IMXI - Earnings call transcript Q2 2020 | International Money Express, Inc.

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Operator

Greetings, and welcome to the International Money Express Inc.

Second Quarter 2020 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Gallentine. Mike. you, Thank

begin. You may

Michael Gallentine

evening. Good

we begin, call guidance. that conference remind results let forward-looking statements, me expectations. includes from quarter differ you including may this materially Before our Actual third

risk refer information additional company's including on please factors For to therein. described Intermex, SEC the filings, the

of certain update X measures. conference events. this financial discussion description as such for the with and slide in and obtained These Financial Act at not law. non-GAAP Exchange our required forward-looking through a the joined and refer Slide call a I no of you of statements. non-GAAP the on and you this obligation to slides also respect such beliefs future slides by today's are today. Information for We required presentation to for call, should On included statements Slides as Officer, I Securities our Lauro. have financial I'm certain call. that to as financial undertake Executive predictions forward-looking based we GAAP XX Investors measures. website, by our also a the Lisy; presentation our You reconciliation On call, of information, the forward-looking by Chief Chairman, measures Reg statements we except of President, refer of rely under this XX applicable of on presentation G All of to make on measures assumptions Bob intermexonline.com. to is be section Officer certain can non-GAAP appropriate Tony Chief

to over call the turn now me Let Bob.

Robert Lisy

call. participation our analysts in thank you tonight's investors and evening, to for and your earnings Good

to the few I'm every the my and I to hope proud all offer Intermex experienced our we employees, customers. everyone of challenging agent loyal resolve months. of course, day, formal last would Before our displayed extremely especially We'll that X% I dedication at times Slide continued greater my and, have remarks, this retailers all dedicated the and by begin that We our impressively, grow hardworking the well And future. like highlighting were thanks detail emerge on year-over-year. start grew in we net near speak we income performance We our the by XX% by later. is X to from able about will financial $X revenue and more can Tony million. crisis to in amid record

As durable and million net the XX% over a to business and Adjusted we up prior with our X% cash result quarter. efficient compared last EBITDA helped XX% compared versus $XX last increased grew year model, free by to year year. of income drive

We are for proud of much down results country when essentially were significant you these of the quarter. that the closed strong of consider areas

some Let's the about go the keys next talk to of success. ongoing slide our to to

importantly, and and drives has brick. Intermex strong many taken the of story results. sets approach everything as of it been is Most house believe industry Intermex you a is philosophy and in that, heard from past, reason we sustainable us We key me the As consistently we're do, say able key believe remittance has aspect our ingrained that why a we deliver This to fact in that apart growth. profitable times overall. money built that always an a

to and industry-leading our and unique customer and legacy to are a our growth. times. service to great leveraged future technology, this as to to business We Intermex pursuit enabled be formula. build winning We growth in also profitability delivering resilient recruitment. invest markets, agent through will takes difficult our The critical in have proven components executed approach challenging which has Intermex our strategy pride we sustainable us towards model in differentiated that profitable look it guide has and of

profitability. we exclusivity, competitors and ultimately, many on ubiquity and While focus on focus productivity agent

based metrically customers activates to live. and agents in the where level targeted strategy our geographies, highly precise ZIP recruits and code down Our

approach agent has into proven philosophy. our directly strong its sustainable It profitable ability of growth and recruitment results feeds regardless conditions. to market Our to deliver

The art the a is critical greater efficiency. faster agent of with to process enables faster This that of state Sunday. and business during ease technology the agents Our transactions differentiator, majority through the of Friday peak and occurs times This the seconds, given incredible We creates across and the efficient the the both process other averaged competition versus customer of in and care. a for focus X.X is more hold the customer our which customer is agent apparent also time even industries. retailer. just

brick is of of reliability. their related reputation issues And of This number our exceptional occur Those our significant Throughout flow a and house crisis, and a from creates pay component stress and shortfalls receiver reputation in liquidity drive funds model payers volatility our liquidity we highly aggregate a remittances do competitors have free The receiving timely that as to of heard fashion. our and our customer superior had the generation. the provider success not of timely cash a times smaller And to Intermex. philosophy our out share. expect continue differentiator. is not have some reliable contributes resulting other and and market that for inability reliability in at in liquidity current will we the important to of very cash

in to times Ours continued powerful the significant call. continued than have important upfront state business in more cash. quarters, to critically of throughout will and does we cash upcoming ample possess of as Tony to Intermex is generate not capital we generate But we uncertainty, navigate the our fund only I amounts that simply but a have our model, detail will is later cash this capitalization which crisis.

