International Money Express (IMXI) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37986
Entity Registrant Name	INTERNATIONAL MONEY EXPRESS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4219082
Entity Address, Address Line One	9480 South Dixie Highway
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33156
City Area Code	305
Local Phone Number	671-8000
Title of 12(b) Security	Common stock ($0.0001 par value)
Trading Symbol	IMXI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,062,438
Entity Central Index Key	0001683695
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash	$ 105,052	$ 132,474
Accounts receivable, net	100,061	67,317
Prepaid wires, net	104,114	56,766
Prepaid expenses and other current assets	8,906	6,988
Total current assets	318,133	263,545
Property and equipment, net	22,614	17,905
Goodwill	36,260	36,260
Intangible assets, net	12,599	15,392
Other assets	9,295	7,434
Total assets	398,901	340,536
Current liabilities:
Current portion of long-term debt, net	4,429	3,882
Accounts payable	22,464	23,151
Wire transfers and money orders payable, net	74,444	56,066
Accrued and other liabilities	32,223	33,760
Total current liabilities	133,560	116,859
Long-term liabilities:
Debt, net	118,753	79,211
Lease liabilities, net	1,525
Deferred tax liability, net	50	1,426
Total long-term liabilities	120,328	80,637
Commitments and contingencies, see Note 15
Stockholders’ equity:
Common stock $0.0001 par value; 230,000,000 shares authorized, 39,417,077 and 38,820,222 shares issued and 37,059,940 and 38,478,700 shares outstanding as of September 30, 2022 and December 31, 2021, respectively.	4	4
Additional paid-in capital	68,457	66,875
Retained earnings	126,067	81,803
Accumulated other comprehensive loss	(215)	(76)
Treasury stock, at cost; 2,357,137 and 341,522 shares as of September 30, 2022 and December 31, 2021, respectively.	(49,300)	(5,566)
Total stockholders’ equity	145,013	143,040
Total liabilities and stockholders’ equity	$ 398,901	$ 340,536

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
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)	39,417,077	38,820,222
Common shares, outstanding (in shares)	37,059,940	38,478,700
Treasury stock (in shares)	2,357,137	341,522,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total revenues	$ 140,767	$ 120,707	$ 392,368	$ 332,031
Operating expenses:
Service charges from agents and banks	93,658	81,416	262,717	222,654
Salaries and benefits	13,853	10,859	36,911	30,909
Other selling, general and administrative expenses	10,232	9,966	24,964	22,549
Depreciation and amortization	2,278	2,362	6,712	7,041
Total operating expenses	120,021	104,603	331,304	283,153
Operating income	20,746	16,104	61,064	48,878
Interest expense	1,466	968	3,530	3,562
Income before income taxes	19,280	15,136	57,534	45,316
Income tax provision	2,654	3,629	13,270	11,605
Net income	16,626	11,507	44,264	33,711
Other comprehensive loss	(150)	(151)	(139)	(139)
Comprehensive income	$ 16,476	$ 11,356	$ 44,125	$ 33,572
Earnings per common share:
Basic (in dollars per share)	$ 0.44	$ 0.30	$ 1.16	$ 0.88
Diluted (in dollars per share)	$ 0.43	$ 0.29	$ 1.14	$ 0.86
Weighted-average common shares outstanding:
Basic (in shares)	37,390,632	38,647,931	37,999,709	38,441,767
Diluted (in shares)	38,425,868	39,336,051	38,907,283	39,071,622
Wire transfer and money order fees, net
Revenues:
Total revenues	$ 120,718	$ 104,191	$ 336,340	$ 284,409
Foreign exchange gain, net
Revenues:
Total revenues	18,851	15,643	52,719	45,347
Other income
Revenues:
Total revenues	$ 1,198	$ 873	$ 3,309	$ 2,275

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2020		38,217,125
Beginning balance (in shares) at Dec. 31, 2020			0
Beginning balance at Dec. 31, 2020	$ 94,261	$ 4	$ 0	$ 59,310	$ 34,960	$ (13)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	33,711				33,711
Issuance of common stock:
Exercise of stock options, net of shares withheld for taxes (in shares)		397,585
Exercise of stock options, net of shares withheld for taxes	2,344			2,344
Restricted stock units and awards (in shares)		121,596
Fully vested shares (in shares)		3,174
Share-based compensation	3,382			3,382
Adjustment from foreign currency translation, net	$ (139)					(139)
Acquisition of treasury stock, at cost (in shares)	(70,440)		(70,440)
Acquisition of treasury stock, at cost	$ (1,205)		$ (1,205)
Ending balance (in shares) at Sep. 30, 2021		38,739,480
Ending balance (in shares) at Sep. 30, 2021			(70,440)
Ending balance at Sep. 30, 2021	132,354	$ 4	$ (1,205)	65,036	68,671	(152)
Beginning balance (in shares) at Jun. 30, 2021		38,585,724
Beginning balance at Jun. 30, 2021	121,176	$ 4		64,009	57,164	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,507				11,507
Issuance of common stock:
Exercise of stock options, net of shares withheld for taxes (in shares)		152,678
Exercise of stock options, net of shares withheld for taxes	(85)			(85)
Restricted stock units and awards (in shares)		0
Fully vested shares (in shares)		1,078
Share-based compensation	1,112			1,112
Adjustment from foreign currency translation, net	$ (151)					(151)
Acquisition of treasury stock, at cost (in shares)	(70,440)		(70,440)
Acquisition of treasury stock, at cost	$ (1,205)		$ (1,205)
Ending balance (in shares) at Sep. 30, 2021		38,739,480
Ending balance (in shares) at Sep. 30, 2021			(70,440)
Ending balance at Sep. 30, 2021	$ 132,354	$ 4	$ (1,205)	65,036	68,671	(152)
Beginning balance (in shares) at Dec. 31, 2021	38,478,700	38,820,222
Beginning balance (in shares) at Dec. 31, 2021	(341,522,000)		(341,522)
Beginning balance at Dec. 31, 2021	$ 143,040	$ 4	$ (5,566)	66,875	81,803	(76)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	44,264				44,264
Issuance of common stock:
Exercise of stock options, net of shares withheld for taxes (in shares)		451,304
Exercise of stock options, net of shares withheld for taxes	(3,675)			(3,675)
Restricted stock units and awards, net of shares withheld for taxes (in shares)		142,991
Restricted stock units and awards, net of shares withheld for taxes	(301)			(301)
Fully vested shares (in shares)		2,560
Share-based compensation	5,558			5,558
Adjustment from foreign currency translation, net	$ (139)					(139)
Acquisition of treasury stock, at cost (in shares)	(2,015,615)		(2,015,615)
Acquisition of treasury stock, at cost	$ (43,734)		$ (43,734)
Ending balance (in shares) at Sep. 30, 2022	37,059,940	39,417,077
Ending balance (in shares) at Sep. 30, 2022	(2,357,137)		(2,357,137)
Ending balance at Sep. 30, 2022	$ 145,013	$ 4	$ (49,300)	68,457	126,067	(215)
Beginning balance (in shares) at Jun. 30, 2022		39,011,042
Beginning balance (in shares) at Jun. 30, 2022			(1,069,423)
Beginning balance at Jun. 30, 2022	160,198	$ 4	$ (19,194)	70,012	109,441	(65)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16,626				16,626
Issuance of common stock:
Exercise of stock options, net of shares withheld for taxes (in shares)		377,589
Exercise of stock options, net of shares withheld for taxes	(4,162)			(4,162)
Restricted stock units and awards, net of shares withheld for taxes (in shares)		27,664
Restricted stock units and awards, net of shares withheld for taxes	(18)			(18)
Fully vested shares (in shares)		782
Share-based compensation	2,625			2,625
Adjustment from foreign currency translation, net	$ (150)					(150)
Acquisition of treasury stock, at cost (in shares)	(1,287,714)		(1,287,714)
Acquisition of treasury stock, at cost	$ (30,106)		$ (30,106)
Ending balance (in shares) at Sep. 30, 2022	37,059,940	39,417,077
Ending balance (in shares) at Sep. 30, 2022	(2,357,137)		(2,357,137)
Ending balance at Sep. 30, 2022	$ 145,013	$ 4	$ (49,300)	$ 68,457	$ 126,067	$ (215)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 44,264	$ 33,711
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	6,712	7,041
Share-based compensation	5,558	3,382
Provision for credit losses	2,022	1,009
Debt origination costs amortization	752	626
Deferred income tax (benefit) provision, net	(1,376)	673
Non-cash lease expense	1,631
Loss on disposal of property and equipment	633	1,311
Total adjustments	15,932	14,042
Changes in operating assets and liabilities:
Accounts receivable, net	(34,864)	(43,402)
Prepaid wires, net	(47,099)	38,561
Prepaid expenses and other assets	(828)	(6,210)
Wire transfers and money orders payable, net	18,158	18,136
Lease liabilities	(2,013)
Accounts payable and accrued and other liabilities	(3,398)	5,867
Net cash (used in) provided by operating activities	(9,848)	60,705
Cash flows from investing activities:
Purchases of property and equipment	(9,155)	(5,523)
Acquisition of agent locations	(225)	0
Net cash used in investing activities	(9,380)	(5,523)
Cash flows from financing activities:
Repayments of term loan facility	(3,281)	(43,135)
Borrowings under revolving credit facility, net	43,000	0
Borrowings under term loan facility	0	40,158
Debt origination costs	0	(2,894)
Proceeds from exercise of stock options	1,374	3,192
Payments for stock awards	(5,349)	(849)
Repurchases of common stock	(43,734)	(1,205)
Net cash used in financing activities	(7,990)	(4,733)
Effect of exchange rate changes on cash	(204)	(224)
Net (decrease) increase in cash	(27,422)	50,225
Cash, beginning of period	132,474	74,907
Cash, end of period	105,052	125,132
Supplemental disclosure of cash flow information:
Cash paid for interest	2,773	2,940
Cash paid for income taxes	19,692	12,567
Issuance of common stock for cashless exercise of options	9,175	$ 2,973
Non-cash lease liabilities arising from obtaining right-of-use assets	6,033
Right-of-use asset adjustments due to lease modifications	$ 1,124

