International Money Express, Inc. · NASDAQ:IMXI
International Money Express — Q2 2022 Earnings Presentation
24 slides from International Money Express's earnings presentation, Aug 3, 2022
Slide 1: 2nd Quarter 2022 Earnings Presentation
2nd Quarter 2022 Earnings Presentation August 3, 2022 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 2: Safe Harbor Statement / Non-GAAP Financial Measures
Safe Harbor Statement / Non-GAAP Financial Measures This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which reflect our current views concerning certain events that are not historical facts but could affec
Slide 3: Second Quarter 2022 Record Highlights
Second Quarter 2022 Record Highlights 2Q’22 vs. 2Q21 Transactions 11.9M, up 18.1% Revenue $136.9M, up 17.3% Net Income $16.0M, up 20.8% Adjusted EBITDA(1) $27.7M, up 19.3% (1) Non-GAAP measure. See Appendix for reconciliations to the most directly comparable GAAP measures. 3 EXPERIENCE ● TRUST ● INN
Slide 4: Record Transaction Milestones
Record Transaction Milestones Money Transfer Transactions (in Millions) 4.0 3.0 2.0 1.0 May 2015 May 2018 Oct 2020 May 2022 4 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 5: Agent Growth
Agent Growth Active Agents at the end of the Quarter 2Q20 2Q21 2Q22 5 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 6: Digital Leadership
Digital Leadership Marcelo Theodoro - Chief Digital Officer • Will lead our online and card products • Bring additional focus to these critical and strategic business priorities • Continue to improve the value proposition to our agents and consumers • 20 years in Financial Services & FinTechs • Rece
Slide 7: Leader in the Top LACA Markets
Leader in the Top LACA Markets 24M Total Potential Consumers Mexico (2) Born in LACA living in the US (1) Market size: $50.1 B Top 5 remittance receiving markets Guatemala (2) Market size: $13.8 B is 83% of total LACA market DR (2) Including La Nacional, Intermex will Market size: $8.8 B have more t
Slide 8: Customer & Transaction Growth Drives Revenue
Customer & Transaction Growth Drives Revenue Active Customers at the end of the Quarter Money Transfer Transactions (In millions) (in Millions) 3.0 11.9 2.6 10.3 2.1 7.6 2Q20 2Q21 2Q22 2Q20 2Q21 2Q22 8 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 9: Digital Transaction Growth
Digital Transaction Growth Digitally Originated Transactions Total Digital Send or Receive as a % of Total Transactions 26.3% 22.1% 2Q21 2Q22 2Q21 2Q22 9 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 10: Principal Growth Drives Market Share
Principal Growth Drives Market Share Principal Sent Tier I and Tier II Market Share (1)(2) (in Millions) 5,327.1 21.9% 4,363.9 21.0% 2,849.2 19.3% 2Q20 2Q21 2Q22 2Q20 2Q21 2Q22 1) Market size inbound remittances per Banco de Mexico, Banco de Guatemala, Banco Central de Reserva de El Salvador, and Ba
Slide 11: Profitable Growth 2Q 2022
Profitable Growth 2Q 2022 Revenue Net Income ($ In millions) ($ In millions) $136.9 $16.0 $116.7 $13.2 $85.0 $9.0 2Q20 2Q21 2Q22 2Q20 2Q21 2Q22 11 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 12: Profitable Growth 2Q 2022
Profitable Growth 2Q 2022 Adjusted EBITDA(1) Adjusted Net Income(1) ($ in millions) ($ in millions) $27.7 $18.3 $23.2 $15.3 $17.4 $10.8 2Q20 2Q21 2Q22 2Q20 2Q21 2Q22 Adj. EBITDA 20.4% 19.9% 20.2% Margin (1) Non-GAAP measure. See Appendix for reconciliations to the most directly comparable GAAP measu
Slide 13: Strong Cash Generation & Balance Sheet
