International Money Express (IMXI) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		36,418,273
Entity Central Index Key	0001683695
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 85,453	$ 149,493
Accounts receivable, net	102,596	129,808
Prepaid wires, net	106,878	90,386
Prepaid expenses and other current assets	9,482	12,749
Total current assets	304,409	382,436
Property and equipment, net	28,173	28,160
Goodwill	48,640	49,774
Intangible assets, net	18,666	19,826
Other assets	30,910	31,876
Total assets	430,798	512,072
Current liabilities:
Current portion of long-term debt, net	5,522	4,975
Accounts payable	21,281	25,686
Wire transfers and money orders payable, net	91,923	112,251
Accrued and other liabilities	37,698	41,855
Total current liabilities	156,424	184,767
Long-term liabilities:
Debt, net	93,718	150,235
Lease liabilities, net	21,872	23,272
Deferred tax liability, net	2,931	3,892
Total long-term liabilities	118,521	177,399
Commitments and contingencies, see Note 16
Stockholders’ equity:
Common stock $0.0001 par value; 230,000,000 shares authorized, 39,556,217 and 39,453,236 shares issued and 36,417,492 and 36,630,970 shares outstanding as of March 31, 2023 and December 31, 2022, respectively.	4	4
Additional paid-in capital	71,797	70,210
Retained earnings	150,896	139,134
Accumulated other comprehensive income (loss)	40	(142)
Treasury stock, at cost; 3,138,725 and 2,822,266 shares as of March 31, 2023 and December 31, 2022, respectively.	(66,884)	(59,300)
Total stockholders’ equity	155,853	149,906
Total liabilities and stockholders’ equity	$ 430,798	$ 512,072

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	39,556,217	39,453,236
Common shares, outstanding (in shares)	36,417,492	36,630,970
Treasury stock (in shares)	3,138,725	2,822,266

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 145,364	$ 114,666
Operating expenses:
Service charges from agents and banks	96,117	76,993
Salaries and benefits	16,168	11,310
Other selling, general and administrative expenses	11,337	7,069
Depreciation and amortization	2,903	2,183
Total operating expenses	126,525	97,555
Operating income	18,839	17,111
Interest expense	2,192	952
Income before income taxes	16,647	16,159
Income tax provision	4,885	4,505
Net income	11,762	11,654
Other comprehensive income	182	112
Comprehensive income	$ 11,944	$ 11,766
Earnings per common share:
Basic (in dollars per share)	$ 0.32	$ 0.30
Diluted (in dollars per share)	$ 0.31	$ 0.30
Weighted-average common shares outstanding:
Basic (in shares)	36,480,972	38,362,014
Diluted (in shares)	37,361,953	39,077,665
Wire transfer and money order fees, net
Revenues:
Total revenues	$ 124,450	$ 98,000
Foreign exchange gain, net
Revenues:
Total revenues	19,168	15,674
Other income
Revenues:
Total revenues	$ 1,746	$ 992

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 Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		38,820,222
Beginning balance at Dec. 31, 2021	$ 143,040	$ 4	$ (5,566)	$ 66,875	$ 81,803	$ (76)
Beginning balance (in shares) at Dec. 31, 2021			(341,522)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,654				11,654
Issuance of common stock:
Exercise of stock options, net of shares withheld for taxes (in shares)		43,725
Exercise of stock options, net of shares withheld for taxes	561			561
Restricted stock units and awards, net of shares withheld for taxes (in shares)		20,787
Restricted stock units and awards, net of shares withheld for taxes	(273)			(273)
Fully vested shares (in shares)		1,002
Share-based compensation	1,268			1,268
Adjustment from foreign currency translation, net	$ 112					112
Acquisition of treasury stock, at cost (in shares)	(224,388)		(224,388)
Acquisition of treasury stock, at cost	$ (3,628)		$ (3,628)
Ending balance (in shares) at Mar. 31, 2022		38,885,736
Ending balance at Mar. 31, 2022	$ 152,734	$ 4	$ (9,194)	68,431	93,457	36
Ending balance (in shares) at Mar. 31, 2022			(565,910)
Beginning balance (in shares) at Dec. 31, 2022	36,630,970	39,453,236
Beginning balance at Dec. 31, 2022	$ 149,906	$ 4	$ (59,300)	70,210	139,134	(142)
Beginning balance (in shares) at Dec. 31, 2022	(2,822,266)		(2,822,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 11,762				11,762
Issuance of common stock:
Exercise of stock options, net of shares withheld for taxes (in shares)		57,250
Exercise of stock options, net of shares withheld for taxes	723			723
Restricted stock units and awards, net of shares withheld for taxes (in shares)		44,905
Restricted stock units and awards, net of shares withheld for taxes	(834)			(834)
Fully vested shares (in shares)		826
Share-based compensation	1,698			1,698
Adjustment from foreign currency translation, net	$ 182					182
Acquisition of treasury stock, at cost (in shares)	(316,459)		(316,459)
Acquisition of treasury stock, at cost	$ (7,584)		$ (7,584)
Ending balance (in shares) at Mar. 31, 2023	36,417,492	39,556,217
Ending balance at Mar. 31, 2023	$ 155,853	$ 4	$ (66,884)	$ 71,797	$ 150,896	$ 40
Ending balance (in shares) at Mar. 31, 2023	(3,138,725)		(3,138,725)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 11,762	$ 11,654
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,903	2,183
Share-based compensation	1,698	1,268
Provision for credit losses	785	442
Debt origination costs amortization	246	253
Deferred income tax (benefit) provision, net	(623)	51
Non-cash lease expense	2,064	468
Loss on disposal of property and equipment	398	140
Total adjustments	7,471	4,805
Changes in operating assets and liabilities:
Accounts receivable, net	26,432	(19,546)
Prepaid wires, net	(15,433)	41,879
Prepaid expenses and other assets	3,217	360
Wire transfers and money orders payable, net	(21,593)	3,232
Lease liabilities	(2,473)	(580)
Accounts payable and accrued and other liabilities	(8,225)	(8,520)
Net cash provided by operating activities	1,158	33,284
Cash flows from investing activities:
Purchases of property and equipment	(2,119)	(4,316)
Net cash used in investing activities	(2,119)	(4,316)
Cash flows from financing activities:
Repayments of term loan facility	(1,094)	(1,094)
Repayments under revolving credit facility, net	(55,000)	0
Proceeds from exercises of stock options	723	561
Payments for stock awards	(834)	(273)
Repurchases of common stock	(7,584)	(3,628)
Net cash used in financing activities	(63,789)	(4,434)
Effect of exchange rate changes on cash and cash equivalents	710	229
Net (decrease) increase in cash and cash equivalents	(64,040)	24,763
Cash and cash equivalents, beginning of period	149,493	132,474
Cash and cash equivalents, end of period	85,453	157,237
Supplemental disclosure of cash flow information:
Cash paid for interest	2,001	698
Cash paid for income taxes	145	2,804
Non-cash lease liabilities arising from obtaining right-of-use assets	$ 552	$ 5,613

