International Money Express, Inc.

First quarter 2025 revenue was $144.3 million, down from $150.4 million a year ago. Net income was $7.8 million, diluted EPS was $0.25, adjusted diluted EPS was $0.35, operating income was $14.1 million, and adjusted EBITDA was $21.6 million with adjusted EBITDA margins at 15%. Total volume sent increased 3.7%, while total transactions sent fell just over 5% year over year. Full-year 2025 guidance was revised to revenue of $634.9 million to $654.2 million, diluted EPS of $1.53 to $1.65, adjusted diluted EPS of $1.86 to $2.02, and adjusted EBITDA of $103.6 million to $106.8 million; the company discontinued quarterly guidance for the moment.

Bob Lisy said the quarter showed resilience in the core retail business despite a difficult economic, political and immigration backdrop. He emphasized that retail remains the cash engine, while digital is the key long-term growth platform, with digital transactions up just under 70% in Q1 and about 80% in April. His tone was confident but cautious: he repeatedly said the company is not assuming the unusual transaction pattern will revert immediately, but believes Intermex can keep investing in digital and selectively push retail pricing and store density where it sees opportunity.

Andras Bende highlighted that the unusual pattern of larger send amounts but fewer transactions hurt revenue and profit, and said that if send amounts had been more normalized, revenue would have been $7 million to $10 million higher and operating income $2 million to $3 million higher. He cited Q1 service charges from agents and banks of $93.8 million, salaries and benefits up only 1%, $0.3 million of restructuring charges, $1.2 million of transaction-related expenses, and $151.8 million in cash at quarter-end versus $130.5 million at year-end. He also noted total debt of $147.4 million versus $156.6 million at year-end, and said the company bought back about 368,000 shares for $5 million.

Analysts focused on the near-term retail weakness, the shift to larger but less frequent sends, retention in digital, and whether the company might slow digital investment. Management said the retail decline appears tied to consumer caution and lower foot traffic, while digital retention is slightly better than last quarter and the company is not pulling back on digital spend. They also said the revenue and margin hit from the transaction mix shift was meaningful in Q1, but they expect the dynamic to improve gradually by year-end as a new normal emerges.