International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the
“Company”), one of the nation’s leading omnichannel money transfer
services, today reported continued solid growth during the second
quarter of 2023.
Financial performance highlights for the second quarter of 2023
compared with the same period last year are:
- Revenues of $169.2 million, up 23.5%.
- Net Income of $15.4 million, down 3.5%.
- Diluted EPS of $0.42 per share, up 2.4%.
- Adjusted Net Income of $18.4 million, up 0.6%.
- Adjusted Diluted EPS of $0.50, up 6.4%.
- Adjusted EBITDA of $30.9 million, up 11.7%.
“Intermex delivered another quarter of solid revenue and
adjusted EBITDA growth, reflecting the strength and resilience of
our core business,” said Bob Lisy, Chairman, President, and CEO of
Intermex. “In addition to executing within the core business, we
are successfully integrating La Nacional, enhancing the long-term
profitability of the acquisition’s U.S. operations and positioning
to scale up in Europe with i-Transfer.” Lisy added, “Our efficient
omnichannel operating model and strong cash generation put us in a
great position to grow within our core, scale our emerging products
like card and digital, and have the balance sheet flexibility to
grow through M&A.”
Second Quarter 2023 Financial Results (all comparisons
are to the Second Quarter 2022)Total revenues for the
Company were $169.2 million, up 23.5%. Contributing to the revenue
growth is solid core growth in the underlying business and the
inclusion of La Nacional in the U.S. and i-Transfer in Europe. This
helped drive a 41.1% increase in unique, active customers to 4.2
million, who generated 15.1 million money transfer transactions, an
increase of 26.7%. Also contributing to the record number of
transactions was the 62.9% growth in digital transactions.
Transaction growth resulted in $6.4 billion in principal
transferred, a 19.5% increase. This principal translates to a 21.7%
market share, up from 20.4% in the top 5 U.S. to Latin America
remittance markets - Mexico, Guatemala, El Salvador, Honduras, and
the Dominican Republic through May 2023.
Net income was $15.4 million, a decrease of 3.5%. Diluted
earnings per share were $0.42, an increase of 2.4%. Net income and
the growth in diluted EPS reflect the increased revenues, offset
primarily by higher interest and depreciation expense, amortization
of intangibles from recent acquisitions, and a higher effective tax
rate. The diluted earnings per share reflect the positive benefits
of our stock repurchases.
Adjusted net income increased 0.6% to $18.4 million, and
adjusted diluted earnings per share were $0.50, an increase of
6.4%, reflecting the items noted above in net income, adjusted for
certain non-cash expenses, other charges, and tax adjustments that
are detailed in the reconciliation tables below following the
unaudited condensed consolidated financial statements, coupled with
the positive benefits from the stock repurchases.
Adjusted EBITDA increased 11.7% to $30.9 million, driven by the
business operating results discussed above along with the impact
from the additional adjusting items to EBITDA shown in the
reconciliation table below.
Year-to-Date Financial Results for 2023 (all comparisons
are to the first six months of 2022)Revenues increased by
25.0% to $314.5 million. Driving that growth was a 27.6% increase
in net money transfer transactions. A 65.0% increase in digital
transactions initiated also contributed to this growth. Principal
amount sent increased 20.8% to $11.7 billion.
Net income was $27.2 million, a decrease of 1.6%. Diluted
earnings per share were $0.73, an increase of 2.8%, attributable to
the year-to-date effects of the same items noted above for the
quarterly results.
Adjusted net income totaled $32.6 million, an increase of 3.0%.
Adjusted diluted earnings per share totaled $0.88, an increase of
8.6%, attributable to the same items noted above for the quarterly
results.
Adjusted EBITDA increased 13.7% to $55.0 million, attributable
to the same items noted above for the quarterly results and the
greater net effect of the adjusting items detailed in the
reconciliation table below.
Adjusted and other non-GAAP measures discussed above and
elsewhere in this press release are defined below under the
heading, Non-GAAP Measures.