Strong Cash Generation & Balance Sheet Liquidity Summary Cash & Equivalents 6/30/2022 $114.6M Net Free Cash Generated(1) Revolver Capacity $150.0M ($ In millions) $17.3 $16.2 Leverage Total Debt $81.2M Debt to Adj. EBITDA (FY2021) 0.9x $12.0 Net Debt to Adj. EBITDA ~neg~ Capital Allocation Prioritie
Slide 14: 2022 Updated Guidance
2022 Updated Guidance Revenue of $542M – $551M, up 18% - 20% Net Income of $60M - $61M, up 28% - 30% Adjusted Net Income of $68M - $69M(1), up 19% - 20% Adjusted EBITDA of $104M - $106M(1), up 20% - 22% Note: 2022 updated guidance does not include any impact from La Nacional because the clos
Slide 15: Appendix
Appendix EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 16: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets June 30, December 31, (in thousands of dollars) 2022 2021 ASSETS (Unaudited) Current assets: Cash $ 114,600 $ 132,474 Accounts receivable, net 97,154 67,317 Prepaid wires, net 56,818 56,766 Prepaid expenses and other current assets 5,686 6,988 Total current asse
Slide 17: Condensed Consolidated Statements of Income
Condensed Consolidated Statements of Income Three Months Ended June 30, Six Months Ended June 30, (in thousands of dollars) 2022 2021 2022 2021 (Unaudited) (Unaudited) Revenues: Wire transfer and money order fees, net $ 117,622 $ 99,306 $ 215,621 $ 180,218 Foreign exchange gain, net 18,195 16,655 33
Slide 18: Reconciliation from NI to Adjusted NI
Reconciliation from NI to Adjusted NI Three Months Ended June 30, Six Months Ended June 30, (in thousands of dollars, except for per share data) 2022 2021 2022 2021 (Unaudited) (Unaudited) Net income $ 15,984 $ 13,227 $ 27,638 $ 22,204 Adjusted for: Share-based compensation (a) 1,665 1,374 2,933 2,2
Slide 19: Recon. from GAAP Basic EPS to Adjusted Basic EPS
Recon. from GAAP Basic EPS to Adjusted Basic EPS Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (Unaudited) (Unaudited) GAAP Basic Earnings per Share $ 0.42 $ 0.34 $ 0.72 $ 0.58 Adjusted for: Share-based compensation 0.04 0.04 0.08 0.06 Transaction costs 0.01 - 0.01 - Othe
Slide 20: Recon. from GAAP Diluted EPS to Adjusted Diluted EPS
Recon. from GAAP Diluted EPS to Adjusted Diluted EPS Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (Unaudited) (Unaudited) GAAP Diluted Earnings per Share $ 0.41 $ 0.34 $ 0.71 $ 0.57 Adjusted for: Share-based compensation 0.04 0.04 0.07 0.06 Transaction costs 0.01 - 0.01
Slide 21: Recon. from NI to Adjusted EBITDA
Recon. from NI to Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, (in thousands of dollars) 2022 2021 2022 2021 (Unaudited) (Unaudited) Net income $ 15,984 $ 13,227 $ 27,638 $ 22,204 Adjusted for: Interest expense 1,112 1,254 2,064 2,594 Income tax provision 6,111 4,803 10,616
Slide 22: Recon. of NI Margin to Adj. EBITDA Margin
Recon. of NI Margin to Adj. EBITDA Margin Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (Unaudited) (Unaudited) Net Income Margin 11.7% 11.3% 11.0% 10.5% Adjusted for: Interest expense 0.8% 1.1% 0.8% 1.2% Income tax provision 4.5% 4.1% 4.2% 3.8% Depreciation and amortizat
Slide 23: Recon. of NI to Net Free Cash Generated
Recon. of NI to Net Free Cash Generated Three months ended June 30, Six months ended June 30, (in thousands of dollars) 2022 2021 2022 2021 (Unaudited) (Unaudited) Net income for the period $ 15,984 $ 13,227 $ 27,638 $ 22,204 Depreciation and amortization 2,251 2,345 4,434 4,679 Share-based compensa
Slide 24: Questions or request for conference call please contact
Questions or request for conference call please contact: Mike Gallentine, VP of IR mgallentine@intermexusa.com 305-671-8005 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
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