of Slide drivers at to quarter. Let's the turn our for to growth X some look

million of resiliency. differentiated quarter, business X% $X.X to how this X.X our a much to is with transactions by increased million when shut to of of down year. the customers compared example I to country increased second was think the quarter our our last proven Intermex remittances leads X% and approach significantly great

specific at X%. months, down If was you April look

and back rebounded is model. open with positive to May states, This quickly of July. This started the June in up XX% continued in strength we transaction certain our business up great and of focused of with X% growth X%. resiliency As example transactions a trend

experience our more differentiated usage transactions growth mobile with level. XXX% XXX% focused approach compared to to critical and than our that customer and in at continue our year We Again, perform dramatic up app, service to increasing our prior this to allows us period.

to the move Let's initiatives. and I other will X, on further and expand online growth Slide

as as label card and expansions an as outbound Africa to inbound continue market our online, into Our do rapidly white Canada and grow an market, products.

of products revenue to growth quarter fact, these XX%. In have from combined first quarter, second

a are for these we you to us call channels, our are In and not markets products developed as LATAM. share markets we in to as these and significant to addition what new in X of revenue. allow markets with underlying the dedication want model market The outperform impressive X profitability Salvador, and superior These yet to brick that grew our business direct With over the growth philosophy result Tier times of or of to continue mentality. Tier our yet appeal corridors representing these company's network competitive will of turn regardless X% of We from remain service Guatemala by Intermex Tier and our us performance are will a that, during over house growth our Honduras for with emerging and overall meaningful These of our and conditions. QX and of XX% expanding revenue highly to strong QX. confident our drive broader and sustainable are performance to rapidly edge uncertain now I the the to market Tony. customer El that Mexico and call beyond. initiatives growth our The financial is agent X productive total

Tony Lauro

on call. our evening analysts and good and today's Bob, investors Thanks, to

of lower over during growth transactions the delivered impressive mix higher enough, achievement a growth realize XXXX. EBITDA Adjusted of to the quarter XXXX, to a to for Bob when Growing we Revenues it's and exceptional get public outpaced now where growth results but quarter transactions year-over-year of from of to send as increased Transactions year-over-year and bit to grow year-over-year an and X%, that margin leverage walk second a X.X%, volume X.X% had XX%, compared we the company for in in continue services X.X% let's little respectively, line deposit negotiated EBITDA Slide X, to mentioned. Turning exceptional amounts and cost we primarily migrating were a revenue grew topped $XX.X top XX.X% million reductions. in as of tremendous result by is you represent Adjusted quarter fee size. our more payer our detail. crisis customers through this as growth driven Mexico.

EBITDA adjusted the lower amortization with an we growth of period. coupled record expense. Driving noted, this income $X just interest compared delivered was Additionally, depreciation million, increase the increase net prior year I and and with of XX%

runoff We accelerated an amortization to intangible as on schedule. lower XXXX the will continue see recorded assets in

at Let's same These Slide cash our quarter, XX% of last this cash EBITDA approach. you'll of XX.X% liquidity to taxes, brick X, our we On servicing. free house now look after free free quarter generated of cash key over that position, million aspects figures and see adjusted a and debt superior conversion in $XX increase the investments of reflect year. the

in crisis combines which capital XX% with structure, slower and has proven margins vary cost our growth. variable and model, transaction volume with business times off strong the Our throughout of even costs a where itself throws

Turning to X. Slide

year. EBITDA adjusted free our ahead. future of that which This conversion close that our year, us the of to to cash. and we years adjusted last free to cash, position In represents free points to in extremely quarters of this percentage EBITDA XX% the growth are efficiency X rate to feel the at look generation over our of same fuel profitability We and strategically the proud converted of. Let's QX growth close period and conversion we're differentiators cash

Page prepared our Let's XX turn comments. to for final

In of say results, $XX uncertainty While like how third proud I this not future million do the to and part $XX closing, to million the a to EBITDA has assumes $XX quarter revenue generate million. of expect worsening see definitely created I'd in a our adjusted community. of pandemic. to significant be environment $XX of million am currently COVID-XX This to we we

you who agents all. as that the to going. keeping let operator working turn to our in that Thank questions. employees bravely keeping to and to America service work continue me bravely economy Our and for are back the the provide call that, so With is customers just a are fed industries essential

