International Money Express, Inc. · NASDAQ:IMXI
International Money Express — Investor Day (February 2025)
56 slides from International Money Express's investor day presentation, Feb 26, 2025
Slide 1: 2025 Investor Day
2025 Investor Day February 26th, 2025
Slide 2: Safe Harbor Statement / Non-GAAP Financial Measures
Safe Harbor Statement / Non-GAAP Financial Measures This press release contains certain “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 cou
Slide 3: Path to Sustainable Growth and Scale
Path to Sustainable Growth and Scale Robert Lisy – Chairman & Chief Executive Officer
Slide 4: Unique Approach: Prioritizing Agent Productivity Over Market Ubiquity
Unique Approach: Prioritizing Agent Productivity Over Market Ubiquity Legacy Market Strategy The Intermex Way Focus on quantity over quality of agents leads Maximize agent productivity and profitability to oversaturation and low productivity through targeted, data driven approach Focus on Market Ubi
Slide 5: Defined Value-Add Approach to Market Needs vs. Commoditization
Defined Value-Add Approach to Market Needs vs. Commoditization Offered by Competitors Value-Adds for Retail Agents Results Strong Banking Relationships Strong banking network offering deposit solutions including ~3x Armored Car, Over-the-Counter, Smart Safe and ATM Gross Profit Productivity per Acti
Slide 6: Market Expansion: Intermex Is The Leader in U.S. to LACA Remittance
Market Expansion: Intermex Is The Leader in U.S. to LACA Remittance Expansion Strategy – Geographical Focus Intermex LACA(1) Market Share We focused on the most profitable This strategy allowed us to expand our market countries as foundational anchors share from a single digit in 2015 to over 20% by
Slide 7: Strong History of Profitable Growth at Scale
Strong History of Profitable Growth at Scale Revenue (2015 – 2024) Revenue $659M Growth at Scale 2024 Revenue ($M) $659 $659 20% $547 Consistent $121M (18% margin) 2015 – 24 CAGR Profitability 2024 Adjusted EBITDA(1) $459 $357 High Transaction ~59M $320 Volume 2024 Wires Processed $274 $215 Growing
Slide 8: Experienced Management Team
Experienced Management Team Robert Lisy Chairman & Chief Executive Officer Prior experience: Andras Bende Chris Hunt Joseph Aguilar Chief Financial Officer Chief Operating Officer President / General Manager – LATAM Prior experience: Prior experience: Prior experience: Marcelo Theodoro Andrew Kugbei
Slide 9: Driving Future Profitable Growth and Scale
Driving Future Profitable Growth and Scale TODAY TOMORROW Retail Optimization Digital Growth Financial Services International Inorganic Growth Expansion Continue expanding For unbanked and Invest in marketing Opportunity to highly profitable underbanked and product to drive Expansion into new pursue
Slide 10: The True Power of Remittances: The Money That Changes Lives
The True Power of Remittances: The Money That Changes Lives 10
Slide 11: Market Overview
2 Market Overview Andrew Kugbei – Chief Operating Officer – IMXI US Retail
Slide 12: Large TAM With Significant Market Opportunities Drives Additional Growth Beyond Core LACA Retail Market
Large TAM With Significant Market Opportunities Drives Additional Growth Beyond Core LACA Retail Market Massive & Growing Addressable Market + Europe to Rest Global Remittance U.S. to LACA of World Volume Leader in the $122B LACA market with a 20%+ $122B market share in the top 8 LACA countries $315
Slide 13: Consistently Outpaced Market Growth in the LACA Region
Consistently Outpaced Market Growth in the LACA Region Intermex Market Share LACA Total Addressable Market (Volume) $122 $113 ($B) ` $103 $81 20% $74 19% $68 $62 17% $52 $56 15% 14% 13% 11% 9% 7% 2015 2016 2017 2018 2019 2020 2021 2022 2023 Established incredibly strong presence in LACA, outpacing m
Slide 14: Leading Player in the LACA Region
Leading Player in the LACA Region Mexico Guatemala Dominican Rep. Honduras $64.4B 20% $18.3B 29% $7.9B 19% $7.4B 22% Market Size Market Share Market Size Market Share Market Size Market Share Market Size Market Share El Salvador Colombia Ecuador Nicaragua $7.3B 13% $3.0B 11% $2.3B 34% $2.0B 36% Mark
