Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-37986 | |
Entity Registrant Name | INTERNATIONAL MONEY EXPRESS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-4219082 | |
Entity Address, Address Line One | 9480 South Dixie Highway | |
Entity Address, City or Town | Miami | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33156 | |
City Area Code | 305 | |
Local Phone Number | 671-8000 | |
Title of 12(b) Security | Common stock ($0.0001 par value) | |
Trading Symbol | IMXI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,613,689 | |
Entity Central Index Key | 0001683695 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 125,132 | $ 74,907 |
Accounts receivable, net of allowance of $2,156 and $1,503, respectively | 97,406 | 55,017 |
Prepaid wires, net | 14,355 | 53,281 |
Prepaid expenses and other current assets | 6,369 | 3,521 |
Total current assets | 243,262 | 186,726 |
Property and equipment, net | 14,051 | 13,021 |
Goodwill | 36,260 | 36,260 |
Intangible assets, net | 16,560 | 20,430 |
Other assets | 7,973 | 3,036 |
Total assets | 318,106 | 259,473 |
Current liabilities: | ||
Current portion of long-term debt, net | 3,882 | 7,044 |
Accounts payable | 13,696 | 12,771 |
Wire transfers and money orders payable, net | 59,520 | 41,746 |
Accrued and other liabilities | 27,108 | 22,380 |
Total current liabilities | 104,206 | 83,941 |
Long-term liabilities: | ||
Debt, net | 80,181 | 80,579 |
Deferred tax liability, net | 1,365 | 692 |
Total long-term liabilities | 81,546 | 81,271 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock $0.0001 par value; 230,000,000 shares authorized, 38,739,480 and 38,217,125 shares issued and 38,669,040 and 38,217,125 shares outstanding as of September 30, 2021 and December 31, 2020, respectively. | 4 | 4 |
Additional paid-in capital | 65,036 | 59,310 |
Retained earnings | 68,671 | 34,960 |
Accumulated other comprehensive loss | (152) | (13) |
Treasury stock, at cost; 70,440 shares as of September 30, 2021 (none as of December 31, 2020) | (1,205) | 0 |
Total stockholders’ equity | 132,354 | 94,261 |
Total liabilities and stockholders’ equity | $ 318,106 | $ 259,473 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable allowance | $ 2,156 | $ 1,503 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common shares, authorized (in shares) | 230,000,000 | 230,000,000 |
Common shares, issued (in shares) | 38,739,480 | 38,217,125 |
Common shares, outstanding (in shares) | 38,669,040 | 38,217,125 |
Treasury stock (in shares) | 70,440 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Revenues | $ 120,707 | $ 95,594 | $ 332,031 | $ 257,907 |
Operating expenses: | ||||
Service charges from agents and banks | 81,416 | 63,904 | 222,654 | 172,403 |
Salaries and benefits | 10,859 | 8,084 | 30,909 | 22,512 |
Other selling, general and administrative expenses | 9,966 | 6,336 | 22,549 | 16,827 |
Depreciation and amortization | 2,362 | 2,698 | 7,041 | 8,079 |
Total operating expenses | 104,603 | 81,022 | 283,153 | 219,821 |
Operating income | 16,104 | 14,572 | 48,878 | 38,086 |
Interest expense | 968 | 1,530 | 3,562 | 5,033 |
Income before income taxes | 15,136 | 13,042 | 45,316 | 33,053 |
Income tax provision | 3,629 | 3,544 | 11,605 | 8,889 |
Net income | 11,507 | 9,498 | 33,711 | 24,164 |
Other comprehensive (loss) income | (151) | 14 | (139) | (127) |
Comprehensive income | $ 11,356 | $ 9,512 | $ 33,572 | $ 24,037 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.30 | $ 0.25 | $ 0.88 | $ 0.64 |
Diluted (in dollars per share) | $ 0.29 | $ 0.25 | $ 0.86 | $ 0.63 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 38,647,931 | 38,050,610 | 38,441,767 | 38,040,339 |
Diluted (in shares) | 39,336,051 | 38,652,707 | 39,071,622 | 38,246,429 |
Wire transfer and money order fees, net | ||||
Revenues: | ||||
Revenues | $ 104,191 | $ 82,646 | $ 284,409 | $ 222,534 |
Foreign exchange gain, net | ||||
Revenues: | ||||
Revenues | 15,643 | 12,296 | 45,347 | 33,510 |
Other income | ||||
Revenues: | ||||
Revenues | $ 873 | $ 652 | $ 2,275 | $ 1,863 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2019 | $ 55,967 | $ 4 | $ 54,694 | $ 1,176 | $ 93 | |
Beginning balance (in shares) at Dec. 31, 2019 | 38,034,389 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 24,164 | 24,164 | ||||
Issuance of common stock: | ||||||
Exercise of stock options, net of shares withheld for taxes | (110) | (110) | ||||
Exercise of stock options (in shares) | 11,497 | |||||
Restricted stock units (in shares) | 13,851 | |||||
Share-based compensation | 2,209 | 2,209 | ||||
Adjustment from foreign currency translation, net | (127) | (127) | ||||
Ending balance at Sep. 30, 2020 | 82,103 | $ 4 | 56,793 | 25,340 | (34) | |
Ending balance (in shares) at Sep. 30, 2020 | 38,059,737 | |||||
Beginning balance at Jun. 30, 2020 | 71,896 | $ 4 | 56,098 | 15,842 | (48) | |
Beginning balance (in shares) at Jun. 30, 2020 | 38,035,279 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 9,498 | 9,498 | ||||
Issuance of common stock: | ||||||
Exercise of stock options, net of shares withheld for taxes | (106) | (106) | ||||
Exercise of stock options (in shares) | 10,607 | |||||
Restricted stock units (in shares) | 13,851 | |||||
Share-based compensation | 801 | 801 | ||||
Adjustment from foreign currency translation, net | 14 | 14 | ||||
Ending balance at Sep. 30, 2020 | 82,103 | $ 4 | 56,793 | 25,340 | (34) | |
Ending balance (in shares) at Sep. 30, 2020 | 38,059,737 | |||||
Beginning balance at Dec. 31, 2020 | 94,261 | $ 4 | $ 0 | 59,310 | 34,960 | (13) |
Beginning balance (in shares) at Dec. 31, 2020 | 38,217,125 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 33,711 | 33,711 | ||||
Issuance of common stock: | ||||||
Exercise of stock options, net of shares withheld for taxes | 2,344 | 2,344 | ||||
Exercise of stock options (in shares) | 397,585 | |||||
Restricted stock units (in shares) | 33,381 | |||||
Restricted stock awards (in shares) | 88,215 | |||||
Fully vested shares (in shares) | 3,174 | |||||
Share-based compensation | 3,382 | 3,382 | ||||
Adjustment from foreign currency translation, net | $ (139) | (139) | ||||
Acquisition of treasury stock, at cost (in shares) | (70,440) | (70,440) | ||||
Acquisition of treasury stock, at cost | $ (1,205) | $ (1,205) | ||||
Ending balance at Sep. 30, 2021 | 132,354 | $ 4 | $ (1,205) | 65,036 | 68,671 | (152) |
Ending balance (in shares) at Sep. 30, 2021 | 38,739,480 | 70,440 | ||||
Beginning balance at Jun. 30, 2021 | 121,176 | $ 4 | $ 0 | 64,009 | 57,164 | (1) |
Beginning balance (in shares) at Jun. 30, 2021 | 38,585,724 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 11,507 | 11,507 | ||||
Issuance of common stock: | ||||||
Exercise of stock options, net of shares withheld for taxes | (85) | (85) | ||||
Exercise of stock options (in shares) | 152,678 | |||||
Fully vested shares (in shares) | 1,078 | |||||
Share-based compensation | 1,112 | 1,112 | ||||
Adjustment from foreign currency translation, net | $ (151) | (151) | ||||
Acquisition of treasury stock, at cost (in shares) | (70,440) | (70,440) | ||||
Acquisition of treasury stock, at cost | $ (1,205) | $ (1,205) | ||||
Ending balance at Sep. 30, 2021 | $ 132,354 | $ 4 | $ (1,205) | $ 65,036 | $ 68,671 | $ (152) |
Ending balance (in shares) at Sep. 30, 2021 | 38,739,480 | 70,440 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 33,711 | $ 24,164 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,041 | 8,079 |
Share-based compensation | 3,382 | 2,209 |
Provision for credit losses | 1,009 | 1,421 |
Debt origination costs amortization | 626 | 564 |
Deferred income tax provision, net | 673 | 1,312 |
Loss on disposal of property and equipment | 1,311 | 336 |
Total adjustments | 14,042 | 13,921 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (43,402) | (21,694) |
Prepaid wires, net | 38,561 | 7,773 |
Prepaid expenses and other assets | (6,210) | 433 |
Wire transfers and money orders payable, net | 18,136 | 9,465 |
Accounts payable and accrued and other liabilities | 5,867 | (2,465) |
Net cash provided by operating activities | 60,705 | 31,597 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (5,523) | (2,770) |
Net cash used in investing activities | (5,523) | (2,770) |
Cash flows from financing activities: | ||
Repayments of term loan facility | (43,135) | (5,746) |
Borrowings under term loan facility | 40,158 | 0 |
Debt origination costs | (2,894) | 0 |
Proceeds from exercise of stock options | 3,192 | 20 |
Payments for stock-based awards | (849) | 0 |
Repurchases of common stock | (1,205) | 0 |
Net cash used in financing activities | (4,733) | (5,726) |
Effect of exchange rate changes on cash | (224) | (151) |
Net increase in cash | 50,225 | 22,950 |
Cash, beginning of period | 74,907 | 86,117 |
Cash, end of period | 125,132 | 109,067 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 2,940 | 4,475 |
Cash paid for income taxes | 12,567 | 7,323 |
Supplemental disclosure of non-cash financing activity: | ||
Issuance of common stock for cashless exercise of stock options | $ 2,973 | $ 130 |
BUSINESS AND ACCOUNTING POLICIE
BUSINESS AND ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
