International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the
“Company”), one of the nation’s leading omnichannel money transfer
services to Latin America, today reported strong operating results
for the third quarter of 2023.
Bob Lisy, Chairman, President, and CEO of Intermex, stated, “We
are proud to beat market consensus for Revenue and deliver another
strong quarter of growth. In line with our expectations, Net Income
was impacted by non-core items this year and last, however Adjusted
EBITDA grew at 14%, also ahead of our projections. The
profitability and cash generation of our underlying operations have
allowed us to invest to accelerate our core growth, optimize and
scale recent M&A, and profitably expand our digital and card
businesses. We are ahead of schedule in our plans to capture
incremental retail transactions in the U.S., and we are efficiently
and profitably creating incredible momentum in our growth areas -
especially Digital, Europe, and others."
Third Quarter 2023
Financial Results (all comparisons are to the
Third Quarter
2022)Total revenues for the
Company were $172.4 million, up 22.5%. 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.
Contributing to the revenue growth was a 35.1% increase in unique,
active customers to 4.0 million, who generated 15.4 million
money transfer transactions, an increase of 25.7%. Also
contributing to the record number of transactions was the 62.9%
growth in digital transactions. Transaction growth resulted in
$6.6 billion in principal transferred, a 19.8% increase. This
principal translates to a 21.8% market share, up from 20.6% in the
top 5 U.S. to Latin America remittance markets - Mexico, Guatemala,
El Salvador, Honduras, and the Dominican Republic in the third
quarter of 2023.
Net income was $14.8 million, a decrease of 10.8%. Diluted
earnings per share were $0.41, a decrease of 4.7%. Net income and
diluted EPS are highly impacted by a $2.9 million tax benefit in
the third quarter of 2022 that did not recur in the third quarter
of 2023. In addition, increased revenues were partially offset by
proportional growth in cost of sales and increased operating
expenses – which included a $1.1 million restructuring charge for
La Nacional. Higher interest expense, depreciation &
amortization – much of it acquisition-related, also impacted net
income. The diluted earnings per share also reflect the positive
benefits of the Company's stock repurchases.
Adjusted EBITDA increased 14.0% to $31.7 million, driven by the
business operating results discussed above along with the impact of
the additional adjusting items to EBITDA shown in the
reconciliation tables below.
Adjusted net income decreased 11.1% to $18.4 million, and
adjusted diluted earnings per share were $0.51, a decrease of 5.6%.
Adjusted net income and adjusted diluted EPS were highly impacted
by a $2.9 million tax benefit in the third quarter of 2022 that did
not recur in the third quarter of 2023, in addition to the items
noted above in net income, adjusted for certain non-cash expenses,
the La Nacional restructuring charge and other charges, and tax
adjustments that are detailed in the reconciliation tables below
following the unaudited condensed consolidated financial
statements. Adjusted EPS also benefited from the Company's stock
repurchases.
Year-to-Date Financial Results for
2023 (all comparisons are to the
first nine months of
2022)Revenues increased by 24.1%
to $487.0 million. Driving that growth was a 26.9% increase in net
money transfer transactions. A 55.3% increase in digital
transactions initiated also contributed to this growth. Principal
amount sent increased 20.5% to $18.3 billion.
Net income was $42.0 million, a decrease of 5.2%. Diluted
earnings per share were $1.14, equal to the prior year period,
attributable to the year-to-date effects of the same items noted
above for the quarterly results.
Adjusted EBITDA increased 13.8% to $86.7 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 net income totaled $51.0 million, a decrease of 2.7%.
Adjusted diluted earnings per share totaled $1.39, an increase of
3.0%, attributable to the same items noted above for the quarterly
results.
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 third quarter
of 2023 with $222.4 million in cash and cash equivalents. Net Free
Cash Generated was $17.6 million, down 4.6%, compared to the third
quarter of 2022. Lower year-over-year free cash generated was
highly impacted by the $2.9 million tax benefit in the third
quarter of 2022 that did not recur in the third quarter of 2023 and
by other factors impacting net income growth. The measure was also
impacted by a moderate increase in capital spending associated with
upgrading technology within the U.S. agent base.
The Company repurchased approximately 502,000 shares of its
common stock for $10.0 million during the third quarter of
2023 under its share repurchase program.
GuidanceThe Company is providing fourth-quarter
guidance:
Fourth-quarter 2023:
- Revenue of $170.0 million to $181.0 million, up 10% to
17%.
- Diluted EPS of $0.43 to $0.46, up 22% to 30%.
- Adjusted Diluted EPS of $0.51 to $0.54, up 6% to 12%.