Other ItemsThe Company ended the second quarter
of 2023 with $147.4 million in cash and cash equivalents, an
increase of 72.4% compared to March 31, 2023. The cash and cash
equivalents balance were impacted by a $116 million draw on the
revolving credit facility to primarily pre-fund our payer network
for expected weekend transaction volume. As a result of drawing on
the credit facility, the total debt increased from $99.2 million to
$193.3 million.
Net Free Cash Generated was $13.0 million, down 25.2%, compared
to the second quarter of 2022. Net free cash generated was reduced
by $5.5 million in the quarter attributable to the close of the LAN
Holdings acquisition which includes i-Transfer in April.
The Company repurchased approximately 416,000 shares of its
common stock for $10.0 million during the second quarter of 2023
under its share repurchase program. The Company also repurchased
500,000 shares for $12.6 million through a privately-negotiated
transaction.
2023 GuidanceThe Company is reducing its
previously issued full-year guidance and providing third-quarter
guidance:
Full-year 2023:
- Revenue of $644.9 million to $673.0 million.
- Diluted EPS of $1.56 to $1.63.
- Adjusted Diluted EPS of $1.87 to $1.94.
- Adjusted EBITDA of $114.8 million to $119.8 million.
Third-quarter 2023:
- Revenue of $165.7 million to $176.8 million.
- Diluted EPS of $0.40 to $0.43.
- Adjusted Diluted EPS of $0.49 to $0.52.
- Adjusted EBITDA of $30.0 million to $32.0 million.
Non-GAAP MeasuresAdjusted Net Income, Adjusted
Earnings per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Net
Free Cash Generated, each a Non-GAAP financial measure, are the
primary metrics used by management to evaluate the financial
performance of our business. We present these Non-GAAP financial
measures because we believe they are frequently used by analysts,
investors, and other interested parties to evaluate companies in
our industry. Further, we believe they help highlight trends in our
operating results, because certain of such measures exclude, among
other things, the effects of certain transactions 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 Net Income is defined as Net Income adjusted to add
back certain charges and expenses, such as non-cash amortization of
intangible assets resulting from business acquisition transactions,
non-cash compensation costs, and other items outlined in the
reconciliation tables below, 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 Earnings per Share – Basic and Diluted is calculated by
dividing Adjusted Net Income by GAAP weighted-average common shares
outstanding (basic and diluted).
Adjusted EBITDA is defined as Net Income before depreciation and
amortization, interest expense, income taxes, and adjusted to add
back certain charges and expenses, such as non-cash compensation
costs and other items outlined in the reconciliation table below,
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 Margin is calculated by dividing Adjusted EBITDA
by Revenues.
Net Free Cash Generated is defined as Net Income before
provision for credit losses and depreciation and amortization
adjusted to add back certain non-cash charges and expenses, such as
non-cash compensation costs, and reduced by cash used in investing
activities and servicing of our debt obligations.
Adjusted Net Income, Adjusted Earnings per Share, Adjusted
EBITDA, Adjusted EBITDA Margin, and Net Free Cash Generated are
non-GAAP financial measures and should not be considered as an
alternative to operating income net income, net income margin or
earnings per share 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 U.S.
GAAP.
Reconciliations of Net Income, the Company’s closest GAAP
measure, to Adjusted Net Income, Adjusted EBITDA, and Net Free Cash
Generated, as well as a reconciliation of Earnings per Share to
Adjusted Earnings per Share and Net Income Margin to Adjusted
EBITDA Margin, are outlined in the tables below following the
unaudited condensed consolidated financial statements. A
quantitative reconciliation of projected Adjusted EBITDA to the
most comparable GAAP measure is not available without unreasonable
efforts because of the inherent difficulty in forecasting and
quantifying the amounts necessary under GAAP guidance for operating
or other adjusted items including, without limitation, costs and
expenses related to acquisitions and other transactions,
share-based compensation, tax effects of certain adjustments and
losses related to legal contingencies or disposal of assets. For
the same reasons, we are unable to address the probable
significance of the unavailable information.
Investor and Analyst Conference Call /
PresentationIntermex will host a conference call and
webcast presentation at 9:00 a.m. Eastern Time today. The
conference call can be heard by dialing: 1-844-826-3033 (U.S.) or
1-412-317-5185 (outside the U.S.) ten minutes before the start of
the call.
