International Money Express, Inc. Announces Record Third Quarter 2020 Remittances, Revenue, Net Income, and Adjusted EBITDA Nasdaq:IMXI


Third Quarter 2020 – Highlights

  • Revenues of $95.6 million, a rise of 12.0% in contrast with the prior yr interval
  • Web Revenue of $9.5 million, a rise of 135.2% in contrast with the prior yr interval and EPS of $0.25, up 127.3%
  • Adjusted Web Revenue and Adjusted EPS grew 28% to $12.2M and $0.32 per share, respectively
  • Adjusted EBITDA of $19.1 million, a rise of 16.0% over the prior yr interval
  • Web Revenue famous above resulted in Free Money Generated of $10.5 million, a rise of 78.8% over the prior yr interval

MIAMI, Nov. 04, 2020 (GLOBE NEWSWIRE) — Worldwide Cash Specific, Inc. (NASDAQ: IMXI) (Intermex or the Firm), a number one cash remittance providers firm, as we speak introduced its monetary outcomes for the third quarter ended September 30, 2020 and can host a convention name to debate these outcomes at 8:30 am ET as we speak.

Intermex Chairman, Chief Govt Officer and President Robert Lisy commented, The report monetary outcomes the Firm delivered, coupled with market share positive factors within the third quarter of 2020 demonstrates the energy of our distinctive enterprise mannequin and differentiated service. Mr. Lisy added, Our model resonates strongly with our brokers and prospects alike, in good financial instances and much more importantly throughout these difficult instances. Our distinctive technique, model, know-how and repair, work collectively in live performance to create our home of brick. Intermex continues to generate peer-leading development and profitability whereas delivering sturdy shareholder returns.

Third Quarter Monetary Outcomes
Intermex delivered its finest third quarter within the Firms historical past with Revenues of $95.6 million, a rise of 12.0% over the prior yr interval. This improve in Revenues was supported by an 11.2% improve in prospects to 2.2 million, driving the 12.8% development in cash switch transactions to a report 8.5 million within the third quarter of 2020. Contributing to this development in prospects and transactions was the upper development skilled in our latest African markets in addition to continued development in our present LATAM markets.

The Firm reported Web Revenue of $9.5 million within the third quarter of 2020, a rise of 135.2% over the prior yr interval, and primary and diluted earnings per share within the third quarter of 2020 had been $0.25, a rise of 127.3%, in contrast with the prior yr interval. These will increase had been as a result of income development famous, together with decrease authorized prices related to the settlement of sure authorized issues within the prior yr interval. Moreover, price efficiencies proceed to be realized from negotiated payer price financial savings and migration to decrease price deposit providers, together with decrease amortization and curiosity bills.

Adjusted Web Revenue for the third quarter of 2020 totaled $12.2 million, a rise of 28.0%, and adjusted primary and diluted earnings per share totaled $0.32, a rise of 28.0%, in contrast with the prior yr interval, as a result of causes mentioned above.

Adjusted EBITDA within the third quarter of 2020 elevated 16.0% over the prior yr comparable interval to $19.1 million, and Adjusted EBITDA Margin elevated 69 foundation factors to 20.0%, pushed primarily by the income development and centered expense management as a result of price financial savings initiatives famous above.

Capital & Liquidity
The Firm stays extremely capitalized with a powerful liquidity place. Throughout the third quarter of 2020, from its Web Revenue famous above, the Firm delivered Free Money Generated (as outlined beneath) of roughly $10.5 million, a rise of 78.8% in contrast with the prior yr interval. The Intermex mannequin is very money generative, changing 55.0% of its Adjusted EBITDA, after taxes, investments and debt service, to Free Money Generated within the third quarter 2020, in contrast with 35.7% within the prior yr interval.