BUSINESS AND ACCOUNTING POLICIES | BUSINESS AND ACCOUNTING POLICIES International Money Express, Inc. (the “Company” or “us” or “we”) operates as a money transmitter between the United States of America (“United States” or “U.S.”) and Canada to Mexico, Guatemala and other countries in Latin America, Africa and Asia through a network of authorized agents located in various unaffiliated retail establishments and 34 Company-operated stores throughout the United States and Canada. During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (“COVID-19”). Although the worst effects of the pandemic appear to have subsided in the United States, the pandemic has had and continues to have a significant effect on economic conditions in the United States, and continues to cause significant uncertainties in the U.S. and global economies, particularly as a result of new Delta and other variants of COVID-19, which appear to be causing an increase in COVID-19 cases in certain places around the world. Public health officials and medical professionals have warned that COVID-19 resurgences may continue to occur due to a variety of factors, including the extent of economic activity, social interaction, vaccination rates and the emergence of potent variants. It is unclear how long any resurgence will last, how severe it will be, and what safety measures governments and businesses will impose in response. The extent to which the COVID-19 pandemic affects our business, operations and financial results depends, and will continue to depend, on numerous evolving factors that we may not be able to accurately predict. Although the Company’s operations continued effectively despite social distancing and other measures taken in response to the pandemic, the ultimate impact of the COVID-19 pandemic on our financial condition, results of operations and cash flows is dependent on future developments, including the duration or resurgence of the pandemic and the related extent of its severity, as well as its impact on the economic conditions, particularly the level of unemployment of our customers, inflation, interest rate levels and foreign exchange volatility, all of which remain uncertain and cannot be predicted at this time. If the global response to contain and remedy the COVID-19 pandemic escalates further or is unsuccessful, or if governmental decisions to ease pandemic related restrictions are ineffective, premature or counterproductive, or if an escalation in the global response to contain the COVID-19 pandemic is required or is unsuccessful, the Company could experience a material adverse effect on its financial condition, results of operations and cash flows. The condensed consolidated financial statements of the Company include Intermex Holdings, Inc., its wholly-owned indirect subsidiary, Intermex Wire Transfer, LLC (“LLC”), Intermex Wire Transfers de Guatemala, S.A. (“Intermex Guatemala”) - 100% owned by LLC, Intermex Wire Transfer de Mexico, S.A. and Intermex Transfers de Mexico, S.A. (“Intermex Mexico”) - 98% owned by LLC, Intermex Wire Transfer Corp. - 100% owned by LLC, Intermex Wire Transfer II, LLC - 100% owned by LLC and Canada International Transfers Corp. - 100% owned by LLC. The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All significant inter-company balances and transactions have been eliminated from the condensed consolidated financial statements. The Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim condensed consolidated financial statements have been included. The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued amended guidance, Intangibles – Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment . The amended standard simplifies how an entity tests goodwill by eliminating Step 2 of the goodwill impairment test related to measuring an impairment charge. Instead, impairment will be recorded for the amount that the carrying amount of a reporting unit exceeds its fair value. This guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements. The FASB issued amended guidance, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The amended standard requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement if those costs would be capitalized by the customers in a software licensing arrangement. This guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements. The FASB issued guidance, Simplifying the Accounting for Income Taxes (Topic 740) , which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements. The FASB issued guidance, Leases (Topic 842) , to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The guidance requires that a lessee recognizes a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. This guidance is required to be adopted by the Company on January 1, 2022 using the modified retrospective approach. The Company is currently evaluating the impact this guidance will have on the condensed consolidated financial statements. The FASB issued guidance, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , regarding the measurement of credit losses for certain financial instruments. The new standard replaces the incurred loss model with a current expected credit loss (“CECL”) model. The CECL model is based on historical experience, adjusted for current conditions and reasonable and supportable forecasts. The Company is required to adopt the new guidance on January 1, 2023. The Company is currently evaluating the impact this guidance will have on the condensed consolidated financial statements. The FASB issued guidance, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. This accounting standards update provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This new guidance may be adopted by the Company no later than December 1, 2022, with early adoption permitted. The potential adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. |
REVENUES
REVENUES | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES The Company recognized revenues from contracts with customers for the three and nine months ended September 30, 2021 and 2020, as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Wire transfer and money order fees $ 104,543 $ 82,890 $ 285,430 $ 223,171 Discounts and promotions (352) (244) (1,021) (637) Wire transfer and money order fees, net 104,191 82,646 284,409 222,534 Foreign exchange gain, net 15,643 12,296 45,347 33,510 Other income 873 652 2,275 1,863 Total revenues $ 120,707 $ 95,594 $ 332,031 $ 257,907 There are no significant initial costs incurred to obtain contracts with customers, although the Company has a loyalty program under which customers earn one point for each wire transfer completed. Points can be redeemed for a discounted wire transaction fee or a foreign exchange rate that is more favorable to the customer. The customer benefits vary by country, and the earned points expire if the customer has not initiated and completed an eligible wire transfer transaction within the immediately preceding 180-day period. In addition, earned points will expire 30 days after the end of the program. Because the loyalty program benefits represent a future performance obligation, a portion of the initial consideration is recorded as deferred revenue loyalty program (see Note 8) and a corresponding loyalty program expense is recorded as contra revenue. Revenue from this performance obligation is recognized upon customers redeeming points or upon expiration of any points outstanding. Except for the loyalty program discussed above, our revenues include only one performance obligation, which is to collect the customer’s money and make funds available for payment, generally on the same day, to a designated recipient in the currency requested. The Company also offers several other services, including money orders and check cashing, for which revenue is derived from a fee per transaction. For substantially all of the Company’s revenues, the Company acts as principal in the transactions and reports revenue on a gross basis, because the Company controls the service at all times prior to transfer to the customer, is primarily responsible for fulfilling the customer contracts, has the risk of loss and has the ability to establish transaction prices. |
ACCOUNTS RECEIVABLE AND NOTES R
ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE | ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE Accounts Receivable Accounts receivable represents outstanding balances from sending agents for pending wire transfers or money orders from our customers. The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands): September 30, 2021 December 31, 2020 Accounts receivable $ 99,562 $ 56,520 Allowance for credit losses (2,156) (1,503) Accounts receivable, net $ 97,406 $ 55,017 Notes Receivable The Company had notes receivable, net of allowance for credit losses, from sending agents as follows (in thousands): September 30, 2021 December 31, 2020 Notes receivable, current $ 685 $ 710 Allowance for credit losses (17) (244) Net current $ 668 $ 466 Notes receivable, long-term $ 982 $ 816 Allowance for credit losses (33) (295) Net long-term $ 949 $ 521 The net current portion of notes receivable is included in prepaid expenses and other current assets (see Note 4), and the net long-term portion is included in other assets in the condensed consolidated balance sheets. The notes have interest rates ranging from 0% to 16% per annum. At September 30, 2021 and December 31, 2020, there were $1.7 million and $1.5 million, respectively, of notes collateralized by personal guarantees from the sending agents and assets from their businesses in case of a default by the agent. The maturities of notes receivable at September 30, 2021 are as follows (in thousands): Unpaid Principal Under 1 year $ 685 Between 1 and 2 years 982 Total $ 1,667 Allowance for Credit Losses The changes in the allowance for credit losses related to accounts receivable and notes receivable are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Beginning balance $ 2,028 $ 1,350 $ 2,042 $ 1,236 Provision 342 320 1,009 1,421 Charge-offs (361) (120) (1,249) (1,338) Recoveries 197 154 404 385 Ending Balance $ 2,206 $ 1,704 $ 2,206 $ 1,704 The allowance for credit losses allocated by financial instrument category is as follows (in thousands): September 30, 2021 December 31, 2020 Accounts receivable $ 2,156 $ 1,503 Notes receivable 50 539 Allowance for credit losses $ 2,206 $ 2,042 Change in Accounting Estimate to Calculate the Allowance for Credit Losses Accounts receivable and notes receivable are recorded at their net realizable value, which is net of an allowance for credit losses. The current accounting policy for the allowance for credit losses considers a number of factors, predominantly collection experience and historical net loss rates, but also other qualitative considerations. In the third quarter of 2021, the Company modified its estimate of the allowance for credit losses and made refinements to the related calculation methodology of net historical loss rates for the different pools of accounts and notes receivable grouped based on similar characteristics. |
PREPAID EXPENSES AND OTHER ASSE
PREPAID EXPENSES AND OTHER ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
Prepaid Expense and Other Assets [Abstract] | |
