International Money Express, Inc. · NASDAQ:IMXI
International Money Express — Q2 2023 Earnings Presentation
21 slides from International Money Express's earnings presentation, Aug 2, 2023
Slide 1: 2nd Quarter 2023 Earnings Presentation
2nd Quarter 2023 Earnings Presentation August 2, 2023 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 2: Safe Harbor Statement / Non-GAAP Financial Measures
Safe Harbor Statement / Non-GAAP Financial Measures This presentation 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 affect
Slide 3: Second Quarter 2023 Highlights
Second Quarter 2023 Highlights $169.2M $15.4M $0.42 Revenue Net Income Diluted EPS 23.5% YoY Growth -3.5% YoY Decline 2.4% YoY Growth $30.9M $18.4M $0.50 Adjusted EBITDA(1) Adjusted Net Income(1) Adjusted Diluted EPS(1) 11.7% YoY Growth 0.6% YoY Growth 6.4% YoY Growth EXPERIENCE ● TRUST ● INNOVATION
Slide 4: Driving Market Share Growth
Driving Market Share Growth Five countries represent 82% of all money sent to LACA (3) 21.7% 20.4% (Mexico, Guatemala, Honduras, El Salvador, Dominican Republic)(1)(2) 19.2% 17.9% 17.0% 15.7% 13.4% 2Q17 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23* 1) Market size inbound remittances per Banco de Mexico, Banco de G
Slide 5: Customer & Transaction Growth Drives Revenue
Customer & Transaction Growth Drives Revenue Active, Unique Customers at the end of the Quarter Money Transfer Transactions (in millions) (in millions) 15.1 4.2 11.9 3.0 10.1 2.6 2Q21 2Q22 2Q23 2Q21 2Q22 2Q23 5 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 6: Digital Transaction Growth
Digital Transaction Growth Digitally Originated Transactions Total Digital Send / Receive as a % of Total Transactions 31.0% 26.2% 2Q22 2Q23 2Q22 2Q23 6 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 7: Principal Sent Trends
Principal Sent Trends Principal Sent Average Principal Sent (in millions) 6,368.1 $447 $432 $422 5,327.1 4,363.9 2Q21 2Q22 2Q23 2Q21 2Q22 2Q23 Legacy IMXI Avg. Principal 7 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 8: Mixed Results 2Q 2023
Mixed Results 2Q 2023 Revenue Net Income ($ in millions) ($ in millions) $169.2 $16.0 $15.4 $136.9 $9.0 Diluted EPS $116.7 $0.42, 2.4% 2Q21 2Q22 2Q23 2Q21 2Q22 2Q23 8 EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 9: Improving Profitability 2Q 2023
Improving Profitability 2Q 2023 Adjusted EBITDA (1) Adjusted Net Income (1) ($ in millions) 0.6% ($ in millions) $18.3 $18.4 $30.9 $27.7 $15.3 $23.2 Diluted EPS(1) $0.50, +6.4% 20.2% 19.9% 18.3% 2Q21 2Q22 2Q23 2Q21 2Q22 2Q23 Adj. EBITDA Margin (1) (1) Non-GAAP measure. See Appendix for reconciliatio
Slide 10: Strong Cash Generation & Balance Sheet
Strong Cash Generation & Balance Sheet Net Free Cash Generated(1) Liquidity Summary Cash & Equivalents: $147.4M ($ in millions) $16.2 $17.3 $18.5 excl. Undrawn Revolver* at 6/30/23: $104.0M M&A $13.0 Leverage Total Debt: $193.3M Debt to Adj. EBITDA (trailing twelve months): 1.7x Net Debt t
Slide 11: 2023 Guidance
2023 Guidance Full Year Revenue Diluted EPS Adjusted Diluted EPS (1) Adjusted EBITDA (1) $644.9M – $673.0M $1.56 – $1.63 2023 $1.87 – $1.94 $114.8M – $119.8M Third Revenue Adjusted Diluted Quarter $165.7M – $176.8M Diluted EPS $0.40 – $0.43 EPS (1) Adjusted EBITDA (1) $30.0M – $32.0M $0.49 – $0.52 2
Slide 12: Appendix
Appendix EXPERIENCE ● TRUST ● INNOVATION ● GROWTH
Slide 13: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets June 30, De ce mbe r 31, (in thousands of dollars) 2023 2022 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 147,372 $ 149,493 Accounts receivable, net 123,700 129,808 Prepaid wires, net 119,169 90,386 Prepaid expenses and other current assets 12,
Slide 14: Condensed Consolidated Statements of Income
Condensed Consolidated Statements of Income Three Months Ended June 30, Six Months Ended June 30, (in thousands of dollars, except for share data) 2023 2022 2023 2022 (Unaudited) (Unaudited) Revenues: Wire transfer and money order fees, net $ 144,518 $ 117,622 $ 268,968 $ 215,621 Foreign exchange ga
Slide 15: 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) 2023 2022 2023 2022 (Unaudited) (Unaudited) Net income $ 15,422 $ 15,984 $ 27,184 $ 27,638 Adjusted for: Share-based compensation (a) 2,245 1,665 3,943 2,9
Slide 16: 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, 2023 2022 2023 2022 (Unaudited) (Unaudited) GAAP Basic Earnings per Share $ 0.43 $ 0.42 $ 0.75 $ 0.72 Adjusted for: Share-based compensation 0.06 0.04 0.11 0.08 Transaction costs 0.01 0.01 0.01 0.0
Slide 17: 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, 2023 2022 2023 2022 (Unaudited) (Unaudited) GAAP Diluted Earnings per Share $ 0.42 $ 0.41 $ 0.73 $ 0.71 Adjusted for: Share-based compensation 0.06 0.04 0.11 0.08 Transaction costs 0.01 0.01 0.
Slide 18: 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) 2023 2022 2023 2022 (Unaudited) (Unaudited) Net income $ 15,422 $ 15,984 $ 27,184 $ 27,638 Adjusted for: Interest expense 2,651 1,112 4,842 2,064 Income tax provision 6,669 6,111 11,555
Slide 19: 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, 2023 2022 2023 2022 (Unaudited) (Unaudited) Net Income Margin 9.1% 11.7% 8.6% 11.0% Adjusted for: Interest expense 1.6% 0.8% 1.5% 0.8% Income tax provision 3.9% 4.5% 3.7% 4.2% Depreciation and amortizatio
Slide 20: 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) 2023 2022 2023 2022 (Unaudited) (Unaudited) Net income for the period $ 15,422 $ 15,984 $ 27,184 $ 27,638 Depreciation and amortization 3,135 2,251 6,038 4,434 Share-based compensa
Slide 21: 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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