Non-GAAP Measures
Adjusted Web Revenue, Adjusted Earnings per share, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Money Generated, every a Non-GAAP monetary measure, are the first metrics utilized by administration to judge the monetary efficiency of our enterprise. We current these Non-GAAP monetary measures as a result of we imagine they’re often utilized by analysts, buyers and different events to judge firms in our trade. Additional, we imagine they’re useful in highlighting tendencies in our working outcomes, as a result of sure of such measures exclude, amongst different issues, the consequences of sure transactions which are exterior the management of administration, whereas different measures can differ considerably relying on long-term strategic choices relating to capital construction, the jurisdictions during which we function and capital investments.

Adjusted Web Revenue is outlined as Web Revenue adjusted so as to add again sure fees and bills, resembling non-cash amortization ensuing from push-down accounting, non-cash compensation prices and different objects set forth within the reconciliation desk beneath, as these fees and bills aren’t thought of part of our core enterprise operations and aren’t an indicator of ongoing future Firm efficiency.

Adjusted Earnings per share are calculated by dividing Adjusted Web Revenue by GAAP weighted-average widespread shares excellent (primary and diluted).

Adjusted EBITDA is outlined as Web Revenue earlier than depreciation and amortization, curiosity expense, earnings taxes, and in addition adjusted so as to add again sure fees and bills, resembling non-cash compensation prices and different objects set forth within the reconciliation desk beneath, as these fees and bills aren’t thought of part of our core enterprise operations and aren’t an indicator of ongoing future Firm efficiency.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenues.

Adjusted Web Revenue, Adjusted Earnings per share, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP monetary measures and shouldn’t be thought of as a substitute for working earnings or internet earnings as a measure of working efficiency or money flows or as a measure of liquidity. Non-GAAP monetary measures aren’t essentially calculated the identical manner by completely different firms and shouldn’t be thought of an alternative to or superior to U.S. GAAP.

Free Money Generated, additionally a Non-GAAP measure, is outlined as Web Revenue earlier than provision for unhealthy debt and depreciation and amortization adjusted so as to add again sure non-cash fees and bills, resembling non-cash compensation prices and different objects set forth within the reconciliation desk beneath, as these fees and bills aren’t thought of part of our core enterprise operations, and decreased by the money utilized in investing actions and servicing of our debt obligations.

Reconciliations of Web Revenue, the Firms closest GAAP measure, to Adjusted Web Revenue Adjusted EBITDA and Free Money Generated, in addition to a reconciliation of Earnings per share to Adjusted Earnings per share and Adjusted EBITDA Margin are set forth within the tables beneath following the unaudited condensed consolidated monetary statements.

Investor and Analyst Convention Name / Presentation
Intermex will host a convention name and webcast presentation at 8:30 a.m. Japanese
Time as we speak. The convention name will be heard by dialing: 1-877-423-9813 (U.S.) or
1-201-689-8573 (exterior the U.S.) ten minutes previous to the beginning of the decision.

The convention name and accompanying slides will likely be out there through webcast at https://investors.intermexonline.com. Registration for the occasion is required, so please register at the least 5 minutes previous to the scheduled begin time.

A webcast replay will likely be out there roughly 2-Four hours after the convention name at https://investors.intermexonline.com/.

