International Money Express, Inc.

Greetings and welcome to International Money Express first quarter 2022 earnings conference call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star then zero on your telephone keypad. I would now like to turn the conference over to your host, Mr. Mark Galentine, Vice President of Investor Relations. Thank you, sir.

Good morning, and welcome to our quarterly earnings call. I would like to remind everybody that today's call includes forward-looking statements, including our updated 2022 guidance, and 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 two 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 discuss certain non-GAAP financial measures. Information required by Reg G under the Securities and Exchange Act for 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 investor section of our website at intermexonline.com. Presenting on today's call will be our Chairman, Chief Executive Officer and President, Bob Lissy, and Chief Financial Officer, Andres Bendi. Also on the call today are Joseph Aguilar, Chief Operating Officer, Randy Nelson, Chief Revenue Officer, and Chris Hunt, Chief Information Officer. Let me now turn the call over to Bob.

Good morning, all, and thank you for joining us. We appreciate your time and value your interest in Intermex. 2022 is off to an outstanding start for our company. The strength of our first quarter operating results is a demonstration of the powerful connection we have built with our customers through our unique omni-channel suite of money transfer services. The people who rely on Intermex know they can send money home to Latin America and other areas of the world quickly, safely, and efficiently. They know they can complete their money transfers by a variety of methods, whether it is through our versatile mobile application or in person from one of our thousands of conveniently located retail locations across the U.S. and Canada. As you see on slide three, Intermex continues to achieve unprecedented double-digit growth quarter after quarter, year after year. We are growing by these key measures and metrics uninterrupted by economic ups and downs, global pandemics, or geopolitical upheaval. Anders will go into greater detail on these impressive quarter results and a bit later on the call. Moving to slide four, we are perfectly positioned to outperform in our sector, capitalizing on double-digit average annual growth rate in total remittances to Latin America and our steadily increasing share of that business, both digitally and via our retail network. We are a leading money transfer service in four of the top five Latin American markets, including Mexico, Guatemala, El Salvador, and Honduras. These key markets comprise 75% of the money sent to Latin America. With the anticipated completion of the La Nationale acquisition, we will be a market leader in the top five receiving markets in LATAM. More on La Nationale in a bit. Our addressable market includes 24 million people born in Latin America or the Caribbean who live in the United States today. We provide them a valuable service, making it possible for our customers to send money home to loved ones to pay for such essentials as housing, food, medical expenses, and more. Intermex is an important part of that transfer of funds, evidenced on slide five by the impressive 20% year-over-year growth in the total number of transactions we completed during the first quarter. As shown on slide six, in our four core markets, Intermex continues to take share and has achieved a 21.4% market share. in those large and key markets in the first quarter of 2022. We aim to complete each one of these important funds transfers without fail, 100 percent of the time. Importantly, we provide those services at locations familiar to our customers, close to where they live, in a culturally welcoming environment, and in their native language. These are all important factors that have contributed to building the consumer trust our brand has achieved, resulting in a market-leading operating performance. We have established Intermex as one of the industry's premier remittance services through our targeted and prudent investment in new technology and software, while at the same time expanding the critical and profitable retail side that Intermex customers value so very much. The vast majority of our customers prefer to conduct business in person. One key reason is the trust they place in the familiar agent retail. Additionally, many of our senders do not have the necessary banking relationships to send money online, or may be paid in cash or check that are easily negotiated at a retailer. We have not seen much change in these behaviors over the last several years, and we don't see these preferences or consumer behaviors changing dramatically anytime soon. The consistent strong growth in Intermex enjoys is tied directly to growing consumer demand for the accessible omni-channel approach we provide. On slide seven, the 17% growth in the number of Intermex customers that we achieved during the first quarter reflects the success of our omni-channel strategy. We intend to be there for our customers, offering multiple options to send money, whether it be through our retail network or on our new state-of-the-art mobile application recently launched. Regardless of their preference, we provide the same industry-leading customer care. That said, many of our customers have begun to explore the option of sending or receiving remittance digitally. As shown on slide eight, a full 25% of Intermex transactions during the first quarter were either originated or completed digitally, which is an important measure as we continue to evolve our omnichannel offering to our consumers. To underscore our valuable consumer proposition, unlike certain competitors, we offer the consumer options from which they can choose the most attractive for them. Of course, an important component of Intermex Value Chain is a strong relationship with the independent agent who manages and facilitates our retail transactions. Just to size the importance network for you, we work with thousands of independent agents across the country. For the first quarter, our agent network was 10% larger compared to first quarter 2021. Simply put, the more quality retailers we add, the more transactions we complete. By the way, these are the right agents in the right locations, carefully vetted and recruited for their alignment with our core values and commitment to the best in class customer service. We provide our partner agents with the technical support and capabilities they need to swiftly complete transactions in 20 seconds or less. That is the fastest time in the industry. The speed at which Intermex transactions are completed is a key differentiator for our busy retailers. It enables them to process more wires more quickly. Another strong draw for all of our key shareholders is our adherence to compliance protocols. Our agents as well as our banking partners rest easily knowing that we have robust safeguards in place to detect and prevent money laundering, fraud, and other transactions deemed unacceptable. We continuously invest to take compliance to the next level, which is one of the key reasons we have longstanding business relationships with premier list of regional and national banks who trust and respect the regulatory rigor that we have created. We highly value those banking relationships because they underpin our growth given the high volume of business our agents facilitate. Just a word or two on the importance of our partner agents. These are people we rely on as brand ambassadors for Intermex. They choose Intermex over other options because of the attributes I've mentioned. We choose them because they embrace our values and are committed as we are to respectful quality customer service. They are the key to our success. The carefully chosen retail network we have created sets us apart from our peers. Turning back now to La Nationale, the acquisition represents a significant step forward in global expansion ambitions. Acquiring La Nationale in land holdings provides intermix with important geographic diversity, while at the same time strengthening our competitive position in key Latin American countries where the land share of the business is transacted. Once integrated into our operations, La Nationale and land holdings will make Intermix, a leading remittance provider to Dominican Republic, adding a fifth Latin American country where Intermix will be a leader. As a reminder, the Dominican Republic, Mexico, Guatemala, El Salvador, and Honduras collectively represent 83% of all the money sent to the region from the U.S. In aggregate, we will have more than a 21% share to these five key markets. Additionally, La Nacional also enables us to enter the European remittance market for the first time expanding our global reach from 28 to more than 70 countries. Through land holdings, we will be requiring eye transfers in Europe, which will make it possible for Intermex customers to send money to Latin America, Africa, and Asia from Spain, Italy, and Germany. We believe this is an excellent opportunity for the company and our shareholders, and we expect the national acquisition to close in third quarter. So definitely, there's a positive momentum for Intermex. Put it all together, and we are creating significant value for our shareholders. achieving consistent, strong growth across the board, and setting ourselves apart as an undisputed leader in the industry. With that, I will turn it over to Andres to provide more context around the operating results we reported this morning.