IMXI - Earnings call transcript Q3 2021 | International Money Express, Inc.

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Operator

Greetings. Welcome to the International Money Express Inc.

Third Quarter 2021 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Instructions]. [Operator conference this being is note, recorded. Please now Mike Gallentine. will turn the host, your to over conference I

You may begin.

Michael Gallentine

that forward-looking everyone quarterly guidance, expectations. would everyone earnings morning, and call. call Good and differ I like welcome actual results to materially updated including our statements, to may our today's XXXX includes from remind

Randy and Revenue Chief Bende. today Officer, Operating website Presenting Andras and Annual quarterly including Nilsen, on intermexonline.com. under the the XX-Q, described statements information Regulation financial additional or Express, filings, forward-looking appropriate Executive call presentation company, of required Bob undertakes to rely this refer please our Act Money the call, the today's and such based to update earnings our financial respect refer Financial our company's including These for Please refer slides, at is and release, obtained on be a required Officer. events. to Aguilar, the such financial SEC forward-looking information, should on Securities reconciliation we today, beliefs description measures. be non-GAAP measures is For no which press of our International therein. under Information our risk certain Investors are obligation will with call except non-GAAP as included our factors in forward-looking XX-K, not to our the of on applicable Chief conference and Exchange Chief as on company this Intermex to statements on as law. and All can of Chairman, On in the the future Report measures assumptions G The Form as section you presentation we in Lisy; Officer; of Form Also to call Slide by certain X certain Joseph non-GAAP discuss Officer, predictions President, statements. GAAP Chief measures. of

over to call the turn now Bob. me Let

Robert Lisy

Good joining us today. morning for and thank you

We and growth of another to very our of operating metrics. are financial announce strong proud quarter across all

Let third million, revenues of Adjusted increased income cent XX.X% an total accomplishments EBITDA increase Net me of $XX.X was Slide of million. on XXXX, million, $XX.X to of dollar XX.X%. increase Compared $XXX.X XX.X% to highlight net income grew an these grew $XX.X and XX.X% some X of million, to XX%. quarter adjusted

during and theme since publicly entire performance, the billion team, been I $XX.X $X.X more traded a have both generated than with quarter Intermex this each traction the has in continues a commend while want gain again the million Intermex As remittances company, our customers. brand been for to quarter. Underlying the we to record number we U.S. abroad. third of transferring more The

Salvador, share results meet Mexico, what was a El Our omnichannel markets company's market shareholders. in a and to market. our core of our The record share delivering of for we high while already as XX% very customers' strategy Honduras grew Guatemala, capturing XX.X% a our continues to increased strong needs financial more than robust

may money. be security and timeliness. whatever to best service efficiently, who the to employs and for and to is the effectively the We provide consumers best meeting Intermex their worth for have always and new constant receive that consumer for highlighting. on needs them focus strategy those with but growth choose particularly call, the to consumers before, spoken retail a We our to it for be enabling focuses for on their about it choices send believe beneficiaries we is marketplace, what our a method in product online and

consumers initiate improve those the of business engaged, our with for work provide of offering. remittances and best or where agents and strive expand digital side, work. carefully send retail vetted located group Intermex the service smartphone, Both live their to top-quality agents our and laptop quality On through prefer online partnered we to to Same their in our continuously industry. time, who we the customers

them or credit choose card cash Additionally, online by or to debit Intermex debit card, card using retail send by or using consumers can ACH.

payout side effectively network On ever more any competitor. or side, we providing the while assembled before receive more wires thoughtfully options efficiently than have other delivers that with and a than consumers

pick receive Our their counter over one the out customers a into an or convenient paid loaded they and digitally wallet, locations. beneficiaries payment mobile at our on money of may bank accounts up ATM, can at cash