Secure Harbor Compliance Assertion for Ahead-Wanting Statements
This press launch accommodates forward-looking statements inside the that means of the protected harbor provisions of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended, which replicate our present views with respect to sure occasions that might affect our future efficiency, together with however with out limitation, statements relating to our plans, goals, monetary efficiency, enterprise methods, and expectations for the enterprise of the Firm. These statements relate to expectations regarding issues that aren’t historic reality and should embody phrases or phrases resembling would, will, ought to, expects, believes, anticipates, continues, might, might, may, plans, attainable, potential, predicts, tasks, forecasts, intends, assumes, estimates, roughly, shall, our planning assumptions, future outlook and related expressions, however the absence of those phrases doesn’t imply {that a} assertion isn’t forward-looking. These phrases and the unfavourable and plural types of these phrases and related expressions are meant to determine forward-looking statements, however aren’t the unique technique of figuring out such statements. All of those forward-looking statements are based mostly largely on info at present out there to our administration and on our present expectations, assumptions, plans, estimates, judgments and projections about our enterprise and our trade, in addition to macroeconomic situations, and are topic to varied dangers and uncertainties that might trigger precise outcomes to vary materially from historic outcomes or these at present anticipated. Whereas we imagine these expectations, assumptions, estimates, judgments and projections are cheap, such forward-looking statements are solely predictions and contain identified and unknown dangers, uncertainties, contingencies and different elements, a lot of that are past our management. These and different essential elements might trigger our precise outcomes, efficiency or achievements to vary materially from these expressed or implied by these forward-looking statements, or might have an effect on our share worth. Accordingly, there isn’t a assurance that our expectations will, actually, happen or that our estimates or assumptions will likely be right, and we warning buyers and all others to not place undue reliance on such forward-looking statements. Among the elements that might trigger precise outcomes to vary from these expressed or implied by the forward-looking statements and will materially adversely have an effect on our enterprise, monetary situation, outcomes of operations, money flows and liquidity embody, amongst different issues, the COVID-19 pandemic, responses thereto and the financial and market results thereof, together with unemployment ranges and elevated capital markets volatility; competitors within the markets during which we function; volatility in overseas trade charges that might have an effect on the amount of shopper remittance exercise and/or have an effect on our overseas trade associated positive factors and losses; our potential to keep up agent relationships on phrases per these at present in place; our potential to keep up banking relationships crucial for us to conduct our enterprise; credit score dangers from our brokers and the monetary establishments with which we do enterprise; financial institution failures, sustained monetary market illiquidity, or illiquidity at our clearing, money administration or custodial monetary establishments; new know-how or opponents that disrupt the present ecosystem together with by introducing digital platforms; cyber-attacks or disruptions to our info know-how, laptop community methods and knowledge facilities; our potential to fulfill our debt obligations and stay in compliance with our credit score facility necessities; rate of interest danger from elimination of the London Interbank Supplied Charge(LIBOR) as a benchmark rate of interest our success in growing and introducing new merchandise, providers and infrastructure; buyer confidence in our model and in shopper cash transfers typically; our potential to keep up compliance with the regulatory necessities of the jurisdictions during which we function or plan to function; worldwide political elements or implementation of tariffs, border taxes or restrictions on remittances or transfers of cash out of america or Canada; modifications in tax legal guidelines and unfavorable outcomes of tax positions we take; political instability, foreign money restrictions and volatility in nations during which we function or plan to function; shopper fraud and different dangers referring to prospects authentication; weak spot in U.S. or worldwide financial situations; change or disruption in worldwide migration patterns; our potential to guard our model and mental property rights; our potential to retain key personnel; and different financial, enterprise and/or aggressive elements, dangers and uncertainties, together with these described within the Danger Components part in periodic stories we file with the Securities and Change Fee. All statements aside from statements of historic reality included on this press launch are forward-looking statements together with, however not restricted to, statements relating to the Firms model, know-how and repair persevering with to generate development, profitability and powerful shareholder returns , and all forward-looking statements which are made or attributable to us are expressly certified of their entirety by this cautionary discover. Any forward-looking assertion that we make on this press launch speaks solely as of the date of this press launch. We undertake no obligation to replace or revise, or to publicly announce any replace or revision to, any of the forward-looking statements made herein, whether or not because of new info, future occasions or in any other case.

