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What changed in International Money Express, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of International Money Express, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+310 added−288 removedSource: 10-K (2026-03-06) vs 10-K (2025-02-27)

Top changes in International Money Express, Inc.'s 2025 10-K

310 paragraphs added · 288 removed · 249 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

63 edited+16 added−6 removed100 unchanged
Biggest changeFor the year ended December 31, 2024, principal amount sent decreased slightly by approximately 0.8% to $24.4 billion, as compared to fiscal year 2023, primarily as a result of a lower principal amount sent per transaction, Total remittances processed were approximately 58.9 million, representing a slight increase of approximately 0.4%, as compared to fiscal year 2023 primarily related to increased volume generated by our digital channels and European subsidiaries.
Biggest changeFor the year ended December 31, 2025, principal amount sent decreased by approximately 2.2% to $23.8 billion, as compared to fiscal year 2024, and total remittances processed were approximately 53.9 million, representing a decrease of approximately 8.5%, as compared to fiscal year 2024 primarily related to decreased volume processed that we attribute to a contraction in the remittance market, particularly the Mexico corridor coupled with a change in consumer behavior remitting a lower number of money transfers but at a higher average principal sent per transaction.
These services involve the movement of funds on behalf of an originating consumer for receipt by a designated beneficiary at a designated receiving location.
These services involve the movement of funds on behalf of an originating consumer for receipt by a designated beneficiary at a designated receiving location.
Our remittances to LAC countries are primarily generated in the United States by consumers with roots in Latin American and Caribbean countries, many of whom do not have an existing relationship with a traditional full-service financial institution capable of providing the services we offer. We provide these consumers with flexibility and convenience to help them meet their financial needs.
Our remittances to LAC countries are primarily generated in the United States by consumers with roots in Latin American and Caribbean countries, many of whom do not have an existing relationship with a traditional full-service financial institution capable of providing the services we offer. We provide these consumers with flexibility and convenience to help them meet their financial needs.
We believe many consumers who use our services may have access to traditional banking services, but prefer to use our services based on reliability, convenience and value.
We believe many consumers who use our services may have access to traditional banking services, but prefer to use our services based on reliability, convenience and value.
Bende held several international Chief Financial Officer and Controller roles at GE Capital from 2005 to 2017. Mr. Bende is a graduate of GE’s Financial Management Program and the GE Corporate Audit Staff and holds a bachelor’s degree in financial management from Clemson University. Joseph Aguilar joined International Money Express, Inc. in September 2019 as Chief Operating Officer.
Bende held several international Chief Financial Officer and Controller roles at GE Capital from 2005 to 2017. Mr. Bende is a graduate of GE’s Financial Management Program and the GE Corporate Audit Staff and holds a bachelor’s degree in financial management from Clemson University. Joseph Aguilar joined International Money Express, Inc. in September 2019 as Chief Operating Officer. Mr.
We intend to increase the level of investment in enhancing and marketing our digital applications to increase consumer adoption of our safe, easy-to-use digital platforms for remitting funds and performing other financial services. We believe these digital channels expand our potential customer base as digital transaction capabilities have become more relevant to consumers in the LAC and other corridors.
We intend to continue the level of investment in enhancing and marketing our digital applications to increase consumer adoption of our safe, easy-to-use digital platforms for remitting funds and performing other financial services. We believe these digital channels expand our potential customer base as digital transaction capabilities have become more relevant to consumers in the LAC and other corridors.
The countries in which we operate may require one or more of the following: • reporting of large cash transactions and suspicious activity; • transaction screening against government watch-lists, including the sanctions list maintained by OFAC; • prohibition of transactions in, to or from certain countries, governments, individuals and entities; • limitations on amounts that may be transferred by a consumer or from a jurisdiction at any one time or over specified periods of time, which require aggregation over multiple transactions; • consumer information gathering and reporting requirements; • consumer disclosure requirements, including language requirements and foreign currency restrictions; • notification requirements as to the identity of contracting agents, governmental approval of contracting agents or requirements and limitations on contract terms with our agents; and • registration or licensing of us or our agents with a state or federal agency in the United States or with the central bank or other proper authority in a foreign country.
The countries in which we operate may require one or more of the following: • reporting of large cash transactions and suspicious activity; • transaction screening against government watch-lists, including the sanctions list maintained by OFAC; • prohibition of transactions in, to or from certain countries, governments, individuals and entities; • limitations on amounts that may be transferred by a consumer or from a jurisdiction at any one time or over specified periods of time, which require aggregation over multiple transactions; • consumer information gathering and reporting requirements; • consumer disclosure requirements, including language requirements and foreign currency restrictions; 8 Index • notification requirements as to the identity of contracting agents, governmental approval of contracting agents or requirements and limitations on contract terms with our agents; and • registration or licensing of us or our agents with a state or federal agency in the United States or with the central bank or other proper authority in a foreign country.
ITEM 1. BUSINESS Overview International Money Express, Inc. (the “Company” or “Intermex”) is a leading omnichannel money remittance services company focused primarily on the United States of America (“United States” or “U.S.”) to Latin America and the Caribbean (“LAC”) corridor, which includes Mexico, Central and South America and the Caribbean.
ITEM 1. BUSINESS Overview International Money Express, Inc. (the “Company” or “Intermex”) is a global leading omnichannel money remittance services company focused primarily on the United States of America (“United States” or “U.S.”) to Latin America and the Caribbean (“LAC”) corridor, which includes Mexico, Central and South America and the Caribbean.
We market our services to consumers in a number of ways, including directly and indirectly through our sending agents and paying agents, promotional activities, traditional media and digital advertising. Our Industry We are a leading money remittance service company primarily focused on the United States to the LAC corridor.
We market our services to consumers in a number of ways, including directly and indirectly through our sending agents and paying agents, promotional activities, traditional media and digital advertising. Our Industry We are a global leading money remittance service company primarily focused on the United States to the LAC corridor.
Our money remittance services enable consumers to send funds through our broad network of locations in the United States, Canada, Spain, Italy, the United Kingdom and Germany that are primarily operated by third-party businesses, as well as through our Company-operated stores, located in those jurisdictions.
Our money remittance services enable consumers to send funds through our broad network of locations in the United States, Canada, Spain, Italy and Germany that are primarily operated by third-party businesses, as well as by Company-operated stores, located in those jurisdictions.
We are also subject to a wide range of regulations in the United States and other countries in which we operate such as Spain and the United Kingdom, including: minimum capital or capital adequacy requirements; safeguarding of customers' funds; anti-money laundering laws and regulations; financial services regulations; currency control regulations; anti-bribery laws; money transfer and payment instrument licensing laws; escheatment laws; privacy, data protection and information security laws, such as the Gramm-Leach-Bliley Act (“GLBA”); and consumer disclosure and consumer protection laws, such as the California Consumer Privacy Act (“CCPA”) and the Colorado Privacy Act (“CPA”).
We are also subject to a wide range of regulations in the United States and other countries in which we operate, including: minimum capital or capital adequacy requirements; safeguarding of customers' funds; anti-money laundering laws and regulations; financial services regulations; currency control regulations; anti-bribery laws; money transfer and payment instrument licensing laws; escheatment laws; privacy, data protection and information security laws, such as the Gramm-Leach-Bliley Act (“GLBA”); and consumer disclosure and consumer protection laws, such as the California Consumer Privacy Act (“CCPA”) and the Colorado Privacy Act (“CPA”).
Information Technology Currently, all of our money processing software used in the United States, United Kingdom, Spain, Italy, Germany and Canada is proprietary and has been developed primarily by our internal software development team.
Information Technology Currently, all of our money processing software used in the United States, Spain, Italy, Germany and Canada is proprietary and has been developed primarily by our internal software development team.
Our remittance services, which include a comprehensive suite of ancillary financial processing solutions and payment services, are available in all 50 states in the U.S., Washington D.C., Puerto Rico and 13 provinces in Canada, as well as in certain locations in Spain, Italy, Germany and the United Kingdom, where consumers can send money to beneficiaries in more than 60 countries in LAC, Africa, Asia and Europe.
Our remittance services, which include a comprehensive suite of ancillary financial processing solutions and payment services, are available in all 50 states in the U.S., Washington D.C., Puerto Rico and 13 provinces in Canada, as well as in certain locations in Spain, Italy and Germany, where consumers can send money to beneficiaries in more than 60 countries in LAC, Africa, Asia and Europe.
A load balancing configuration between tier-1 datacenters, in addition to failover redundancy, provides uptime performance. Our technology platforms have experienced limited downtime, with our 2024 downtime being less than 0.05 %. Our Transaction Processing Engine (“TPE”) allows us to process money remittances reliably and quickly by leveraging a proprietary rules engine to apply granular-level product feature customization.
A load balancing configuration between tier-1 datacenters, in addition to failover redundancy, provides uptime performance. Our technology platforms have experienced limited downtime, with our 2025 downtime being less than 0.05%. Our Transaction Processing Engine (“TPE”) allows us to process money remittances reliably and quickly by leveraging a proprietary rules engine to apply granular-level product feature customization.
We use various trademarks and service marks in our business, including, but not limited, to Intermex, International Money Express, IntermexDirect, CheckDirect, La Nacional, Amigo Paisano and Pago Express, some of which are registered in the United States and other countries. In addition, we rely on trade secret protection to protect certain proprietary rights in our information technology, trademarks, and licenses.
We use various trademarks and service marks in our business, including, but not limited, to Intermex, International Money Express, IntermexDirect, LanDirect, CheckDirect, La Nacional and Amigo Paisano, some of which are registered in the United States and other countries. In addition, we rely on trade secret protection to protect certain proprietary rights in our information technology, trademarks, and licenses.
Unclaimed property laws of each state in the United States in which we operate, the District of Columbia, and Puerto Rico require us to track certain information for all of our money remittances and payment instruments and, if the funds underlying such remittances and instruments are unclaimed at the end of an applicable statutory abandonment period, require us to remit the proceeds of the 8 Index unclaimed property to the appropriate jurisdiction.
Unclaimed property laws of each state in the United States in which we operate, the District of Columbia, and Puerto Rico require us to track certain information for all of our money remittances and payment instruments and, if the funds underlying such remittances and instruments are unclaimed at the end of an applicable statutory abandonment period, require us to remit the proceeds of the unclaimed property to the appropriate jurisdiction.
Another significant trend impacting the money remittance industry is increasing regulation on money remittance providers, banks, and other financial institutions, making it difficult for money remittance companies to develop and maintain strong banking relationships and for sending agents to open operating bank accounts. Regulations in the United States and elsewhere focus, in part, on cybersecurity, anti-money laundering and consumer protection.
Another significant trend impacting the money remittance industry is extensive regulation on money remittance providers, banks, and other financial institutions, making it difficult for money remittance companies to develop and maintain strong banking relationships and for sending agents to open operating bank accounts. Regulations in the United States and elsewhere focus, in part, on cybersecurity, anti-money laundering and consumer protection.
Our money remittance platforms have proven reliable, with our 2024 downtime being less than 0.05 %. • Highly selective sending agent recruitment process designed to identify productive long-term partners. We strategically target sending agents for our network only after a metric-based analysis of potential productivity and a thorough vetting process.
Our money remittance platforms have proven reliable, with our 2025 downtime being less than 0.05%. • Highly selective sending agent recruitment process designed to identify productive long-term partners. We strategically target sending agents for our network only after a metric-based analysis of potential productivity and a thorough vetting process.
We manage our currency exposure primarily by settling with our payers using foreign exchange tom and spot transactions. Our indebtedness bears interest at variable rates, which exposes us to interest rate risk as a result of fluctuations on market interest rate benchmarks. Seasonality We do not experience meaningful seasonality in our business.
We manage our currency exposure primarily by settling with our payers using foreign exchange tom and spot transactions. Our indebtedness bears interest at variable rates, which exposes us to interest rate risk as a result of fluctuations on market interest rate benchmarks. Seasonality 10 Index We do not experience meaningful seasonality in our business.
The information contained in this paragraph is based on “Revenues by Workers’ Remittances” published in the Central Bank of Mexico’s website and “Income from family remittance” published in the Central Bank of Guatemala’s website. • Strong compliance processes and procedures. We operate in a highly-regulated environment and are reviewed by regulators and external auditors periodically.
The information contained in this paragraph is based on “Revenues by Workers’ Remittances” published in the Central Bank of Mexico’s website and “Income from family remittance” published in the Central Bank of Guatemala’s website. 4 Index • Strong compliance processes and procedures. We operate in a highly-regulated environment and are reviewed by regulators and external auditors periodically.
Cash Management Bank Relationships 5 Index We buy and sell a number of global currencies and maintain a network of settlement accounts to facilitate the timely funding of money remittances and foreign exchange trades. Our relationships with clearing, check processing, trading and exchange rate and cash management banks are critical to an efficient and reliable remittance network.
Cash Management Bank Relationships We buy and sell a number of global currencies and maintain a network of settlement accounts to facilitate the timely funding of money remittances and foreign exchange trades. Our relationships with clearing, check processing, trading and exchange rate and cash management banks are critical to an efficient and reliable remittance network.
Anti-Money Laundering, Counter-Terrorism Financing and Sanctions Compliance 7 Index Our money remittance services are subject to anti-money laundering laws and regulations of the United States, including the Bank Secrecy Act (“BSA”), as amended by the USA PATRIOT Act of 2001, as well as state laws and regulations and the anti-money laundering laws and regulations in many of the countries in which we operate.
Anti-Money Laundering, Counter-Terrorism Financing and Sanctions Compliance Our money remittance services are subject to anti-money laundering laws and regulations of the United States, including the Bank Secrecy Act (“BSA”), as amended by the USA PATRIOT Act of 2001, as well as state laws and regulations and the anti-money laundering laws and regulations in many of the countries in which we operate.
The FTC and the Federal Communications Commission have issued regulations under the TCPA that place restrictions on, among other things, unsolicited automated telephone calls or text messages to residential and wireless telephone subscribers by means of automatic telephone dialing systems and the use of prerecorded or artificial voice messages.
The Federal Trade Commission and the Federal Communications Commission have issued regulations under the TCPA that place restrictions on, among other things, unsolicited automated telephone calls or text messages to residential and wireless telephone subscribers by means of automatic telephone dialing systems and the use of prerecorded or artificial voice messages.
Our current liquidity sources as well as our ability to generate free cash are mitigating factors in our liquidity management strategy. We are also exposed to changes in currency rates as a result of remittances paid in currencies other than the U.S. dollar, Canadian dollar, Euro or British pound.
Our current liquidity sources as well as our ability to generate free cash are mitigating factors in our liquidity management strategy. We are also exposed to changes in currency rates as a result of remittances paid in currencies other than the U.S. dollar, Canadian dollar or Euro.
Sales and Marketing 6 Index The majority of our money remittance transactions are generated through our agent network of retail locations and Company-operated stores where the transaction is processed and payment is collected by our sending agent or store. Sending agent locations include multi-service stores, grocery stores, convenience stores, bodegas and other retail locations.
Sales and Marketing The majority of our money remittance transactions are generated through our agent network of retail locations and Company-operated stores where the transaction is processed and payment is collected by our sending agent or store. Sending agent locations include multi-service stores, grocery stores, convenience stores, bodegas and other retail locations.
We expect to encounter increasing competition as new technologies emerge that enable customers to send and receive money through a variety of channels, but we do not expect adoption rates to be as significant in the near term for the consumer segment we serve.
We expect to encounter increasing competition as new technologies emerge that enable consumers to send and receive money through a variety of channels, but we do not expect adoption rates to be as significant in the near term for the consumer segment we serve.
In recent years, we expanded our services to allow remittances to Africa and Asia from the United States, began offering sending services from Canada to Latin America and Africa, and 4 Index completed acquisitions which further strengthen our presence in Latin America and position us to grow in the Europe to Africa, Asia and LAC corridors.
In recent years, we expanded our services to allow remittances to Africa and Asia from the United States, began offering sending services from Canada to Latin America and Africa, and completed acquisitions which further strengthen our presence in Latin America and position us to grow in the Europe to Africa, Asia and LAC corridors.
We utilize our proprietary technology to deliver convenient, reliable and value-added services to consumers through a broad network of sending and paying agents. The three largest remittance corridors we serve are United States to Mexico, United States to Guatemala, and United States to the Dominican Republic.
We utilize our proprietary technology to deliver convenient, reliable and value-added services to consumers through a broad network of sending and 7 Index paying agents. The three largest remittance corridors we serve are United States to Mexico, United States to Guatemala, and United States to the Dominican Republic.
Remittances paid in local currencies that are not pegged to the U.S. dollar, Canadian dollar, Euro or British Pound can also generate revenue if we are successful in our daily management of currency exchange spreads.
Remittances paid in local currencies that are not pegged to the U.S. dollar, Canadian dollar or Euro can also generate revenue if we are successful in our daily management of currency exchange spreads.
Segments Our business is organized around one reportable segment that provides money remittance services primarily between the U.S. and Canada to Mexico, Guatemala and other countries in Latin America, Africa and Asia through a network of authorized agents located in various unaffiliated retail establishments and 117 Company-operated stores throughout the U.S., Canada, Spain, Italy, the United Kingdom and Germany, as well as digitally through the Internet via our websites and mobile device applications.
Segments Our business is organized around one reportable segment that provides money remittance services primarily between the U.S. and Canada to Mexico, Guatemala and other countries in Latin America, Africa and Asia through a network of authorized agents located in various unaffiliated retail establishments and 118 Company-operated stores throughout the U.S., Canada, Spain, Italy and Germany, as well as digitally through the Internet via our websites and mobile device applications.
Almost all states in the United States, the District of Columbia and Puerto Rico, as well as certain provinces in Canada and certain countries in Europe, require us to be licensed to conduct business within their jurisdictions.
Almost all states in the United States, the District of Columbia and Puerto Rico, as well as certain provinces in Canada, Mexico, Guatemala and certain countries in Europe, require us to be licensed to conduct business within their jurisdictions.
We compete with larger companies, such as The Western Union Company (“Western Union”), MoneyGram International, Inc. (“MoneyGram”), Remitly Global, Inc. (“Remitly”) and Euronet Worldwide Inc. (“Euronet”), and a number of other smaller competitors. We generally compete for money remittance agents on the basis of value, service, quality, technical and operational differences, commission, and marketing efforts.