Slide 15: Unique Approach
3 Unique Approach Andrew Kugbei – Chief Operating Officer – IMXI US Retail Marcelo Theodoro – Chief Digital and Product Officer
Slide 16: Unique Approach Drives Value for Both Agents and Customers
Unique Approach Drives Value for Both Agents and Customers Multi-Channel Strategy High-Volume Agent Base ▪ Highly productive and efficient retail base ▪ Carefully cultivated high-volume agent combined with accelerating profitable base through rigorous selection digital growth ▪ Loyal agent base with
Slide 17: High-Volume Agent Base: Powerful Unit Economics
High-Volume Agent Base: Powerful Unit Economics 275%+ Increaseinin ~1212Month Payback Month Payback 275%+ Increase Volume perAgent Volume per Agent (2) (2) ~$5k ~$45k ~9x CAC(1) 5-Year LTV / CAC LTV(1) Highly Efficient Proven History of Retaining Highly Efficient Agent Acquisition and Growing Agents
Slide 18: High-Volume Agent Base: Loyal & Profitable
High-Volume Agent Base: Loyal & Profitable Weighted Average Agent Retention 300% Gross Profit per Agent: Almost 3x the gross profit 280% productivity over five years 250% 256% 235% 200% 188% Weighted Average Gross Profit 150% 150% Retention: Consistent 100%+ net 138% 137% 139% 125% dollar retention
Slide 19: Multi-Channel Strategy: Leader in Retail & Digital
Multi-Channel Strategy: Leader in Retail & Digital RETAIL DIGITAL ▪ 24/7 service on the mobile app ▪ Highest and most productive and internet-based transactions agent base in the industry Multi-Channel & ▪ Debit and credit with new ▪ Data-driven approach to sales payment options coming soon and agen
Slide 20: Digital Growth Strategy
4 Digital Growth Strategy Marcelo Theodoro – Chief Digital and Product Officer
Slide 21: Vision
Vision Transforming lives with trusted financial services that transcend borders
Slide 22: Consistently Enhancing the Customer Experience
Consistently Enhancing the Customer Experience Key Outcomes Consumer Transaction Lifecycle 99.8% ▪ New financial services to serve underbanked and unbanked Latinx population ▪ Launch & scale new channels, such as Transactions Disbursed in Less than 4.8 WhatsApp, to expand reach and enhance 1 Hour iO
Slide 23: Multi-Channel Strategy: Product Offering Evolution
Multi-Channel Strategy: Product Offering Evolution Multi-Channel Strategy Omni-Channel Strategy Store Web Mobile Web Social Mobile Phone Store Phone Social Offering strong Laid the groundwork to monetize an multi-product proposition with omnichannel ecosystem where services across multiple channels
Slide 24: Remittance Market Shifting Towards Digital Transactions
Remittance Market Shifting Towards Digital Transactions… Now Is the Time To Invest in Our Digital Strategy Market Transactions Mix to Mexico (2023 – 27E) (in M) ▪ Digital growth: Retail will remain majority of the market Digital Retail over coming years… digital is 192 capturing majority of market ~
Slide 25: Powerful App Meets Customers' Changing Needs
Powerful App Meets Customers’ Changing Needs 25
Slide 26: Digital Growth: Compelling Digital Economics
Digital Growth: Compelling Digital Economics ~$60 ~$240 ~4x CAC(1) 5-Year LTV / CAC LTV(1) Highly Efficient Established Profitable Digital Customer Acquisition Lifetime Value Consumers Tiered and diversified go-forward Best-in-class digital product Strong unit economics with marketing strategy to dr
Slide 27: Digital Growth: Marketing Spend and Strategy
Digital Growth: Marketing Spend and Strategy Multi-Platform Enhance audience touchpoints by utilizing best-performing channels for each Strategy stage of the customer journey Marketing Mix Mix of app installs Advanced automated Keyword targeting, Sponsorships, Diversification of the and performance
Slide 28: Digital Growth: Additional Financial Services Offerings
Digital Growth: Additional Financial Services Offerings Latinx Neobank Microloans Payroll & Cards Goal: Become the #1 Goal: Provide microloans Goal: Cross-sell payroll bank for Mexicans (and and early wage access at cards and wire services, Latinx) in U.S., by offering both digital and retail drivin