About Worldwide Cash Specific, Inc.
Worldwide Cash Specific, Inc. (NASDAQ: IMXI) is a number one processor of cash switch providers in america to Latin America and the Caribbean and the shopper is on the heart of all the pieces we do. We use proprietary know-how that permits shoppers to ship cash primarily from america and Canada to 17 nations in Latin America and the Caribbean, seven nations in Africa and two nations in Asia. We provide digital motion of cash and knowledge to our prospects by means of our community of sending and paying brokers situated in all U.S. 50 states, the District of Columbia, Puerto Rico and Canada, and all through Latin America, the Caribbean and different territories. Our providers are additionally out there digitally by means of intermexonline.com, our cellular app, and 34 Firm-operated shops. The Firm was based in 1994 and its headquarters is situated in Miami, Florida with workplaces in Puebla, Mexico, and Guatemala Metropolis, Guatemala.

Investor Relations
Mike Gallentine
Vice President of Investor Relations
mgallentine@intermexusa.com
tel. 305-671-8005

CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31,
(in 1000’s of {dollars}) 2020 2019
ASSETS (Unaudited)
Present property:
Money $ 109,067 $ 86,117
Accounts receivable, internet of allowance of $1,243 and
$759, respectively 59,962 39,754
Pay as you go wires, internet 8,983 18,201
Pay as you go bills and different present property 2,685 4,155
Whole present property 180,697 148,227
Property and tools, internet 12,770 13,282
Goodwill 36,260 36,260
Intangible property, internet 22,168 27,381
Deferred tax asset, internet 741
Different property 2,328 1,415
Whole property $ 254,223 $ 227,306
LIABILITIES AND STOCKHOLDERS’ EQUITY
Present liabilities:
Present portion of long-term debt, internet $ 7,044 $ 7,044
Accounts payable 9,890 13,401
Wire transfers and cash orders payable, internet 48,189 40,197
Accrued and different liabilities 24,086 23,074
Whole present liabilities 89,209 83,716
Lengthy-term liabilities:
Debt, internet 82,340 87,623
Deferred tax legal responsibility, internet 571
Whole long-term liabilities 82,911 87,623
Stockholders’ fairness:
Whole stockholders’ fairness 82,103 55,967
Whole liabilities and stockholders’ fairness $ 254,223 $ 227,306
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30,
(in 1000’s of {dollars}) 2020 2019
(Unaudited)
Revenues:
Wire switch and cash order charges, internet $ 82,646 $ 72,468
International trade achieve, internet 12,296 12,272
Different earnings 652 594
Whole revenues $ 95,594 $ 85,334
Working bills:
Service fees from brokers and banks 63,904 56,319
Salaries and advantages 8,084 7,612
Different promoting, normal and
administrative bills 6,336 9,788
Depreciation and amortization 2,698 3,179
Whole working bills 81,022 76,898
Working earnings 14,572 8,436
Curiosity expense 1,530 2,145
Revenue earlier than earnings taxes 13,042 6,291
Revenue tax provision 3,544 2,253
Web earnings $ 9,498 $ 4,038
Earnings per widespread share
Primary and diluted $ 0.25 $ 0.11
Weighted-average widespread shares
excellent:
Primary 38,050,610 37,984,316
Diluted 38,652,707 38,286,702
Reconciliation from Web earnings to Adjusted Web earnings
Three Months Ended September 30,
(in 1000’s of {dollars}) 2020 2019
(Unaudited)
Web earnings $ 9,498 $ 4,038
Adjusted for:
Share-based compensation, 2020 and 2018 Plans (a) 801 634
Providing prices (b) 479 766
TCPA Settlement (c) 12 3,358
Loss on financial institution closure (d) 252
Different fees and bills (e) 282 86
Amortization of sure intangibles (f) 1,710 2,312
Revenue tax profit associated to changes (g) (822 ) (1,654 )
Adjusted internet earnings $ 12,212 $ 9,540
Adjusted earnings per widespread share
Primary and diluted $ 0.32 $ 0.25
(a) Inventory choices and restricted inventory had been granted to workers and unbiased administrators of the Firm.
