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International Money Express (IMXI) is like a specialized Western Union or MoneyGram, concentrating primarily on money transfers from the U.S. to Latin American and Caribbean countries.

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• Money Transfer (Remittance): Facilitates the secure and reliable transfer of funds from senders, primarily in the United States and Canada, to recipients in Latin America and other global corridors.
• Bill Payment Services: Allows customers to pay various bills, such as utility and phone bills, conveniently through their agent network.
• Money Order Services: Provides a secure, paper-based payment instrument that customers can purchase and use as an alternative to cash or personal checks.

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International Money Express (IMXI) primarily sells its money transfer services to **individuals** rather than other companies. Its major customers are individuals who send money internationally.

The up to three categories of individual customers that IMXI serves are:

• Migrant Workers: This is IMXI's core customer base. These individuals, primarily residing in the United States and Canada, regularly send a portion of their earnings to support family members and friends in their home countries, predominantly in Latin America and the Caribbean.
• Families and Individuals Providing Financial Support: Customers who send money to relatives or friends living abroad for various forms of financial assistance, such as living expenses, education, medical care, or other necessities. This category often overlaps with migrant workers but also includes other individuals supporting family across borders.
• Individuals Making Occasional Personal Transfers: Customers who use the service for less frequent personal remittances, such as sending gifts, providing emergency aid, or fulfilling other personal obligations to recipients in the countries IMXI serves.

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Robert Lisy, Chairman, President and Chief Executive Officer

Mr. Lisy has over 30 years of experience in the retail financial services and electronic payment processing industry. He joined International Money Express, Inc. (or its predecessors) in 2009. He was a founding partner of Direct Express/Paystation America, where he served as Chief Operating Officer and on the board of directors, and was instrumental in its successful sale to American Payment Systems in 2000. Mr. Lisy also served as Chief Marketing and Sales Officer of Vigo Remittance Corp. and held various sales, marketing, and operational positions at Western Union.

Andras Bende, Chief Financial Officer

Mr. Bende joined International Money Express, Inc. as Chief Financial Officer in December 2020. Before joining the company, he served as Chief Financial Officer for Computer Services, Inc., a financial technology company, from 2018 to 2019, where he played a key role in guiding the company through a period of significant growth and share price appreciation, surpassing a $1 billion valuation. Previously, Mr. Bende held several international Chief Financial Officer and controller roles at GE Capital from 2005 to 2017. He is a graduate of GE's Financial Management Program and the GE Corporate Audit Staff.

Christopher Hunt, Chief Operating Officer

Mr. Hunt became acting Chief Operating Officer in January 2023, where he continues to oversee technology for the business while also taking on product development, product operations, and facilities. He had served as Chief Information Officer of the company since March 2021.

Joseph Aguilar, President and General Manager - Latin America

Mr. Aguilar joined International Money Express, Inc. in September 2019 as Chief Operating Officer. In January 2023, he transitioned to President and General Manager for Latin America, with a focus on operations in Mexico and Guatemala and future Intermex operations in the region. Prior to Intermex, Mr. Aguilar was a senior executive at Sigue Corporation, where he started as Chief Auditor in 2005, established the Internal Audit function, and was later promoted to Chief Operating Officer responsible for global operations and technology functions, and subsequently to President of SGS, Ltd.

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1. Digital Transformation and Fintech Competition: International Money Express faces significant pressure from the rapid adoption of digital wallets and new fintech entrants, which threaten its traditional legacy business model. This digital shift is eroding pricing power and customer loyalty, making it challenging for IMXI to compete effectively, particularly as its digital business, though growing, remains too small to fully offset the weaknesses in its retail segment.
2. High Geographic and Regulatory Dependency: The company has a substantial reliance on specific remittance corridors, especially Latin America and Mexico, with a significant portion of its transaction volume concentrated in these regions. This exposes IMXI to considerable geographic, political, and regulatory risks. Changes in regulations can lead to increased compliance costs and potential revenue impacts, and political uncertainties in core markets can also negatively affect the business.
3. Foreign Exchange Rate Volatility and Margin Compression: IMXI is vulnerable to fluctuations in foreign exchange rates, particularly with currencies like the Mexican Peso and Venezuelan Bolivar, which can impact its revenue and earnings. Furthermore, the company has experienced margin compression, evidenced by a decline in EBITDA margins. This is attributed to increased competition in its Latin American markets, leading to reduced foreign exchange spreads, and the impact of lower-margin acquisitions on profitability.

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The clear emerging threat to International Money Express (IMXI) is the aggressive expansion and market share capture by digitally-focused fintech remittance companies.

Companies such as Remitly, Wise (formerly TransferWise), and Xoom (a PayPal service) are increasingly penetrating the Latin American corridors, which are IMXI's core markets. These fintechs leverage purely digital operating models (online platforms and mobile apps) that often result in lower transaction fees, faster transfer times, and a more seamless user experience compared to traditional agent-based or hybrid models. Their customer acquisition strategies are robust, appealing to a growing segment of consumers who prefer digital solutions for money transfers.