Intermex, widely option Importantly, all remains and for is vast of the of minutes. demographics Latin a money that critically the particularly corridor receive funds and those these are major considering believe cash received strategy send in throughout of the important are world. majority where available wires differing in American We differentiator the cash. our when We believe in who sent

feel the and ZIP have that produce ZIP for we sales in than numbers we opportunities California exploit business. to ZIP biggest Intermex. A throughout the of retail the share company There by not we country are best-in-class best confident the fewer Western are wires. a to remains unserved or our either code are code This significant retailer expected retailers of disproportionate in in opportunities that these would in codes force. the of the position states ZIP One retail underserved and of codes these is the be have are hundreds that are through optimal. We means found or do our digital in

the a of We organic our in opportunity states, in have organic along opportunity tremendous established growth even remaining plenty with for Western most states.

most prior XX% West. year increased base the agent California our quarter, with period, in the agents added For over

compared in the who helped We customers million customers the with increase year period. with finished unique quarter growth quarter with XX% us. X.X deliver this prior transferred unique agent Our

a trust value X the tremendous Our relationship the is with asset million customers for who company. our service and

In sent amounts. frequently to also third to able like will more digital additional consumers. the sent and be our card our our that larger these I customers later, talk will products course, and products We market about quarter, of service money

earlier, billion also of number million ever quarter. mentioned one than market a XX% more company by XX.X fueled of remittances third by markets and XXXX. of sent Mexico, ever across increase sent in our we sold XX% largest markets. in in quarter I agent the the most share, delivered capture Guatemala, well over emerging the as our growth increased has $X.X the transactions to quarter transactions, Intermex an the in a of Salvador This result, to as Honduras, again, company quarter of expanding as With As our principal core the is network, continues El exceptional

these that The emerging others, quarter a the our growth XX% similar also Slide combined In core markets. share versus We a last with market Republic, did illustrated total, in continued grew achieved by in markets. transactions this our growth markets XX.X% to market now as see markets, comp was We had to growth quarter. one-year can than rate You emerging markets The on such difficult our XXXX. Ecuador, period. faster next the year. Nicaragua, of X, on Dominican during total core slide. and among for emerging third markets Shown in experience the compared robust have much more this to XX%

market. are third is the the of the and our pandemic strong However, the for overall emerging markets for for past markets. very XX% growth impact in performances four XX% our quarter considering looking Both rate two-year XXXX, core

and remittances Intermex a retail in than faster retail very is highly to of growing app profitable invest our also While growing at online. much digital agents our furthering base presence continuing market, and

digital of XX% our increasing online compared cashless digitally. remittances to On penetration year the or transactions initiative where industry either XX% with on resettle our transaction prior either as defined initiated continued next transactions of on who of on receive remittance a processes slide, some you is than a cashless, digital the send will period. competitors, Based transaction more see its of definition cashless were the the the the sided transactions side. These Intermex side

quarter, who were card at transactions a compared directly of debit retail, deposited the through into the increase that a to increased with has expanded. the retailers accept of number debit use year-over-year. year XX% Transactions a will XX% percentage our at of transactions bank prior grew cards overall small wires, account as processed These period. the although continue During

strategy Card Prepaid and of our Direct, MasterCard Payroll pillar key growth category. is another Lastly, card product MasterCard. our

enhancing in the presence to while efficiently products infrastructure field growth. these effectively expand to system's meaningful to to have adding our support drive our and personnel market contribution We sales and been and profitability revenue support future

development level. Before have I call a of the in Intermex strong turn led has all of revenue, been simultaneously the to has accomplished the This income. net by future we market in EBITDA, Andras, through execution continues conclude That execute products. our share, I'll saying significant while our and in to high new company gains very growth adjusted invested over at to

expectations public company met Third expectation market in EBITDA, XX a revenue, for which EBITDA exceeded adjusted income. income for and quarter net or Intermex represents and period our been consecutive now another XX Having have net has now exceeded quarters. met we or quarters, for

our confident tremendous our ultimately what in which provides to execute continue is that the in to call ahead. We consumer growth believe ability will we lies multichannel strong growth opportunity resulting to turn continued fuels that, plan, are Bende. company's a Andras CFO, choice, our and in the and With I performance over