BUSINESS AND ACCOUNTING POLICIE

BUSINESS AND ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
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 between the United States of America (“United States” or “U.S.”) and Canada to Mexico, Guatemala and other countries in Latin America, Africa and Asia through a network of authorized agents located in various unaffiliated retail establishments and 37 Company-operated stores throughout the United States and Canada. The coronavirus (“COVID-19”) pandemic that started in 2020 has had and continues to have a significant effect on economic conditions in the United States, and continues to cause significant uncertainties in the U.S. and global economies, particularly as a result of the emergence of new variants and sub-variants of COVID-19. Public health officials and medical professionals have warned that COVID-19 resurgences may continue to occur due to a variety of factors, including the extent of economic activity, social interaction, vaccination rates and the emergence of potent variants. It is unclear if and when resurgences will occur or how long any resurgence will last, how severe it will be, and what safety measures governments and businesses will impose in response. The Company’s operations have continued effectively despite measures taken in response to the pandemic. However, the ultimate impact of the COVID-19 pandemic and any potential material adverse effect on the Company’s condition, results of operations and cash flows is dependent on future developments, including the duration or resurgence 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 consumers, inflation (including changes in wages) and governmental efforts to restrain inflation, interest rate levels and foreign exchange volatility, all of which remain uncertain and cannot be predicted at this time. The condensed consolidated financial statements of the Company include International Money Express, Inc. and its majority-owned subsidiaries. The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“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 condensed consolidated financial statements have been included. The results reported in these interim condensed consolidated 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 interim 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, 2021. On March 16, 2022, the Company entered into a definitive purchase agreement to acquire Envios de Valores La Nacional Corp. (“La Nacional”) and LAN Holdings, Corp. (“LAN Holdings”), which either directly or indirectly operate as money remittance companies in the United States, Canada and certain countries in Europe. On November 1, 2022, the Company entered into an Amended and Restated Stock Purchase Agreement to allow the parties to close on the acquisition of La Nacional effective November 1, 2022 and to close on the acquisition of LAN Holdings at a later date following receipt of pending regulatory approvals. The acquisition of LAN Holdings is expected to close late in the fourth quarter of 2022 or early 2023. The Company paid $42.3 million upon consummation of the acquisition of La Nacional (subject to customary purchase price adjustments) and anticipates up to an additional $2.4 million in contingent consideration to be paid in 2023 if La Nacional achieves certain financial targets and operational milestones. For LAN Holdings, the Company expects to pay cash of approximately $7.7 million (subject to customary purchase price adjustments) and up to an additional $0.6 million in contingent consideration in 2023 if LAN Holdings achieves certain financial targets and operational milestones. Refer to Note 16 for additional information on the closing of the acquisition of La Nacional. Accounting Pronouncements On January 1, 2022, the Company adopted the new accounting guidance, Leases (Topic 842) (“ASC 842”), which required the Company to record assets and liabilities on the balance sheet for lease-related rights and obligations and disclose key information about its leasing arrangements. The guidance requires that a lessee recognizes a liability to make lease payments (the lease liability) and a right-of-use (“ROU”) asset representing its right to use the underlying asset for the lease term on the balance sheet. Leases are classified as financing or operating, with classification affecting the pattern of expense recognition in the condensed consolidated statements of income and comprehensive income. Refer to Note 6 for additional information on the adoption of this standard and related disclosures. 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 in the process of implementing the CECL model and is updating certain of its business processes and internal controls to meet the reporting and disclosure requirement of the new accounting guidance. The new guidance, which the Company will adopt effective on December 31, 2022 using the modified-retrospective approach, is not expected to materially affect the amount of provision for credit losses recognized under the Company’s current model and is not expected to have a material effect on the Company’s consolidated financial statements.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The Company recognized revenues from contracts with customers for the three and nine months ended September 30, 2022 and 2021, as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Wire transfer and money order fees $ 121,218 $ 104,543 $ 337,757 $ 285,430 Discounts and promotions (500) (352) (1,417) (1,021) Wire transfer and money order fees, net 120,718 104,191 336,340 284,409 Foreign exchange gain, net 18,851 15,643 52,719 45,347 Other income 1,198 873 3,309 2,275 Total revenues $ 140,767 $ 120,707 $ 392,368 $ 332,031 There are no significant initial costs incurred to obtain contracts with customers, although 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 a foreign exchange rate that is more favorable to the customer. The customer benefits 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. Because the loyalty program benefits represent a future performance obligation, a portion of the initial consideration is recorded as deferred revenue loyalty program (see Note 8) 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 through its sending agents, 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 transaction 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.

ACCOUNTS RECEIVABLE AND AGENT A

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE	ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE Accounts Receivable Accounts receivable represents outstanding balances from sending agents for pending wire transfers or money orders from consumers. The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands): September 30, 2022 December 31, 2021 Accounts receivable $ 102,363 $ 69,498 Allowance for credit losses (2,302) (2,181) Accounts receivable, net $ 100,061 $ 67,317 Agent Advances Receivable The Company had agent advances receivable, net of allowance for credit losses, from sending agents as follows (in thousands): September 30, 2022 December 31, 2021 Agent advances receivable, current $ 1,532 $ 791 Allowance for credit losses (58) (55) Net current $ 1,474 $ 736 Agent advances receivable, long-term $ 1,422 $ 656 Allowance for credit losses (24) (13) Net long-term $ 1,398 $ 643 The net current portion of agent advances receivable is included in prepaid expenses and other current assets (see Note 4), and the net long-term portion is included in other assets in the condensed consolidated balance sheets. Agent advances receivable have interest rates ranging from 0% to 15.0% per annum. At September 30, 2022 and December 31, 2021, there were $3.0 million and $1.4 million, respectively, of agent advances receivable collateralized by personal guarantees from sending agents and assets from their businesses in case of a default by the agent. The maturities of agent advances receivable at September 30, 2022 are as follows (in thousands): Unpaid Advance Balance Under 1 year $ 1,532 Between 1 and 2 years 1,249 More than 2 years 173 Total $ 2,954 Allowance for Credit Losses The changes in the allowance for credit losses related to accounts receivable and agent advances receivable are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ 2,442 $ 2,028 $ 2,249 $ 2,042 Provision 525 342 2,022 1,009 Charge-offs (700) (361) (2,202) (1,249) Recoveries 117 197 315 404 Ending Balance $ 2,384 $ 2,206 $ 2,384 $ 2,206 The allowance for credit losses allocated by financial instrument category is as follows (in thousands): September 30, 2022 December 31, 2021 Accounts receivable $ 2,302 $ 2,181 Agent advances receivable 82 68 Allowance for credit losses $ 2,384 $ 2,249