This trend mirrors historical disruptions like Netflix threatening Blockbuster or Uber threatening traditional taxicab businesses, where a more efficient, technology-driven model with a superior customer experience and/or lower cost structure eroded the market share of more traditional incumbents.

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International Money Express (IMXI) primarily operates in the money remittance services market, facilitating cross-border money transfers, with a strong focus on the United States to Latin America and Caribbean corridor.

The addressable markets for their main products and services are as follows:

• Money Remittance Services (Global): The global money transfer services market was valued at approximately $36.35 billion in 2024 and is projected to grow to $79.18 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 17.2%. Another estimate places the global money transfer services market at $24.2 billion in 2023, expected to reach $93.2 billion by 2032 with a CAGR of 16.2%. Additionally, the global market for money transfer services is expected to be valued at USD 42.31 billion in 2025 and reach USD 121.76 billion by 2032, with a CAGR of 16.3%.
• United States Outbound Remittance Market: The remittance outflow market from the United States increased to US$ 88.65 billion in 2024 and is expected to reach US$ 103.89 billion by 2028, growing at a CAGR of 4.0% from 2024. In 2023, the U.S. was expected to send approximately $85 billion in remittances.
• Latin America and Caribbean Inbound Remittance Market: Formal remittance volumes to Latin America totaled US$146 billion in 2022. This market was projected to reach a record $155 billion in 2023. In 2024, nearly $165.1 billion flowed into Latin America and the Caribbean. The Latin America digital remittance market alone generated revenues of USD 3,128.5 million in 2024 and is expected to grow to US$ 8,055.6 million by 2030, with a CAGR of 17.7%.
• North and Latin America Remittance Market (combined): This market was valued at USD 272.6 billion in 2024 and is expected to exceed USD 423.9 billion by 2032, growing at a CAGR of 5.9% between 2026 and 2032.
• Ancillary Services (Check processing, prepaid debit card, bill payment, telewire services, international top-up): null

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International Money Express (IMXI) is anticipated to drive future revenue growth over the next two to three years through several key strategies:

1. Expansion of Digital Channels and Offerings: IMXI is making significant strides in its strategic shift towards digital channels, reporting exceptional digital revenue growth of over 66% year-over-year in Q3 2024. The company plans substantial investments in its digital platforms and new business lines, indicating a strong focus on increasing digital transaction volumes and customer adoption.
2. Geographic Market Expansion: The company is actively expanding its global service reach, having expanded send capabilities to over 90 destinations. This includes a notable move into European markets, such as the United Kingdom, which saw an acquisition of a money service entity in Q3 2024. This broader international footprint is expected to capture new customer segments and increase transaction volumes.
3. Growth of New Products and Services: IMXI is investing in new business lines, specifically planning to expand its "Wires as a Service" offering. The introduction and growth of such specialized services are designed to diversify revenue streams and cater to evolving customer needs beyond traditional money remittances.
4. Customer Base Expansion and Retention through an Omni-channel Approach: IMXI's customer base grew by 5% year-over-year to 4.2 million, driven by its effective omni-channel strategy. By blending the strengths of both its retail and digital operations, the company aims to maximize growth and profitability. Digital channels, in particular, are noted for lower customer acquisition costs and record retention levels, fostering sustainable customer growth.
5. Realizing Synergies from Acquisitions: The company is nearing the completion of the integration of its La Nacional and i-Transfer acquisitions, with full realization of anticipated synergies and margin expansion expected in 2025. These integrations are projected to enhance operational efficiency and contribute to the company's overall financial health, indirectly supporting revenue growth by improving profitability and capacity for further investment.

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Share Repurchases

• The company authorized a $40 million share repurchase program in August 2021.
• Share repurchases made were approximately $75.132 million in 2024, $66.264 million in 2023, and $66.82 million in 2022.
• In March 2025, International Money Express announced an equity buyback of 100,000 shares for $1.3 million.

Share Issuance

• Common stock issuances amounted to approximately $1.3 million in fiscal year 2023, $1.66 million in fiscal year 2022, and $3.81 million in fiscal year 2021.
• The number of common shares outstanding decreased from 38,318,279 as of February 25, 2022, to 30,652,249 as of February 24, 2025, indicating a net reduction in shares over this period, consistent with share repurchases.

Inbound Investments

• Magnetar group disclosed a rise in its stake to approximately 6.03% as of September 9, 2025, through purchases totaling 206,473 shares between August 29 and September 9, 2025.
• Voss Capital and related entities disclosed an aggregate 5.3% beneficial ownership, holding 1,564,251 shares as of August 6, 2025.

Outbound Investments

Capital Expenditures

• Capital expenditures were approximately $31.69 million for the trailing twelve months ending June 30, 2025, $42 million in fiscal year 2024, $12.8 million in fiscal year 2023, and $12.17 million in fiscal year 2022.
• A primary focus of these capital expenditures is investing in technology platforms to ensure capacity, high uptime performance, and to support the growth of digital channels.
• The company continuously invests in its technology platforms and aims to drive continued growth through executing core strategies organically or through acquisitions, implying ongoing capital allocation.