Andras Q. Bende

good and Bob to morning Thanks, everyone.

in a through quarter detail. X, Slide results walk to Moving let's the third bit more

under strong in increase a year increase business with factors, of quarter it's agents. finishing up plenty quarter, the strong versus key active prior at new across at key milestones count execution that and highlighted, few XX% the in our Behind all growth significantly a million. a were Bob of quarter, As we In of XX% another measures. XX% areas had in been customer revenues $XXX were the achieved just

to and grow transactions drive clients grow. So network up has of our us XX%. payments remittance helped continues This ecosystem and

FX XX% up in produced revenue Our we on larger net those total GAAP versus year larger Those from pushing transactions. income versus amounts principal year. XX% customers the quarter for us also period. million, more earned last tailwind sent often up for was the component over prior the remittance $XX.X amounts, a

related of quarter; in impairment and that into was deposits we $X this a recorded quarter Bank liquidation code we put also by worth held These mentioning and for in to two, the spending that we and It's million a reserve unusual a card, million technology upgrades, the use our the resulting software modernization our higher to enhancements new related banking $X capitalized to of in through digital, company were improvements top and work line partially like net salaries investment line strong technology. initiatives two depreciation, to and interest with and in did lower offset general contributing bottom Our for solid results. longer line about Mexico one, was key software we utilize; have an regulator by no driver small headwinds with will amortization, expense institution within product income, there.

Excluding million, the just the software the XX% along noncash reserve, next expenses, under see income write-off in you which bank to $XX page. other on adjusted net can increased certain with

Our are uncertainty of digital an was which investment XX%, the from quarter margins were time, retail stretch million. XXXX. by management growth expenses cost in higher, this great in revenues, of XX% drove COVID. lean Adjusted all deal card row although A year's ago, we're margin us accentuate end, to EBITDA positioned well front benefiting strong savings for Those we through still for second XX% up EBITDA, in plus a growth in last of that as year the year managing from of extraordinarily offset operating partially adjusted a $XX was our and quarter margins. at what

$XX income ranges. $XX between million, million adjusted million between year given between Moving and in We growing results, between $XX adjusted GAAP valuable payments income $XXX quarter revenue $XX for $XX ecosystem, adjusted Slide to to an narrowing and net net incredibly guidance expect increasing and the revenues we're our income on full EBITDA and million. and strength XXXX million, $XXX third net and our again adjusted million our and and EBITDA trajectory of XX, and million, execution income be our now million net $XX

simultaneously while our investing in continue and balance marketing. the company, future growth of technology, talent, revenue for We profitability to and especially

feel strong turn call a half another second we for to that, the XXXX. what to finish questions. be, let expectation operator and in accelerate will us many of With Our me these year for is back allowing us the the standout investments to position for,

Operator

[Operator you. Instructions]. Thank

from is question Please first Our JMP question. Securities. Scharf your with with proceed David

David Scharf

quite that Terrific on MoneyGram, questions. Union question, chain in morning sort guess, called everybody. Bob, remarked surge out Latin But come or as the and of they taking good really expected call didn't And just a Great, Thanks of Western -- my they America largely it's I of for function both strong issues. or supply kind demand of more your commentary of Delta did actually the few is spots. some the results outlook macro or and one again. part, the providers bright as larger first speculation

in not the your can attention in biggest just focusing sustained kind in of be be anything attention place there or or of corridors? time. growth there Is ought macro on to biggest just definitely right your whether core horizon in to the So are kind to this headwinds should the right on curious at particular of the if we any be paying paying headlines on markets, we either sort

Robert Lisy

So, the good morning. Thank you for question.