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	9 Months Ended
	Sep. 30, 2022
Prepaid Expense and Other Assets [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other current assets consisted of the following (in thousands): September 30, 2022 December 31, 2021 Prepaid insurance $ 1,118 $ 923 Prepaid fees and services 1,739 1,930 Agent incentives advances 914 815 Agent advances receivable, net of allowance 1,474 736 Assets pending settlement 248 331 Prepaid income taxes 2,940 1,563 Prepaid expenses and current assets - other 473 690 $ 8,906 $ 6,988 Other assets consisted of the following (in thousands): September 30, 2022 December 31, 2021 Revolving line origination fees $ 1,650 $ 2,032 Agent incentives advances 828 1,010 Agent advances receivable, net of allowance 1,398 643 Right-of-use assets, net 3,186 — Funds held by seized banking entities, net of allowance 1,584 3,114 Other assets 649 635 $ 9,295 $ 7,434

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETSGoodwill and the majority of intangible assets on the condensed consolidated balance sheets of the Company were recognized from a prior acquisition. Intangible assets on the condensed consolidated balance sheets of the Company consist of 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 over the past 20 years. Other intangible assets relate to the acquisition of 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, and no impairment charges were determined necessary to be recognized during the three and nine months ended September 30, 2022. The following table presents the changes in goodwill and intangible assets (in thousands): Goodwill Intangibles Balance at December 31, 2021 $ 36,260 $ 15,392 Acquisition of agent locations — 225 Amortization expense — (3,018) Balance at September 30, 2022 $ 36,260 $ 12,599 Amortization expense related to intangible assets for the remainder of 2022 and thereafter is as follows (in thousands): 2022 $ 1,008 2023 3,024 2024 2,305 2025 1,752 2026 1,332 Thereafter 3,178 $ 12,599

LEASES

LEASES	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
LEASES	LEASES To conduct certain of our operations, the Company is a party to leases for office space, warehouses and Company-operated store locations. Our leases have remaining terms of up to 8.9 years, some of which include options to renew and extend the lease. We presently intend to exercise certain of the extension options available to us and for purposes of computing the right-of-use assets and lease liabilities required by ASC 842, we have incorporated the options to renew that are reasonably certain of exercise by us. The Company adopted ASC 842, including related amendments, effective January 1, 2022, using the modified retrospective approach and used the effective date as the date of initial application; therefore comparative periods were not adjusted. The Company determined that all of its leasing arrangements are classified as operating leases. The Company elected to apply the practical expedients to (i) not reassess its prior conclusions about lease identification, lease classification and initial direct costs and (ii) use hindsight in determining the lease term. In addition, the Company elected not to separate lease and non-lease components for all arrangements where the Company is a lessee. Adoption of the new standard resulted in the recording of additional right-of-use assets and lease liabilities of approximately $5.6 million as of January 1, 2022. The adoption of ASC 842 did not materially impact the Company’s consolidated net income and had no impact on cash flows. Additionally, there was no cumulative effect of adoption recognized on retained earnings in the condensed consolidated statement of changes in stockholders’ equity. The presentation of right-of-use assets and lease liabilities in the condensed consolidated balance sheet is as follows (in thousands): Leases Classification September 30, 2022 Assets Right-of-use assets Other assets (1) $ 3,186 Total leased assets $ 3,186 Liabilities Current Operating Accrued and other liabilities $ 1,273 Noncurrent Operating Lease liabilities 1,525 Total Lease liabilities $ 2,798 (1) Operating right of-use assets are recorded net of accumulated amortization of $1.5 million as of September 30, 2022. Lease expense for the three and nine months ended September 30, 2022, was as follows (in thousands): Three Months Ended Nine Months Ended Lease Cost Classification September 30, 2022 September 30, 2022 Operating lease cost Other selling, general and administrative expenses $ 632 $ 1,631 Rent expense for the three and nine months ended September 30, 2021 was $0.6 million and $1.8 million, respectively, which is included in other selling, general and administrative expenses in the condensed consolidated statements of income and comprehensive income. As of September 30, 2022, the Company’s weighted-average remaining lease terms on its operating leases is 2.5 years, and the Company’s weighted-average discount rate is 2.84%, which is the Company’s incremental borrowing rate. The Company used its incremental borrowing rate for all leases, as none of the Company’s lease agreements provide a readily determinable implicit rate. Lease Payments Future minimum lease payments for assets under non-cancelable operating lease agreements with original terms of more than one year for the remainder of 2022 and thereafter are as follows (in thousands): 2022 $ 430 2023 996 2024 519 2025 411 2026 277 Thereafter 312 Total lease payments 2,945 Less: Imputed interest (147) Present value of lease liabilities $ 2,798

WIRE TRANSFERS AND MONEY ORDERS

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET	WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET Wire transfers and money orders payable, net consisted of the following (in thousands): September 30, 2022 December 31, 2021 Wire transfers payable, net $ 33,981 $ 20,744 Customer voided wires payable 20,654 16,895 Money orders payable 19,809 18,427 $ 74,444 $ 56,066 Customer voided wires payable consist primarily 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

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
ACCRUED AND OTHER LIABILITIES	ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following (in thousands): September 30, 2022 December 31, 2021 Commissions payable to sending agents $ 17,243 $ 16,303 Accrued salaries and benefits 4,200 4,892 Accrued bank charges 1,412 1,371 Accrued legal fees 176 422 Accrued other professional fees 1,316 1,619 Accrued taxes 1,355 4,908 Lease liabilities, current portion 1,273 — Deferred revenue loyalty program 4,090 3,391 Other 1,158 854 $ 32,223 $ 33,760 The following table shows the changes in the deferred revenue loyalty program liability (in thousands): Balance, December 31, 2021 $ 3,391 Revenue deferred during the period 2,184 Revenue recognized during the period (1,485) Balance, September 30, 2022 $ 4,090

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following (in thousands): September 30, 2022 December 31, 2021 Revolving credit facility $ 43,000 $ — Term loan facility 82,031 85,313 125,031 85,313 Less: Current portion of long-term debt (1) (4,429) (3,882) Less: Debt origination costs (1,849) (2,220) $ 118,753 $ 79,211 (1) Current portion of long-term debt is net of debt origination costs of approximately $0.5 million both at September 30, 2022 and December 31, 2021. On June 24, 2021, the Company and certain of its domestic subsidiaries as borrowers and the other guarantors from time to time party thereto (collectively, the “Loan Parties”) entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”) with a group of banking institutions. The A&R Credit Agreement amended and restated in its entirety the Company’s previous credit agreement. The A&R Credit Agreement provides for a $150.0 million revolving credit facility, an $87.5 million term loan facility and an uncommitted incremental facility, which may be utilized for additional revolving or term loans, of up to $70.0 million. The A&R Credit Agreement also provides for the issuance of letters of credit, which would reduce availability under the revolving credit facility. The proceeds of the term loan were used to refinance the existing term loan facility under the Company’s previous credit agreement, and the revolving credit facility is available for working capital, general corporate purposes and to pay fees and expenses in connection with this transaction. The maturity date of the A&R Credit Agreement is June 24, 2026. This refinancing was accounted for as a debt modification. The balance of the unamortized debt origination costs of $1.8 million under the Company’s previous credit agreement, the origination costs paid to the Loan Parties of $1.0 million in connection with the term loan facility of the A&R Credit Agreement and debt origination costs paid to the Loan Parties and third-party costs of $1.8 million incurred in connection with the revolving credit facility of the A&R Credit Agreement will be associated with the new arrangement, and therefore, they will be amortized over the remaining life of the A&R Credit Agreement using the straight-line method, as it is not significantly different than the effective interest method. Debt origination costs paid to third parties related to a portion of the term loan facility in connection with the A&R Credit Agreement were expensed as incurred during the second quarter of 2021. The unamortized portion of debt origination costs totaled approximately $3.5 million and $4.5 million at September 30, 2022 and December 31, 2021, respectively. Amortization of debt origination costs is included as a component of interest expense in the condensed consolidated statements of income and comprehensive income and amounted to approximately $0.2 million for both the three months ended September 30, 2022 and 2021, and $0.8 million and $0.6 million for the nine months ended September 30, 2022 and 2021, respectively. At the election of the Company, interest on the term loan facility and revolving credit facility under the A&R Credit Agreement is determined by reference to either LIBOR (subject to replacement) or a “base rate”, in each case plus an applicable margin ranging between 2.50% and 3.00% per annum for LIBOR loans and between 1.50% and 2.00% per annum for base rate loans depending on the level of our consolidated leverage ratio, as calculated pursuant to the terms of the A&R Credit Agreement. 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 nine months ended September 30, 2022 for the term loan facility and revolving credit facility were 4.18% and 0.80%, respectively. Interest is payable (x)(i) generally on the last day of each interest period selected for LIBOR loans, but in any event, not less frequently than every three months, and (ii) on the last business day of each quarter for base rate loans and (y) at final maturity. The principal amount of the term loan facility under the A&R Credit Agreement must be repaid in consecutive quarterly installments of 5.0% in years 1 and 2, 7.5% in year 3, and 10.0% in years 4 and 5, in each case on the last day of each quarter, commencing in September 2021 with a final balloon payment at maturity. The term loans under the A&R Credit Agreement may be prepaid at any time without premium or penalty. Revolving loans may be borrowed, repaid and reborrowed from time to time in accordance with the terms and conditions of the A&R Credit Agreement. The Company is also required to repay the loans upon receipt of net proceeds from certain casualty events, upon the disposition of certain property and upon incurrence of indebtedness not permitted by the A&R Credit Agreement. In addition, the Company is required to make mandatory prepayments annually from excess cash flow if the Company’s consolidated leverage ratio (as calculated under the A&R Credit Agreement) is greater than or equal to 3.0, and the remainder of any such excess cash flow is contributed to the available amount which may be used for a variety of purposes, including investments and distributions. The A&R Credit Agreement 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 A&R Credit Agreement also 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, change the nature of their businesses, enter into certain transactions with affiliates or amend the terms of material indebtedness. In addition, the A&R Credit Agreement generally restricts the payment of dividends or cash distributions by the Company with certain exceptions, including the following: i) to repurchase the Company’s common stock from current or former employees in an aggregate amount of up to $10.0 million per calendar year, and ii) other restricted payments in an aggregate amount not to exceed $40.0 million plus the Available Amount (as defined in the A&R Credit Agreement). Through September 30, 2022 and as described in Note 12, the Company funded repurchases of shares of the Company’s common stock in an aggregate amount of $40.0 million plus the Available Amount. The obligations under the A&R 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	9 Months Ended
	Sep. 30, 2022
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 and for disclosure purposes. Level 1 relates to quoted market prices for identical assets or liabilities in active markets. 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 intangible assets. All other financial assets and liabilities are carried at amortized cost. The Company’s cash balances are representative of their fair values as these balances are comprised of deposits available on demand. The carrying amounts of 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 instruments. The Company’s financial liabilities include its revolving credit facility and term loan facility. The fair value of the term loan facility, which approximates book value, is estimated by discounting the future cash flows using a current market interest rate. The estimated fair value of