BUSINESS AND ACCOUNTING POLICIE

BUSINESS AND ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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 117 Company-operated stores throughout the United States and Canada. 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, 2022. In March 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. The acquisition of La Nacional was closed effective November 1, 2022 and the acquisition of LAN Holdings was closed effective April 5, 2023. Refer to Note 3 and Note 17 for additional information on the closings of the acquisitions of La Nacional and LAN Holdings, respectively. Concentrations The Company maintains certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The Company has not incurred any losses on these accounts. In addition, the Company maintains various bank accounts in Mexico, Guatemala and Canada, which are not insured. During the three months ended March 31, 2023, the Company has not incurred any losses on these uninsured foreign bank accounts. In addition, a substantial portion of our paying agents are concentrated in a few large banks and financial institutions and large retail chains in Latin American countries. Accounting Pronouncements The FASB issued guidance, ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires entities to apply Topic 606: Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities in a business combination. This guidance improves comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The Company adopted this guidance on January 1, 2023 prospectively for business combinations that occur after the adoption date. The adoption of this accounting standard is not expected to have a material impact on the Company’s condensed consolidated financial statements.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The Company recognized revenues from contracts with customers for the three months ended March 31, 2023 and 2022, as follows (in thousands): Three Months Ended March 31, 2023 2022 Wire transfer and money order fees $ 125,007 $ 98,404 Discounts and promotions (557) (404) Wire transfer and money order fees, net 124,450 98,000 Foreign exchange gain, net 19,168 15,674 Other income 1,746 992 Total revenues $ 145,364 $ 114,666 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 9) 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 customer’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 our 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 transactions and reports revenue on a gross basis, because the Company controls the service at all times prior to transfer to the customer, is primarily responsible for fulfilling the customer contracts, has the risk of loss and has the ability to establish transaction prices. Wire transfers and money order fees include money order fees of $0.6 million and $0.4 million for the three months ended March 31, 2023 and 2022, respectively.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Envios de Valores La Nacional Corp. On November 1, 2022, the Company completed the acquisition of 100% of the voting interest of La Nacional (the “La Nacional Acquisition”) and on April 5, 2023, the Company completed the acquisition of 100% of the voting interest of LAN Holdings (the “LAN Acquisition”) (the “LAN Acquisition,” and together with the La Nacional Acquisition, the “Acquisitions”). See “LAN Holdings, Corp.” section below. The Company paid cash consideration of $39.7 million upon consummation of the La Nacional Acquisition (subject to customary purchase price adjustments) and anticipates up to an additional $2.4 million in contingent consideration to be paid in cash in 2023 as a result of La Nacional achieving certain transaction volume and financial targets during 2023. The contingent consideration fair value as of both March 31, 2023 and December 31, 2022 was approximately $1.3 million. The following table summarizes the estimated fair values of consideration paid and identifiable net assets acquired in the La Nacional Acquisition on November 1, 2022, the measurement period adjustments in the three months ended March 31, 2023 and the estimated fair values of consideration transferred and identifiable net assets acquired as of March 31, 2023. The measurement period of the La Nacional Acquisition extends to one year from November 1, 2022. November 1, 2022 Measurement Period Adjustments March 31, 2023 (As Adjusted) Assets acquired: Cash and cash equivalents $ 39,569 $ — $ 39,569 Accounts receivable 16,504 — 16,504 Prepaid wires 571 — 571 Prepaid expenses and other current assets 1,219 430 1,649 Property and Equipment 4,077 — 4,077 Intangible assets 8,450 — 8,450 Other assets 13,659 — 13,659 Total identifiable assets acquired 84,049 430 84,479 Liabilities assumed: Accounts payable (1,260) — (1,260) Wire transfers and money orders payable (35,595) — (35,595) Accrued and other liabilities (3,651) 366 (3,285) Lease liabilities (13,067) — (13,067) Deferred tax liability (2,969) 338 (2,631) Total liabilities assumed (56,542) 704 (55,838) Net identifiable assets acquired 27,507 1,134 28,641 Consideration transferred 41,021 — 41,021 Goodwill $ 13,514 $ (1,134) $ 12,380 LAN Holdings, Corp. On April 5, 2023, the Company completed the previously announced acquisition of 100% of the issued and outstanding stock of LAN Holdings. LAN Holdings provides the Company the opportunity to enter into markets in which it did not have a presence previously, such as the ability to provide outbound remittances from Spain, Italy, and Germany. The consideration paid by the Company in connection with the LAN Acquisition was $8.0 million in cash, subject to customary purchase price adjustments. The Company will also pay an additional $0.6 million in cash related to LAN Holdings’ achievement of certain operational milestones during 2023, which the parties have agreed have been achieved; accordingly, the earn-out will be paid under the terms of the definitive purchase agreement. As of the date of these condensed consolidated financial statements, due to the recent closing of the LAN Acquisition, the initial accounting for the LAN 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 LAN Acquisition, the potential income tax consequences of this transaction have not been fully determined. Transaction Costs Transaction costs include all internal and external costs directly related to the Company’s acquisition activity, consisting primarily of legal, consulting, accounting and financial advisory fees. Transaction costs for the three months ended March 31, 2023 amounted to $0.1 million and related to the LAN Acquisition, and are included in other selling, general and administrative expenses on the condensed consolidated statement of income and comprehensive income. There were no transaction costs for the three months ended March 31, 2022.

ACCOUNTS RECEIVABLE AND AGENT A

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Accounts receivable $ 105,160 $ 132,363 Allowance for credit losses (2,564) (2,555) Accounts receivable, net $ 102,596 $ 129,808 Agent Advances Receivable Agent advances receivable, net of allowance for credit losses, from sending agents is as follows (in thousands): March 31, 2023 December 31, 2022 Agent advances receivable, current $ 1,666 $ 1,373 Allowance for credit losses (60) (62) Net current $ 1,606 $ 1,311 Agent advances receivable, long-term $ 1,533 $ 1,423 Allowance for credit losses (33) (31) Net long-term $ 1,500 $ 1,392 The net current portion of agent advances receivable is included in prepaid expenses and other current assets (see Note 5), and the net long-term portion is included in other assets (see Note 5) in the condensed consolidated balance sheets. Certain agent advances receivable bear interest and have interest rates ranging from 0% to 14.5% per annum. The Company had an immaterial amount of accrued interest receivable as of March 31, 2023 and December 31, 2022, which was included in the allowance for credit losses calculation. As of March 31, 2023 and December 31, 2022, there were $3.2 million and $2.8 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 March 31, 2023 are as follows (in thousands): Unpaid Advance Balance Under 1 year $ 1,666 Between 1 and 2 years 1,420 More than 2 years 113 Total $ 3,199 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 March 31, 2023 2022 Beginning balance $ 2,648 $ 2,249 Provision 785 442 Charge-offs (1,008) (532) Recoveries 232 97 Ending Balance $ 2,657 $ 2,256 The allowance for credit losses allocated by financial instrument category is as follows (in thousands): March 31, 2023 December 31, 2022 Accounts receivable $ 2,564 $ 2,555 Agent advances receivable 93 93 Allowance for credit losses $ 2,657 $ 2,648

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Prepaid insurance $ 787 $ 1,578 Prepaid fees and services 1,822 1,986 Agent incentives advances 955 1,014 Agent advances receivable, net of allowance 1,606 1,311 Assets pending settlement 66 211 Tenant allowance 2,815 3,753 Prepaid income taxes 123 2,130 Prepaid expenses and current assets - other 1,308 766 $ 9,482 $ 12,749 Other assets consisted of the following (in thousands): March 31, 2023 December 31, 2022 Revolving line origination fees $ 1,455 $ 1,578 Agent incentives advances 1,091 1,062 Agent advances receivable, net of allowance 1,500 1,392 Right-of-use assets, net 23,279 24,768 Funds held by seized banking entities, net of allowance 1,766 1,646 Other assets 1,819 1,430 $ 30,910 $ 31,876