We compete with larger companies, such as Western Union, MoneyGram International, Inc. (“MoneyGram”), Remitly Global, Inc. (“Remitly”) and Euronet Worldwide Inc. (“Euronet”), and a number of other smaller competitors. We generally compete for money remittance agents on the basis of value, service, quality, technical and operational differences, commission, and marketing efforts.
We generate money remittance revenue from fees paid by consumers (i.e., the senders of funds), which we share with our sending agents in the originating country and our paying agents in the destination country.
We generate money remittance revenue from fees paid by consumers (i.e., the senders of funds), which we share with our sending agents and digital partners in the originating country and our paying agents in the destination country.
Remittances paid in local currencies that are not pegged to the U.S. dollar, Canadian dollar, Euro or British pound also earn revenue through our daily management of currency exchange spreads.
Remittances paid in local currencies that are not pegged to the U.S. dollar, Canadian dollar or Euro also earn revenue through our daily management of currency exchange spreads.
The CFPB has substantial rule making and enforcement authority to prevent unfair, deceptive, or abusive acts or practices in connection with any transaction with a consumer for a financial product or service.
The CFPB has substantial rule making and enforcement authority to prevent unfair, deceptive, or 9 Index abusive acts or practices in connection with any transaction with a consumer for a financial product or service.
In our sending agent 3 Index selection process, we focus on geographic locations that we believe are likely to have high customer volume and demand for our services.
In our sending agent selection process, we focus on geographic locations that we believe are likely to have high customer volume and demand for our services.
Prior to his roles at Sigue Corporation, Mr. Aguilar held senior roles at BBVA Bancomer, California Commerce Bank and Dai-Ichi Kangyo Bank of California. Mr. Aguilar holds a bachelor’s degree in English from University of California at Santa Barbara. Christopher Hunt joined International Money Express, Inc. in March 2021 as Chief Information Officer. Effective April 20, 2023, Mr.
Prior to his roles at Sigue Corporation, Mr. Aguilar held senior roles at BBVA Bancomer, California Commerce Bank and Dai-Ichi Kangyo Bank of California. Mr. Aguilar holds a bachelor’s degree in English from University of California at Santa Barbara. Christopher Hunt joined International Money Express, Inc. in March 2021 as Chief Information Officer. Mr.
We also generate revenue from our wire as a service relationships with digital partners where we receive a fee for facilitating money transfers processed through our proprietary software systems, using our money transmitter licenses and payer network relationships.
We also generate revenue from our Remittance-as-a-Service (“RaaS”) relationships with digital partners where we receive a fee for facilitating money transfers processed through our proprietary software systems, using our money transmitter licenses and payer network relationships.
We believe the LAC, Africa and Asia corridors provide an attractive operating environment with significant opportunity for future growth. According to the latest available data published by the World Bank, the LAC corridor continues to be one of the most rapidly growing remittance corridors in the world. • Highly scalable, proprietary software platforms.
We believe the LAC, Africa and Asia corridors provide an attractive operating environment with significant opportunity for future growth. According to the latest available data published by the World Bank, the LAC corridor continues to be one of the largest remittance corridors in the world. • Highly scalable, proprietary software platforms.
Our business has generally been resilient during times of economic instability as money remittances are essential to many recipients, with the funds used by the receiving parties for their daily needs; however, long-term sustained appreciation of the Mexican peso or Guatemalan quetzal as compared to the U.S. dollar could negatively affect our revenues and profitability.
Our business has generally been resilient during times of economic instability as money remittances are essential to many recipients, with the funds used by the receiving parties for their daily needs; however, continued enhanced immigration enforcement activities in the U.S. or long-term sustained appreciation of the Mexican peso or Guatemalan quetzal as compared to the U.S. dollar could negatively affect our revenues and profitability.
In the United States, we are subject to various federal privacy laws, including the Gramm-Leach-Bliley Act, which requires that financial institutions provide consumers with privacy notices and have in place policies and procedures regarding the safeguarding of personal information. We are also subject to privacy and data breach laws of various states. Consumer Protection .
In the United States, we are subject to various federal privacy laws, including the GLBA, which requires that financial institutions provide consumers with privacy notices and have in place policies and procedures regarding the safeguarding of personal information. We are also subject to privacy and data breach laws of various states. Consumer Protection .
Our money remittance services are also available on the Internet via our websites (intermexonline.com and online.i-transfer.es) and mobile device applications, enabling consumers to send money conveniently 24 hours a day from their computer or mobile devices.
Our money remittance services are also available on the Internet via our websites (intermexonline.com and online.i-transfer.es), co-branded websites with our digital partners and mobile device applications, enabling consumers to send money conveniently 24 hours a day from their computer or mobile devices.
Effective January 2023, Mr. Aguilar was appointed President and General Manager - Latin America. Prior to joining Intermex, Mr. Aguilar was a senior executive at Sigue Corporation, a money transfer company; starting in 2005 as the Chief Auditor, where he established the Internal Audit function for its U.S. and Mexico Operations.
Aguilar has served as President and General Manager - Latin America since 2023. Prior to joining Intermex, Mr. Aguilar was a senior executive at Sigue Corporation, a money transfer company; starting in 2005 as the Chief Auditor, where he established the Internal Audit function for its U.S. and Mexico Operations.
Hunt worked at several companies where he held a variety of IT positions with increasing responsibility for all aspects of overall IT strategy, product development, 11 Index compliance and cybersecurity. Mr. Hunt earned a bachelor’s degree in Business Administration with a major in Decision Information Sciences from the University of Florida in Gainesville, Florida.
Hunt worked at several companies where he held a variety of IT positions with increasing responsibility for all aspects of overall IT strategy, product development, compliance and cybersecurity. Mr. Hunt earned a bachelor’s degree in Business Management with a concentration in Decision Information Sciences from the University of Florida in Gainesville, Florida. 12 Index
Our money remittance platforms currently enable consumers to send funds from the United States, Spain, Italy, the United Kingdom and Germany to the LAC corridor, Europe, Asia and Africa through the Internet via our websites (intermexonline.com and online.i-transfer.es) and mobile device applications.
Our money remittance platforms currently enable consumers to send funds from the United States, Spain, Italy and Germany to the LAC corridor, Europe, Asia and Africa through the Internet via our websites (intermexonline.com and online.i-transfer.es), co-branded websites with our digital partners and mobile device applications.
We value opportunity, fairness and merit, and strive to create a work environment where all of our employees feel valued and devoted to their careers. As of December 31, 2024, approximately 94% of our U.S. team members identified themselves as racially or ethnically diverse. Also, approximately 5 0% of our U.S. team identified themselves as female.
We value opportunity, fairness and merit, and strive to create a work environment where all of our employees feel valued and devoted to their careers. As of December 31, 2025, approximately 96% of our U.S. team members identified themselves as racially or ethnically diverse. Also, approximately 63% of our U.S. team identified themselves as female.
Additionally, we operate a number of retail locations in the United States, Canada, Spain, Italy, the United Kingdom and Germany, which we refer to as Company-operated stores and where our money remittance services are available. We also operate subsidiary payer networks in Mexico under the Pago Express brand and in Guatemala under the Intermex brand.
Additionally, we operate a number of retail locations in the United States, Canada, Italy and Germany, which we refer to as Company-operated stores and where our money remittance services are available. We also operate subsidiary payer networks in Mexico and Guatemala.
We also generate revenue from our “wire as a service” relationships with digital partners where we receive a fee for facilitating money transfers processed through our proprietary software systems, money transmitter licenses and payer network relationships.
We also generate revenue from our RaaS relationships with digital partners 5 Index where we receive a fee for facilitating money transfers processed through our proprietary software systems, money transmitter licenses and payer network relationships.
In 2025, we intend to continue to promote greater community involvement through philanthropic and volunteer efforts, with a focus on diversity, community improvement, and STEM programs. As of December 31, 2024, we had 523 employees in the United States, all of whom are full-time.
In 2026, we intend to continue to promote greater community involvement through philanthropic and volunteer efforts, with a focus on diversity, community improvement, and STEM programs. As of December 31, 2025, we had 531 employees in the United States, of whom 19 are part-time and 512 are full-time.
We believe we are a leading money remittance provider from the United States to the LAC corridor, processing 19.7% of the aggregate volume of remittances to Mexico according to the latest available data published by the Central Bank of Mexico in 2024 and 27.6% of the aggregate volume of remittances to Guatemala according to the latest available data published by the Central Bank of Guatemala in 2024.
We believe we are a global leading money remittance provider from the United States to the LAC corridor, processing 18.6% of the aggregate volume of remittances to Mexico according to the latest available data published by the Central Bank of Mexico in 2025 and 24.6% of the aggregate volume of remittances to Guatemala according to the latest available data published by the Central Bank of Guatemala in 2025.
Information about our Executive Officers Set forth below is certain information regarding the Company’s current executive officers as of February 27, 2025: Name Age Position Robert Lisy 67 Chief Executive Officer, President and Chairman of the Board of Directors Andras Bende 50 Chief Financial Officer Joseph Aguilar 63 President and General Manager - Latin America Christopher Hunt 49 Chief Operating Officer Robert Pargac 58 Chief Legal Officer and Secretary Robert Lisy has served as a director of International Money Express, Inc. since 2018.
Information about our Executive Officers Set forth below is certain information regarding the Company’s current executive officers as of February 27, 2026: Name Age Position 11 Index Robert Lisy 68 Chief Executive Officer, President and Chairman of the Board of Directors Andras Bende 51 Chief Financial Officer Joseph Aguilar 64 President and General Manager - Latin America Christopher Hunt 50 Chief Operating Officer Robert Lisy has served as a director of International Money Express, Inc. since 2018.
Hunt was appointed Chief Operating Officer. Prior to joining the Company, Mr. Hunt was the Chief Technology Officer of Bankers Healthcare Group, a financial services company (“Bankers”), from 2013 to 2021. Prior to his role at Bankers, Mr.
Hunt has served as our Chief Operating Officer since 2023. Prior to joining the Company, Mr. Hunt was the Chief Technology Officer of Bankers Healthcare Group, a financial services company (“Bankers”), from 2013 to 2021. Prior to his role at Bankers, Mr.
In all of our independent sending agent locations the agent provides the physical infrastructure and staff required to complete the remittances, while we provide the central operating functions, such as transaction processing, settlement, marketing support, compliance training and support, and customer relationship management.
In all of our independent sending agent locations the agent provides the physical infrastructure and staff required to complete the remittances, while we provide the central operating functions, such as transaction processing, settlement, marketing support, compliance training and support, and customer relationship management. We also maintain 118 Company-operated stores in the United States, Canada, Italy and Germany.
Also, our money remittance platforms enable consumers to send funds through the Internet via our websites (intermexonline.com and online.i-transfer.es) and mobile device applications from consumers' computers or mobile devices. Our enhanced digital mobile money remittance applications provide consumers with safe and easy-to-use features for remitting funds.
Also, our money remittance platforms enable consumers to send funds through the Internet via our websites (intermexonline.com and online.i-transfer.es), co-branded websites with our digital partners and mobile device applications from consumers' computers or mobile devices.
We also provide our remittance services to Africa and Asia from the United States and offer sending services from Canada to Latin America and Africa. Also, through recent acquisitions we now provide remittance services from Spain, Italy, the United Kingdom and Germany to Africa, Asia and Latin America.
We also provide our remittance services to Africa and Asia from the United States and offer money transfer services from Canada to Latin America and Africa. We also provide remittance services from Spain, Italy and Germany to Africa, Asia and Latin America.
We also maintain 117 Company-operated stores in the United States, Canada, Spain, Italy, the United Kingdom and Germany. We retain customer data, which enables us to increase repeat customer usage, track and effectively recapture one-time users of our service and improve sending agent productivity.
We retain customer data, which enables us to increase repeat customer usage, track and effectively recapture one-time users of our service and improve sending agent productivity.
Our services are accessible in person through over 100,000 independent sending and paying agents and 117 Company-operated stores, as well as online and via Internet-enabled mobile devices.
Our services are accessible in person through over 100,000 independent sending and paying agents and 118 Company-operated stores, as well as digitally through the Internet via our websites, co-branded websites with digital partners and mobile device applications.
At times, we are exposed to credit risk related to receivable balances from sending agents and digital partners in the money remittance process if agents or digital partners do not timely make payments to us. 9 Index We continually monitor fraud risk, perform credit reviews before adding agents to our network and conduct periodic credit risk analyses of agents and certain other parties that we transact with directly.
At times, we are exposed to credit risk related to receivable balances from sending agents and digital partners in the money remittance process if agents or digital partners do not timely make payments to us.
In addition to our money remittance software, digital platforms and mobile applications, we continue to develop programs and defenses against cyber-attacks. The foundation of our cybersecurity program is based on recognized best practices and standards for cybersecurity and information technology that include the Center of Internet Security ("CIS") Critical Security Controls Framework.
The foundation of our cybersecurity program is based on recognized best practices and standards for cybersecurity and information technology that include the Center of Internet Security (“CIS”) Critical Security Controls Framework. The CIS Critical Security Controls Framework is a prioritized set of safeguards to mitigate the most prevalent cyber-attacks against systems and networks.
Our Chief Information Officer and Chief Information Security Officer report periodically to our board of directors regarding our cybersecurity policies and practices. See Item 1C - Cybersecurity for additional detail.
We utilize a number of third-party vendors and automated tools that monitor our systems and inform us of any attempted attacks. Our Chief Information Officer (“CIO”) reports periodically to our board of directors regarding our cybersecurity policies and practices. See Item 1C - Cybersecurity for additional detail.
We also have 529 employees in Mexico, of whom 189 are part-time and 340 are full-time, 159 employees in Guatemala, all of whom are full-time and, 92 employees in Spain, Italy, Germany and the United Kingdom, of whom 79 are full-time and 13 are part-time. 10 Index In addition, five of the eight members of our board of directors are considered diverse based on gender or ethnic backgrounds.
We also have 518 employees in Mexico, of whom 144 are part-time and 374 are full-time, 131 employees in Guatemala, all of whom are full-time and, 90 employees in Spain, Italy, Germany and the United Kingdom, of whom 79 are full-time and 11 are part-time.
In addition, our services are offered digitally through intermexonline.com, online.i-transfer.es and via Internet-enabled mobile devices. For the year ended December 31, 2024, our agent network decreased slightly by approximately 0.2% primarily as a result of a lower number of agents onboarded during the period relative to ordinary course agent terminations.
In addition, our services are offered digitally through the Internet via our websites (intermexonline.com and online.i-transfer.es), co-branded websites with our digital partners and mobile device applications. For the year ended December 31, 2025, we have grown our agent network by approximately 5.4%.
For the year ended December 31, 2024, our provision for credit losses was equal to 1.0% of our total revenues.
We continually monitor fraud risk, perform credit reviews before adding agents to our network and conduct periodic credit risk analyses of agents and certain other parties that we transact with directly. For the year ended December 31, 2025, our provision for credit losses was equal to 1.3% of our total revenues.
Removed
Our Growth Strategy On February 26, 2025, we announced that, with the approval and recommendation of the Board’s independent Strategic Alternatives Committee (“SAC”), the Board unanimously determined to suspend the Company’s previously announced assessment of strategic alternatives, We believe, however, that we are well positioned to drive continued growth and stockholder value maximization by executing on the following core strategies either organically or through acquisitions of other entities: • Invest in the marketing and adoption of our digital channels and value-added services to expand our customer base and revenue generation.
Added
This overall decrease was partially offset by increased volume generated by our digital channels and European subsidiaries.
Removed
The CIS Critical Security Controls Framework is a prioritized set of safeguards to mitigate the most prevalent cyber-attacks against systems and networks. We utilize a number of third-party vendors and automated tools that monitor our systems and inform us of any attempted attacks.
Added
Pending Merger with The Western Union Company On August 10, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, The Western Union Company, a Delaware corporation (“Western Union”), and Ivey Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Western Union (“Merger Sub”).
Removed
Political, social and economic conditions in key Latin American markets, from which we derive a significant portion of our revenue, continue to exhibit instability, as evidenced by higher interest rates, high unemployment rates, restricted lending activity, higher immigration patterns, higher inflation, volatility in foreign currencies and low consumer confidence, among other economic and market factors.
Added
Pursuant to the Merger Agreement, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Company and the Company will become an indirect wholly-owned subsidiary of Western Union.
Removed
Robert Pargac joined International Money Express, Inc. in May 2024 as Chief Legal Officer and Secretary. Prior to joining the Company, Mr.
Added
The Merger Agreement provides that each share of the Company’s common stock issued and outstanding immediately prior to the effective time of the Merger (subject to limited exceptions such as treasury shares or shares as to which dissenters’ rights have been properly exercised in accordance with Delaware law ) will be cancelled and converted into the right to receive $16.00 per share in cash, without interest.
Removed
Pargac served in senior management consulting roles with AlixPartners from 2022 to 2024 and the Promontory Financial Group from 2017 to 2020 where he was responsible for providing counsel to financial institutions regarding legal and regulatory compliance programs and regulatory enforcement actions. Prior to those roles, Mr.
Added
Consummation of the Merger is subject to the satisfaction or waiver of certain remaining customary closing conditions, including: (i) the absence of any judgment by any governmental authority of competent jurisdiction or any applicable law that enjoins, restrains or otherwise makes illegal, prevents or prohibits consummation of the Merger (“Restraint”), (ii) the receipt of applicable consents, approvals or other clearances required to be obtained under the Merger Agreement, including with respect to the Company’s or its subsidiaries’ money transmitter licenses, and (iii) other customary closing conditions. 3 Index In addition, the consummation of the Merger was conditioned upon (i) the expiration or termination of the applicable waiting period under the HSR Act, which waiting period under expired on October 6, 2025, and (ii) approval of the stockholders of the Company, which approval was received at a special meeting of stockholders of the Company on December 9, 2025.
Removed
Pargac held senior legal and regulatory risk management roles in the legal departments at BBVA, Western Union, and Sigue Corporation. His education includes a B.A. in Economics from the University of St. Thomas, a J.D. from the South Texas College of Law, and a M.B.A. from Pepperdine University. 12 Index
Added
To date, money transmission regulators in 48 applicable U.S. states and territories have provided their approval of or non-objection to the Merger, and approval or non-objection is currently pending with the remaining 4 U.S. states and territories.