PREPAID EXPENSES AND OTHER ASSETS | PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other current assets consisted of the following (in thousands): September 30, 2021 December 31, 2020 Prepaid insurance $ 1,040 $ 465 Prepaid fees and services 1,201 1,452 Notes receivable, net of allowance 668 466 Assets pending settlement 400 218 Prepaid income taxes 1,756 103 Prepaid expenses and current assets - other 1,304 817 $ 6,369 $ 3,521 Other assets consisted of the following (in thousands): September 30, 2021 December 31, 2020 Revolving line origination fees $ 2,108 $ 423 Agent incentives advances 980 1,110 Notes receivable, net of allowance 949 521 Funds held by seized banking entities 3,239 130 Other assets 697 852 $ 7,973 $ 3,036 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Intangible assets on the condensed consolidated balance sheets of the Company consist of goodwill, agent relationships, trade name, developed technology and other intangible assets. Agent relationships, trade name and developed technology are all amortized over 15 years using an accelerated method that correlates with the projected realization of the benefit. The agent relationships intangible represents the network of independent sending agents; trade name refers to the Intermex name, branded on all agent locations and well recognized in the market; and developed technology includes the state-of-the-art system that the Company has continued to develop and improve over the past 20 years. Other intangible assets primarily relate to the acquisition of Company-operated stores, which are amortized on a straight line basis over 10 years. The determination of our intangible fair values includes several assumptions that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties, and no impairment charges were determined necessary to be recognized during the three and nine months ended September 30, 2021. The following table presents the changes in goodwill and intangible assets (in thousands): Goodwill Intangibles Balance at December 31, 2020 $ 36,260 $ 20,430 Amortization expense — (3,870) Balance at September 30, 2021 $ 36,260 $ 16,560 Amortization expense related to intangible assets for the next five years and thereafter is as follows (in thousands): 2021 $ 1,291 2022 3,997 2023 2,989 2024 2,270 2025 1,717 Thereafter 4,296 $ 16,560 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENTProperty and equipment amounted to $14.1 million and $13.0 million as of September 30, 2021 and December 31, 2020, respectively, net of $13.6 million and $10.9 million of accumulated depreciation, respectively. During the three months ended September 30, 2021, the Company wrote-off $1.0 million in software development expenditures, which is included in other selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income. |
WIRE TRANSFERS AND MONEY ORDERS
WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET | WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET Wire transfers and money orders payable, net consisted of the following (in thousands): September 30, 2021 December 31, 2020 Wire transfers payable, net $ 26,962 $ 11,806 Customer voided wires payable 15,606 13,374 Money orders payable 16,952 16,566 $ 59,520 $ 41,746 Customer voided wires payable consist primarily of wire transfers that were not completed because the recipient did not collect the funds within 30 days and the sender has not claimed the funds and, therefore, are considered unclaimed property. Unclaimed property laws of each state in the United States in which we operate, the District of Columbia, and Puerto Rico require us to track certain information for all of our money remittances and payment instruments and, if the funds underlying such remittances and instruments are unclaimed at the end of an applicable statutory abandonment period, require us to remit the proceeds of the unclaimed property to the appropriate jurisdiction. Applicable statutory abandonment periods range from three to seven years. |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED AND OTHER LIABILITIES | ACCRUED AND OTHER LIABILITIES Accrued and other liabilities consisted of the following (in thousands): September 30, 2021 December 31, 2020 Commissions payable to sending agents $ 15,048 $ 12,500 Accrued salaries and benefits 3,674 2,957 Accrued bank charges 1,410 1,170 Accrued legal fees 65 75 Accrued other professional fees 1,244 826 Accrued taxes 1,199 1,276 Deferred revenue loyalty program 3,181 2,750 Other 1,287 826 $ 27,108 $ 22,380 The following table shows the changes in the deferred revenue loyalty program liability (in thousands): Balance, December 31, 2020 $ 2,750 Revenue deferred during the period 1,657 Revenue recognized during the period (1,226) Balance, September 30, 2021 $ 3,181 |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt consisted of the following (in thousands): September 30, 2021 December 31, 2020 Term loan facility $ 86,406 $ 89,383 86,406 89,383 Less: Current portion of long-term debt (1) (3,882) (7,044) Less: Debt origination costs (2,343) (1,760) $ 80,181 $ 80,579 (1) Current portion of long-term debt is net of debt origination costs of approximately $0.5 million and $0.6 million at September 30, 2021 and December 31, 2020, respectively. The Company and certain of its domestic subsidiaries as borrowers and the other guarantors from time to time party thereto (collectively, the “Loan Parties”) entered into a financing agreement with a group of banking institutions, dated November 7, 2018 and further amended on December 7, 2018 (the “Original Credit Agreement”). The Original Credit Agreement provided for a $35.0 million revolving credit facility, a $90.0 million term loan facility and an up to $30.0 million incremental facility of which $12.0 million was utilized in 2019 for the term loan facility and $10.0 million was utilized in May of 2021 for the revolving credit facility (see below). The Original Credit Agreement also provided for the issuance of letters of credit, which would reduce availability under the revolving credit facility. The maturity date of the Original Credit Agreement was November 7, 2023. Effective as of May 12, 2021, the Company amended the Original Credit Agreement by entering into Increase Joinder No. 2 (the “Joinder No. 2”) to the Original Credit Agreement, which was accounted for as a debt modification, under which the revolving line of credit commitment under the Original Credit Agreement was increased by $10.0 million to an aggregate of $45.0 million. The Joinder No. 2 did not have any impact to any of the terms of the term loan facility under the Original Credit Agreement. The Company incurred debt origination costs of $76.8 thousand in the second quarter of 2021 which were capitalized and will be amortized over the remaining life of the revolving line of credit facility, as described below, using the straight-line method, as it is not significantly different than the effective interest method. On June 24, 2021, the Loan Parties entered into an Amended and Restated Credit Agreement (the “A&R Credit Agreement”) with a group of banking institutions. The A&R Credit Agreement amended and restated in its entirety the Original Credit Agreement. The A&R Credit Agreement provides for a $150.0 million revolving credit facility, an $87.5 million term loan facility and an uncommitted incremental facility, which may be utilized for additional revolving or term loans, of up to $70.0 million. The A&R Credit Agreement also provides for the issuance of letters of credit, which would reduce availability under the revolving credit facility. The proceeds of the term loan were used to refinance the $87.5 million principal amount of the existing term loan facility under the Original Credit Agreement, and the revolving credit facility is available for working capital, general corporate purposes and to pay fees and expenses in connection with this transaction. The maturity date of the A&R Credit Agreement is June 24, 2026. This refinancing was accounted for as a debt modification. The balance of the unamortized debt origination costs of $1.8 million under the Original Credit Agreement, the origination costs paid to the Loan Parties of $1.0 million in connection with the term loan facility of the A&R Credit Agreement and debt origination costs paid to the Loan Parties and third-party costs of $1.8 million incurred in connection with the revolving credit facility of the A&R Credit Agreement will be associated with the new arrangement, and therefore, they will be amortized over the remaining life of the A&R Credit Agreement using the straight-line method, as it is not significantly different than the effective interest method. Debt origination costs paid to third parties related to a portion of the term loan facility in connection with the A&R Credit Agreement were expensed as incurred during the second quarter of 2021. At the election of the Company, interest on the term loan facility and revolving credit facility under the A&R Credit Agreement is determined by reference to either LIBOR (subject to replacement) or a “base rate”, in each case plus an applicable margin ranging between 2.50% and 3.00% per annum for LIBOR loans and between 1.50% and 2.00% per annum for base rate loans depending on the level of our consolidated leverage ratio, as calculated pursuant to the terms of the A&R Credit Agreement. The Company is also required to pay a fee on the unused portion of the revolving credit facility equal to 0.35% per annum. The effective interest rates for the nine months ended September 30, 2021 for the term loan facility and revolving credit facility, which substantially related to the Original Credit Agreement, were 4.58% and 0.82%, respectively. Interest is payable (x)(i) generally on the last day of each interest period selected for LIBOR loans, but in any event, not less frequently than every three months, and (ii) on the last business day of each quarter for base rate loans and (y) at final maturity. The principal amount of the term loan facility under the A&R Credit Agreement must be repaid in consecutive quarterly installments of 5.0% in years 1 and 2, 7.5% in year 3, and 10.0% in years 4 and 5, in each case on the last day of each quarter, commencing in September 2021 with a final balloon payment at maturity. The term loans under the A&R Credit Agreement may be prepaid at any time without premium or penalty. Revolving loans may be borrowed, repaid and reborrowed from time to time in accordance with the terms and conditions of the A&R Credit Agreement. The Company is also required to repay the loans upon receipt of net proceeds from certain casualty events, upon the disposition of certain property and upon incurrence of indebtedness not permitted by the A&R Credit Agreement. In addition, the Company is required to make mandatory prepayments annually from excess cash flow if the Company’s consolidated leverage ratio (as calculated under the A&R Credit Agreement) is greater than or equal to 3.0, and the remainder of any such excess cash flow is contributed to the available amount which may be used for a variety of purposes, including investments and distributions. The A&R Credit Agreement contains financial covenants that require the Company to maintain a quarterly minimum fixed charge coverage ratio of 1.25:1.00 and a quarterly maximum consolidated leverage ratio of 3.25:1.00. The A&R Credit Agreement also contains covenants that limit the Company’s and its subsidiaries’ ability to, among other things, grant liens, incur additional indebtedness, make acquisitions or investments, dispose of certain assets, change the nature of their businesses, enter into certain transactions with affiliates or amend the terms of material indebtedness. In addition, the A&R Credit Agreement generally restricts the payment of dividends or cash distributions by the Company with certain exceptions, including the following: i) to repurchase the Company’s common stock from current or former employees in an aggregate amount of up to $10.0 million per calendar year, and ii) other restricted payments in an aggregate amount not to exceed $40.0 million plus the Available Amount (as defined in the A&R Credit Agreement). The obligations under the A&R Credit Agreement are guaranteed by the Company and certain domestic subsidiaries of the Company and secured by liens on substantially all of the assets of the Loan Parties, subject to certain exclusions and limitations. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company determines fair value in accordance with the provisions of FASB guidance, Fair Value Measurements and Disclosures , which defines fair value as an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-level fair value hierarchy that prioritizes the inputs used to measure fair value was established. There are three levels of inputs used to measure fair value and for disclosure purposes. Level 1 relates to quoted market prices for identical assets or liabilities in active markets. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s non-financial assets measured at fair value on a nonrecurring basis include goodwill and intangibles assets. The determination of our intangible fair values includes several assumptions and inputs (Level 3) that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. All other financial assets and liabilities are carried at amortized cost. The Company’s cash balances are representative of their fair values as these balances are comprised of deposits available on demand. The carrying amounts of accounts receivable, prepaid wires, accounts payable and wire transfers and money orders payable are representative of their fair values because of the short turnover of these instruments. The Company’s financial liabilities include its revolving credit facility and term loan facility. The fair value of the term loan facility, which approximates book value, is estimated by discounting the future cash flows using a current market interest rate. The estimated fair value of the revolving credit facility would approximate face value given the payment schedule and interest rate structure, which approximates current market interest rates. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION International Money Express, Inc. Omnibus Equity Compensation Plans On June 26, 2020, at the 2020 Annual Meeting of Stockholders, the Company’s stockholders approved the International Money Express, Inc. 2020 Omnibus Equity Compensation Plan (the “2020 Plan”), which provides for the granting of stock-based incentive awards, including stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance stock units (“PSUs”) to employees and independent directors of the Company. There are 3.4 million shares of the Company’s common stock available for issuance under the 2020 Plan, including 0.4 million shares that were available for grant under the International Money Express, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan” and together with the 2020 Plan, the “Plans”). As of September 30, 2021, 3.6 million shares remained available for future awards under the 2020 Plan. The 2018 Plan was terminated effective June 26, 2020. Stock Options The value of each option grant is estimated on the grant date using the Black-Scholes option pricing model (“BSM”). The option pricing model requires the input of highly subjective assumptions, including the grant date fair value of our common stock, expected volatility, risk-free interest rates, expected term and expected dividend yield. To determine the grant date fair value of the Company’s common stock, we use the closing market price of our common stock at the grant date. We also use an expected volatility based on the historical volatility of the Company’s common stock and the “simplified” method for calculating the expected life of our stock options as the options are “plain vanilla” and we do not have any significant historical post-vesting activity. We have elected to account for forfeitures as they occur. The risk-free interest rates are obtained from publicly available U.S. Treasury yield curve rates. Share-based compensation is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The stock options issued under the Plans have 10-year terms and generally vest in four equal annual installments beginning one year after the date of the grant. The Company recognized compensation expense for stock options of approximately $0.5 million and $0.7 million for the three months ended September 30, 2021 and 2020, respectively, and $1.8 million and $1.9 million for the nine months ended September 30, 2021 and 2020, respectively, which are included in salaries and benefits in the condensed consolidated statements of operations and comprehensive income. As of September 30, 2021, unrecognized compensation expense related to stock options of approximately $3.5 million is expected to be recognized over a weighted-average period of 1.5 years. A summary of the stock option activity under the Plans during the nine months ended September 30, 2021 is presented below: Number of Weighted-Average Weighted-Average Weighted-Average Outstanding at December 31, 2020 2,714,902 $ 10.97 8.19 $ 4.03 Granted — $ — $ — Exercised (621,082) $ 9.93 $ 3.55 Forfeited (120,125) $ 12.67 $ 5.95 Outstanding at September 30, 2021 1,973,695 $ 11.19 7.34 $ 4.14 Exercisable at September 30, 2021 1,111,094 $ 10.64 7.09 $ 3.76 Restricted Stock Units and Share Awards The RSUs granted under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date of the grant, while RSUs issued to the Company’s independent directors vest on the one income. As of September 30, 2021, unrecognized compensation expense related to RSUs of approximately $3.0 million is expected to be recognized over a weighted-average period of 2.0 years. A summary of the RSU activity during the nine months ended September 30, 2021 is presented below: Number of RSUs Weighted-Average Nonvested at December 31, 2020 40,881 $ 13.38 Granted 281,602 $ 14.98 Vested (33,381) $ 13.13 Forfeited (43,554) $ 14.81 Nonvested at September 30, 2021 245,548 $ 14.99 Under the 2020 Plan and effective October 1, 2020, the Lead Independent Director and Chairs of the Committees of the Board of Directors are granted, in aggregate, $64.0 thousand in awards of fully vested shares of the Company’s common stock, payable on a quarterly basis at the end of each quarter in payment of fees earned in such capacities. During the three and nine months ended September 30, 2021, 1,078 and 3,174 fully vested shares were granted to the Lead Independent Director and Chairs of the Committees of the Board of Directors resulting in compensation expense of $16.0 thousand and $48.0 thousand, respectively, recorded in the condensed consolidated statements of operations and comprehensive income. Restricted Stock Awards The RSAs issued under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date of grant. The Company recognized compensation expense for RSAs granted of $78.8 thousand and $179.8 thousand for the three and nine months ended September 30, 2021, respectively, which are included in salaries and benefits in the condensed consolidated statements of operations and comprehensive income. No compensation expense was recognized for the three and nine months ended September 30, 2020. As of September 30, 2021, there was $1.1 million of unrecognized compensation expense related to RSAs, which is expected to be recognized over a weighted-average period of 2.2 years. A summary of the RSA activity during the nine months ended September 30, 2021 is presented below: Number of RSAs Weighted-Average Nonvested at December 31, 2020 — $ — Granted 88,215 $ 14.17 Vested — $ — Forfeited — $ — Nonvested at September 30, 2021 88,215 $ 14.17 Performance Stock Units PSUs granted to the Company’s employees generally vest subject to attainment of performance criteria during the service period established by the Compensation Committee. Each PSU represents the right to receive one share of common stock, and the actual number of shares issuable upon vesting is determined based upon performance compared to financial performance targets. The PSUs vest based on the achievement of certain revenue parameters for a period of two years combined with a service period of three years. Compensation cost is recognized over the requisite service period when it is probable that the performance condition will be satisfied. The Company recognized compensation expense for PSUs of $0.2 million and $0.5 million for the three and nine months ended September 30, 2021, which are included in salaries and benefits in the condensed consolidated statements of operations and comprehensive income. There was no compensation expense recognized for the three and nine months ended September 30, 2020. As of September 30, 2021, there was $1.9 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted-average period of 2.3 years. A summary of the PSU activity during the nine months ended September 30, 2021 is presented below: Number of PSUs Weighted-Average Weighted-Average Nonvested at December 31, 2020 — — $ — Granted 171,500 $ 14.17 Vested — $ — Forfeited — $ — Nonvested at September 30, 2021 171,500 9.42 $ 14.17 |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
