Exhibit 99.1


FOR IMMEDIATE RELEASE
International Money Express, Inc. Announces Results for the Fourth Quarter and Full Year 2019; Introduces Guidance for Full Year 2020

Fourth Quarter 2019 - Financial Highlights

Revenues grew 10.9% versus the prior year period as industry volumes moderated


Net Income totaled $5.3 million, compared to $4.9 million in the fourth quarter of 2018


Basic and Diluted Earnings per Share of $0.14 compared to $0.13 in the fourth quarter of 2018


Adjusted Net Income totaled $7.6 million or $0.20 per Adjusted Basic and Diluted Earnings per Share


Adjusted EBITDA increased by 22.6% over the prior year fourth quarter to $14.1 million as the Company grew revenues and executed key efficiency initiatives


Adjusted EBITDA margin expanded 160bps compared to the prior year period to approximately 17.0%

Full Year 2019 - Financial Highlights

Revenues grew 16.7% versus the prior year period based on strong annual performance across our business in the LATAM and Caribbean corridor


Net Income totaled $19.6 million, compared to a Net Loss of ($7.2) million for full year 2018
 

Basic and Diluted Earnings per Share of $0.52 compared to a per Share Loss of ($0.28) for full year 2018


Adjusted Net Income totaled $32.6 million or $0.87 per Adjusted Basic and Diluted Earnings per Share


Adjusted EBITDA increased by 22.2% over the prior year to $57.6 million based on strong full year revenue growth and operating leverage initiatives


Adjusted EBITDA margin expanded 80bps compared to the prior year period to 18.0%


MIAMI, Florida March 9, 2020
: International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading money remittance services company focused primarily on the Latin America and Caribbean corridor, today announced results for the Fourth Quarter and Full Year ended December 31, 2019 and will host a conference call to discuss results at 5:00pm ET.

Revenues, Net Income, Earnings per Share, Adjusted Net Income, Adjusted Earnings per Share and Adjusted EBITDA

Intermex generated revenues of $83.2 million in the fourth quarter, an increase of 10.9% over the prior year quarter. Revenues for the full year of 2019 grew 16.7% over full year 2018 to $319.6 million. Revenue growth was primarily driven by volume growth in the LATAM and Caribbean corridor.

The Company reported Net Income in the fourth quarter 2019 of $5.3 million compared to $4.9 million in the prior year quarterly period and $19.6 million for the full year 2019 as compared to a loss of ($7.2) million in 2018. Adjusted Net Income for the fourth quarter 2019 totaled $7.6 million compared to $7.3 million in the prior year quarterly period. For the full year 2019, Adjusted Net Income was $32.6 million compared to $18.4 million for 2018.

Basic and diluted earnings per share in the fourth quarter of 2019 were $0.14 compared to $0.13 per share in the prior year quarter. Adjusted basic and diluted earnings per share totaled $0.20 for the fourth quarter 2019 and the prior year period. Basic and diluted earnings per share for full year 2019 were $0.52 compared to a loss of ($0.28) per share in 2018. Adjusted basic and diluted earnings per share for 2019 totaled $0.87 compared to $0.72 in 2018.

Adjusted EBITDA in the fourth quarter of 2019 grew 22.6% over the comparable period in the prior year to $14.1 million, driven primarily by execution of key efficiency initiatives. These results represent an Adjusted EBITDA margin of approximately 17.0%, which is an expansion of 160bps compared to the prior year quarterly period margin of 15.4%. Intermex generated $57.6 million of Adjusted EBITDA for the full year 2019 which represents 22.2% growth over 2018.

Intermex President, Chairman and Chief Executive Officer Robert Lisy commented “We are proud of the results we achieved in 2019 and of the steps taken throughout the year to strengthen our organization and position Intermex for growth in the years ahead. Our fourth quarter and full year results demonstrate Intermex’s ability to generate strong revenue growth while leveraging our operating model to deliver outsized profitability. As such, we are pleased to introduce our 2020 Financial Guidance range for revenue of $340 million to $355 million and Adjusted EBITDA of $62 million to $66 million, which at the midpoints, represent growth of 8.7% and 11.1%, respectively.


Non-GAAP Measures
For the Company, Adjusted Net Income, Adjusted Earnings per share and Adjusted EBITDA are the primary metrics used by management to evaluate the financial performance of our business. We present these Non-GAAP Measures because we believe they are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Further, we believe they are helpful in highlighting trends in our operating results, because it excludes, among other things, certain results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the jurisdictions in which we operate and capital investments.

Adjusted Net Income is defined as net income adjusted to add back certain charges and expenses, such as transaction costs, non-cash amortization resulting from push-down accounting, and non-cash compensation costs, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing, future Company performance.

