International Money Express (IMXI) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

COVER

COVER - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	9100 South Dadeland Blvd.
Entity Address, Address Line Two	Suite 1100
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,639,939
Entity Central Index Key	0001683695
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 218,795	$ 239,203
Accounts receivable, net	149,054	155,237
Prepaid wires, net	23,985	28,366
Prepaid expenses and other current assets	9,916	10,068
Total current assets	401,750	432,874
Property and equipment, net	42,532	31,656
Goodwill	53,986	53,986
Intangible assets, net	17,130	18,143
Other assets	33,304	40,153
Total assets	548,702	576,812
Current liabilities:
Current portion of long-term debt, net	7,710	7,163
Accounts payable	40,294	36,507
Wire transfers and money orders payable, net	137,137	125,042
Accrued and other liabilities	53,477	54,661
Total current liabilities	238,618	223,373
Long-term liabilities:
Debt, net	150,508	181,073
Lease liabilities, net	21,190	22,670
Deferred tax liability, net	158	659
Total long-term liabilities	171,856	204,402
Commitments and contingencies, see Note 16
Stockholders’ equity:
Common stock $0.0001 par value; 200,000,000 shares authorized, 40,010,435 and 39,673,271 shares issued and 33,035,925 and 33,823,237 shares outstanding as of March 31, 2024 and December 31, 2023, respectively, and Preferred stock $0.0001 par value; $5,000,000 shares authorized, none issued or outstanding	4	4
Additional paid-in capital	76,339	75,686
Retained earnings	210,755	198,649
Accumulated other comprehensive income	117	262
Treasury stock, at cost; 6,974,510 and 5,850,034 shares as of March 31, 2024 and December 31, 2023, respectively	(148,987)	(125,564)
Total stockholders’ equity	138,228	149,037
Total liabilities and stockholders’ equity	$ 548,702	$ 576,812

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized (in shares)	200,000,000	200,000,000
Common shares, issued (in shares)	40,010,435	39,673,271
Common shares, outstanding (in shares)	33,035,925	33,823,237
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Treasury stock (in shares)	6,974,510	5,850,034

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 150,412	$ 145,364
Operating expenses:
Service charges from agents and banks	97,934	96,117
Salaries and benefits	18,106	16,168
Other selling, general and administrative expenses	11,558	11,337
Depreciation and amortization	3,228	2,903
Total operating expenses	130,826	126,525
Operating income	19,586	18,839
Interest expense	2,702	2,192
Income before income taxes	16,884	16,647
Income tax provision	4,778	4,885
Net income	12,106	11,762
Other comprehensive (loss) income	(145)	182
Comprehensive income	$ 11,961	$ 11,944
Earnings per common share:
Basic (in dollars per share)	$ 0.36	$ 0.32
Diluted (in dollars per share)	$ 0.35	$ 0.31
Weighted-average common shares outstanding:
Basic (in shares)	33,675,441	36,480,972
Diluted (in shares)	34,188,814	37,361,953
Wire transfer and money order fees, net
Revenues:
Total revenues	$ 126,921	$ 124,450
Foreign exchange gain, net
Revenues:
Total revenues	20,346	19,168
Other income
Revenues:
Total revenues	$ 3,145	$ 1,746

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, common (in shares) at Dec. 31, 2022		39,453,236
Beginning balance at Dec. 31, 2022	$ 149,906	$ 4	$ (59,300)	$ 70,210	$ 139,134	$ (142)
Beginning balance, treasury (in shares) at Dec. 31, 2022			(2,822,266)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,762				11,762
Issuance of common stock:
Exercise of stock options (in shares)		57,250
Exercise of stock options	723			723
Other stock awards, net of shares withheld for taxes (in shares)		44,905
Other stock 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, common (in shares) at Mar. 31, 2023		39,556,217
Ending balance at Mar. 31, 2023	$ 155,853	$ 4	$ (66,884)	71,797	150,896	40
Ending balance, treasury (in shares) at Mar. 31, 2023			(3,138,725)
Beginning balance, common (in shares) at Dec. 31, 2023	33,823,237	39,673,271
Beginning balance at Dec. 31, 2023	$ 149,037	$ 4	$ (125,564)	75,686	198,649	262
Beginning balance, treasury (in shares) at Dec. 31, 2023	(5,850,034)		(5,850,034)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 12,106				12,106
Issuance of common stock:
Exercise of stock options (in shares)		86,034
Exercise of stock options	(616)			(616)
Other stock awards, net of shares withheld for taxes (in shares)		250,219
Other stock awards, net of shares withheld for taxes	(884)			(884)
Fully vested shares (in shares)		911
Share-based compensation	2,153			2,153
Adjustment from foreign currency translation, net	$ (145)					(145)
Acquisition of treasury stock, at cost (in shares)	(1,124,476)		(1,124,476)
Acquisition of treasury stock, at cost	$ (23,423)		$ (23,423)
Ending balance, common (in shares) at Mar. 31, 2024	33,035,925	40,010,435
Ending balance at Mar. 31, 2024	$ 138,228	$ 4	$ (148,987)	$ 76,339	$ 210,755	$ 117
Ending balance, treasury (in shares) at Mar. 31, 2024	(6,974,510)		(6,974,510)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 12,106	$ 11,762
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,228	2,903
Share-based compensation	2,153	1,698
Provision for credit losses	1,595	785
Debt origination costs amortization	301	246
Deferred income tax benefit, net	(502)	(623)
Non-cash lease expense	1,802	2,064
Loss on disposal of property and equipment	400	398
Total adjustments	8,977	7,471
Changes in operating assets and liabilities:
Accounts receivable, net	4,485	26,432
Prepaid wires, net	4,518	(15,433)
Prepaid expenses and other assets	5,347	3,217
Wire transfers and money orders payable, net	11,821	(21,593)
Lease liabilities	(1,355)	(2,473)
Accounts payable and accrued and other liabilities	2,337	(8,225)
Net cash provided by operating activities	48,236	1,158
Cash flows from investing activities:
Purchases of property and equipment	(13,480)	(2,119)
Net cash used in investing activities	(13,480)	(2,119)
Cash flows from financing activities:
Repayments of term loan facility	(1,641)	(1,094)
Borrowings under revolving credit facility, net	(28,500)	(55,000)
Proceeds from exercise of stock options	98	723
Payments for stock-based awards	(1,598)	(834)
Repurchases of common stock	(23,423)	(7,584)
Net cash used in financing activities	(55,064)	(63,789)
Effect of exchange rate changes on cash and cash equivalents	(100)	710
Net decrease in cash and cash equivalents	(20,408)	(64,040)
Cash and cash equivalents, beginning of period	239,203	149,493
Cash and cash equivalents, end of period	218,795	85,453
Supplemental disclosure of cash flow information:
Cash paid for interest	2,405	2,001
Cash paid for income taxes	4,120	145
Supplemental disclosure of non-cash investing activities:
Lease liabilities arising from obtaining right-of-use assets	87	552
Supplemental disclosure of non-cash financing activities:
Issuance of common stock for cashless exercise of options	$ 3,220	$ 0