EQUITY | EQUITY In August 2021, the Company's Board of Directors approved a stock repurchase program (the “Repurchase Program”) that authorizes the Company to purchase up to $40.0 million of outstanding shares of the Company’s common stock. Under the Repurchase Program, the Company is authorized to repurchase shares from time to time in accordance with applicable laws, both on the open market and in privately negotiated transactions and may include the use of derivative contracts or structured share repurchase agreements. The timing and amount of repurchases depends on several factors, including market and business conditions, the trading price of the Company’s common stock and the nature of other investment opportunities. The Repurchase Program may be limited, suspended or discontinued at any time without prior notice. The program does not have an expiration date. Under the terms of the A&R Credit Agreement, the Company has restrictions that limit the maximum amount of repurchases to (i) $40.0 million in the aggregate (plus the Available Amount as defined in the A&R Credit Agreement) and (ii) $10.0 million annually for shares held by any current or former officer, director, employee or consultant (or any spouses, ex-spouses or estates of the foregoing) of the Company or its subsidiaries. The Company accounts for purchases of treasury stock under the cost method. Any direct costs incurred to acquire treasury stock are considered stock issue costs and added to the cost of the treasury stock. During the three and nine months ended September 30, 2021, the Company purchased 70,440 shares for an aggregate purchase price totaling $1.2 million. As of September 30, 2021, the remaining amount available for future share repurchases under the Repurchase Program was $38.8 million. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is calculated by dividing net income for the year by the weighted average number of common shares outstanding for the period. In computing dilutive earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including common stock options, RSUs, RSAs and PSUs. Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income for basic and diluted earnings per common share $ 11,507 $ 9,498 $ 33,711 $ 24,164 Shares: Weighted-average common shares outstanding – basic 38,647,931 38,050,610 38,441,767 38,040,339 Effect of dilutive securities: RSUs 66,964 12,721 44,843 9,570 Stock options 539,111 589,376 548,371 196,520 RSAs 25,199 — 11,336 — PSUs 56,846 — 25,305 — Weighted-average common shares outstanding – diluted 39,336,051 38,652,707 39,071,622 38,246,429 Earnings per common share – basic $ 0.30 $ 0.25 $ 0.88 $ 0.64 Earnings per common share – diluted $ 0.29 $ 0.25 $ 0.86 $ 0.63 As of September 30, 2021, there were 0.4 million options excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive. As of September 30, 2020, there were 0.7 million options excluded from the diluted earnings per share calculation because, under the treasury stock method, the inclusion of these would be anti-dilutive. As discussed in Note 12, during the third quarter of 2021 the Company’s Board of Directors authorized the Repurchase Program, under which the Company repurchased 70,440 shares of treasury stock for $1.2 million in the three and nine months ended September 30, 2021. The effect of these repurchases on the Company’s weighted average shares outstanding for the three and nine months ended September 30, 2021 was a reduction of 14,578 shares and 4,913 shares, respectively, due to the timing of the repurchases. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES A reconciliation between the income tax provision at the U.S. statutory tax rate and the Company’s income tax provision on the condensed consolidated statements of operations and comprehensive income is below (in thousands, except for tax rates): Three Months Ended Nine Months Ended September 30, 2021 2020 2021 2020 Income before income taxes $ 15,136 $ 13,042 $ 45,316 $ 33,053 U.S statutory tax rate 21 % 21 % 21 % 21 % Income tax expense at statutory rate 3,179 2,739 9,516 6,941 State tax expense, net of federal 736 745 2,409 1,803 Foreign tax rates different from U.S. statutory rate 8 19 48 78 Non-deductible expenses 74 92 210 114 Credits — (7) — (10) Other (368) (44) (578) (37) Total tax provision $ 3,629 $ 3,544 $ 11,605 $ 8,889 Effective income tax rates for interim periods are based upon our current estimated annual rate. The Company’s effective income tax rate varies based upon an estimate of taxable earnings as well as on the mix of taxable earnings in the various states and countries in which we operate. Changes in the annual allocation and apportionment of the Company’s activity among these jurisdictions results in changes to the effective rate utilized to measure the Company’s deferred tax assets and liabilities. As presented in the income tax reconciliation above, the tax provision recognized on the condensed consolidated statements of operations and comprehensive income was affected by state taxes, non-deductible expenses, share-based compensation expense and foreign tax rates applicable to the Company’s foreign subsidiaries that are higher or lower than the U.S. statutory rate. On March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the United States economy and fund a nationwide effort to curtail the effects of COVID-19. The CARES Act provides various tax law changes in response to the COVID-19 pandemic, including increasing the ability to deduct interest expense, providing for deferral on tax deposits, and amending certain provisions of the previously enacted Tax Cuts and Jobs Act. After considering the provisions of the CARES Act, the Company determined that the CARES Act did not have a material effect on its annual effective tax rate and the income tax provision for the three and nine months ended on September 30, 2021 or 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Leases The Company is a party to leases for office space, warehouses and Company-operated store locations. Rent expense under all operating leases, included in other selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income, amounted to approximately $0.6 million for both the three months ended September 30, 2021 and 2020, and $1.8 million and $1.6 million for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021, future minimum rental payments required under operating leases for the remainder of 2021 and thereafter are as follows (in thousands): 2021 $ 441 2022 1,519 2023 1,123 2024 937 2025 783 Thereafter 29 $ 4,832 Contingencies and Legal Proceedings The Company is subject to legal proceedings and claims that have arisen in the ordinary course of its business and have not been finally adjudicated. Although there can be no assurance as to the ultimate disposition of these matters, it is the opinion of the Company’s management, based upon the information available at this time and the stage of the proceedings, that it is not possible to determine the probability of loss or estimate of damages, and therefore, the Company has not established a reserve for any of these proceedings. The Company operates in all 50 states in the United States, two U.S. territories and three other countries. Money transmitters and their agents are under regulation by state and federal laws. Violations may result in civil or criminal penalties or a prohibition from providing money transfer services in a particular jurisdiction. It is the opinion of the Company’s management, based on information available at this time, that the expected outcome of regulatory examinations will not have a material adverse effect on either the results of operations or financial condition of the Company. Regulatory Requirements Pursuant to applicable licensing laws, certain domestic subsidiaries of the Company are required to maintain minimum tangible net worth and liquid assets (eligible securities) to cover the amount outstanding of wire transfers and money orders payable. As of September 30, 2021, the Company’s subsidiaries were in compliance with these two requirements. |
BUSINESS AND ACCOUNTING POLIC_2
BUSINESS AND ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All significant inter-company balances and transactions have been eliminated from the condensed consolidated financial statements. The Company’s interim condensed consolidated financial statements and related notes are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim condensed consolidated financial statements have been included. The results reported in these interim condensed consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year. Certain information and footnote disclosures required by GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Accounting Pronouncements | Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued amended guidance, Intangibles – Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment . The amended standard simplifies how an entity tests goodwill by eliminating Step 2 of the goodwill impairment test related to measuring an impairment charge. Instead, impairment will be recorded for the amount that the carrying amount of a reporting unit exceeds its fair value. This guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements. The FASB issued amended guidance, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The amended standard requires implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement if those costs would be capitalized by the customers in a software licensing arrangement. This guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements. The FASB issued guidance, Simplifying the Accounting for Income Taxes (Topic 740) , which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This guidance was adopted by the Company on January 1, 2021. The adoption of this guidance did not have a material impact on the condensed consolidated financial statements. The FASB issued guidance, Leases (Topic 842) , to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The guidance requires that a lessee recognizes a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. This guidance is required to be adopted by the Company on January 1, 2022 using the modified retrospective approach. The Company is currently evaluating the impact this guidance will have on the condensed consolidated financial statements. The FASB issued guidance, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , regarding the measurement of credit losses for certain financial instruments. The new standard replaces the incurred loss model with a current expected credit loss (“CECL”) model. The CECL model is based on historical experience, adjusted for current conditions and reasonable and supportable forecasts. The Company is required to adopt the new guidance on January 1, 2023. The Company is currently evaluating the impact this guidance will have on the condensed consolidated financial statements. The FASB issued guidance, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates (“IBORs”) and, particularly, the risk of cessation of the LIBOR, regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. This accounting standards update provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This new guidance may be adopted by the Company no later than December 1, 2022, with early adoption permitted. The potential adoption of this guidance is not expected to have a material impact on the condensed consolidated financial statements. |