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
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 business acquisitions. Intangible assets on the condensed consolidated balance sheets of the Company consist of agent relationships, trade names, developed technology and other intangible assets. Agent relationships, trade names 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 names refers to the Intermex and La Nacional names, 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 months ended March 31, 2023. The following table presents the changes in goodwill and intangible assets (in thousands): Goodwill Intangibles Balance at December 31, 2022 $ 49,774 $ 19,826 Measurement period adjustment (Refer to Note 3) (1,134) — Amortization expense — (1,160) Balance at March 31, 2023 $ 48,640 $ 18,666 Amortization expense related to intangible assets for the remainder of 2023 and thereafter is as follows (in thousands): 2023 $ 3,344 2024 3,512 2025 2,768 2026 2,187 2027 1,736 Thereafter 5,119 $ 18,666

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
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. In December 2022, the Company entered into a lease agreement, which expires in 2033, for its new headquarters to accommodate its growing workforce. The Company expects to complete the move to the new headquarters in the second half of 2023 following the completion of leasehold improvements. The new lease agreement provides for the Company to receive a tenant allowance amounting to approximately $3.8 million through the third quarter of 2023 and the Company will commence making monthly lease payments on November 1, 2024. Such tenant allowance has been recorded within prepaid expenses and other current assets in the 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 March 31, 2023 December 31, 2022 Assets Right-of-use assets Other assets (1) $ 23,279 $ 24,768 Total leased assets $ 23,279 $ 24,768 Liabilities Current Operating Accrued and other liabilities $ 4,787 $ 5,258 Noncurrent Operating Lease liabilities 21,872 23,272 Total Lease liabilities $ 26,659 $ 28,530 (1) Operating right of-use assets are recorded net of accumulated amortization of $7.1 million and $5.6 million as of March 31, 2023 and December 31, 2022 , respectively . Lease expense for the three months ended March 31, 2023 and 2022, was as follows (in thousands): Three Months Ended March 31, Lease Cost Classification 2023 2022 Operating lease cost Other selling, general and administrative expenses $ 2,064 $ 468 For the three months ended March 31, 2023 and 2022, the Company’s weighted-average remaining lease terms on its operating leases was 6.8 years and 4.0 years, respectively, and the Company’s weighted-average discount rate was 5.77% and 2.59%, respectively, 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 2023 and thereafter are as follows (in thousands): 2023 $ 3,835 2024 4,938 2025 5,681 2026 4,274 2027 3,167 Thereafter 14,658 Total lease payments 36,553 Less: Imputed interest (9,894) Present value of lease liabilities $ 26,659

WIRE TRANSFERS AND MONEY ORDERS

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Wire transfers payable, net $ 36,539 $ 55,572 Customer voided wires payable 25,976 27,236 Money orders payable 29,408 29,443 $ 91,923 $ 112,251 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	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
ACCRUED AND OTHER LIABILITIES	ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following (in thousands): March 31, 2023 December 31, 2022 Commissions payable to sending agents $ 13,715 $ 19,141 Accrued salaries and benefits 4,057 5,578 Accrued bank charges 1,867 1,644 Accrued other professional fees 1,437 1,169 Accrued taxes 4,211 1,329 Lease liabilities, current portion 4,787 5,258 Contingent consideration liability 1,321 1,321 Deferred revenue loyalty program 4,299 4,212 Accrued transaction costs 89 134 Other 1,915 2,069 $ 37,698 $ 41,855 The following table shows the changes in the deferred revenue loyalty program liability (in thousands): Balance, December 31, 2022 $ 4,212 Revenue deferred during the period 669 Revenue recognized during the period (582) Balance, March 31, 2023 $ 4,299

