 Second Quarter 2020 - Highlights Net Income of 9.0 million, an increase of 26.9 compared with the prior period Basic and Diluted Earnings per Share of 0.24, an increase of 26.3 compared with the prior year period Revenues of 85.1 million, an increase of 2.9 compared with the prior year period Adjusted EBITDA of 17.4 million, an increase of 6.8 over the prior year period Net Income noted above generated Free Cash of 10.0 million, an increase of 16.4 over the prior year period MIAMI, Aug. 04, 2020 GLOBE NEWSWIRE -- International Money Express, Inc. NASDAQ: IMXI Intermex or the Company, a leading money remittance services company, today announced the financial results for the second quarter ended June 30, 2020 and will host a conference call to discuss those results at 5:00 pm ET today.Intermex Chairman, Chief Executive Officer and President Robert Lisy commented We are very proud of our strong second quarter 2020 results. Our growth in customers and transactions demonstrates the strength of our differentiated and focused business model amid the challenging COVID-19 environment. Intermex once again delivered growth exceeding the market, while leveraging our efficiencies to achieve growth in profitability and cash flow, most importantly, while keeping our employees safe and healthy. I am proud of the hard work of our team and we feel great pride and responsibility in the critical nature of the service we provide for our customers to meet their essential remittance needs.Mr. Lisy added, As evidenced by our strong second quarter performance, we remain confident that our superior customer service and operational excellence that has created our house of brick will enable us to continue to deliver peer-leading results to our stakeholders.Second Quarter Financial Results Intermex delivered its best second quarter in history in 2020 with Revenues of 85.1 million, an increase of 2.9 over the prior year quarter. This increase in revenues was supported by the 5.8 increase in customers to 2.1 million, driving the 2.7 growth in money transfer transactions to 7.6 million in the second quarter 2020. Contributing to this growth in customers and transactions was the 6.4 increase in agents compared with the prior year period, as well as the recent expansion of countries in which our services are available, growth in our mobile application, and new products.The Company reported Net Income in the second quarter of 2020 of 9.0 million, an increase of 26.9 compared with the prior year period. This increase was due to the revenue growth noted, coupled with continued migration to lower cost deposit services and negotiated payer fee reductions, lower depreciation and amortization, and interest expense, partially offset by higher income tax provision in the second quarter of 2020.Adjusted EBITDA in the second quarter of 2020 grew 6.8 over the prior year comparable period to 17.4 million, driven primarily by the revenue growth and focused expense control due to cost savings initiatives. Adjusted Net Income for the second quarter of 2020 totaled 10.8 million, an increase of 12.7 compared with the prior year quarter, due to the reasons above and the adjustment for legal fees and registration related expenses in the prior year quarter.Also for the reasons noted above, basic and diluted earnings per share in the second quarter of 2020 were 0.24, an increase of 26.3 compared with the prior year quarter. Adjusted basic and diluted earnings per share totaled 0.28, an increase of 7.7 compared with the second quarter of 2019.Capital Liquidity The Company remains highly capitalized with a strong liquidity position. During the second quarter of 2020, from its Net Income noted above, the Company generated Free Cash as defined below of approximately 10.0 million, an increase of 16.4 compared with the prior year period. The Intermex model is highly cash generative, converting over half of its Adjusted EBITDA, after taxes, investments and debt service, to Free Cash in the second quarter 2020.Non-GAAP Measures Adjusted Net Income, Adjusted Earnings per share, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash, each a Non-GAAP financial measure, are the primary metrics used by management to evaluate the financial performance of our business. We present these Non-GAAP financial measures because we believe they are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Further, we believe they are helpful in highlighting trends in our operating results, because they Such metrics exclude, among other things, certain results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the jurisdictions in which we operate and capital investments.Adjusted Net Income is defined as Net Income adjusted to add back certain charges and expenses, such as non-cash amortization resulting from push-down accounting, non-cash compensation costs and other items set forth in the reconciliation table below, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing future Company performance.Adjusted Earnings per share are calculated by dividing Adjusted Net Income by GAAP weighted-average common shares outstanding basic and diluted.Adjusted EBITDA is defined as Net Income before depreciation and amortization, interest expense, income taxes, and also adjusted to add back certain charges and expenses, such as non-cash compensation costs and other items set forth in the reconciliation table below, as these charges and expenses are not considered a part of our core business operations and are not an indicator of ongoing future Company performance.Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenues.Adjusted Net Income, Adjusted Earnings per share, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures and should not be considered as an alternative to operating income or net income as a measure of operating performance or cash flows or as a measure of liquidity. Non-GAAP financial measures are not necessarily calculated the same way by different companies and should not be considered a substitute for or superior to U.S. GAAP.Free Cash, also a Non-GAAP measure, is defined as Net Income before provision for bad debt and depreciation and amortization adjusted to add back certain non-cash charges and expenses, such as non-cash compensation costs and other items set forth in the reconciliation table below, as these charges and expenses are not considered a part of our core business operations, and reduced by the cash used in investing activities and servicing of our debt obligations.Reconciliations of Net Income, the Companys closest GAAP measure, to Adjusted Net Income Adjusted EBITDA and Free Cash, as well as a reconciliation of Earnings per share to Adjusted Earnings per share and Adjusted EBITDA Margin are set forth in the tables below following the condensed consolidated financial statements. Investor and Analyst Conference Call Presentation Intermex will host a conference call and webcast presentation at 5:00 p.m. Eastern Time today. The conference call can be heard by dialing: 1-877-423-9813 U.S. or 1-201-689-8573 outside the U.S. ten minutes prior to the start of the call.The conference call and accompanying slides will be available via webcast at Registration for the event is required, so please register at least five minutes prior to the scheduled start time.A webcast replay will be available approximately 2-4 hours after the conference call at Harbor Compliance Statement for Forward-Looking Statements This press release contains forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to certain events that could have an effect on our future involve risks and uncertainties that could cause actual results of operations and other performance measures to differ materially from current expectations, including but without limitation, statements regarding our plans, objectives, financial performance, business strategies, and expectations for the business of the Company. These statements relate to expectations concerning matters that are not historical fact and may include the words or phrases such as would, will, should, expects, believes, anticipates, continues, could, may, might, plans, possible, potential, predicts, projects, forecasts, intends, assumes, estimates, approximately, shall, our planning assumptions, future outlook and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Except for historical information, matters discussed in such statements are forward-looking statements. All of these forward-looking statements are based largely on information currently available to our management and on our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, as well as macroeconomic conditions, and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those currently anticipated. 