Adjusted EBITDA is defined as net income before depreciation and amortization, interest expense, income taxes, and also adjusted to add back certain charges and expenses, such as transaction costs and non-cash compensation costs, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing, future Company performance.

Adjusted Net Income, Adjusted Earnings per share and Adjusted EBITDA are non-GAAP financial measures and should not be considered as an alternative to operating income or net income as a measure of operating performance or cash flows or as a measure of liquidity. Non-GAAP financial measures are not necessarily calculated the same way by different companies and should not be considered a substitute for or superior to U.S. GAAP.

Reconciliations of Net Income, the Company’s closest GAAP measure, to Adjusted Net Income and Adjusted EBITDA as well as a reconciliation of Net Income per share to Adjusted Net Income per share are set forth below following the consolidated financial statements.  A quantitative reconciliation of projected 2020 Adjusted EBITDA to the most comparable GAAP measure is not available without unreasonable efforts because of the inherent difficulty in forecasting and qualifying the amounts necessary under GAAP guidance for one-time, non-recurring items including, without limitation, costs related to acquisitions and the registration of the Company’s securities, and losses related to legal contingencies or disposal of assets.

Investor and Analyst Conference Call / Presentation
Intermex will host a conference call and webcast presentation at 5:00 p.m. Eastern Time today. The conference call can be heard by dialing: 1-877-423-9813 (U.S.) or 1-201-689-8573 (outside the U.S.) ten minutes prior to the start of the call.

The conference call and accompanying slides will be available via webcast at https://investors.intermexonline.com.  Registration for the event is required, so please register at least five minutes prior to the scheduled start time.

A webcast replay will be available approximately 2-4 hours after the conference call at https://investors.intermexonline.com/.


Safe Harbor Compliance Statement for Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current view with respect to certain events that could have an effect on our future financial performance. These statements relate to expectations concerning matters that are not historical fact and may include the words or phrases such as “will,” “should,” “expects,” “believes,” “anticipates,” “plans,” “intends,” “estimates,” “approximately,” “our planning assumptions,” “future outlook,” and similar expressions. Except for historical information, matters discussed in such statements are forward-looking statements.  All of these forward-looking statements are based largely on information currently available to our management and on our current expectations, assumptions, estimates, judgments and projections about our business and our industry, and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those currently anticipated. While we believe these expectations, assumptions, estimates, judgments and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. Accordingly, there is no assurance that our expectations will, in fact, occur or that our estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements.  Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include among other things, competition in the markets in which we operate; our ability to maintain agent relationships on terms consistent with those currently in place; our ability to maintain banking relationships necessary for us to conduct our business; credit risks from our agents and the financial institutions with which we do business; bank failures, sustained financial market illiquidity, or illiquidity at our clearing, cash management or custodial financial institutions; new technology or competitors that disrupt the current ecosystem; cyber-attacks or disruptions to our information technology, computer network systems and data centers; our success in developing and introducing new products, services and infrastructure; customer confidence in our brand and in consumer money transfers generally; our ability to maintain compliance with the regulatory requirements of the jurisdictions in which we operate or plan to operate; international political factors or implementation of tariffs, border taxes or restrictions on remittances or transfers of money out of the United States or Canada; changes in tax laws and unfavorable outcomes of tax positions we take; political instability, currency restrictions and devaluation in countries in which we operate or plan to operate; weakness in U.S. or international economic conditions; change or disruption in international migration patterns; our ability to protect our brand and intellectual property rights; our ability to retain key personnel; and other factors described in the “Risk Factors” section in periodic reports we file with the Securities and Exchange Commission and our prospectus supplement, dated September 11, 2019, filed pursuant to Rule 424(b)(4). All statements other than statements of historical fact included in this press release are forward-looking statements including, but not limited to, expected financial outlook for the year 2020 and all forward-looking statements that are made or attributable to us are expressly qualified in their entirety by this cautionary notice. Any forward-looking statement that we make in this press release speaks only as of March 9, 2020. We undertake no obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise.


About International Money Express, Inc.
At International Money Express, Inc. (NASDAQ: IMXI), the customer is at the center of everything we do.  We use proprietary technology that enables consumers to send money primarily from the United States to 17 countries in Latin America and the Caribbean, including Mexico and Guatemala, and four countries in Africa.  We offer the electronic movement of money and data to our customers through our network of sending and paying agents located in all 50 states, the District of Columbia, Puerto Rico and Canada, and throughout Latin America, the Caribbean and other territories.  Our services are also available digitally through intermexonline.com.  We were founded in 1994 and are headquartered in Miami, Florida with offices in Puebla, Mexico, and Guatemala City, Guatemala.