Slide 29: Value-Added M&A Strategy
5 Value-Added M&A Strategy Chris Hunt – Chief Operating Officer Andras Bende – Chief Financial Officer
Slide 30: La Nacional: Acquisition Strengthened Intermex's Market Position in Latin America
La Nacional: Acquisition Strengthened Intermex’s Market Position in Latin America ▪ Acquired November of 2022 ▪ Leader in retail remittances to Dominican Republic ▪ Dominican Republic represents significant opportunity for digital growth ▪ Solidified position to #3 outbound remittance market from Un
Slide 31: La Nacional: Successful Integration Process
La Nacional: Successful Integration Process Financial Impact Integration Update Financial Impact ▪ Focus on retaining brand ▪ 55% YoY Adjusted EBITDA(1) integrity – well known in the growth in 2024… 2x since Dominican Republic acquisition ▪ Licensing unification ▪ Over $2 million in savings realized
Slide 32: La Nacional: Significant Growth Opportunities
La Nacional: Significant Growth Opportunities Growth opportunities exist through digital expansion and increased retail penetration ▪ Estimated ~50% of Dominican market is digital ▪ Accelerating shift to digital plus high population of banked consumers provides significant growth opportunity ▪ Strat
Slide 33: Driving Growth in Newly Opened European Markets by Leveraging Our Playbook
Driving Growth in Newly Opened European Markets by Leveraging Our Playbook European Opportunity Current Intermex Playbook Zip Code Level Analytics: Leverage census data to determine optimal target locations to prioritize Europe agent acquisition Data-Driven Agent Recruitment: Optimize agent $159B <2
Slide 34: Inorganic Growth: Strategic M&A
Inorganic Growth: Strategic M&A Digital Expansion Financial Services Cross Border Enhances digital Expands product Cross border payment capabilities and value offerings within financial companies to augment proposition services industry, product capabilities accelerating time to market Expansion to
Slide 35: Q&A and Break
intermex INTERNATIONAL MONEY EXPRESS Q&A and Break g intermex
Slide 36: Technology: Delivering World-Class Products and Services
6 Technology: Delivering World-Class Products and Services Chris Hunt – Chief Operating Officer
Slide 37: Our Differentiated Technology Overview
Our Differentiated Technology Overview Unmatched Technology Platform Built for Scale, with Precision and Expertise Robust Data Platform, Metrics and Analytics Cybersecurity Focus - Securing Trust, Powering Growth 37 37
Slide 38: Unmatched Technology Platform
Unmatched Technology Platform Differentiated Strategically High-Performance Digital-First Technology as the Crafted UI/UX Platform for Strategy Core of Our Enabling Best-in Scalable and Product Offering Class User Reliable Experience Operations 38 38
Slide 39: Robust Data Platform, Metrics and Analytics
Robust Data Platform, Metrics and Analytics Decision-Making & Customer Insights & Strategy Personalization Operational Efficiency Risk Management & & Cost Reduction Fraud Detection 39 39
Slide 40: Cybersecurity Focus - Securing Trust, Powering Growth
Cybersecurity Focus - Securing Trust, Powering Growth Identity and Access Application Security Management (IAM) Data Security & Cloud & Network Privacy Security 40 40
Slide 41: Operational Excellence
7 Operational Excellence Joseph Aguilar – President / General Manager – LATAM Daniella Trinchet – Chief Compliance Officer
Slide 42: Unparalleled Response Times and Customer Support Experience
Unparalleled Response Times and Customer Support Experience Team 650+ customer service employees dedicated to Mexico and Guatemala offices Performance Industry-leading call center results Investment Continued internal improvements & international expansion from La Nacional Acquisition Helping custom
Slide 43: Extensive Payer Coverage in LACA
Extensive Payer Coverage in LACA Payout Payout Cash payout Bank Account Countries 28 Partners +200 locations +167K Reach +100M Cash, Deposit to Account and Wallet solutions to consumers 43 43
