International Money Express, Inc. (IMXI) reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a mixed performance in revenue and profitability compared to the previous fiscal period.

For the three months ended September 30, 2024, total revenues were $171.9 million, a slight decrease from $172.4 million in the same period of 2023. However, for the nine months ended September 30, 2024, revenues increased to $493.9 million from $487.0 million year-over-year. The company experienced a 2% decline in wire transfer and money order fees for Q3 2024, totaling $144.6 million, while foreign exchange gains rose to $24.0 million, up from $22.7 million in Q3 2023.

Operating income for Q3 2024 was $27.8 million, an increase from $24.3 million in Q3 2023. For the nine-month period, operating income rose to $70.3 million from $67.8 million. Net income for Q3 2024 was $17.3 million, compared to $14.8 million in Q3 2023, while net income for the nine months increased to $43.4 million from $42.0 million. Basic earnings per share for Q3 2024 were $0.53, up from $0.42 in the prior year, and for the nine months, it rose to $1.32 from $1.17.

The company’s current assets decreased to $325.8 million as of September 30, 2024, from $432.9 million at the end of 2023, with cash and cash equivalents also declining to $156.6 million from $239.2 million. Total assets were reported at $480.9 million, down from $576.8 million at year-end 2023.

Strategically, IMXI completed the acquisition of a money services entity in the UK on July 2, 2024, for approximately $1.4 million, aimed at expanding its market presence in outbound remittance services. The acquired entity contributed $95,000 in revenue but incurred a net loss of $65,000 during Q3 2024. The company also incurred restructuring costs totaling approximately $2.5 million for the nine months, primarily related to workforce reductions and operational streamlining.

In terms of financing, IMXI entered into a Second Amended and Restated Credit Agreement on August 29, 2024, establishing a $425.0 million multi-currency revolving credit facility, maturing in 2029. As of September 30, 2024, the company had $138.2 million drawn on its revolving credit facility.

Overall, while IMXI showed growth in net income and operating income, it faced challenges with revenue fluctuations and a significant decrease in cash reserves, alongside strategic acquisitions and restructuring efforts aimed at enhancing operational efficiency.