Currency Exchange International

CONNECTING THE WORLD THROUGH CURRENCY

Revenue by Business Segment
Revenue by Geography
81%
Banknotes
19%
Payments
81%
United States
19%
Canada
4%
Year Over Year
$30.6
$82.0
$67.5
Total Revenue:
In Millions
$85.2
-1%
Year Over Year
Total Assets:
In Millions
All amounts in this report are stated in USD and are based on fiscal year end unless otherwise noted.
Financial Highlights
Shareholder’s Equity
$ millions
TSX stock prices are quoted in Cdn$
$24.19
$25.87
$25.57
$25.91
Quarterly Stock Price (TSX:CXI)
$69.3
$79.2
$58.0
$79.4
2022
2023
2021
2024
Q1 
(Ended 1/31/2024)
Q2 
(Ended 4/30/2024)
Q3 
(Ended 7/31/2024)
Q4 
(Ended 10/31/2024)
2021
2022
2024
2023
$103.0
2021
$125.5
2022
$131.2
2024
$132.0
2023
Reported
decreased by 30% YoY
$13.4
Adjusted1
increased by 3% YoY
$19.7
EBITDA
$ Millions
Reported
decreased by 76% YoY
$2.5
Adjusted1
remained flat YoY
$10.2
Net Income
$ Millions
Reported
decreased by 75% YoY
$0.38
Adjusted1
increased by 3% YoY
$1.56
Diluted EPS
Earnings Per Share
Reported
decreased by 77% YoY
3%
Adjusted1
decreased by 15% YoY
12%
Return on Equity
%
2024 Performance Metrics
1 These are non-GAAP measures based on management-determined non-recurring items. For further information, refer to the key performance and non-
GAAP financial measures, including a full reconciliation, refer to the key performance and non-GAAP financial measures section on page 27 in the MD&A.
Currency Exchange International, Corp - Annual Report 2024
1

Randolph W. Pinna
President and Chief Executive Officer
Dear CXI Shareholders, Clients, Employees, and Friends, I 
am pleased to present the progress and achievements of 
Currency Exchange International, Corp. for our year ended 
October 31, 2024.
CXI’s Group revenue grew over the prior year, allowing us to keep 
our balance sheet strong while continuing to focus on growth and 
operational efficiencies through automation and integrations. There 
were non-recurring items that materially impacted the Group’s 
consolidated financial results for the 2024 fiscal year. It remains 
clear that the Group’s business model is very strong in the US as it 
is diverse, with the continuous growth in CXI’s payments business 
complemented by its successfully growing banknotes business. The 
banknotes business consists of a model for financial institutions and 
a direct-to-consumer (DTC) model operating through online, agent, 
and physical branch locations. CXI’s management team and I remain 
committed to executing our strategic plan, which is focused on the 
return on capital for our shareholders. Our Group is confident we will 
continue to grow and become the leader in the supply of banknotes 
and international payments through continued customer growth 
while improving operations using new technologies and developing 
product enhancements.
Strength in Comprehensive Solutions
CXI has been providing foreign currency services since 2007, starting 
with seven company-owned branches with a core focus on delivering 
the best experience possible to our customers. Over the past 17 
years, we have been led by an innovative spirit developing best-in-
class proprietary technology and expanding the business to become 
the leader in comprehensive international services for financial 
institutions, companies, and travelers.
This year, our business units continued to feel the impact of 
macroeconomic volatility. Despite geopolitical and economic 
challenges, CXI has maintained a clear strategic vision for growth, 
diversifying our product lines through innovative foreign exchange 
solutions. This approach has enabled the Group to capture more 
market share across our business units and build a loyal customer 
base. In fiscal year 2024, CXI demonstrated progress in both our 
banknotes and payments businesses, generating $85.2 million in 
total revenue, up from $82 million in 2023. This $3.2 million increase 
represents a 4% year-over-year growth.
For the first time, CXI has achieved higher revenue growth from its 
payments product line than from its banknote business line, with a $1.7 
million year-over-year increase in revenue compared to a $1.6 million 
increase in our banknotes product line. However, this revenue growth 
was accompanied by a corresponding rise in operating expenses, 
including one-time costs. The increased operating expenses were 
due to strategic investments in initiatives, software infrastructure, 
and human resources. These investments support CXI’s long-term 
growth objectives and create a more efficient operating environment.
CXI’s payments business has two core models: servicing financial 
institutions in the US and Exchange Bank of Canada (EBC) servicing 
businesses in Canada. In fiscal year 2024, the payments business 
generated $16.0 million in revenue, up from $14.3 million in 2023, a 
12% increase. CXI led this growth, generating a $2.5 million, or 32% 
increase in its revenue contribution, as we brought on more financial 
institution customers through our banking integration channel 
partners. EBC’s corporate payments line partially offset the increase 
with a decline of $0.8 million, or 13% in revenue. 
CXI’s payments business growth directly resulted from our investments 
in banking integrations that financial institutions rely on to streamline 
payment services. Bringing banking system integrations online has 
opened previously inaccessible opportunities for the Company and 
made it easier for clients to switch to CXI. With the barrier to facilitating 
payment services for financial institutions on these bank platforms 
eliminated, CXI expanded our business with existing clients, adding 
another product line, and onboarding new clients. CXI’s success with 
financial institutions and banking platforms has been noticed and has 
opened the doors with additional channel partners for CXI to integrate 
with in the future. CXI’s “One Provider. One Platform.” strategic priority 
also benefits operationally from our system integrations as the 
integrations enable more advanced features and higher processing 
speeds, all with less manual intervention.
Targeted Growth in International Travel Service Points
With US outbound travel surpassing 2019’s travel peak in 2024, 
international travel trade groups have predicted that both inbound 
and outbound US international travel will grow next year, though at 
more modest rates. Some of the most popular destinations continue 
to be Europe, Mexico, and Japan. The slower anticipated growth 
in travel highlights the need to capture more of the traveler market 
Message from the CEO
Currency Exchange International, Corp - Annual Report 2024
2