Slide 44: Extensive Banking Network – Strategic Differentiator with Agents
Extensive Banking Network – Strategic Differentiator with Agents Partnering with 15+ banks to provide agents with unique value-adds and convenient deposit solutions with close proximity to their business, offering various options: Armored Car Over-the-Counter Smart Safe ATM Selected Banking Partners
Slide 45: Regulatory Excellence: The Foundation for Growth
Regulatory Excellence: The Foundation for Growth Regulatory Strength With a proven track record, we set Our risk-based programs, driven by the bar for compliance excellence advanced analytics, help us stay ahead by achieving faster regulatory of risks, optimize resources and approvals, enabling quic
Slide 46: Ready to Scale… Profitably
8 Ready to Scale… Profitably Andras Bende – Chief Financial Officer
Slide 47: Scaling Digital Growth during Retail Market "Re-set" in 2025
Scaling Digital Growth during Retail Market “Re-set” in 2025 Retail Revenue (2021 – 2025E)(1) Digital Revenue (2021 – 2025E)(1) Retail: ▪ Slowdown in overall market growth ($M) ($M) is expected to result in slightly negative growth in 2025 $623 100%+ ▪ Anticipating market to return to 2025 historica
Slide 48: "Waited for our Pitch:" Leaning into a Great Digital Offering, Profitably
“Waited for our Pitch:” Leaning into a Great Digital Offering, Profitably Adjusted EBITDA (2021 – 2025E)(1) Adjusted EPS (2021 – 2025E)(1) ▪ Near-Term Digital Investment: ($M) Significantly increasing digital $9M in Digital Marketing advertising & promotion expense Spend $2.17 ($9M in 2025E vs. $1M
Slide 49: Solid Operating Business Delivering Strong Net Free Cash Generation
Solid Operating Business Delivering Strong Net Free Cash Generation Year Ended December 31, ($M) 2023 2024 2025E ▪ NFCG measure: Better proxy for cash flow measure vs. Free Cash Net Free Cash Generated (1) Flow… NFCG attempts to remove “day of the week” balance sheet Net Income (2) $59.5 $58.8 $55.6
Slide 50: Strong Balance Sheet & Low Leverage
Strong Balance Sheet & Low Leverage As of December 31st, ($ in millions) 2023 2024 Cash & Cash $131M Summary Balance Sheet (1) Equivalents As of December 31st, 2024 Assets Current Assets Cash $ 239.2 $ 130.5 Accounts receivable, net of allowance 155.2 107.1 Other current assets 38.4 60.2 Total Curre
Slide 51: 2025 Outlook
2025 Outlook Q1 2025 Guidance Full Year 2025 Guidance $145.5M – $23.3M – $657.5M – $113.8M – $149.9M $24.0M $677.5M $117.3M Revenue Adjusted EBITDA(1) Revenue Adjusted EBITDA(1) $0.32 – $0.40 – $1.76 – $2.09 – $0.34 $0.43 $1.91 $2.26 Diluted EPS(2) Adjusted Diluted EPS(1) Diluted EPS(2) Adjusted Dil
Slide 52: Where We Are Headed
Where We Are Headed 2027 Target Metrics(1) Revenue Evolution(1) Digital $800M+ 1 Retail 25% Revenue ~$2.95+ 2029E 2 Diluted EPS 75% $150M+ 16% 3 Adjusted EBITDA $800M+ 2027E ~$3.35+ 4 3% 84% Adjusted Diluted EPS $659M Cumulative Net Free Cash Generation(1) (2025E-2027E) 2024 97% $250M+ (1) A quantit
Slide 53: Closing Remarks and Final Q&A
Closing Remarks and Final Q&A TODAY TOMORROW Retail Digital Financial International Inorganic Optimization Growth Services Expansion Growth 53
Slide 54: Appendix
iIntermex INTERNATIONAL MONEY EXPRESS Appendix
Slide 55: Glossary
Glossary Term Definition Retail Lifetime Value (LTV) represents cumulative contribution profit, which is defined as 5-year cumulative gross profit based on the Retail LTV 2017 – 2023 weighted average gross profit per agent, less other variable costs and maintenance sales and marketing expense Retail
Slide 56: Reconciliation from Net Income to Adjusted EBITDA
Reconciliation from Net Income to Adjusted EBITDA Year Ended December 31, (in thousands of dollars) 2024 2023 2022 2021 (Unaudited) Net income $ 58,821 $ 59,515 $ 57,331 $ 46,843 Adjusted for: Interest expense 11,745 10,426 5,629 4,537 Income tax provision 24,450 25,549 19,948 16,472 Depreciation an
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