INTERNATIONAL MONEY EXPRESS Reports Second Quarter Earnings for FY2023
August 9, 2023
🌥️Earnings Overview
On August 2 2023, INTERNATIONAL MONEY EXPRESS ($NASDAQ:IMXI) announced their financial results for the second quarter of FY2023, ending June 30 2023. The company achieved total revenue of USD 169.2 million, signifying a 23.5% year-on-year rise. Nevertheless, their reported net income was USD 15.4 million, a 3.5% decline from the year before.
Price History
The stock opened at $20.2 but closed the day trading at $19.4, a plunge of 19.0% from the previous closing price of 24.0. This marks the company’s lowest stock price since the beginning of the fiscal year. The company cited a challenging economic environment, coupled with competitive pressures in the market as the main reasons for the weak earnings this quarter.
In addition, INTERNATIONAL MONEY EXPRESS also reported an increase in operating expenses, which put further pressure on their bottom line. The company is now focused on cutting costs and addressing operational efficiencies in order to return to profitability. Investors are keeping a close eye on INTERNATIONAL MONEY EXPRESS to get a better understanding of how they are performing in the current market environment and what their plans are for future growth. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for IMXI. More…
| Total Revenues | Net Income | Net Margin |
| 609.72 | 56.88 | 9.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for IMXI. More…
| Operations | Investing | Financing |
| -16.95 | -12.53 | 14.06 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for IMXI. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 539.8 | 388.98 | 4.28 |
Key Ratios Snapshot
Some of the financial key ratios for IMXI are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 22.6% | 28.9% | 14.1% |
| FCF Margin | ROE | ROA |
| -4.4% | 34.6% | 10.0% |
Analysis
GoodWhale recently conducted an analysis of INTERNATIONAL MONEY EXPRESS’s wellbeing. The Star Chart shown that the company has a high health score of 8/10 considering its cashflows and debt, indicating its capability to sustain future operations in times of crisis. We have also identified that INTERNATIONAL MONEY EXPRESS is strong in growth and profitability, medium in asset, and weak in dividend. Based on our findings, INTERNATIONAL MONEY EXPRESS is classified as ‘gorilla’, a type of company we conclude that achieved stable and high revenue or earning growth due to its strong competitive advantage. With this information, we believe that INTERNATIONAL MONEY EXPRESS may be attractive to investors who are looking for companies with strong performance and competitive advantage. Such investors may include value investors, growth investors, and institutional investors. More…
Peers
It offers online money transfer services to consumers and businesses in over 200 countries and territories. The company has a network of over 500,000 agent locations worldwide. Nuvei Corp is a leading provider of payment processing services. It offers a suite of products and services that enable businesses to accept and process payments. Splitit Payments Ltd is a payment processing company that offers a range of products and services that enable businesses to accept and process payments. Evertec Inc is a leading provider of electronic transaction processing services. It offers a suite of products and services that enable businesses to accept and process payments.
– Nuvei Corp ($TSX:NVEI)
Nuvei Corp is a leading provider of payment processing solutions. The company has a market cap of 5.51B as of 2022 and a return on equity of 4.23%. Nuvei provides businesses of all sizes with the ability to process payments in a secure and efficient manner. The company’s solutions are used by businesses in a variety of industries, including retail, e-commerce, gaming, and more.
– Splitit Payments Ltd ($ASX:SPT)
Splitit Payments Ltd is a company that provides credit card payment solutions. The company has a market capitalization of 71.81 million as of 2022 and a return on equity of -45.58%. The company operates in the payments industry and offers credit card payment solutions that allow customers to split their payments into interest-free installments. The company was founded in 2013 and is headquartered in New York, New York.
– Evertec Inc ($NYSE:EVTC)
Evertec Inc is a provider of technology solutions that enable commerce transactions in Latin America and the Caribbean. The Company operates through four segments: Merchant Acquiring, Payment Processing Services, Payment Services and Commercial Financing. Merchant Acquiring includes point-of-sale transaction acquiring and related services, which enable merchants to accept and process electronic payments from their customers, including credit, debit and prepaid card payments, as well as electronic payments through alternative methods. Payment Processing Services segment includes credit and debit card processing, electronic bill presentment and payment, and other value-added services. Payment Services segment provides account-to-account transfers, person-to-person payments, government payments and business-to-business payments. Commercial Financing segment offers short-term working capital loans to small and medium-sized businesses. As of December 31, 2018, the Company operated in 17 countries.
Summary
International Money Express (IME) recently reported their financial results for the second quarter of FY2023. Total revenue was USD 169.2 million, representing an impressive 23.5% increase year-on-year.
However, net income of USD 15.4 million was a slight 3.5% decrease compared to the same period the previous year. Despite the strong top-line figures, investors were not impressed with the dip in profits, and the stock price moved down on the day of the announcement. Investors may find opportunities for short-term gains in IME if the company can continue to expand revenues but improve cost efficiency to boost profits.
