International Money Express (IMXI) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was $164.8 million, down 4.1% year-over-year; full year revenue was $658.6 million, flat year-over-year, with strong digital and retail performance despite macro headwinds in Latin America.

• Q4 2024 net income was $15.4 million, down 12.1% year-over-year; full year net income was $58.8 million, down 1.2% year-over-year.

• Adjusted EBITDA for Q4 2024 was $30.9 million (18.8% margin), down 7.2% year-over-year; full year Adjusted EBITDA was $121.3 million, up 1.1% year-over-year.

• Digital transactions surged 71.7% year-over-year in Q4, with digital revenue up 48.3% to $5.6 million for the quarter and $20.6 million for the year.

• Board suspended strategic alternatives review after no superior offers emerged, reaffirming commitment to independent growth and digital investment.

Financial highlights

• Q4 2024 Adjusted Diluted EPS was $0.57 (up 1.8% year-over-year); GAAP EPS was $0.49 (flat year-over-year); full year Adjusted Diluted EPS was $2.14 (up 9.7%), and full year diluted EPS was $1.79 (up 9.8%).

• Q4 2024 Adjusted Net Income was $17.8 million, down 10.6% year-over-year; full year Adjusted Net Income was $70.4 million, down 0.8% year-over-year.

• Net free cash generated in Q4 2024 was $4.5 million, impacted by the $12 million Amigo Paisano acquisition and $1.7 million in transaction costs; full year net free cash was $38.7 million.

• Cash and cash equivalents at year-end were $130.5 million; total debt was $157 million; debt to Adjusted EBITDA was 1.3x.

• Sales and marketing costs as a percentage of gross margin remained below 10%.

Outlook and guidance

• 2025 full year revenue projected at $657.5–$677.5 million; Adjusted EBITDA of $113.8–$117.3 million; Adjusted Diluted EPS of $2.09–$2.26; GAAP EPS of $1.76–$1.91.

• Q1 2025 revenue expected at $145.5–$149.9 million, with Adjusted EBITDA of $23.3–$24 million and Adjusted Diluted EPS of $0.40–$0.43.

• Guidance reflects increased digital marketing and staff investment, as well as macro and political uncertainties in key Latin America corridors.

• Guidance excludes transaction costs related to the now-suspended strategic review.