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION International Money Express, Inc. Omnibus Equity Compensation Plans The International Money Express, Inc. 2020 Omnibus Equity Compensation Plan (the “2020 Plan”) provides for the granting of stock-based incentive awards, including stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance stock units (“PSUs”) to employees and independent directors of the Company. There are 3.7 million shares of the Company’s common stock approved for issuance under the 2020 Plan, which includes 0.4 million shares that were previously subject to awards granted under the International Money Express, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan” and together with the 2020 Plan, the “Plans”). Although awards remain outstanding under the 2018 Plan, which was terminated effective June 26, 2020, no additional awards may be granted under the 2018 Plan. As of September 30, 2022, 2.6 million shares remained available for future awards under the 2020 Plan. Stock Options 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 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 Plans have 10-year terms and generally vest in four equal annual installments beginning one year after the date of the grant. The Company recognized compensation expense for stock options of approximately $0.1 million and $0.5 million for the three months ended September 30, 2022 and 2021, respectively, and $1.2 million and $1.8 million for the nine months ended September 30, 2022 and 2021, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of September 30, 2022, unrecognized compensation expense related to stock options of approximately $0.9 million is expected to be recognized over a weighted-average period of 1.3 years. A summary of stock option activity under the Plans during the nine months ended September 30, 2022 is presented below: Number of Weighted-Average Weighted-Average Weighted-Average Outstanding at December 31, 2021 1,898,687 $ 11.24 7.11 $ 4.17 Granted — $ — $ — Exercised (1,018,137) $ 10.51 $ 3.70 Forfeited (114,500) $ 14.68 $ 6.72 Outstanding at September 30, 2022 766,050 $ 11.71 6.57 $ 4.42 Exercisable at September 30, 2022 577,925 $ 11.05 6.27 $ 4.00 Restricted Stock Units The RSUs granted under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date of the grant, while RSUs issued to the Company’s independent directors vest on the one-year anniversary from the grant date. The Company recognized compensation expense for RSUs of approximately $0.5 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively, and $1.3 million and $0.8 million for the nine months ended September 30, 2022 and 2021, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of September 30, 2022, unrecognized compensation expense related to RSUs of approximately $4.6 million is expected to be recognized over a weighted-average period of 1.8 years. A summary of RSU activity during the nine months ended September 30, 2022 is presented below: Number of RSUs Weighted-Average Outstanding (nonvested) at December 31, 2021 231,934 $ 14.99 Granted 216,426 $ 17.47 Vested (68,689) $ 14.95 Forfeited (40,104) $ 15.69 Outstanding (nonvested) at September 30, 2022 339,567 $ 16.50 Share Awards The Lead Independent Director and Chairs of the Committees of the Board of Directors are granted, in aggregate, $64.0 thousand in awards of fully vested shares of the Company’s common stock, payable on a quarterly basis at the end of each quarter in payment of fees earned in such capacities; effective in the third quarter of 2022 this amount was increased to $80.5 thousand. During the three and nine months ended September 30, 2022, 782 and 2,560 fully vested shares, respectively, were granted to the Lead Independent Director and Chairs of the Committees of the Board of Directors resulting in compensation expense of $20.1 thousand and $52.1 thousand, respectively, recorded and included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. Restricted Stock Awards The RSAs issued under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date of grant. The Company recognized compensation expense for RSAs granted of $0.2 million and $0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $0.5 million and $0.2 million for the nine months ended September 30, 2022 and 2021, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of September 30, 2022, there was $2.0 million of unrecognized compensation expense related to RSAs, which is expected to be recognized over a weighted-average period of 2.0 years. A summary of RSA activity during the nine months ended September 30, 2022 is presented below: Number of RSAs Weighted-Average Outstanding (nonvested) at December 31, 2021 88,215 $ 14.17 Granted 93,400 $ 16.06 Vested (22,053) $ 14.17 Forfeited — $ — Outstanding (nonvested) at September 30, 2022 159,562 $ 15.28 Performance Stock Units PSUs granted to the Company’s employees generally vest subject to attainment of performance criteria during the service period established by the Compensation Committee. Each PSU represents the right to receive one share of common stock, and the actual number of shares issuable upon vesting is determined based upon performance compared to financial performance targets. The PSUs vest based on the achievement of certain revenue or adjusted earnings per share parameters for a period of two years combined with a service period of three years. Compensation cost is recognized over the requisite service period when it is probable that the performance condition will be satisfied. During the third quarter of 2022, the Company reassessed the probability of vesting for PSU awards and determined that it was probable that a higher performance target will be achieved. Therefore, the Company recognized a cumulative catch-up adjustment of approximately $1.1 million as additional compensation expense for the three months ended September 30, 2022. The Company recognized compensation expense for PSUs of $1.8 million and $0.2 million for the three months ended September 30, 2022 and 2021, respectively, and $2.5 million and $0.5 million for the nine months ended September 30, 2022 and 2021, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of September 30, 2022, there was $4.4 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted-average period of 1.8 years. A summary of PSU activity during the nine months ended September 30, 2022 is presented below: Number of PSUs Weighted-Average Weighted-Average Outstanding (nonvested) at December 31, 2021 171,500 9.17 $ 14.17 Granted 131,224 $ 21.45 Vested — $ — Forfeited — $ — Outstanding (nonvested) at September 30, 2022 302,724 8.88 $ 17.33

