International Money Express, Inc.

Good day, and thank you for standing by. Welcome to the International Money Express, Inc. First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference call is being recorded. I would now like to hand the call over to your speaker today, Alex Sadowski, Investor Relations Coordinator. Please go ahead.

Good morning, and welcome to the Intermex first quarter 2024 earnings call. I would like to remind everyone that today's call includes forward-looking statements, including our 2024 guidance, and actual results may differ materially from expectation. 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 will discuss certain non-GAAP financial measures. Information required by Regulation 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 and quarterly reports on Form 10-Q, 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 is our chairman, chief executive officer, and president, Bob Lissy, and chief financial officer, Anders Bendi, as well as other members of the senior leadership team. Let me now turn the call over to Bob. Good morning, shareholders, analysts, partners, and media representatives.

Thank you for joining us today. It's our pleasure to report that International Money Express has not only delivered a strong start to 2024, but has also achieved record-breaking performance. The company's revenue of $150.4 million and adjusted EBITDA of $25.4 million are first-quarter milestones. EPS and adjusted EPS have surged to new first-quarter records of $0.35 and $0.43, respectively, surpassing market expectations and demonstrating our exceptional operational efficiency. Despite slower-than-expected market growth, particularly in Mexico, we have definitely navigated some top-line headwinds to deliver exceptional results in double-digit earnings growth. We delivered results within all guidance ranges and exceeded expectations on multiple metrics, demonstrating our exceptional market command, strategic agility, and unwavering commitment to financial discipline. This quarter, we have continued to set records across various metrics including revenue highs in 10 countries, which showcases the effectiveness of our global strategies and the strength of our market presence. The integration of the Le National business has been a standout success with a four times increase in EBITDA, which speaks volumes about the strategic merits of that acquisition. We completed 2023 having generated $62 million in free cash, the highest annual amount ever for us. primarily driven by our retail operations, where significant growth opportunities remain. This success has further underscored the payback received from leveraging the cash and investing in our digital technologies, highlighting our efficient financial management and strategic initiatives. Our digital channels, cornerstone of our growth strategy, have reached all-time high user engagement and profitability levels. This success reflects our disciplined approach to growth, focused on sustainable profitability through strategic and mindful investments in our technology and marketing efforts. We continue to expand and strengthen our digital offering through our strategic partnerships, particularly within our Wires as a Service platform. The successful rollout of new partnerships this quarter has not only enhanced our capabilities, but also set the stage for sustained future growth. The burgeoning European market remains a key focus for expansion, where we anticipate our advanced digital solutions will be especially effective in driving growth of our business. International Money Express is a FinTech company at the forefront of the omni-channel remittance model, which defines our approach to offering versatile financial services. This model is anchored by our highly profitable retail network, the backbone of our operations, and a rapidly expanding digital sector poised for substantial growth. Our omni-channel strategy ensures seamless integration of traditional retail transactions with cutting-edge digital solutions, providing comprehensive coverage across various customer touchpoints. At the core of our identity is our surgical approach to growth in everything we do. At retail, we focus on specific agents and geographies to maximize profitability. This strategic targeting allows Intermex to navigate markets more efficiently and profitably while delivering exceptional growth. Our ability to price services efficiently down to the zip code level showcases our sophisticated operational capabilities, enabling us to tailor our offering precisely to market demands. Our retail operations are noted for their cost efficiency and effectiveness, allowing us to strategically nurture our digital ventures. This balance helps avoid unnecessary expenditures, safeguarding the company capital while fostering substantial business growth. As a gold standard in quality service, we leverage cutting edge proprietary technology to deliver exceptional value added services. These services enhance our relationship with a highly productive network of retail agents, usually locally owned businesses, providing them with tools and solutions typically beyond their reach. This distinctive operational infrastructure sets us apart in the marketplace, makes our business model difficult for competitors to replicate. By blending the strengths of both traditional retail and digital technologies, Intermex uniquely captures diverse market opportunities, thriving our future growth. This strategic equilibrium not only expands our service capabilities, but also solidifies our position as a leader in the financial technology landscape. The first quarter of 2024 has been transformative for MSI, underscored by significant strategic breakthroughs and substantial operational advancements. Our current entry into the European market is anchored at the retail level, layering the groundwork for what we expect will be a significant expansion. While our advanced digital platforms have yet to be deployed in this market, they represent a key opportunity for future revenue growth and are poised to transform financial services we provide as we extend our digital reach. Our enhanced partnership with Visa is set to expand our digital footprint and enrich our digital services offerings. aligned with our goals for extensive market penetration and superior customer service. This expansion into at least a dozen new markets signifies a major stride in our commitment to broadening our reach and enhancing our technological capabilities. Domestically, the recent expansion of our outside sales force by 11 new positions demonstrates our commitment to strategic growth and enhancement of our market presence. These roles, while still in the early stages of impact, symbolize our fulfillment of the promise made to our stakeholders, setting the stage for substantial future contributions as the team members ramp up. The full operational capacity of the upside inside sales team, which now represents a tripling of our overall inside sales force, is revitalizing our sales approach. This significant expansion is a strategic enhancement of our capabilities, poised to elevate customer service levels, and transaction volume as their integration experience progressed. As we move into the second quarter, we do so with a reorganized sales team led by new and upgraded management. This expansion is further bolstered by the launch of our new bill payment services equipping us with additional tools to enhance our market engagement and service delivery. While our growth does not solely depend on market conditions, any renewed vibrancy and remittance market will further amplify the impact of our enhanced sales force, boosting our future growth prospects. This quarter, we faced a series of economic and market-specific challenges, particularly in Mexico, where market growth did not meet our expectations of 3.5%. Despite these headwinds, our strategic preparation and adaptive business model enabled us to not just cope, but to excel, achieving robust earnings results across the board. Our success demonstrates our deep understanding of market dynamics and our ability to swiftly adjust our strategies to maintain momentum and deliver profitability. We have managed to achieve our key financial targets through diligent management and proactive approach to market fluctuations. I'll now hand it over to our CFO, Anders Bendi, who will delve into the details of our financial performance and the significant strides we have made this quarter.