- Adjusted EBITDA of $31.4 million to $33.4 million, up 8% to
15%.
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 and
Adjusted Diluted EPS 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;
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 out of the
outbound markets 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 Gallentine Vice President of Investor
Relationsmgallentine@intermexusa.comtel. 305-671-8005
Condensed Consolidated Balance Sheets |
|
|
September 30, |
|
December 31, |
(in thousands of dollars) |
|
2023 |
|
2022 |
ASSETS |
|
(Unaudited) |
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
222,447 |
|
$ |
149,493 |
Accounts receivable, net |
|
|
163,007 |
|
|
129,808 |
Prepaid wires, net |
|
|
84,147 |
|
|
90,386 |
Prepaid expenses and other current assets |
|
|
12,730 |
|
|
12,749 |
Total current assets |
|
|
482,331 |
|
|
382,436 |
|
|
|
|
|
Property and equipment,
net |
|
|
28,967 |
|
|
28,160 |
Goodwill |
|
|
53,814 |
|
|
49,774 |
Intangible assets, net |
|
|
19,358 |
|
|
19,826 |
Other assets |
|
|
35,121 |
|
|
31,876 |
Total assets |
|
$ |
619,591 |
|
$ |
512,072 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Current portion of long-term debt, net |
|
$ |
6,616 |
|
$ |
4,975 |
Accounts payable |
|
|
33,283 |
|
|
25,686 |
Wire transfers and money orders payable, net |
|
|
159,858 |
|
|
112,251 |
Accrued and other liabilities |
|
|
44,270 |
|
|
41,855 |
Total current liabilities |
|
|
244,027 |
|
|
184,767 |
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
Debt, net |
|
|
193,137 |
|
|
150,235 |
Lease liabilities, net |
|
|
22,465 |
|
|
23,272 |
Deferred tax liability, net |
|
|
2,324 |
|
|
3,892 |
Total long-term liabilities |
|
|
217,926 |
|
|
177,399 |
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Total stockholders' equity |
|
|
157,638 |
|
|
149,906 |
Total liabilities and stockholders' equity |
|
$ |
619,591 |
|
$ |
512,072 |
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Income |
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
(in thousands of dollars, except for per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(Unaudited) |
|
(Unaudited) |
Revenues: |
|
|
|
|
|
|
|
Wire transfer and money order fees, net |
$ |
147,387 |
|
$ |
120,718 |
|
$ |
416,355 |
|
$ |
336,340 |
Foreign exchange gain, net |
|
22,688 |
|
|
18,851 |
|
|
64,239 |
|
|
52,719 |
Other income |
|
2,362 |
|
|
1,198 |
|
|
6,358 |
|
|
3,309 |
Total revenues |
|
172,437 |
|
|
140,767 |
|
|
486,952 |
|
|
392,368 |
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Service charges from agents and banks |
|
112,871 |
|
|
93,658 |
|
|
319,983 |
|
|
262,717 |
Salaries and benefits |
|
18,607 |
|
|
13,853 |
|
|
52,415 |
|
|
36,911 |
Other selling, general and administrative expenses |
|
13,235 |
|
|
10,232 |
|
|
37,210 |
|
|
24,964 |
Depreciation and amortization |
|
3,472 |
|
|
2,278 |
|
|
9,511 |
|
|
6,712 |
Total operating expenses |
|
148,185 |
|
|
120,021 |
|
|
419,119 |
|
|
331,304 |
|
|
|
|
|
|
|
|
Operating income |
|
24,252 |
|
|
20,746 |
|
|
67,833 |
|
|
61,064 |
|
|
|
|
|
|
|
|
Interest expense |
|
2,801 |
|
|
1,466 |
|
|
7,643 |
|
|
3,530 |
|
|
|
|
|
|
|
|
Income before income taxes |
|
21,451 |
|
|
19,280 |
|
|
60,190 |
|
|
57,534 |
|
|
|
|
|
|
|
|
Income tax provision |
|
6,619 |
|
|
2,654 |
|
|
18,174 |
|
|
13,270 |
|
|
|
|
|
|
|
|
Net income |
$ |
14,832 |
|
$ |
16,626 |
|
$ |
42,016 |
|
$ |
44,264 |
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
Basic |
$ |
0.42 |
|
$ |
0.44 |
|
$ |
1.17 |
|
$ |
1.16 |
Diluted |
$ |
0.41 |
|
$ |
0.43 |
|
$ |
1.14 |
|
$ |
1.14 |
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
35,320,809 |
|
|
37,390,632 |
|
|
35,930,234 |
|
|
37,999,709 |
Diluted |
|
36,082,163 |
|
|