Fair Value Measurements | The Company’s non-financial assets measured at fair value on a nonrecurring basis include goodwill and intangibles assets. The determination of our intangible fair values includes several assumptions and inputs (Level 3) that are subject to various risks and uncertainties. Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. All other financial assets and liabilities are carried at amortized cost. The Company’s cash balances are representative of their fair values as these balances are comprised of deposits available on demand. The carrying amounts of accounts receivable, prepaid wires, accounts payable and wire transfers and money orders payable are representative of their fair values because of the short turnover of these instruments. The Company’s financial liabilities include its revolving credit facility and term loan facility. The fair value of the term loan facility, which approximates book value, is estimated by discounting the future cash flows using a current market interest rate. The estimated fair value of the revolving credit facility would approximate face value given the payment schedule and interest rate structure, which approximates current market interest rates. |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | The Company recognized revenues from contracts with customers for the three and nine months ended September 30, 2021 and 2020, as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Wire transfer and money order fees $ 104,543 $ 82,890 $ 285,430 $ 223,171 Discounts and promotions (352) (244) (1,021) (637) Wire transfer and money order fees, net 104,191 82,646 284,409 222,534 Foreign exchange gain, net 15,643 12,296 45,347 33,510 Other income 873 652 2,275 1,863 Total revenues $ 120,707 $ 95,594 $ 332,031 $ 257,907 |
ACCOUNTS RECEIVABLE AND NOTES_2
ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Accounts Receivable, Allowance for Credit Loss | Accounts receivable represents outstanding balances from sending agents for pending wire transfers or money orders from our customers. The outstanding balance of accounts receivable, net of allowance for credit losses, consists of the following (in thousands): September 30, 2021 December 31, 2020 Accounts receivable $ 99,562 $ 56,520 Allowance for credit losses (2,156) (1,503) Accounts receivable, net $ 97,406 $ 55,017 The changes in the allowance for credit losses related to accounts receivable and notes receivable are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Beginning balance $ 2,028 $ 1,350 $ 2,042 $ 1,236 Provision 342 320 1,009 1,421 Charge-offs (361) (120) (1,249) (1,338) Recoveries 197 154 404 385 Ending Balance $ 2,206 $ 1,704 $ 2,206 $ 1,704 The allowance for credit losses allocated by financial instrument category is as follows (in thousands): September 30, 2021 December 31, 2020 Accounts receivable $ 2,156 $ 1,503 Notes receivable 50 539 Allowance for credit losses $ 2,206 $ 2,042 Change in Accounting Estimate to Calculate the Allowance for Credit Losses Accounts receivable and notes receivable are recorded at their net realizable value, which is net of an allowance for credit losses. The current accounting policy for the allowance for credit losses considers a number of factors, predominantly collection experience and historical net loss rates, but also other qualitative considerations. In the third quarter of 2021, the Company modified its estimate of the allowance for credit losses and made refinements to the related calculation methodology of net historical loss rates for the different pools of accounts and notes receivable grouped based on similar characteristics. |
Notes Receivable, Net of Allowance for Credit Loss | The Company had notes receivable, net of allowance for credit losses, from sending agents as follows (in thousands): September 30, 2021 December 31, 2020 Notes receivable, current $ 685 $ 710 Allowance for credit losses (17) (244) Net current $ 668 $ 466 Notes receivable, long-term $ 982 $ 816 Allowance for credit losses (33) (295) Net long-term $ 949 $ 521 |
Maturities of Notes Receivable | The maturities of notes receivable at September 30, 2021 are as follows (in thousands): Unpaid Principal Under 1 year $ 685 Between 1 and 2 years 982 Total $ 1,667 |
PREPAID EXPENSES AND OTHER AS_2
PREPAID EXPENSES AND OTHER ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Prepaid Expense and Other Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): September 30, 2021 December 31, 2020 Prepaid insurance $ 1,040 $ 465 Prepaid fees and services 1,201 1,452 Notes receivable, net of allowance 668 466 Assets pending settlement 400 218 Prepaid income taxes 1,756 103 Prepaid expenses and current assets - other 1,304 817 $ 6,369 $ 3,521 |
Schedule of Other Assets | Other assets consisted of the following (in thousands): September 30, 2021 December 31, 2020 Revolving line origination fees $ 2,108 $ 423 Agent incentives advances 980 1,110 Notes receivable, net of allowance 949 521 Funds held by seized banking entities 3,239 130 Other assets 697 852 $ 7,973 $ 3,036 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill and Intangible Assets | The following table presents the changes in goodwill and intangible assets (in thousands): Goodwill Intangibles Balance at December 31, 2020 $ 36,260 $ 20,430 Amortization expense — (3,870) Balance at September 30, 2021 $ 36,260 $ 16,560 |
Amortization Expense Related to Intangible Assets | Amortization expense related to intangible assets for the next five years and thereafter is as follows (in thousands): 2021 $ 1,291 2022 3,997 2023 2,989 2024 2,270 2025 1,717 Thereafter 4,296 $ 16,560 |
WIRE TRANSFERS AND MONEY ORDE_2
WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Wire Transfer and Money Orders Payable | Wire transfers and money orders payable, net consisted of the following (in thousands): September 30, 2021 December 31, 2020 Wire transfers payable, net $ 26,962 $ 11,806 Customer voided wires payable 15,606 13,374 Money orders payable 16,952 16,566 $ 59,520 $ 41,746 |
ACCRUED AND OTHER LIABILITIES (
ACCRUED AND OTHER LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | Accrued and other liabilities consisted of the following (in thousands): September 30, 2021 December 31, 2020 Commissions payable to sending agents $ 15,048 $ 12,500 Accrued salaries and benefits 3,674 2,957 Accrued bank charges 1,410 1,170 Accrued legal fees 65 75 Accrued other professional fees 1,244 826 Accrued taxes 1,199 1,276 Deferred revenue loyalty program 3,181 2,750 Other 1,287 826 $ 27,108 $ 22,380 |
Changes in Deferred Revenue Loyalty Program Liability | The following table shows the changes in the deferred revenue loyalty program liability (in thousands): Balance, December 31, 2020 $ 2,750 Revenue deferred during the period 1,657 Revenue recognized during the period (1,226) Balance, September 30, 2021 $ 3,181 |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt consisted of the following (in thousands): September 30, 2021 December 31, 2020 Term loan facility $ 86,406 $ 89,383 86,406 89,383 Less: Current portion of long-term debt (1) (3,882) (7,044) Less: Debt origination costs (2,343) (1,760) $ 80,181 $ 80,579 (1) Current portion of long-term debt is net of debt origination costs of approximately $0.5 million and $0.6 million at September 30, 2021 and December 31, 2020, respectively. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Activity | A summary of the stock option activity under the Plans during the nine months ended September 30, 2021 is presented below: Number of Weighted-Average Weighted-Average Weighted-Average Outstanding at December 31, 2020 2,714,902 $ 10.97 8.19 $ 4.03 Granted — $ — $ — Exercised (621,082) $ 9.93 $ 3.55 Forfeited (120,125) $ 12.67 $ 5.95 Outstanding at September 30, 2021 1,973,695 $ 11.19 7.34 $ 4.14 Exercisable at September 30, 2021 1,111,094 $ 10.64 7.09 $ 3.76 |
RSU Activity | A summary of the RSU activity during the nine months ended September 30, 2021 is presented below: Number of RSUs Weighted-Average Nonvested at December 31, 2020 40,881 $ 13.38 Granted 281,602 $ 14.98 Vested (33,381) $ 13.13 Forfeited (43,554) $ 14.81 Nonvested at September 30, 2021 245,548 $ 14.99 |
RSA Activity | A summary of the RSA activity during the nine months ended September 30, 2021 is presented below: Number of RSAs Weighted-Average Nonvested at December 31, 2020 — $ — Granted 88,215 $ 14.17 Vested — $ — Forfeited — $ — Nonvested at September 30, 2021 88,215 $ 14.17 |
PSU Activity | A summary of the PSU activity during the nine months ended September 30, 2021 is presented below: Number of PSUs Weighted-Average Weighted-Average Nonvested at December 31, 2020 — — $ — Granted 171,500 $ 14.17 Vested — $ — Forfeited — $ — Nonvested at September 30, 2021 171,500 9.42 $ 14.17 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss per Share | Below are basic and diluted earnings per share for the periods indicated (in thousands, except for share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income for basic and diluted earnings per common share $ 11,507 $ 9,498 $ 33,711 $ 24,164 Shares: Weighted-average common shares outstanding – basic 38,647,931 38,050,610 38,441,767 38,040,339 Effect of dilutive securities: RSUs 66,964 12,721 44,843 9,570 Stock options 539,111 589,376 548,371 196,520 RSAs 25,199 — 11,336 — PSUs 56,846 — 25,305 — Weighted-average common shares outstanding – diluted 39,336,051 38,652,707 39,071,622 38,246,429 Earnings per common share – basic $ 0.30 $ 0.25 $ 0.88 $ 0.64 Earnings per common share – diluted $ 0.29 $ 0.25 $ 0.86 $ 0.63 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Tax Provision (Benefit) | A reconciliation between the income tax provision at the U.S. statutory tax rate and the Company’s income tax provision on the condensed consolidated statements of operations and comprehensive income is below (in thousands, except for tax rates): Three Months Ended Nine Months Ended September 30, 2021 2020 2021 2020 Income before income taxes $ 15,136 $ 13,042 $ 45,316 $ 33,053 U.S statutory tax rate 21 % 21 % 21 % 21 % Income tax expense at statutory rate 3,179 2,739 9,516 6,941 State tax expense, net of federal 736 745 2,409 1,803 Foreign tax rates different from U.S. statutory rate 8 19 48 78 Non-deductible expenses 74 92 210 114 Credits — (7) — (10) Other (368) (44) (578) (37) Total tax provision $ 3,629 $ 3,544 $ 11,605 $ 8,889 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments | At September 30, 2021, future minimum rental payments required under operating leases for the remainder of 2021 and thereafter are as follows (in thousands): 2021 $ 441 2022 1,519 2023 1,123 2024 937 2025 783 Thereafter 29 $ 4,832 |