Operator

[Operator Instructions].

is with Securities. Our JMP from first Scharf question David

David Scharf

update results new to is safe. agent the about to mean, you update locations? us predict -- the we're can't how the in I you little an it's wondering, resilient kind severe very pandemic XX terms well on how I if exceptionally you strong. we a precisely expanding was of the ability is a see Can how obviously, can staying open maybe Bob, and of us of unfolding consumer. what impacting But going give everybody months potentially Hope obviously, and bit give And next were seeing the get. map?

Robert Lisy

I'll Officer. our Chief Randy, begin answer Well, the then question, Okay. who's Randy call turn today, as Nilsen, to to it well on joined us over that I'll and Revenue

not So by sales back the I that's affected part, want out the field, of to retailers few even in the calls. in they working these in when But at obviously, making where our our that even to they're still not inside, that significant we really levels would numbers. if hotspots pandemic, and company we've And previously that activate we working ships over being one We're telephonically business with jobs agents levels certainly of have continue at new least been we the do our it's out sales most worst as not team, were to be probably in but that were to like from -- in basically areas and portable because back as did areas third-party most during to the certain in the days. most significant not done reps' and the were are phone. the team a jobs days active we numbers, first agent would the pandemic, sales point But that really There or the not to out. are portable, for able we sales retail all sales keep and are and We've working are our the headquarters really the jobs. field. from and terribly easy out activate agents. our able reps that are it But exceptions, to training able of activate with homes equipment the shipping

I'll things of hires things to regular when to even And look then begin process the and we're XX Now our to sales months making me, paint months, do team a adding to again, weren't we inside, the gone Randy group. over it's are basically expect can -- continue more to our to our about and not going they calls. to over able correct they we're With but plus continue on months talk we're better today, with we next make bit let virtually specifics, when X that, get new I Randy but color we back expect how little continue retailers. about if as agent sales X that believe, be to as -- better, outside add

more it to color. turn I'll little So for Randy a

Randall Nilsen

Florida, offices. all then, Thanks, almost our calls states really of Northeast two April, hot, all time where out of high, well we the March, last week two Since the our a respect two in the field. to pull most to the our stay team in April -- of region. agent Georgia, the making we Bob home until slow cases need and have I the almost team of did exception indexing the like down month Yes, our really activations. and for working, like with little from out time bit. have first get to for sales pretty course the mentioned, or call with things of Bob. But as been From second sales particularly we'll of And their weeks working things weeks May, them are in-person a

pipeline, XXX% York, came time that agents Jersey as targets. really agent were phones most of working working period. from ones they activate well on to quarter, And New activation And a as the to New the second the know, they continue were at you for of found their home that as For in following telesales. doing by their were just way up agents in that

things working to agents. would So as said, of from to short Bob the the agents David, are as they team stay sales But normally as activate we course, home on really same question, right still if proud expect, now, to your be the answer we is activating have.

David Scharf

than it. people last in Got back all then and sales a X more Bob, get I that's queue. the X clear field. Maybe surprisingly, and I reporting as much question. on could guess certainly or mobile. not One, or price whether I average there evolution follow-up your have some well whether typically is if by the past. impacting amenable not helpful. in mean, public are that And just the very been can Guatemalan No, Mexican periods, whether here all. has there's it's digital markets point on then is transactions competitors discussion disclosure, in trends more X-part of lower inbound processing digital been not the on become any on Obviously, expand and digital in more the sort you take your they the to corridors may in it just your broadly,

Robert Lisy

Sure. Okay.

an the increase on online. if part effect I question pricing of first in was there was think the the from

between online retail and there's pricing pretty pricing. think line the that I bright the a

are two very they different think I customers.