Message from the CEO
through CXI’s service points and support demand generation around 
cash being an essential part of travel. CXI is committed to expanding 
the currency exchange service points for these travelers through our 
retail, online, and wholesale network.
In fiscal year 2024, CXI’s banknote business generated $69.2 million 
in revenue, up from $67.6 million in 2023, a 2% increase. The DTC 
banknote business contributed $1.4 million, or 5% growth, of the $1.6 
million increase in 2024 compared to the previous year. Revenue from 
DTC banknotes represented 34% of the total revenue in current and 
prior years.
CXI opened two new company-owned branch locations and two new 
agent airport locations in fiscal year 2024, resulting in 312 total DTC 
locations, including 40 company-owned branch locations, 47 airport 
agent locations, and 225 non-airport agent locations. CXI’s company-
owned locations are located in high-traffic shopping centers that 
cater to tourists, while each year, millions of international travelers at 
their ports of exit or entry see CXI’s branded airport agent locations. 
CXI has no lease commitments or payroll for our agent locations. 
The agent operators and locations are supported by CXI’s branding, 
marketing, foreign currency inventory, transaction processing, CXIFX 
platform, and compliance regime and oversight.  
OnlineFX Home Delivery, CXI’s consumer e-commerce platform, 
expanded services from 40 to 44 states across the US in 2024 
enabling CXI access to 95% of the US population. The platform has 
received an overwhelmingly positive response from consumers, with 
90% of our users saying they would recommend it to a friend. As a 
part of our growth strategy, the OnlineFX platform has integrated with 
marketing automation and digital advertising platforms, allowing 
robust customer lifecycle campaigns. CXI’s enhanced data streams 
have also enabled attribution and audience targeting, ensuring our 
advertising spend generates the targeted return on investment to 
scale the business further.
EBC’s Strategic Review
On January 7, 2025, CXI announced the formation of a Special 
Committee of independent directors to consider a range of strategic 
options for our wholly-owned subsidiary, EBC, a federally chartered, 
non-deposit-taking Canadian Schedule I bank. The strategic review 
explored and considered several opportunities to maximize long-
term value for shareholders and focus the Group’s resources on our 
profitable US operations.
At the time of this report’s printing, CXI has decided to discontinue 
EBC’s operations and apply to the Finance Minister to discontinue 
EBC from the Bank Act so CXI can fully exit Canada, ideally in 2025. 
Referral agreements are being sought to allow for a smooth transition 
of customers and selected employees to the new vendors for the 
existing EBC customers in Canada. Refer to CXI’s February 18, 2025 
press release for more details.
Strong Leadership in Place
CXI has invested in automation, new systems, and quality people 
because we are committed to a robust corporate infrastructure 
across the organization. Our focus has led to enhanced business 
insights and a deeper understanding of our clients and marketplace. 
These investments have also enabled more agile decision-making, 
which is benefiting all the business units and support teams. 
Our process improvement team has significantly enhanced its impact 
across the organization through internal business automation and 
data democratization. These efforts have proven to be powerful 
enablement tools for our Managing Directors and their teams. The 
roles of Managing Directors promote direct accountability for each 
business unit, which are guided by strong leaders. This strategy aims 
to improve performance, streamline decision-making for greater 
flexibility, and support the growth of our teams. 
CXI will continue to invest in our essential compliance and anti-money 
laundering programs through personnel and technology. These 
investments may not always be noticeable, but they are necessary 
to fulfill the changing regulatory and business requirements of today 
and the future. While we have invested in people and technology, we 
are also focusing on finding ways to reduce operating expenses. We 
made progress adjusting prices to account for the impact of inflation 
in postage and shipping.
Positioned for Continued Growth
I am pleased with the past year’s accomplishments, which included 
the difficult decision to consider exiting Canada. CXI stayed focused 
on innovation, customer experience, and the sustainable growth of 
revenues and profits. Through our strategic priorities, CXI is uniquely 
positioned to achieve even greater diversified growth. Our board of 
directors and executive team are confident in our plan and the team’s 
ability to execute it. 
I extend my gratitude and thanks to our team of nearly 400 employees 
across the US and Canada who embody our core values in all the work 
we do, as well as to our loyal customers, shareholders, and friends 
for their continued support of Currency Exchange International. As 
always, I remain available for feedback and to discuss our Group and 
its business with you personally.
Randolph W. Pinna
President and Chief Executive Officer
Currency Exchange International, Corp - Annual Report 2024
3

