Cash conversion efficiency has deteriorated significantly, highlighted by a -73.12 OCF/NI ratio and a negative free cash flow margin of -40.6% in 2026Q1.
| Cash from Operations | -41.76M | 36.89M | 53.09M | 143.53M | 15.17M | 78.1M | -880K | 52.53M | 19.84M | 7.42M | 22.4M | 4.47M |
| Operating CF Margin % | - | 6.07% | 8.06% | 21.79% | 2.77% | 17.01% | -0.25% | 16.44% | 7.24% | 3.69% | 13.54% | 3.6% |
| Operating CF Growth % | -304.4% | -30.51% | -63.01% | 845.86% | -80.57% | 8974.77% | -101.68% | 164.81% | 167.48% | -66.88% | 401.54% | - |
| Net Income | 25.41M | 32.67M | 58.82M | 59.52M | 57.33M | 46.84M | 33.78M | 19.61M | -7.24M | -10.17M | 9.4M | 5.76M |
| Depreciation & Amortization | 18.47M | 17.16M | 13.64M | 12.87M | 9.47M | 9.49M | 10.83M | 12.69M | 15.67M | 16.64M | 2.53M | 2.45M |
| Stock-Based Compensation | 9.66M | 9.28M | 7.04M | 8.11M | 7.12M | 4.6M | 3.24M | 2.61M | 5.83M | 1.85M | 63K | 62.84K |
| Deferred Taxes | 368K | 0 | -448K | -2.62M | -503K | 734K | 1.43M | 1.86M | 191K | 369.95K | 3.72M | 3.97M |
| Other Non-Cash Items | 25.39M | 27.12M | 16.45M | 15M | 7.46M | 3.83M | 2.98M | 2.63M | 7.74M | 1.86M | 3.75M | 1.55M |
| Working Capital Changes | -121.06M | -49.34M | -42.42M | 50.66M | -65.7M | 12.59M | -53.14M | 13.14M | -2.35M | -3.14M | 2.93M | -9.33M |
| Change in Receivables | 15M | -7.05M | 41.6M | -29.24M | -48.63M | -13.85M | -17.08M | -5.66M | 14.34M | -29.17M | -15.87M | -5.32M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -97.49M | -48.13M | -32.25M | -46.79M |
| Change in Payables | -14.82M | -17.83M | -23.13M | 20.64M | -1.04M | 21.96M | -1.42M | 7.23M | 16.29M | 3.56M | 4.56M | 3.97M |
| Cash from Investing | -22.25M | -22.07M | -43.95M | -18.28M | -12.53M | -10.77M | -4.06M | -6.72M | -5.45M | -5.28M | -3.01M | -2.06M |
| Capital Expenditures | -36.41M | -21.07M | -30M | -12.8M | -12.4M | -10.59M | -4.06M | -6.47M | -5.33M | -4.35M | -3.01M | -2.06M |
| CapEx % of Revenue | 7.56% | 3.47% | 4.55% | 1.94% | 2.27% | 2.31% | 1.14% | 2.02% | 1.95% | 2.16% | 1.82% | 1.66% |
| Acquisitions | -1.01M | 0 | -13.95M | -5.48M | -131K | -185K | 0 | -250K | -120K | -923.65K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 15.18M | -992K | 0 | 0 | 0 | 0 | 0 | 0 | -120K | -174.5M | 0 | 0 |
| Cash from Financing | 81M | 20.8M | -114.2M | -37.12M | 14.06M | -9.62M | -6.16M | -32.94M | -1.11M | 12.93M | -558K | -3.02M |
| Debt Issued (Net) | 93.45M | 38.21M | -32.87M | 32.53M | 71.58M | -4.07M | -7.66M | -22.96M | 4.21M | 37.79M | 37.05M | 28.56M |
| Equity Issued (Net) | -11.3M | -16.29M | -75.13M | -66.26M | -52.07M | -5.57M | 0 | 0 | 0 | 0 | -34M | -10.64M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20.18M | -1.29M | -18.14M |
| Share Repurchases | -11.35M | -16.33M | -75.13M | -66.26M | -53.73M | -5.57M | 0 | 0 | 0 | 114M | -34M | -10.64M |
| Other Financing | -1.15M | -1.13M | -6.2M | -3.39M | -5.44M | 20K | 1.5M | -9.99M | -5.33M | -4.68M | -2.32M | -2.79M |
| Net Change in Cash | 18.56M | 38.18M | -108.7M | 89.71M | 17.02M | 57.57M | -11.21M | 13.09M | 13.23M | 15.17M | 18.68M | -682.34K |
| Free Cash Flow | -63.05M | 15.81M | 23.09M | 130.72M | 3M | 67.51M | -4.94M | 46.06M | 14.51M | 3.07M | 19.38M | 2.4M |
| FCF Margin % | -13.08% | 2.6% | 3.51% | 19.84% | 0.55% | 14.7% | -1.38% | 14.41% | 5.3% | 1.52% | 11.72% | 1.93% |
| FCF Growth % | -359.46% | -31.51% | -82.34% | 4255.95% | -95.55% | 1466.05% | -110.73% | 217.54% | 373.28% | -84.19% | 707.37% | - |