38,425,868 |
|
|
36,767,680 |
|
|
38,907,283 |
|
|
|
|
|
|
|
|
Reconciliation from Net Income to Adjusted Net
Income |
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
(in thousands of dollars, except for per share data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Net
income |
$ |
14,832 |
|
|
$ |
16,626 |
|
|
$ |
42,016 |
|
|
$ |
44,264 |
|
|
|
|
|
|
|
|
|
Adjusted
for: |
|
|
|
|
|
|
|
Share-based compensation (a) |
|
2,274 |
|
|
|
2,625 |
|
|
|
6,217 |
|
|
|
5,558 |
|
Restructuring costs (b) |
|
1,145 |
|
|
|
— |
|
|
|
1,145 |
|
|
|
— |
|
Transaction costs (c) |
|
13 |
|
|
|
258 |
|
|
|
411 |
|
|
|
474 |
|
Loss on bank closures (d) |
|
— |
|
|
|
1,583 |
|
|
|
— |
|
|
|
1,583 |
|
Other charges and expenses (e) |
|
535 |
|
|
|
301 |
|
|
|
1,556 |
|
|
|
759 |
|
Amortization of intangibles (f) |
|
1,228 |
|
|
|
972 |
|
|
|
3,562 |
|
|
|
2,916 |
|
Income tax benefit related to adjustments (g) |
|
(1,602 |
) |
|
|
(1,632 |
) |
|
|
(3,892 |
) |
|
|
(3,200 |
) |
Adjusted net
income |
$ |
18,425 |
|
|
$ |
20,733 |
|
|
$ |
51,015 |
|
|
$ |
52,354 |
|
|
|
|
|
|
|
|
|
Adjusted earnings per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.52 |
|
|
$ |
0.55 |
|
|
$ |
1.42 |
|
|
$ |
1.38 |
|
Diluted |
$ |
0.51 |
|
|
$ |
0.54 |
|
|
$ |
1.39 |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
(a) Represents shared-based compensation relating to equity
awards granted primarily to employees and independent directors of
the Company.
(b) Represents primarily severance, write-off of fixed assets
and professional fees related to the restructuring of La
Nacional.
(c) Represents primarily financial advisory, professional and
legal fees related to business acquisition transactions.
(d) Represents losses related to the closure of a financial
institution in Mexico during 2021.
(e) Represents primarily loss on disposal of fixed
assets.
(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.
Reconciliation from GAAP Basic Earnings per Share to
Adjusted Basic Earnings per Share |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
GAAP Basic Earnings
per Share |
$ |
0.42 |
|
|
$ |
0.44 |
|
|
$ |
1.17 |
|
|
$ |
1.16 |
|
Adjusted for: |
|
|
|
|
|
|
|
Share-based compensation |
|
0.06 |
|
|
|
0.07 |
|
|
|
0.17 |
|
|
|
0.15 |
|
Restructuring costs |
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
Transaction costs |
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Loss on bank closure |
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.04 |
|
Other charges and expenses |
|
0.02 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.02 |
|
Amortization of certain intangibles |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.10 |
|
|
|
0.08 |
|
Income tax benefit related to adjustments |
|
(0.05 |
) |
|
|
(0.04 |
) |
|
|
(0.11 |
) |
|
|
(0.08 |
) |
Non-GAAP Adjusted
Basic Earnings per Share |
$ |
0.52 |
|
|
$ |
0.55 |
|
|
$ |
1.42 |
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
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 EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
GAAP Diluted Earnings
per Share |
$ |
0.41 |
|
|
$ |
0.43 |
|
|
$ |
1.14 |
|
|
$ |
1.14 |
|
Adjusted for: |
|
|
|
|
|
|
|
Share-based compensation |
|
0.06 |
|
|
|
0.07 |
|
|
|
0.17 |
|
|
|
0.14 |
|
Restructuring costs |
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
Transaction costs |
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
Loss on bank closure |
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.04 |
|
Other charges and expenses |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.04 |
|
|
|
0.02 |
|
Amortization of certain intangibles |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.10 |
|
|
|
0.07 |
|
Income tax benefit related to adjustments |