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following (in thousands): March 31, 2023 December 31, 2022 Revolving credit facility $ 21,000 $ 76,000 Term loan facility 79,844 80,938 100,844 156,938 Less: Current portion of long-term debt (1) (5,522) (4,975) Less: Debt origination costs (1,604) (1,728) $ 93,718 $ 150,235 (1) Current portion of long-term debt is net of debt origination costs of approximately $0.5 million both at March 31, 2023 and December 31, 2022. 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. On November 11, 2022, the Loan Parties entered into a First Amendment Agreement (the “First Amendment”) to the A&R Credit Agreement. The Amendment replaces LIBOR as a benchmark interest rate for loans under the A&R Credit Agreement with the secured overnight financing rate as administered by the Federal Reserve Bank of New York (“SOFR”), and amends all applicable provisions of the A&R Credit Agreement with respect to such replacement of LIBOR as the benchmark interest rate. Except as amended by the First Amendment, the A&R Credit Agreement remains in full force and effect. Effective as of April 18, 2023, the Company amended its A&R Credit Agreement to increase the revolving credit commitments available thereunder by $70.0 million to an aggregate of $220.0 million. The credit commitments are available for general corporate purposes to support the Company’s growth and to fund working capital needs and will be subject to the same interest rate and other terms applicable to the outstanding revolving credit commitments under the A&R Credit Agreement. In addition, as amended, the A&R Credit Agreement provides the Company with a refreshed uncommitted incremental facility which may be utilized for new revolving credit facilities or term loans in an aggregate amount of up to $70.0 million. The unamortized portion of debt origination costs totaled approximately $3.1 million and $3.3 million at March 31, 2023 and December 31, 2022, 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 and $0.3 million for the three months ended March 31, 2023 and 2022, respectively. At the election of the Company, interest on the term loan facility and revolving loans under the A&R Credit Agreement, as amended, may be determined by reference to SOFR plus an index adjustment of 0.10% and an applicable margin ranging between 2.50% and 3.00% based upon the Company’s consolidated leverage ratio, as calculated pursuant to the terms of the A&R Credit Agreement. Loans (other than Term Loans, as defined in the A&R Credit Agreement), may also bear interest at the Base Rate, plus an applicable margin ranging between 1.50% and 2.00% based upon the Company’s consolidated leverage ratio, as so calculated. 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 three months ended March 31, 2023 for the term loan facility and revolving credit facility were 7.75% and 1.74%, respectively, and 3.26% and 0.72% for the three months ended March 31, 2022, respectively. Interest is payable (x)(i) generally on the last day of each interest period selected for SOFR 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, which commenced 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, as amended, 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 and generally restricts the ability of the Company to make certain restricted payments, including the repurchase of shares of its common stock, provided that the Company may make restricted payments, among others, (i) without limitation so long as the Consolidated Leverage Ratio (as defined in the A&R Credit Agreement), as of the then most recently completed four fiscal quarters of the Company, after giving pro forma effect to such restricted payments, is 2.25:1.00 or less, (ii) that do not exceed, in the aggregate during any fiscal year, the greater of (x) $23.8 million and (y) 25.00% of Consolidated EBITDA (as defined in the A&R Credit Agreement) for the then most recently completed four fiscal quarters of the Company and (iii) to repurchase Company common stock from current or former employees in an aggregate amount of up to $10.0 million per calendar year. The A&R 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. 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	3 Months Ended
	Mar. 31, 2023
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. The determination of our intangible fair values includes several assumptions and inputs (Level 3) that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. All other financial assets and liabilities are carried at amortized cost. The Company’s cash and cash equivalents balances are representative of their fair values as these balances are comprised of deposits available on demand or overnight. 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 the revolving credit facility would approximate face value given the payment schedule and interest rate structure, which approximates current market interest rates.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
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, certain other service providers and independent directors of the Company. There are approximately 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 March 31, 2023, 2.1 million shares remained available for future awards under the 2020 Plan. Stock Options 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 $0.6 million for the three months ended March 31, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of March 31, 2023, unrecognized compensation expense related to stock options of approximately $0.4 million is expected to be recognized over a weighted-average period of 0.9 years. A summary of stock option activity under the Plans during the three months ended March 31, 2023 is presented below: Number of Weighted-Average Weighted-Average Weighted-Average Outstanding at December 31, 2022 711,050 $ 11.56 6.26 $ 4.28 Granted — $ — $ — Exercised (57,250) $ 12.63 $ 5.22 Forfeited (7,500) $ 15.15 $ 7.08 Outstanding at March 31, 2023 646,300 $ 11.42 5.97 $ 4.17 Exercisable at March 31, 2023 506,300 $ 10.91 5.71 $ 3.86 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 applicable date set forth in the applicable grant agreement, 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 $0.4 million for the three months ended March 31, 2023 and 2022, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of March 31, 2023, unrecognized compensation expense related to RSUs of approximately $6.7 million is expected to be recognized over a weighted-average period of 2.1 years. A summary of RSU activity during the three months ended March 31, 2023 is presented below: Number of RSUs Weighted-Average Outstanding (nonvested) at December 31, 2022 316,902 $ 16.58 Granted (1) 134,425 $ 25.70 Vested (63,127) $ 15.23 Forfeited (8,409) $ 17.69 Outstanding (nonvested) at March 31, 2023 379,791 $ 20.01 (1) The aggregate fair value of all RSUs granted during the three months ended March 31, 2023 was approximately $3.5 million. Share Awards The Lead Independent Director and Chairs of the Committees of the Board of Directors are granted, in aggregate, $80.5 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. During the three months ended March 31, 2023 and 2022, 826 and 1,002 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 $16.0 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 applicable date set forth in the applicable grant agreement. The Company recognized compensation expense for RSAs granted of $0.2 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of March 31, 2023, there was $3.7 million of unrecognized compensation expense related to RSAs, which is expected to be recognized over a weighted-average period of 2.1 years. A summary of RSA activity during the three months ended March 31, 2023 is presented below: Number of RSAs Weighted-Average Outstanding (nonvested) at December 31, 2022 159,562 $ 15.28 Granted (1) 77,822 $ 25.70 Vested (45,404) $ 15.14 Forfeited — $ — Outstanding (nonvested) at March 31, 2023 191,980 $ 19.53 (1) The aggregate fair value of all RSAs granted during the three months ended March 31, 2023 was approximately $2.0 million. 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. On February 28, 2023, the Compensation Committee determined that the higher performance target was achieved and approved the incremental grant of PSUs. The Company recognized compensation expense for PSUs of $0.8 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of March 31, 2023, there was $6.7 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted-average period of 2.1 years. A summary of PSU activity during the three months ended March 31, 2023 is presented below: Number of PSUs Weighted-Average Weighted-Average Outstanding (nonvested) at December 31, 2022 300,871 8.63 $ 17.30 Granted (1) 318,386 $ 19.49 Vested — $ — Forfeited — $ — Outstanding (nonvested) at March 31, 2023 619,257 8.62 $ 18.43 (1) The aggregate fair value of all PSUs granted during the three months ended March 31, 2023 was approximately $6.2 million.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2023
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 its outstanding shares of the Company’s common stock. On March 3, 2023 the Board of Directors approved an increase to the Repurchase Program that authorizes the Company to purchase an additional $100.0 million of its outstanding shares. 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. The A&R Credit Agreement, as amended, permits the Company to make restricted payments (including share repurchases, among others), (i) without limitation so long as the Consolidated Leverage Ratio (as defined in the A&R Credit Agreement, as amended), as of the then most recently completed four fiscal quarters of the Company, after giving pro forma effect to such restricted payments, is 2.25:1.00 or less, (ii) that do not exceed, in the aggregate during any fiscal year, the greater of (x) $23.8 million and (y) 25.00% of Consolidated EBITDA (as defined in the A&R Credit Agreement) for the then most recently completed four fiscal quarters of the Company and (iii) to repurchase Company common stock from current or former employees in an aggregate amount of up to $10.0 million per calendar year.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. During the three months ended March 31, 2023, the Company purchased 316,459 shares for an aggregate purchase price of $7.6 million. During the three months ended March 31, 2022, the Company purchased 224,388 shares for an aggregate purchase price of $3.6 million. As of March 31, 2023, there was $100.7 million available for future share repurchases under the Repurchase Program.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Net income for basic and diluted earnings per common share $ 11,762 $ 11,654 Shares: Weighted-average common shares outstanding – basic 36,480,972 38,362,014 Effect of dilutive securities: RSUs 140,639 62,058 Stock options 335,866 549,941 RSAs 71,206 25,935 PSUs 333,270 77,717 Weighted-average common shares outstanding – diluted 37,361,953 39,077,665 Earnings per common share – basic $ 0.32 $ 0.30 Earnings per common share – diluted $ 0.31 $ 0.30 As of March 31, 2023, there were 45.5 thousand RSUs, 25.1 thousand RSAs and 47.3 thousand PSUs excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive. As of March 31, 2022, there were 304.0 thousand stock options, 55.6 thousand RSUs, 33.2 thousand RSAs and 13.1 thousand PSUs 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 13, the Company repurchased 316,459 and 224,388 shares of treasury stock for $7.6 million and $3.6 million in the three months ended March 31, 2023 and 2022, respectively. The effect of these repurchases on the Company’s weighted-average shares outstanding for the three months ended March 31, 2023 and 2022 was a reduction of 188,572 and 135,259 shares, respectively, due to the timing of the repurchases.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Income before income taxes $ 16,647 $ 16,159 U.S statutory tax rate 21 % 21 % Income tax expense at statutory rate 3,496 3,393 State tax expense, net of federal benefit 1,314 984 Foreign tax rates different from U.S. statutory rate 49 12 Non-deductible expenses 225 137 Stock compensation (208) (21) Other 9 — Total income tax provision $ 4,885 $ 4,505 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 2039 through 2042. After consideration of all evidence, both positive and negative, management has determined that no valuation allowance is required as of March 31, 2023 on the Company’s U.S. federal or state deferred tax assets; however, a valuation allowance has been recorded as of March 31, 2023 on deferred tax assets associated with Canadian net operating loss carryforwards.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases In the ordinary course of business, the Company enters into leases for office space, warehouses and certain Company-operated store locations. Refer to Note 7 – Leases. 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 U.S. states, two U.S. territories and three other countries. Money transmitters and their agents are under regulation by state and federal laws. Violations may result in civil or criminal penalties or a prohibition from providing money transfer services in a particular jurisdiction. It is the opinion of the Company’s management, based on information available at this time, that the expected outcome of regulatory examinations will not have a material adverse effect on either the results of operations or financial condition of the Company. Regulatory Requirements Pursuant to applicable state licensing laws, certain domestic subsidiaries of the Company are required to maintain minimum tangible net worth and liquid assets (permissible investments) to cover the amount outstanding of wire transfers and money orders payable. As of March 31, 2023, the Company’s subsidiaries were in material compliance with these requirements.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Acquisition of LAN Holdings, Corp. On April 5, 2023, the Company completed the LAN Acquisition. Refer to Note 3 for additional information on the LAN Acquisition. Second Amendment to the A&R Credit Agreement Effective as of April 18, 2023, the Company amended its A&R Credit Agreement to increase its revolving credit commitments available under the A&R Credit Agreement. Refer to Note 10 for additional information.