| FCF per Share | -2.08 | 0.52 | 0.70 | 3.59 | 0.08 | 1.73 | -0.13 | 1.23 | 0.57 | 0.08 | 0.54 | 0.07 |
| FCF Conversion (FCF/Net Income) | -2.48x | 1.13x | 0.90x | 2.41x | 0.26x | 1.67x | -0.03x | 2.68x | -2.74x | -0.73x | 2.38x | 0.78x |
| Interest Paid | 8.36M | 0 | 10.43M | 9.18M | 0 | 3.67M | 5.81M | 8.77M | 10.7M | 0 | 6.76M | 0 |
| Taxes Paid | 5.89M | 0 | 24.59M | 21.5M | 0 | 13.46M | 11.14M | 4.87M | 1.5M | 0 | -155K | 0 |
Working capital liquidity crunch
As reported in recent financial filings, IMXI's operating cash flow has decoupled from net income, evidenced by a staggering -73.12 OCF/NI ratio in 2026Q1, which suggests that reported accounting profits are failing to translate into actual liquidity for the company's core remittance operations.
The persistent gap between net income and operating cash flow indicates that the company is struggling to convert its transactional revenue into realized cash. This divergence suggests that either non-cash accruals are artificially inflating earnings or that the underlying business model is consuming cash at an unsustainable rate to maintain its agent network.
Based on the provided quarterly data, IMXI's free cash flow trajectory has shifted from positive territory to a -40.6% margin in 2026Q1, reflecting a rapid deterioration in the company's ability to generate surplus cash after accounting for necessary capital expenditures.
The transition from positive FCF in early 2025 to significant cash burn in recent quarters highlights a fundamental breakdown in operational efficiency. Investors should monitor whether this trend is a temporary seasonal anomaly or a structural shift resulting from the company's inability to scale its digital platform against rising costs.
According to recent SEC filings, IMXI experienced a massive $50.3 million working capital outflow in 2026Q1, a sharp reversal from historical periods that underscores the extreme sensitivity of the company's cash position to fluctuations in settlement timing and agent-related receivables.
The erratic nature of working capital changes suggests that the company's cash flow is highly vulnerable to the timing of settlement cycles and potential delays in collecting from its physical agent network. This volatility creates significant uncertainty regarding the company's ability to manage its liquidity during periods of declining transaction volumes.
As reported in financial statements, IMXI's historical reliance on share buybacks, which totaled over $20 million in several quarters, appears increasingly disconnected from the current reality of negative operating cash flow and the urgent need to preserve liquidity for core business operations.
The decision to prioritize share repurchases while operating cash flow turned negative warrants further investigation into management's capital allocation priorities. This strategy may have depleted the company's cash reserves at a time when the business required greater financial flexibility to navigate its current operational headwinds.
Quick answers to the most common questions about buying IMXI stock.
International Money Express, Inc. (IMXI) generated $36.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
International Money Express, Inc. (IMXI) generated $15.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
International Money Express, Inc. (IMXI) spent $21.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, International Money Express, Inc. (IMXI) spent $16.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.