The conference call and accompanying slides will be available
via webcast at https://investors.intermexonline.com. Registration
for the event is required, so please register at least five minutes
before the scheduled start time.
A webcast replay will be available approximately 2-4 hours after
the conference call at https://investors.intermexonline.com/.
Safe Harbor Compliance Statement for Forward-Looking
Statements This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, which reflect our current views
concerning certain events that are not historical facts but could
affect our future performance, including but without limitation,
statements regarding our plans, objectives, financial performance,
business strategies, projected results of operations, and
expectations for the Company. These statements may include and be
identified by words or phrases such as, without limitation,
“would,” “will,” “should,” “expects,” “believes,” “anticipates,”
“continues,” “could,” “may,” “might,” “plans,” “possible,”
“potential,” “predicts,” “projects,” “forecasts,” “intends,”
“assumes,” “estimates,” “approximately,” “shall,” “our planning
assumptions,” “future outlook,” “currently,” “target,” “guidance”,
“remains”, and similar expressions (including the negative and
plural forms of such words and phrases). Our forward-looking
statements are based largely on information currently available to
our management and our current expectations, assumptions, plans,
estimates, judgments, projections about our business and our
industry, and macroeconomic conditions, and are subject to various
risks, uncertainties, estimates, contingencies, and other factors,
many of which are beyond our control, that could cause actual
results to differ from those expressed or implied by the
forward-looking statements and could materially adversely affect
our business, financial condition, results of operations, cash
flows, and liquidity. Such factors include, among others, changes
in applicable laws or regulations; factors relating to our
business, operations and financial performance, including: our
ability to successfully execute, manage, integrate and obtain the
anticipated financial benefits of key acquisitions and mergers;
including the acquisitions of Envios de Valores La Nacional Corp.
and LAN Holdings, Corp.; economic factors such as inflation, the
level of economic activity, recession risks and labor market
conditions, as well as rising interest rates; public health
conditions, responses thereto and the economic and market effects
thereof; competition in the markets in which we 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; our ability to maintain favorable banking and
agent relationships necessary to conduct our business; credit risks
from our agents and the financial institutions with which we do
business; bank failures, sustained financial illiquidity or
illiquidity at our clearing cash management or custodial financial
institutions; new technology or competitors that disrupt the
current ecosystem, including the introduction of new digital
platforms; cyber-attacks or disruptions to our information
technology, computer network systems, data centers and mobile
devices apps; our ability to satisfy our debt obligations and
remain in compliance with our credit facility requirements; our
success in developing and introducing new products, services and
infrastructure; consumer confidence in our brands and in consumer
money transfers generally; our ability to maintain compliance with
applicable regulatory requirements; international political
factors, political stability, tariffs, border taxes or restrictions
on remittances or transfers from outbound countries in which we
operate; currency restrictions and volatility in countries in which
we operate or plan to operate; consumer fraud and other risks
relating to the authenticity of customers’ orders; changes in
immigration laws and their enforcement; our ability to protect our
brands and intellectual property rights; weakness in U.S. or
international economic conditions; changes in tax laws in the
countries in which we operate; our ability to recruit and retain
key personnel; and other economic, business, and/or competitive
factors, risks and uncertainties, including those described in the
“Risk Factors” and other sections of periodic reports that we file
with the Securities and Exchange Commission. Accordingly, we
caution investors and all others not to place undue reliance on any
forward-looking statements. Any forward-looking statement speaks
only as of the date such statement is made and we undertake no
obligation to update any of the forward-looking statements.
About International Money Express,
Inc.Founded in 1994, Intermex applies proprietary
technology enabling consumers to send money from the United States,
Canada, and Europe to more than 60 countries. The Company provides
the digital movement of money through a network of agent retailers
in the United States, Canada, and Europe; Company-operated stores;
our mobile app; and the Company’s website. Transactions are
fulfilled and paid through thousands of retail and bank locations
around the world. Intermex is headquartered in Miami, Florida, with
international offices in Puebla, Mexico, Guatemala City, Guatemala,
and Madrid, Spain. For more information about Intermex, please
visit www.intermexonline.com.