BUSINESS AND ACCOUNTING POLIC_2

BUSINESS AND ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2022.
Accounting Pronouncements	Accounting Pronouncements The FASB issued guidance, ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires entities to apply Topic 606: Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities in a business combination. This guidance improves comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The Company adopted this guidance on January 1, 2023 prospectively for business combinations that occur after the adoption date. The adoption of this accounting standard is not expected to have a material impact on the Company’s condensed 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. The determination of our intangible fair values includes several assumptions and inputs (Level 3) that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. All other financial assets and liabilities are carried at amortized cost. The Company’s cash and cash equivalents balances are representative of their fair values as these balances are comprised of deposits available on demand or overnight. 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 the revolving credit facility would approximate face value given the payment schedule and interest rate structure, which approximates current market interest rates.
Concentrations	Concentrations The Company maintains certain of its cash balances in various U.S. banks, which at times, may exceed federally insured limits. The Company has not incurred any losses on these accounts. In addition, the Company maintains various bank accounts in Mexico, Guatemala and Canada, which are not insured. During the three months ended March 31, 2023, the Company has not incurred any losses on these uninsured foreign bank accounts. In addition, a substantial portion of our paying agents are concentrated in a few large banks and financial institutions and large retail chains in Latin American countries.

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	The Company recognized revenues from contracts with customers for the three months ended March 31, 2023 and 2022, as follows (in thousands): Three Months Ended March 31, 2023 2022 Wire transfer and money order fees $ 125,007 $ 98,404 Discounts and promotions (557) (404) Wire transfer and money order fees, net 124,450 98,000 Foreign exchange gain, net 19,168 15,674 Other income 1,746 992 Total revenues $ 145,364 $ 114,666

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Estimated Fair Values of Consideration Paid and Net Assets Acquired	The following table summarizes the estimated fair values of consideration paid and identifiable net assets acquired in the La Nacional Acquisition on November 1, 2022, the measurement period adjustments in the three months ended March 31, 2023 and the estimated fair values of consideration transferred and identifiable net assets acquired as of March 31, 2023. The measurement period of the La Nacional Acquisition extends to one year from November 1, 2022. November 1, 2022 Measurement Period Adjustments March 31, 2023 (As Adjusted) Assets acquired: Cash and cash equivalents $ 39,569 $ — $ 39,569 Accounts receivable 16,504 — 16,504 Prepaid wires 571 — 571 Prepaid expenses and other current assets 1,219 430 1,649 Property and Equipment 4,077 — 4,077 Intangible assets 8,450 — 8,450 Other assets 13,659 — 13,659 Total identifiable assets acquired 84,049 430 84,479 Liabilities assumed: Accounts payable (1,260) — (1,260) Wire transfers and money orders payable (35,595) — (35,595) Accrued and other liabilities (3,651) 366 (3,285) Lease liabilities (13,067) — (13,067) Deferred tax liability (2,969) 338 (2,631) Total liabilities assumed (56,542) 704 (55,838) Net identifiable assets acquired 27,507 1,134 28,641 Consideration transferred 41,021 — 41,021 Goodwill $ 13,514 $ (1,134) $ 12,380

ACCOUNTS RECEIVABLE AND AGENT_2

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Accounts Receivable, Net of Allowance for Credit Losses	The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands): March 31, 2023 December 31, 2022 Accounts receivable $ 105,160 $ 132,363 Allowance for credit losses (2,564) (2,555) Accounts receivable, net $ 102,596 $ 129,808
Notes Receivable, Net of Allowance for Credit Loss	Agent advances receivable, net of allowance for credit losses, from sending agents is as follows (in thousands): March 31, 2023 December 31, 2022 Agent advances receivable, current $ 1,666 $ 1,373 Allowance for credit losses (60) (62) Net current $ 1,606 $ 1,311 Agent advances receivable, long-term $ 1,533 $ 1,423 Allowance for credit losses (33) (31) Net long-term $ 1,500 $ 1,392
Maturities of Notes Receivable	The maturities of agent advances receivable at March 31, 2023 are as follows (in thousands): Unpaid Advance Balance Under 1 year $ 1,666 Between 1 and 2 years 1,420 More than 2 years 113 Total $ 3,199
Accounts Receivable, Allowance for Credit Loss	The changes in the allowance for credit losses related to accounts receivable and agent advances receivable are as follows (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 2,648 $ 2,249 Provision 785 442 Charge-offs (1,008) (532) Recoveries 232 97 Ending Balance $ 2,657 $ 2,256 The allowance for credit losses allocated by financial instrument category is as follows (in thousands): March 31, 2023 December 31, 2022 Accounts receivable $ 2,564 $ 2,555 Agent advances receivable 93 93 Allowance for credit losses $ 2,657 $ 2,648

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Prepaid Expense and Other Assets [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2023 December 31, 2022 Prepaid insurance $ 787 $ 1,578 Prepaid fees and services 1,822 1,986 Agent incentives advances 955 1,014 Agent advances receivable, net of allowance 1,606 1,311 Assets pending settlement 66 211 Tenant allowance 2,815 3,753 Prepaid income taxes 123 2,130 Prepaid expenses and current assets - other 1,308 766 $ 9,482 $ 12,749
Schedule of Other Assets	Other assets consisted of the following (in thousands): March 31, 2023 December 31, 2022 Revolving line origination fees $ 1,455 $ 1,578 Agent incentives advances 1,091 1,062 Agent advances receivable, net of allowance 1,500 1,392 Right-of-use assets, net 23,279 24,768 Funds held by seized banking entities, net of allowance 1,766 1,646 Other assets 1,819 1,430 $ 30,910 $ 31,876

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 $ 49,774 $ 19,826 Measurement period adjustment (Refer to Note 3) (1,134) — Amortization expense — (1,160) Balance at March 31, 2023 $ 48,640 $ 18,666
Amortization Expense Related to Intangible Assets	Amortization expense related to intangible assets for the remainder of 2023 and thereafter is as follows (in thousands): 2023 $ 3,344 2024 3,512 2025 2,768 2026 2,187 2027 1,736 Thereafter 5,119 $ 18,666

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Assets Right-of-use assets Other assets (1) $ 23,279 $ 24,768 Total leased assets $ 23,279 $ 24,768 Liabilities Current Operating Accrued and other liabilities $ 4,787 $ 5,258 Noncurrent Operating Lease liabilities 21,872 23,272 Total Lease liabilities $ 26,659 $ 28,530 (1) Operating right of-use assets are recorded net of accumulated amortization of $7.1 million and $5.6 million as of March 31, 2023 and December 31, 2022 , respectively .
Lease, Cost	Lease expense for the three months ended March 31, 2023 and 2022, was as follows (in thousands): Three Months Ended March 31, Lease Cost Classification 2023 2022 Operating lease cost Other selling, general and administrative expenses $ 2,064 $ 468
Schedule of Future Minimum 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 2023 and thereafter are as follows (in thousands): 2023 $ 3,835 2024 4,938 2025 5,681 2026 4,274 2027 3,167 Thereafter 14,658 Total lease payments 36,553 Less: Imputed interest (9,894) Present value of lease liabilities $ 26,659

