International Money Express, Inc. (NASDAQ: IMXI ) Q4 2021 Earnings Conference Call March 7, 2022 9:00 AM ET
Company Participants
Michael Gallentine – Vice President of Investor Relations
Robert Lisy – Chairman, President & Chief Executive Officer
Andras Bende – Chief Financial Officer
Randall Nilsen – Chief Revenue Officer
Conference Call Participants
David Scharf – JMP Securities
Mark Palmer – BTIG
Alex Markgraff – KeyBanc Capital Markets
Mike Grondahl – Northland Securities
Timothy Chiodo – Credit Suisse
Operator
Greetings. Welcome to International Money Express Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note that today’s conference is being recorded.
At this time, I’ll turn the conference over to Mike Gallentine, Vice President of Investor Relations. Mr. Gallentine, you may now begin.
Michael Gallentine
Good morning, everyone and welcome to our quarterly earnings call.
I would like to remind you that today’s call includes forward-looking statements; including our 2022 guidance and that actual results may differ materially from expectations. For additional information on International Money Express which we refer to as Intermex or the company, please see our SEC filings, including the risk factors described therein. All forward-looking statements on this call are based on assumptions and beliefs as of today. You should not rely on our forward-looking statements as predictions of future events. Please refer to Slide 2 of our presentation for a description of certain forward-looking statements. The company undertakes no obligation to update such information except as required by applicable law. On this conference call, we will discuss certain non-GAAP financial measures. Information required under Reg G under the Securities and Exchange Act with respect to such non-GAAP financial measures is included in the presentation slides, our earnings press release and our annual report on Form 10-K, including reconciliation of certain non-GAAP financial measures to the appropriate GAAP measures. These can be obtained in the Investors section of our website at intermexonline.com.
Presenting on today’s call will be our Chairman, Chief Executive Officer and President, Bob Lisy; and Chief Financial Officer Andras Bende. Also on the call today is Joseph Aguilar, Chief Operating Officer; Randy Nilsen, Chief Revenue Officer; and Chris Hunt, Chief Information Officer.Let me now turn the call over to Bob. Robert Lisy Good morning and thank you for joining us today. We are proud to announce the fourth quarter and 2021 year ending results. Let me highlight some of our accomplishments on Slide 3 compared with fourth quarter and full year 2020.We achieved revenue of $127 million, a 28% increase versus last year; net income of $13 million, 37% increase; adjusted net income was $16 million, an increase of 36%; and adjusted EBITDA for the quarter of $24 million, an increase of 27%. For the year, revenues were $459 million, an increase of 29% over the previous year; net income was $47 million, an increase of 39%; adjusted income was $57 million, an increase of 36%; adjusted EBITDA was $87 million, an increase of 27%. These are very impressive results in their own right but even more impressive given the comparison to our very strong results of 2020 fourth quarter and full year in which revenues increased 19% and 12% respectively, net income increased 80% on the quarter and 72% for the year and adjusted EBITDA grew at 32% and 19%.The two year growth for 2021 was 45% in revenue, 139% in net income and 51% in adjusted EBITDA. We are truly a stronger, more profitable company than we were when the pandemic began in 2020. This performance validates our high quality omnichannel customer focused strategy. The company utilizes cutting-edge high-tech proprietary software through every step of our business to meet the customers where they choose to transact, whether digitally or in person. This allows Intermex to deliver a robust and easy to use agent interface, provide our services efficiently and support back office IT infrastructure. As a result, Intermex exhibits all of the characteristics of a high tech growth company. Importantly, as I will discuss more in greater detail momentarily, because of the service we provide to our customers is essential, our business was built to operate well in both good times and in challenging economic environments. We firmly believe this positions Intermex to take advantage of a very long runway ahead.Before I provide additional color on the customer side of the business, I would like to discuss the company’s strategy related to our agent partners, who are carefully chosen to ensure that they […]
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