International Money Express (IMXI) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Entity Registrant Name	International Money Express, Inc.
Entity Central Index Key	0001683695
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		38,034,711
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Document Transition Report	false
Document Quarterly Report	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 101,838	$ 86,117
Accounts receivable, net of allowance of $873 and $759, respectively	38,156	39,754
Prepaid wires	7,912	18,201
Prepaid expenses and other current assets	2,908	4,155
Total current assets	150,814	148,227
Property and equipment, net	13,055	13,282
Goodwill	36,260	36,260
Intangible assets, net	25,642	27,381
Deferred tax asset, net	359	741
Other assets	1,388	1,415
Total assets	227,518	227,306
Current liabilities:
Current portion of long-term debt, net	7,044	7,044
Accounts payable	10,298	13,401
Wire transfers and money orders payable	39,878	40,197
Accrued and other liabilities	22,207	23,074
Total current liabilities	79,427	83,716
Long-term liabilities:
Debt, net	85,862	87,623
Total long-term liabilities	85,862	87,623
Commitments and contingencies
Stockholders' equity:
Common stock $0.0001 par value; 230,000,000 shares authorized, 38,035,279 and 38,034,389 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively.	4	4
Additional paid-in capital	55,412	54,694
Retained earnings	6,864	1,176
Accumulated other comprehensive (loss) income	(51)	93
Total stockholders' equity	62,229	55,967
Total liabilities and stockholders' equity	$ 227,518	$ 227,306

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 873	$ 759
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized (in shares)	230,000,000	230,000,000
Common shares, issued (in shares)	38,035,279	38,034,389
Common shares, outstanding (in shares)	38,035,279	38,034,389

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Revenus	$ 77,251	$ 68,349
Operating expenses:
Service charges from agents and banks	52,227	45,569
Salaries and benefits	7,359	7,597
Other selling, general and administrative expenses	5,337	5,723
Depreciation and amortization	2,690	3,152
Total operating expenses	67,613	62,041
Operating income	9,638	6,308
Interest expense	1,870	2,071
Income before income taxes	7,768	4,237
Income tax provision	2,080	1,081
Net income	5,688	3,156
Other comprehensive (loss) income	(144)	8
Comprehensive income	$ 5,544	$ 3,164
Earnings per common share:
Basic and diluted (in dollars per share)	$ 0.15	$ 0.09
Weighted-average common shares outstanding:
Basic (in shares)	38,035,014	36,182,783
Diluted (in shares)	38,038,674	36,195,463
Wire transfer and money order fees, net
Revenues:
Revenus	$ 67,095	$ 58,451
Foreign exchange gain, net
Revenues:
Revenus	9,554	9,402
Other income
Revenues:
Revenus	$ 602	$ 496

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Beginning balance at Dec. 31, 2018	$ 44,473	$ 4	$ 61,889	$ (17,418)	$ (2)
Beginning balance (in shares) at Dec. 31, 2018		36,182,783
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,156			3,156
Issuance of common stock:
Share-based compensation	626		626
Adjustment from foreign currency translation, net	8				8
Ending balance at Mar. 31, 2019	47,248	$ 4	62,515	(15,277)	6
Ending balance (in shares) at Mar. 31, 2019		36,182,783
Beginning balance at Dec. 31, 2019	55,967	$ 4	54,694	1,176	93
Beginning balance (in shares) at Dec. 31, 2019		38,034,389
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,688			5,688
Issuance of common stock:
Exercise of stock options	(4)		(4)
Exercise of stock options (in shares)		890
Share-based compensation	722		722
Adjustment from foreign currency translation, net	(144)				(144)
Ending balance at Mar. 31, 2020	$ 62,229	$ 4	$ 55,412	$ 6,864	$ (51)
Ending balance (in shares) at Mar. 31, 2020		38,035,279

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 5,688	$ 3,156
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,690	3,152
Share-based compensation	722	626
Provision for bad debts	737	360
Debt origination costs amortization	188	175
Deferred income tax provision (benefit), net	382	(213)
Loss on disposal of property and equipment	57	51
Total adjustments	4,776	4,151
Changes in operating assets and liabilities:
Accounts receivable	744	(51,223)
Prepaid wires	9,271	19,494
Prepaid expenses and other assets	1,240	769
Wire transfers and money orders payables	758	50,505
Accounts payable and accrued other liabilities	(3,697)	2,363
Net cash provided by operating activities	18,780	29,215
Cash flows from investing activities:
Purchases of property and equipment	(901)	(1,193)
Acquisition of agent locations	0	(250)
Net cash used in investing activities	(901)	(1,443)
Cash flows from financing activities:
Repayments under revolving loan, net	0	(15,000)
Repayments of term loan	(1,915)	(1,125)
Net cash used in financing activities	(1,915)	(16,125)
Effect of exchange rate changes on cash	(243)	63
Net increase in cash	15,721	11,710
Cash, beginning of the period	86,117	73,029
Cash, end of the period	101,838	84,739
Supplemental disclosure of cash flow information:
Cash paid for interest	1,685	2,895
Cash paid for income taxes	832	0
Supplemental disclosure of non-cash financing activity:
Issuance of common stock for cashless exercise of options	$ 4	$ 0