|
(0.04 |
) |
|
|
(0.04 |
) |
|
|
(0.11 |
) |
|
|
(0.08 |
) |
Non-GAAP Adjusted
Diluted Earnings per Share |
$ |
0.51 |
|
|
$ |
0.54 |
|
|
$ |
1.39 |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
The table above may contain slight summation differences due to
rounding
Reconciliation from Net Income to Adjusted
EBITDA |
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
(in thousands of dollars) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(Unaudited) |
|
(Unaudited) |
Net
income |
$ |
14,832 |
|
$ |
16,626 |
|
$ |
42,016 |
|
$ |
44,264 |
|
|
|
|
|
|
|
|
Adjusted
for: |
|
|
|
|
|
|
|
Interest expense |
|
2,801 |
|
|
1,466 |
|
|
7,643 |
|
|
3,530 |
Income tax provision |
|
6,619 |
|
|
2,654 |
|
|
18,174 |
|
|
13,270 |
Depreciation and amortization |
|
3,472 |
|
|
2,278 |
|
|
9,511 |
|
|
6,712 |
EBITDA |
|
27,724 |
|
|
23,024 |
|
|
77,344 |
|
|
67,776 |
Share-based compensation (a) |
|
2,274 |
|
|
2,625 |
|
|
6,217 |
|
|
5,558 |
Restructuring costs (b) |
|
1,145 |
|
|
— |
|
|
1,145 |
|
|
— |
Transaction costs (c) |
|
13 |
|
|
258 |
|
|
411 |
|
|
474 |
Loss on bank closures (d) |
|
— |
|
|
1,583 |
|
|
— |
|
|
1,583 |
Other charges and expenses (e) |
|
535 |
|
|
301 |
|
|
1,556 |
|
|
759 |
Adjusted
EBITDA |
$ |
31,691 |
|
$ |
27,791 |
|
$ |
86,673 |
|
$ |
76,150 |
(a) Represents share-based compensation relating to equity
awards granted to employees and independent directors of the
Company.
(b) Represents primarily severance, write-off of fixed assets
and professional fees related to the restructuring of La
Nacional.
(c) Represents primarily financial advisory, professional
and legal fees related to business acquisition transactions.
(d) Represents losses related to the closure of a financial
institution in Mexico during 2021.
(e) Represents primarily loss on disposal of fixed assets.
Reconciliation from Net Income Margin to Adjusted EBITDA
Margin |
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
Net Income
Margin |
8.6 |
% |
|
11.8 |
% |
|
8.6 |
% |
|
11.3 |
% |
Adjusted for: |
|
|
|
|
|
|
|
Interest expense |
1.6 |
% |
|
1.0 |
% |
|
1.6 |
% |
|
0.9 |
% |
Income tax provision |
3.8 |
% |
|
1.9 |
% |
|
3.7 |
% |
|
3.4 |
% |
Depreciation and amortization |
2.0 |
% |
|
1.6 |
% |
|
2.0 |
% |
|
1.7 |
% |
EBITDA |
16.1 |
% |
|
16.4 |
% |
|
15.9 |
% |
|
17.3 |
% |
Share-based compensation |
1.3 |
% |
|
1.9 |
% |
|
1.3 |
% |
|
1.4 |
% |
Restructuring costs |
0.7 |
% |
|
— |
% |
|
0.2 |
% |
|
— |
% |
Transaction costs |
— |
% |
|
0.2 |
% |
|
0.1 |
% |
|
0.1 |
% |
Loss on bank closures |
— |
% |
|
1.1 |
% |
|
— |
% |
|
0.4 |
% |
Other charges and expenses |
0.3 |
% |
|
0.2 |
% |
|
0.3 |
% |
|
0.2 |
% |
Adjusted EBITDA
Margin |
18.4 |
% |
|
19.7 |
% |
|
17.8 |
% |
|
19.4 |
% |
The table above may contain slight summation differences due to
rounding
Reconciliation of Net Income to Net Free Cash
Generated |
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
(in thousands of dollars) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Net income for the
period |
$ |
14,832 |
|
|
$ |
16,626 |
|
|
$ |
42,016 |
|
|
$ |
44,264 |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
3,472 |
|
|
|
2,278 |
|
|
|
9,511 |
|
|
|
6,712 |
|
Share-based compensation expense |
|
2,274 |
|
|
|
2,625 |
|
|
|
6,217 |
|
|
|
5,558 |
|
Provision for credit losses |
|
1,830 |
|
|
|
525 |
|
|
|
3,770 |
|
|
|
2,022 |
|
Cash used in investing activities |
|
(3,160 |
) |
|
|
(2,513 |
) |
|
|
(13,188 |
) |
|
|
(9,380 |
) |
Term loan pay downs |
|
(1,641 |
) |
|
|
(1,094 |
) |
|
|
(3,828 |
) |
|
|
(3,281 |
) |
|
|
|
|
|
|
|
|
Net free cash
generated during the period |
$ |
17,607 |
|
|
$ |
18,447 |
|
|
$ |
44,498 |
|
|
$ |
45,895 |
|
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