WIRE TRANSFERS AND MONEY ORDE_2

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Tables)	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Wire transfers payable, net $ 36,539 $ 55,572 Customer voided wires payable 25,976 27,236 Money orders payable 29,408 29,443 $ 91,923 $ 112,251

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued and Other Liabilities	Accrued and other liabilities consisted of the following (in thousands): March 31, 2023 December 31, 2022 Commissions payable to sending agents $ 13,715 $ 19,141 Accrued salaries and benefits 4,057 5,578 Accrued bank charges 1,867 1,644 Accrued other professional fees 1,437 1,169 Accrued taxes 4,211 1,329 Lease liabilities, current portion 4,787 5,258 Contingent consideration liability 1,321 1,321 Deferred revenue loyalty program 4,299 4,212 Accrued transaction costs 89 134 Other 1,915 2,069 $ 37,698 $ 41,855
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, 2022 $ 4,212 Revenue deferred during the period 669 Revenue recognized during the period (582) Balance, March 31, 2023 $ 4,299

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Instruments	Debt consisted of the following (in thousands): March 31, 2023 December 31, 2022 Revolving credit facility $ 21,000 $ 76,000 Term loan facility 79,844 80,938 100,844 156,938 Less: Current portion of long-term debt (1) (5,522) (4,975) Less: Debt origination costs (1,604) (1,728) $ 93,718 $ 150,235 (1) Current portion of long-term debt is net of debt origination costs of approximately $0.5 million both at March 31, 2023 and December 31, 2022.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	A summary of stock option activity under the Plans during the three months ended March 31, 2023 is presented below: Number of Weighted-Average Weighted-Average Weighted-Average Outstanding at December 31, 2022 711,050 $ 11.56 6.26 $ 4.28 Granted — $ — $ — Exercised (57,250) $ 12.63 $ 5.22 Forfeited (7,500) $ 15.15 $ 7.08 Outstanding at March 31, 2023 646,300 $ 11.42 5.97 $ 4.17 Exercisable at March 31, 2023 506,300 $ 10.91 5.71 $ 3.86
Summary of RSU Activity	A summary of RSU activity during the three months ended March 31, 2023 is presented below: Number of RSUs Weighted-Average Outstanding (nonvested) at December 31, 2022 316,902 $ 16.58 Granted (1) 134,425 $ 25.70 Vested (63,127) $ 15.23 Forfeited (8,409) $ 17.69 Outstanding (nonvested) at March 31, 2023 379,791 $ 20.01 (1) The aggregate fair value of all RSUs granted during the three months ended March 31, 2023 was approximately $3.5 million.
Summary of RSA Activity	A summary of RSA activity during the three months ended March 31, 2023 is presented below: Number of RSAs Weighted-Average Outstanding (nonvested) at December 31, 2022 159,562 $ 15.28 Granted (1) 77,822 $ 25.70 Vested (45,404) $ 15.14 Forfeited — $ — Outstanding (nonvested) at March 31, 2023 191,980 $ 19.53 (1) The aggregate fair value of all RSAs granted during the three months ended March 31, 2023 was approximately $2.0 million.
Summary of PSU Activity	A summary of PSU activity during the three months ended March 31, 2023 is presented below: Number of PSUs Weighted-Average Weighted-Average Outstanding (nonvested) at December 31, 2022 300,871 8.63 $ 17.30 Granted (1) 318,386 $ 19.49 Vested — $ — Forfeited — $ — Outstanding (nonvested) at March 31, 2023 619,257 8.62 $ 18.43 (1) The aggregate fair value of all PSUs granted during the three months ended March 31, 2023 was approximately $6.2 million.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Basic and Diluted Net Income (Loss) Per Share	Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data): Three Months Ended March 31, 2023 2022 Net income for basic and diluted earnings per common share $ 11,762 $ 11,654 Shares: Weighted-average common shares outstanding – basic 36,480,972 38,362,014 Effect of dilutive securities: RSUs 140,639 62,058 Stock options 335,866 549,941 RSAs 71,206 25,935 PSUs 333,270 77,717 Weighted-average common shares outstanding – diluted 37,361,953 39,077,665 Earnings per common share – basic $ 0.32 $ 0.30 Earnings per common share – diluted $ 0.31 $ 0.30

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Income before income taxes $ 16,647 $ 16,159 U.S statutory tax rate 21 % 21 % Income tax expense at statutory rate 3,496 3,393 State tax expense, net of federal benefit 1,314 984 Foreign tax rates different from U.S. statutory rate 49 12 Non-deductible expenses 225 137 Stock compensation (208) (21) Other 9 — Total income tax provision $ 4,885 $ 4,505

BUSINESS AND ACCOUNTING POLIC_3

BUSINESS AND ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2023 store
Accounting Policies [Abstract]
Number of company owned stores	117

REVENUES - Revenues from Contra

REVENUES - Revenues from Contract with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 145,364	$ 114,666
Wire transfer and money order fees, net
Disaggregation of Revenue [Line Items]
Wire transfer and money order fees	125,007	98,404
Discounts and promotions	(557)	(404)
Revenues	124,450	98,000
Foreign exchange gain, net
Disaggregation of Revenue [Line Items]
Revenues	19,168	15,674
Other income
Disaggregation of Revenue [Line Items]
Revenues	$ 1,746	$ 992

REVENUES - Narrative (Details)

REVENUES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) obligation point	Mar. 31, 2022 USD ($)
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
Money order fees | $	$ 0.6	$ 0.4

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions	Apr. 05, 2023	Nov. 01, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Transaction costs					$ 0
La Nacional
Business Acquisition [Line Items]
Percentage of outstanding common stock owned		100%
Cash paid for acquisition		$ 39.7
Additional contingent consideration liability		$ 2.4
Fair value of contingent consideration			$ 1.3	$ 1.3
LAN Holdings
Business Acquisition [Line Items]
Transaction costs			$ 0.1
LAN Holdings | Subsequent Event
Business Acquisition [Line Items]
Percentage of outstanding common stock owned	100%
Cash paid for acquisition	$ 8
Fair value of contingent consideration	$ 0.6

ACQUISITIONS - Summary of Estim

ACQUISITIONS - Summary of Estimated Fair Values of Consideration Paid and Net Assets Acquired (Details) - USD ($) $ in Thousands			5 Months Ended
	Mar. 31, 2023	Nov. 01, 2022	Mar. 31, 2023	Dec. 31, 2022
Liabilities assumed:
Goodwill	$ 48,640		$ 48,640	$ 49,774
La Nacional
Assets acquired:
Cash and cash equivalents	39,569	$ 39,569	39,569
Accounts receivable	16,504	16,504	16,504
Prepaid wires	571	571	571
Prepaid expenses and other current assets	1,649	1,219	1,649
Measurement Period, Prepaid expenses and other current assets			430
Property and Equipment	4,077	4,077	4,077
Intangible assets	8,450	8,450	8,450
Other assets	13,659	13,659	13,659
Total identifiable assets acquired	84,479	84,049	84,479
Measurement Period, Total identifiable assets acquired			430
Liabilities assumed:
Accounts payable	(1,260)	(1,260)	(1,260)
Wire transfers and money orders payable	(35,595)	(35,595)	(35,595)
Accrued and other liabilities	(3,285)	(3,651)	(3,285)
Measurement Period, Accrued and other liabilities			366
Lease liabilities	(13,067)	(13,067)	(13,067)
Deferred tax liability	(2,631)	(2,969)	(2,631)
Measurement Period, Deferred tax liability			338
Total liabilities assumed	(55,838)	(56,542)	(55,838)
Measurement Period, Total liabilities assumed			704
Net identifiable assets acquired	28,641	27,507	28,641
Measurement Period, Net identifiable assets acquired			1,134
Consideration transferred	41,021	41,021
Goodwill	$ 12,380	$ 13,514	12,380
Measurement Period, Goodwill			$ (1,134)