Investor Relations
Sloan Bohlen
investors@intermexonline.com


International Money Express, Inc.
 
CONSOLIDATED BALANCE SHEETS

   
Successor Company
 
(in thousands of dollars)
 
December 31,
2019
   
December 31,
2018
 
ASSETS
           
Current assets:
           
Cash
 
$
86,117
   
$
73,029
 
Accounts receivable, net of allowance of $759 thousand and $842 thousand, respectively
   
39,754
     
35,795
 
Prepaid wires
   
18,201
     
26,655
 
Prepaid expenses and current assets
   
4,155
     
3,171
 
Total current assets
   
148,227
     
138,650
 
                 
Property and equipment, net
   
13,282
     
10,393
 
Goodwill
   
36,260
     
36,260
 
Intangible assets, net
   
27,381
     
36,395
 
Deferred tax asset, net
   
741
     
2,267
 
Other assets
   
1,415
     
1,874
 
Total assets
 
$
227,306
   
$
225,839
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Current liabilities:
               
Current portion of long-term debt, net
 
$
7,044
   
$
3,936
 
Accounts payable
   
13,401
     
11,438
 
Wire transfers and money orders payable
   
40,197
     
36,311
 
Accrued and other
   
23,074
     
16,355
 
Total current liabilities
   
83,716
     
68,040
 
                 
Long term liabilities:
               
Debt, net
   
87,623
     
113,326
 
Total long term liabilities
   
87,623
     
113,326
 
                 
Stockholders' equity:
               
Total stockholders' equity
   
55,967
     
44,473
 
Total liabilities and stockholders' equity
 
$
227,306
   
$
225,839
 


CONSOLIDATED STATEMENTS OF OPERATIONS

   
Successor Company
   
Predecessor
Company
 
   
Three Months Ended
December 31,
   
Year Ended
December 31,
   
Year Ended
December 31,
   
Period from
February 1, 2017
to December 31,
   
Period from
January 1, 2017
to January 31,
 
   
2019
   
2018
   
2019
   
2018
   
2017
   
2017
 
   
(Unaudited)
                               
Revenues:
                                   
Wire transfer and money order fees
 
$
71,672
   
$
63,826
   
$
273,081
   
$
232,380
   
$
169,796
   
$
11,877
 
Foreign exchange
   
10,971
     
10,752
     
44,268
     
39,765
     
30,014
     
2,450
 
Other income
   
600
     
480
     
2,252
     
1,756
     
1,229
     
98
 
Total revenues
 
$
83,243
   
$
75,058
   
$
319,601
   
$
273,901
   
$
201,039
   
$
14,425
 
                                                 
Operating expenses:
                                               
Service charges from agents and banks
   
56,160
     
49,906
     
212,670
     
182,471
     
135,569
     
9,441
 
Salaries and benefits
   
7,899
     
8,292
     
30,705
     
32,926
     
23,417
     
4,530
 
Other selling, general and administrative expenses
   
6,247
     
6,053
     
27,095
     
19,442
     
14,894
     
1,062
 
Transaction costs
   
-
     
-
     
-
     
10,319
     
8,706
     
3,917
 
Depreciation and amortization
   
3,203
     
3,922
     
12,689
     
15,671
     
16,645
     
382
 
Total operating expenses
   
73,509
     
68,173
     
283,159
     
260,829
     
199,231
     
19,332
 
                                                 
Operating  income (loss)
   
9,734
     
6,885
     
36,442
     
13,072
     
1,808
     
(4,907
)
                                                 
Interest expense
   
2,006
     
8,338
     
8,510
     
18,448
     
11,448
     
614
 
                                                 
Income (loss) before income taxes
   
7,728
     
(1,453
)
   
27,932
     
(5,376
)
   
(9,640
)
   
(5,521
)
                                                 
Income tax provision (benefit)
   
2,387
     
(6,318
)
   
8,323
     
1,868
     
534
     
(2,203
)
                                                 
Net income (loss)
 
$
5,341
   
$
4,865
   
$
19,609
   
$
(7,244
)
 
$
(10,174
)
 
$
(3,318
)
                                                 
Earnings (loss) per common share Basic and diluted
 
$
0.14
   
$
0.13
   
$
0.52
   
$
(0.28
)
 
$
(0.59
)
       


Reconciliation from Net income (loss) to Adjusted Net income
 
      
 
             
Successor Company
   
Predecessor
Company
 
   
Three Months Ended December 31,
   
Year Ended
December 31,
   
Year Ended
December 31,
   
Period from
February 1, 2017
to December 31,
   
Period from
January 1, 2017
to January 31,
 
   
2019
   
2018
   
2019
   
2018
   
2017
   
2017
 
   
   (Unaudited)
                         
                                     
Net income (loss)
 