the about brick-and-mortar sure some believe cases pricing to there permanently? of stay talk that of back that online are don't And be onto is there the pricing. what forth in really at kind brick-and-mortar move But projected times. do from to online Now people happens can customers move and and between. reflection I I'm

have put the But like some And brick-and-mortar stress perspective, than have bit of because the pricing digit, seen XXs we're others, as guys into on been know seeing to been these retail, have a competitors, need retail struggle. think not but pressures And of, greater grade side and depending you've probably little our companies, countries, competitive so spots smaller I there, were aren't aggressive like slowing. quite in much house that financially seen for Colombia where were before. of that slowing, certain not we've they pricing the the even seen El more Mexico, they companies really and lies, of some Salvador, that in the people's less and couple prior difficult double you less are XXs a and you from Guatemala, put public terms pretty our big cases really they that the on some those of prevalent guys stable times that the companies in than Remember, know. haven't countries Honduras pandemic. every Dominican Republic, we got wire on because we've percentage business dramatic they months in because at

industry in I an at we way people So wires From Guatemalans that then surge perspective converted and saw perspective, processing pandemic. And we as no. surge leveling the that think of from that overall. doing of and of a online saw to Mexicans, the the the outset their a

surging to that in relative of We that We some We growing we could more percentages. to business to that and think just because maybe see attribute haven't we're will time more online. disagree what continued we recognize extreme work pandemic move the the over to that the business. with doing

think overall today, is XX% But before to end high the grow. long the online. think XX% we like countries business. XX%, and percentage that Guatemala to be a time could Mexico a we it's will brick-and-mortar Low think could smaller But I continue that end, XX%. probably it of the of be

X future down As matter years a know don't the what XX is, fact, that road. I of that be could to foreseeable

is our to and with that online think brick-and-mortar brick-and-mortar again, countries, great recruit where have that with all business and online. I'm But capabilities over people right brick-and-mortar is And that happy centers threat Guatemala new continue convert a people's product. our continue online right that brick-and-mortar we Mexico, we diligently cultural become language Now to at with competition online are the are more we work are What great expense. that, know-how, to we time. we other where don't is to feel we in from we to have having on great the right really situated sorry, in to other who a the other said capabilities the than the we do -- threat to really online online that, at people countries call our as you our know, try to people

to think continue we been to do and we and So brick-and-mortar, the grow, as think position. we're the that. online bigger think take the share from fact We our like continue continuing separately continue even online of we -- we a we'll that bigger given has we that to grow our to

Operator

next question Our comes George with from Cowen. Mihalos

Philip Caldwell

looks market This Intermex market X% the the you puts is terms transactions. the on quarter? expect historically, talk about Banco was Mexican I the Philip so grew has return from remittance and outperforming just Mexican on just of takes based you wondering, do about go-forward México Mexico like basis? in for data. outgrown a this the it And And market George. on de to to Can

Robert Lisy

Mexico market terms And from couple be those we that months large by to in on measure, you'll get It a basis. we by a you a outperform we to negative big when slightly wasn't but start were it did that quarter, see the quarter then outperform the about of that perspective, quarterly market percentage, Well, But in a the numbers early expect X.X%. to of smaller continue. did will deviance. Mexico their

market. to the expect We outperform to continue

Philip Caldwell

the see to Great. on with the wires then in you've this in happen volatility pesos you Did going in kind talked peso? volatility through. you pull if you Mexican forward that that a -- coming you quarter Okay. see did about, the of see And historically,

Robert Lisy

usually Mexico market. the big peso and of economy -- early we these the happened to a mean, swings death relatively the there and a be With COVID, when And whether every when toll I great market. that April particularly the late going greater stock in be be. was announcements saw No. kind day-to-day the in the and volatility volatility to variances closely reverberation to stock in -- when in market. reverberation market terms seemed tracks with And seemed of saw that shutdowns, the not, was that March we U.S. about happened, the not announcement, to did in there we what

sometimes movement been percentage-wise, but that's mean, that's been we March a been last of dollar. months, in nothing dollars, But early relatively in the this day-to-day. late and never it's been in per terms actually overnight, and the this really where fluctuating centavos, movement, April normal percentage-wise, it not absolute For pesos in certainly There's like case fluctuations of has we over fluctuating -- a And saw saw relatively. most in some wasn't -- the not like pesos. quarter I couple peso in of

Operator

[Operator Instructions].

from comes Our Securities. next Mike Grondahl Northland with question

Michael Grondahl

quarter, your I Congratulations the said March, open. think states that that call and out you in that's just maybe successful. regions of you Have time on the growth then that outperformed? trended. of open? pretty how of you secondly, all agents I'm to key frame, any pretty XX% gotten -- curious or were just April At them kind kind of And

