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International Money Express, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $171,947,000 from $172,437,000 in the same quarter the previous year. This decrease is attributed to a slight contraction in the market and a decrease in transaction volume.
Service charges from agents and banks decreased to $111,348,000 from $112,871,000, reflecting the lower transaction volume.
Salaries and benefits decreased slightly to $17,238,000 from $17,789,000, attributed to cost savings from restructuring plans.
Net income for the quarter was $17,297,000, up from $14,832,000 in the previous year. This increase is due to an increase in foreign exchange gains and a decrease in operating expenses.
Cash provided by operating activities was $57,968,000, while cash used in investing and financing activities was $27,859,000 and $111,234,000, respectively.
International Money Express had cash and cash equivalents of $156,611,000 as of September 30, 2024. The company continues to focus on maintaining liquidity through cash generated by operating activities and borrowings under its revolving credit facility.
The filing also details the company's strategic alternatives evaluation process, which could include a potential sale in a private transaction.
International Money Express does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its digital channels and maintaining compliance with regulatory requirements across its operating regions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the International Money Express Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.