When Western that. Union, to to you're is America. about inter like I'll Latin be I you they're is, usually the at suit mentioned American -- Latin look talking follow when careful think first with you corridor, so as referring that the say, thing I'd

So America, usually headed U.S. U.S. When they outbound. U.S. to talking about they're to referring talk they're not about Latin

-- And in the year, business, an one just expert downturn such just internal but of else's not COVID So last some suffered very, lapping a in in America easy that competitors, that's some throes the, very really our they numbers. anyone Latin of thing. being they're of on I'm

retail might It's sure at continue move want picking two-year our existed real I'm It's consumers knowing about we But seconds, very about up our for the for our the world That's any look execution. trend on our about that best those. service at So you where are, towards brand. on service other's not not line them, we agents. We're process challenge seeing ours. or in do. to businesses, before. technology retail providing want hasn't selective all what about superior It's the to in focus customer our four to customers picking

box in mentioned haven't are you their they through not model Some do modified really of competitors necessarily stores, the they where business really consumers large larger because those even contention are time. over and

it's those revenue see look don't heard all So future to increases. the We huge and anything us. been reversal. have like one look no -- discussion, project things Obviously, for you looks we more talking good the a spectacular last now year. about growth third two-year -- at we our And can our equally from that at XX% had we are keep When it in continue talk on our mind, of even about a the transactions. trend, working quarter you in horizon as even or because

core plus you we've look over our if XX%, over years almost So at years, XX% two grown two XXXX market XXXX.

Our are XX%. markets up emerging

So continue also at retail choosing and choosing consumers to have online. we

-- talked of is about. those business factor that's online a growing, I all just Our but conditions that and

forever. to be we're time, situation. to XX% about So tough indicate seeing going this anything temporary ready state not is same the growth attain to one that is a continue a to the we're Obviously, At into that's would not perpetuity. revenue

David Scharf

it. follow-up. appreciate Got the it. I Got One clarification.

for to retail brief number kind kind Can employers. little give Direct. products, of are of prepaid on front roll granular kind or years’ some you more on of hearing of had We've that been where either Card plans with and a update a maybe...? in comments out You on you

Robert Lisy

rolls check sort money the Yes. we've in a great transfer that to got is our building our lot Well, us, been we process of Randy employers retail now not folks a Officer. little since of We're we've our it a our rolling been but checks process out a business employers Nilsen, we new force underneath about as we employers. you anything, have of for rolling those even field checks. We the And a to shortcut like know, for We've don't detail, our up it card. we those product. payroll with we Revenue do feel bit as selling but sales particularly Chief most you it know got out. talk check in We're reconciliation vertical through

are who our know employers that checks who create retailers. lot we the end up a So at of

second the we be that it, in it, reloading with that. quarter, around long that So out be nicely. or and reusing There's early a into that product, Debit and of haven't holidays growing which underway, the MasterCard and card a it's retail really general converted the fourth can a will term just sometime is that's MasterCard individual more us is Where in Card the first purpose rolled or piece for like picked. really card on a goes lot stuff

So those And years, important really ability to the think talked been are well. for we in with do have who cashless bridge doing a A product. they're our that there'll a about empowered because of they're -- consumers, lot way. transactions not we be

a to that sending to choose our online a transactions to product, So retail you're believe empower card-based, able at and from access be go be to transaction also our retail. lot they we we'll online debit-based if of consumers through also accessed but

David Scharf

Got Thank you. it, great.

Operator

from your BTIG. Our with question. is question proceed Mark with Palmer Please next

Mark Palmer

Yes, Excellent thank and Good taking my morning you. question. again. for thanks quarter

you to about for what got and line, your now barring $XXX potential are you've the to opportunities are million deployment of you've access of If of environment you in your you on acquisitions bit talk of that balance terms that, what the cash seeing got capital in a priorities, thinking some credit full cash? allocation with could regard over sheet,

Andras Q. Bende

Yes.

lever of front, and put been it's we discipline, in about we're going going position to to or a that on on -- M&A lot going where over We've recognizing financial overpay market. of of very answer active there's kind not we're terms that I'll are seeing in think our first your either ourselves the in question what I the a opportunities. underlying

top active, a we've very M&A the more like want and where perspective having on be I'd markets, we particularly the their to there, would we obviously, to where more into where West connection very outbound -- those at, markets So are we opportunities say our of soon. we're penetrated front, to we're where work of I and of the have share avenues think presence, like for lot what we Mississippi in and and be be been able to expand But have from with core we like the not mind. company U.S., to that of being we an from excellent may will as a into Also able kind we're acquire opportunity of selective. we're that But we be.