BUSINESS AND ACCOUNTING POLICIE

BUSINESS AND ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
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.”), Canada, Spain, Italy and Germany primarily 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 120 Company-operated stores throughout those jurisdictions. The accompanying condensed consolidated financial statements of the Company include International Money Express, Inc. and other entities in which the Company has a controlling financial interest. All significant inter-company balances and transactions have been eliminated from the condensed consolidated financial statements. The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). 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, 2023. 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, Canada, the Dominican Republic, Spain and Italy and short-term investment accounts in Mexico, which may not be fully insured. During the three months ended March 31, 2024, 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 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (CODM). The guidance does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on the condensed consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS LAN Holdings, Corp. On April 5, 2023, the Company completed the acquisition of 100% of the voting interest of LAN Holdings, Corp. ("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 remittance services from Spain, Italy, and Germany. The total consideration transferred by the Company in connection with the LAN Acquisition was $13.4 million, which included $10.3 million in cash, subject to customary purchase price adjustments. The Company will also pay an additional $0.6 million in cash as a result of LAN Holdings’ achievement of certain operational milestones during 2023, which the parties have agreed have been achieved. Prior to the acquisition, the Company maintained a receivable balance of approximately $2.5 million related to money transfers paid by the Company on behalf of LAN Holdings. Upon the closing of the LAN Acquisition, the receivable balance was effectively settled and, therefore, included in the determination of the total consideration transferred. The LAN Acquisition was funded with cash on hand. The following table summarizes the fair values of consideration transferred and identifiable net assets acquired in the LAN Acquisition on April 5, 2023, the measurement period adjustments in the three months ended March 31, 2024 and the fair values of consideration transferred and identifiable net assets acquired as of March 31, 2024. April 5, 2023 Measurement Period Adjustments March 31, 2024 Assets acquired: Cash and cash equivalents 4,721 — 4,721 Accounts receivable 3,643 — 3,643 Prepaid wires 4,613 — 4,613 Prepaid expenses and other current assets 353 — 353 Property and equipment 351 — 351 Intangible assets 3,200 — 3,200 Other assets 877 — 877 Total identifiable assets acquired 17,758 — 17,758 Liabilities assumed: Accounts payable (1,010) — (1,010) Wire transfers and money orders payable (6,645) — (6,645) Accrued and other liabilities (747) (689) (1,436) Lease liabilities (758) — (758) Deferred tax liability (91) — (91) Total liabilities assumed (9,251) (689) (9,940) Net identifiable assets acquired 8,507 (689) 7,818 Consideration transferred 13,354 — 13,354 Goodwill 4,847 689 5,536

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The Company recognized revenues from contracts with customers, sending agents and others for the three months ended March 31, 2024 and 2023, as follows (in thousands): Three Months Ended March 31, 2024 2023 Wire transfer and money order fees $ 127,484 $ 125,007 Discounts and promotions (563) (557) Wire transfer and money order fees, net 126,921 124,450 Foreign exchange gain, net 20,346 19,168 Other income 3,145 1,746 Total revenues $ 150,412 $ 145,364 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 consumer’s money and make funds available for payment, generally on the same day, to a designated recipient in the currency requested. The Company also offers several other services, including money orders, and check cashing through its sending agents and corporate-operated stores, 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 for both the three months ended March 31, 2024 and 2023, respectively.

ACCOUNTS RECEIVABLE AND AGENT A

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE	3 Months Ended
	Mar. 31, 2024
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 primarily outstanding balances from sending agents for pending wire transfers or money orders from our customers. The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands): March 31, 2024 December 31, 2023 Accounts receivable $ 151,668 $ 157,847 Allowance for credit losses (2,614) (2,610) Accounts receivable, net $ 149,054 $ 155,237 Agent Advances Receivable Agent advances receivable, net of allowance for credit losses, from sending agents is as follows (in thousands): March 31, 2024 December 31, 2023 Agent advances receivable, current $ 2,339 $ 1,596 Allowance for credit losses (145) (82) Net current $ 2,194 $ 1,514 Agent advances receivable, long-term $ 3,248 $ 2,999 Allowance for credit losses (171) (102) Net long-term $ 3,077 $ 2,897 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 in the condensed consolidated balance sheets. At March 31, 2024 and December 31, 2023, there were $5.6 million and $4.6 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, 2024 are as follows (in thousands): Outstanding Balance Under 1 year $ 2,339 Between 1 and 2 years 2,565 More than 2 years 683 Total $ 5,587 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, 2024 2023 Beginning balance $ 2,794 $ 2,648 Provision 1,595 785 Charge-offs (1,847) (1,008) Recoveries 458 232 Other (70) — Ending Balance $ 2,930 $ 2,657 The allowance for credit losses allocated by financial instrument category is as follows (in thousands): March 31, 2024 December 31, 2023 Accounts receivable $ 2,614 $ 2,610 Agent advances receivable 316 184 Allowance for credit losses $ 2,930 $ 2,794

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Prepaid insurance $ 807 $ 1,205 Prepaid fees and services 2,037 2,299 Agent incentives advances 2,015 1,692 Agent advances receivable, net of allowance 2,194 1,514 Prepaid income taxes 240 747 Tenant allowance 1,621 1,621 Prepaid expenses and other current assets 1,002 990 $ 9,916 $ 10,068 Other assets consisted of the following (in thousands): March 31, 2024 December 31, 2023 Revolving credit facility origination fees $ 1,515 $ 1,692 Agent incentives advances 3,787 3,372 Agent advances receivable, net of allowance 3,077 2,897 Right-of-use assets, net 20,606 22,100 Funds held by seized banking entities, net of allowance 1,928 1,890 Fixed assets in process 480 6,358 Other assets 1,911 1,844 $ 33,304 $ 40,153 As of March 31, 2024 and December 31, 2023, fixed assets in process included approximately $0.3 million and $6.1 million, respectively, in capital expenditures related to lease hold improvements and other assets in connection with our new headquarters (see Note 7). Prior to 2022, local banking regulators in Mexico resolved to close and liquidate a local financial institution, citing a lack of compliance with minimum capital requirements. The Company has approximately $5.2 million of exposure from deposits it held with this bank when it was closed. In accordance with the banking regulations in Mexico, large depositors such as the Company will be paid once the assets of the financial institution are liquidated. Currently, it is difficult to predict the length of the liquidation process or if the proceeds from the asset liquidation will be sufficient to recover any of the Company's funds on deposit. The Company maintains a valuation allowance of approximately $3.6 million in connection with the balance of deposits held by the financial institution as a result of its closure.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill 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 amortized over their estimated useful lives of up to 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, La Nacional and I-Transfer names, branded on all applicable 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, and non-competition agreements, which are amortized over the length of the agreement, typically 5 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, 2024. The following table presents the changes in goodwill and intangible assets (in thousands): Goodwill Intangibles Balance at December 31, 2023 $ 53,986 $ 18,143 Measurement period adjustment (Refer to Note 2) — — Amortization expense — (1,013) Balance at March 31, 2024 $ 53,986 $ 17,130 Amortization expense related to intangible assets for the remainder of 2024 and thereafter is as follows (in thousands): 2024 $ 2,952 2025 3,156 2026 2,521 2027 2,023 2028 1,613 Thereafter 4,865 $ 17,130