$
5,341
   
$
4,865
   
$
19,609
   
$
(7,244
)
 
$
(10,174
)
 
$
(3,318
)
                                                 
Adjusted for:
                                               
Transaction costs
   
-
     
-
     
-
     
10,319
     
8,706
     
3,917
 
Incentive units plan
   
-
     
-
     
-
     
4,735
     
1,846
     
-
 
Change in control adjustment for stock options
   
-
     
-
     
-
     
-
     
-
     
2,813
 
Share-based compensation, 2018 plan
   
715
     
660
     
2,609
     
1,091
     
-
     
-
 
Offering costs
   
4
     
-
     
1,669
     
-
     
-
     
-
 
Transition expenses
   
-
     
-
     
-
     
348
     
-
     
-
 
Management fee
   
-
     
-
     
-
     
585
     
715
     
-
 
TCPA Settlements
   
378
     
-
     
3,736
     
192
     
-
     
-
 
Registration costs
   
-
     
-
     
-
     
615
     
-
     
-
 
Other employee severance
   
-
     
-
     
172
     
106
     
-
     
-
 
One-time adjustment - bank fees
   
-
     
-
     
-
     
-
     
642
     
-
 
One-time incentive bonuses
   
-
     
-
     
-
     
-
     
514
     
-
 
Other charges and expenses
   
100
     
64
     
305
     
410
     
196
     
104
 
Adjusted deferred taxes for the Act
   
-
     
-
     
-
     
-
     
656
     
-
 
Amortization of certain intangibles
   
2,312
     
3,098
     
9,248
     
12,392
     
14,536
     
-
 
Income tax benefit related to adjustments
   
(1,263
)
   
(1,368
)
   
(4,789
)
   
(5,187
)
   
(6,870
)
   
(2,728
)
Adjusted net income
 
$
7,587
   
$
7,319
   
$
32,559
   
$
18,362
   
$
10,767
   
$
788
 
                                                 
Earnings per common share Basic and diluted
 
$
0.20
   
$
0.20
   
$
0.87
   
$
0.72
   
$
0.62
         

Reconciliation from Net income (loss) to Adjusted EBITDA

                     
Successor Company
   
Predecessor
Company
 
   
Three Months Ended December 31,
   
Year ended
December 31,
   
Year ended
December 31,
   
Period from
February 1, 2017
to December 31,
   
Period from
January 1, 2017
to January 31,
 
(in thousands of dollars)
 
2019
   
2018
   
2019
   
2018
   
2017
   
2017
 
   
(Unaudited)
                         
                                     
Net income (loss)
 
$
5,341
   
$
4,865
   
$
19,609
   
$
(7,244
)
 
$
(10,174
)
 
$
(3,318
)
                                                 
Adjusted for:
                                               
Interest expense
   
2,006
     
8,338
     
8,510
     
18,448
     
11,448
     
614
 
Income tax provision (benefit)
   
2,387
     
(6,318
)
   
8,323
     
1,868
     
534
     
(2,203
)
Depreciation and amortization
   
3,203
     
3,922
     
12,689
     
15,671
     
16,645
     
382
 
EBITDA
   
12,937
     
10,807
     
49,131
     
28,743
     
18,453
     
(4,525
)
Transaction costs
   
-
     
-
     
-
     
10,319
     
8,706
     
3,917
 
Incentive units plan
   
-
     
-
     
-
     
4,735
     
1,846
     
-
 
Share-based compensation, 2018 Plan
   
715
     
660
     
2,609
     
1,091
     
-
     
-
 
Change in control adjustment for stock options
   
-
     
-
     
-
     
-
     
-
     
2,813
 
Management fee
   
-
     
-
     
-
     
585
     
715
     
-
 
One-time adjustment - bank fees
   
-
     
-
     
-
     
-
     
642
     
-
 
One-time incentive bonus
   
-
     
-
     
-
     
-
     
514
     
-
 
TCPA settlements
   
378
     
-
     
3,736
     
192
     
-
     
-
 
Transition expenses
   
-
     
-
     
-
     
348
     
-
     
-
 
Offering costs
   
4
     
-
     
1,669
     
-
     
-
     
-
 
Registration costs
   
-
     
-
     
-
     
615
     
-
     
-
 
Other employee severance
   
-
     
-
     
172
     
106
     
-
     
-
 
Other charges and expenses
   
101
     
64
     
305
     
410
     
196
     
104
 
Adjusted EBITDA
 
$
14,135
   
$
11,531
   
$
57,622
   
$
47,144
   
$
31,072
   
$
2,309
 




The following information was filed by International Money Express, Inc. (IMXI) on Monday, March 9, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate International Money Express, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by International Money Express, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account