Mike GallentineVice President of Investor
Relationsmgallentine@intermexusa.comtel. 305-671-8005
Condensed
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
June
30, |
|
December
31, |
|
(in
thousands of dollars) |
|
2023 |
|
2022 |
|
ASSETS |
|
(Unaudited) |
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
147,372 |
|
$ |
149,493 |
|
Accounts receivable, net |
|
|
123,700 |
|
|
129,808 |
|
Prepaid wires, net |
|
|
119,169 |
|
|
90,386 |
|
Prepaid expenses and other current assets |
|
|
12,320 |
|
|
12,749 |
|
Total current assets |
|
|
402,561 |
|
|
382,436 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
|
28,670 |
|
|
28,160 |
|
Goodwill |
|
|
53,487 |
|
|
49,774 |
|
Intangible
assets, net |
|
|
20,622 |
|
|
19,826 |
|
Other
assets |
|
|
34,461 |
|
|
31,876 |
|
Total assets |
|
$ |
539,801 |
|
$ |
512,072 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Current portion of long-term debt, net |
|
$ |
6,069 |
|
$ |
4,975 |
|
Accounts payable |
|
|
21,658 |
|
|
25,686 |
|
Wire transfers and money orders payable, net |
|
|
106,271 |
|
|
112,251 |
|
Accrued and other liabilities |
|
|
41,959 |
|
|
41,855 |
|
Total current liabilities |
|
|
175,957 |
|
|
184,767 |
|
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
Debt, net |
|
|
187,201 |
|
|
150,235 |
|
Lease liabilities, net |
|
|
22,918 |
|
|
23,272 |
|
Deferred tax liability, net |
|
|
2,900 |
|
|
3,892 |
|
Total long-term liabilities |
|
|
213,019 |
|
|
177,399 |
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Total stockholders' equity |
|
|
150,825 |
|
|
149,906 |
|
Total liabilities and stockholders' equity |
|
$ |
539,801 |
|
$ |
512,072 |
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
(in
thousands of dollars, except for share data) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
Wire transfer and money order fees, net |
|
$ |
144,518 |
|
$ |
117,622 |
|
$ |
268,968 |
|
$ |
215,621 |
|
Foreign exchange gain, net |
|
|
22,382 |
|
|
18,195 |
|
|
41,550 |
|
|
33,868 |
|
Other income |
|
|
2,250 |
|
|
1,118 |
|
|
3,996 |
|
|
2,111 |
|
Total revenues |
|
|
169,150 |
|
|
136,935 |
|
|
314,514 |
|
|
251,600 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Service charges from agents and banks |
|
|
110,996 |
|
|
92,066 |
|
|
207,113 |
|
|
169,060 |
|
Salaries and benefits |
|
|
17,640 |
|
|
11,748 |
|
|
33,808 |
|
|
23,058 |
|
Other selling, general and administrative expenses |
|
|
12,637 |
|
|
7,663 |
|
|
23,974 |
|
|
14,730 |
|
Depreciation and amortization |
|
|
3,135 |
|
|
2,251 |
|
|
6,038 |
|
|
4,434 |
|
Total operating expenses |
|
|
144,408 |
|
|
113,728 |
|
|
270,933 |
|
|
211,282 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
24,742 |
|
|
23,207 |
|
|
43,581 |
|
|
40,318 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
2,651 |
|
|
1,112 |
|
|
4,842 |
|
|
2,064 |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
22,091 |
|
|
22,095 |
|
|
38,739 |
|
|
38,254 |
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
6,669 |
|
|
6,111 |
|
|
11,555 |
|
|
10,616 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,422 |
|
$ |
15,984 |
|
$ |
27,184 |
|
$ |
27,638 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.43 |
|
$ |
0.42 |
|
$ |
0.75 |
|
$ |
0.72 |
|
Diluted |
|
$ |
0.42 |
|
$ |
0.41 |
|
$ |
0.73 |
|
$ |
0.71 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
36,001,670 |
|
|
38,257,156 |
|
|
36,239,997 |