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
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 new lease agreement provides for the Company to receive a tenant allowance amounting to approximately $3.8 million through the construction period, out of which $2.2 million has been disbursed through March 31, 2024. Also, 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 sheets. The presentation of right-of-use assets and lease liabilities in the condensed consolidated balance sheets is as follows (in thousands): Leases Classification March 31, 2024 December 31, 2023 Assets Right-of-use assets Other assets (1) $ 20,606 $ 22,100 Total leased assets $ 20,606 $ 22,100 Liabilities Current Operating Accrued and other liabilities $ 5,378 $ 4,955 Noncurrent Operating Lease liabilities 21,190 22,670 Total Lease liabilities $ 26,568 $ 27,625 (1) Operating right-of-use assets are recorded net of accumulated amortization of $11.4 million and $10.0 million as of March 31, 2024 and December 31, 2023, respectively. Lease expense for the three months ended March 31, 2024 and 2023, was as follows (in thousands): Three Months Ended March 31, Lease Cost Classification 2024 2023 Operating lease cost Other selling, general and administrative expenses $ 1,802 $ 2,064 As of March 31, 2024 and December 31, 2023, the Company’s weighted-average remaining lease terms on its operating leases is 6.6 and 6.7 years, and the Company’s weighted-average discount rate is 6.10% and 6.06%, 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 are as follows (in thousands): 2024 $ 4,340 2025 6,337 2026 4,905 2027 3,472 2028 2,670 Thereafter 12,029 Total lease payments 33,753 Less: Imputed interest (7,185) Present value of lease liabilities $ 26,568

WIRE TRANSFERS AND MONEY ORDERS

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Wire transfers payable, net $ 72,736 $ 63,212 Customer voided wires payable 30,668 29,951 Money orders payable 33,733 31,879 $ 137,137 $ 125,042 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, 2024
Payables and Accruals [Abstract]
ACCRUED AND OTHER LIABILITIES	ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 Commissions payable to sending agents $ 18,490 $ 19,873 Accrued salaries and benefits 7,312 8,094 Accrued bank charges 1,407 1,382 Lease liability, current portion 5,378 4,955 Accrued other professional fees 753 1,000 Accrued taxes 9,351 8,613 Deferred revenue loyalty program 4,781 4,771 Contingent consideration liability 1,158 1,158 Acquisition related liabilities 844 844 Other 4,003 3,971 $ 53,477 $ 54,661 The following table shows the changes in the deferred revenue loyalty program liability (in thousands): Balance, December 31, 2023 $ 4,771 Revenue deferred during the period 682 Revenue recognized during the period (672) Balance, March 31, 2024 $ 4,781