BUSINESS AND ACCOUNTING POLICIE

BUSINESS AND ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
BUSINESS AND ACCOUNTING POLICIES	BUSINESS AND ACCOUNTING POLICIES International Money Express, Inc. (the “Company” or “us” or “we”) operates as a money transmitter, primarily between the United States of America (“U.S.”) and Mexico, Guatemala and other countries in Latin America and Africa through a network of authorized agents located in various unaffiliated retail establishments throughout the U.S. and 33 company-operated stores. The condensed consolidated financial statements of the Company include Intermex, its wholly-owned indirect subsidiary, Intermex Wire Transfer, LLC (“LLC”), Intermex Wire Transfers de Guatemala, S.A. (“Intermex Guatemala”) - 99.8% owned by LLC, Intermex Wire Transfer de Mexico, S.A. and Intermex Transfers de Mexico, S.A. (“Intermex Mexico”) - 98% owned by LLC, Intermex Wire Transfer Corp. - 100% owned by LLC, Intermex Wire Transfer II, LLC - 100% owned by LLC and Canada International Transfers Corp. - 100% owned by LLC. Non-controlling interest in the results of operations of consolidated subsidiaries represents the minority stockholders’ share of the profit or (loss) of Intermex Mexico and Intermex Guatemala. The non-controlling interest asset and non-controlling interest in the portion of the profit or (loss) from operations of these subsidiaries were not recorded by the Company as they are considered immaterial. The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant inter-company balances and transactions have been eliminated from the condensed consolidated financial statements. The Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim financial statements have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Risks and Uncertainties On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of the outbreak of a new strain of coronavirus (“COVID-19”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally and national, state and local governments in the jurisdictions where we operate and serve our customers imposed emergency restrictions to mitigate the spread of the virus. Although governmental authorities took measures that may restrict the normal course of business of the Company, sending and paying agents as well as consumers and their beneficiaries, which may have a material adverse effect on the operations and financial condition of the Company, these changes had only a limited effect on the Company’s financial condition, results of operations and cash flows for the quarterly period ended March 31, 2020. The Company and our sending agents are considered essential businesses under current federal guidance; however, the Company’s business is dependent upon the willingness and ability of its employees, network of agents and consumers to conduct money transfer services and the ultimate effects of the economic disruption caused by the pandemic and responses thereto. Although the Company’s operations continued effectively despite social distancing and other measures taken in response to the pandemic, the ultimate impact of the COVID-19 pandemic on our results of operations and financial condition is dependent on future developments, including the duration of the pandemic and the related extent of its severity, as well as its impact on the economic conditions, particularly the level of unemployment of our customers, which are uncertain and cannot be predicted at this time. If the global response to contain the COVID-19 pandemic escalates further or is unsuccessful, or if governmental decisions to ease pandemic related restrictions are ineffective, premature or counterproductive, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows. Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued guidance, Leases (Topic 842) , to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The guidance requires that a lessee recognizes a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. This guidance is currently required to be adopted by the Company on January 1, 2021 and may be applied using either the earliest period adjustment method or the modified retrospective approach. The adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. The FASB issued amended guidance, Intangibles – Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment . The amended standard simplifies how an entity tests goodwill by eliminating Step 2 of the goodwill impairment test related to measuring an impairment charge. Instead, impairment will be recorded for the amount that the carrying amount of a reporting unit exceeds its fair value. This new guidance is effective for the Company on January 1, 2021. The adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. The FASB issued guidance, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , regarding the measurement of credit losses for certain financial instruments. The new standard replaces the incurred loss model with a current expected credit loss (“CECL”) model. The CECL model is based on historical experience, adjusted for current conditions and reasonable and supportable forecasts. The Company is currently required to adopt the new standard on January 1, 2023. The Company is currently evaluating the impact this guidance will have on the condensed consolidated financial statements.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The Company recognized revenues from contracts with customers for the three months ended March 31, 2020 and 2019, the following (in thousands): Three Months Ended 2020 2019 Wire transfer and money order fees $ 67,316 $ 58,658 Discounts and promotions (221) (207) Wire transfer and money order fees, net 67,095 58,451 Foreign exchange gain, net 9,554 9,402 Other income 602 496 Total revenues $ 77,251 $ 68,349 There are no significant initial costs incurred to obtain contracts with customers. However, the Company has a loyalty program under which customers earn one point for each wire transfer completed. Points can be redeemed for a discounted wire transaction fee or foreign exchange rate. The discounts vary by country, and the earned points expire if the customer has not initiated and completed an eligible wire transfer transaction within the immediately preceding 180 day period. In addition, earned points will expire 30 days after the end of the program. Therefore, because the loyalty program benefits represent a future performance obligation, a portion of the initial consideration is recorded as deferred revenue (see Note 6) and a corresponding loyalty program expense is recorded as contra revenue. Revenue from this performance obligation is recognized upon customers redeeming points or upon expiration of any points outstanding. Except for the loyalty program discussed above, our revenues include only one performance obligation, which is to collect the consumer’s money and make funds available for payment, generally on the same day, to a designated recipient in the currency requested. The Company also offers several other services, including money orders and check cashing, for which revenue is derived from a fee per transaction. For substantially all of the Company’s revenues, the Company acts as principal in the transactions and reports revenue on a gross basis, because the Company controls the service at all times prior to transfer to the customer, is primarily responsible for fulfilling the customer contracts, has the risk of loss and has the ability to establish transaction prices.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2020
Prepaid Expense and Other Assets [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2020 December 31, 2019 Prepaid insurance $ 347 $ 404 Prepaid fees 1,006 1,211 Notes receivable 792 648 Prepaid taxes — 1,025 Other prepaid expenses and current assets 763 867 $ 2,908 $ 4,155