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
EQUITY	EQUITY In August 2021, the Company’s Board of Directors approved a stock repurchase program (the “Repurchase Program”) that authorizes the Company to purchase up to $40.0 million of outstanding shares of the Company’s common stock. Under the Repurchase Program, the Company is authorized to repurchase shares from time to time in accordance with applicable laws, both on the open market and in privately negotiated transactions and may include the use of derivative contracts or structured share repurchase agreements. The timing and amount of repurchases depends on several factors, including market and business conditions, the trading price of the Company’s common stock and the nature of other investment opportunities. The Repurchase Program may be limited, suspended or discontinued at any time without prior notice. The Repurchase Program does not have an expiration date. Under the terms of the A&R Credit Agreement, the Company has restrictions that limit the maximum amount of repurchases to (i) $40.0 million in the aggregate (plus the Available Amount as defined in the A&R Credit Agreement) and (ii) $10.0 million annually for shares held by any current or former officer, director, employee or consultant (or any spouses, ex-spouses or estates of the foregoing) of the Company or its subsidiaries. The Company accounts for purchases of treasury stock under the cost method. Any direct costs incurred to acquire treasury stock are considered stock issue costs and added to the cost of the treasury stock. On August 9, 2022, the Company entered into an agreement with SPC Intermex, LP, a related party, for the purchase of 1,172,485 shares of the Company’s common stock for a total purchase price of $27.6 million, in a privately-negotiated transaction. During the three and nine months ended September 30, 2022, including the shares previously mentioned, the Company purchased 1,287,714 shares and 2,015,615 shares, respectively, for an aggregate purchase price of $30.1 million and $43.7 million, respectively. During both the three and nine months ended September 30, 2021, the Company purchased 70,440 shares for an aggregate purchase price of $1.2 million. As of September 30, 2022, there was $18.3 million available for future share repurchases under the Repurchase Program. The share repurchases under the Repurchase Program and the privately negotiated transaction totaled $49.3 million through September 30, 2022.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
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, RSUs, RSAs and PSUs. Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income for basic and diluted earnings per common share $ 16,626 $ 11,507 $ 44,264 $ 33,711 Shares: Weighted-average common shares outstanding – basic 37,390,632 38,647,931 37,999,709 38,441,767 Effect of dilutive securities: RSUs 136,602 66,964 103,526 44,843 Stock options 559,556 539,111 607,535 548,371 RSAs 270,203 25,199 149,888 11,336 PSUs 68,875 56,846 46,625 25,305 Weighted-average common shares outstanding – diluted 38,425,868 39,336,051 38,907,283 39,071,622 Earnings per common share – basic $ 0.44 $ 0.30 $ 1.16 $ 0.88 Earnings per common share – diluted $ 0.43 $ 0.29 $ 1.14 $ 0.86 As of September 30, 2022, there were 12.5 thousand stock options and 15.1 thousand RSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive. As of September 30, 2021, there were 0.4 million stock options excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive. As discussed in Note 12, the Company repurchased 1,287,714 shares and 2,015,615 shares of treasury stock for $30.1 million and $43.7 million in the three and nine months ended September 30, 2022, respectively. The effect of these repurchases on the Company’s weighted-average shares outstanding for the three and nine months ended September 30, 2022 was a reduction of 1,278,044 shares and 525,131 shares, respectively, due to the timing of the repurchases.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES A reconciliation between the income tax provision at the U.S. statutory tax rate and the Company’s income tax provision on the condensed consolidated statements of income and comprehensive income is below (in thousands, except for tax rates): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Income before income taxes $ 19,280 $ 15,136 $ 57,534 $ 45,316 U.S statutory tax rate 21 % 21 % 21 % 21 % Income tax expense at statutory rate 4,049 3,179 12,082 9,516 State tax expense, net of federal benefit 1,199 736 3,552 2,409 Foreign tax rates different from U.S. statutory rate 38 8 83 48 Non-deductible expenses 236 74 592 210 Stock compensation (2,890) (368) (2,952) (578) Other 22 — (87) — Total income tax provision $ 2,654 $ 3,629 $ 13,270 $ 11,605 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. Our income tax provision includes the expected benefit of all deferred tax assets, including our net operating loss carryforwards. With few exceptions, our net operating loss carryforwards will expire from 2029 through 2038. After consideration of all evidence, both positive and negative, management has determined that no valuation allowance is required at September 30, 2022 on the Company’s U.S. federal or state deferred tax assets; however, a valuation allowance has been recorded at September 30, 2022 on deferred tax assets associated with Canadian net operating loss carryforwards. As presented in the income tax reconciliation above, the tax provision recognized on the condensed consolidated statements of income and comprehensive income was impacted by state taxes, foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate, non-deductible officer compensation and share-based compensation tax benefits.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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. The Company operates in all 50 states in the United 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 September 30, 2022, the Company’s subsidiaries were in compliance with these two requirements.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On November 1, 2022 (the “Closing Date”), the Company finalized the previously announced acquisition of 100% of the issued and outstanding stock of La Nacional (see Note 1) (the “Acquisition”). La Nacional maintains a significant presence in the Northeast region of the U.S., which complements the Company's current business in the region and expands the Company's market share in the Dominican Republic. The consideration paid by the Company in connection with the Acquisition was $42.3 million in cash, subject to customary purchase price adjustments. The Company may also pay up to an additional $2.4 million in cash based on the achievement of specified financial performance targets as well as operating performance milestones during 2023. The Company incurred $0.3 million and $0.5 million of acquisition-related costs in the three and nine months ended September 30, 2022, respectively, which are included in other selling, general and administrative expenses on the condensed consolidated statements of income and comprehensive income. As of the date of these condensed consolidated financial statements, due to the recent closing of the Acquisition, the initial accounting for the Acquisition is incomplete, including a preliminary allocation of the consideration transferred to the fair value of the assets acquired and liabilities assumed. In addition, due to the timing of the Acquisition, the income tax considerations of this transaction have not been fully determined.

BUSINESS AND ACCOUNTING POLIC_2

BUSINESS AND ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting	The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“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 condensed consolidated financial statements have been included. The results reported in these interim condensed consolidated 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 interim 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, 2021.
Accounting Pronouncements	Accounting Pronouncements On January 1, 2022, the Company adopted the new accounting guidance, Leases (Topic 842) (“ASC 842”), which required the Company to record assets and liabilities on the balance sheet for lease-related rights and obligations and disclose key information about its leasing arrangements. The guidance requires that a lessee recognizes a liability to make lease payments (the lease liability) and a right-of-use (“ROU”) asset representing its right to use the underlying asset for the lease term on the balance sheet. Leases are classified as financing or operating, with classification affecting the pattern of expense recognition in the condensed consolidated statements of income and comprehensive income. Refer to Note 6 for additional information on the adoption of this standard and related disclosures. 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 in the process of implementing the CECL model and is updating certain of its business processes and internal controls to meet the reporting and disclosure requirement of the new accounting guidance. The new guidance, which the Company will adopt effective on December 31, 2022 using the modified-retrospective approach, is not expected to materially affect the amount of provision for credit losses recognized under the Company’s current model and is not expected to have a material effect on the Company’s consolidated financial statements.
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 and for disclosure purposes. Level 1 relates to quoted market prices for identical assets or liabilities in active markets. 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 intangible assets. All other financial assets and liabilities are carried at amortized cost. The Company’s cash balances are representative of their fair values as these balances are comprised of deposits available on demand. The carrying amounts of 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 instruments. The Company’s financial liabilities include its revolving credit facility and term loan facility. The fair value of the term loan facility, which approximates book value, is estimated by discounting the future cash flows using a current market interest rate. The estimated fair value of

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	The Company recognized revenues from contracts with customers for the three and nine months ended September 30, 2022 and 2021, as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Wire transfer and money order fees $ 121,218 $ 104,543 $ 337,757 $ 285,430 Discounts and promotions (500) (352) (1,417) (1,021) Wire transfer and money order fees, net 120,718 104,191 336,340 284,409 Foreign exchange gain, net 18,851 15,643 52,719 45,347 Other income 1,198 873 3,309 2,275 Total revenues $ 140,767 $ 120,707 $ 392,368 $ 332,031

ACCOUNTS RECEIVABLE AND AGENT_2

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Accounts Receivable, Allowance for Credit Loss	The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands): September 30, 2022 December 31, 2021 Accounts receivable $ 102,363 $ 69,498 Allowance for credit losses (2,302) (2,181) Accounts receivable, net $ 100,061 $ 67,317 The changes in the allowance for credit losses related to accounts receivable and agent advances receivable are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Beginning balance $ 2,442 $ 2,028 $ 2,249 $ 2,042 Provision 525 342 2,022 1,009 Charge-offs (700) (361) (2,202) (1,249) Recoveries 117 197 315 404 Ending Balance $ 2,384 $ 2,206 $ 2,384 $ 2,206 The allowance for credit losses allocated by financial instrument category is as follows (in thousands): September 30, 2022 December 31, 2021 Accounts receivable $ 2,302 $ 2,181 Agent advances receivable 82 68 Allowance for credit losses $ 2,384 $ 2,249
Notes Receivable, Net of Allowance for Credit Loss	The Company had agent advances receivable, net of allowance for credit losses, from sending agents as follows (in thousands): September 30, 2022 December 31, 2021 Agent advances receivable, current $ 1,532 $ 791 Allowance for credit losses (58) (55) Net current $ 1,474 $ 736 Agent advances receivable, long-term $ 1,422 $ 656 Allowance for credit losses (24) (13) Net long-term $ 1,398 $ 643
Maturities of Notes Receivable	The maturities of agent advances receivable at September 30, 2022 are as follows (in thousands): Unpaid Advance Balance Under 1 year $ 1,532 Between 1 and 2 years 1,249 More than 2 years 173 Total $ 2,954