Added
Additionally, the parties have received approval from the United Kingdom Financial Conduct Authority and, therefore, the only approval from international money transmission regulators that remains pending is from the Bank of Spain.
Added
The Company cannot predict with certainty whether and when any of the remaining required closing conditions will be satisfied or if the Merger will close, but currently anticipates that the Merger will be consummated in the second quarter of 2026.
Added
The Merger Agreement contains termination rights for the Company and Western Union, including a right for either party to terminate if the Merger is not consummated by May 11, 2026 (subject to certain automatic extensions to obtain certain regulatory approvals as set forth in the Merger Agreement).
Added
Upon termination of the Merger Agreement, (i) Western Union, upon termination of the Merger Agreement by the Company or Western Union due to a Restraint relating to any antitrust laws, or the failure to obtain necessary consents, approvals or clearances related to antitrust laws, will be required to pay the Company a termination fee equal to $27.3 million, and (ii) the Company, under specified circumstances, including termination of the Merger Agreement by (a) the Company to enter into a Company Acquisition Agreement that provides for a Superior Proposal (each, as defined in the Merger Agreement) prior to receipt of approval of the stockholders of the Company or (b) by Western Union as a result of an Adverse Recommendation Change (as defined in the Merger Agreement), will be required to pay Western Union a termination fee equal to $19.8 million.
Added
Our Growth Strategy Our strategies to maintain and grow our business include: • Invest in the marketing and adoption of our digital channels and value-added services to expand our customer base and revenue generation.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

54 edited+18 added−7 removed180 unchanged
Biggest changeOur sending agents receive the proceeds from the sale of our money remittances, and we must then collect these funds from the sending agents. If a sending agent becomes insolvent, files for bankruptcy, commits fraud or otherwise fails to remit money remittance proceeds to us, we must nonetheless complete the money remittance on behalf of the consumer.
Biggest changeIf a sending agent or digital partner becomes insolvent, files for bankruptcy, commits fraud or otherwise fails to remit money remittance proceeds to us, we must nonetheless complete the money remittance on behalf of the consumer. We monitor the creditworthiness of our sending agents, digital partners and the financial institutions with which we do business on an ongoing basis.
Although expansion of our business into new geographic or product markets may increase our aggregate revenues, such new geographic or product markets may be more expensive to operate in and may require us to receive lower payment per wire or remittance than that which we currently experience in our core geographic markets of Mexico, Guatemala, El Salvador, Honduras and the Dominican Republic or other more established product markets due to, among other things: • increased compliance and regulatory costs requiring us to dedicate more expense, time and resources to comply with such regulatory requirements; • potentially higher operational expenses, such as higher agent fees, taxes, fees, technology costs, support costs or other charges and expenses associated with engaging in the money transfer business in different jurisdictions or as a result of new product offerings; • reduced pricing models due to more intense competition with entities that may have more experience and resources as well as more established relationships with relevant customers, regulators and industry participants; • potentially reduced demand for remittance services; and 16 Index • difficulty building and maintaining a network of sending agents, paying agents, and digital partners in a particular geographic area or with respect to a particular product offering.
Although expansion of our business into new geographic or product markets may increase our aggregate revenues, such new geographic or product markets may be more expensive to operate in and may require us to receive lower payment per wire or remittance than that which we currently experience in our core geographic markets of Mexico, Guatemala, El Salvador, Honduras and the Dominican Republic or other more established product markets due to, among other things: • increased compliance and regulatory costs requiring us to dedicate more expense, time and resources to comply with such regulatory requirements; • potentially higher operational expenses, such as higher agent fees, taxes, fees, technology costs, support costs or other charges and expenses associated with engaging in the money transfer business in different jurisdictions or as a result of new product offerings; • reduced pricing models due to more intense competition with entities that may have more experience and resources as well as more established relationships with relevant customers, regulators and industry participants; • potentially reduced demand for remittance services; and • difficulty building and maintaining a network of sending agents, paying agents, and digital partners in a particular geographic area or with respect to a particular product offering.
Moreover, if our regulators conclude that we have not met the standards for oversight of our third-party vendors, we could be subject to enforcement actions, civil monetary penalties, supervisory orders to cease and desist or other remedial actions, which could adversely impact our business, reputation, financial condition and results of operations.
If our regulators conclude that we have not met the standards for oversight of our third-party vendors, we could be subject to enforcement actions, civil monetary penalties, supervisory orders to cease and desist or other remedial actions, which could adversely impact our business, reputation, financial condition and results of operations.
Reduced or disrupted international migration patterns in the United States, Canada, Latin America, or Africa are likely to reduce money remittance transaction volumes and therefore have an adverse effect on our business, financial condition and results of operations. Furthermore, significant changes in international migration patterns could adversely affect our business, financial condition and results of operations.
Reduced or disrupted international migration patterns in the United States, Canada, Europe, Latin America, or Africa are likely to reduce money remittance transaction volumes and therefore have an adverse effect on our business, financial condition and results of operations. Furthermore, significant changes in international migration patterns could adversely affect our business, financial condition and results of operations.
Our ability to grow in international markets and our future results could be adversely affected by a number of factors, including: • changes in geopolitical and economic conditions and potential instability in certain regions; • restrictions on money transfers to, from and between certain countries; • inability to recruit and retain paying agents and consumers for new corridors; • currency exchange controls, new currency adoptions and repatriation issues; • changes in regulatory requirements or in foreign policy, including the adoption of domestic or foreign laws, regulations and interpretations detrimental to our business; • possible increased costs and additional regulatory burdens imposed on our business; • the implementation of U.S. sanctions, resulting in bank closures in certain countries and the ultimate freezing of our assets; • burdens of complying with a wide variety of laws and regulations; • possible fraud or theft losses, and lack of compliance by international representatives in foreign legal jurisdictions where collection and legal enforcement may be difficult or costly; • inability to maintain or improve our software and technology systems as well as digital channels; • reduced protection of our intellectual property rights; • unfavorable tax rules or trade barriers; and • inability to secure, train or monitor international agents.
Our ability to grow in international markets and our future results could be adversely affected by a number of factors, including: • changes in geopolitical and economic conditions and potential instability in various regions; 15 Index • restrictions on money transfers to, from and between certain countries; • inability to recruit and retain paying agents and consumers for new corridors; • currency exchange controls, new currency adoptions and repatriation issues; • changes in regulatory requirements or in foreign policy, including the adoption of domestic or foreign laws, regulations and interpretations detrimental to our business; • possible increased costs and additional regulatory burdens imposed on our business; • the implementation of U.S. sanctions, resulting in bank closures in certain countries and the ultimate freezing of our assets; • burdens of complying with a wide variety of laws and regulations; • possible fraud or theft losses, and lack of compliance by international representatives in foreign legal jurisdictions where collection and legal enforcement may be difficult or costly; • inability to maintain or improve our software and technology systems as well as digital channels; • reduced protection of our intellectual property rights; • unfavorable tax rules or trade barriers; and • inability to secure, train or monitor international agents.
Our inability to protect our systems and data from these risks could adversely affect our reputation among consumers, agents, card issuers, paying agents, financial institutions, card networks, partners, and investors and may expose us to penalties, fines, liabilities, and legal claims.
Our inability to protect our systems and data from these risks could adversely affect our reputation among consumers, agents, digital partners, card issuers, paying agents, financial institutions, card networks, partners, and investors and may expose us to penalties, fines, liabilities, and legal claims.
If we are found to be liable for violations of the FCPA or similar anti-corruption laws in other jurisdictions, either due to our own or others’ acts or inadvertence, we could suffer, among other consequences, substantial civil and criminal penalties, including fines, 23 Index incarceration, prohibitions or limitations on the conduct of our business, the loss of our financing facilities and significant reputational damage, any of which could have a material and adverse effect on our results of business, financial condition or results of operations.
If we are found to be liable for violations of the FCPA or similar anti-corruption laws in other jurisdictions, either due to our own or others’ acts or inadvertence, we could suffer, among other consequences, substantial civil and criminal penalties, including fines, incarceration, prohibitions or limitations on the conduct of our business, the loss of our financing facilities and significant reputational damage, any of which could have a material and adverse effect on our results of business, financial condition or results of operations.
Even if we are successful, we will be exposed to additional risks in these markets that we do not face in the United States or in our core remittance business, which could have an adverse effect on our business, financial condition and results of operations. Acquisitions and integration of new businesses create risks and may affect operating results.
Even if we are successful, we will be exposed to additional risks in these markets that we do not face in the United States or in our core remittance business, which could have an adverse effect on our business, financial condition and results of operations. 17 Index Acquisitions and integration of new businesses create risks and may affect operating results.
Furthermore, detecting, investigating and resolving actual or alleged violations of the FCPA and other similar anti-corruption laws is expensive and can consume significant time and attention of our senior management. New business initiatives, such as modifications to our current product offerings or the introduction of new products, may modify our risk profile from a regulatory perspective.
Furthermore, detecting, investigating and resolving actual or alleged violations of the FCPA and other similar anti-corruption laws is expensive and can consume significant time and attention of our senior management. 24 Index New business initiatives, such as modifications to our current product offerings or the introduction of new products, may modify our risk profile from a regulatory perspective.
If no or few securities or industry analysts cover the Company, our stock 25 Index price would likely be less than that which we would obtain if we had such coverage and the liquidity, or trading volume of our common stock may be limited, making it more difficult for a stockholder to sell shares at an acceptable price or amount.
If no or few securities or industry analysts cover the Company, our stock price would likely be less than that which we would obtain if we had such coverage and the liquidity, or trading volume of our common stock may be limited, making it more difficult for a stockholder to sell shares at an acceptable price or amount.
A significant change or disruption in international migration patterns, including as a result of changes in immigration laws and their enforcement, could adversely affect our business, financial condition and results of operations. Our business relies in part on international migration patterns, as individuals move from their native countries to countries with greater economic opportunities or a more stable political environment.
A significant change or disruption in international migration patterns, including as a result of changes in immigration laws and their enforcement, could adversely affect our business, financial condition and results of operations. 21 Index Our business relies in part on international migration patterns, as individuals move from their native countries to countries with greater economic opportunities or a more stable political environment.
We have implemented, and are continuing to implement, policies, procedures and systems designed to address these laws and regulations, including 17 Index monitoring on an automated and manual basis the transactions processed through our systems and restricting business involving certain countries or individuals. However, the implementation of such policies, procedures and systems may be subject to human error.
We have implemented, and are continuing to implement, policies, procedures and systems designed to address these laws and regulations, including monitoring on an automated and manual basis the transactions processed through our systems and restricting business involving certain countries or individuals. However, the implementation of such policies, procedures and systems may be subject to human error.
We compete in a concentrated industry, with a small number of large competitors and a large number of small, niche competitors, including consumer money remittance companies, banks, card associations, web-based services, payment processors, informal remittance systems 13 Index and others. We also face competition from new digital and nontraditional remittance service providers within the financial technology industry.
We compete in a concentrated industry, with a small number of large competitors and a large number of small, niche competitors, including consumer money remittance companies, banks, card associations, web-based services, payment processors, informal remittance systems and others. We also face competition from new digital and nontraditional remittance service providers within the financial technology industry.
If a patent owner is unwilling to grant such a license, or we decide not to obtain such a license, we may be required to modify our processes and systems to avoid future infringement. Risks Relating to Our Indebtedness The Company’s indebtedness may limit our operating flexibility and could adversely affect our business, financial condition and results of operations.
If a patent owner is unwilling to grant such a license, or we decide not to obtain such a license, we may be required to modify our processes and systems to avoid future infringement. 25 Index Risks Relating to Our Indebtedness The Company’s indebtedness may limit our operating flexibility and could adversely affect our business, financial condition and results of operations.
Changes in U.S. political, regulatory and economic conditions or laws and policies governing immigration, foreign trade, development and investment in the territories and countries where we operate and our customers live, including those recently proposed by the U.S. government, could adversely affect our business, financial condition and results of operations.
Changes in U.S. political, regulatory and economic conditions or laws and policies governing immigration, foreign trade, development and investment in the territories and countries where we operate and our customers live, including those recently implemented by the U.S. government, could adversely affect our business, financial condition and results of operations.
Our employees, agents and consumers in a particular country or region in the world may be negatively affected as a result of a variety of diversions, including: geopolitical events, such as war, the threat of war, or terrorist activity; natural disasters or the effects of climate change (such as drought, flooding, wildfires, increased storm severity, and sea level rise); power shortages or outages; major public health issues, including pandemics; and significant local, national or global events capturing the attention of a large part of the population.
Our employees, agents and consumers in a particular country or region in the world may be negatively affected as a result of a variety of diversions, including: geopolitical events, such as war, the threat of war, or terrorist activity, as well as other geopolitical events; natural disasters or the effects of climate change (such as drought, flooding, wildfires, increased storm severity, and sea level rise); power shortages or outages; major public health issues, including pandemics and other public health conditions; and significant local, national or global events capturing the attention of a large part of the population.
The legislation and implementation of regulations associated with the Dodd-Frank Act have increased our costs of compliance and required changes in the way we and our agents conduct business. In addition, we are subject to 21 Index periodic examination by the CFPB. These examinations may require us to change the way we conduct business or increase the costs of compliance.
The legislation and implementation of regulations associated with the Dodd-Frank Act have increased our costs of compliance and required changes in the way we and our agents conduct business. In addition, we are subject to periodic examination by the CFPB. These examinations may require us to change the way we conduct business or increase the costs of compliance.
These factors include: • the quality of our services and our customer experience, and our ability to meet evolving consumer needs and preferences; • failure of our agents to deliver services in accordance with our requirements; • reputational concerns resulting from actual or perceived events, including those related to fraud, consumer protection, cybersecurity incidents, money laundering, corruption or other matters; • changes or proposed changes in laws or regulations, or regulator or judicial interpretation thereof, that have the effect of making it more difficult or less desirable to transfer money using consumer money remittance service providers, including additional customer due diligence, identification, reporting, and recordkeeping requirements; • actions by federal, state or foreign regulators that interfere with our ability to remit consumers’ money reliably; for example, attempts to seize money remittance funds, imposition of tariffs or limits on our ability to, or that prohibit us from, remitting money in the corridors in which we operate; • federal, state or foreign legal requirements, including those that require us to provide consumer or transaction data, and other requirements or to a greater extent than is currently required; • any interruption or downtime in our systems, including those caused by fire, natural disaster, power loss, telecommunications failure, terrorism, vendor failure, cybersecurity breaches, such as unauthorized entry and computer viruses or disruptions in our workforce; and • any attack or breach of our computer systems or other data storage facilities resulting in a compromise of personal data.
These factors include: • the quality of our services and our customer experience, and our ability to meet evolving consumer needs and preferences; • failure of our agents to deliver services in accordance with our requirements; 16 Index • reputational concerns resulting from actual or perceived events, including those related to fraud, consumer protection, cybersecurity incidents, money laundering, corruption or other matters; • changes or proposed changes in laws or regulations, or regulator or judicial interpretation thereof, that have the effect of making it more difficult or less desirable to transfer money using consumer money remittance service providers, including additional customer due diligence, identification, reporting, and recordkeeping requirements; • changes to immigration policies, enforcement and consumer access to in-person money transfer services; • actions by federal, state or foreign regulators that interfere with our ability to remit consumers’ money reliably; for example, attempts to seize money remittance funds, imposition of tariffs or limits on our ability to, or that prohibit us from, remitting money in the corridors in which we operate; • federal, state or foreign legal requirements, including those that require us to provide consumer or transaction data, and other requirements or to a greater extent than is currently required; • any interruption or downtime in our systems, including those caused by fire, natural disaster, power loss, telecommunications failure, terrorism, vendor failure, cybersecurity breaches, such as unauthorized entry and computer viruses or disruptions in our workforce; and • any attack or breach of our computer systems or other data storage facilities resulting in a compromise of personal data.
In the event of a sending agent bankruptcy, we would generally be in the position of creditor, possibly with limited security or financial guarantees of performance, and we would therefore be at risk of a reduced recovery. We are not insured against credit losses, except in circumstances of agent theft or fraud.
In the event of a sending agent or digital partner bankruptcy, we would generally be in the position of creditor, possibly with limited security or financial guarantees of performance, and we would therefore be at risk of a reduced recovery. We are not insured against credit losses, except in circumstances of agent theft or fraud.
There can be no assurance that the models and approaches we use to assess and monitor the creditworthiness of our sending agents and these financial institutions will be sufficiently predictive, and we may be unable to detect and take steps to timely mitigate an increased credit risk.
There can be no assurance that the models and approaches we use to assess and monitor the creditworthiness of our sending agents, digital partners and these financial institutions will be sufficiently predictive, and we may be unable to detect and take steps to timely mitigate an increased credit risk.
Additionally, we are subject to anti-money laundering laws in the other countries and jurisdictions in which we operate and hold licenses including Europe, the United Kingdom, Mexico and Guatemala. We are also subject to financial services regulations, money transfer licensing regulations, consumer protection laws, currency control regulations, escheat laws, privacy and data protection laws and anti-bribery laws.
Additionally, we are subject to anti-money laundering laws in the other countries and jurisdictions in which we operate and hold licenses including Europe, Mexico and Guatemala. We are also subject to financial services regulations, money transfer licensing regulations, consumer protection laws, currency control regulations, escheat laws, privacy and data protection laws and anti-bribery laws.
We also may be required to seek a license to continue to use the processes or systems. Such a license may require either a single payment or an ongoing license fee. No 24 Index assurance can be given that we will be able to obtain a license which is reasonable in fee and scope.
We also may be required to seek a license to continue to use the processes or systems. Such a license may require either a single payment or an ongoing license fee. No assurance can be given that we will be able to obtain a license which is reasonable in fee and scope.
We process remittances to Latin America, Europe, Africa and Asia from the United States, Spain, Italy, the United Kingdom and Germany and from Canada to Latin America and Africa.
We process remittances to Latin America, Europe, Africa and Asia from the United States, Spain, Italy and Germany and from Canada to Latin America and Africa.
Similarly, if one or more of the analysts who write reports on us downgrades our stock or publishes inaccurate or unfavorable research about our business, our share price could decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, our share price or trading volume could decline.
Similarly, if one or more of the analysts who write reports 26 Index on us downgrades our stock or publishes inaccurate or unfavorable research about our business, our share price could decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, our share price or trading volume could decline.