there in think, not that, in synergies lot could be a but we adjacencies -- do, where have they product either opportunity, we addition would or to I perspective, space, enough a what are where we could benefits. overlap our but a a technology from where perspective, a perspective, of lot of customer there's where where we exactly see

first that's line. So think in an perspective, from I M&A

think that we of would I buyback what noticed that what earlier I terms the conjunction in about And that year take have would you share with have quarter. this kind we refinancing. to this we say in of the announced announced is

around all flexibility. was that So

for capital we did this a much last have flexibility better in a made at took it we So we larger creating credit when the year. shareholders that's what us sense. And to much look return terms to this earlier quarter, line,

out activate are the And time will buyback have that have a we're for initiating there in that opportunistic we But the so some a of been of way necessarily we we after we and talking we terms size the was we be as market that sense. program We buyback of quarter, the and of the and realized value I the and say just that's I with where and expected. results, when and didn't -- buyback. lot we meaningful It's would Board there. buyback there made think a see Board a about park a and the company really when had last react

Mark Palmer

on in pertains one of the heard said had the space. from to Bob, the and some your the others business environment. pricing you seeing Thank really And you seeing about you pricing that are front? What which challenges question, have just that I not you're in more we've

Robert Lisy

seeing all. be is going I right same and seen. the I we've now. assume as think always going see where mostly both commissions the point certain agent that's always There's per aggressive relatively increased the about increased in quetzals talk the we're it's and directed I are dollar. retail question always a areas, small primarily to towards. exchange, form discounting to pressure to But I'm We're don't to going increased at desperate guys regional that in of think be pesos, related heightened

hard discount. scale, where kind some because of some to think of them of to flows. that's based comes ebbs I place And and in have difficult for to gotten it's really on sustain it a them

had margins, is exchange principal So the of by primarily our we're higher seeing our solid is really component, we're good where Guatemala. but our margins, particularly that an that now core, in some seeing in particularly be there and markets amounts, buoyed fact would Mexico we've which

profitability for with, don't is us or EBITDA well add we'd here the drive is like. as there's driving Randy margins want something you compression we is and to anything us to that price deal that to if that? I way but continuing know, in So from not Randy, hindering a

Randall D. Nilsen

our the our just good feel sales little team, would see on very in that, consumers I we I smaller so from Bob's about and we're the talking agents it to is to every and very, it, But that take don't day all add part at to price bringing the price that we other companies. selling to point, or and Yes, think, we benefits compete compression. solutions through have

Mark Palmer

Thank much. very you

Operator

Instructions]. [Operator

proceed next Chiodo question. Credit Suisse. your with is Please Timothy Our question from with

Timothy Chiodo

in-store And XX% the very both you the it sometimes or able around can digital [ph] as might send send of taking that the mix The for that QX includes comments any are called a context digital Slide really on of for end platforms you digital total in lot you any that a were you investing for to then how definition portion follow-up, and X receive, thought I of efforts? sides? I be the the cash. just on different question. that helpful, one plan of the approach expand that lot. or online those accurately on are across how provide out a comments the Thanks marketing a and shared brief those customers, Thanks to think as there, and differ,

Robert Lisy

mean great the of of Yes. on in bigger the we a give that share won't that one the digital is other accounts deposited bigger around detail. bit because I'll into I transactions cashless be disclose on side more considered on digital you side. that, side, the part bank little of it border, which one would they're

So bigger We're What that. it. that haven't side would but part the the that, components different really not disclosed be of the other bigger of was part that's question? really of -- of the the

Timothy Chiodo

it in -- The to your for marketing how transactions, attracting clearly differs approach online how approach customers?

