MIAMI, Aug. 09, 2018 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading money transfer company focused on Latin America, today provided a Business Update on the second quarter results of Intermex Holdings, Inc. and its subsidiaries and will host a conference call to discuss results at 5:00pm ET.
Intermex generated revenue of $70.4 million in the second quarter, an increase of 31% over the prior year. Revenue growth was driven by volume growth in both Mexico and Guatemala.
The Company reported GAAP net income in the second quarter of $1.8 million compared to $1.3 million in the prior year period.
Adjusted EBITDA in the second quarter of 2018 grew nearly 55% over the comparable period in the prior year to $13.3 million driven by volume growth coupled with the higher foreign exchange income and operating efficiency. This strong performance represents an Adjusted EBITDA margin of 19.0%, which was up 290 basis points over the same period a year ago.
Intermex President, Chairman and Chief Executive Officer Robert Lisy commented “Intermex is uniquely positioned to grow in the large and expanding $82 billion US to Latin America money transfer market. Our second quarter results represent our ability as a company to continue our growth well above market levels, as well as leverage our scale and drive profitability for our shareholders.”
Market Highlights
Year-to-date as of June 30, based on industry data, Intermex has delivered 45% of the total growth in US to Mexico remittance volume, and 58% of the total growth in US to Guatemala remittance volume.
Non-GAAP Measures
For the Company, Adjusted EBITDA is one of the primary metrics used by management to evaluate the financial performance of our business. We present Adjusted EBITDA because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Further, we believe it is helpful in highlighting trends in our operating results, because it excludes, among other things, certain results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the jurisdictions in which we operate and capital investments.
Adjusted EBITDA is defined as net income (loss) before depreciation and amortization, interest expense, income taxes, and also adjusted to add back certain charges and expenses, such as transaction costs and non-cash compensation costs, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing, future company performance.
Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to operating income or net income as a measure of operating performance or cash flows or as a measure of liquidity. Non-GAAP financial measures are not necessarily calculated the same way by different companies and should not be considered a substitute for or superior to GAAP.
A reconciliation of Net income (loss) to Adjusted EBITDA is available in the enclosed exhibits.
About International Money Express, Inc.
At International Money Express, Inc. (NASDAQ: IMXI), the customer is at the center of everything we do. We use proprietary technology that enables consumers to send money from the United States to Latin America and the Caribbean, including Mexico and Guatemala. We offer the electronic movement of money and data to our customers through our network of sending and paying agents located in all 50 states, the District of Columbia and Puerto Rico, and throughout Latin America and the Caribbean. Our services are also available digitally through intermexonline.com. Founded in 1994 and are headquartered in Miami, Florida with offices in Puebla, Mexico, and Guatemala City, Guatemala.