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following (in thousands): March 31, 2024 December 31, 2023 Revolving credit facility $ 85,500 $ 114,000 Term loan facility 73,828 75,469 159,328 189,469 Less: Current portion of long-term debt (1) (7,710) (7,163) Less: Debt origination costs (1,110) (1,233) $ 150,508 $ 181,073 (1) Current portion of long-term debt is net of debt origination costs of approximately $0.5 million as of both March 31, 2024 and December 31, 2023, respectively. The Company and certain of its domestic subsidiaries as borrowers and the other guarantors from time to time party thereto (collectively, the “Loan Parties”) maintain an Amended and Restated Credit Agreement (as amended the “A&R Credit Agreement”) with a group of banking institutions. The A&R Credit Agreement provides for a $220.0 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. The unamortized portion of debt origination costs totaled approximately $2.6 million and $2.9 million at March 31, 2024 and December 31, 2023, 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 $0.3 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively. At the election of the Company, interest on the term loan facility and revolving loans under the A&R Credit Agreement may be determined by reference to the secured overnight financing rate as administered by the Federal Reserve Bank of New York ("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 (as defined in the A&R Credit Agreement), 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 term loan facility and revolving credit facility were 8.70% and 1.93%, respectively, for the three months ended March 31, 2024, and 7.75% and 1.74%, respectively, for the three months ended March 31, 2023. 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 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 Credit Agreement also contains covenants that limit the Company’s and its subsidiaries’ ability to, among other things, grant liens, incur additional indebtedness, make acquisitions or investments, dispose of certain assets, change the nature of their businesses, enter into certain transactions with affiliates or amend the terms of material indebtedness. 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, 2024
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, agent advances 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 (Level 3). 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, 2024
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 service providers and independent directors of the Company. There are 3.7 million shares of the Company’s common stock approved for issuance under the 2020 Plan, which includes 0.4 million shares that were previously subject to awards granted under the International Money Express, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan” and together with the 2020 Plan, the “Plans”). Although awards remain outstanding under the 2018 Plan, which was terminated effective June 26, 2020, no additional awards may be granted under the 2018 Plan. As of March 31, 2024, 1.6 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 $44.4 thousand and $139.9 thousand for the three months ended March 31, 2024 and 2023, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of March 31, 2024, unrecognized compensation expense related to stock options of approximately $42.4 thousand is expected to be recognized over a weighted-average period of 0.2 years. A summary of stock option activity under the Plans during the three months ended March 31, 2024 is presented below: Number of Weighted-Average Weighted-Average Weighted-Average Outstanding at December 31, 2023 588,675 $ 11.49 5.23 $ 4.18 Granted — $ — $ — Exercised (1) (278,750) $ 11.90 $ 4.48 Forfeited — $ — $ — Expired (375) $ 9.91 $ 3.43 Outstanding at March 31, 2024 309,550 $ 11.11 4.74 $ 3.91 Exercisable at March 31, 2024 (2) 278,300 $ 10.96 4.57 $ 3.70 (1) The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2024 was approximately $2.4 million. (2) The aggregate fair value of all vested/exercisable options outstanding as of March 31, 2024 was $1.0 million, which was determined based on the market value of our stock as of that date. Restricted Stock Units The RSUs granted under the 2020 Plan to the Company’s employees or certain service providers generally vest in four equal annual installments beginning one year after the date of the grant, while RSUs issued to the Company’s independent directors vest on the one-year anniversary from the grant date. The Company recognized compensation expense for all RSUs of approximately $1.0 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of March 31, 2024, unrecognized compensation expense related to RSUs of approximately $8.0 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, 2024 is presented below: Number of RSUs Weighted-Average Outstanding (nonvested) at December 31, 2023 376,950 $ 20.25 Granted (1) 178,304 $ 21.27 Vested (and settled) (96,967) $ 19.11 Forfeited (27,381) $ 20.59 Outstanding (nonvested) at March 31, 2024 430,906 $ 20.91 (1) The aggregate fair value of all RSUs granted during the three months ended March 31, 2024 was approximately $3.8 million. Share Awards During the three months ended March 31, 2024 and 2023, 911 and 826 fully vested shares, respectively, were granted to the Lead Independent Director and Chairs of the Committees of the Board of Directors. The Company recognized compensation expense for the share awards of $20.1 thousand for both the three months ended March 31, 2024 and 2023, respectively, which are 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 2020 Plan to the Company’s employees generally vest in four equal annual installments beginning one year after the date of grant. The Company recognized compensation expense for RSAs granted of $0.4 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively, which is included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of March 31, 2024, there was $4.5 million of unrecognized compensation expense related to RSAs, which is expected to be recognized over a weighted-average period of 2.0 years. A summary of RSA activity during the three months ended March 31, 2024 is presented below: Number of RSAs Weighted-Average Outstanding (nonvested) at December 31, 2023 191,980 $ 19.53 Granted (1) 98,731 $ 21.27 Vested (and settled) (64,859) $ 18.31 Forfeited — $ — Outstanding (nonvested) at March 31, 2024 225,852 $ 20.64 (1) The aggregate fair value of all RSAs granted during the three months ended March 31, 2024 was approximately $2.1 million. Performance Stock Units PSUs granted under the 2020 Plan 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 adjusted earnings per share targets for a period of up to three 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. The Company recognized compensation expense for PSUs of $0.7 million and $0.8 million for the three months ended March 31, 2024 and 2023, respectively, which is included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of March 31, 2024, 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, 2024 is presented below: Number of PSUs Weighted-Average Weighted-Average Outstanding (nonvested) at December 31, 2023 247,680 8.73 $ 23.72 Granted (1) 215,197 $ 19.55 Vested — $ — Forfeited (4,508) $ 25.09 Outstanding (nonvested) at March 31, 2024 458,369 9.03 $ 21.75 (1) The aggregate fair value of all PSUs granted during the three months ended March 31, 2024 was approximately $4.2 million.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
EQUITY	EQUITY On August 18, 2021, the Company’s Board of Directors approved a stock repurchase program that authorizes the Company to purchase up to $40.0 million of outstanding shares of the Company’s common stock and which was increased on March 3, 2023 to an additional $100.0 million of its outstanding shares (the “Repurchase Program”). 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. Separately from the Repurchase Program, on March 11, 2024 the Company entered into an agreement with Robert W. Lisy, the Company's Chief Executive Officer, President and Chairman of the Board of Directors, for the purchase of 175,000 shares of the Company's common stock for a total purchase price of $3.3 million, in a privately-negotiated transaction. During the three months ended March 31, 2024 and 2023, including the shares previously mentioned, the Company purchased 1,124,476 shares and 316,459 shares, respectively, for an aggregate purchase price of $23.4 million and $7.6 million, respectively. As of March 31, 2024, there was $50.7 million available for future share repurchases under the Repurchase Program.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
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. Shares of treasury stock are not considered outstanding and therefore are excluded from the weighted-average number of common shares outstanding calculation. Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data): Three Months Ended March 31, 2024 2023 Net income $ 12,106 $ 11,762 Shares: Weighted-average common shares outstanding – basic 33,675,441 36,480,972 Effect of dilutive securities RSUs 113,534 140,639 Stock options 237,985 335,866 RSAs 58,380 71,206 PSUs 103,474 333,270 Weighted-average common shares outstanding – diluted 34,188,814 37,361,953 Earnings per common share – basic $ 0.36 $ 0.32 Earnings per common share – diluted $ 0.35 $ 0.31 As of March 31, 2024, there were 77.9 thousand PSUs, 202.8 thousand RSUs and 108.3 thousand RSAs 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, 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 discussed in Note 13, the Company repurchased 1,124,476 shares and 316,459 shares of its common stock in the three months ended March 31, 2024 and 2023, respectively. The effect of these repurchases on the Company’s weighted-average shares outstanding for the three months ended March 31, 2024 and 2023 was a reduction of 386,747 shares and 188,572 shares, respectively, due to the timing of the repurchases.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Income before income taxes $ 16,884 $ 16,647 U.S statutory tax rate 21 % 21 % Income tax expense at statutory rate 3,546 3,496 State tax expense, net of federal benefit 1,229 1,314 Foreign tax rates different from U.S. statutory rate 19 49 Non-deductible expenses 224 225 Stock compensation (250) (208) Other 10 9 Total income tax provision $ 4,778 $ 4,885 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 certain exceptions, these net operating loss carryforwards will expire from 2030 through 2037 for federal losses, from 2029 through 2038 for state losses, and from 2039 through 2044 for foreign losses. After consideration of all evidence, both positive and negative, management has determined that no valuation allowance is required at March 31, 2024 on the Company’s U.S. federal or state deferred tax assets; however, a valuation allowance has been recorded at March 31, 2024 on deferred tax assets associated with Canadian, Spanish, Italian, German and Dutch net operating loss carryforwards as these foreign subsidiaries have a history of incurring taxable losses in recent years. The valuation allowance will be maintained until sufficient positive evidence exists to support their future realization. Utilization of the Company's net operating loss carryforwards is subject to limitation under Internal Revenue Code Section 382 and similar tax provisions in the foreign jurisdictions in which we operate. As presented in the income tax reconciliation above, the tax provision recognized on the condensed consolidated statements of income and comprehensive income was impacted by state taxes, non-deductible officer compensation and share-based compensation tax benefits, and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate. Our effective state tax rate for the three months ended March 31, 2024 was lower than our effective state tax rate for the three ended March 31, 2023. The decrease in our effective state tax rate is primarily a result of a decrease in the statutory rates for certain states in which we operate.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
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 states in the United States, two U.S. territories and seven other countries. Money transmitters and their agents are under regulation by state and federal laws. Violations may result in civil or criminal penalties or a prohibition from providing money transfer services in a particular jurisdiction. It is the opinion of the Company’s management, based on information available at this time, that the expected outcome of regulatory examinations will not have a material adverse effect on either the results of operations or financial condition of the Company. Regulatory Requirements Pursuant to applicable licensing laws, certain domestic and foreign subsidiaries of the Company are required to maintain minimum tangible net worth and liquid assets (eligible securities) to cover the amount outstanding of wire transfers and money orders payable. As of March 31, 2024, the Company’s subsidiaries were in compliance with these two requirements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 12,106	$ 11,762

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BUSINESS AND ACCOUNTING POLIC_2