Robert Lisy

approach think I the differs online many in ways. Well,

are are, conduit through that so Our And know superior know know retail we we competitors the that the it's in consumers being and wires same consumer and is area about to differentiates a itself. are, right the neighborhood very where product we us retailer there. right with

the customer on before, much talked go cost that. into I We've simple. lower. it's So is really the numbers acquisition about and won't that And

We vibrancy talked much base, not bringing to existing of year-over-year, the online we many trying don't side, of XX% kind social online customer Today, because people quarterly on thereabouts business, at we're our marketing that's annual to to are retail we that's them that which growing consumers often, online agents But is. a customers to market things -- going offer There's the and We an process. how disclose the approach. as retail our couple that very On product. And retail. it's to think we we're that media about an those because of who basis, we from speak today, convert how customers. to to won't again, been been our consumers. that it's revenue apart online. of and of We're at have try million over going X really we'll market productive and But we're never market really and separate not bring about that. doing a we omnichannel that consumers to customers retail think our

to be best is their or people in over-the-counter to why their debit wants not we today receiver to of border. what retail. not best and try from force at interest accepted to offer interest things least they cards, mobile credit at what Our in and bank cards that south like do deposits may happen approach want or the the That's actions into or wallets and

from least that our the some it I We retail their consumer. mean, gone the that at retail, the So doing initially. retail public reasons today, the online than our that real is of when consumer online, consumer business of a recently lot people retail to now. in would for of approach of bring for our we'll start and we and a today, of through perspective, a kinds way transactions; growth help see you seeing us. those not is. growth two-year in And markets. people marketing. agencies that have growth and of process to way be much that. online a through history our core, that's towards the there's very more in revenue isn't and look for concerns out folks aggressive But XX% degradation had company growth, remittances, really profitable there's all the It's the just of near, a us media that, a by what modify of approach at quarter; and profitability in a our online the If been that started retail, emerging the lot our There's would the far. one degradation, there picked about people and XX% good to are social market help with we're we'll XX% to marketing, our see If degradation not more is with great that we their but that

drive not bring -- convert lower today that extra and that to that. online, to part of to trying transaction incur to are then not online ready we're to them cost or would So per that incur people margin be be there

approach those other a very to we very be in the online, there way and traditional will are online shopping much that them we'll that marketing much So against process, online competitor to go continue in that and strong going providers. for be the want after

Timothy Chiodo

We you thank appreciate that context. it. all for Excellent,

Robert Lisy

Thanks.

Operator

Our Alex proceed Please KeyBanc. is question. with with next your question from Markgraff

Alexander Markgraff

Can some some what seeing date provide question. Thank infrastructure, team, thanks your maybe benefits? about upgrades some the the from Hey you're the detail taking has enhancements benefits to for that of early the around progress some to as of you. IT my done and with this talk and you of been just exactly

Robert Lisy

number of in to is It process, a and final in first. available have big you our And a be or software our -- what specific. native told updating on core not late I little projects, the of we're focused in app. new very testing sure probably as not I'm retail, exactly. be a and will hardware. of online a the have consumers early mean, can sure in upgrade stages either you, be We're online. I'm quarter to may bit will and more process what product We you're both our application will we at That our app, now be fourth

-- So technology, tripled that on probably outside. we the on. both last and few we've spend with vendors of things We've number are on in-house going have a the over years, our

us along take our us. been not provides with keep our think technology, to a testing online, We hardware And the that's that quarter a the the to at core app, So our continue it we've next consumers, in think out new but deal combination of we're really, away for the retail. a use. upgrade our late retail, been in the with this for in that about we at of of it's or huge top for best-in-class. upgrade second, new agents the and all of with with native when big guys, -- minute the you for either our again, rolled working early think when that frontier the will stages that business, you and differentiator, retail, always final if today. stages to of new cutting-edge and And online I'll will in think focus be a be a then and all comes new hard internally about industry the fastest, rare that we reliable are quarter always most that, to business We've easiest

end other we And back we've able that to world-class be and factors relative competes going the Our very and at with or other to with that when what like any probably to seconds, building that, end in combine dial things guys. app. with and with four online tired best customer that service our think that look look fact that like we're are the had which anyone. actually business, what into get observe a get to get before waiting, is five the front of especially provider, you and We've time the been handily but somebody you you you not online

Andras Q. Bende

this is And Andras. Alex,

as of work cybersecurity in obviously, mind exciting. us But less So with and investing add, I'd we're we're something money top so just that's putting too. there, That's appropriate to investors, well. it's

Alexander Markgraff

question. I the that appreciate Great. the answers detail. Thank you,

Operator

from question Mike is your Grondahl with with Northland last Securities. Our proceed Please question.

