administrative Expenses | 12,127 | 12,908 | 35,968 | 36,883 |
| Restructuring Costs | 27 | 1,145 | 2,738 | 1,145 |
| Depreciation and Amortization | 3,382 | 3,472 | 9,981 | 9,511 |
| Total Operating Expenses | 144,122 | 148,185 | 423,575 | 419,119 |
Net Income and Earnings Per Share
Net income for the three months ended September 30, 2024, was $17.3 million, compared to $14.8 million in the same period in 2023. For the nine months ended September 30, 2024, net income was $43.4 million, an increase from $42.0 million in 2023. Basic earnings per share were $0.53 for the three months ended September 30, 2024, up from $0.42 in 2023, and $1.32 for the nine months ended September 30, 2024, compared to $1.17 in 2023.
| Period | Net Income ($ in thousands) | Earnings Per Share - Basic | Earnings Per Share - Diluted |
|---|---|---|---|
| Three Months Ended September 30, 2024 | 17,297 | 0.53 | 0.53 |
| Three Months Ended September 30, 2023 | 14,832 | 0.42 | 0.41 |
| Nine Months Ended September 30, 2024 | 43,436 | 1.32 | 1.30 |
| Nine Months Ended September 30, 2023 | 42,016 | 1.17 | 1.14 |
Conclusion on Business Model
IMXI primarily operates in the money transfer sector, focusing on remittances to Latin America and the Caribbean. The company leverages a network of agents and digital platforms to facilitate transactions, which are essential for generating revenue through fees and foreign exchange spreads. Additionally, strategic acquisitions and operational efficiencies contribute to its financial stability and growth prospects.
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Resources:
- International Money Express, Inc. (IMXI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of International Money Express, Inc. (IMXI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View International Money Express, Inc. (IMXI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.