International Money Express Raises FY21 Revenue Expectations After Q2 Earnings Topper

International Money Express Inc IMXI reported second-quarter FY21 revenue growth of 37.2% year-on-year to $116.7 million, beating the analyst consensus of $105.96 million.
Net money transfer transactions increased 33.4% Y/Y to 10.1 million, coupled with a 53.2% Y/Y increase in total principal sent.
The average principal sent per transaction increased 14.8% Y/Y to $432. Active customers grew 22.9% Y/Y.
Adjusted EPS of $0.39 beat the analyst consensus of $0.27.
Adjusted EBITDA margin decreased 50 basis points to 19.9%, driven primarily by revenue growth offset by increases in salaries and service charges from agents and banks.
IMXI held $139.7 million in cash and equivalents.
The ability to continue to capture share in the face of a strengthening remittance market indicates the effectiveness of its omnichannel strategy, CEO Robert Lisy stated.
Outlook: International Money Express raised FY21 revenue guidance from the previous $414 million - $421 million to $441 million - $450 million above the analyst consensus of $420.39 million. It expects to generate an adjusted net income of $51 million - $53 million.
Price action: IMXI shares traded higher by 3.84% at $16.51 on the last check Wednesday.

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