Michael Grondahl

the force, congratulations My updates or to expansion another guys. any Bob, strong sales quarter. out there? call Hey, anything on to -- on

Robert Lisy

color do ask you Yes. add needed. answer to ahead? go Randy and that, want to I'm going But I'll to some if Randy,

Randall D. Nilsen

of unserved now ZIP ZIP basically folks hired unserved country. XX districts. codes those those additional made We've We've the last sales opening morning comments, and Bob as -- Well, districts months. we're thrilled several and of in Mike. to that few work in we've identified hundreds his terms upgrades them had conjoined leadership codes over about We've positions literally good -- sales the around mentioned Sure. taking

codes. there because So opportunities of place. the have thousands of we agents, that Thousands those hundreds in -- ZIP are we know we're in those consumers hundreds agents reaching today, not of wires didn't

terms in team, we've of with couple them they're here to in and contributions that agent So them added additional and September, gates what a the out in adding of their our really sales network. October, of quickly we're

Michael Grondahl

just do think that growth, That's how on or XX% going any thoughts forward? you hear. great to insights Bob, about principal

Robert Lisy

talking what are that another average is changed are government has is But Part But recipients consumers and that some been but benefited bit. may the that but beneficiary our is countries been of with indirectly. principal, by those and a average for someone have What sending worked higher customer a pinpoint based countries particularly great and rest there that's of the we raise that that a a amount $XXX, the grew of there, a we've shifts end that larger we've remittance company or economics so there's flags, The there. it's movement, $XXX, of of on higher a the in some the that of gone it money, of all out got it growth, faster directly, right. I case, ones have partly directly of gets it component a the some We are stimulus on think that by the it. up, but benefited service percentage based that, about transactional of at hard government our always remittances of I'm that all they is someone clearly $XXX, there stimulus, conditions principal our that because Part amounts. piece to are get change that's believe that there when be not ones due right, mean they surety to is is the of weren't, the buoyed was economic if on that of stimulus. time, they've they I

of Somebody landscaping do decided X the the their number got the dollars whatever. of or or to put an deck and house on back finally

increased. been So the greatly has activity economic

or heated in have has that, at in terms up, thought of activity also a least bit still our are that countries some We system, of of economy the process and of terms a as that cash of suffering or from or border. you. of what north border more second greater as and and Delta the a a lagging have result, the wave south exists the a need And bit there's cash in recipient says COVID the

that amount. growth. the driven principal We lose there's send So average there on that necessarily rely XX% transaction that's tremendous sight that, let's don't that's But that's amount of behind that on growth also not buoying that. fact

of we've now we've time come its over we we what our had modified. haven't But that's that typically As that future past, a back although plateauing for that we in not numbers. origins, succession to we're and projections lot expect, and probably on seen that quarters, now depending a what we've project as seen is you the are see kind see started of the of to

Michael Grondahl

hey Got congratulations it, Well, great. got again. it,

Robert Lisy

Thank you.

Operator

you. Thank

have now We question-and-answer call end session, will the remarks. for closing of the Lisy reached the over I and turn Bob to

Robert Lisy

talking next so will talk Thank soon. you all be look and day. quarter. forward again you quarter, your be because well for time We third to But not for to to it too again thanks soon for it'll us attention. you, a joining the year. great Have We'll fourth

Operator

and conference, today's time. concludes lines Thank your for This this your may you disconnect at you participation.

International Money Express (IMXI) 6 Nov 212021 Q3 Earnings call transcript