International Money Express, Inc (NASDAQ:IMXI) Q3 2019 Earnings Conference Call - Final Transcript

Nov 11, 2019 • 05:00 pm ET


International Money Express, Inc (NASDAQ:IMXI) Q3 2019 Earnings Conference Call - Final Transcript


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Greetings, and welcome to International Money Express, Inc.'s Third Quarter 2019 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Sloan Bohlen, Investor Relation. Thank you, sir. You may begin.

Sloan Bohlen

Good evening. Before we begin, let me remind you that this conference call includes forward-looking statements, including our outlook for fiscal year 2019. Actual results may differ materially from expectations. For additional information on Intermex, please refer to the company's SEC filings, including the risk factors described therein.

You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of today. I refer you to Slide 2 of our presentation for a description of certain forward-looking statements. We undertake no obligation to update such information, except as required by applicable law.

In this conference call, we will also have a discussion of certain non-GAAP financial measures. Information required by Regulation G of the Exchange Act with respect to such non-GAAP financial measures is included in the presentation slides for this call, which can be obtained on our website. We also refer you to Slides 14 and 15 of this presentation for a reconciliation of certain non-GAAP financial measures to the appropriate GAAP measures.

I'm joined on the call by Chairman and Chief Executive Officer, Bob Lisy; and Chief Financial Officer, Tony Lauro. Let me now turn the call over to Bob.

Robert Lisy

Thanks, Sloan, and thank you to our investors and analysts joining us for our third quarter conference call. Similar to last quarter, let's start with an update of our key strategic priorities and a review of our strong year-to-date performance.

As you can see on Slide 3, our priorities are largely unchanged, and we are pleased to say that we are on track. Our Number 1 priority remains the expansion and growth of our core brick-and-mortar business. The continued evolution of this core business presents the largest opportunity for overall growth. Our focus is to continue to drive further penetration across our more established markets in the east and southeast and expand further into the very large markets in the western states. As we have mentioned previously, we see a long runway for growth, and we believe the pace of growth relative to the market continued to support our conviction in this multiyear opportunity.

Secondly, our new service to Africa as well as our Canadian outbound business continued to perform in line with our expectations. We'd also remind you that we do not expect any meaningful EBITDA contribution from either market in 2019, but the performance we have seen in both markets has been encouraging thus far. We have made good early progress in both markets, and we continue to -- and we will continue to update you as the business grows. Our white label processing service is now live with two partners, and we are