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Intangible assets on the condensed consolidated balance sheets of the Company consist of goodwill, agent relationships, trade name, developed technology and other intangible assets. Agent relationships, trade name and developed technology are all amortized over 15 years using an accelerated method that correlates with the projected realization of the benefit. The agent relationships intangible represents the network of independent sending agents; trade name refers to the Intermex name, branded on all agent locations and well recognized in the market; and developed technology includes the state-of-the-art system that the Company has continued to develop and improve upon over the past 20 years. Other intangible assets primarily relate to the acquisition of certain agent locations or company-operated stores, which are amortized on a straight line basis over 10 years. The determination of our intangible fair values includes several assumptions that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. See below for further discussion on impairment. The following table presents the changes in goodwill and intangible assets (in thousands): Goodwill Intangibles Balance at December 31, 2019 $ 36,260 $ 27,381 Amortization expense — (1,739) Balance at March 31, 2020 $ 36,260 $ 25,642 Due to the COVID-19 pandemic that has resulted in a deterioration in macro-economic conditions and stock market volatility, the Company performed a qualitative assessment on goodwill to determine whether a quantitative test was necessary. Although our fair value measurements include some significant inputs, such as the Company’s forecasted revenues and assumed turnover of agent locations, that may have or will be affected by the pandemic, we believe that as of March 31, 2020, the effects of the pandemic have not had a negative impact on the Company’s financial condition, results of operations and cash flows. As a result, there are currently no indicators that the fair value of the Company’s goodwill is below its carrying amount based on our qualitative assessment. Therefore, at March 31, 2020, we determined that a quantitative test was not necessary. For our finite-lived intangibles, we also assessed whether there were events or changes in circumstances that indicated that the carrying amounts of our intangible assets may not be recoverable. Similar to our goodwill assessment above, we believe that as of March 31, 2020, the effects of the COVID-19 pandemic have not had a negative impact on the company’s financial condition, results of operations and cash flows. As a result, there are currently no indicators that could require an impairment test. Therefore, the carrying amounts of our intangibles are recoverable at this time. We will continue to monitor this evolving pandemic to determine the need, if any, to further evaluate for impairment our goodwill and intangible assets.

WIRE TRANSFERS AND MONEY ORDERS

WIRE TRANSFERS AND MONEY ORDERS PAYABLE	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
WIRE TRANSFERS AND MONEY ORDERS PAYABLE	WIRE TRANSFERS AND MONEY ORDERS PAYABLE Wire transfers and money orders payable consisted of the following (in thousands): March 31, 2020 December 31, 2019 Wire transfers payable $ 13,719 $ 16,058 Customer voided wires payable 12,542 10,937 Money orders payable 13,617 13,202 $ 39,878 $ 40,197 Customer voided wires payable consist of wire transfers that were not completed because the recipient did not collect the funds within 30 days and the sender has not claimed the funds, and therefore are considered unclaimed property. Unclaimed property laws of each state in the United States in which we operate, the District of Columbia, and Puerto Rico require us to track certain information for all of our money remittances and payment instruments and, if the funds underlying such remittances and instruments are unclaimed at the end of an applicable statutory abandonment period, require us to remit the proceeds of the unclaimed property to the appropriate jurisdiction. Applicable statutory abandonment periods range from three to seven years.

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
ACCRUED AND OTHER LIABILITIES	ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Commissions payable to sending agents $ 10,632 $ 10,124 Accrued legal settlement (see Note 12) 2,925 3,250 Accrued salaries and benefits 1,616 2,374 Accrued bank charges 1,168 976 Accrued interest 15 17 Accrued legal fees — 120 Accrued other professional fees 540 655 Accrued taxes 2,102 2,345 Deferred revenue loyalty program 2,491 2,495 Other 718 718 $ 22,207 $ 23,074 The following table shows the changes in the deferred revenue loyalty program liability (in thousands): Balance, December 31, 2019 $ 2,495 Revenue deferred during the period 438 Revenue recognized during the period (442) Balance, March 31, 2020 $ 2,491