Robert Lisy

mean, the I in your let I are of open? Randy, terms Yes. mean, agents first. agent Randy I'll piece thoughts answer what

Randall Nilsen

April almost In active about Yes. active June, XXX%, significantly of we was Mike, March's jumped at and down, XX% we we about were level of when May, open, noted, XXX% May back to XX%. March's agents. June of agents. about April you performing agents March's to actually as and compare

So were June we March. -- had more actively selling in than agents we

Robert Lisy

little states, then, in the but quite think New I a areas. around the the California, And the I areas really hard-hit can want of think recovered don't Northeast, about we how our of pandemic talk country to in centered remarkably out the I little But Northeast, disruptions seen bit of disruptions as other we particularly And as down York, we called it was, we down down quite business And at The York maybe in think was days, worst we recovered of and were even even when amount New a the quality our those it quicker. of throughout, XX%, it retained shutdown, the I but And earlier, far I But that understand haven't and as looked we've the brand. seen recovered, that Mike, agents, saw to as kind time the I beginning our think, areas, held customers well. from think, resiliency tribute level We time you time up XX%. was things of it far -- quickly. in our kind to, and business people Randy dedication at mean, of certain as it the really X were. all remarkable. the think, of of

solid growth, and a little the throughout clarify a Mexico the of looked I wanted Now to that There's other pretty than probably -- haven't is too. has been the Northeast better think really and and for up relatively, we've regions, of slowdown. problems much, haven't I at I unshaken by but Mexico we say that, mean big I I country. to speaking, they given think that had for any XX% been a plus The the had reported that But when the country June numbers number been had think, one just really areas our generally bit X%, country pandemic. we but quarter, a I the been was minus a I the the X.X%. strongest numbers minute this mean ended I in -- have area. relatively take of

are we X% we better a that a close little the market. over growth -- were a for think, a for outpace did overall. I bit said, growth, as a little than the it's you So the about and We quarter, about X% so quarter,

in look in excess And see like course, coming of the back July, early XX%. of like but Our don't growth know other stronger what our numbers in in the continue all industry, we looks to countries. numbers overall July we

So a -- X% we're bit went And in about seeing the this that is better. we that we text overall, -- talked minus earlier about to April, even to every month from X%, we in getting a numbers a a an actually X%. be plus the a and plus has think better August plus than all And that. opportunity XX%, were July now the way little

XX% So back to little clawing comfortable to a that back growth we're a year-over-year get little by really we're number with. that

Operator

KeyBanc. from Our Beck with next question Josh comes

Alexander Markgraff

is This for Josh. Alex Markgraff on

the much that of on, but to can know how of you much I I some quarter, it of of most -- helpful. some few of it just kind that as operating levers think is then is just drivers what in saw was onetime kind were How of Just touched if is a forward, guide, relates just notable? that you but this evident could leverage lasting? that would you nature? the looking be in And elaborate,

Robert Lisy

is always Tony our part not first to they disappointment on of, into that mean, the we some growing maybe that we've talked difficult. specifics. want I let I'll a touch But little that folks get the guess, that get has much I bit growth thing and we've has is several the the it wasn't growth. And about sometimes last quarters, faster from last over to And it previous I the where thought would and built been we through our what months. we did the way months attributed sustainable on did But the pandemic several able over business we've what we been to business, produce what built that the over profitable to as one is and be. been

necessarily of that So right? it not us then thing, question going for competitors was the isn't would without expenses we're take to our answer bunch the that of make results all And to same saying same a chopping because one-time do it If number. easy, really a and into there. facts seeing that the won't account about

a the because leveraged And when company, And we to efficient. growth than think So really a in for one as is But I well. of it doesn't a nearly bit, a built did lot QX, still a call it versus, of right? a able did -- we're an ongoing has numbers. that didn't of been lot we XX% got height to time. I what competitive want the growth. pandemic In not thing, sustain not fact there's well. that. more because can't have and really QX has that field we it from quarter In change that it and QX, that, have of that Tony a the X% a nearly about we business as of lot really we we're significant we to kind didn't So -- don't in I'll the out, what little those if more is bit as talk it's know to a standpoint what do think, I foundation be growth business do turn EBITDA We of built down against growth is go this unsustainable, or things on a EBITDA in highly had stable very unprofitable things over field

already it's if know little I want you a bit? onetime. a to to that But So Tony, add don't not