In addition, in connection with regulatory requirements to assist in the prevention of money laundering and terrorist financing and pursuant to legal obligations and authorizations, we make information available to certain U.S. federal and state, as well as certain foreign, government agencies.
In addition, in connection with regulatory requirements to assist in the prevention of money laundering and terrorist financing and pursuant to legal obligations and authorizations, we make information available to certain U.S. federal and state, as well as certain foreign, 23 Index government agencies.
While we maintain insurance coverage that may cover certain aspects of cyber risks 18 Index and incidents, our insurance coverage may be insufficient to cover all losses, and we may not be able to renew the insurance on commercially reasonable terms or at all.
While we maintain insurance coverage that may cover certain aspects of cyber risks and incidents, our insurance coverage may be insufficient to cover all losses, and we may not be able to renew the insurance on commercially reasonable terms or at all.
If we fail to successfully expand customer acceptance of our digital services and infrastructure or develop and timely introduce new and enhanced services, including the introduction of new digital platforms, or if we make substantial investments in an unsuccessful new service or infrastructure change, our business, financial condition and results of operations could be adversely affected.
Risks Relating to Our Business and Industry If we fail to successfully expand customer acceptance of our digital services and infrastructure or develop and timely introduce new and enhanced services, including the introduction of new digital platforms, or if we make substantial investments in an unsuccessful new service or infrastructure change, our business, financial condition and results of operations could be adversely affected.
This may result in reduced job opportunities for consumers in the United States or other countries in which we operate or that are important to our business, which could adversely affect our business, financial condition and results of operations. In addition, increases in employment opportunities may lag other elements of any economic recovery.
This may result in reduced job opportunities for consumers in the United States or other countries in which we operate or that are important to our business, which could adversely affect our business, financial condition and results of operations. In addition, a reduction in employment opportunities may lag other elements of any economic recovery.
In addition, our ability to pay dividends is limited by our ability to comply with restrictions in our existing credit facilities and may be limited by covenants of any future indebtedness we or our subsidiaries incur.
In addition, our ability to pay dividends is limited by our ability to comply with restrictions in our existing revolving credit facility and may be limited by covenants of any future indebtedness we or our subsidiaries incur.
Elektra, our largest paying agent by volume, accounted for approximately 25% of Intermex’s total remittance volume in fiscal year 2024. The loss of Elektra as one of our paying agents could have a material adverse impact on our business and results of operations.
Elektra, our largest paying agent by volume, accounted for approximately 22% of Intermex’s total remittance volume in fiscal year 2025. The loss of Elektra as one of our paying agents could have a material adverse impact on our business and results of operations.
A public health epidemic or pandemic can have a material adverse effect on the demand for our money remittance services to the extent it adversely affects the markets in which we operate, and poses the risk that we or our employees, network of agents and consumers and their beneficiaries may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns requested or mandated by governmental authorities, or that such epidemic may otherwise interrupt or impair business activities. 15 Index If consumer confidence in our business, brands or in consumer money remittance providers generally deteriorates, our business, financial condition and results of operations could be adversely affected.
A public health epidemic or pandemic can have a material adverse effect on the demand for our money remittance services to the extent it adversely affects the markets in which we operate, and poses the risk that we or our employees, network of agents and consumers and their beneficiaries may be prevented from conducting business activities for an indefinite period of time, including due to shutdowns requested or mandated by governmental authorities, or that such epidemic may otherwise interrupt or impair business activities.
In addition,, if our services do not offer competitive features and functionalities, we may be unable to attract new customers or we may lose customers to our competitors, which could adversely affect our business, financial condition and results of operations.
In addition, if our services do not offer competitive features and functionalities, we may be unable to attract new customers or we may lose customers to our competitors, which could adversely affect our business, financial condition and results of operations. 14 Index In addition, if we fail to price our services appropriately relative to our competitors, consumers may not use our services, which could adversely affect our business and financial results.
The success of our business particularly depends upon the efficient and error-free handling of transactions and data. We rely on the ability of our employees and our internal systems and procedures to process these transactions in an efficient, uninterrupted, and error-free manner.
We rely on the ability of our employees and our internal systems and procedures to process these transactions in an efficient, uninterrupted, and error-free manner.
Any delay or inability to pay money remittances or make related settlements with our agents could adversely impact our business, financial condition and results of operations. 19 Index Also, in the event of a bank failure we could face risks to the recovery of our bank deposits used for the purpose of settling with our agents and we may be unable to borrow from financial institutions or institutional investors on favorable terms, or at all, which could adversely impact our ability to pursue our growth strategy and fund key strategic initiatives.
Also, in the event of a bank failure we could face risks to the recovery of our bank deposits used for the purpose of settling with our agents and we may be unable to borrow from financial institutions or institutional investors on favorable terms, or at all, which could adversely impact our ability to pursue our growth strategy and fund key strategic initiatives.
We had approximately $156.6 million of indebtedness as of December 31, 2024, consisting of outstanding borrowings under our revolving credit facility.
We had approximately $194.8 million of indebtedness as of December 31, 2025, consisting of outstanding borrowings under our revolving credit facility.
A significant portion of the industry’s money remittance transactions are initiated by immigrants or refugees sending money back to their native countries. Changes in U.S. and foreign government policies or enforcement, including changes that have been, or may be, implemented by the U.S.
A significant portion of the industry’s money remittance transactions are initiated by immigrants or refugees sending money back to their native countries. Changes in U.S. and foreign government policies, including recent changes to U.S. immigration enforcement may have a negative effect on immigration and/or sending behavior of our customer base.
Any violation by us or our agents of the laws and regulations set forth above could lead to significant settlements, fines or penalties and could limit our ability to conduct business in some jurisdictions.
For such amounts, we must file claims for reimbursement from the states. 22 Index Any violation by us or our agents of the laws and regulations set forth above could lead to significant settlements, fines or penalties and could limit our ability to conduct business in some jurisdictions.
Our business is particularly dependent on the efficient and uninterrupted operation of our information technology, computer network systems, and data centers. Disruptions to these systems and data centers could adversely affect our business, financial condition and results of operations.
Our inability to protect our systems and data from these and similar risks could, among other consequences, adversely affect our reputation, business, financial condition, and results of operations. 19 Index Our business is particularly dependent on the efficient and uninterrupted operation of our information technology, computer network systems, and data centers.
Failure to comply with existing or future data privacy and cybersecurity laws, regulations, and requirements, including by reason of inadvertent disclosure of personal information, could result in significant adverse consequences, including reputational harm, civil litigation, regulatory enforcement, costs of remediation, increased expenses for security systems and personnel, or harm to our consumers and harm to our agents. 22 Index Also, because our operations and services involve the collection, storage, and processing of personal data of consumers globally, we are subject to the GDPR and similar data protection laws outside the United States.
Failure to comply with existing or future data privacy and cybersecurity laws, regulations, and requirements, including by reason of inadvertent disclosure of personal information, could result in significant adverse consequences, including reputational harm, civil litigation, regulatory enforcement, costs of remediation, increased expenses for security systems and personnel, or harm to our consumers and harm to our agents.
In some instances, we escheat items to states pursuant to statutory requirements and then subsequently pay those items to consumers. For such amounts, we must file claims for reimbursement from the states.
In some instances, we escheat items to states pursuant to statutory requirements and then subsequently pay those items to consumers.
A failure to recruit and retain key personnel including operating, marketing, financial and technical personnel, could also have a material and adverse impact on our business, financial condition and results of operations.
A failure to recruit and retain key personnel including operating, marketing, financial and technical personnel, could also have a material and adverse impact on our business, financial condition and results of operations. Regulatory and Legal Risks Significant developments stemming from the U.S. government policies could have an adverse effect on our business.
If any of these policies, procedures or systems do not operate properly, or are disabled, or are subject to intentional manipulation or inadvertent human error, we could suffer financial loss, a disruption of our business, regulatory intervention or reputational damage.
If any of these policies, procedures or systems do not operate properly, or are disabled, or are subject to intentional manipulation or inadvertent human error, we could suffer financial loss, a disruption of our business, regulatory intervention or reputational damage. 18 Index Our services might be used for illegal or improper purposes, such as consumer fraud or money laundering, which could expose us to additional liability.
Changes in international trade caused by increased tariffs may also affect foreign exchange rates, which could affect both demand for our services as well as our earnings from foreign exchange.
It is also impossible to predict the impact on our business resulting from changes in trade and tariff policies, which may affect industries in which our customers are employed. Changes in international trade caused by increased tariffs may also affect foreign exchange rates, which could affect both demand for our services as well as our earnings from foreign exchange.
Our business is built on consumer confidence in our brands and our ability to provide convenient, reliable and value-added money remittance services.
If consumer confidence in our business, brands or in consumer money remittance providers generally deteriorates, our business, financial condition and results of operations could be adversely affected. Our business is built on consumer confidence in our brands and our ability to provide convenient, reliable and value-added money remittance services.
There can also be no assurance that the actual future results, performance, benefits or achievements that we expect from our strategies, systems, initiatives or products will occur. Risks Relating to Our Business and Industry The suspension of our exploration of strategic alternatives could adversely affect our business and our stock price .
There can also be no assurance that the actual future results, performance, benefits or achievements that we expect from our strategies, systems, initiatives or products will occur. Risks Related to the Pending Merger with The Western Union Company The announcement and pendency of the proposed Merger may adversely affect our business, financial condition, and results of operations.
ITEM 1A. RISK FACTORS An investment in our securities involves certain risks. The risks and uncertainties described below are not the only risks that may have a material and adverse effect on the Company, and the risks described herein are not listed in order of the potential occurrence or severity.
The risks and uncertainties described below reflect the Company’s beliefs and opinions as to factors that could materially and adversely affect the Company and its securities in the future, but are not the only risks that may have a material and adverse effect on the Company, and the risks described herein are not listed in order of the potential occurrence or severity.
We are also exposed to new political, economic and other uncertainties as a result of the geographic expansion to Europe, the United Kingdom, Africa, and Asia, any of which could adversely impact our business, financial condition and results of operations. 14 Index The countries in which we operate may impose or tighten foreign currency exchange control restrictions, taxes or limitations with regard to repatriation of earnings and investments from these countries.
We are also exposed to new political, economic and other uncertainties as a result of the geographic expansion to Europe, Africa, and Asia, any of which could adversely impact our business, financial condition and results of operations.
As such, there may be a period of increased cybersecurity risk during the period between closing an acquisition and the completion of our data and system security integration. Our inability to protect our systems and data from these and similar risks could, among other consequences, adversely affect our reputation, business, financial condition, and results of operations.
As such, there may be a period of increased cybersecurity risk during the period between closing an acquisition and the completion of our data and system security integration.
Our ability to provide reliable services largely depends on the efficient and uninterrupted operation of our computer network systems, cloud service providers, and data centers. Our business involves the physical and electronic movement of large sums of money and the management of data necessary to do so.
Disruptions to these systems and data centers could adversely affect our business, financial condition and results of operations. Our ability to provide reliable services largely depends on the efficient and uninterrupted operation of our computer network systems, cloud service providers, and data centers.
The banking industry, in light of increased regulatory oversight, is continually examining its business relationships with companies that offer money remittance services and with retail agents that collect and remit cash collected from end consumers. Certain major national and international banks have withdrawn from providing service to money remittance services businesses.
Changes in banking industry regulation and practice could make it more difficult for us and our sending agents to maintain depository accounts with banks, which would harm our business. 20 Index The banking industry, in light of increased regulatory oversight, is continually examining its business relationships with companies that offer money remittance services and with retail agents that collect and remit cash collected from end consumers.
If financial liquidity deteriorates, there can be no assurance we will not experience an adverse effect, which may be material, on our ability to access capital or contingent liquidity sources. Changes in banking industry regulation and practice could make it more difficult for us and our sending agents to maintain depository accounts with banks, which would harm our business.
If financial liquidity deteriorates, there can be no assurance we will not experience an adverse effect, which may be material, on our ability to access capital or contingent liquidity sources.
In addition, increased immigration enforcement in the United States, could adversely affect the level of employment opportunities of immigrants, thus reducing their ability to remit funds to their countries of origin. It is also impossible to predict the impact on our business resulting from changes in trade and tariff policies, which may affect industries in which our customers are employed.
Increased immigration enforcement in the United States could also adversely affect the level of employment opportunities of immigrants, thus reducing their earning potential and ability to remit funds to their countries of origin in the amount and frequency as it is customary.
Regulatory and Legal Risks Significant developments stemming from the U.S. government policies could have an adverse effect on our business. 20 Index Our business relies on the free flow of funds and migrants along all of our remittance corridors, particularly between the United States and the LAC.
Our business relies on the free flow of funds and migrants along all of our remittance corridors, particularly between the United States and the LAC.
Long-term sustained appreciation of the Mexican peso or Guatemalan quetzal as compared to the U.S. dollar could negatively affect our revenues and results of operations. Our financial condition, results of operations, business and cash flow may be negatively affected by a public health conditions, responses thereto and the economic and market effects thereof.
Our financial condition, results of operations, business and cash flow may be negatively affected by a public health conditions, responses thereto and the economic and market effects thereof. We may face risks related to health epidemics and pandemics or other outbreaks of communicable diseases.
Removed
As part of our commitment to maximize stockholder value, on November 8, 2024, we announced that the Board had initiated a process to assess strategic alternatives including, but not limited to, a potential sale in a private transaction or merger of the Company.
Added
ITEM 1A. RISK FACTORS An investment in our securities involves certain risks.
Removed
On February 26, 2025, the Company announced that with the approval and recommendation of the SAC, the Board unanimously determined to suspend the Company’s previously announced assessment of strategic alternatives. The suspension of the strategic alternatives process could have an adverse effect on the market price and trading volatility of our common stock.
Added
References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether such factors have occurred in the past or their likelihood of occurring in the future.
Removed
In addition, if we fail to price our services appropriately relative to our competitors, consumers may not use our services, which could adversely affect our business and financial results.
Added
The announcement and pendency of the proposed Merger could cause disruptions to our business or business relationships and create uncertainty surrounding our business, which could have an adverse impact on our financial condition and results of operations, regardless of whether the Merger is completed, including as a result of the following (all of which could be exacerbated by a delay in completion of the Merger): • customers, agents or other parties with which we maintain business relationships may experience uncertainty prior to the closing of the Merger and seek alternative relationships with third parties or seek to terminate or renegotiate their relationships with us; • our employees may experience uncertainty about their future roles with us, which might adversely affect our ability to attract, retain and motivate key personnel and other employees; • the restrictions imposed on our business and operations pursuant to certain covenants set forth in the Merger Agreement, which may prevent us from pursuing certain opportunities; • the incurrence of significant costs, expenses, and fees for professional services and other transaction costs in connection with the Merger; • the attention of our management may be directed to Merger-related considerations and may be diverted from the day-to-day operations of our business; and • there may be litigation relating to the Merger, or injunctions or governmental orders initiated by a governmental entity restraining, enjoining or prohibiting the consummation of the Merger, and there may be costs related thereto.
Removed
We may face risks related to health epidemics and pandemics or other outbreaks of communicable diseases.
Added
Failure to consummate the Merger within the expected time frame or at all could have a material adverse impact on our business, financial condition and results of operations. There can be no assurance that the proposed Merger will be consummated.
Removed
Our services might be used for illegal or improper purposes, such as consumer fraud or money laundering, which could expose us to additional liability.
Added
The consummation of the proposed Merger is subject to various customary closing conditions, including: (i) the absence of any judgment by any governmental authority of competent jurisdiction or any applicable law that enjoins, restrains or otherwise makes illegal, prevents or prohibits consummation of the Merger, (ii) the receipt of applicable consents, approvals or other clearances required to be obtained under the Merger Agreement, including with respect to the Company’s or its subsidiaries’ money transmitter licenses, and (iii) other customary closing conditions.
Removed
We monitor the creditworthiness of our sending agents, digital partners and the financial institutions with which we do business on an ongoing basis.
Added
There can be no assurance that these and other conditions to closing will be satisfied in a timely manner or at all.
Removed
President or Congress, toward immigration may have a negative effect on immigration in the U.S. and other countries, which could also have an adverse impact on our money remittance volume or growth rate and revenues.
Added
In addition, the consummation of the Merger was conditioned upon (x) the expiration or termination of the applicable waiting period under the HSR Act, which waiting period under expired on October 6, 2025, and (y) approval of the stockholders of the Company, which approval was received at a special meeting of stockholders of the Company on December 9, 2025.
Added
If the Merger is not completed, we may suffer consequences that could adversely affect our business, results of operations, and share price, including the following: • we could be required to pay a termination fee of $19.8 million to Western Union if we engage in alternate business combination transaction; • there can be no assurance that a remedy will be available to us in the event of a breach of the Merger Agreement by Western Union or that we will wholly or partially recover for any damages incurred by us in connection with the Merger; • we would have incurred and will incur significant costs in connection with the Merger that we would be unable to wholly or partially recover; • we may be subject to legal proceedings related to the Merger; • the failure of the Merger to be consummated may result in negative publicity and a negative impression of us among customers or in the investment community or business community generally; 13 Index • any disruptions to our business resulting from the announcement and pendency of the Merger, including any adverse changes in our relationships with our employees, customers, suppliers, and other business partners, may continue or intensify in the event the merger is not consummated; • we may not be able to take advantage of alternative business opportunities or effectively respond to competitive pressures; and • we may experience a departure of management personnel and other employees.
Added
The countries in which we operate may impose or tighten foreign currency exchange control restrictions, taxes or limitations with regard to repatriation of earnings and investments from these countries.
Added
Long-term sustained appreciation of the Mexican peso or Guatemalan quetzal as compared to the U.S. dollar could negatively affect our revenues and results of operations. Refer to Part II, Item 7A, Quantitative and Qualitative Disclosures about Market Risk, “ Foreign Currency Risk ”, for further discussion on foreign currency risk.
Added
Our business involves the physical and electronic movement of large sums of money and the management of data necessary to do so. The success of our business particularly depends upon the efficient and error-free handling of transactions and data.
Added
Any delay or inability to pay money remittances or make related settlements with our agents could adversely impact our business, financial condition and results of operations.
Added
Certain major national and international banks have withdrawn from providing service to money remittance services businesses.
Added
Our sending agents and certain digital partners receive the proceeds from the sale of our money remittances, and we must then collect these funds from the sending agents or digital partners.