BUSINESS AND ACCOUNTING POLIC_3
BUSINESS AND ACCOUNTING POLICIES (Details) | 9 Months Ended |
Sep. 30, 2021store | |
Noncontrolling Interest [Line Items] | |
Number of company owned stores | 34 |
Intermex Guatemala | |
Noncontrolling Interest [Line Items] | |
Ownership percentage | 100.00% |
Intermex Mexico | |
Noncontrolling Interest [Line Items] | |
Ownership percentage | 98.00% |
Intermex Wire Transfer Corp | |
Noncontrolling Interest [Line Items] | |
Ownership percentage | 100.00% |
Intermex Wire Transfer II, LLC | |
Noncontrolling Interest [Line Items] | |
Ownership percentage | 100.00% |
Canada International Transfers Corp | |
Noncontrolling Interest [Line Items] | |
Ownership percentage | 100.00% |
REVENUES, Revenues from Contrac
REVENUES, Revenues from Contract with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Wire transfer and money order fees | $ 104,543 | $ 82,890 | $ 285,430 | $ 223,171 |
Discounts and promotions | (352) | (244) | (1,021) | (637) |
Revenues | 120,707 | 95,594 | 332,031 | 257,907 |
Wire transfer and money order fees, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 104,191 | 82,646 | 284,409 | 222,534 |
Foreign exchange gain, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 15,643 | 12,296 | 45,347 | 33,510 |
Other income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 873 | $ 652 | $ 2,275 | $ 1,863 |
REVENUES, Narrative (Details)
REVENUES, Narrative (Details) | 9 Months Ended |
Sep. 30, 2021obligationpoint | |
Revenue from Contract with Customer [Abstract] | |
Point earned for each wire transfer processed | point | 1 |
Point expiration period for non completion of wire transfer transaction | 180 days |
Point expiration period after end of program | 30 days |
Number of performance obligation | obligation | 1 |
ACCOUNTS RECEIVABLE AND NOTES_3
ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Accounts Receivable Outstanding Balance (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Accounts receivable | $ 99,562 | $ 56,520 |
Allowance for credit losses | (2,156) | (1,503) |
Accounts receivable, net | $ 97,406 | $ 55,017 |
ACCOUNTS RECEIVABLE AND NOTES_4
ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Notes Receivable, Net of Allowance for Credit Loss (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Notes receivable, current | $ 685 | $ 710 |
Allowance for credit losses | (17) | (244) |
Net current | 668 | 466 |
Notes receivable, long-term | 982 | 816 |
Allowance for credit losses | (33) | (295) |
Net long-term | $ 949 | $ 521 |
ACCOUNTS RECEIVABLE AND NOTES_5
ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes collateralized | $ 1.7 | $ 1.5 |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest rate on notes receivable | 0.00% | |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest rate on notes receivable | 16.00% |
ACCOUNTS RECEIVABLE AND NOTES_6
ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Maturities of Notes Receivable (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Receivables [Abstract] | |
Under 1 year | $ 685 |
Between 1 and 2 years | 982 |
Total | $ 1,667 |
ACCOUNTS RECEIVABLE AND NOTES_7
ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Changes in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 2,028 | $ 1,350 | $ 2,042 | $ 1,236 |
Provision | 342 | 320 | 1,009 | 1,421 |
Charge-offs | (361) | (120) | (1,249) | (1,338) |
Recoveries | 197 | 154 | 404 | 385 |
Ending Balance | $ 2,206 | $ 1,704 | $ 2,206 | $ 1,704 |
ACCOUNTS RECEIVABLE AND NOTES_8
ACCOUNTS RECEIVABLE AND NOTES RECEIVABLE, NET OF ALLOWANCE - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||||||
Accounts receivable | $ 2,156 | $ 1,503 | ||||
Notes receivable | 50 | 539 | ||||
Allowance for credit losses | $ 2,206 | $ 2,028 | $ 2,042 | $ 1,704 | $ 1,350 | $ 1,236 |
PREPAID EXPENSES AND OTHER AS_3
PREPAID EXPENSES AND OTHER ASSETS - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets [Abstract] | ||
Prepaid insurance | $ 1,040 | $ 465 |
Prepaid fees and services | 1,201 | 1,452 |
Notes receivable, net of allowance | 668 | 466 |
Assets pending settlement | 400 | 218 |
Prepaid income taxes | 1,756 | 103 |
Prepaid expenses and current assets - other | 1,304 | 817 |
Prepaid expenses and other assets | $ 6,369 | $ 3,521 |
PREPAID EXPENSES AND OTHER AS_4
PREPAID EXPENSES AND OTHER ASSETS - Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets [Abstract] | ||
Revolving line origination fees | $ 2,108 | $ 423 |
Agent incentives advances | 980 | 1,110 |
Notes receivable, net of allowance | 949 | 521 |
Funds held by seized banking entities | 3,239 | 130 |
Other assets | 697 | 852 |
Other assets | $ 7,973 | $ 3,036 |
PREPAID EXPENSES AND OTHER AS_5
PREPAID EXPENSES AND OTHER ASSETS - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Cash | $ 125,132 | $ 74,907 |
Write off from financial institution closure | 2,000 | |
MEXICO | ||
Cash | $ 5,200 |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, Narrative (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Agent Relationships | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangible assets amortization period, under accelerated method | 15 years |
Trade Names | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangible assets amortization period, under accelerated method | 15 years |
Developed Technology Rights | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangible assets amortization period, under accelerated method | 15 years |
Number of development years for state-of-the-art system | 20 years |
Other Intangible Assets | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangible asset, useful life | 10 years |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, Changes in Goodwill and Intangible Assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill | |
Goodwill, beginning balance | $ 36,260 |
Amortization expense | 0 |
Goodwill, ending balance | 36,260 |
Intangibles | |
Other intangible assets, beginning balance | 20,430 |
Amortization expense | (3,870) |
Other intangible assets, ending balance | $ 16,560 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS, Amortization Expense Related to Intangible Assets (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 1,291 |
2022 | 3,997 |
2023 | 2,989 |
2024 | 2,270 |
2025 | 1,717 |
Thereafter | 4,296 |
Net amortizable intangible assets | $ 16,560 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Property and equipment, net | $ 14,051 | $ 13,021 |
Accumulated depreciation | 13,600 | $ 10,900 |
Impairment of assets | $ 1,000 |
WIRE TRANSFERS AND MONEY ORDE_3
WIRE TRANSFERS AND MONEY ORDERS PAYABLE, NET (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Wire transfers payable, net | $ 26,962 | $ 11,806 |
Customer voided wires payable | 15,606 | 13,374 |
Money orders payable | 16,952 | 16,566 |
Total wire transfers and money orders payable, net | $ 59,520 | $ 41,746 |
ACCRUED AND OTHER LIABILITIES,
ACCRUED AND OTHER LIABILITIES, Accrued and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Commissions payable to sending agents | $ 15,048 | $ 12,500 |
Accrued salaries and benefits | 3,674 | 2,957 |
Accrued bank charges | 1,410 | 1,170 |
Accrued legal fees | 65 | 75 |
Accrued other professional fees | 1,244 | 826 |
Accrued taxes | 1,199 | 1,276 |
Deferred revenue loyalty program | 3,181 | 2,750 |
Other | 1,287 | 826 |
Total accrued and other liabilities | $ 27,108 | $ 22,380 |
ACCRUED AND OTHER LIABILITIES_2
ACCRUED AND OTHER LIABILITIES, Changes in Deferred Revenue Loyalty Program Liability (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Movement in Deferred Revenue [Roll Forward] | |
Beginning balance | $ 2,750 |
Revenue deferred during the period | 1,657 |
Revenue recognized during the period | (1,226) |
Ending balance | $ 3,181 |
DEBT, Schedule of Debt Instrume
DEBT, Schedule of Debt Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 86,406 | $ 89,383 |
Less: Current portion of long-term debt | (3,882) | (7,044) |
Less: Debt origination costs | (2,343) | (1,760) |
Long-term debt, noncurrent | 80,181 | 80,579 |
Debt origination costs, current | 500 | 600 |
Term loan facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 86,406 | $ 89,383 |
DEBT, Narrative (Details)
DEBT, Narrative (Details) - USD ($) | Nov. 07, 2018 | May 31, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2019 | Jun. 24, 2021 | May 12, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||||
Borrowings under term loan facility | $ 40,158,000 | $ 0 | |||||||
Debt origination costs | 2,894,000 | $ 0 | |||||||
Long-term debt, gross | 86,406,000 | $ 89,383,000 | |||||||
Term loan facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, gross | $ 86,406,000 | $ 89,383,000 | |||||||
Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Unused line fee percentage | 0.35% | ||||||||
Credit Agreement | Minimum | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 2.50% | ||||||||
Credit Agreement | Minimum | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 1.50% | ||||||||
Credit Agreement | Maximum | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 3.00% | ||||||||
Credit Agreement | Maximum | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate | 2.00% | ||||||||
Credit Agreement | Term loan facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 90,000,000 | ||||||||
Effective interest rate | 4.58% | ||||||||
Credit Agreement | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 35,000,000 | $ 45,000,000 | |||||||
Debt origination costs | $ 76,800 | ||||||||
Long-term debt, gross | $ 87,500,000 | ||||||||
Unamortized debt origination costs | $ 1,800,000 | ||||||||
Effective interest rate | 0.82% | ||||||||
Debt instrument, covenant, repurchase of common stock threshold | $ 10,000,000 | ||||||||
Debt instrument, covenant, restricted payment threshold | 40,000,000 | ||||||||
Credit Agreement | Incremental Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 30,000,000 | ||||||||
Borrowings under term loan facility | $ 10,000,000 | $ 12,000,000 | |||||||
A&R Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated leverage ratio | 3 | ||||||||