|
|
38,309,295 |
|
Diluted |
|
|
36,871,674 |
|
|
39,228,991 |
|
|
37,115,490 |
|
|
39,153,039 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from Net income to Adjusted Net
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
(in thousands of dollars, except for per share data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
15,422 |
|
|
$ |
15,984 |
|
|
$ |
27,184 |
|
|
$ |
27,638 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted for: |
|
|
|
|
|
|
|
|
Share-based compensation (a) |
|
2,245 |
|
|
|
1,665 |
|
|
|
3,943 |
|
|
|
2,933 |
|
|
Transaction costs (b) |
|
275 |
|
|
|
216 |
|
|
|
399 |
|
|
|
216 |
|
|
Other charges and expenses (c) |
|
492 |
|
|
|
317 |
|
|
|
1,021 |
|
|
|
458 |
|
|
Amortization of intangibles (d) |
|
1,209 |
|
|
|
972 |
|
|
|
2,334 |
|
|
|
1,944 |
|
|
Income tax benefit related to adjustments (e) |
|
(1,274 |
) |
|
|
(899 |
) |
|
|
(2,296 |
) |
|
|
(1,566 |
) |
|
Adjusted net income |
$ |
18,369 |
|
|
$ |
18,255 |
|
|
$ |
32,585 |
|
|
$ |
31,623 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings per common share |
|
|
|
|
|
|
|
|
Basic |
$ |
0.51 |
|
|
$ |
0.48 |
|
|
$ |
0.90 |
|
|
$ |
0.83 |
|
|
Diluted |
$ |
0.50 |
|
|
$ |
0.47 |
|
|
$ |
0.88 |
|
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
(a) Represents
shared-based compensation relating to equity awards granted to
employees and independent directors of the Company. |
(b) Represents
primarily financial advisory, professional and legal fees related
to business acquisition transactions. |
(c) Represents
primarily loss on disposal of fixed assets. |
(d) Represents the
amortization of intangible assets that resulted from business
acquisition transactions. |
(e) 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. |
|
|
|
|
|
|
|
|
|
Reconciliation from GAAP Basic Earnings per Share to
Adjusted Basic Earnings per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
GAAP
Basic Earnings per Share |
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
0.75 |
|
|
$ |
0.72 |
|
|
|
Adjusted
for: |
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
0.06 |
|
|
|
0.04 |
|
|
|
0.11 |
|
|
|
0.08 |
|
|
|
Transaction costs |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
Other charges and expenses |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.01 |
|
|
|
Amortization of intangibles |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
Income tax benefit related to adjustments |
|
(0.04 |
) |
|
|
(0.02 |
) |
|
|
(0.06 |
) |
|
|
(0.04 |
) |
|
|
Non-GAAP Adjusted Basic Earnings per Share |
$ |
0.51 |
|
|
$ |
0.48 |
|
|
$ |
0.90 |
|
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The table above may
contain slight summation differences due to rounding |
|
|
|
Reconciliation from GAAP Diluted Earnings per Share to
Adjusted Diluted Earnings per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
GAAP
Diluted Earnings per Share |
$ |
0.42 |
|
|
$ |
0.41 |
|
|
$ |
0.73 |
|
|
$ |
0.71 |
|
|
|
Adjusted
for: |
|
|
|
|
|
|
|
|
|
Share-based compensation |
|
0.06 |
|
|
|
0.04 |
|
|
|
0.11 |
|
|
|
0.08 |
|
|
|
Transaction costs |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
Other charges and expenses |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.01 |
|
|
|
Amortization of intangibles |
|
0.03 |
|
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.05 |
|
|
|
Income tax benefit related to adjustments |