Added
This could have an adverse impact on the growth rate of remittance transactions and/or volumes, and ultimately revenues for the Company.
Added
For example, during fiscal year 2025, total remittances processed decreased as compared to fiscal year 2024, however the average principal sent per transaction was notably higher, indicating a change in consumer behavior.
Added
Also, because our operations and services involve the collection, storage, and processing of personal data of consumers globally, we are subject to the GDPR and similar data protection laws outside the United States.
Added
In addition, taxes imposed on the money transfer industry such as the 1% excise tax on cash remittances originated in the United States, effective in 2026, may result in a lower volume of money transfers, which could affect our level of revenue and results of operations.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

12 edited+0 added−0 removed10 unchanged
Biggest changeTo mitigate cybersecurity risks, the Company has designed and implemented a Cybersecurity and Information Security Program ("Cybersecurity Program"), which is managed and executed by our Chief Information Security Officer (“CISO”). Our CISO has over 20 years of experience in information technology and cybersecurity primarily focused in the financial services industry.
Biggest changeTo mitigate cybersecurity risks, the Company has designed and implemented a Cybersecurity and Information Security Program (“Cybersecurity Program”), which is managed and executed by our Chief Information Officer (“CIO”). Our CIO has over 20 years of experience in information technology and cybersecurity primarily focused in the financial services industry.
As a result, we are required to expend significant capital and other resources to protect us against these security breaches or to alleviate problems caused by these breaches. Intermex has experienced, and may continue to experience, cybersecurity threats in the normal course of its business.
As a result, we are required to expend significant capital and other resources to protect us against these security breaches or to 27 alleviate problems caused by these breaches. Intermex has experienced, and may continue to experience, cybersecurity threats in the normal course of its business.
The Board of Directors of the Company (the "Board") generally oversees management’s processes for identifying and mitigating risks we are exposed to, including cybersecurity risks, to help align our risk exposure with our strategic objectives, and has delegated specific oversight of cybersecurity risk management to the Board’s Audit Committee.
The Board of Directors of the Company (the “Board”) generally oversees management’s processes for identifying and mitigating risks we are exposed to, including cybersecurity risks, to help align our risk exposure with our strategic objectives, and has delegated specific oversight of cybersecurity risk management to the Board’s Audit Committee.
Any cybersecurity incidents 26 affecting our computer networks, databases, third-party services or facilities could lead to potential interruptions of our operations or our ability to manage and report our operating results.
Any cybersecurity incidents affecting our computer networks, databases, third-party services or facilities could lead to potential interruptions of our operations or our ability to manage and report our operating results.
These tests are conducted by qualified external consultants and all findings are reported to the CISO and any deficiency is tracked until it has been fully remediated. A risk assessment is conducted regularly based on NIST and CIS frameworks to determine gaps in controls that exposes the Company to a risk level that requires mitigation efforts.
These tests are conducted by qualified external consultants and all findings are reported to the CIO and any deficiency is tracked until it has been fully remediated. A risk assessment is conducted regularly based on NIST and CIS frameworks to determine gaps in controls that exposes the Company to a risk level that requires mitigation efforts.
The Company engages a third party to perform an annual cybersecurity audit, which attests compliance with our Cybersecurity Program and industry best practices. The results of the third-party audit and internal vulnerability reviews are used by the CISO to guide investments in cybersecurity capabilities, solutions, and services to reduce the Company's exposure to cybersecurity risks.
The Company engages a third party to perform an annual cybersecurity audit, which attests compliance with our Cybersecurity Program and industry best practices. The results of the third-party audit and internal vulnerability reviews are used by the CIO to guide investments in cybersecurity capabilities, solutions, and services to reduce the Company's exposure to cybersecurity risks.
In addition, the CISO provides a comprehensive annual report on cybersecurity as well as quarterly updates to the Audit Committee, the Board and Internal Technology Steering Committee (“IT Steering Committee”), which is composed of members from our Executive Management team and key Information Technology (“IT”) personnel.
In addition, the CIO provides a comprehensive annual report on cybersecurity as well as quarterly updates to the Audit Committee, the Board and Internal Technology Steering Committee (“IT Steering Committee”), which is composed of members from our Executive Management team and key Information Technology (“IT”) personnel.
Our CISO is an experienced professional in technology, security, risk management, and compliance principles related to most United States and global financial services related regulations. Also, our CISO holds and maintains an active Certified Information Systems Security Professional certification as well as other relevant technical certifications.
Our CIO is an experienced professional in technology, security, risk management, and compliance principles related to most United States and global financial services related regulations. Also, our CIO holds and maintains an active Certified Information Systems Security Professional certification as well as other relevant technical certifications.
Key risk factors, along with action plans and a status of identified matters are communicated to Executive Management, the Audit Committee and the Board as part of the CISO's quarterly updates.
Key risk factors, along with action plans and a status of identified matters are communicated to Executive Management, the Audit Committee and the Board as part of the CIO's quarterly updates.
Any significant, control failure, weakness or cybersecurity incident is reported by the CISO to the Company's incident response team and prioritized for remediation in accordance with our cybersecurity incident response plan.
Any significant, control failure, weakness or cybersecurity incident is reported by the CIO to the Company's incident response team and prioritized for remediation in accordance with our cybersecurity incident response plan.
To aid managing, prioritizing and remediating any identified cybersecurity, software engineering, and IT infrastructure risks, the Company has implemented a risk register. The risk register is maintained by the IT Department and the status of remediation efforts is communicated to management during the quarterly meetings of the IT Steering Committee.
To aid managing, prioritizing and remediating any identified cybersecurity, software engineering, and IT infrastructure risks, the Company has implemented a risk register. The risk register is maintained by the Technology Audit & Compliance Department and the status of remediation efforts is communicated to management during the quarterly meetings of the IT Steering Committee.
All findings from testing, vulnerability analysis, breach scenarios, and event detection are reported quarterly by the CISO to the IT Steering Committee and Audit Committee.
All findings from testing, vulnerability analysis, breach scenarios, and event detection are reported quarterly by the CIO to the IT Steering Committee and Audit Committee.

Item 2. Properties

Properties — owned and leased real estate

3 edited+0 added−0 removed2 unchanged
Biggest changeWe periodically review our facility requirements and may acquire new facilities, or modify, update, consolidate, dispose of or sublet existing facilities based on evolving business needs. In December 2022, we entered into a lease agreement, which expires in 2033, for our new headquarters to accommodate our growing workforce. We completed the move to the new headquarters in February 2024.
Biggest changeWe periodically review our facility requirements and may acquire new facilities, or modify, update, consolidate, dispose of or sublet existing facilities based on evolving business needs. In December 2022, we entered into a lease agreement, which expires in 2033, for our new headquarters to accommodate our growing workforce.
Our facilities are used for operational, sales and administrative purposes in support of our business, and are all currently being utilized as intended. We believe that our properties are sufficient to meet our current and projected business needs.
Our facilities are used for operational, sales and administrative purposes in support of our business, and are all currently being utilized as intended. 28 Index We believe that our properties are sufficient to meet our current and projected business needs.
In 27 Index addition, as of December 31, 2024, we lease 102 Company-operated stores throughout the United States and 13 Company-operated stores throughout Spain, Italy, the United Kingdom and Germany. Substantially all our facilities are leased.
In addition, as of December 31, 2025, we lease 115 Company-operated stores throughout the United States and 3 Company-operated stores throughout Italy and Germany. Substantially all our facilities are leased.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed2 unchanged
Biggest changeReference is made to Note 19 – Commitments and Contingencies in the Consolidated Financial Statements of International Money Express, Inc. contained elsewhere in this Annual Report on Form 10–K for information regarding certain legal proceedings to which we are a party, which information is incorporated by reference herein. ITEM 4. MINE SAFETY DISCLOSURES Not Applicable. 28 Index PART II
Biggest changeReference is made to Note 19 – Commitments and Contingencies in the Consolidated Financial Statements of International Money Express, Inc. contained elsewhere in this Annual Report on Form 10–K for information regarding certain legal proceedings to which we are a party, which information is incorporated by reference herein. ITEM 4. MINE SAFETY DISCLOSURES Not Applicable. 29 Index PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+1 added−1 removed9 unchanged
Biggest changeOn March 3, 2023, the Board of Directors approved an increase to the Repurchase Program that authorizes the Company to purchase an additional $100.0 million of its outstanding shares.
Biggest changeOn March 3, 2023, the Board of Directors approved an increase to the Repurchase Program that authorizes the Company to purchase an additional $100.0 million of its outstanding shares. On August 26, 2024, the Board of Directors approved an increase to the Repurchase Program that authorizes the Company to purchase an additional $63.8 million of its outstanding shares.
We have not declared or paid, and do not anticipate declaring or paying in the foreseeable future, any cash dividends on our common stock. In addition, the terms of our credit facility include restrictions on our ability to pay dividends to our common stockholders.
We have not declared or paid, and do not anticipate declaring or paying in the foreseeable future, any cash dividends on our common stock. In addition, the terms of the Merger Agreement and our credit facility include restrictions on our ability to pay dividends to our common stockholders.
The graph assumes the value of the investment in our common stock and each index was $100 on December 31, 2019 and that all dividends were reinvested. The graph plots the value of the initial $100 investment at quarterly intervals for the fiscal years shown.
The graph assumes the value of the investment in our common stock and each index was $100 on December 31, 2020 and that all dividends were reinvested. The graph plots the value of the initial $100 investment at quarterly intervals for the fiscal years shown.
The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend-reinvested basis, for (1) the Company’s common stock, (2) the NASDAQ US Benchmark TR Index and (3) our Peer Group, for the period from December 31, 2019 through December 31, 2024.
The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend-reinvested basis, for (1) the Company’s common stock, (2) the NASDAQ US Benchmark TR Index and (3) our Peer Group, for the period from December 31, 2020 through December 31, 2025.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market for the Company’s Common Stock Our common stock trades on the Nasdaq Capital Market under the symbol “IMXI”. As of February 24, 2025, there were 52 holders of record of our common stock.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market for the Company’s Common Stock Our common stock trades on the Nasdaq Capital Market under the symbol “IMXI”. As of March 3, 2026, there were 41 holders of record of our common stock.
The following table provides information about repurchases of our common stock during the quarter ended December 31, 2024: Period Total Number of Shares Purchased (a) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program (b) Approximate Dollar Value of Shares that May Yet be Purchased under the Program October 1 through October 31 421,354 $ 17.72 418,820 $ 75,756,376 November 1 through November 30 316,647 $ 20.34 316,463 $ 69,320,196 December 1 through December 31 351,211 $ 21.09 290,538 $ 63,177,870 Total 1,089,212 1,025,821 (a) Includes (i) 2,534, (ii) 184 and (iii) 60,673 shares withheld for income tax purposes in October 2024, November 2024 and December 2024, respectively, in connection with shares issued under compensation and benefit programs.
The following table provides information about repurchases of our common stock during the quarter ended December 31, 2025: Period Total Number of Shares Purchased (a) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program (b) Approximate Dollar Value of Shares that May Yet be Purchased under the Program October 1 through October 31 1,260 $ 14.86 — $ 48,299,973 November 1 through November 30 123 $ 15.08 — $ 48,299,973 December 1 through December 31 86 $ 15.36 — $ 48,299,973 Total 1,469 — (a) Represents shares withheld for income tax purposes in October 2025, November 2025 and December 2025, respectively, in connection with shares issued under compensation and benefit programs.
Removed
On August 26, 2024, the Board of Directors approved an increase to the Repurchase Program that authorizes the Company to purchase an additional $63.8 million of its outstanding shares. 29 Index ITEM 6. [RESERVED] 30 Index
Added
The Company has suspended activity under the Repurchase Program and does not intend to make further repurchases under it during the pendency of the Merger Agreement. 30 Index ITEM 6. [RESERVED] 31 Index

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

95 edited+26 added−25 removed72 unchanged
Biggest changeKey Factors and Trends Affecting our Business Various trends and other factors have affected and may continue to affect our business, financial condition and operating results, including, but not limited to: • the potential adverse effects on the Company’s stock price from the suspension of the strategic alternatives evaluation process; • our success in expanding customer acceptance of our digital services, the cost of acquiring digital customers, as well as our ability to continue to develop new products, services and infrastructure; • new technology or competitors that disrupt the current money transfer and payment ecosystem, including the introduction and increased consumer preference for digital platforms; • loss of, or reduction in business with, key sending agents; • our ability to effectively compete in the markets in which we operate; 32 Index • economic factors such as inflation, the level of economic activity, recession risks and labor market conditions, as well as volatility in market interest rates; • international political factors, including ongoing hostilities in Ukraine and the Middle East, political instability, tariffs, including the effects of tariffs on domestic markets and industrial activity and employment, border taxes or restrictions on remittances or transfers from the outbound countries in which we operate or plan to operate; • volatility in foreign exchange rates that could affect the volume of consumer remittance activity and/or affect our foreign exchange related gains and losses; • changes in immigration laws and their enforcement, including its effects on the level of immigrant employment and earning potential; • consumer confidence in our brands and in consumer money transfers generally; • expansion into new geographic markets or product markets; • our ability to successfully execute, manage, integrate and obtain the anticipated financial benefits of key acquisitions and mergers; • the ability of our risk management and compliance policies, procedures and systems to mitigate risk related to transaction monitoring; • consumer fraud and other risks relating to the authenticity of customers’ orders or the improper or illegal use of our services by consumers, sending agents or digital partners; • cybersecurity-attacks or disruptions to our information technology, computer network systems, data centers and mobile device applications; • our ability to maintain favorable banking and paying agent relationships necessary to conduct our business; • bank failures, sustained financial illiquidity, or illiquidity at the clearing, cash management or custodial financial institutions with which we do business; • changes to banking industry regulation and practice; • credit risks from our agents, digital partners and the financial institutions with which we do business; • our ability to recruit and retain key personnel; • our ability to maintain compliance with applicable laws and regulatory requirements including those intended to prevent use of our money remittance services for criminal activity, those related to data and cybersecurity protection, and those related to new business initiatives; • enforcement actions and private litigation under regulations applicable to the money remittance services; • changes in tax laws in the countries we operate; • our ability to protect our brands and intellectual property rights; • our ability to satisfy our debt obligations and remain in compliance with our credit facility requirements; • public health conditions, responses thereto and the economic and market effects thereof; • the use of third-party vendors and service providers; and • weakness in U.S. or international economic conditions.
Biggest changeKey Factors and Trends Affecting our Business Various trends and other factors have affected and may continue to affect our business, financial condition and operating results, including, but not limited to: • factors relating to the contemplated pending acquisition of the Company by Western Union, including: (i) the completion of the pending transaction on anticipated terms and timing or at all, including obtaining stockholder and regulatory approvals and other conditions to the completion of the transaction; (ii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, which may require us to pay a termination fee or 33 Index other expenses; (iii) potential significant transaction costs associated with the pending transaction (including litigation expenses and liabilities, if any), and the possibility that the pending transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (iv) continued availability of capital and other changes in capital markets; (v) potential litigation or regulatory actions relating to the pending transaction, which could delay or prevent consummation of the transaction; (vi) the risk that disruptions from the pending transaction, such as diverting management’s attention from our ongoing business operations and relationships, may harm our business, including current plans and operations; (vii) the effect of the announcement, pendency or completion of the pending transaction on our ability to retain and hire key personnel; (viii) our ability to maintain relationships with customers, suppliers, governments, regulators and others with whom we do business, or our operating results or business generally; and (ix) potential adverse business uncertainty resulting from restrictions imposed by the Merger Agreement during the pendency of the pending transaction that may impact our ability to pursue certain business opportunities or strategic transactions; • changes in immigration laws and their enforcement, including any adverse effects on the level of immigrant employment, earning potential, and other commercial activities; • our success in expanding customer acceptance of our digital services and infrastructure, as well as developing, introducing and marketing new digital and other products and services; • new technology or competitors that disrupt the current money transfer and payment ecosystem, including the introduction of new digital platforms; • changes in tax laws in the United States and other countries in which we operate, including the imposition of taxes on certain types of remittances beginning in 2026; • loss of, or reduction in business with, key sending agents; • o ur ability to effectively compete in the markets in which we operate; • economic factors such as inflation, the level of economic activity, recession risks and labor market conditions, as well as volatility in market interest rates; • political conditions in the United States and other markets in which we operate or plan to operate; • international political factors, including ongoing conflicts in Ukraine and the Middle East and other geopolitical developments, political instability, tariffs, including the effects of tariffs on domestic markets and industrial activity and employment, border taxes or restrictions on remittances or transfers from the outbound countries in which we operate or plan to operate; • volatility in foreign exchange rates that could affect the volume of consumer remittance activity and/or affect our foreign exchange related gains and losses; • consumer confidence in our brands and in consumer money transfers generally; • expansion into new geographic markets or product markets; • our ability to successfully execute, manage, integrate and obtain the anticipated financial benefits of key acquisitions and mergers; • cybersecurity-attacks or disruptions to our information technology, computer network systems, data centers and mobile devices applications; • the ability of our risk management and compliance policies, procedures and systems to mitigate risk related to transaction monitoring; • consumer fraud and other risks relating to the authenticity of customers’ orders or the improper or illegal use of our services by consumers, sending agents or digital partners; • our ability to maintain favorable banking and paying agent relationships necessary to conduct our business; • bank failures, sustained financial illiquidity, or illiquidity at the clearing, cash management or custodial financial institutions with which we do business; • changes to banking industry regulation and practice; 34 Index • credit risks from our agents, digital partners and the financial institutions with which we do business; • our ability to recruit and retain key personnel; • our ability to maintain compliance with applicable laws and regulatory requirements, including those intended to prevent use of our money remittance services for criminal activity, those related to data and cybersecurity protection, and those related to new business initiatives; • enforcement actions and private litigation under regulations applicable to money remittance services; • our ability to protect intellectual property rights; • our ability to satisfy our debt obligations and remain in compliance with our credit facility requirements; • public health conditions, responses thereto and the economic and market effects thereof; • the use of third-party vendors and service providers; and • weakness in U.S. or international economic conditions. .
Service charges vary based on agent commission percentages and the amount of fees charged by the banks. Sending agents earn a commission on each transaction they process of approximately 50% of the transaction fee. Service charges also include transaction processing costs incurred in facilitating money transfers processed through our digital channels.