BUSINESS AND ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	All significant inter-company balances and transactions have been eliminated from the condensed consolidated financial statements. The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). 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, 2023.
Concentrations	Concentrations
Accounting Pronouncements	Accounting Pronouncements The FASB issued guidance, ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (CODM). The guidance does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact this guidance will have on the 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, agent advances 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 (Level 3). 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.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Summary of Estimated Fair Values of Consideration Paid and Net Assets Acquired	The following table summarizes the fair values of consideration transferred and identifiable net assets acquired in the LAN Acquisition on April 5, 2023, the measurement period adjustments in the three months ended March 31, 2024 and the fair values of consideration transferred and identifiable net assets acquired as of March 31, 2024. April 5, 2023 Measurement Period Adjustments March 31, 2024 Assets acquired: Cash and cash equivalents 4,721 — 4,721 Accounts receivable 3,643 — 3,643 Prepaid wires 4,613 — 4,613 Prepaid expenses and other current assets 353 — 353 Property and equipment 351 — 351 Intangible assets 3,200 — 3,200 Other assets 877 — 877 Total identifiable assets acquired 17,758 — 17,758 Liabilities assumed: Accounts payable (1,010) — (1,010) Wire transfers and money orders payable (6,645) — (6,645) Accrued and other liabilities (747) (689) (1,436) Lease liabilities (758) — (758) Deferred tax liability (91) — (91) Total liabilities assumed (9,251) (689) (9,940) Net identifiable assets acquired 8,507 (689) 7,818 Consideration transferred 13,354 — 13,354 Goodwill 4,847 689 5,536

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	The Company recognized revenues from contracts with customers, sending agents and others for the three months ended March 31, 2024 and 2023, as follows (in thousands): Three Months Ended March 31, 2024 2023 Wire transfer and money order fees $ 127,484 $ 125,007 Discounts and promotions (563) (557) Wire transfer and money order fees, net 126,921 124,450 Foreign exchange gain, net 20,346 19,168 Other income 3,145 1,746 Total revenues $ 150,412 $ 145,364

ACCOUNTS RECEIVABLE AND AGENT_2

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Summary of Accounts Receivable, Net and Agent Advances Receivable, Net	The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands): March 31, 2024 December 31, 2023 Accounts receivable $ 151,668 $ 157,847 Allowance for credit losses (2,614) (2,610) Accounts receivable, net $ 149,054 $ 155,237 Agent advances receivable, net of allowance for credit losses, from sending agents is as follows (in thousands): March 31, 2024 December 31, 2023 Agent advances receivable, current $ 2,339 $ 1,596 Allowance for credit losses (145) (82) Net current $ 2,194 $ 1,514 Agent advances receivable, long-term $ 3,248 $ 2,999 Allowance for credit losses (171) (102) Net long-term $ 3,077 $ 2,897
Maturities of Agent Advances Receivable	The maturities of agent advances receivable at March 31, 2024 are as follows (in thousands): Outstanding Balance Under 1 year $ 2,339 Between 1 and 2 years 2,565 More than 2 years 683 Total $ 5,587
Summary of Changes in 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, 2024 2023 Beginning balance $ 2,794 $ 2,648 Provision 1,595 785 Charge-offs (1,847) (1,008) Recoveries 458 232 Other (70) — Ending Balance $ 2,930 $ 2,657 The allowance for credit losses allocated by financial instrument category is as follows (in thousands): March 31, 2024 December 31, 2023 Accounts receivable $ 2,614 $ 2,610 Agent advances receivable 316 184 Allowance for credit losses $ 2,930 $ 2,794

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Prepaid insurance $ 807 $ 1,205 Prepaid fees and services 2,037 2,299 Agent incentives advances 2,015 1,692 Agent advances receivable, net of allowance 2,194 1,514 Prepaid income taxes 240 747 Tenant allowance 1,621 1,621 Prepaid expenses and other current assets 1,002 990 $ 9,916 $ 10,068
Schedule of Other Assets	Other assets consisted of the following (in thousands): March 31, 2024 December 31, 2023 Revolving credit facility origination fees $ 1,515 $ 1,692 Agent incentives advances 3,787 3,372 Agent advances receivable, net of allowance 3,077 2,897 Right-of-use assets, net 20,606 22,100 Funds held by seized banking entities, net of allowance 1,928 1,890 Fixed assets in process 480 6,358 Other assets 1,911 1,844 $ 33,304 $ 40,153

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2023 $ 53,986 $ 18,143 Measurement period adjustment (Refer to Note 2) — — Amortization expense — (1,013) Balance at March 31, 2024 $ 53,986 $ 17,130
Amortization Expense Related to Intangible Assets	Amortization expense related to intangible assets for the remainder of 2024 and thereafter is as follows (in thousands): 2024 $ 2,952 2025 3,156 2026 2,521 2027 2,023 2028 1,613 Thereafter 4,865 $ 17,130

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Presentation of Right-of-Use Assets and Lease Liabilities in the Condensed Consolidated Balance Sheet	The presentation of right-of-use assets and lease liabilities in the condensed consolidated balance sheets is as follows (in thousands): Leases Classification March 31, 2024 December 31, 2023 Assets Right-of-use assets Other assets (1) $ 20,606 $ 22,100 Total leased assets $ 20,606 $ 22,100 Liabilities Current Operating Accrued and other liabilities $ 5,378 $ 4,955 Noncurrent Operating Lease liabilities 21,190 22,670 Total Lease liabilities $ 26,568 $ 27,625 (1) Operating right-of-use assets are recorded net of accumulated amortization of $11.4 million and $10.0 million as of March 31, 2024 and December 31, 2023, respectively.
Lease Expense	Lease expense for the three months ended March 31, 2024 and 2023, was as follows (in thousands): Three Months Ended March 31, Lease Cost Classification 2024 2023 Operating lease cost Other selling, general and administrative expenses $ 1,802 $ 2,064
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 are as follows (in thousands): 2024 $ 4,340 2025 6,337 2026 4,905 2027 3,472 2028 2,670 Thereafter 12,029 Total lease payments 33,753 Less: Imputed interest (7,185) Present value of lease liabilities $ 26,568

WIRE TRANSFERS AND MONEY ORDE_2

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Wire transfers payable, net $ 72,736 $ 63,212 Customer voided wires payable 30,668 29,951 Money orders payable 33,733 31,879 $ 137,137 $ 125,042

ACCRUED AND OTHER LIABILITIES (

ACCRUED AND OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued and Other Liabilities	Accrued and other liabilities consisted of the following (in thousands): March 31, 2024 December 31, 2023 Commissions payable to sending agents $ 18,490 $ 19,873 Accrued salaries and benefits 7,312 8,094 Accrued bank charges 1,407 1,382 Lease liability, current portion 5,378 4,955 Accrued other professional fees 753 1,000 Accrued taxes 9,351 8,613 Deferred revenue loyalty program 4,781 4,771 Contingent consideration liability 1,158 1,158 Acquisition related liabilities 844 844 Other 4,003 3,971 $ 53,477 $ 54,661
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, 2023 $ 4,771 Revenue deferred during the period 682 Revenue recognized during the period (672) Balance, March 31, 2024 $ 4,781

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt Instruments	Debt consisted of the following (in thousands): March 31, 2024 December 31, 2023 Revolving credit facility $ 85,500 $ 114,000 Term loan facility 73,828 75,469 159,328 189,469 Less: Current portion of long-term debt (1) (7,710) (7,163) Less: Debt origination costs (1,110) (1,233) $ 150,508 $ 181,073 (1) Current portion of long-term debt is net of debt origination costs of approximately $0.5 million as of both March 31, 2024 and December 31, 2023, respectively.