DEBT

DEBT	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following (in thousands): March 31, 2020 December 31, 2019 Term loan $ 95,129 $ 97,044 Less: Current portion of long-term debt (1) (7,044) (7,044) Less: Debt origination costs (2,223) (2,377) $ 85,862 $ 87,623 (1) Current portion of long-term debt is net of debt origination costs of approximately $0.6 million both at March 31, 2020 and December 31, 2019. The Company and certain of its domestic subsidiaries as borrowers (the “Loan Parties”) have a financing agreement (as amended, the “Credit Agreement”) with a group of banking institutions. The Credit Agreement provides for a $35 million revolving credit facility, a $90 million term loan facility and an up to $30 million incremental facility of which $12 million was utilized in the second quarter of 2019. The Credit Agreement also provides for the issuance of letters of credit, which would reduce availability under the revolving credit facility. The maturity date of the Credit Agreement is November 7, 2023. As of March 31, 2020 and December 31, 2019, there were no outstanding amounts drawn on the revolving credit facility. Interest on the term loan facility and revolving credit facility under the Credit Agreement is determined by reference to either LIBOR or a “base rate”, in each case plus an applicable margin of 4.50% per annum for LIBOR loans or 3.50% per annum for base rate loans. The Company is also required to pay a fee on the unused portion of the revolving credit facility equal to 0.35% per annum. The effective interest rates for the period ended March 31, 2020 for the term loan and revolving credit facility were 6.80% and 2.27%, respectively. The principal amount of the term loan facility under the Credit Agreement must be repaid in consecutive quarterly installments of 5.0% in year 1, 7.5% in years 2 and 3, 10.0% in years 4 and 5, in each case on the last day of each quarter, which commenced in March 2019 with a final payment at maturity. The loans under the Credit Agreement may be prepaid at any time without premium or penalty. The Credit Agreement contains covenants that limit the Company’s and its subsidiaries’ ability to, among other things, grant liens, incur additional indebtedness, make acquisitions or investments, dispose of certain assets, make dividends and distributions, change the nature of their businesses, enter into certain transactions with affiliates or amend the terms of material indebtedness. The Credit Agreement also contains financial covenants that require the Company to maintain a quarterly minimum fixed charge coverage ratio of 1.25:1.00 and a quarterly maximum consolidated leverage ratio of 3.25:1.00. The obligations under the Credit Agreement are guaranteed by the Company and certain domestic subsidiaries of the Company and secured by liens on substantially all of the assets of the Loan Parties, subject to certain exclusions and limitations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company determines fair value in accordance with the provisions of FASB guidance, Fair Value Measurements and Disclosures , which defines fair value as an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-level fair value hierarchy that prioritizes the inputs used to measure fair value was established. There are three levels of inputs used to measure fair value. Level 1 relates to quoted market prices for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s non-financial assets measured at fair value on a nonrecurring basis include goodwill and intangibles assets (see Note 4 for further discussion). The Company’s cash is representative of fair value as these balances are comprised of deposits available on demand. Accounts receivable, prepaid wires, accounts payable and wire transfers and money orders payable are representative of their fair values because of the short turnover of these items. The Company’s financial instruments that are not measured at fair value on a recurring basis include its revolving credit facility and term loan. The fair value of the term loan, which approximates book value, is estimated by discounting the future cash flows using a current market interest rate. The estimated fair value of the revolving credit facility would approximate face value given the payment schedule and interest rate structure, which approximates current market interest rates.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION The Company's 2018 Omnibus Equity Compensation Plan (the “2018 Plan”) provides for the granting of stock options and restricted stock units (“RSUs”) to employees and independent directors of the Company. As of March 31, 2020, there were 3.3 million shares reserved for issuance under the 2018 Plan. The value of each option grant is estimated on the grant date using the Black-Scholes option pricing model (“BSM”). The option pricing model requires the input of highly subjective assumptions, including the grant date fair value of our common stock, expected volatility, risk-free interest rates, expected term and expected dividend yield. To determine the grant date fair value of the Company’s common stock, we use the closing market price of our common stock at the grant date. We also use an expected volatility based on the historical volatility of the Company's common stock and the “simplified” method for calculating the expected life of our stock options as the options are “plain vanilla” and we do not have any significant historical post-vesting activity. We have elected to account for forfeitures as they occur. The risk-free interest rates are obtained from publicly available U.S. Treasury yield curve rates. Share-based compensation is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The stock options issued under the 2018 Plan have 10-year terms and vest in four equal annual installments beginning one year after the date of the grant. During the three months ended March 31, 2020, 11.3 thousand of stock options vested. No stock options vested during the three months ended March 31, 2019. The Company recognized compensation expense for stock options of approximately $0.6 million for both the three months ended March 31, 2020 and 2019, which is included in salaries and benefits in the condensed consolidated statements of operations and comprehensive income. As of March 31, 2020, there were 3.0 million outstanding stock options and unrecognized compensation expense of $6.9 million is expected to be recognized over a weighted-average period of 2.6 years. A summary of the stock option activity during the three months ended March 31, 2020 is presented below: Number of Weighted-Average Weighted-Average Weighted-Average Outstanding at December 31, 2019 2,905,219 $ 10.51 8.74 $ 3.58 Granted 160,000 $ 9.51 $ 3.34 Exercised (11,250) $ 9.91 $ 3.43 Forfeited (54,875) $ 12.80 $ 4.19 Outstanding at March 31, 2020 2,999,094 $ 10.42 8.55 $ 3.56 Exercisable at March 31, 2020 628,055 $ 9.97 8.35 $ 3.45 The RSUs issued under the 2018 Plan to the Company’s independent directors vest on the one