Service charges vary based on agent commission percentages, payer fees and the amount of fees charged by the banks. Sending agents earn a commission on each transaction they process of approximately 50% of the transaction fee. Service charges also include transaction processing costs incurred in facilitating money transfers processed through our digital channels.
Accounts receivable that are more than 90 days past due are charged off against the allowance for credit losses. The Company is not party to any off-balance sheet arrangements that would require an allowance for credit losses. Goodwill and Intangible Assets Goodwill and intangible assets result primarily from business acquisition transactions.
Accounts receivable that are more than 90 days past due are charged off against the allowance for credit losses. The Company is not party to any off-balance sheet arrangements that would require an allowance for credit losses. Goodwill and Intangible Assets Goodwill and intangible assets result primarily from business and asset acquisition transactions.
Our money remittance services enable consumers to send funds through our broad network of locations in the United States, Canada, Spain, Italy, Germany and the United Kingdom that are primarily operated by third-party businesses, as well as by Company-operated stores located in those jurisdictions.
Our money remittance services enable consumers to send funds through our broad network of locations in the United States, Canada, Spain, Italy and Germany that are primarily operated by third-party businesses, as well as by Company-operated stores located in those jurisdictions.
Overview We are a leading omnichannel money remittance services company focused primarily on the United States of America (“United States” or “U.S.”) to Latin America and the Caribbean (“LAC”) corridor, which includes Mexico, Central and South America and the Caribbean.
Overview We are a global leading omnichannel money remittance services company focused primarily on the United States of America (“United States” or “U.S.”) to Latin America and the Caribbean (“LAC”) corridor, which includes Mexico, Central and South America and the Caribbean.
Financing Activities Net cash used in financing activities was $114.2 million for the year ended December 31, 2024, which primarily consisted of $42.6 million of net borrowings under the revolving credit facility, $75.5 million in scheduled quarterly pay-downs for the first half of the year and final payoff of the term loan facility, $75.1 million used for repurchases of common stock, $3.1 million in debt origination costs 45 Index related to the Second A&R Credit Agreement and $2.5 million of payments for stock-based awards for shares withheld for tax payments in connection with share-based compensation arrangements.
Net cash used in financing activities was $114.2 million for the year ended December 31, 2024, which primarily consisted of $42.6 million of net borrowings under the revolving credit facility, $75.5 million in scheduled quarterly pay-downs for the first half of the year and final payoff of the term loan facility, $75.1 million used for repurchases of common stock, $3.1 million in debt origination costs related to the Second A&R Credit Agreement and $2.5 million of payments for stock-based awards for shares withheld for tax payments in connection with share-based compensation arrangements.
Our remittance services, which include a comprehensive suite of ancillary financial processing solutions and payment services, are available in all 50 states in the U.S., Washington D.C., Puerto Rico and 13 provinces in Canada, as well as in certain locations in Spain, Italy, Germany and the United Kingdom, where consumers can send money to beneficiaries in more than 60 countries in LAC, Europe, Africa and Asia.
Our remittance services, which include a comprehensive suite of ancillary financial processing solutions and payment services, are available in all 50 states in the U.S., Washington D.C., Puerto Rico and 13 provinces in Canada, as well as in certain locations in Spain, Italy and Germany, where consumers can send money to beneficiaries in more than 60 countries in LAC, Europe, Africa and Asia.
After consideration of all evidence, both positive and negative, management has determined that no valuation allowance is required at December 31, 2024 on the Company’s U.S. federal or state deferred tax assets; however, a valuation allowance has been recorded as of December 31, 2024 on deferred tax assets associated with foreign net operating loss carryforwards.
After consideration of all evidence, both positive and negative, management has determined that no valuation allowance is required at December 31, 2025 on the Company’s U.S. federal or state deferred tax assets; however, a valuation allowance has been recorded as of December 31, 2025 on deferred tax assets associated with foreign net operating loss carryforwards.
In coming periods, we expect these and future regulatory requirements will continue to result in changes to certain of our business and administrative practices and may result in increased costs. We maintain a compliance department, the responsibility of which is to monitor transactions, detect and report suspicious activity, maintain appropriate records and train our employees and agents.
In coming periods, we expect these and future regulatory requirements will continue to result in changes to certain of our business and administrative practices and may result in increased costs. 35 Index We maintain a compliance department, the responsibility of which is to monitor transactions, detect and report suspicious activity, maintain appropriate records and train our employees and agents.
For example, non-cash compensation costs can be subject to volatility 39 Index from changes in the market price per share of our common stock or variations in the value and number of shares granted, and amortization of intangible assets is subject to business and asset acquisition activities, which varies from period to period.
For example, non-cash compensation costs can be subject to volatility from changes in the market price per share of our common stock or variations in the value and number of shares granted, and amortization of intangible assets is subject to business and asset acquisition activities, which varies from period to period.
Operating Leases We are party to operating leases for office space, warehouses and Company-operated store locations, which we use as part of our day-to-day operations. Operating lease expenses were $7.0 million for the year ended December 31, 2024. We have not entered into finance lease commitments.
Operating Leases We are party to operating leases for office space, warehouses and Company-operated store locations, which we use as part of our day-to-day operations. Operating lease expenses were $7.0 million for the year ended December 31, 2025. We have not entered into finance lease commitments.
We generally compete for money remittance agents on the basis of value, service, quality, technical and operational differences, commission structure and marketing efforts. As a philosophy, we sell credible solutions to our sending agents, not 33 Index discounts or higher commissions, as is typical for the industry.
We generally compete for money remittance agents on the basis of value, service, quality, technical and operational differences, commission structure and marketing efforts. As a philosophy, we sell credible solutions to our sending agents, not discounts or higher commissions, as is typical for the industry.
The maturity date of the Second A&R Credit Agreement is August 29, 2029. A portion of the initial borrowings under the new revolving credit facility were used to repay in full the remaining outstanding balance of the Company’s term loan under the A&R Credit Agreement and to pay the costs associated with establishing the new revolving credit facility.
The maturity date of the Second A&R Credit Agreement is August 29, 2029. A portion of the initial borrowings under the new revolving credit facility were used to repay in full the remaining outstanding balance of the Company’s term loan under the A&R Credit Agreement and to pay the costs 45 Index associated with establishing the new revolving credit facility.
As of December 31, 2024, we were in compliance with these covenants. Our indebtedness could adversely affect our ability to raise additional capital, limit our ability to react to changes in the economy or our industry, expose us to interest rate risk and prevent us from meeting our obligations.
As of December 31, 2025, we were in compliance with these covenants. Our indebtedness could adversely affect our ability to raise additional capital, limit our ability to react to changes in the economy or our industry, expose us to interest rate risk and prevent us from meeting our obligations.
Results of Operations A discussion of changes in our results of operations and cash flows from fiscal year 2023 to fiscal year 2022 has been omitted from this Annual Report on Form 10-K, but may be found in “Item 7.
Results of Operations A discussion of changes in our results of operations and cash flows from fiscal year 2024 to fiscal year 2023 has been omitted from this Annual Report on Form 10-K, but may be found in “Item 7.
Remittances paid in local currencies that are not pegged to the U.S. dollar, Canadian dollar, Euro or British pound can also generate revenue if we are successful in our daily management of currency exchange spreads.
Remittances paid in local currencies that are not pegged to the U.S. dollar, Canadian dollar or Euro can also generate revenue if we are successful in our daily management of currency exchange spreads.
The three largest remittance corridors we serve are United States to Mexico, United States to Guatemala and Unites States to the Dominican Republic. According to the latest information available from the World Bank Remittance Matrix, the United States to Mexico remittance corridor was one of the largest in the world in 2024 .
The three largest remittance corridors we serve are United States to Mexico, United States to Guatemala and Unites States to the Dominican Republic. According to the latest information available from the World Bank Remittance Matrix, the United States to Mexico remittance corridor was one of the largest in the world in 2025 .
We maintain a strong cash and cash equivalents balance position and have access to committed funding sources, which we have used only on an ordinary course basis during the year ended December 31, 2024.
We maintain a strong cash and cash equivalents balance position and have access to committed funding sources, which we have used only on an ordinary course basis during the year ended December 31, 2025.
We generate money remittance revenue from fees paid by consumers (i.e., the senders of funds), which we share with our sending agents in the originating country and our paying agents in the destination country.
We generate money remittance revenue from fees paid by consumers (i.e., the senders of funds), which we share with our sending agents and digital partners in the originating country and our paying agents in the destination country.
Upon such an occurrence, recoverability of assets to be 46 Index held and used is measured by comparing the carrying amount of an asset to forecasted undiscounted future net cash flows expected to be generated by the asset.
Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to forecasted undiscounted future net cash flows expected to be generated by the asset.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 28, 2024, which is available free of charge on the SEC’s website at www.sec.gov and at www.intermexonline.com, by clicking “Investors” located at the bottom of the page.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025, which is available free of charge on the SEC’s website at www.sec.gov and at www.intermexonline.com, by clicking “Investors” located at the bottom of the page.
The decrease in Adjusted Net Income was primarily due to the decrease in net income discussed above partially offset by the slightly higher net effect of the adjusting items detailed in the table below.
The decrease in Adjusted Net Income was primarily due to the decrease in net income discussed above offset by the higher net effect of the adjusting items detailed in the table below.
Share-based compensation is primarily recognized as an expense on a straight-line basis over the requisite service period; unrecognized compensation expense related to restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance stock units (“PSUs”) of approximately $12.8 million is expected to be recognized over a weighted-average period of 1.9 years.
Share-based compensation is primarily recognized as an expense on a straight-line basis over the requisite service period; unrecognized compensation expense related to restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance stock units (“PSUs”) of approximately $14.9 million is expected to be recognized over a weighted-average period of 1.7 years.
This increase in cash used was primarily due to the acquisitions of the Amigo Paisano brands and a money remittance Company in the United Kingdom through cash transactions, which resulted in $13.2 million of cash used, net of cash acquired.
This decrease in cash used was primarily due to the acquisitions of the Amigo Paisano brands and a money remittance Company in the United Kingdom through cash transactions, which resulted in $13.2 million of cash used, net of cash acquired in 2024.
Our business has generally been resilient during times of economic instability as money remittances are essential to many recipients, with the funds used by the receiving parties for their daily needs; however, long-term sustained appreciation of the Mexican peso or Guatemalan quetzal as compared to the U.S. dollar could negatively affect our revenues and profitability.
Our business has generally been resilient during times of economic instability as money remittances are essential to many recipients, with the funds used by the receiving parties for their daily needs; however, continued enhanced immigration enforcement activities in the U.S. or long-term sustained appreciation of the Mexican peso or Guatemalan quetzal as compared to the U.S. dollar could negatively affect our revenues and profitability.
In addition, the Company does not expect that the execution of this restructuring plan will result in any material reduction of revenues or increase of its ongoing operating expenses.
In addition, the Company does not expect that the execution of this strategy will result in any material reduction of revenues or increase of its ongoing operating expenses.
The increase in Adjusted EBITDA was primarily due to the higher net effect of the adjusting items detailed in the table below, partially offset by the decrease in net income discussed above.
The decrease in Adjusted EBITDA was primarily due to the decrease in Net Income as discussed above, offset by the higher net effect of the adjusting items detailed in the table below.
We also generate revenue from our “wire as a service” relationships with digital partners where we receive a fee for facilitating money transfers processed through our proprietary software systems, money transmitter licenses and payer network relationships.
We also generate revenue from our “Remittance-as-a-Service” (“RaaS”) relationships with digital partners where we receive a fee for facilitating money transfers processed through our proprietary software systems, using our money transmitter licenses and payer network relationships.
Segments Our business is organized around one reportable segment that provides money transmittal services primarily between the United States, Canada and certain countries in Europe to Mexico, Guatemala and other countries in Latin America, Africa and Asia through a network of authorized agents located in various unaffiliated retail establishments and 117 Company-operated stores throughout the United States, Canada, Spain, Italy, Germany and the United Kingdom, as well as digitally through the Internet via our websites and mobile device applications.
Segments Our business is organized around one reportable segment that provides money transmittal services primarily between the United States, Canada and certain countries in Europe to Mexico, Guatemala and other countries in Latin America, Africa and Asia through a network of authorized agents located in various unaffiliated retail establishments and 118 Company-operated stores throughout the United States, Canada, Spain, Italy and Germany, as well as digitally through the Internet via our websites, co-branded websites with digital partners and mobile device applications.
In addition, we generate revenue from our “wire as a service” contracts with digital partners under which we receive fees for facilitating money transfers processed through our proprietary software systems, using our money transmitter licenses and payer network relationships. 34 Index Operating Expenses Service Charges from Agents and Banks Service charges primarily consist of sending and paying agent commissions and bank fees.
In addition, we generate revenue from our RaaS contracts with digital partners under which we receive fees for facilitating money transfers processed through our proprietary software systems, using our money transmitter licenses and payer network relationships. Operating Expenses Service Charges from Agents and Banks Service charges primarily consist of sending and paying agent commissions and bank fees.
The Second A&R Credit Agreement permits the Company to make restricted payments (including share repurchases, among others) under a variety of tests as described above, including, without limitation, so long as the Consolidated Leverage Ratio (as defined in the Second A&R Credit Agreement), as of the then most recently completed four fiscal quarters of the Company, after giving pro forma effect to such restricted payments, is 2.50:1.00 or less.
The Second A&R Credit Agreement permits the Company to make restricted payments (including share repurchases, among others) under a variety of tests as described above, including, without limitation, so long as the Consolidated Leverage Ratio (as defined in the Second A&R Credit Agreement), as of the then most recently completed four fiscal quarters of the Company, after giving pro forma effect to such restricted payments, is 2.50:1.00 or less. 46 Index The Company accounts for purchases of treasury stock under the cost method.
Service charges from agents and banks — Service charges from agents and banks were $429.0 million for the year ended December 31, 2024 compared to $430.9 million for the year ended December 31, 2023.
Service charges from agents and banks — Service charges from agents and banks were $388.9 million for the year ended December 31, 2025 compared to $429.0 million for the year ended December 31, 2024.
Adjusted Earnings per Share - Basic and Diluted is calculated by dividing Adjusted Net Income by GAAP weighted-average common shares outstanding (basic and diluted). Adjusted Net Income for the year ended December 31, 2024 was $70.4 million, representing a decrease of $0.6 million, or 0.8%, from Adjusted Net Income of $71.0 million for the year ended December 31, 2023.
Adjusted Earnings per Share - Basic and Diluted is calculated by dividing Adjusted Net Income by GAAP weighted-average common shares outstanding (basic and diluted). Adjusted Net Income for the year ended December 31, 2025 was $50.0 million, representing a decrease of $20.4 million, or 29.0%, from Adjusted Net Income of $70.4 million for the year ended December 31, 2024.
The increase in Adjusted Earnings per Share - Basic was primarily due to the effect of a lower weighted average common shares total for the year due to stock repurchases combined with the higher net effect of the adjusting items detailed in the table above, partially offset by lower net income for the year.
The decrease in Adjusted Earnings per Share - Basic was primarily due to the decrease in Net Income, partially offset by the effect of a lower weighted average common shares total for the period due to stock repurchases as well as the higher net effect of the adjusting items detailed in the table above.
Our services are accessible in person through over 100,000 independent sending and paying agents and 117 Company-operated stores, as well as digitally through the Internet via our websites and mobile device applications.
Our services are accessible in person through over 100,000 independent sending and paying agents and 118 Company-operated stores, as well as digitally through the Internet via our websites, co-branded websites with digital partners and mobile device applications.
Net Income We reported net income of $58.8 million for the year ended December 31, 2024 compared to net income of $59.5 million for the year ended December 31, 2023, which resulted in a decrease of $0.7 million due to the same factors discussed above.
Net Income We reported net income of $32.7 million for the year ended December 31, 2025 compared to net income of $58.8 million for the year ended December 31, 2024, which resulted in a decrease of $26.1 million due to the same factors discussed above.
Our income tax provision reflects the effects of state taxes, non-deductible expenses, share-based 35 Index compensation expense, and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate. Net Income Net income is determined by subtracting operating and non-operating expenses from revenues.
Our income tax provision reflects the effects of state taxes, non-deductible expenses, share-based compensation expense, and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate.
As a result of implementing this restructuring plan, the Company expects to reduce compensation expense and certain facilities related charges in an amount of approximately $2.0 million a year. The anticipated effect of this reduction in expenses will be primarily realized during 2025.
As a result of implementing this strategy, the Company expects to reduce compensation expense and certain facilities related charges in an amount of approximately $2.5 million a year. The anticipated effect of this reduction in expenses will be primarily realized beginning in the second quarter of 2026.
Our significant accounting policies are discussed in Part II, Item 8, Financial Statements and Supplementary Data, Note 2, “Summary of Significant Accounting Policies.” Allowance for Credit Losses Accounts receivable and agent advances receivable are recorded at their net realizable value, which is net of an allowance for credit losses.
Our significant accounting policies are discussed in Part II, Item 8, Financial Statements and Supplementary Data, Note 2, “Summary of Significant Accounting Policies.” Allowance for Credit Losses Accounts receivable and agent advances receivable are recorded at amortized cost, reflecting the amount outstanding, net of an allowance for credit losses.
The increase in Adjusted Earnings per Share - Diluted was primarily due to the effect of a lower weighted average common shares total for the year due to stock repurchases combined with the higher net effect of the adjusting items detailed in the table above, partially offset by lower net income for the year. 41 Index The following table presents the reconciliation of GAAP Earnings per Share, our closest GAAP measure, to Adjusted Earnings per Share: Year Ended December 31, 2024 2023 Basic Diluted Basic Diluted GAAP Earnings per Share $ 1.81 $ 1.79 $ 1.67 $ 1.63 Adjusted for: Share-based compensation $ 0.22 $ 0.21 $ 0.23 $ 0.22 Restructuring costs $ 0.09 $ 0.09 $ 0.03 $ 0.03 Transaction costs $ 0.06 $ 0.06 $ 0.01 $ 0.01 Legal contingency settlement $ (0.02) $ (0.02) $ — $ — Other charges and expenses $ 0.04 $ 0.04 $ 0.05 $ 0.05 Amortization of intangibles $ 0.12 $ 0.12 $ 0.13 $ 0.13 Income tax benefit related to adjustments $ (0.15) $ (0.15) $ (0.14) $ (0.13) Adjusted Earnings per Share $ 2.17 $ 2.14 $ 1.99 $ 1.95 The table above may contain slight summation differences due to rounding.
