International Money Express, Inc (NASDAQ:IMXI) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 05:00 pm ET

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International Money Express, Inc (NASDAQ:IMXI) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the International Money Express Inc. Second Quarter 2020 Earnings Conference Call.

[Operator Instructions]

It is now my pleasure to introduce your host, Mike Gallentine. Thank you, Mike. You may begin.

Executive
Michael Gallentine

Good evening. Before we begin, let me remind you that this conference call includes forward-looking statements, including our third quarter guidance. 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.

On this conference call, we also have a discussion of certain non-GAAP financial measures. Information required by Reg G under the Securities and Exchange Act with respect to such non-GAAP financial measures is included in the presentation slides for this call. These slides can be obtained at the Investors section of our website, intermexonline.com. I also refer you to Slides 13 through 17 of the slide presentation for a reconciliation of certain non-GAAP financial measures to the appropriate GAAP measures.

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

Executive
Robert Lisy

Good evening, and thank you to our analysts and investors for your participation in tonight's earnings call. Before I begin my formal remarks, I would like to offer my continued thanks to our dedicated and hardworking employees, our agent retailers and, of course, our loyal customers. I'm extremely proud of the resolve and dedication displayed at Intermex every day, especially amid the challenging times we have all experienced the last few months. We hope everyone is well and that we can all emerge from this crisis in the near future.

We'll start on Slide 3 by highlighting the record financial performance that Tony will speak about in greater detail later. We were able to grow revenue by 3% year-over-year. And more impressively, we grew our net income by 27% to $9 million. As a result of our efficient and durable business model, we grew EBITDA by 7% versus last year. Adjusted net income increased 13% compared to last year and helped drive free cash up over 16% to $10 million compared with the prior year quarter. We are proud of these strong results when you consider that significant areas of the country were essentially closed down for much of the quarter.

Let's go to the next slide to talk about some of the keys to our ongoing success. As you heard me say many times in the past, Intermex has been built as a house of brick. We believe that, that fact is a key aspect of our story and