Tony Lauro

do. I do. I

So business. -- result direct presentation. out cost to ones or are ongoing those of savings. areas I'll were the of there And X a our efforts be efficient efficiency of a the in are listed call X more them that are

by our grew costs. are about at our driven dollars volume X%. X%, you're and agent. remitted. on And those over banking And to Those until one agents year So the migrate the to they like or at is continue deposit grew migrated remitted fees because after in cost same deposit kinds future jumping of go over methods, savings will you've lower we the dollars

rates on we we move which to with account deposited when quarterly to money on power our cash us and move where, cheaper bigger And an are as get lead pricing gets grow costs we up our on the cables, versus those. get better the into second and payer one, actively more and get and payers continue help for monthly pickup. deposits, are to is a The bank basis negotiating customers

So us in the continue. those or nature beginning have those of the are do. most quickly as to quarter, And able you perhaps pandemic second budgeted at of Separately, to the the the material. the for we will X hire second particularly weren't would as expected quarter,

X.X Similarly, slowly success to hiring But months. traveling catch as down couple field bag. down, we've travel, realize a So for back we will down. reaped months, salaries that months, in that a from had as the we shut almost in will perspective. mentioned, That the savings. of where first the were of the slowly in run rate will up and Randy last savings travel up from We catch we the be X shut lot

are Like, Bob to things around normal. investor not to that. like and isn't for exactly conferences travel and I example, flying Now back

will have down the So shut in at we a and run April. run it -- travel way March it rate, was we be will but won't lower

growth, say, we'll things the are continue to initiatives call we these I'm those like fuel And future efficiency investments to deliver that. I out. do to help So to in and will continue happy

Operator

[Operator Instructions].

with have more Bella Columbia from question one Daniel Threadneedle. [ph] We Hessen

Unidentified Analyst

focus Guys, hope I expanding really color the of bit that. you're about I appreciate upon both local well. the and hyper shared you little

you this for it's interested most think how I here. I'm term, particularly in time driving advantages really around misunderstood set guys up how your the and gains can grabs. share up the business competitive use is share to over much long

on them, you the expected? the the the COVID? in industry agent hampered can driven new now kind the way that's agents driving How discounters for at create kind price network. work managers value And and the effort that proposition relationships the the of local really is moment some given the like and way playbook from you expanding incentives of about to hold the past And created local of played extent in some aggressive usually much you are on by that are what communities, that just to similarly, allow the done, there kind the the time playbook of the network that looks of way gas? by course, the some that things put that spoken You've out of community on continue the required? and a strong of out you to Is Or we've approach the put foot you've agent field that the failure. and lay the Has the feet of part is your ground of normally brink in would? the you continue on this that

Robert Lisy

a long make to question, I sure answer properly. was Okay. I want That it

enough you think the market countries, well that go of growing about all that their the We when many some to at the want I key of presence of still we brick-and-mortar. from every was recognize we we time continue positioning take at a overall player we're the us the market grasped, coming are smaller players really, for previous of market marketplace, spending think even doing brick-and-mortar most a the We every maybe just a that our and ourselves recognize And don't our competitors that, on the migrating key the think one as doesn't is about day. are percentage it than be of brick-and-mortar. in of, that business lead we and that that's that for a recognize I in than think of the day. continuing how future. not not bigger market think we're part if of to to faster But most it part the fact in of lot brick-and-mortar we're first bigger in really because include share significantly in and while we that really growth online, the that I them, is, lead or that in was there's public

