Page 1

intermex INTERNATIONAL MONEY EXPRESS International Money Express , Inc. Reports Double - Digit Growth in Financial Results for the Third Quarter 2021 November 3 , 2021 Achieves Record Highs in Revenues , Market Share , and Remittances Raises Full - Year 2021 Guidance Third Quarter 2021 - Highlights • Revenues of $ 120.7 million , an increase of 26.3 % compared with the prior - year period • Net Income of $ 11.5 million , an increase of 21.2 % and Diluted EPS of $ 0.29 , up 16.0 % , compared with the prior - year period • Adjusted Net Income grew 28.3 % to $ 15.7 million , and Adjusted Diluted EPS of $ 0.40 per share , up 25.0 % , compared with the prior - year period • Adjusted EBITDA of $ 22.9 million , an increase of 19.8 % compared with the prior - year period • 10.5 million transactions , up 23.4 % compared with the prior - year period • A 19.3 % increase in active customers compared with the prior - year period MIAMI , Nov. 03 , 2021 ( GLOBE NEWSWIRE ) -- International Money Express , Inc. ( NASDAQ : IMXI ) ( " Intermex " or the " Company " ) , a leading money remittance services company , today announced its financial results for the third quarter ended September 30 , 2021 , and will host a conference call to discuss those results at 9:00 am ET today . " Strong execution of our customer - first , omnichannel strategy continues to deliver another quarter of double - digit growth in revenues , net income , adjusted net income , and adjusted EBITDA for the third quarter 2021 compared with the prior - year period , " said Intermex Chairman , Chief Executive Officer , and President , Robert Lisy . “ Our strong financial performance and cash generation have also allowed us to bolster our investment in digital , core technology , sales staff , and growth products , such as our reloadable cards , like our pre - paid debit and direct deposit payroll cards , " Lisy added . " The Company once again achieved a new record for market share in the combined countries of Mexico , Guatemala , El Salvador , and Honduras , at 21.8 % for the third quarter of 2021. A 23.4 % growth in remittances and 36.5 % growth in principal amounts sent was fueled by a 19.3 % increase in customers , " Lisy added . Third Quarter Financial Results Intermex reported Revenues of $ 120.7 million , an increase of 26.3 % over the prior - year period . This increase in Revenues was supported by a 19.3 % increase in customers to 2.7 million compared to the prior - year period . The increase in customers also contributed to the 23.4 % growth in money transfer transactions to a record 10.5 million , and a 36.5 % increase in principal sent from the prior - year period to $ 4.7 billion in the third quarter of 2021 . The Company reported Net Income of $ 11.5 million in the third quarter of 2021 , an increase of 21.2 % over the prior - year period , and Diluted Earnings per Share in the third quarter of 2021 were $ 0.29 , an increase of 16.0 % , compared with the prior - year period . These increases were due to the revenue growth noted above , along with lower amortization and interest expenses . These increases were partially offset by higher operating expenses , a pre - tax $ 1.0 million write - off of certain software development expenditures , and a pre - tax $ 2.0 million provision taken in connection with the Mexican banking regulator's closure and liquidation of a bank that was holding some of the Company's funds . Adjusted Net Income for the third quarter of 2021 totaled $ 15.7 million , an increase of 28.3 % , and Adjusted Diluted Earnings per Share totaled $ 0.40 , an increase of 25.0 % , compared with the prior - year period , driven by the growth in revenues , partially offset by the increase in operating expenses noted above . Adjusted EBITDA in the third quarter of 2021 increased 19.8 % over the prior year comparable period to $ 22.9 million driven primarily by the revenue growth , partially offset by increased expenditures related to increased IT and salary expense from new product initiatives in the current year quarter , coupled with limited travel and marketing expenses in the third quarter of 2020 due to the effects of the prolonged COVID - 19 pandemic . Net Income Margin decreased 40 basis points to 9.9 % compared with the prior - year quarter due to the Net Income items noted above . Adjusted EBITDA Margin decreased 100 basis points to 19.0 % compared with the prior - year quarter due to the Adjusted EBITDA items noted above . Updated Full - year 2021 Guidance The Company is raising its previously issued full - year 2021 guidance for Revenues and Adjusted EBITDA and narrowing its Net Income and Adjusted Net Income . For 2021 , the Company now expects to generate Revenues between $ 450 million - $ 455 million , Net Income between $ 44 million - $ 45 million , Adjusted Net Income between $ 52 million - $ 53 million , and Adjusted EBITDA between $ 84 million - $ 85 million . Capital & Liquidity The Company remains highly capitalized with a strong liquidity position ending the third quarter with $ 125.1 million of cash as well as the availability of its entire $ 150 million credit line that was increased on June 24 , 2021. Additionally , on August 17 , 2021 , the Board of Directors authorized the Company to repurchase up to an aggregate of $ 40 million of the Company's outstanding common stock . Under this program , the Company repurchased 70,440 shares of common stock for $ 1.2 million in the third quarter of 2021 . Non - GAAP Financial Measures