0001628280-26-015647
SEC filingInternational Money Express, Inc. (IMXI) reported FY 2025 total revenues of $607.8 million, a decrease of 7.7% from $658.6 million in FY 2024. Net income declined 44.4% to $32.7 million from $58.8 million in the prior year. The decrease was primarily driven by a contraction in the remittance market, particularly the Mexico corridor, resulting in a 9.5% decline in wire transfer and money order fees to $502.2 million. Operating income fell 41.4% to $55.7 million. The company maintained a strong liquidity position with $168.7 million in cash and cash equivalents and $330.2 million available under its revolving credit facility. A pending merger with The Western Union Company for $16.00 per share in cash is anticipated to close in Q2 2026, subject to remaining regulatory approvals.
International Money Express reported FY 2025 total revenues of $607.8 million, representing a 7.7% decrease from $658.6 million in FY 2024. Net income declined significantly to $32.7 million from $58.8 million in the prior year, a 44.4% decrease. Operating income fell 41.4% to $55.7 million from $95.0 million. Basic earnings per share decreased to $1.09 from $1.81. The company's operating margin was 9.2%. The decline in financial performance was primarily attributed to a contraction in the remittance market, particularly in the Mexico corridor, coupled with changes in consumer behavior toward fewer transactions at higher average principal amounts.
Revenue composition for FY 2025 consisted of wire transfer and money order fees, net ($502.2 million, 83% of revenue), foreign exchange gain, net ($87.2 million, 14%), and other income ($18.5 million, 3%). Wire transfer and money order fees decreased by $52.6 million (9.5%) from FY 2024, primarily due to lower transaction volume processed through the retail network. Foreign exchange gain decreased by $1.7 million (1.9%) due to decreased transaction volume, partially offset by higher average principal per transaction. Other income increased by $3.6 million (24.2%) due to higher fees from RaaS relationships, payroll card programs, and abandoned property fees. Principal amount sent decreased 2.2% to $23.8 billion, while total remittances processed decreased 8.5% to 53.9 million transactions.
Operating expenses totaled $552.1 million (90.8% of revenue), compared to $563.6 million (85.6% of revenue) in FY 2024. Service charges from agents and banks decreased 9.3% to $388.9 million, primarily due to lower transaction volume and better pricing with paying agents. Salaries and benefits increased 10.0% to $75.0 million due to talent acquisition and compensation improvements. Other selling, general and administrative expenses increased 22.2% to $50.7 million, driven by higher advertising/marketing and IT expenses. Provision for credit losses increased 23.4% to $7.9 million due to higher average agent receivable balances and increased chargebacks. Transaction costs increased to $10.5 million from $1.8 million, primarily related to the pending merger with Western Union.
Net cash provided by operating activities was $36.9 million, compared to $53.1 million in FY 2024. Free cash flow (operating cash flow minus capital expenditures) was $14.8 million. Cash and cash equivalents increased to $168.7 million from $130.5 million. Total assets were $517.7 million, with current assets of $353.2 million. Total liabilities were $356.6 million, including $194.8 million in debt and $141.0 million in current liabilities. Stockholders' equity was $161.1 million. The company had $330.2 million available under its $425.0 million revolving credit facility as of December 31, 2025, and was in compliance with all debt covenants.
The company has entered into a merger agreement with The Western Union Company, with each share of IMXI common stock to be converted into the right to receive $16.00 per share in cash. Stockholder approval was received on December 9, 2025, and regulatory approvals are pending from 4 U.S. states/territories and the Bank of Spain. The company anticipates the merger will close in the second quarter of 2026. The company has suspended its stock repurchase program during the pendency of the merger agreement. Growth strategies include investing in digital channels and value-added services, expanding market share in largest corridors (U.S. to Mexico, Guatemala, Dominican Republic), and expanding into new corridors and emerging markets.