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is calculated by dividing net income for the period by the weighted average number of common shares outstanding for the period. In computing dilutive earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including common stock options and RSUs. Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data): Three Months Ended 2020 2019 Net income for basic and diluted earnings per common share $ 5,688 $ 3,156 Shares: Weighted-average common shares outstanding – basic 38,035,014 36,182,783 Effect of dilutive securities: RSUs 3,477 12,680 Stock options 183 — Weighted-average common shares outstanding – diluted 38,038,674 36,195,463 Earnings per common share – basic and diluted $ 0.15 $ 0.09 As of March 31, 2020, there were 3.0 million options excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive. As of March 31, 2019, there were 2.8 million options and 9.0 million warrants underlying shares of Company stock excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive. In April 2019, the Company executed a tender offer for all warrants, subsequent to which all warrants ceased to exist.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES A reconciliation between the income tax provision at the US statutory tax rate and the Company’s income tax provision on the condensed consolidated statements of operations and comprehensive income is below (in thousands, except for tax rates): Three Months Ended 2020 2019 Income before income taxes $ 7,768 $ 4,237 US statutory tax rate 21 % 21 % Income tax expense at statutory rate 1,631 890 State tax expense, net of federal 400 250 Foreign tax rates different from U.S. statutory rate 32 4 Non-deductible expenses 11 9 Other 6 (72) Total tax provision $ 2,080 $ 1,081 Effective income tax rates for interim periods are based upon our current estimated annual rate. The Company’s effective income tax rate varies based upon an estimate of taxable earnings as well as on the mix of taxable earnings in the various states and countries in which we operate. Changes in the annual allocation and apportionment of the Company’s activity among these jurisdictions results in changes to the effective rate utilized to measure the Company’s deferred tax assets and liabilities. As presented in the income tax reconciliation above, the tax provision recognized on the condensed consolidated statements of operations and comprehensive income was impacted by state taxes, non-deductible expenses, share-based compensation expenses and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate. In January 2020, Intermex Holdings II, Inc., the Company's parent company prior to the 2018 merger, was notified by the IRS that its 2017 federal income tax return was selected for examination. The Company has complied with all information requested to date. As of March 31, 2020 and December 31, 2019, no amounts for tax, interest, or penalties have been paid or accrued as a result of this examination. On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The Cares Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the United States economy and fund a nationwide effort to curtail the effects of COVID-19. The CARES Act provides various tax law changes in response to the COVID-19 pandemic, including increasing the ability to deduct interest expense, providing for deferral on tax deposits, and amending certain provisions of the previously enacted Tax Cuts and Jobs Act. After considering the provisions of the CARES Act, the Company does not expect the CARES Act will have a material effect on its annual effective tax rate for the year ending December 31, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases The Company is a party to leases for office space, warehouses and company-operated store locations. Rent expense under all operating leases, included in other selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income, amounted to approximately $0.5 million for both three month periods ended March 31, 2020 and 2019. At March 31, 2020, future minimum rental payments required under operating leases for the remainder of 2020 and thereafter are as follows (in thousands): 2020 $ 1,149 2021 1,316 2022 1,096 2023 882 2024 776 Thereafter 662 $ 5,881 Contingencies and Legal Proceedings The Company is subject to legal proceedings and claims that have arisen in the ordinary course of its business and have not been finally adjudicated. Although there can be no assurance as to the ultimate disposition of these matters, it is the opinion of the Company’s management, based upon the information available at this time and the stage of the proceedings, that it is not possible to determine the probability of loss or estimate of damages, and therefore, the Company has not established a reserve for any of these proceedings, except for the matter related to a complaint filed under the Telephone Consumer Protection Act of 1991 (the “TCPA claim”) described below. On May 30, 2019, Stuart Sawyer filed a putative class action complaint in the United States District Court for the Southern District of Florida asserting a claim under the TCPA, 47 U.S.C. § 227, et seq., based on allegations that since May 30, 2015, the Company had sent text messages to class members’ wireless telephones without their consent. Following a mediation held on October 7, 2019, the Company and the plaintiff entered into a term sheet providing the general terms for the settlement of the action, which was memorialized in a definitive Settlement Agreement on March 16, 2020 subject to subsequent Court approval. The Settlement Agreement provides for resolution of Mr. Sawyer's TCPA claims and the claims of a class of similarly situated individuals, as defined in the complaint, who received text messages from the Company during the period May 30, 2015 through October 7, 2019, and for the creation of a $3.25 million settlement fund that will be used to pay all class member claims, class counsel's fees and the costs of administering the settlement. The Settlement Agreement also established procedures for the notification of claimants and the processing of claims. The settlement fund will be managed by a duly-appointed settlement administrator which will be authorized to communicate with class members, process claims and make payments from the fund in accordance with the terms of the Settlement Agreement and the final judgment in the case. No amount of the settlement fund will revert to the Company; instead, any unclaimed funds will be sent to a consumer advocacy organization approved by the Court. The remaining balance of the amount payable under the Settlement Agreement of approximately $2.9 million is included in accrued and other liabilities in the condensed consolidated balance sheet as of March 31, 2020. The Company operates in all U.S. states, two U.S. territories and three other countries. Money transmitters and their agents are under regulation by state and federal laws. Violations may result in civil or criminal penalties or a prohibition from providing money transfer services in a particular jurisdiction. It is the opinion of the Company’s management, based on information available at this time, that the expected outcome of regulatory examinations will not have a material adverse effect on either the results of operations or financial condition of the Company. Regulatory Requirements Pursuant to applicable licensing laws, certain domestic subsidiaries of the Company are required to maintain minimum tangible net worth and liquid assets (eligible securities) to cover the amount outstanding of wire transfers and money orders payable. As of March 31, 2020, the Company’s subsidiaries were in compliance with these two requirements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date the condensed consolidated financial statements are issued. Except for the matter discussed below, there were no other subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. On April 20, 2020, the Company received funds under the Paycheck Protection Program (the “Program”) in the amount of $3.5 million. Although the Company believes that it met all eligibility criteria for a loan under the Program at the time of its application, subsequent to receiving the funds, the Small Business Administration (“SBA”), in consultation with the Department of the Treasury (“Treasury”), provided additional guidance to address public, borrower and lender questions concerning the eligibility criteria under the Program. Based on this subsequent guidance provided by the SBA and Treasury, the Company returned the funds received under the Program on April 29, 2020.