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 is presented below: Number of Weighted-Average Weighted-Average Weighted-Average Outstanding at December 31, 2023 588,675 $ 11.49 5.23 $ 4.18 Granted — $ — $ — Exercised (1) (278,750) $ 11.90 $ 4.48 Forfeited — $ — $ — Expired (375) $ 9.91 $ 3.43 Outstanding at March 31, 2024 309,550 $ 11.11 4.74 $ 3.91 Exercisable at March 31, 2024 (2) 278,300 $ 10.96 4.57 $ 3.70 (1) The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2024 was approximately $2.4 million. (2) The aggregate fair value of all vested/exercisable options outstanding as of March 31, 2024 was $1.0 million, which was determined based on the market value of our stock as of that date.
Summary of RSU Activity	A summary of RSU activity during the three months ended March 31, 2024 is presented below: Number of RSUs Weighted-Average Outstanding (nonvested) at December 31, 2023 376,950 $ 20.25 Granted (1) 178,304 $ 21.27 Vested (and settled) (96,967) $ 19.11 Forfeited (27,381) $ 20.59 Outstanding (nonvested) at March 31, 2024 430,906 $ 20.91 (1) The aggregate fair value of all RSUs granted during the three months ended March 31, 2024 was approximately $3.8 million.
Summary of RSA Activity	A summary of RSA activity during the three months ended March 31, 2024 is presented below: Number of RSAs Weighted-Average Outstanding (nonvested) at December 31, 2023 191,980 $ 19.53 Granted (1) 98,731 $ 21.27 Vested (and settled) (64,859) $ 18.31 Forfeited — $ — Outstanding (nonvested) at March 31, 2024 225,852 $ 20.64 (1) The aggregate fair value of all RSAs granted during the three months ended March 31, 2024 was approximately $2.1 million.
Summary of PSU Activity	A summary of PSU activity during the three months ended March 31, 2024 is presented below: Number of PSUs Weighted-Average Weighted-Average Outstanding (nonvested) at December 31, 2023 247,680 8.73 $ 23.72 Granted (1) 215,197 $ 19.55 Vested — $ — Forfeited (4,508) $ 25.09 Outstanding (nonvested) at March 31, 2024 458,369 9.03 $ 21.75 (1) The aggregate fair value of all PSUs granted during the three months ended March 31, 2024 was approximately $4.2 million.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted Earnings 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, 2024 2023 Net income $ 12,106 $ 11,762 Shares: Weighted-average common shares outstanding – basic 33,675,441 36,480,972 Effect of dilutive securities RSUs 113,534 140,639 Stock options 237,985 335,866 RSAs 58,380 71,206 PSUs 103,474 333,270 Weighted-average common shares outstanding – diluted 34,188,814 37,361,953 Earnings per common share – basic $ 0.36 $ 0.32 Earnings per common share – diluted $ 0.35 $ 0.31

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Reconciliation of Tax Provision	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 2024 2023 Income before income taxes $ 16,884 $ 16,647 U.S statutory tax rate 21 % 21 % Income tax expense at statutory rate 3,546 3,496 State tax expense, net of federal benefit 1,229 1,314 Foreign tax rates different from U.S. statutory rate 19 49 Non-deductible expenses 224 225 Stock compensation (250) (208) Other 10 9 Total income tax provision $ 4,778 $ 4,885

BUSINESS AND ACCOUNTING POLIC_3

BUSINESS AND ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2024 store
Accounting Policies [Abstract]
Number of company-operated stores	120

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Apr. 05, 2023	Dec. 31, 2023	Apr. 04, 2023
Business Acquisition [Line Items]
Receivable balance maintained	$ 149,054		$ 155,237
LAN Holdings
Business Acquisition [Line Items]
Receivable balance maintained				$ 2,500
LAN Holdings
Business Acquisition [Line Items]
Percentage of outstanding common stock owned		100%
Cash consideration	$ 13,354	$ 13,354
Cash consideration paid		10,300
Fair value of contingent consideration		$ 600

ACQUISITIONS - Summary of Estim

ACQUISITIONS - Summary of Estimated Fair Values of Consideration Paid and Net Assets Acquired (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Mar. 31, 2024	Apr. 05, 2023	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Liabilities assumed:
Goodwill	$ 53,986		$ 53,986	$ 53,986	$ 53,986
Measurement period adjustment, goodwill			0
LAN Holdings
Assets acquired:
Cash and cash equivalents	4,721	$ 4,721	4,721	4,721
Accounts receivable	3,643	3,643	3,643	3,643
Prepaid wires	4,613	4,613	4,613	4,613
Prepaid expenses and other current assets	353	353	353	353
Property and equipment	351	351	351	351
Intangible assets	3,200	3,200	3,200	3,200
Other assets	877	877	877	877
Total identifiable assets acquired	17,758	17,758	17,758	17,758
Liabilities assumed:
Accounts payable	(1,010)	(1,010)	(1,010)	(1,010)
Wire transfers and money orders payable	(6,645)	(6,645)	(6,645)	(6,645)
Accrued and other liabilities	(1,436)	(747)	(1,436)	(1,436)
Measurement period adjustments, accrued and other liabilities				(689)
Lease liabilities	(758)	(758)	(758)	(758)
Deferred tax liability	(91)	(91)	(91)	(91)
Total liabilities assumed	(9,940)	(9,251)	(9,940)	(9,940)
Measurement Period Adjustments, Total liabilities assumed				(689)
Net identifiable assets acquired	7,818	8,507	7,818	7,818
Measurement Period Adjustments, Net identifiable assets acquired				(689)
Consideration transferred	13,354	13,354
Goodwill	$ 5,536	$ 4,847	$ 5,536	5,536
Measurement period adjustment, goodwill				$ 689

REVENUES - Revenues from Contra

REVENUES - Revenues from Contract with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 150,412	$ 145,364
Wire transfer and money order fees, net
Disaggregation of Revenue [Line Items]
Wire transfer and money order fees	127,484	125,007
Discounts and promotions	(563)	(557)
Total revenues	126,921	124,450
Foreign exchange gain, net
Disaggregation of Revenue [Line Items]
Total revenues	20,346	19,168
Other income
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,145	$ 1,746

REVENUES - Narrative (Details)

REVENUES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) point obligation	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Significant initial costs incurred to obtain contracts with customers	$ 0
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	$ 0.6

ACCOUNTS RECEIVABLE AND AGENT_3

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable	$ 151,668	$ 157,847
Allowance for credit losses	(2,614)	(2,610)
Accounts receivable, net	$ 149,054	$ 155,237

ACCOUNTS RECEIVABLE AND AGENT_4

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Summary of Agent Advances Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Agent advances receivable, current	$ 2,339	$ 1,596
Allowance for credit losses	(145)	(82)
Net current	2,194	1,514
Agent advances receivable, long-term	3,248	2,999
Allowance for credit losses	(171)	(102)
Net long-term	$ 3,077	$ 2,897

ACCOUNTS RECEIVABLE AND AGENT_5

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Notes collateralized	$ 5.6	$ 4.6