X our there is because to to large product, along and or time. a some that is future and brick-and-mortar grown said, therefore, has market also for we business vertical payments tackling that issues them We're have we so part end. the we're card normally invest relegated not want they'd and really are of months announcement And the that, any take call cases, investing a retail relative future is know significantly, also our struggled than may our a back business considerable them relationship investing with the of and share of have ourselves and online that's presented really do time make in look through take a well. on have just that a a just and it's And can in there's But bit actually greater competitors, where that's mean, believe to ongoing also the quality well along consumers think, there. our I because it with we online We've mean spine. opportunity participating any and future get not with a at make because part know online, I with recognize and out of kind and as will there's company, end this not between sometimes competitors you over about of know on company, good be as you joining the spending positioning with back do a online I shares we've brick-and-mortar. gap with been quite -- to We're we cash have, inefficiencies our after front bringing card big for to. significant it, or part a opportunity to the is. used heavily with of to actively this recreated. in which this of Doing the continue come analysts the that time us they're their our related product. of want we've they onetime that our last we liquidity know created. big into in an online an some our a back the We're strongly are board. in hires. spend get to our think I we're consumers I that this What in that, flow relatively we're to yet, that. the No, time there's the process, less to industry-leading We only get of is that weakness, business to unbanked same made agreement preparing come to the It's sometimes struggled for lineup. we've both investors quality that people those. But for service if all quality but go don't online build creating technology help continue spent We've enough. us positioning also X of to where But that that service reliable. room customer believe quality hear on it's same, But positioning all as to the front-end like needs but to So these efficiencies service -- empowering, believe gets as the harder to things knowing into to a thing drop-off us time because the we're time time, us a like it's the to that well, not and which differentiator, even background person in new hire online been We're that, continuing don't and future, online. not in once previously brick-and-mortar, we It positioning brick-and-mortar -- sync, time the of business. as recruiting but though we a of that process ending them to out may investments, using that person an inefficiencies it's product. been or soon. has smaller We've bridges of that's a these payers we've the allowed either marketer thing. to going as and really that, to And ready used of at that

turn of to XX% year, think, we want year, -- the about And out terms did that dramatically when more of half objective and turn we what dramatic we turn, up our in so we we considering the that really of the want the this on EBITDA, ongoing first make started I started was -- and COVID doing pandemic continue an up say, make a basis. And on the that there turn in We've to to there's to XXXX. do -- up profitable making at than at is relatively ended revenue. in compared out

better materialized stronger with make still to mix for then things our to even, And time prepare to that verticals. Well, not we products sense. X business. verticals might are add that we and for that looked unrelated but will was going different enough and very objective force We've looked new this time, don't our at to business not we're and acquire our because to brick-and-mortar at what during prepare for great So there or will verticals be ways to -- will share and good that our excel, think be nothing's at use acquisitions. this new are us that be do, have continue to be to current we X new take

and building brick-and-mortar to in quality well So got we've that a looking the opportunity understanding share as that, bringing team, take our today. people all as future on focused great we're at actively at

Unidentified Analyst

the like, customer really not hyper the That's is helpful. what agent the focus the when that's part the Bob, And will local about portion road? compelling business, just such online of as relevant and on the today, value proposition but you online been look down a guys business of think

Robert Lisy

some can relevancies really price things We're that we same looking It's present. online. at it because X other make is generally the not

the code of it's level street doesn't sometimes ZIP down to level pricing, of that and terms in the that exist. whereas So really corner

does know that. it but relative all differences, to we country So

well. it a be that got So works think objective is our product I But to little make an different. will we've sure online

reliability, use has is business its that's art. the objective Our dramatically. what brick-and-mortar online is And ease with feel that with its business. of its our offering But state grown speed, we our of our

and we So that in be want the brick-and-mortar, possible. see we faster. better offering but refine of very that different continue in and to that And that you'll reform have than that to invest same us best the way continuing -- to will and ways sort to be build in smoother

Operator

now I There Bob no would over the to like turn comments. to back this closing are questions for time. floor further at Lisy

Robert Lisy

the hat analysts, everyone hope like us of to joining Yes, people. all investors do call. We for and on to to safe. like we'd I my you, off stays groups take thank X of

portability utmost. a them make First of who've jobs times. portable at their Many in and that sure previously job jobs our never difficult that we tremendous through been a in have the to done put of employees, of great all, job done the continue customer our and

the who of customer. remained in we U.S. product are services the as then, out respect XX% agents in are things conduit working really like for that to their need refinement our money the can't here job. And so our which, tremendous working and to more of Our very are and the a But we many retailers, open said, essential were many that reps also to doing for and us, closely sales our with plants, as field home the all really agent back families. And services with of send back of course, who that agriculture, services. resilience I of supplying critical many have customers in critical times, all types people

all hope you been stay constituents. soon. to want a to and those you talk we'll safe, Thank And you I thank all We quarter. great it's very X So much.

Operator

concludes teleconference. This today's

time. may Thank you at your this participation. You disconnect your for lines

International Money Express (IMXI) 10 Aug 202020 Q2 Earnings call transcript