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
Prepaid Expense and Other Assets [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): September 30, 2022 December 31, 2021 Prepaid insurance $ 1,118 $ 923 Prepaid fees and services 1,739 1,930 Agent incentives advances 914 815 Agent advances receivable, net of allowance 1,474 736 Assets pending settlement 248 331 Prepaid income taxes 2,940 1,563 Prepaid expenses and current assets - other 473 690 $ 8,906 $ 6,988
Schedule of Other Assets	Other assets consisted of the following (in thousands): September 30, 2022 December 31, 2021 Revolving line origination fees $ 1,650 $ 2,032 Agent incentives advances 828 1,010 Agent advances receivable, net of allowance 1,398 643 Right-of-use assets, net 3,186 — Funds held by seized banking entities, net of allowance 1,584 3,114 Other assets 649 635 $ 9,295 $ 7,434

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2021 $ 36,260 $ 15,392 Acquisition of agent locations — 225 Amortization expense — (3,018) Balance at September 30, 2022 $ 36,260 $ 12,599
Amortization Expense Related to Intangible Assets	Amortization expense related to intangible assets for the remainder of 2022 and thereafter is as follows (in thousands): 2022 $ 1,008 2023 3,024 2024 2,305 2025 1,752 2026 1,332 Thereafter 3,178 $ 12,599

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Presentation of Right-of-Use Assets and Lease Liabilities in Condensed Consolidated Balance Sheet	The presentation of right-of-use assets and lease liabilities in the condensed consolidated balance sheet is as follows (in thousands): Leases Classification September 30, 2022 Assets Right-of-use assets Other assets (1) $ 3,186 Total leased assets $ 3,186 Liabilities Current Operating Accrued and other liabilities $ 1,273 Noncurrent Operating Lease liabilities 1,525 Total Lease liabilities $ 2,798 (1) Operating right of-use assets are recorded net of accumulated amortization of $1.5 million as of September 30, 2022.
Lease, Cost	Lease expense for the three and nine months ended September 30, 2022, was as follows (in thousands): Three Months Ended Nine Months Ended Lease Cost Classification September 30, 2022 September 30, 2022 Operating lease cost Other selling, general and administrative expenses $ 632 $ 1,631
Lessee, Operating Lease, Liability, Maturity	Future minimum lease payments for assets under non-cancelable operating lease agreements with original terms of more than one year for the remainder of 2022 and thereafter are as follows (in thousands): 2022 $ 430 2023 996 2024 519 2025 411 2026 277 Thereafter 312 Total lease payments 2,945 Less: Imputed interest (147) Present value of lease liabilities $ 2,798

WIRE TRANSFERS AND MONEY ORDE_2

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Wire Transfer and Money Orders Payable	Wire transfers and money orders payable, net consisted of the following (in thousands): September 30, 2022 December 31, 2021 Wire transfers payable, net $ 33,981 $ 20,744 Customer voided wires payable 20,654 16,895 Money orders payable 19,809 18,427 $ 74,444 $ 56,066

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued and Other Liabilities	Accrued and other liabilities consisted of the following (in thousands): September 30, 2022 December 31, 2021 Commissions payable to sending agents $ 17,243 $ 16,303 Accrued salaries and benefits 4,200 4,892 Accrued bank charges 1,412 1,371 Accrued legal fees 176 422 Accrued other professional fees 1,316 1,619 Accrued taxes 1,355 4,908 Lease liabilities, current portion 1,273 — Deferred revenue loyalty program 4,090 3,391 Other 1,158 854 $ 32,223 $ 33,760
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, 2021 $ 3,391 Revenue deferred during the period 2,184 Revenue recognized during the period (1,485) Balance, September 30, 2022 $ 4,090

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt Instruments	Debt consisted of the following (in thousands): September 30, 2022 December 31, 2021 Revolving credit facility $ 43,000 $ — Term loan facility 82,031 85,313 125,031 85,313 Less: Current portion of long-term debt (1) (4,429) (3,882) Less: Debt origination costs (1,849) (2,220) $ 118,753 $ 79,211 (1) Current portion of long-term debt is net of debt origination costs of approximately $0.5 million both at September 30, 2022 and December 31, 2021.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Option Activity	A summary of stock option activity under the Plans during the nine months ended September 30, 2022 is presented below: Number of Weighted-Average Weighted-Average Weighted-Average Outstanding at December 31, 2021 1,898,687 $ 11.24 7.11 $ 4.17 Granted — $ — $ — Exercised (1,018,137) $ 10.51 $ 3.70 Forfeited (114,500) $ 14.68 $ 6.72 Outstanding at September 30, 2022 766,050 $ 11.71 6.57 $ 4.42 Exercisable at September 30, 2022 577,925 $ 11.05 6.27 $ 4.00
RSU Activity	A summary of RSU activity during the nine months ended September 30, 2022 is presented below: Number of RSUs Weighted-Average Outstanding (nonvested) at December 31, 2021 231,934 $ 14.99 Granted 216,426 $ 17.47 Vested (68,689) $ 14.95 Forfeited (40,104) $ 15.69 Outstanding (nonvested) at September 30, 2022 339,567 $ 16.50
RSA Activity	A summary of RSA activity during the nine months ended September 30, 2022 is presented below: Number of RSAs Weighted-Average Outstanding (nonvested) at December 31, 2021 88,215 $ 14.17 Granted 93,400 $ 16.06 Vested (22,053) $ 14.17 Forfeited — $ — Outstanding (nonvested) at September 30, 2022 159,562 $ 15.28
PSU Activity	A summary of PSU activity during the nine months ended September 30, 2022 is presented below: Number of PSUs Weighted-Average Weighted-Average Outstanding (nonvested) at December 31, 2021 171,500 9.17 $ 14.17 Granted 131,224 $ 21.45 Vested — $ — Forfeited — $ — Outstanding (nonvested) at September 30, 2022 302,724 8.88 $ 17.33

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income for basic and diluted earnings per common share $ 16,626 $ 11,507 $ 44,264 $ 33,711 Shares: Weighted-average common shares outstanding – basic 37,390,632 38,647,931 37,999,709 38,441,767 Effect of dilutive securities: RSUs 136,602 66,964 103,526 44,843 Stock options 559,556 539,111 607,535 548,371 RSAs 270,203 25,199 149,888 11,336 PSUs 68,875 56,846 46,625 25,305 Weighted-average common shares outstanding – diluted 38,425,868 39,336,051 38,907,283 39,071,622 Earnings per common share – basic $ 0.44 $ 0.30 $ 1.16 $ 0.88 Earnings per common share – diluted $ 0.43 $ 0.29 $ 1.14 $ 0.86

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Reconciliation of Tax Provision (Benefit)	A reconciliation between the income tax provision at the U.S. statutory tax rate and the Company’s income tax provision on the condensed consolidated statements of income and comprehensive income is below (in thousands, except for tax rates): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Income before income taxes $ 19,280 $ 15,136 $ 57,534 $ 45,316 U.S statutory tax rate 21 % 21 % 21 % 21 % Income tax expense at statutory rate 4,049 3,179 12,082 9,516 State tax expense, net of federal benefit 1,199 736 3,552 2,409 Foreign tax rates different from U.S. statutory rate 38 8 83 48 Non-deductible expenses 236 74 592 210 Stock compensation (2,890) (368) (2,952) (578) Other 22 — (87) — Total income tax provision $ 2,654 $ 3,629 $ 13,270 $ 11,605

BUSINESS AND ACCOUNTING POLIC_3

BUSINESS AND ACCOUNTING POLICIES (Details) $ in Millions		9 Months Ended	12 Months Ended
	Nov. 01, 2022 USD ($)	Sep. 30, 2022 store	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Number of company owned stores | store		37
La Nacional | Subsequent Event
Business Acquisition [Line Items]
Cash consideration	$ 42.3
La Nacional | Forecast
Business Acquisition [Line Items]
Contingent consideration payable			$ 2.4
LAN Holdings | Forecast
Business Acquisition [Line Items]
Contingent consideration payable			0.6
Cash paid for acquisition			$ 7.7