BUSINESS AND ACCOUNTING POLIC_2

BUSINESS AND ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All significant inter-company balances and transactions have been eliminated from the condensed consolidated financial statements. The Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim financial statements have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.
Risks and Uncertainties	Risks and Uncertainties On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of the outbreak of a new strain of coronavirus (“COVID-19”) and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally and national, state and local governments in the jurisdictions where we operate and serve our customers imposed emergency restrictions to mitigate the spread of the virus. Although governmental authorities took measures that may restrict the normal course of business of the Company, sending and paying agents as well as consumers and their beneficiaries, which may have a material adverse effect on the operations and financial condition of the Company, these changes had only a limited effect on the Company’s financial condition, results of operations and cash flows for the quarterly period ended March 31, 2020. The Company and our sending agents are considered essential businesses under current federal guidance; however, the Company’s business is dependent upon the willingness and ability of its employees, network of agents and consumers to conduct money transfer services and the ultimate effects of the economic disruption caused by the pandemic and responses thereto. Although the Company’s operations continued effectively despite social distancing and other measures taken in response to the pandemic, the ultimate impact of the COVID-19 pandemic on our results of operations and financial condition is dependent on future developments, including the duration of the pandemic and the related extent of its severity, as well as its impact on the economic conditions, particularly the level of unemployment of our customers, which are uncertain and cannot be predicted at this time. If the global response to contain the COVID-19 pandemic escalates further or is unsuccessful, or if governmental decisions to ease pandemic related restrictions are ineffective, premature or counterproductive, the Company could experience a material adverse effect on its business, financial condition, results of operations and cash flows.
Accounting Pronouncements	Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued guidance, Leases (Topic 842) , to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The guidance requires that a lessee recognizes a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. This guidance is currently required to be adopted by the Company on January 1, 2021 and may be applied using either the earliest period adjustment method or the modified retrospective approach. The adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. The FASB issued amended guidance, Intangibles – Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment . The amended standard simplifies how an entity tests goodwill by eliminating Step 2 of the goodwill impairment test related to measuring an impairment charge. Instead, impairment will be recorded for the amount that the carrying amount of a reporting unit exceeds its fair value. This new guidance is effective for the Company on January 1, 2021. The adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. The FASB issued guidance, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , regarding the measurement of credit losses for certain financial instruments. The new standard replaces the incurred loss model with a current expected credit loss (“CECL”) model. The CECL model is based on historical experience, adjusted for current conditions and reasonable and supportable forecasts. The Company is currently required to adopt the new standard on January 1, 2023. The Company is currently evaluating the impact this guidance will have on the condensed consolidated financial statements.

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	The Company recognized revenues from contracts with customers for the three months ended March 31, 2020 and 2019, the following (in thousands): Three Months Ended 2020 2019 Wire transfer and money order fees $ 67,316 $ 58,658 Discounts and promotions (221) (207) Wire transfer and money order fees, net 67,095 58,451 Foreign exchange gain, net 9,554 9,402 Other income 602 496 Total revenues $ 77,251 $ 68,349

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
Prepaid Expense and Other Assets [Abstract]
Other Prepaid Expenses and Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2020 December 31, 2019 Prepaid insurance $ 347 $ 404 Prepaid fees 1,006 1,211 Notes receivable 792 648 Prepaid taxes — 1,025 Other prepaid expenses and current assets 763 867 $ 2,908 $ 4,155

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Goodwill and Intangible Assets	The following table presents the changes in goodwill and intangible assets (in thousands): Goodwill Intangibles Balance at December 31, 2019 $ 36,260 $ 27,381 Amortization expense — (1,739) Balance at March 31, 2020 $ 36,260 $ 25,642

WIRE TRANSFERS AND MONEY ORDE_2

WIRE TRANSFERS AND MONEY ORDERS PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Schedule of Wire Transfer and Money Orders Payable	Wire transfers and money orders payable consisted of the following (in thousands): March 31, 2020 December 31, 2019 Wire transfers payable $ 13,719 $ 16,058 Customer voided wires payable 12,542 10,937 Money orders payable 13,617 13,202 $ 39,878 $ 40,197

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Accrued and Other Liabilities	Accrued and other liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Commissions payable to sending agents $ 10,632 $ 10,124 Accrued legal settlement (see Note 12) 2,925 3,250 Accrued salaries and benefits 1,616 2,374 Accrued bank charges 1,168 976 Accrued interest 15 17 Accrued legal fees — 120 Accrued other professional fees 540 655 Accrued taxes 2,102 2,345 Deferred revenue loyalty program 2,491 2,495 Other 718 718 $ 22,207 $ 23,074
Changes in Deferred Revenue Loyalty Program Liability	The following table shows the changes in the deferred revenue loyalty program liability (in thousands): Balance, December 31, 2019 $ 2,495 Revenue deferred during the period 438 Revenue recognized during the period (442) Balance, March 31, 2020 $ 2,491

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt Instruments	Debt consisted of the following (in thousands): March 31, 2020 December 31, 2019 Term loan $ 95,129 $ 97,044 Less: Current portion of long-term debt (1) (7,044) (7,044) Less: Debt origination costs (2,223) (2,377) $ 85,862 $ 87,623 (1) Current portion of long-term debt is net of debt origination costs of approximately $0.6 million both at March 31, 2020 and December 31, 2019.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Option Activity	A summary of the stock option activity during the three months ended March 31, 2020 is presented below: Number of Weighted-Average Weighted-Average Weighted-Average Outstanding at December 31, 2019 2,905,219 $ 10.51 8.74 $ 3.58 Granted 160,000 $ 9.51 $ 3.34 Exercised (11,250) $ 9.91 $ 3.43 Forfeited (54,875) $ 12.80 $ 4.19 Outstanding at March 31, 2020 2,999,094 $ 10.42 8.55 $ 3.56 Exercisable at March 31, 2020 628,055 $ 9.97 8.35 $ 3.45