ACCOUNTS RECEIVABLE AND AGENT_3

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Accounts Receivable Outstanding Balance (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 105,160	$ 132,363
Allowance for credit losses	(2,564)	(2,555)
Accounts receivable, net	$ 102,596	$ 129,808

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	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Agent advances receivable, current	$ 1,666	$ 1,373
Allowance for credit losses	(60)	(62)
Net current	1,606	1,311
Agent advances receivable, long-term	1,533	1,423
Allowance for credit losses	(33)	(31)
Net long-term	$ 1,500	$ 1,392

ACCOUNTS RECEIVABLE AND AGENT_5

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes collateralized	$ 3.2	$ 2.8
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	14.50%

ACCOUNTS RECEIVABLE AND AGENT_6

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Maturities of Notes Receivable (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Receivables [Abstract]
Under 1 year	$ 1,666
Between 1 and 2 years	1,420
More than 2 years	113
Total	$ 3,199

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
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,648	$ 2,249
Provision	785	442
Charge-offs	(1,008)	(532)
Recoveries	232	97
Ending Balance	$ 2,657	$ 2,256

ACCOUNTS RECEIVABLE AND AGENT_8

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Accounts receivable	$ 2,564	$ 2,555
Agent advances receivable	93	93
Allowance for credit losses	$ 2,657	$ 2,648	$ 2,256	$ 2,249

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Prepaid insurance	$ 787	$ 1,578
Prepaid fees and services	1,822	1,986
Agent incentives advances	955	1,014
Agent advances receivable, net of allowance	1,606	1,311
Assets pending settlement	66	211
Tenant allowance	2,815	3,753
Prepaid income taxes	123	2,130
Prepaid expenses and current assets - other	1,308	766
Prepaid expenses and other assets	$ 9,482	$ 12,749

PREPAID EXPENSES AND OTHER AS_4

PREPAID EXPENSES AND OTHER ASSETS - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Revolving line origination fees	$ 1,455	$ 1,578
Agent incentives advances	1,091	1,062
Agent advances receivable, net of allowance	1,500	1,392
Right-of-use assets, net	23,279	24,768
Funds held by seized banking entities, net of allowance	1,766	1,646
Other assets	1,819	1,430
Other assets	$ 30,910	$ 31,876

PREPAID EXPENSES AND OTHER AS_5

PREPAID EXPENSES AND OTHER ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2021
Cash and cash equivalents	$ 85,453	$ 149,493
MEXICO
Cash and cash equivalents			$ 5,200
Write off from financial institution closure	$ 3,600

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net [Abstract]
Goodwill and intangible asset impairment	$ 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	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill
Beginning balance	$ 49,774
Measurement period adjustment	(1,134)
Amortization expense	0
Ending balance	48,640
Intangibles
Beginning balance	19,826
Measurement period adjustment	0
Amortization expense	(1,160)
Ending balance	$ 18,666

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 3,344
2024	3,512
2025	2,768
2026	2,187
2027	1,736
Thereafter	5,119
Net amortizable intangible assets	$ 18,666

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Leases [Abstract]
Tenant allowance	$ 2,815	$ 3,753
Operating lease, weighted average remaining lease terms	6 years 9 months 18 days		4 years
Operating lease, weighted average discount rate	5.77%		2.59%

LEASES - Right-Of-Use Assets an

LEASES - Right-Of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Right-of-use assets	$ 23,279	$ 24,768
Current
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other liabilities	Accrued and other liabilities
Operating	$ 4,787	$ 5,258
Noncurrent
Operating	21,872	23,272
Total Lease liabilities	26,659	28,530
Operating lease, right-of-use asset, accumulated amortization	$ 7,100	$ 5,600

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 2,064	$ 468

LEASES - Lease Payments (Detail

LEASES - Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 3,835
2024	4,938
2025	5,681
2026	4,274
2027	3,167
Thereafter	14,658
Total lease payments	36,553
Less: Imputed interest	(9,894)
Present value of lease liabilities	$ 26,659	$ 28,530

WIRE TRANSFERS AND MONEY ORDE_3

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Wire transfers payable, net	$ 36,539	$ 55,572
Customer voided wires payable	25,976	27,236
Money orders payable	29,408	29,443
Total wire transfers and money orders payable, net	$ 91,923	$ 112,251
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	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Commissions payable to sending agents	$ 13,715	$ 19,141
Accrued salaries and benefits	4,057	5,578
Accrued bank charges	1,867	1,644
Accrued other professional fees	1,437	1,169
Accrued taxes	4,211	1,329
Lease liabilities, current portion	4,787	5,258
Contingent consideration liability	1,321	1,321
Deferred revenue loyalty program	4,299	4,212
Accrued transaction costs	89	134
Other	1,915	2,069
Total accrued and other liabilities	$ 37,698	$ 41,855

ACCRUED AND OTHER LIABILITIES_2

ACCRUED AND OTHER LIABILITIES - Changes in Deferred Revenue Loyalty Program Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 4,212
Revenue deferred during the period	669
Revenue recognized during the period	(582)
Ending balance	$ 4,299

DEBT - Schedule of Debt Instrum

DEBT - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,844	$ 156,938
Less: Current portion of long-term debt	(5,522)	(4,975)
Less: Debt origination costs	(1,604)	(1,728)
Long-term debt, noncurrent	93,718	150,235
Debt origination costs, current	500	500
Term loan facility
Debt Instrument [Line Items]
Long-term debt, gross	79,844	80,938
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 21,000	$ 76,000

