• |
Revenues of $116.7 million, an increase of 37.2% compared with the prior-year period
|
• |
Net Income of $13.2 million, an increase of 47.3%, and Basic and Diluted EPS of $0.34, up 41.7%, compared with the prior-year period
|
• |
Adjusted Net Income increased 41.2% to $15.3 million and Adjusted Basic and Diluted EPS grew 42.9% and 39.3% to $0.40 and $0.39 per share, respectively, compared with the prior-year period
|
• |
Adjusted EBITDA of $23.2 million, an increase of 33.4% over the prior-year period
|
• |
10.1 million transactions, up 33.4% from the prior-year period
|
• |
A 22.9% increase in active customers compared with the prior-year period
|
(in thousands of dollars)
|
June 30,
2021
|
December 31,
2020
| ||||||
ASSETS
|
(Unaudited)
| |||||||
Current assets:
| ||||||||
Cash
|
$
|
139,716
|
$
|
74,907
| ||||
Accounts receivable, net of allowance of $1,486 and $1,503, respectively
|
70,540
|
55,017
| ||||||
Prepaid wires, net
|
14,457
|
53,281
| ||||||
Prepaid expenses and other current assets
|
4,985
|
3,521
| ||||||
Total current assets
|
229,698
|
186,726
| ||||||
Property and equipment, net
|
13,937
|
13,021
| ||||||
Goodwill
|
36,260
|
36,260
| ||||||
Intangible assets, net
|
17,850
|
20,430
| ||||||
Other assets
|
4,678
|
3,036
| ||||||
Total assets
|
$
|
302,423
|
$
|
259,473
| ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
| ||||||||
Current liabilities:
| ||||||||
Current portion of long-term debt, net
|
$
|
3,882
|
$
|
7,044
| ||||
Accounts payable
|
14,009
|
12,771
| ||||||
Wire transfers and money orders payable, net
|
54,982
|
41,746
| ||||||
Accrued and other liabilities
|
25,822
|
22,380
| ||||||
Total current liabilities
|
98,695
|
83,941
| ||||||
Long-term liabilities:
| ||||||||
Debt, net
|
81,152
|
80,579
| ||||||
Deferred tax liability, net
|
1,400
|
692
| ||||||
Total long-term liabilities
|
82,552
|
81,271
| ||||||
Stockholders' equity:
| ||||||||
Total stockholders' equity
|
121,176
|
94,261
| ||||||
Total liabilities and stockholders' equity
|
$
|
302,423
|
$
|
259,473
|
Three Months Ended
June 30,
| ||||||||
(in thousands of dollars)
|
2021
|
2020
| ||||||
(Unaudited)
| ||||||||
Revenues:
| ||||||||
Wire transfer and money order fees, net
|
$
|
99,306
|
$
|
72,793
| ||||
Foreign exchange gain, net
|
16,655
|
11,660
| ||||||
Other income
|
786
|
609
| ||||||
Total revenues
|
$
|
116,747
|
$
|
85,062
| ||||
Operating expenses:
| ||||||||
Service charges from agents and banks
|
77,864
|
56,271
| ||||||
Salaries and benefits
|
10,175
|
7,069
| ||||||
Other selling, general and administrative expenses
|
7,079
|
5,155
| ||||||
Depreciation and amortization
|
2,345
|
2,691
| ||||||
Total operating expenses
|
97,463
|
71,186
| ||||||
Operating income
|
19,284
|
13,876
| ||||||
Interest expense
|
1,254
|
1,633
| ||||||
Income before income taxes
|
18,030
|
12,243
| ||||||
Income tax provision
|
4,803
|
3,265
| ||||||
Net income
|
$
|
13,227
|
$
|
8,978
| ||||
Earnings per common share:
| ||||||||
Basic
|
$
|
0.34
|
$
|
0.24
| ||||
Diluted
|
$
|
0.34
|
$
|
0.24