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Net Loss per Share	Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data): Three Months Ended 2020 2019 Net income for basic and diluted earnings per common share $ 5,688 $ 3,156 Shares: Weighted-average common shares outstanding – basic 38,035,014 36,182,783 Effect of dilutive securities: RSUs 3,477 12,680 Stock options 183 — Weighted-average common shares outstanding – diluted 38,038,674 36,195,463 Earnings per common share – basic and diluted $ 0.15 $ 0.09

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Reconciliation of Tax Provision (Benefit)	A reconciliation between the income tax provision at the US statutory tax rate and the Company’s income tax provision on the condensed consolidated statements of operations and comprehensive income is below (in thousands, except for tax rates): Three Months Ended 2020 2019 Income before income taxes $ 7,768 $ 4,237 US statutory tax rate 21 % 21 % Income tax expense at statutory rate 1,631 890 State tax expense, net of federal 400 250 Foreign tax rates different from U.S. statutory rate 32 4 Non-deductible expenses 11 9 Other 6 (72) Total tax provision $ 2,080 $ 1,081

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Rental Payments	At March 31, 2020, future minimum rental payments required under operating leases for the remainder of 2020 and thereafter are as follows (in thousands): 2020 $ 1,149 2021 1,316 2022 1,096 2023 882 2024 776 Thereafter 662 $ 5,881

BUSINESS AND ACCOUNTING POLIC_3

BUSINESS AND ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2020store
Noncontrolling Interest [Line Items]
Number of company owned stores	33
Intermex Guatemala
Noncontrolling Interest [Line Items]
Ownership percentage	99.80%
Intermex Mexico
Noncontrolling Interest [Line Items]
Ownership percentage	98.00%
Intermex Wire Transfer Corp
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%
Intermex Wire Transfer II, LLC
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%
Canada International Transfers Corp
Noncontrolling Interest [Line Items]
Ownership percentage	100.00%

REVENUES, Revenues from Contrac

REVENUES, Revenues from Contract with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Wire transfer and money order fees	$ 67,316	$ 58,658
Discounts and promotions	(221)	(207)
Revenus	77,251	68,349
Wire transfer and money order fees, net
Disaggregation of Revenue [Line Items]
Revenus	67,095	58,451
Foreign exchange gain, net
Disaggregation of Revenue [Line Items]
Revenus	9,554	9,402
Other income
Disaggregation of Revenue [Line Items]
Revenus	$ 602	$ 496

REVENUES, Narrative (Details)

REVENUES, Narrative (Details)	3 Months Ended
	Mar. 31, 2020pointobligation
Revenue from Contract with Customer [Abstract]
Point earned for each wire transfer processed | point	1
Point expiration period for non completion of wire transfer transaction	180 days
Point expiration period after end of program	30 days
Number of performance obligation | obligation	1

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Prepaid Expense and Other Assets [Abstract]
Prepaid insurance	$ 347	$ 404
Prepaid fees	1,006	1,211
Notes receivable	792	648
Prepaid taxes	0	1,025
Other prepaid expenses and current assets	763	867
Prepaid expenses and other assets	$ 2,908	$ 4,155

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Finite-Lived Intangible Assets, Net [Abstract]
Amortization expense	$ 0
Agent Relationships
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets amortization period, under accelerated method	15 years
Trade Names
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets amortization period, under accelerated method	15 years
Developed Technology Rights
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets amortization period, under accelerated method	15 years
Number of development years for state-of-the-art system	20 years
Other Intangible Assets
Finite-Lived Intangible Assets, Net [Abstract]
Intangible asset, useful life	10 years

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, Changes in Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill
Goodwill, beginning balance	$ 36,260
Amortization expense	0
Goodwill, ending balance	36,260
Intangibles
Other intangible assets, beginning balance	27,381
Amortization expense	(1,739)
Other intangible assets, ending balance	$ 25,642

WIRE TRANSFERS AND MONEY ORDE_3

WIRE TRANSFERS AND MONEY ORDERS PAYABLE (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Wire transfers payable	$ 13,719	$ 16,058
Customer voided wires payable	12,542	10,937
Money orders payable	13,617	13,202
Total wire transfers and money orders payable	$ 39,878	$ 40,197

ACCRUED AND OTHER LIABILITIES,

ACCRUED AND OTHER LIABILITIES, Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Commissions payable to sending agents	$ 10,632	$ 10,124
Accrued legal settlement	2,925	3,250
Accrued salaries and benefits	1,616	2,374
Accrued bank charges	1,168	976
Accrued interest	15	17
Accrued legal fees	0	120
Accrued other professional fees	540	655
Accrued taxes	2,102	2,345
Deferred revenue loyalty program	2,491	2,495
Other	718	718
Total accrued and other liabilities	$ 22,207	$ 23,074

ACCRUED AND OTHER LIABILITIES_2

ACCRUED AND OTHER LIABILITIES, Changes in Deferred Revenue Loyalty Program Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Movement in Deferred Revenue [Roll Forward]
Beginning balance	$ 2,495
Revenue deferred during the period	438
Revenue recognized during the period	(442)
Ending balance	$ 2,491

DEBT, Schedule of Debt Instrume

DEBT, Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Less: Current portion of long-term debt	$ (7,044)	$ (7,044)
Less: Debt origination costs	(2,223)	(2,377)
Long-term debt, noncurrent	85,862	87,623
Debt origination costs, current	600	600
Term loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 95,129	$ 97,044

DEBT, Narrative (Details)