The decrease in Adjusted Earnings per Share - Diluted was primarily due to the decrease in Net Income, partially offset by the effect of a lower weighted average common shares total for the year due to stock repurchases as well as the higher net effect of the adjusting items detailed in the table above. 43 Index The following table presents the reconciliation of GAAP Earnings per Share, our closest GAAP measure, to Adjusted Earnings per Share: Year Ended December 31, 2025 2024 Basic Diluted Basic Diluted GAAP Earnings per Share $ 1.09 $ 1.08 $ 1.81 $ 1.79 Adjusted for: Share-based compensation $ 0.31 $ 0.31 $ 0.22 $ 0.21 Restructuring costs $ 0.02 $ 0.02 $ 0.09 $ 0.09 Transaction costs $ 0.35 $ 0.35 $ 0.06 $ 0.06 Contingency settlements $ (0.11) $ (0.11) $ (0.02) $ (0.02) Goodwill impairment $ 0.04 $ 0.04 $ — $ — Other charges and expenses $ 0.08 $ 0.08 $ 0.04 $ 0.04 Amortization of intangibles $ 0.14 $ 0.14 $ 0.12 $ 0.12 Income tax benefit related to adjustments $ (0.26) $ (0.25) $ (0.15) $ (0.15) Adjusted Earnings per Share $ 1.67 $ 1.66 $ 2.17 $ 2.14 The table above may contain slight summation differences due to rounding.
The Company’s agent relationships, trade names and developed technology are amortized utilizing an accelerated method over their estimated useful lives of up to 15 years. Other intangible assets are amortized on a straight-line basis over a useful life of up to 10 years. The Company reviews for impairment indicators of finite-lived intangibles and other long-lived assets as described below.
The Company’s agent relationships, trade names and developed technology are amortized utilizing an accelerated method over their estimated useful lives of up to 15 years. Other intangible assets are amortized on a straight-line basis over a useful life of up to 10 years.
The Company has paid out $2.3 million of the above charges during the year ended December 31, 2024 and has a liability of $0.3 million recorded in accrued and other liabilities in the consolidated balance sheet as of December 31, 2024. The Company anticipates to incur additional restructuring costs through March 31, 2025 of approximately $0.4 million.
The Company has paid out $0.4 million of the above charges during the year ended December 31, 2025 and has a liability of $0.3 million recorded in accrued and other liabilities in the consolidated balance sheet as of December 31, 2025.
Other Selling, General and Administrative General and administrative expenses primarily consist of fixed overhead expenses associated with our operations, such as information technology, telecommunications, rent, insurance, professional services, non-income or indirect taxes, facilities maintenance, provision for credit losses and other similar types of operating expenses.
Other Selling, General and Administrative General and administrative expenses primarily consist of fixed overhead expenses associated with our operations, including our Company-operated stores, such as information technology, telecommunications, rent, insurance, professional services, non-income or indirect taxes, facilities maintenance, public-company reporting requirements, regulatory compliance requirements and other similar types of operating expenses.
Transaction Costs — Transaction Costs of $1.8 million and $0.4 million for the years ended December 31, 2024 and 2023, respectively, consist primarily of financial advisory fees as well as other professional fees and legal fees incurred in connection with business acquisition transactions and strategic alternatives.
Transaction Costs — Transaction Costs of $10.5 million and $1.8 million for the years ended December 31, 2025 and 2024, respectively, consist primarily of financial advisory fees as well as other professional fees and legal fees incurred in connection with the Company's evaluation of strategic alternatives, including the pending Merger with Western Union and business acquisition transactions.
The Company evaluates long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
The Company reviews for impairment indicators of finite-lived intangibles and other long-lived assets as described below. 48 Index The Company evaluates long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Other selling, general and administrative expenses — Other selling, general and administrative expenses of $47.9 million for the year ended December 31, 2024 increased by $0.2 million, or 0.4%, from $47.7 million for the year ended December 31, 2023.
Other selling, general and administrative expenses — Other selling, general and administrative expenses of $50.7 million for the year ended December 31, 2025 increased by $9.2 million, or 22.2%, from $41.5 million for the year ended December 31, 2024.
Adjusted Earnings per Share - Basic (previously defined and used as described above) for the year ended December 31, 2024 was $2.17, representing an increase of $0.18, or 9.0%, compared to $1.99 for the year ended December 31, 2023.
Adjusted Earnings per Share - Basic (previously defined and used as described above) for the year ended December 31, 2025 was $1.67, representing a decrease of $0.50, or 23.0%, compared to $2.17 for the year ended December 31, 2024.
Cash Flows The following table summarizes the changes to our cash flows for the periods presented: Year Ended December 31, (in thousands) 2024 2023 2022 Statement of Cash Flows Data: Net cash provided by operating activities $ 53,085 $ 143,525 $ 15,174 Net cash used in investing activities (43,946) (18,280) (12,529) Net cash (used in) provided by financing activities (114,204) (37,120) 14,058 Effect of exchange rate changes on cash and cash equivalents (3,635) 1,585 316 Net (decrease) increase in cash and cash equivalents (108,700) 89,710 17,019 Cash and cash equivalents, beginning of the year $ 239,203 $ 149,493 $ 132,474 Cash and cash equivalents, end of the year $ 130,503 $ 239,203 $ 149,493 Operating Activities Net cash provided by operating activities was $53.1 million for the year ended December 31, 2024, a decrease of $90.4 million from net cash provided by operating activities of $143.5 million for the year ended December 31, 2023.
Cash Flows The following table summarizes the changes to our cash flows for the periods presented: Year Ended December 31, (in thousands) 2025 2024 2023 Statement of Cash Flows Data: Net cash provided by operating activities $ 36,887 $ 53,085 $ 143,525 Net cash used in investing activities (22,066) (43,946) (18,280) Net cash provided by (used in) financing activities 20,795 (114,204) (37,120) Effect of exchange rate changes on cash and cash equivalents 2,563 (3,635) 1,585 Net increase (decrease) in cash and cash equivalents 38,179 (108,700) 89,710 Cash and cash equivalents, beginning of the year $ 130,503 $ 239,203 $ 149,493 Cash and cash equivalents, end of the year $ 168,682 $ 130,503 $ 239,203 Operating Activities Net cash provided by operating activities was $36.9 million for the year ended December 31, 2025, a decrease of $16.2 million from net cash provided by operating activities of $53.1 million for the year ended December 31, 2024.
The Company also pays an annual commitment fee of up to 0.30% of the actual daily amount by which the maximum availability under the revolving credit facility exceeds the sum of the outstanding amount of revolving credit loans.
The Company also pays an annual commitment fee of up to 0.30% of the actual daily amount by which the maximum availability under the revolving credit facility exceeds the sum of the outstanding amount of revolving credit loans. The effective interest rate for the year ended December 31, 2025 for the revolving credit facility was 2.78%.
Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of RSUs, RSAs and PSUs have vested, using the treasury stock method. Shares of treasury stock are not considered outstanding and therefore are excluded from the weighted average number of common shares outstanding calculation.
Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares and common share equivalents outstanding for each period. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of RSUs, RSAs and PSUs have vested, using the treasury stock method.
(f) Represents the amortization of intangible assets that resulted from business acquisition transactions. (g) Represents the current and deferred tax impact of the taxable adjustments to Net Income using the Company’s blended federal and state tax rate for each period. Relevant tax-deductible adjustments include all adjustments to Net Income.
(h) Represents the current and deferred tax impact of the taxable adjustments to Net Income using the Company’s blended federal and state tax rate for each period. Relevant tax-deductible adjustments include all adjustments to Net Income.
Adjusted Earnings per Share - Diluted (previously defined and used as described above) for the year ended December 31, 2024 was $2.14, representing an increase of $0.19, or 9.7%, compared to $1.95 for the year ended December 31, 2023.
Adjusted Earnings per Share - Diluted (previously defined and used as described above) for the year ended December 31, 2025 was $1.66, representing a decrease of $0.48, or 22.4%, compared to $2.14 for the year ended December 31, 2024.
We expect to make a significant investment during 2025 and thereafter to increase our penetration of the digital market, to add digital customers, enhance our digital offerings and increase digital revenues, while maintaining and continuing to develop our retail service offerings.
During 2025, w e invested in, and expect to continue investing during 2026 and thereafter to increase our penetration of, the digital market, to add digital customers, enhance our digital offerings and increase digital revenues, while maintaining and continuing to develop our retail service offerings.
Earnings per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding for each period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares and common share equivalents outstanding for each period.
Net Income Net income is determined by subtracting operating and non-operating expenses from revenues and non-operating income. 37 Index Earnings per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding for each period.
The following table summarizes key components of our results of operations for the periods indicated: 36 Index Year Ended December 31, (in thousands, except for share data) 2024 2023 2022 Revenues: Wire transfer and money order fees, net $ 554,801 $ 561,540 $ 469,162 Foreign exchange gain, net 88,944 87,908 72,920 Other income 14,904 9,287 4,723 Total revenues 658,649 658,735 546,805 Operating expenses: Service charges from agents and banks 428,968 430,865 364,804 Salaries and benefits 68,247 70,203 52,224 Other selling, general and administrative expenses 47,894 47,652 34,394 Restructuring costs 3,060 1,214 — Transaction costs 1,819 445 3,005 Depreciation and amortization 13,645 12,866 9,470 Total operating expenses 563,633 563,245 463,897 Operating income 95,016 95,490 82,908 Interest expense 11,745 10,426 5,629 Income before income taxes 83,271 85,064 77,279 Income tax provision 24,450 25,549 19,948 Net income $ 58,821 $ 59,515 $ 57,331 Earnings per common share: Basic $ 1.81 $ 1.67 $ 1.52 Diluted $ 1.79 $ 1.63 $ 1.48 Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023 Revenues Revenues for the above periods are presented below: Year Ended December 31, ($ in thousands) 2024 % of Revenues 2023 % of Revenues Revenues: Wire transfer and money order fees, net $ 554,801 84 % $ 561,540 86 % Foreign exchange gain, net 88,944 14 % 87,908 13 % Other income 14,904 2 % 9,287 1 % Total revenues $ 658,649 100 % $ 658,735 100 % Wire transfer and money order fees, net of $554.8 million, for the year ended December 31, 2024 decreased by $6.7 million, or 1.2%, from $561.5 million for the year ended December 31, 2023.
The following table summarizes key components of our results of operations for the periods indicated: 38 Index Year Ended December 31, (in thousands, except for share data) 2025 2024 2023 Revenues: Wire transfer and money order fees, net $ 502,155 $ 554,801 $ 561,540 Foreign exchange gain, net 87,160 88,944 87,908 Other income 18,461 14,904 9,287 Total revenues 607,776 658,649 658,735 Operating expenses: Service charges from agents and banks 388,866 428,968 430,865 Salaries and benefits 75,036 68,247 70,203 Other selling, general and administrative expenses 50,732 41,483 42,655 Provision for credit losses 7,916 6,411 4,997 Restructuring costs 742 3,060 1,214 Transaction costs 10,464 1,819 445 Goodwill impairment 1,209 — — Depreciation and amortization 17,161 13,645 12,866 Total operating expenses 552,126 563,633 563,245 Operating income 55,650 95,016 95,490 Gain contingency 3,286 — — Interest expense 11,836 11,745 10,426 Income before income taxes 47,100 83,271 85,064 Income tax provision 14,429 24,450 25,549 Net income $ 32,671 $ 58,821 $ 59,515 Earnings per common share: Basic $ 1.09 $ 1.81 $ 1.67 Diluted $ 1.08 $ 1.79 $ 1.63 Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Revenues Revenues for the above periods are presented below: Year Ended December 31, ($ in thousands) 2025 % of Revenues 2024 % of Revenues Revenues: Wire transfer and money order fees, net $ 502,155 83 % $ 554,801 84 % Foreign exchange gain, net 87,160 14 % 88,944 14 % Other income 18,461 3 % 14,904 2 % Total revenues $ 607,776 100 % $ 658,649 100 % 39 Index Wire transfer and money order fees, net of $502.2 million, for the year ended December 31, 2025 decreased by $52.6 million, or 9.5%, from $554.8 million for the year ended December 31, 2024.
In addition, this increase in cash used was driven by the capitalization of leasehold improvements, furniture and equipment related to the Company's move to the new U.S. headquarters in February 2024 of approximately $10.0 million, an investment in software development and equipment to support our sending agent network and continued improvement of our proprietary software.
In addition, the decrease in cash used was driven by the capitalization of leasehold improvements, furniture and equipment related to the Company's move to the new U.S. headquarters in February 2024 of approximately $10.0 million.
Income tax provision — Income tax provision was $24.5 million for the year ended December 31, 2024, a decrease of $1.0 million, or 3.9%, from an income tax provision of $25.5 million for the year ended December 31, 2023.
Income tax provision — Income tax provision was $14.4 million for the year ended December 31, 2025, a decrease of $10.1 million, or 41.2%, from an income tax provision of $24.5 million for the year ended December 31, 2024.
Credit Agreement On August 29, 2024, the Company entered into a Second Amended and Restated Credit Agreement (the “Second A&R Credit Agreement”) with a group of banking institutions, which amended and restated in its entirety the A&R Credit Agreement.
Credit Agreement The Company and certain of its subsidiaries are party to a Second Amended and Restated Credit Agreement (the “Second A&R Credit Agreement”) with a group of banking institutions, which amended and restated in its entirety the A&R Credit Agreement.
Salaries and benefits — Salaries and benefits were $68.2 million for the year ended December 31, 2024, a decrease of $2.0 million, or 2.8%, from $70.2 million for the year ended December 31, 2023.
Salaries and benefits — Salaries and benefits were $75.0 million for the year ended December 31, 2025, an increase of $6.8 million, or 10.0%, from $68.2 million for the year ended December 31, 2024.
The following table presents the reconciliation of Net Income, our closest GAAP measure, to Adjusted Net Income: 40 Index Year Ended December 31, (in thousands, except for share data) 2024 2023 Net Income $ 58,821 $ 59,515 Adjusted for: Share-based compensation (a) 7,043 8,111 Restructuring costs (b) 3,060 1,214 Transaction costs (c) 1,819 445 Legal contingency settlement (d) (570) — Other charges and expenses (e) 1,239 1,850 Amortization of intangibles (f) 3,820 4,740 Income tax benefit related to adjustments (g) (4,820) (4,914) Adjusted Net Income $ 70,412 $ 70,961 Adjusted Earnings per share Basic $ 2.17 $ 1.99 Diluted $ 2.14 $ 1.95 Weighted-average common shares outstanding Basic 32,430,755 35,604,582 Diluted 32,850,497 36,429,714 (a) Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.
The following table presents the reconciliation of Net Income, our closest GAAP measure, to Adjusted Net Income: 42 Index Year Ended December 31, (in thousands, except for share data) 2025 2024 Net Income $ 32,671 $ 58,821 Adjusted for: Share-based compensation (a) 9,276 7,043 Restructuring costs (b) 742 3,060 Transaction costs (c) 10,464 1,819 Contingency settlements (d) (3,286) (570) Goodwill impairment (e) 1,209 — Other charges and expenses (f) 2,398 1,239 Amortization of intangibles (g) 4,253 3,820 Income tax benefit related to adjustments (h) (7,686) (4,820) Adjusted Net Income $ 50,041 $ 70,412 Adjusted Earnings per share Basic $ 1.67 $ 2.17 Diluted $ 1.66 $ 2.14 Weighted-average common shares outstanding Basic 29,938,268 32,430,755 Diluted 30,181,194 32,850,497 (a) Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.
Earnings Per Share Earnings per Share - Basic for the year ended December 31, 2024 was $1.81, representing an increase of $0.14, or 8.4%, compared to $1.67 for the year ended December 31, 2023.
Earnings Per Share Earnings per Share - Basic for the year ended December 31, 2025 was $1.09, representing a decrease of $0.72, or 39.8%, compared to $1.81 for the year ended December 31, 2024.
(b) Represents primarily severance, write-off of assets and, legal and professional fees related to the execution of restructuring plans. (c) Represents primarily financial advisory, professional and legal fees related to business acquisition transactions and strategic alternatives. (d) Represents a gain contingency related to a legal settlement. (e) Represents primarily loss on disposal of fixed assets.
(b) Represents primarily severance, write-off of assets and, legal and professional fees related to the execution of restructuring plans. (c) Represents primarily financial advisory, professional and legal fees related to strategic alternatives, including the pending Merger with Western Union and business acquisition transactions. (d) Represents gain contingencies related to legal settlements.
The following table presents the reconciliation of Net Income, our closest GAAP measure, to Adjusted EBITDA: 42 Index Year Ended December 31, (in thousands) 2024 2023 Net Income $ 58,821 $ 59,515 Adjusted for: Interest expense 11,745 10,426 Income tax provision 24,450 25,549 Depreciation and amortization 13,645 12,866 EBITDA 108,661 108,356 Share-based compensation (a) 7,043 8,111 Restructuring costs (b) 3,060 1,214 Transaction costs (c) 1,819 445 Legal contingency settlement (d) (570) — Other charges and expenses (e) 1,239 1,850 Adjusted EBITDA $ 121,252 $ 119,976 (a) Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.
The following table presents the reconciliation of Net Income, our closest GAAP measure, to Adjusted EBITDA: 44 Index Year Ended December 31, (in thousands) 2025 2024 Net Income $ 32,671 $ 58,821 Adjusted for: Interest expense 11,836 11,745 Income tax provision 14,429 24,450 Depreciation and amortization 17,161 13,645 EBITDA 76,097 108,661 Share-based compensation (a) 9,276 7,043 Restructuring costs (b) 742 3,060 Transaction costs (c) 10,464 1,819 Contingency settlements (d) (3,286) (570) Goodwill impairment (e) 1,209 — Other charges and expenses (f) 2,398 1,239 Adjusted EBITDA $ 96,900 $ 121,252 (a) Represents share-based compensation relating to equity awards granted primarily to employees and independent directors of the Company.
(b) Represents primarily severance, write-off of assets, and legal and professional fees related to the execution of restructuring plans. (c) Represents primarily financial advisory, professional and legal fees related to business acquisition transactions and strategic alternatives. (d) Represents a gain contingency related to a legal settlement. (e) Represents primarily loss on disposal of fixed assets.