| ||||
Weighted-average common shares outstanding:
| ||||||||
Basic
|
38,433,748
|
38,035,279
| ||||||
Diluted
|
39,027,414
|
38,047,792
|
Three Months Ended June 30,
| ||||||||
(in thousands of dollars)
|
2021
|
2020
| ||||||
(Unaudited)
| ||||||||
Net income
|
$
|
13,227
|
$
|
8,978
| ||||
Adjusted for:
| ||||||||
Share-based compensation (a)
|
1,374
|
686
| ||||||
TCPA settlement (b)
|
-
|
23
| ||||||
Other charges and expenses (c)
|
176
|
97
| ||||||
Amortization of certain intangibles (d)
|
1,263
|
1,710
| ||||||
Income tax benefit related to adjustments (e)
|
(763
|
)
|
(671
|
)
| ||||
Adjusted net income
|
$
|
15,277
|
$
|
10,823
| ||||
Adjusted earnings per common share
| ||||||||
Basic
|
$
|
0.40
|
$
|
0.28
| ||||
Diluted
|
$
|
0.39
|
$
|
0.28
|
Three Months Ended June 30,
| ||||||||
(in thousands of dollars)
|
2021
|
2020
| ||||||
(Unaudited)
| ||||||||
Net income
|
$
|
13,227
|
$
|
8,978
| ||||
Adjusted for:
| ||||||||
Interest expense
|
1,254
|
1,633
| ||||||
Income tax provision
|
4,803
|
3,265
| ||||||
Depreciation and amortization
|
2,345
|
2,691
| ||||||
EBITDA
|
21,629
|
16,567
| ||||||
Share-based compensation (a)
|
1,374
|
686
| ||||||
TCPA settlement (b)
|
-
|
23
| ||||||
Other charges and expenses (c)
|
176
|
97
| ||||||
Adjusted EBITDA
|
$
|
23,179
|
$
|
17,373
|
Three Months Ended June 30,
| ||||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
GAAP Basic Earnings per Share
|
$
|
0.34
|
$
|
0.24
| ||||
Adjusted for:
| ||||||||
Share-based compensation
|
0.04
|
0.02
| ||||||
TCPA settlement
|
-
|
NM
| ||||||
Other charges and expenses
|
NM
|
NM
| ||||||
Amortization of certain intangibles
|
0.03
|
0.04
| ||||||
Income tax benefit related to adjustments
|
(0.01
|
)
|
(0.02
|
)
| ||||
Non-GAAP Adjusted Basic Earnings per Share
|
$
|
0.40
|
$
|
0.28
|
Three Months Ended June 30,
| ||||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
GAAP Diluted Earnings per Share
|
$
|
0.34
|
$
|
0.24
| ||||
Adjusted for:
| ||||||||
Share-based compensation
|
0.04
|
0.02
| ||||||
TCPA settlement
|
-
|
NM
| ||||||
Other charges and expenses
|
NM
|
NM
| ||||||
Amortization of certain intangibles
|
0.03
|
0.04
| ||||||
Income tax benefit related to adjustments
|
(0.02
|
)
|
(0.02
|
)
| ||||
Non-GAAP Adjusted Diluted Earnings per Share
|
$
|
0.39
|
$
|
0.28
|
Three Months Ended June 30,
| ||||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
Net Income Margin
|
11.3
|
%
|
10.6
|
%
| ||||
Adjusted for:
| ||||||||
Interest expense
|
1.1
|
%
|
1.9
|
%
| ||||
Income tax provision
|
4.1
|
%
|
3.8
|
%
| ||||
Depreciation and amortization
|
2.0
|
%
|
3.2
|
%
| ||||
EBITDA
|
18.5
|
%
|
19.5
|
%
| ||||
Share-based compensation
|
1.2
|
%
|
0.8
|
%
| ||||
TCPA settlement
|
0.0
|
%
|
0.0
|
%
| ||||
Other charges and expenses
|
0.2
|
%
|
0.1
|
%
| ||||
Adjusted EBITDA Margin
|
19.9
|
%
|
20.4
|
%
|
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Disclaimer
International Money Express Inc. published this content on 04 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2021 11:55:04 UTC.