International Money Express Inc Reports Mixed Financial Results for Q2 2024
Intellectia.AI Updated: 2024-08-08
International Money Express, Inc. Reports Mixed Financial Results for Q2 2024
International Money Express, Inc. (NASDAQ:IMXI) reported its financial results for the second quarter of 2024, reflecting a challenging market environment with mixed outcomes.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Revenue | $171.5M | $169.2M | +1.4% | $174.83M |
| Net Income | $14.0M | $15.4M | -9.1% | N/A |
| Diluted EPS | $0.42 | $0.42 | 0.0% | $0.57 |
| Adjusted Diluted EPS | $0.55 | $0.50 | +10.0% | N/A |
| Adjusted EBITDA | $31.1M | $30.9M | +0.6% | N/A |
Intermex reported Q2 revenue of $171.5 million, slightly missing the consensus estimate of $174.83 million. The company experienced a 1.4% year-over-year increase in revenue and a flat performance in diluted EPS at $0.42, which underperformed compared to the consensus estimate of $0.57. Notably, adjusted diluted EPS was up 10%, affirming some operational strength.
Operational Data
| Operational Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Active Customers | 4.2 million | 4.05 million | +3.9% |
| Money Transfer Transactions | 15.3 million | 15.1 million | +1.3% |
| Principal Amount Transferred | $6.4 billion | Data not provided | N/A |
Management Commentary
Bob Lisy, Chairman, President, and CEO of Intermex, commented, "We are proud to deliver another strong quarter of operating results. We successfully navigated a challenging market environment to deliver record Q2 revenues for the Company and double-digit Adjusted EPS growth. Our expansive and highly profitable retail footprint provides the perfect pairing for a digital offering among the very best-in-class."
Dividends and Share Repurchases
The company repurchased 521,651 shares of its common stock for $11.2 million during the second quarter of 2024. In the first half of 2024, the total shares repurchased amounted to 1.64 million for $34.6 million.
Forward Guidance
Intermex revised its full-year 2024 guidance as follows: - Revenue: $657.6M to $677.6M - Diluted EPS: $1.73 to $1.87 - Adjusted Diluted EPS: $2.07 to $2.25 - Adjusted EBITDA: $121.1M to $124.7M
For Q3 2024, the company provided guidance as follows: - Revenue: $170.6M to $175.8M - Diluted EPS: $0.49 to $0.54 - Adjusted Diluted EPS: $0.57 to $0.62 - Adjusted EBITDA: $32.1M to $33.1M
Stock Price Movement
Following the earnings release, Intermex’s stock experienced a decline of approximately 6.66%.
In summary, while Intermex faced some setbacks in net income and didn't meet consensus estimates for revenue and EPS, it saw significant growth in adjusted EPS. The company’s strategic focus on operating efficiency and its combined physical and digital money transfer solutions continue to provide resilience in a competitive market.