DEBT, Narrative (Details)	Nov. 07, 2018USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio		1.25
Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio		3.25
Term loan
Debt Instrument [Line Items]
Long-term debt, gross		$ 95,129,000		$ 97,044,000
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 0		$ 0
Credit Agreement
Debt Instrument [Line Items]
Unused line fee percentage	0.35%
Credit Agreement | LIBOR
Debt Instrument [Line Items]
Interest rate	4.50%
Credit Agreement | Base Rate
Debt Instrument [Line Items]
Interest rate	3.50%
Credit Agreement | Term loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 90,000,000
Effective interest rate		6.80%
Credit Agreement | Term loan | Year 1
Debt Instrument [Line Items]
Periodic repayment percentage	5.00%
Credit Agreement | Term loan | Year 2
Debt Instrument [Line Items]
Periodic repayment percentage	7.50%
Credit Agreement | Term loan | Year 3
Debt Instrument [Line Items]
Periodic repayment percentage	7.50%
Credit Agreement | Term loan | Year 4
Debt Instrument [Line Items]
Periodic repayment percentage	10.00%
Credit Agreement | Term loan | Year 5
Debt Instrument [Line Items]
Periodic repayment percentage	10.00%
Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 35,000,000
Effective interest rate		2.27%
Credit Agreement | Incremental Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 30,000,000
Proceeds from lines of credit			$ 12,000,000

SHARE-BASED COMPENSATION, Narra

SHARE-BASED COMPENSATION, Narrative (Details) - the “2018 Plan”	3 Months Ended
	Mar. 31, 2020USD ($)installmentshares	Mar. 31, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance (in shares) | shares	3,300,000
Options vested (in shares) | shares	11,300	0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options term	10 years
Number of equal installments for options vesting | installment	4
Share-based compensation expense	$ 600,000	$ 600,000
Outstanding stock options (in shares) | shares	3,000,000
Unrecognized compensation expense	$ 6,900,000
Weighted-average period for recognition	2 years 7 months 6 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting period	1 year
Share-based compensation expense	$ 96,200	$ 52,500
Unrecognized compensation expense	$ 113,800

SHARE-BASED COMPENSATION, Stock

SHARE-BASED COMPENSATION, Stock Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Weighted-Average Grant Date Fair Value
Exercisable ending balance (in dollars per share)	$ 3.45
Stock options | the “2018 Plan”
Number of Options
Outstanding, beginning balance (in shares)	2,905,219
Granted (in shares)	160,000
Exercised (in shares)	(11,250)
Forfeited (in shares)	(54,875)
Outstanding, ending balance (in shares)	2,999,094	2,905,219
Exercisable, ending balance (in shares)	628,055
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 10.51
Granted (in dollars per share)	9.51
Exercised (in dollars per share)	9.91
Forfeited (in dollars per share)	12.80
Outstanding, ending balance (in dollars per share)	10.42	$ 10.51
Exercisable, ending balance (in dollars per share)	$ 9.97
Weighted-Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding	8 years 6 months 18 days	8 years 8 months 26 days
Weighted average remaining contractual term, exercisable	8 years 4 months 6 days
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share)	$ 3.58
Granted (in dollars per share)	3.34
Exercised (in dollars per share)	3.43
Forfeited (in dollars per share)	4.19
Outstanding ending balance (in dollars per share)	$ 3.56	$ 3.58

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Income (Loss) Per Share, Basic and Diluted [Abstract]
Net income for basic and diluted earnings per common share	$ 5,688	$ 3,156
Shares:
Weighted-average common shares outstanding - basic (in shares)	38,035,014	36,182,783
Weighted-average common shares outstanding - diluted (in shares)	38,038,674	36,195,463
Net income (loss) per common share - basic and diluted (in dollars per share)	$ 0.15	$ 0.09
RSUs
Shares:
Effect of dilutive securities (in shares)	3,477	12,680
Stock options
Shares:
Effect of dilutive securities (in shares)	183	0
Securities excluded from computation of diluted loss per share (in shares)	3,000,000	2,800,000
Warrant
Shares:
Securities excluded from computation of diluted loss per share (in shares)		9,000,000

INCOME TAXES, Reconciliation of

INCOME TAXES, Reconciliation of Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income before income taxes	$ 7,768	$ 4,237
US statutory tax rate	21.00%	21.00%
Income tax expense at statutory rate	$ 1,631	$ 890
State tax expense, net of federal	400	250
Foreign tax rates different from U.S. statutory rate	32	4
Non-deductible expenses	11	9
Other	6	(72)
Total tax provision	$ 2,080	$ 1,081

INCOME TAXES, Narrative (Detail

INCOME TAXES, Narrative (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Accrued interest and tax penalties	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES,

COMMITMENTS AND CONTINGENCIES, Narrative (Details) $ in Thousands	Oct. 07, 2019USD ($)	Mar. 31, 2020USD ($)countryterritory	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Rent expense		$ 500	$ 500
Amount of settlement fund created	$ 3,250
Settlement amount		$ 2,900
Number of territories in which entity operates | territory		2
Number of countries in which entity operates | country		3

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES, Future Minimum Rental Payments (Details) $ in Thousands	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 1,149
2021	1,316
2022	1,096
2023	882
2024	776
Thereafter	662
Total	$ 5,881

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Apr. 20, 2020USD ($)
Subsequent Event
Subsequent Event [Line Items]
Proceeds from the Paycheck Protection Program	$ 3.5

Uncategorized Items - imxi-2020

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,015,000)
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,015,000)