ACCOUNTS RECEIVABLE AND AGENT_6

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Maturities of Agent Advances Receivable (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Receivables [Abstract]
Under 1 year	$ 2,339
Between 1 and 2 years	2,565
More than 2 years	683
Total	$ 5,587

ACCOUNTS RECEIVABLE AND AGENT_7

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Summary of Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,794	$ 2,648
Provision	1,595	785
Charge-offs	(1,847)	(1,008)
Recoveries	458	232
Other	(70)	0
Ending Balance	$ 2,930	$ 2,657

ACCOUNTS RECEIVABLE AND AGENT_8

ACCOUNTS RECEIVABLE AND AGENT ADVANCES RECEIVABLE, NET OF ALLOWANCE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 2,614	$ 2,610
Agent advances receivable	316	184
Allowance for credit losses	$ 2,930	$ 2,794	$ 2,657	$ 2,648

PREPAID EXPENSES AND OTHER AS_3

PREPAID EXPENSES AND OTHER ASSETS - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Prepaid insurance	$ 807	$ 1,205
Prepaid fees and services	2,037	2,299
Agent incentives advances	2,015	1,692
Agent advances receivable, net of allowance	2,194	1,514
Prepaid income taxes	240	747
Tenant allowance	1,621	1,621	$ 3,800
Prepaid expenses and other current assets	1,002	990
Prepaid expenses and other assets	$ 9,916	$ 10,068

PREPAID EXPENSES AND OTHER AS_4

PREPAID EXPENSES AND OTHER ASSETS - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets [Abstract]
Revolving credit facility origination fees	$ 1,515	$ 1,692
Agent incentives advances	3,787	3,372
Agent advances receivable, net of allowance	3,077	2,897
Right-of-use assets, net	20,606	22,100
Funds held by seized banking entities, net of allowance	1,928	1,890
Fixed assets in process	480	6,358
Other assets	1,911	1,844
Other assets	$ 33,304	$ 40,153

PREPAID EXPENSES AND OTHER AS_5

PREPAID EXPENSES AND OTHER ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2021
Fixed assets in process	$ 480	$ 6,358
Cash and cash equivalents	218,795	239,203
Leasehold Improvements and Other Assets
Fixed assets in process	300	$ 6,100
MEXICO
Cash and cash equivalents			$ 5,200
Valuation allowance	$ 3,600

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 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
Non-Competition Agreements
Finite-Lived Intangible Assets, Net [Abstract]
Intangible asset, useful life	5 years

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Changes in Goodwill and Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill
Beginning balance	$ 53,986
Measurement period adjustment (Refer to Note 2)	0
Amortization expense	0
Ending balance	53,986
Intangibles
Beginning balance	18,143
Measurement period adjustment (Refer to Note 2)	0
Amortization expense	(1,013)
Ending balance	$ 17,130

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense Related to Intangible Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 2,952
2025	3,156
2026	2,521
2027	2,023
2028	1,613
Thereafter	4,865
Net amortizable intangible assets	$ 17,130

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Tenant allowance	$ 1,621	$ 1,621	$ 3,800
Disbursements of tenant allowance	$ 2,200
Operating lease, weighted average remaining lease terms	6 years 7 months 6 days	6 years 8 months 12 days
Operating lease, weighted average discount rate	6.10%	6.06%

LEASES - Right-Of-Use Assets an

LEASES - Right-Of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Right-of-use assets	$ 20,606	$ 22,100
Current
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other liabilities	Accrued and other liabilities
Operating	$ 5,378	$ 4,955
Noncurrent
Operating	21,190	22,670
Total Lease liabilities	26,568	27,625
Operating lease, right-of-use asset, accumulated amortization	$ 11,400	$ 10,000

LEASES - Lease Expense (Details

LEASES - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 1,802	$ 2,064

LEASES - Lease Payments (Detail

LEASES - Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 4,340
2025	6,337
2026	4,905
2027	3,472
2028	2,670
Thereafter	12,029
Total lease payments	33,753
Less: Imputed interest	(7,185)
Present value of lease liabilities	$ 26,568	$ 27,625

WIRE TRANSFERS AND MONEY ORDE_3

WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Wire transfers payable, net	$ 72,736	$ 63,212
Customer voided wires payable	30,668	29,951
Money orders payable	33,733	31,879
Total wire transfers and money orders payable, net	$ 137,137	$ 125,042
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, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Commissions payable to sending agents	$ 18,490	$ 19,873
Accrued salaries and benefits	7,312	8,094
Accrued bank charges	1,407	1,382
Lease liability, current portion	5,378	4,955
Accrued other professional fees	753	1,000
Accrued taxes	9,351	8,613
Deferred revenue loyalty program	4,781	4,771
Contingent consideration liability	1,158	1,158
Acquisition related liabilities	844	844
Other	4,003	3,971
Total accrued and other liabilities	$ 53,477	$ 54,661

ACCRUED AND OTHER LIABILITIES_2

ACCRUED AND OTHER LIABILITIES - Changes in Deferred Revenue Loyalty Program Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Contract With Customer, Liability [Roll Forward]
Beginning balance	$ 4,771
Revenue deferred during the period	682
Revenue recognized during the period	(672)
Ending balance	$ 4,781

DEBT - Schedule of Debt Instrum

DEBT - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 159,328	$ 189,469
Less: Current portion of long-term debt	(7,710)	(7,163)
Less: Debt origination costs	(1,110)	(1,233)
Long-term debt, noncurrent	150,508	181,073
Debt origination costs, current	500	500
Term loan facility
Debt Instrument [Line Items]
Long-term debt, gross	73,828	75,469
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 85,500	$ 114,000

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Debt origination costs amortization	$ 301	$ 246
A&R Credit Agreement
Debt Instrument [Line Items]
Unamortized debt origination costs	2,600		$ 2,900
Debt origination costs amortization	$ 300	$ 200
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
Debt Instrument [Line Items]
Fixed charge coverage ratio	1.25
A&R Credit Agreement | Maximum
Debt Instrument [Line Items]
Consolidated leverage ratio	3.25
Leverage ratio, restricted payments	2.25
A&R Credit Agreement | SOFR
Debt Instrument [Line Items]
Interest rate	0.10%
A&R Credit Agreement | SOFR | Minimum
Debt Instrument [Line Items]
Interest rate	2.50%
A&R Credit Agreement | SOFR | Maximum
Debt Instrument [Line Items]
Interest rate	3%
A&R Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate	1.50%
A&R Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate	2%
A&R Credit Agreement | Term loan facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 87,500
Effective interest rate	8.70%	7.75%
A&R Credit Agreement | Term loan facility | Year 1
Debt Instrument [Line Items]
Periodic repayment percentage	5%
A&R Credit Agreement | Term loan facility | Year 2
Debt Instrument [Line Items]
Periodic repayment percentage	5%
A&R Credit Agreement | Term loan facility | Year 3
Debt Instrument [Line Items]
Periodic repayment percentage	7.50%
A&R Credit Agreement | Term loan facility | Year 4
Debt Instrument [Line Items]
Periodic repayment percentage	10%
A&R Credit Agreement | Term loan facility | Year 5
Debt Instrument [Line Items]
Periodic repayment percentage	10%
Revolving credit facility | A&R Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 220,000
Unused line fee percentage	0.35%
Effective interest rate	1.93%	1.74%
Uncommitted Incremental Facility | A&R Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 70,000