A&R Credit Agreement | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Fixed charge coverage ratio | 1.25 | ||||||||
A&R Credit Agreement | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated leverage ratio | 3.25 | ||||||||
A&R Credit Agreement | Term loan facility | Year 1 | |||||||||
Debt Instrument [Line Items] | |||||||||
Periodic repayment percentage | 5.00% | ||||||||
A&R Credit Agreement | Term loan facility | Year 2 | |||||||||
Debt Instrument [Line Items] | |||||||||
Periodic repayment percentage | 5.00% | ||||||||
A&R Credit Agreement | Term loan facility | Year 3 | |||||||||
Debt Instrument [Line Items] | |||||||||
Periodic repayment percentage | 7.50% | ||||||||
A&R Credit Agreement | Term loan facility | Year 4 | |||||||||
Debt Instrument [Line Items] | |||||||||
Periodic repayment percentage | 10.00% | ||||||||
A&R Credit Agreement | Term loan facility | Year 5 | |||||||||
Debt Instrument [Line Items] | |||||||||
Periodic repayment percentage | 10.00% | ||||||||
A&R Credit Agreement | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 150,000,000 | ||||||||
Debt origination costs | $ 1,800,000 | ||||||||
A&R Credit Agreement | Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 87,500,000 | ||||||||
Debt origination costs | $ 1,000,000 | ||||||||
A&R Credit Agreement | Uncommitted Incremental Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 70,000,000 |
SHARE-BASED COMPENSATION, Narra
SHARE-BASED COMPENSATION, Narrative (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)installmentshares | Sep. 30, 2020USD ($) | Oct. 01, 2020shares | Jun. 26, 2020shares | |
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options term | 10 years | |||||
Number of equal installments for options vesting | installment | 4 | |||||
Award vesting period | 1 year | |||||
Share-based compensation expense | $ 500,000 | $ 700,000 | $ 1,800,000 | $ 1,900,000 | ||
Unrecognized compensation expense | 3,500,000 | $ 3,500,000 | ||||
Weighted-average period for recognition | 1 year 6 months | |||||
RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of equal installments for options vesting | installment | 4 | |||||
Share-based compensation expense | 300,000 | 100,000 | $ 800,000 | 200,000 | ||
Unrecognized compensation expense | 3,000,000 | $ 3,000,000 | ||||
Weighted-average period for recognition | 2 years | |||||
Granted (in shares) | shares | 281,602 | |||||
RSUs | Employees | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 1 year | |||||
RSUs | Independent Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 1 year | |||||
RSAs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of equal installments for options vesting | installment | 4 | |||||
Award vesting period | 1 year | |||||
Share-based compensation expense | 78,800 | 0 | $ 179,800 | 0 | ||
Unrecognized compensation expense | 1,100,000 | $ 1,100,000 | ||||
Weighted-average period for recognition | 2 years 2 months 12 days | |||||
Granted (in shares) | shares | 88,215 | |||||
Phantom Share Units (PSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 2 years | |||||
Share-based compensation expense | 200,000 | $ 0 | $ 500,000 | $ 0 | ||
Unrecognized compensation expense | $ 1,900,000 | $ 1,900,000 | ||||
Weighted-average period for recognition | 2 years 3 months 18 days | |||||
Award service period | 3 years | |||||
the “2020 Plan” | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for grant (in shares) | shares | 3,600,000 | 3,600,000 | 3,400,000 | |||
the “2020 Plan” | Share Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for grant (in shares) | shares | 64,000 | |||||
Share-based compensation expense | $ 16,000 | $ 48,000 | ||||
Granted (in shares) | shares | 1,078 | 3,174 | ||||
the “2018 Plan” | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for grant (in shares) | shares | 400,000 | |||||
the “2018 Plan” | Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Forfeited RSUs (in shares) | shares | 120,125 |
SHARE-BASED COMPENSATION, Stock
SHARE-BASED COMPENSATION, Stock Option Activity (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Weighted-Average Grant Date Fair Value | ||
Exercisable ending balance (in dollars per share) | $ 3.76 | |
Stock options | the “2018 Plan” | ||
Number of Options | ||
Outstanding, beginning balance (in shares) | shares | 2,714,902 | |
Granted (in shares) | shares | 0 | |
Exercised (in shares) | shares | (621,082) | |
Forfeited (in shares) | shares | (120,125) | |
Outstanding, ending balance (in shares) | shares | 1,973,695 | 2,714,902 |
Exercisable, ending balance (in shares) | shares | 1,111,094 | |
Weighted-Average Exercise Price | ||
Outstanding, beginning balance (in dollars per share) | $ 10.97 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 9.93 | |
Forfeited (in dollars per share) | 12.67 | |
Outstanding, ending balance (in dollars per share) | 11.19 | $ 10.97 |
Exercisable, ending balance (in dollars per share) | $ 10.64 | |
Weighted-Average Remaining Contractual Term (Years) | ||
Weighted average remaining contractual term, outstanding | 7 years 4 months 2 days | 8 years 2 months 8 days |
Weighted average remaining contractual term, exercisable | 7 years 1 month 2 days | |
Weighted-Average Grant Date Fair Value | ||
Outstanding beginning balance (in dollars per share) | $ 4.03 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 3.55 | |
Forfeited (in dollars per share) | 5.95 | |
Outstanding ending balance (in dollars per share) | $ 4.14 | $ 4.03 |
SHARE-BASED COMPENSATION, RSU,
SHARE-BASED COMPENSATION, RSU, RSA, and PSU Activity (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
RSUs | |
Number | |
Nonvested at beginning of period (in shares) | shares | 40,881 |
Granted (in shares) | shares | 281,602 |
Vested (in shares) | shares | (33,381) |
Forfeited (in shares) | shares | (43,554) |
Nonvested at end of period (in shares) | shares | 245,548 |
Weighted-Average Grant Price | |
Nonvested at beginning of period (in dollars per share) | $ / shares | $ 13.38 |
Granted (in dollars per share) | $ / shares | 14.98 |
Vested (in dollars per share) | $ / shares | 13.13 |
Forfeited (in dollars per share) | $ / shares | 14.81 |
Nonvested at end of period (in dollars per share) | $ / shares | $ 14.99 |
RSAs | |
Number | |
Nonvested at beginning of period (in shares) | shares | 0 |
Granted (in shares) | shares | 88,215 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Nonvested at end of period (in shares) | shares | 88,215 |
Weighted-Average Grant Price | |
Nonvested at beginning of period (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 14.17 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Nonvested at end of period (in dollars per share) | $ / shares | $ 14.17 |
PSUs | |
Number | |
Nonvested at beginning of period (in shares) | shares | 0 |
Granted (in shares) | shares | 171,500 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Nonvested at end of period (in shares) | shares | 171,500 |
Weighted-Average Grant Price | |
Nonvested at beginning of period (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 14.17 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Nonvested at end of period (in dollars per share) | $ / shares | $ 14.17 |
Weighted-Average Remaining Contractual Term (Years) | 9 years 5 months 1 day |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Aug. 31, 2021 | |
Equity [Abstract] | |||
Stock repurchase program, authorized amount | $ 40,000 | ||
Stock repurchase program, annual authorized amount for related parties | $ 10,000 | ||
Treasury stock repurchased (in shares) | 70,440 | 70,440 | |
Value of treasury stock repurchased | $ 1,205 | $ 1,205 | |
Stock repurchase program, remaining authorized repurchase amount | $ 38,800 | $ 38,800 |
EARNINGS PER SHARE, Basic and D
EARNINGS PER SHARE, Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income for basic and diluted earnings per common share | $ 11,507 | $ 9,498 | $ 33,711 | $ 24,164 |
Shares: | ||||
Weighted-average common shares outstanding - basic (in shares) | 38,647,931 | 38,050,610 | 38,441,767 | 38,040,339 |
Weighted-average common shares outstanding - diluted (in shares) | 39,336,051 | 38,652,707 | 39,071,622 | 38,246,429 |
Earnings per common share – basic (in dollars per share) | $ 0.30 | $ 0.25 | $ 0.88 | $ 0.64 |
Earnings per common share – diluted (in dollars per share) | $ 0.29 | $ 0.25 | $ 0.86 | $ 0.63 |
RSUs | ||||
Shares: | ||||
Effect of dilutive securities (in shares) | 66,964 | 12,721 | 44,843 | 9,570 |
Stock options | ||||
Shares: | ||||
Effect of dilutive securities (in shares) | 539,111 | 589,376 | 548,371 | 196,520 |
RSAs | ||||
Shares: | ||||
Effect of dilutive securities (in shares) | 25,199 | 0 | 11,336 | 0 |
PSUs | ||||
Shares: | ||||
Effect of dilutive securities (in shares) | 56,846 | 0 | 25,305 | 0 |
EARNINGS PER SHARE, Narrative (
EARNINGS PER SHARE, Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Treasury stock repurchased (in shares) | 70,440 | 70,440 | |
Value of treasury stock repurchased | $ 1,205 | $ 1,205 | |
Decrease in weighted average shares outstanding (in shares) | 14,578 | 4,913 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities excluded from computation of diluted loss per share (in shares) | 400,000 | 700,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income before income taxes | $ 15,136 | $ 13,042 | $ 45,316 | $ 33,053 |
U.S statutory tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Income tax expense at statutory rate | $ 3,179 | $ 2,739 | $ 9,516 | $ 6,941 |
State tax expense, net of federal | 736 | 745 | 2,409 | 1,803 |
Foreign tax rates different from U.S. statutory rate | 8 | 19 | 48 | 78 |
Non-deductible expenses | 74 | 92 | 210 | 114 |
Credits | 0 | (7) | 0 | (10) |
Other | (368) | (44) | (578) | (37) |
Total tax provision | $ 3,629 | $ 3,544 | $ 11,605 | $ 8,889 |
COMMITMENTS AND CONTINGENCIES,
COMMITMENTS AND CONTINGENCIES, Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)statecountryterritory | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)statecountryterritory | Sep. 30, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense | $ | $ 0.6 | $ 0.6 | $ 1.8 | $ 1.6 |
Number of states in which entity operates | state | 50 | 50 | ||
Number of territories in which entity operates | territory | 2 | 2 | ||
Number of countries in which entity operates | country | 3 | 3 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES, Future Minimum Rental Payments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 441 |
2022 | 1,519 |
2023 | 1,123 |
2024 | 937 |
2025 | 783 |
Thereafter | 29 |
Total | $ 4,832 |