|
(0.03 |
) |
|
|
(0.02 |
) |
|
|
(0.06 |
) |
|
|
(0.04 |
) |
|
|
Non-GAAP Adjusted Diluted Earnings per Share |
$ |
0.50 |
|
|
$ |
0.47 |
|
|
$ |
0.88 |
|
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The table above may
contain slight summation differences due to rounding |
|
|
|
Reconciliation from Net Income to Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
(in thousands of dollars) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Net
income |
|
$ |
15,422 |
|
|
$ |
15,984 |
|
|
$ |
27,184 |
|
|
$ |
27,638 |
|
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
2,651 |
|
|
|
1,112 |
|
|
|
4,842 |
|
|
|
2,064 |
|
|
Income tax provision |
|
|
6,669 |
|
|
|
6,111 |
|
|
|
11,555 |
|
|
|
10,616 |
|
|
Depreciation and amortization |
|
|
3,135 |
|
|
|
2,251 |
|
|
|
6,038 |
|
|
|
4,434 |
|
|
EBITDA |
|
|
27,877 |
|
|
|
25,458 |
|
|
|
49,619 |
|
|
|
44,752 |
|
|
Share-based compensation (a) |
|
|
2,245 |
|
|
|
1,665 |
|
|
|
3,943 |
|
|
|
2,933 |
|
|
Transaction costs (b) |
|
|
275 |
|
|
|
216 |
|
|
|
399 |
|
|
|
216 |
|
|
Other charges and expenses (c) |
|
|
492 |
|
|
|
317 |
|
|
|
1,021 |
|
|
|
458 |
|
|
Adjusted EBITDA |
|
$ |
30,889 |
|
|
$ |
27,656 |
|
|
$ |
54,982 |
|
|
$ |
48,359 |
|
|
|
|
|
|
|
|
|
|
|
|
(a) Represents
share-based compensation relating to equity awards granted to
employees and independent directors of the Company. |
|
|
|
(b) Represents
primarily financial advisory, professional and legal fees related
to business acquisition transactions. |
|
(c) Represents
primarily loss on disposal of fixed assets. |
|
|
|
Reconciliation from Net Income Margin to Adjusted EBITDA
Margin |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Net
Income Margin |
9.1 |
% |
|
11.7 |
% |
|
8.6 |
% |
|
11.0 |
% |
|
Adjusted
for: |
|
|
|
|
|
|
|
|
Interest expense |
1.6 |
% |
|
0.8 |
% |
|
1.5 |
% |
|
0.8 |
% |
|
Income tax provision |
3.9 |
% |
|
4.5 |
% |
|
3.7 |
% |
|
4.2 |
% |
|
Depreciation and amortization |
1.9 |
% |
|
1.6 |
% |
|
1.9 |
% |
|
1.8 |
% |
|
EBITDA |
16.5 |
% |
|
18.6 |
% |
|
15.8 |
% |
|
17.8 |
% |
|
Share-based compensation |
1.3 |
% |
|
1.2 |
% |
|
1.3 |
% |
|
1.2 |
% |
|
Transaction costs |
0.2 |
% |
|
0.2 |
% |
|
0.1 |
% |
|
0.1 |
% |
|
Other charges and expenses |
0.3 |
% |
|
0.2 |
% |
|
0.3 |
% |
|
0.2 |
% |
|
Adjusted EBITDA Margin |
18.3 |
% |
|
20.2 |
% |
|
17.5 |
% |
|
19.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Net Free Cash
Generated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
(in thousands of dollars) |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period |
|
|
$ |
15,422 |
|
|
$ |
15,984 |
|
|
$ |
27,184 |
|
|
$ |
27,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
3,135 |
|
|
|
2,251 |
|
|
|
6,038 |
|
|
|
4,434 |
|
|
Share-based compensation |
|
|
|
2,245 |
|
|
|
1,665 |
|
|
|
3,943 |
|
|
|
2,933 |
|
|
Provision for credit losses |
|
|
|
1,155 |
|
|
|
1,056 |
|
|
|
1,940 |
|
|
|
1,498 |
|
|
Cash used in investing activities |
|
|
(7,909 |
) |
|
|
(2,551 |
) |
|
|
(10,028 |
) |
|
|
(6,867 |
) |
|
Term loan pay downs |
|
|
|
(1,094 |
) |
|
|
(1,094 |
) |
|
|
(2,188 |
) |
|
|
(2,188 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net free cash generated during the period |
|
$ |
12,954 |
|
|
$ |
17,311 |
|
|
$ |
26,889 |
|
|
$ |
27,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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