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) installment shares	Mar. 31, 2023 USD ($) shares	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	$ 44,400	$ 139,900
Unrecognized compensation expense	$ 42,400
Weighted-average period for recognition	2 months 12 days
Stock options | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock approved for issuance (in shares) | shares			3,700,000
Shares available for future awards (in shares) | shares	1,600,000
Stock options | 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares	0		400,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,000,000	500,000
Unrecognized compensation expense	$ 8,000,000
Weighted-average period for recognition	2 years 1 month 6 days
Granted (in shares) | shares	178,304
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 | 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 20,100	$ 20,100
Granted (in shares) | shares	911	826
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	$ 400,000	$ 200,000
Unrecognized compensation expense	$ 4,500,000
Weighted-average period for recognition	2 years
Granted (in shares) | shares	98,731
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Share-based compensation expense	$ 700,000	$ 800,000
Unrecognized compensation expense	$ 6,700,000
Weighted-average period for recognition	2 years 1 month 6 days
Granted (in shares) | shares	215,197
Conversion ratio	1
Award service period	3 years

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Weighted-Average Grant Date Fair Value
Aggregate intrinsic value	$ 2.4
Aggregate fair value	$ 1
Stock options
Number of Options
Outstanding, beginning balance (in shares)	588,675
Granted (in shares)	0
Exercised (in shares)	(278,750)
Forfeited (in shares)	0
Expired (in shares)	(375)
Outstanding, ending balance (in shares)	309,550	588,675
Exercisable, ending balance (in shares)	278,300
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 11.49
Granted (in dollars per share)	0
Exercised (in dollars per share)	11.90
Forfeited (in dollars per share)	0
Expired (in dollars per share)	9.91
Outstanding, ending balance (in dollars per share)	11.11	$ 11.49
Exercisable, ending balance (in dollars per share)	$ 10.96
Weighted-Average Remaining Contractual Term (Years)
Weighted average remaining contractual term, outstanding	4 years 8 months 26 days	5 years 2 months 23 days
Weighted average remaining contractual term, exercisable	4 years 6 months 25 days
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share)	$ 4.18
Granted (in dollars per share)	0
Exercised (in dollars per share)	4.48
Forfeited (in dollars per share)	0
Expired (in dollars per share)	3.43
Outstanding ending balance (in dollars per share)	3.91	$ 4.18
Exercisable ending balance (in dollars per share)	$ 3.70

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, 2024	Dec. 31, 2023
RSUs
Number
Outstanding beginning balance (in shares)	376,950
Granted (in shares)	178,304
Vested (and settled) (in shares)	(96,967)
Forfeited (in shares)	(27,381)
Outstanding ending balance (in shares)	430,906	376,950
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 20.25
Granted (in dollars per share)	21.27
Vested (and settled) (in dollars per share)	19.11
Forfeited (in dollars per share)	20.59
Nonvested at end of period (in dollars per share)	$ 20.91	$ 20.25
Aggregate fair value of awards granted	$ 3.8
RSAs
Number
Outstanding beginning balance (in shares)	191,980
Granted (in shares)	98,731
Vested (and settled) (in shares)	(64,859)
Forfeited (in shares)	0
Outstanding ending balance (in shares)	225,852	191,980
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 19.53
Granted (in dollars per share)	21.27
Vested (and settled) (in dollars per share)	18.31
Forfeited (in dollars per share)	0
Nonvested at end of period (in dollars per share)	$ 20.64	$ 19.53
Aggregate fair value of awards granted	$ 2.1
PSUs
Number
Outstanding beginning balance (in shares)	247,680
Granted (in shares)	215,197
Vested (and settled) (in shares)	0
Forfeited (in shares)	(4,508)
Outstanding ending balance (in shares)	458,369	247,680
Weighted-Average Grant Price
Nonvested at beginning of period (in dollars per share)	$ 23.72
Granted (in dollars per share)	19.55
Vested (and settled) (in dollars per share)	0
Forfeited (in dollars per share)	25.09
Nonvested at end of period (in dollars per share)	$ 21.75	$ 23.72
Aggregate fair value of awards granted	$ 4.2
Weighted-Average Remaining Contractual Term (Years)	9 years 10 days	8 years 8 months 23 days

EQUITY (Details)

EQUITY (Details) $ in Thousands		3 Months Ended
	Mar. 11, 2024 USD ($) shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($) shares	Mar. 03, 2023 USD ($)	Aug. 18, 2021 USD ($)
Schedule of Capitalization [Line Items]
Stock repurchase program, authorized amount					$ 40,000
Treasury stock repurchased (in shares) | shares	175,000	1,124,476	316,459
Value of treasury stock repurchased	$ 3,300	$ 23,423	$ 7,584
Stock repurchase program, remaining authorized repurchase amount		50,700
A&R Credit Agreement
Schedule of Capitalization [Line Items]
Stock repurchase program, authorized amount				$ 100,000
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 | Maximum
Schedule of Capitalization [Line Items]
Leverage ratio, restricted payments		2.25

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 12,106	$ 11,762
Shares:
Weighted-average common shares outstanding - basic (in shares)	33,675,441	36,480,972
Weighted-average common shares outstanding - diluted (in shares)	34,188,814	37,361,953
Earnings per common share – basic (in dollars per share)	$ 0.36	$ 0.32
Earnings per common share – diluted (in dollars per share)	$ 0.35	$ 0.31
RSUs
Shares:
Effect of dilutive securities (in shares)	113,534	140,639
Stock options
Shares:
Effect of dilutive securities (in shares)	237,985	335,866
RSAs
Shares:
Effect of dilutive securities (in shares)	58,380	71,206
PSUs
Shares:
Effect of dilutive securities (in shares)	103,474	333,270

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares		3 Months Ended
	Mar. 11, 2024	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Treasury stock repurchased (in shares)	175,000	1,124,476	316,459
Decrease in weighted average shares outstanding (in shares)		386,747	188,572
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share (in shares)		77,900	47,300
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share (in shares)		202,800	45,500
RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share (in shares)		108,300	25,100

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 16,884	$ 16,647
U.S statutory tax rate	21%	21%
Income tax expense at statutory rate	$ 3,546	$ 3,496
State tax expense, net of federal benefit	1,229	1,314
Foreign tax rates different from U.S. statutory rate	19	49
Non-deductible expenses	224	225
Stock compensation	(250)	(208)
Other	10	9
Total income tax provision	$ 4,778	$ 4,885

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Domestic Tax Authority
Valuation Allowance [Line Items]
Valuation allowance	$ 0
State and Local Jurisdiction
Valuation Allowance [Line Items]
Valuation allowance	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2024 territory state 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	7