(b) Represents primarily severance, write-off of assets, and legal and professional fees related to the execution of restructuring plans. (c) Represents primarily financial advisory, professional and legal fees related to strategic alternatives, including the pending Merger with Western Union and business acquisition transactions. (d) Represents gain contingencies related to legal settlements.
Depreciation and amortization — Depreciation and amortization of $13.6 million for the year ended December 31, 2024 increased by $0.7 million from $12.9 million, or 5.4%, for the year ended December 31, 2023.
Depreciation and amortization — Depreciation and amortization of $17.2 million for the year ended December 31, 2025 increased by $3.6 million from $13.6 million, or 26.5%, for the year ended December 31, 2024.
Non-GAAP Financial Measures We use Adjusted Net Income, Adjusted Earnings per Share and Adjusted EBITDA to evaluate our performance, both internally and as compared with our peers, because these measures exclude certain items that may not be indicative of our core operating results, as well as items that can vary widely among companies within our industry.
The decrease in both basic and diluted EPS largely reflects the decrease in net income discussed above, offset by a reduced share count as a result of the stock repurchases executed during 2024 and the first six months of 2025. 41 Index Non-GAAP Financial Measures We use Adjusted Net Income, Adjusted Earnings per Share and Adjusted EBITDA to evaluate our performance, both internally and as compared with our peers, because these measures exclude certain items that may not be indicative of our core operating results, as well as items that can vary widely among companies within our industry.
Operating Expenses Operating expenses for the above periods are presented below: Year Ended December 31, ($ in thousands) 2024 % of Revenues 2023 % of Revenues Operating expenses: Service charges from agents and banks $ 428,968 65 % $ 430,865 65 % Salaries and benefits 68,247 10 % 70,203 11 % Other selling, general and administrative expenses 47,894 7 % 47,652 7 % Restructuring costs 3,060 NM 1,214 NM Transaction costs 1,819 NM 445 NM Depreciation and amortization 13,645 2 % 12,866 2 % Total operating expenses $ 563,633 86 % $ 563,245 86 % NM - Amounts rounds to less than 1%.
Operating Expenses Operating expenses for the above periods are presented below: Year Ended December 31, ($ in thousands) 2025 % of Revenues 2024 % of Revenues Operating expenses: Service charges from agents and banks $ 388,866 64 % $ 428,968 65 % Salaries and benefits 75,036 12 % 68,247 10 % Other selling, general and administrative expenses 50,732 8 % 41,483 6 % Provision for credit losses 7,916 1 % 6,411 1 % Restructuring costs 742 NM 3,060 NM Transaction costs 10,464 2 % 1,819 NM Goodwill impairment 1,209 NM — — % Depreciation and amortization 17,161 3 % 13,645 2 % Total operating expenses $ 552,126 91 % $ 563,633 86 % NM - Amounts rounds to less than 1%.
Transaction costs also include internal and external costs related to the Board’s evaluation of strategic alternatives. Depreciation and Amortization Depreciation and amortization largely consists of depreciation of computer equipment and amortization of software that supports our technology platform. In addition, it includes amortization of intangible assets primarily related to our agent relationships, trade names and developed technology.
Transaction costs also include internal and external costs related to the Board’s evaluation of strategic alternatives and the pending Merger with Western Union. Depreciation and Amortization Depreciation and amortization largely consists of depreciation of computer equipment and amortization of software that supports our technology platform.
Borrowings under the Second A&R Credit Agreement are available for general corporate purposes to support the Company’s growth, as well as to fund share repurchases. 43 Index As of December 31, 2024 there were $156.6 million of outstanding amounts drawn on the revolving credit facility.
Borrowings under the Second A&R Credit Agreement are available for general corporate purposes to support the Company’s growth and working capital requirements. As of December 31, 2025 there were $194.8 million of outstanding amounts drawn on the revolving credit facility. There were $330.2 million of additional borrowings available under this facility as of December 31, 2025.
The decrease was primarily due to a decrease in transaction volume processed through our retail network of sending agents and Company-operated stores in the year ended December 31, 2024 compared to the year ended December 31, 2023, mainly as a result of a contraction in the market.
The decrease was primarily due to a lower transaction volume processed through our retail network of sending agents and Company-operated stores in the year ended December 31, 2025 compared to the year ended December 31, 2024 as a result of a contraction in the market, particularly the Mexico corridor coupled with a change in consumer behavior of sending a lower number of money transfers at a higher average principal sent per transaction.
Other income of $14.9 million for the year ended December 31, 2024 increased by $5.6 million or 60.2% from $9.3 million for the year ended December 31, 2023, primarily due to the effect of higher revenue generated from other ancillary services provided by our Company-operated stores such as check-cashing fees, higher revenues primarily as a result of an increase of the base fees charged on money transfers and money orders deemed abandoned property, and higher fees related to our wires as a service relationships, as well as an increase in income related to money transfer transactions paid with debit or credit cards.
Other income of $18.5 million for the year ended December 31, 2025 increased by $3.6 million or 24.2% from $14.9 million for the year ended December 31, 2024, primarily due to the effect of higher fees related to increased activity of our RaaS relationships, as well as higher revenues primarily as a result of higher fees related to our payroll card program and an increase of the base fees charged on money transfers and money orders deemed abandoned property.
Income tax provision Our income tax provision includes the expected benefit of all deferred tax assets, including our net operating loss carryforwards. With few exceptions, our net operating loss carryforwards will expire from 2029 through 2044.
The effective interest rate for the year ended December 31, 2025 for the revolving credit facility was 2.78%. Income tax provision Our income tax provision includes the expected benefit of all deferred tax assets, including our net operating loss carryforwards. With few exceptions, our net operating loss carryforwards will expire from 2029 through 2045.
The increase was primarily the result of: • $1.4 million - increase in provision for credit losses primarily due to a higher average balance outstanding of receivable balances from sending agents during the year ended December 31, 2024 compared to 2023, and a slight increase in write-offs of receivable balances primarily as a result of sending agents that were not able to pay in accordance with the original terms of their agreements with us and are, accordingly, subject to our normal collection procedures; and • $0.9 million - increase in advertising related expenses primarily as a result of campaigns to promote our digital channel services.
The increase is primarily due to a higher average balance outstanding of receivable balances from sending agents during the year ended December 31, 2025, an increase in chargebacks of uncollected online money transfer transactions, and an increase in write-offs of agent receivable balances primarily as a result of sending agents that were not able to pay in accordance with the original terms of their agreements with us and are, accordingly, subject to our normal collection procedures.
There were $368.4 million of additional borrowings available under this facility as of December 31, 2024. Under the Second A&R Credit Agreement and at the election of the Company, interest on the revolving loans denominated in U.S.
Under the Second A&R Credit Agreement and at the election of the Company, interest on the revolving loans denominated in U.S.
Adjusted EBITDA for the year ended December 31, 2024 was $121.3 million, representing an increase of $1.3 million, or 1.1%, from $120.0 million for the year ended December 31, 2023.
Adjusted EBITDA for the year ended December 31, 2025 was $96.9 million, representing a decrease of $24.4 million, or 20.1%, from $121.3 million for the year ended December 31, 2024.
Selling expenses include expenses such as advertising and promotion, shipping, supplies and other expenses associated with serving and increasing our network of sending agents as well as investing in the expansion of our digital channel offerings. Transaction Costs We incurred transaction costs associated with completed and potential acquisitions.
Selling expenses include expenses such as advertising and promotion, digital marketing, shipping, supplies and other expenses associated with serving and increasing our customer base, digital channel offerings and network of agents.
Restructuring costs — Restructuring costs of $3.1 million for the year ended December 31, 2024 included $2.3 million in severance costs, $0.4 million in fixed assets impairment, and $0.4 million in legal and professional fees primarily related to the restructuring of La Nacional and our foreign operations.
Restructuring costs — Restructuring costs of $0.7 million for the year ended December 31, 2025 decreased by $2.4 million, or 77.4%, from $3.1 million for the year ended December 31, 2024. Restructuring costs consist primarily of severance costs related to the restructuring of La Nacional and our foreign operations, which were primarily incurred during 2024.
Our primary cash needs are for day-to-day operations, to pay interest and principal on our indebtedness, to fund working capital requirements, to make capital expenditures and repurchases of our common stock. We have funded and still expect to continue funding our liquidity requirements through internally generated funds, supplemented in the ordinary course, with borrowings under our revolving credit facility.
We have funded and still expect to continue funding our liquidity requirements through internally generated funds, supplemented in the ordinary course, with borrowings under our revolving credit facility.
The increase is the result of higher depreciation associated with additional software developed and computer equipment acquired to support our growing business and sending agent network, as well as depreciation related to assets capitalized in connection with the Company’s new headquarters.
The increase is primarily the result of higher depreciation associated with additional software developed and placed into production and computer equipment acquired to support our proprietary software enhancements and increasing sending agent network, as well as amortization related to the Amigo Paisano brands acquired in December 2024.
In recent years, we expanded our services to allow remittances to Africa and Asia from the United States and also began offering sending services from Canada to Latin America and Africa. Also, through our recent acquisitions we now provide remittance services from Spain, Italy, Germany and the United Kingdom to Africa, Asia and Latin America.
We also provide remittance services to Africa and Asia from the United States and offer money transfer services from Canada to Latin America and Africa. We also provide remittance services from Spain, Italy and Germany to Africa, Asia and Latin America.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeThe increase in our provision for credit losses in the year ended December 31, 2024 is primarily due to higher outstanding balances of accounts receivable primarily related to the acquisition of La Nacional and LAN Holdings and higher volume growth processed by our sending agents. 48 Index
Biggest changeThe increase in our provision for credit losses in the year ended December 31, 2025 is primarily due to higher outstanding balances of accounts receivable primarily related to higher principal amount sent processed by our sending agents, an increase in chargebacks of uncollected online money transfer transactions, and an increase in write-offs of agent receivable balances primarily as a result of sending agents that were not able to pay in accordance with the original terms of their agreements with us and are, accordingly, subject to our normal collection procedures. 50 Index
This foreign currency risk is related primarily to our operations in our foreign subsidiaries. Revenues from our foreign subsidiaries represents approximately 3% of our consolidated revenues for the year ended December 31, 2024. Therefore, a 10% increase or decrease in these currency rates against the U.S. Dollar would result in a de minimis change to our overall operating results.
This foreign currency risk is related primarily to our operations in our foreign subsidiaries. Revenues from our foreign subsidiaries represents approximately 3% of our consolidated revenues for the year ended December 31, 2025. Therefore, a 10% increase or decrease in these currency rates against the U.S. Dollar would result in a de minimis change to our overall operating results.
During the year ended December 31, 2024, we did not incur any losses on these uninsured accounts. To manage our exposure to credit risk with respect to cash balances and other credit risk exposure resulting from our relationships with banks and financial institutions, we regularly review cash concentrations, and we attempt to diversify our cash balances among global financial institutions.
During the year ended December 31, 2025, we did not incur any losses on these uninsured accounts. To manage our exposure to credit risk with respect to cash balances and other credit risk exposure resulting from our relationships with banks and financial institutions, we regularly review cash concentrations, and we attempt to diversify our cash balances among global financial institutions.
A hypothetical 1% increase or decrease in the interest rate on our indebtedness as of December 31, 2024 would have increased or decreased cash interest expense on our revolving credit facility by approximately $1.6 million per annum, respectively. Credit Risk We maintain certain cash balances in various U.S. banks, which at times, may exceed federally insured limits.
A hypothetical 1% increase or decrease in the interest rate on our indebtedness as of December 31, 2025 would have increased or decreased cash interest expense on our revolving credit facility by approximately $1.9 million per annum, respectively. Credit Risk We maintain certain cash balances in various U.S. banks, which at times, may exceed federally insured limits.
We are also exposed to credit risk primarily related to receivable balances from sending agents and digital partners. We perform a credit review before each agent signing and conduct ongoing analyses of sending agents and certain other parties we transact with directly. As of December 31, 2024, we also had $4.6 million outstanding of agent advances receivable from sending agents.
We are also exposed to credit risk primarily related to receivable balances from sending agents and digital partners. We perform a credit review before each agent signing and conduct ongoing analyses of sending agents and certain other parties we transact with directly. As of December 31, 2025, we also had $5.0 million outstanding of agent advances receivable from sending agents.
The Company expects that the Federal Reserve will continue to monitor inflation and other economic indicators to assess if additional interest rate decreases in 2025 are warranted. As of December 31, 2024, we had $156.6 million in outstanding borrowings under the revolving credit facility.
The Company expects that the Federal Reserve will continue to monitor inflation and other economic indicators to assess if additional interest rate decreases in 2026 are warranted. As of December 31, 2025, we had $194.8 million in outstanding borrowings under the revolving credit facility.
Also, included in prepaid wires, net in our consolidated balance sheets as of December 31, 2024 and 2023, there are $29.8 million and $17.8 million, respectively, of prepaid wires denominated in foreign currencies, primarily in Mexican pesos and Guatemalan quetzales.
Also, included in prepaid wires, net in our consolidated balance sheets as of December 31, 2025 and 2024, there are $33.2 million and $29.8 million, respectively, of prepaid wires denominated in foreign currencies, primarily in Mexican pesos and Guatemalan quetzales.
In addition, included in wire transfers and money orders payable, net in our consolidated balance sheets as of December 31, 2024 and 2023, there are $23.0 million and $40.7 million, respectively, of wire transfers payable denominated in foreign currencies, primarily in Mexican pesos and Guatemalan quetzales.
In addition, included in wire transfers and money orders payable, net in our consolidated balance sheets as of December 31, 2025 and 2024, there are $20.2 million and $23.0 million, respectively, of wire transfers payable denominated in foreign currencies, primarily in Mexican pesos and Guatemalan quetzales.
The Company had open tom and spot foreign exchange contracts for Mexican pesos and Guatemalan quetzales amounting to approximately $12.7 million and $56.9 million at December 31, 2024 and 2023, respectively.
The Company had open tom and spot foreign exchange contracts for Mexican pesos and Guatemalan quetzales amounting to approximately $4.7 million and $12.7 million at December 31, 2025 and 2024, respectively.
The spot and average exchange rates for the currencies used by our subsidiaries to U.S. dollar are as follows: 47 Index 2024 2023 2022 Spot (1) Average (2) Spot (1) Average (2) Spot (1) Average (2) U.S. dollar/Mexico peso 20.75 18.30 16.89 17.72 19.40 20.09 U.S. dollar/Guatemala quetzal 7.68 7.74 7.81 7.82 7.85 7.73 U.S. dollar/Canadian dollar 1.44 1.37 1.32 1.35 1.36 1.30 U.S. dollar/Dominican peso (3) 61.10 59.43 58.04 55.76 — — U.S. dollar/Euro (3) 0.96 0.92 0.91 0.92 — — U.S. dollar/British Pound Sterling (4) 0.80 0.77 — — — — (1) Spot exchange rates are as of December 31, 2024, 2023 and 2022.
The spot and average exchange rates for the currencies used by our subsidiaries to U.S. dollar are as follows: 49 Index 2025 2024 2023 Spot (1) Average (2) Spot (1) Average (2) Spot (1) Average (2) U.S. dollar/Mexico peso 17.99 19.20 20.75 18.30 16.89 17.72 U.S. dollar/Guatemala quetzal 7.65 7.67 7.68 7.74 7.81 7.82 U.S. dollar/Canadian dollar 1.37 1.40 1.44 1.37 1.32 1.35 U.S. dollar/Dominican peso 62.98 61.69 61.10 59.43 58.04 55.76 U.S. dollar/Euro 0.85 0.88 0.96 0.92 0.91 0.92 U.S. dollar/British Pound Sterling (3) 0.74 0.76 0.80 0.77 — — (1) Spot exchange rates are as of December 31, 2025, 2024 and 2023.
Our provision for credit losses was approximately $6.4 million for the year ended December 31, 2024 (1.0% of total revenues), $5.0 million for the year ended December 31, 2023 (0.8% of total revenues) and $2.6 million for the year ended December 31, 2022 (0.5% of total revenues).
Our provision for credit losses was approximately $7.9 million for the year ended December 31, 2025 (1.3% of total revenues), $6.4 million for the year ended December 31, 2024 (1.0% of total revenues) and $5.0 million for the year ended December 31, 2023 (0.8% of total revenues).
(2) Average exchange rates are for the years ended December 31, 2024, 2023 and 2022. (3) We commenced operations in the Dominican Republic and Europe in connection with the acquisition of LAN Holdings, Corp. in April 2023 and, therefore, no information is provided prior to 2023.
(2) Average exchange rates are for the years ended December 31, 2025, 2024 and 2023. (3) We commenced operations in the United Kingdom in connection with an acquisition of a money service entity in July 2024 and, therefore, no information is provided prior to 2024.
Interest Rate Risk As discussed above, interest under the Second A&R Credit Agreement is variable based on certain benchmark rates, including SOFR, EURIBOR and SONIA. Because interest expense is subject to fluctuation, if interest rates increase, our debt service obligations on such variable rate indebtedness would increase even though the amount borrowed may remain the same.
Because interest expense is subject to fluctuation, if interest rates increase, our debt service obligations on such variable rate indebtedness would increase even though the amount borrowed may remain the same. Accordingly, an increase in interest rates would adversely affect our profitability.
Accordingly, an increase in interest rates would adversely affect our profitability. During the year ended December 31, 2024, the Federal Reserve lowered the fed funds rate from 5.50% to 4.50% to ease monetary policy and support economic stability. As a consequence, other benchmark interest rates such as SOFR started to decrease during the second half of the year as well.
During the year ended December 31, 2025, the Federal Reserve lowered the fed funds rate from 4.50% to 3.75%. As a consequence, other benchmark interest rates such as SOFR decreased during the the year as well.
(4) We commenced operations in the United Kingdom in connection with an acquisition of a money service entity in July 2024 and, therefore, no information is provided prior to 2024. Long-term sustained appreciation of the Mexican peso or Guatemalan quetzal as compared to the U.S. dollar could affect our gross profit and margin.
Long-term sustained appreciation of the Mexican peso or Guatemalan quetzal as compared to the U.S. dollar could affect our gross profit and margin. Interest Rate Risk As discussed above, interest under the Second A&R Credit Agreement is variable based on certain benchmark rates, including SOFR, EURIBOR and SONIA.

Other IMXI 10-K year-over-year comparisons