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 18, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jun. 24, 2021
Line of Credit Facility [Line Items]
Debt origination costs amortization		$ 246	$ 253
A&R Credit Agreement
Line of Credit Facility [Line Items]
Unamortized debt origination costs		3,100		$ 3,300
Debt origination costs amortization		$ 200	$ 300
Consolidated leverage ratio		3
Debt instrument, covenant, restricted payment threshold		$ 23,800
Debt instrument, covenant, restricted payment threshold, percent of EBITDA		25%
Debt instrument, covenant, repurchase of common stock threshold		$ 10,000
A&R Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Fixed charge coverage ratio		1.25
A&R Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Consolidated leverage ratio		3.25
Leverage ratio, restricted payments		2.25
A&R Credit Agreement | SOFR
Line of Credit Facility [Line Items]
Interest rate		0.10%
A&R Credit Agreement | SOFR | Minimum
Line of Credit Facility [Line Items]
Interest rate		2.50%
A&R Credit Agreement | SOFR | Maximum
Line of Credit Facility [Line Items]
Interest rate		3%
A&R Credit Agreement | Base Rate | Minimum
Line of Credit Facility [Line Items]
Interest rate		1.50%
A&R Credit Agreement | Base Rate | Maximum
Line of Credit Facility [Line Items]
Interest rate		2%
Term loan facility | A&R Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 87,500
Effective interest rate		7.75%	3.26%
Term loan facility | A&R Credit Agreement | Year 1
Line of Credit Facility [Line Items]
Periodic repayment percentage		5%
Term loan facility | A&R Credit Agreement | Year 2
Line of Credit Facility [Line Items]
Periodic repayment percentage		5%
Term loan facility | A&R Credit Agreement | Year 3
Line of Credit Facility [Line Items]
Periodic repayment percentage		7.50%
Term loan facility | A&R Credit Agreement | Year 4
Line of Credit Facility [Line Items]
Periodic repayment percentage		10%
Term loan facility | A&R Credit Agreement | Year 5
Line of Credit Facility [Line Items]
Periodic repayment percentage		10%
Revolving credit facility | A&R Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity					150,000
Unused line fee percentage		0.35%
Effective interest rate		1.74%	0.72%
Revolving credit facility | A&R Credit Agreement | Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 220,000
Increase in maximum borrowing capacity	70,000
Uncommitted Incremental Facility | A&R Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 70,000
Uncommitted Incremental Facility | A&R Credit Agreement | Subsequent Event
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 70,000

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details)	3 Months Ended			12 Months Ended
	Mar. 31, 2023 USD ($) installment shares	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	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		$ 600,000
Unrecognized compensation expense	$ 400,000
Weighted-average period for recognition	10 months 24 days
Stock options | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares					3,700,000
Number of shares available for grant (in shares) | shares	2,100,000
Stock options | 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		400,000
Unrecognized compensation expense	$ 6,700,000
Weighted-average period for recognition	2 years 1 month 6 days
Granted (in shares) | shares	134,425
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
Share Awards | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 20,100		$ 16,000
Granted (in shares) | shares	826		1,002
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
Unrecognized compensation expense	$ 3,700,000
Weighted-average period for recognition	2 years 1 month 6 days
Granted (in shares) | shares	77,822
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Share-based compensation expense	$ 800,000		$ 200,000
Unrecognized compensation expense	$ 6,700,000
Weighted-average period for recognition	2 years 1 month 6 days
Granted (in shares) | shares	318,386
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 - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Options
Outstanding, beginning balance (in shares)	711,050
Granted (in shares)	0
Exercised (in shares)	(57,250)
Forfeited (in shares)	(7,500)
Outstanding, ending balance (in shares)	646,300	711,050
Exercisable, ending balance (in shares)	506,300
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 11.56
Granted (in dollars per share)	0
Exercised (in dollars per share)	12.63
Forfeited (in dollars per share)	15.15
Outstanding, ending balance (in dollars per share)	11.42	$ 11.56
Exercisable, ending balance (in dollars per share)	$ 10.91
Weighted-Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding	5 years 11 months 19 days	6 years 3 months 3 days
Weighted average remaining contractual term, exercisable	5 years 8 months 15 days
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share)	$ 4.28
Granted (in dollars per share)	0
Exercised (in dollars per share)	5.22
Forfeited (in dollars per share)	7.08
Outstanding ending balance (in dollars per share)	4.17	$ 4.28
Exercisable ending balance (in dollars per share)	$ 3.86

SHARE-BASED COMPENSATION - RSU,

SHARE-BASED COMPENSATION - RSU, RSA, and PSU Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
RSUs
Number
Outstanding beginning balance (in dollar per share)	316,902
Granted (in shares)	134,425
Vested (in shares)	(63,127)
Forfeited (in shares)	(8,409)
Outstanding ending balance (in dollar per share)	379,791	316,902
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 16.58
Granted (in dollars per share)	25.70
Vested (in dollars per share)	15.23
Forfeited (in dollars per share)	17.69
Nonvested at end of period (in dollars per share)	$ 20.01	$ 16.58
Aggregate fair value of awards granted	$ 3.5
RSAs
Number
Outstanding beginning balance (in dollar per share)	159,562
Granted (in shares)	77,822
Vested (in shares)	(45,404)
Forfeited (in shares)	0
Outstanding ending balance (in dollar per share)	191,980	159,562
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 15.28
Granted (in dollars per share)	25.70
Vested (in dollars per share)	15.14
Forfeited (in dollars per share)	0
Nonvested at end of period (in dollars per share)	$ 19.53	$ 15.28
Aggregate fair value of awards granted	$ 2
PSUs
Number
Outstanding beginning balance (in dollar per share)	300,871
Granted (in shares)	318,386
Vested (in shares)	0
Forfeited (in shares)	0
Outstanding ending balance (in dollar per share)	619,257	300,871
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 17.30
Granted (in dollars per share)	19.49
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Nonvested at end of period (in dollars per share)	$ 18.43	$ 17.30
Weighted-Average Remaining Contractual Term (Years)	8 years 7 months 13 days	8 years 7 months 17 days
Aggregate fair value of awards granted	$ 6.2

EQUITY (Details)

EQUITY (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($) shares	Mar. 03, 2023 USD ($)	Aug. 31, 2021 USD ($)
Schedule of Capitalization [Line Items]
Stock repurchase program, authorized amount			$ 100,000	$ 40,000
Treasury stock repurchased (in shares) | shares	316,459	224,388
Value of treasury stock repurchased	$ 7,584	$ 3,628
Stock repurchase program, remaining authorized repurchase amount	100,700
A&R Credit Agreement
Schedule of Capitalization [Line Items]
Debt instrument, covenant, restricted payment threshold	$ 23,800
Debt instrument, covenant, restricted payment threshold, percent of EBITDA	25%
Debt instrument, covenant, repurchase of common stock threshold	$ 10,000
Maximum | A&R Credit Agreement
Schedule of Capitalization [Line Items]
Leverage ratio, restricted payments	2.25

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income for basic and diluted earnings per common share	$ 11,762	$ 11,654
Shares:
Weighted-average common shares outstanding - basic (in shares)	36,480,972	38,362,014
Weighted-average common shares outstanding - diluted (in shares)	37,361,953	39,077,665
Earnings per common share – basic (in dollars per share)	$ 0.32	$ 0.30
Earnings per common share – diluted (in dollars per share)	$ 0.31	$ 0.30
RSUs
Shares:
Effect of dilutive securities (in shares)	140,639	62,058
Stock options
Shares:
Effect of dilutive securities (in shares)	335,866	549,941
RSAs
Shares:
Effect of dilutive securities (in shares)	71,206	25,935
PSUs
Shares:
Effect of dilutive securities (in shares)	333,270	77,717

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Treasury stock repurchased (in shares)	316,459	224,388
Value of treasury stock repurchased	$ 7,584	$ 3,628
Decrease in weighted average shares outstanding (in shares)	188,572	135,259
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)		304,000
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)	45,500	55,600
RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)	25,100	33,200
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted loss per share (in shares)	47,300	13,100

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 16,647	$ 16,159
U.S statutory tax rate	21%	21%
Income tax expense at statutory rate	$ 3,496	$ 3,393
State tax expense, net of federal benefit	1,314	984
Foreign tax rates different from U.S. statutory rate	49	12
Non-deductible expenses	225	137
Stock compensation	(208)	(21)
Other	9	0
Total income tax provision	$ 4,885	$ 4,505

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2023 state territory country
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