REVENUES - Revenues from Contra

REVENUES - Revenues from Contract with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 140,767	$ 120,707	$ 392,368	$ 332,031
Wire transfer and money order fees, net
Disaggregation of Revenue [Line Items]
Wire transfer and money order fees	121,218	104,543	337,757	285,430
Discounts and promotions	(500)	(352)	(1,417)	(1,021)
Revenues	120,718	104,191	336,340	284,409
Foreign exchange gain, net
Disaggregation of Revenue [Line Items]
Revenues	18,851	15,643	52,719	45,347
Other income
Disaggregation of Revenue [Line Items]
Revenues	$ 1,198	$ 873	$ 3,309	$ 2,275

REVENUES - Narrative (Details)

REVENUES - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 point obligation
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

ACCOUNTS RECEIVABLE AND AGENT_3

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Accounts Receivable Outstanding Balance (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Accounts receivable	$ 102,363	$ 69,498
Allowance for credit losses	(2,302)	(2,181)
Accounts receivable, net	$ 100,061	$ 67,317

ACCOUNTS RECEIVABLE AND AGENT_4

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Notes Receivable, Net of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Receivables [Abstract]
Agent advances receivable, current	$ 1,532	$ 791
Allowance for credit losses	(58)	(55)
Net current	1,474	736
Agent advances receivable, long-term	1,422	656
Allowance for credit losses	(24)	(13)
Net long-term	$ 1,398	$ 643

ACCOUNTS RECEIVABLE AND AGENT_5

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes collateralized	$ 3	$ 1.4
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate on notes receivable	0%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate on notes receivable	15%

ACCOUNTS RECEIVABLE AND AGENT_6

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Maturities of Notes Receivable (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Receivables [Abstract]
Under 1 year	$ 1,532
Between 1 and 2 years	1,249
More than 2 years	173
Total	$ 2,954

ACCOUNTS RECEIVABLE AND AGENT_7

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,442	$ 2,028	$ 2,249	$ 2,042
Provision	525	342	2,022	1,009
Charge-offs	(700)	(361)	(2,202)	(1,249)
Recoveries	117	197	315	404
Ending Balance	$ 2,384	$ 2,206	$ 2,384	$ 2,206

ACCOUNTS RECEIVABLE AND AGENT_8

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable	$ 2,302		$ 2,181
Agent advances receivable	82		68
Allowance for credit losses	$ 2,384	$ 2,442	$ 2,249	$ 2,206	$ 2,028	$ 2,042

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets [Abstract]
Prepaid insurance	$ 1,118	$ 923
Prepaid fees and services	1,739	1,930
Agent incentives advances	914	815
Agent advances receivable, net of allowance	1,474	736
Assets pending settlement	248	331
Prepaid income taxes	2,940	1,563
Prepaid expenses and current assets - other	473	690
Prepaid expenses and other assets	$ 8,906	$ 6,988

PREPAID EXPENSES AND OTHER AS_4

PREPAID EXPENSES AND OTHER ASSETS - Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets [Abstract]
Revolving line origination fees	$ 1,650		$ 2,032
Agent incentives advances	828		1,010
Agent advances receivable, net of allowance	1,398		643
Right-of-use assets, net	3,186	$ 5,600	0
Funds held by seized banking entities, net of allowance	1,584		3,114
Other assets	649		635
Other assets	$ 9,295		$ 7,434

PREPAID EXPENSES AND OTHER AS_5

PREPAID EXPENSES AND OTHER ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash	$ 105,052		$ 105,052		$ 132,474
Additional provision	525	$ 342	2,022	$ 1,009
MEXICO
Cash		$ 5,200		$ 5,200
Additional provision	$ 1,600
Write off from financial institution closure			$ 3,600

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Goodwill and intangible asset impairment	$ 0	$ 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_3

GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill and Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill
Beginning balance	$ 36,260
Acquisition of agent locations	0
Amortization expense	0
Ending balance	36,260
Intangibles
Beginning balance	15,392
Acquisition of agent locations	225
Amortization expense	(3,018)
Ending balance	$ 12,599

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 1,008
2023	3,024
2024	2,305
2025	1,752
2026	1,332
Thereafter	3,178
Net amortizable intangible assets	$ 12,599

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Present value of lease liabilities	$ 2,798	$ 2,798	$ 5,600
Right-of-use assets, net	3,186	3,186	$ 5,600	$ 0
Rent expense	$ 600	$ 1,800
Operating lease, weighted average remaining lease terms	2 years 6 months	2 years 6 months
Operating lease, weighted average discount rate	2.84%	2.84%
Maximum
Lessee, Lease, Description [Line Items]
Operating lease remaining term	8 years 10 months 24 days	8 years 10 months 24 days

LEASES - Right-Of-Use Assets an

LEASES - Right-Of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
Assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Right-of-use assets	$ 3,186	$ 5,600	$ 0
Current
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other liabilities
Operating	$ 1,273		$ 0
Noncurrent
Operating	1,525
Total Lease liabilities	2,798	$ 5,600
Operating lease, right-of-use asset, accumulated amortization	$ 1,500

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 632	$ 1,631

LEASES - Lease Payments (Detail

LEASES - Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jan. 01, 2022
Leases [Abstract]
2022	$ 430
2023	996
2024	519
2025	411
2026	277
Thereafter	312
Total lease payments	2,945
Less: Imputed interest	(147)
Present value of lease liabilities	$ 2,798	$ 5,600

WIRE TRANSFERS AND MONEY ORDE_3

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Wire transfers payable, net	$ 33,981	$ 20,744
Customer voided wires payable	20,654	16,895
Money orders payable	19,809	18,427
Total wire transfers and money orders payable, net	$ 74,444	$ 56,066
Wires payable collection period	30 days
Minimum
Statutory abandonment period	3 years
Maximum
Statutory abandonment period	7 years

ACCRUED AND OTHER LIABILITIES -

ACCRUED AND OTHER LIABILITIES - Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Commissions payable to sending agents	$ 17,243	$ 16,303
Accrued salaries and benefits	4,200	4,892
Accrued bank charges	1,412	1,371
Accrued legal fees	176	422
Accrued other professional fees	1,316	1,619
Accrued taxes	1,355	4,908
Lease liabilities, current portion	1,273	0
Deferred revenue loyalty program	4,090	3,391
Other	1,158	854
Total accrued and other liabilities	$ 32,223	$ 33,760

ACCRUED AND OTHER LIABILITIES_2

ACCRUED AND OTHER LIABILITIES - Changes in Deferred Revenue Loyalty Program Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 3,391
Revenue deferred during the period	2,184
Revenue recognized during the period	(1,485)
Ending balance	$ 4,090

DEBT - Schedule of Debt Instrum

DEBT - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 125,031	$ 85,313
Less: Current portion of long-term debt	(4,429)	(3,882)
Less: Debt origination costs	(1,849)	(2,220)
Long-term debt, noncurrent	118,753	79,211
Debt origination costs, current	500	500
Term loan facility
Debt Instrument [Line Items]
Long-term debt, gross	82,031	85,313
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 43,000	$ 0

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 24, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Aug. 31, 2021	Nov. 07, 2018
Debt Instrument [Line Items]
Debt origination costs				$ 0	$ 2,894
Debt origination costs amortization				752	626
Stock repurchase program, authorized amount		$ 40,000		40,000			$ 40,000
Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Unamortized debt origination costs								$ 1,800
A&R Credit Agreement
Debt Instrument [Line Items]
Unamortized debt origination costs		3,500		3,500		$ 4,500
Debt origination costs amortization		200	$ 200	$ 800	$ 600
Consolidated leverage ratio				3
Debt instrument, covenant, repurchase of common stock threshold		10,000		$ 10,000
Debt instrument, covenant, restricted payment threshold		$ 40,000		$ 40,000
A&R Credit Agreement | Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio				1.25
A&R Credit Agreement | Minimum | LIBOR
Debt Instrument [Line Items]
Interest rate				2.50%
A&R Credit Agreement | Minimum | Base Rate
Debt Instrument [Line Items]
Interest rate				1.50%
A&R Credit Agreement | Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio				3.25
A&R Credit Agreement | Maximum | LIBOR
Debt Instrument [Line Items]
Interest rate				3%
A&R Credit Agreement | Maximum | Base Rate
Debt Instrument [Line Items]
Interest rate				2%
A&R Credit Agreement | Term loan facility
Debt Instrument [Line Items]
Effective interest rate		4.18%		4.18%
A&R Credit Agreement | Term loan facility | Year 1
Debt Instrument [Line Items]
Periodic repayment percentage		5%		5%
A&R Credit Agreement | Term loan facility | Year 2
Debt Instrument [Line Items]
Periodic repayment percentage		5%		5%
A&R Credit Agreement | Term loan facility | Year 3
Debt Instrument [Line Items]
Periodic repayment percentage		7.50%		7.50%
A&R Credit Agreement | Term loan facility | Year 4
Debt Instrument [Line Items]
Periodic repayment percentage		10%		10%
A&R Credit Agreement | Term loan facility | Year 5
Debt Instrument [Line Items]
Periodic repayment percentage		10%		10%
A&R Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000
Debt origination costs	1,800
Unused line fee percentage				0.35%
Effective interest rate		0.80%		0.80%
A&R Credit Agreement | Term loan facility
Debt Instrument [Line Items]
Maximum borrowing capacity	87,500
Debt origination costs	1,000
A&R Credit Agreement | Uncommitted Incremental Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 70,000