(b) Represents bills incurred for skilled and authorized charges in reference to secondary choices of the Firm’s widespread inventory.
(c) Represents authorized charges and cost for the settlement of a category motion lawsuit associated to the Phone Shopper Safety Act.
(d) Represents a loss throughout the three months ended September 30, 2020 associated to the closure of a monetary establishment in Mexico.
(e) Consists of loss on disposal of fastened property and overseas foreign money (positive factors) losses.
(f) Represents the amortization of sure intangible property that resulted from the appliance of push-down accounting.
(g) Represents the present and deferred tax affect of the taxable changes to internet earnings utilizing the Firm’s blended federal and state tax fee for every interval. Related tax-deductible changes embody all changes to internet earnings.
Reconciliation from GAAP Earnings per Share to Adjusted Earnings per Share
Three Months Ended
September 30,
2020 2019
(Unaudited)
GAAP Earnings per Share Primary and Diluted $ 0.25 $ 0.11
Adjusted for:
Share-based compensation, 2020 and 2018 Plans 0.02 0.02
Providing prices 0.01 0.02
TCPA settlement NM 0.09
Loss on financial institution closure 0.01
Different fees and bills 0.01 NM
Amortization of sure intangibles 0.04 0.06
Revenue tax profit associated to changes (0.02 ) (0.04 )
Non-GAAP Adjusted Earnings per Share Primary and Diluted $ 0.32 $ 0.25
NM-Per share quantities aren’t significant
The desk above might comprise slight summation variations resulting from rounding.
Reconciliation from Web earnings to Adjusted EBITDA
Three Months Ended September 30,
(in 1000’s of {dollars}) 2020 2019
(Unaudited)
Web earnings $ 9,498 $ 4,038
Adjusted for:
Curiosity expense 1,530 2,145
Revenue tax provision 3,544 2,253
Depreciation and amortization 2,698 3,179
EBITDA 17,270 11,615
Share-based compensation, 2020 and 2018 Plans (a) 801 634
Providing prices (b) 479 766
TCPA settlement (c) 12 3,358
Loss on financial institution closure (d) 252
Different fees and bills (e) 282 86
Adjusted EBITDA $ 19,096 $ 16,459
(a) Inventory choices and restricted inventory had been granted to workers and unbiased administrators of the Firm.
(b) Represents bills incurred for skilled and authorized charges in reference to secondary choices for the Firm’s widespread inventory.
(c) Represents authorized charges and cost for the settlement of a category motion lawsuit associated to the TCPA.
(d) Represents a loss throughout the three months ended September 30, 2020 associated to the closure of a monetary establishment in Mexico.
(e) Consists of loss on disposal of fastened property and overseas foreign money (positive factors) losses.
Reconciliation of Web Revenue to Free Money Generated
Three months ended September 30,
(in 1000’s of {dollars}) 2020 2019
(Unaudited)
Web earnings for the interval $ 9,498 $ 4,038
Depreciation and amortization 2,698 3,179
Inventory compensation expense 801 634
Provision for unhealthy debt 319 619
Different noncash bills 282 86
Money utilized in investing Actions (1,179 ) (1,404 )
Time period mortgage pay downs (1,916 ) (1,277 )
Web free money generated throughout the interval $ 10,503 $ 5,875
Reconciliation from Web Revenue Margin to Adjusted EBITDA Margin
Three Months Ended
September 30,
2020 2019
(Unaudited)
Web earnings margin 9.9 % 4.7 %
Adjusted for:
Curiosity expense 1.6 % 2.5 %
Revenue tax provision 3.7 % 2.6 %
Depreciation and amortization 2.8 % 3.7 %
EBITDA Margin 18.1 % 13.6 %
Share-based compensation, 2020 and 2018 Plans 0.8 % 0.7 %
Providing prices 0.5 % 0.9 %
TCPA settlement 0.0 % 3.9 %
Loss on financial institution closure 0.3 % 0.0 %
Different fees and bills 0.3 % 0.1 %
Adjusted EBITDA Margin 20.0 % 19.3 %



click hear for more Finance Updates

Follow by Email
Instagram