International Money Express, Inc.IMXI
International Money Express, Inc. Goodwill & Intangibles Disclosure
GOODWILL AND INTANGIBLE ASSETS
Goodwill consists of the following (in thousands):
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Indefinite life: | |||||||||||
| Goodwill | $ | 53,986 | $ | 55,195 | |||||||
| Total indefinite life | $ | 53,986 | $ | 55,195 | |||||||
Intangible assets consist of the following (in thousands):
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||||||||||||
| Amortizable: | |||||||||||||||||||||||||||||||||||
| Agent relationships | $ | 49,020 | $ | (42,257) | $ | 6,763 | $ | 49,020 | $ | (40,489) | $ | 8,531 | |||||||||||||||||||||||
Trade names | 30,599 | (16,229) | 14,370 | 30,598 | (13,846) | 16,752 | |||||||||||||||||||||||||||||
| Developed technology | 6,600 | (6,422) | 178 | 6,600 | (6,326) | 274 | |||||||||||||||||||||||||||||
| Other intangibles | 5,437 | (1,344) | 4,093 | 2,253 | (963) | 1,290 | |||||||||||||||||||||||||||||
| Net amortizable intangible assets | $ | 91,656 | $ | (66,252) | $ | 25,404 | $ | 88,471 | $ | (61,624) | $ | 26,847 | |||||||||||||||||||||||
Goodwill and the majority of intangible assets on the consolidated balance sheets of the Company were primarily recognized from business acquisition transactions. The fair value measurements were based on significant inputs, such as the Company’s forecasted revenues, assumed turnover of agent locations, obsolescence assumptions for technology, market discount and royalty rates. These inputs are based on information not observable in the market and represent Level 3 measurements within the fair value hierarchy.
Management believes it has made reasonable estimates and judgments concerning these risks and uncertainties. A change in the conditions, circumstances or strategy of the Company may result in a need to recognize an impairment charge. During the fourth quarter of 2025, a foreign subsidiary ceased operations as a money transmitter and is in the process of being liquidated, which resulted in an impairment charge of goodwill related to that investment in an amount of $1.2 million. As a result of the annual impairment test, the Company determined that there was no additional impairment to goodwill as of December 31, 2025. As a result of the annual impairment test, the Company determined that goodwill was not impaired as of December 31, 2024.
The following table presents the changes in goodwill and intangible assets (in thousands):
| Goodwill | Intangible Assets | ||||||||||
| Balance at December 31, 2022 | $ | 49,774 | $ | 19,826 | |||||||
| Measurement period adjustment | (635) | — | |||||||||
| Acquisition of LAN Holdings | 4,847 | 3,200 | |||||||||
| Acquisition of agent locations | — | — | |||||||||
| Amortization expense | — | (4,883) | |||||||||
| Balance at December 31, 2023 | $ | 53,986 | $ | 18,143 | |||||||
| Acquisition of Amigo Paisano brands | — | 12,000 | |||||||||
| Acquisition of entities | 1,209 | — | |||||||||
| Acquisition of agent locations | — | 700 | |||||||||
| Amortization expense | — | (3,996) | |||||||||
| Balance at December 31, 2024 | $ | 55,195 | $ | 26,847 | |||||||
| Goodwill impairment | (1,209) | — | |||||||||
| Acquisition of agent locations | — | 3,183 | |||||||||
| Amortization expense | — | (4,626) | |||||||||
| Balance at December 31, 2025 | $ | 53,986 | $ | 25,404 | |||||||
Acquisition of Agent Locations
Other intangible assets of approximately $3.2 million resulting from the acquisition of agent locations during the year ended December 31, 2025 have a weighted average useful life of 10 years.
Acquisition of Amigo Paisano brands
On December 4, 2024, the Company completed the acquisition of the Amigo Paisano brands and trademarks (“Amigo Paisano”) from a Guatemala-based third-party company, primarily concentrated in the United States to Guatemala corridor. Amigo Paisano provides the Company the opportunity to enhance its digital channel offerings and strengthen its presence in Central America.
The total consideration transferred by the Company in connection with the acquisition of Amigo Paisano was $12.0 million. The acquisition was funded with cash on hand. The allocation of the consideration transferred resulted in intangible assets that consisted of trade names of approximately $12.0 million, which will be amortized over an estimated useful life of 15 years.
Amortization expense related to intangible assets for the next five years and thereafter is as follows (in thousands):
| 2026 | $ | 4,067 | ||||||
| 2027 | 3,492 | |||||||
| 2028 | 3,010 | |||||||
| 2029 | 2,619 | |||||||
| 2030 | 2,340 | |||||||
| Thereafter | 9,876 | |||||||
| $ | 25,404 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 6, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Mar 7, 2022 | |
| 2020 | Mar 15, 2021 | |
| 2019 | Mar 11, 2020 | |
| 2018 | Mar 22, 2019 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.