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) installment shares	Sep. 30, 2021 USD ($)	Jun. 26, 2020 shares
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
Award vesting period				1 year
Share-based compensation expense	$ 100,000	$ 500,000		$ 1,200,000	$ 1,800,000
Unrecognized compensation expense	900,000			$ 900,000
Weighted-average period for recognition				1 year 3 months 18 days
Stock options | the “2020 Plan”
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares						3,700,000
Shares issued in period (in shares) | shares				2,600,000
Stock options | the “2018 Plan”
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares						400,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	500,000	300,000		$ 1,300,000	800,000
Unrecognized compensation expense	4,600,000			$ 4,600,000
Weighted-average period for recognition				1 year 9 months 18 days
Granted (in shares) | shares				216,426
RSUs | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal installments for options vesting | installment				4
Award vesting period				1 year
RSUs | Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				1 year
Share Awards | Independent Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested (in shares)	80,500		$ 64,000
Share Awards | the “2020 Plan”
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 20,100			$ 52,100
Granted (in shares) | shares	782			2,560
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal installments for options vesting | installment				4
Award vesting period				1 year
Share-based compensation expense	$ 200,000	100,000		$ 500,000	200,000
Unrecognized compensation expense	2,000,000			$ 2,000,000
Weighted-average period for recognition				2 years
Granted (in shares) | shares				93,400
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				2 years
Share-based compensation expense	1,800,000	$ 200,000		$ 2,500,000	$ 500,000
Unrecognized compensation expense	4,400,000			$ 4,400,000
Weighted-average period for recognition				1 year 9 months 18 days
Granted (in shares) | shares				131,224
Award service period				3 years
Catch-up adjustment to compensation expense	$ 1,100,000

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Option Activity (Details) - Stock options	9 Months Ended	12 Months Ended
	Sep. 30, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Number of Options
Outstanding, beginning balance (in shares) | shares	1,898,687
Granted (in shares) | shares	0
Exercised (in shares) | shares	(1,018,137)
Forfeited (in shares) | shares	(114,500)
Outstanding, ending balance (in shares) | shares	766,050	1,898,687
Exercisable, ending balance (in shares) | shares	577,925
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 11.24
Granted (in dollars per share)	0
Exercised (in dollars per share)	10.51
Forfeited (in dollars per share)	14.68
Outstanding, ending balance (in dollars per share)	11.71	$ 11.24
Exercisable, ending balance (in dollars per share)	$ 11.05
Weighted-Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding	6 years 6 months 25 days	7 years 1 month 9 days
Weighted average remaining contractual term, exercisable	6 years 3 months 7 days
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share)	$ 4.17
Granted (in dollars per share)	0
Exercised (in dollars per share)	3.70
Forfeited (in dollars per share)	6.72
Outstanding ending balance (in dollars per share)	4.42	$ 4.17
Exercisable ending balance (in dollars per share)	$ 4

SHARE-BASED COMPENSATION - RSU,

SHARE-BASED COMPENSATION - RSU, RSA, and PSU Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
RSUs
Number
Outstanding beginning balance (in dollar per share)	231,934
Granted (in shares)	216,426
Vested (in shares)	(68,689)
Forfeited (in shares)	(40,104)
Outstanding ending balance (in dollar per share)	339,567	231,934
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 14.99
Granted (in dollars per share)	17.47
Vested (in dollars per share)	14.95
Forfeited (in dollars per share)	15.69
Nonvested at end of period (in dollars per share)	$ 16.50	$ 14.99
RSAs
Number
Outstanding beginning balance (in dollar per share)	88,215
Granted (in shares)	93,400
Vested (in shares)	(22,053)
Forfeited (in shares)	0
Outstanding ending balance (in dollar per share)	159,562	88,215
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 14.17
Granted (in dollars per share)	16.06
Vested (in dollars per share)	14.17
Forfeited (in dollars per share)	0
Nonvested at end of period (in dollars per share)	$ 15.28	$ 14.17
PSUs
Number
Outstanding beginning balance (in dollar per share)	171,500
Granted (in shares)	131,224
Vested (in shares)	0
Forfeited (in shares)	0
Outstanding ending balance (in dollar per share)	302,724	171,500
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 14.17
Granted (in dollars per share)	21.45
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Nonvested at end of period (in dollars per share)	$ 17.33	$ 14.17
Weighted-Average Remaining Contractual Term (Years)	8 years 10 months 17 days	9 years 2 months 1 day

EQUITY (Details)

EQUITY (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		14 Months Ended
	Aug. 09, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Aug. 31, 2021
Schedule of Capitalization [Line Items]
Stock repurchase program, authorized amount		$ 40,000		$ 40,000		$ 40,000	$ 40,000
Treasury Stock, Shares, Acquired	1,172,485	1,287,714	70,440	2,015,615	70,440
Treasury Stock, Value, Acquired, Cost Method	$ 27,600	$ 30,106	$ 1,205	$ 43,734	$ 1,205	49,300
Stock repurchase program, remaining authorized repurchase amount		18,300		18,300		18,300
A&R Credit Agreement
Schedule of Capitalization [Line Items]
Debt instrument, covenant, restricted payment threshold		40,000		40,000		40,000
Debt instrument, covenant, repurchase of common stock threshold		$ 10,000		$ 10,000		$ 10,000

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income for basic and diluted earnings per common share	$ 16,626	$ 11,507	$ 44,264	$ 33,711
Shares:
Weighted-average common shares outstanding - basic (in shares)	37,390,632	38,647,931	37,999,709	38,441,767
Weighted-average common shares outstanding - diluted (in shares)	38,425,868	39,336,051	38,907,283	39,071,622
Earnings per common share – basic (in dollars per share)	$ 0.44	$ 0.30	$ 1.16	$ 0.88
Earnings per common share – diluted (in dollars per share)	$ 0.43	$ 0.29	$ 1.14	$ 0.86
RSUs
Shares:
Effect of dilutive securities (in shares)	136,602	66,964	103,526	44,843
Stock options
Shares:
Effect of dilutive securities (in shares)	559,556	539,111	607,535	548,371
RSAs
Shares:
Effect of dilutive securities (in shares)	270,203	25,199	149,888	11,336
PSUs
Shares:
Effect of dilutive securities (in shares)	68,875	56,846	46,625	25,305

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		14 Months Ended
	Aug. 09, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Treasury stock repurchased (in shares)	1,172,485	1,287,714	70,440	2,015,615	70,440
Value of treasury stock repurchased	$ 27,600	$ 30,106	$ 1,205	$ 43,734	$ 1,205	$ 49,300
Decrease in weighted average shares outstanding (in shares)		1,278,044		525,131
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)				12,500	400,000
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)				15,100

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income before income taxes	$ 19,280	$ 15,136	$ 57,534	$ 45,316
U.S statutory tax rate	21%	21%	21%	21%
Income tax expense at statutory rate	$ 4,049	$ 3,179	$ 12,082	$ 9,516
State tax expense, net of federal benefit	1,199	736	3,552	2,409
Foreign tax rates different from U.S. statutory rate	38	8	83	48
Non-deductible expenses	236	74	592	210
Stock compensation	(2,890)	(368)	(2,952)	(578)
Other	22	0	(87)	0
Total income tax provision	$ 2,654	$ 3,629	$ 13,270	$ 11,605

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Sep. 30, 2022 state country territory
Commitments and Contingencies Disclosure [Abstract]
Number of states in which entity operates | state	50
Number of territories in which entity operates | territory	2
Number of countries in which entity operates | country	3

Subsequent Events (Details)

Subsequent Events (Details) - La Nacional - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Nov. 01, 2022	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2023
Subsequent Event [Line Items]
Acquisition related costs		$ 0.3	$ 0.5
Forecast
Subsequent Event [Line Items]
Contingent consideration payable				$ 2.4
Subsequent Event
Subsequent Event [Line Items]
Percentage of outstanding common stock owned	100%
Cash consideration	$ 42.3