International Money Express, Inc. (NASDAQ:IMXI) Q4 2023 Earnings Call Transcript

Sam Salvas: Got it. Okay, that’s super helpful. And then just a quick follow-up. Could you guys talk more about some of the momentum you’re seeing in the iTransfer business and any expectations or any goals you guys have for the upcoming year?

Andras Bende: Yeah, I would say that we built a plan that we feel comfortable can be in the mid-teens if we’re operating the business similar to how it’s operating today, but a little bit more efficiently. I think what we’re trying to do is create more of a big bang plan, which if we get off to the right start, we’ll be investing quite a bit in the front end I think in the second half of the year. Italy in particular is a really interesting opportunity. I think structurally, the margins are better in Italy, and I think our penetration there in what’s really big economy shows a lot of opportunity. But we’re doing well in Spain as well. I mean, I think they were — I think they’ve restarted their growth trends in Spain as well. I think that geography is a little bit trickier because the margins aren’t as good. But again, I think that mid-teens is the baseline and only upside from there.

Sam Salvas: Awesome. Thanks, guys. Appreciate it.

Bob Lisy: What I’d add to that is that today we’re generally just in two countries in Europe continent. We have one store in Germany. It’s a huge market opportunity. We think there’s opportunities for us with our European license not only to expand further in Germany in the middle run but also in France. And we’re also looking at opportunities in the UK to get started there. So I think you’ll see us be much more active in Europe. We think Europe is a great opportunity at retail, but because of the nature of the consumer there, we believe that our digital opportunity will catch on even faster because more consumers are already ready to do digital wires. They have bank accounts, they’re paid on the books, on the payroll card. And so we’re looking forward to getting our digital app up and going in Europe and then also our expansion as we grow through other key countries like Germany, France, and ultimately UK.

Sam Salvas: Yeah, makes sense. All right. Thanks, guys.

Operator: [Operator Instructions] Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to the speakers for any closing remarks.

Bob Lisy: Thank you all for tuning in. Look forward to talking to you all soon. Thanks again. Have a great day.

Operator: The conference has now concluded. Thank you for attending to this presentation. You may now disconnect.