Strategic Priorities
Expanding Payment Services and Integrations to US Financial 
Institutions
CXI has established itself as a leading provider of FX services, including payments 
and wire processing solutions, supporting over 4,000 financial institutions across 
the US. Driven by a commitment to innovation and operational efficiency, CXI enables 
financial institutions to streamline operations through its One Provider, One Platform 
model. This advanced, web-based solution seamlessly integrates both international 
and domestic wire processes, covering everything from account information entry 
to compliance, fraud detection, and reporting. By eliminating redundancies and 
enhancing workflow precision, CXI’s unified platform delivers unmatched reliability. 
CXI has doubled its processing volumes and revenues over the past three years 
and achieved 30% growth in 2024. The company continues to invest strategically 
in banking system integrations to enhance wire processing for banks and credit 
unions. Through partnerships with major platforms such as Fiserv, Jack Henry, FIS, 
Finastra, Q2, Verafin, and Corelation, CXI offers an end-to-end automated solution 
that connects core banking, wire applications, digital banking, and fraud systems. 
CXI excels in international wire processing through its correspondent and SWIFT 
channels and provides automation throughout the entire wire processing lifecycle.
With these ongoing advancements and strategic investments, CXI is well-positioned to 
expand its rapidly growing portfolio in the coming years. Financial institutions leverage 
CXI’s expertise to enhance operational efficiency and offer a comprehensive suite of 
international services. Customers benefit from competitive exchange rates, cutting-edge 
technology, and unparalleled customer service, all backed by CXI’s extensive FX market 
experience, enabling institutions to expand their global financial reach with ease.
Expand FX with US Banks 
and Credit Unions
4,000+
30%
Focused Corporate Payments Reorganization
EBC’s corporate payments business grew in the number of active customers but saw a 
decline in the volume of payments processed and revenue generated. An active customer 
is one who transacted with EBC during the fiscal year. In the second half of the fiscal year, 
EBC reorganized its sales team to focus on its most valuable customers. This contributed 
to a recovery in its margin per payment and corporate payments revenue, including a 19% 
revenue increase in the fourth quarter of fiscal year 2024 compared to the previous year.
Diversifying Payment Acquisition Channels
EBC successfully launched an integration with a fintech that operates an accounting 
management platform for businesses. The integration created a new customer acquisition 
channel for EBC. Through the integration approved customers can send FX payments 
directly on the accounting platform, with the payments seamlessly routed through EBC 
for straight-through processing. EBC built channel strategies that leverage integrations 
with banking platforms and corporate payment systems. The payment flows generated 
from these integrations are scaled without hiring additional staff, creating a strong cross-
selling value proposition.
19%
1,000+
Build Scale in Corporate 
International Payments
Increase in Corporate 
Payments Processed
FInancial Institutions 
Supported
Increase in Revenue 
in 2024
Active Corporate Payment 
Customers
Currency Exchange International, Corp - Annual Report 2024
4

Currency Exchange International, Corp - Annual Report 2024
Strategic Priorities
Delivering Unmatched Convenience and Security to Consumers
Today’s international travelers prioritize a currency exchange solution that 
offers 
both 
convenience 
and 
security. 
CXI’s 
direct-to-consumer 
strategy 
embraces an omnichannel approach, meeting travelers wherever they are and 
delivering an exceptional experience that turns customers into loyal advocates.
In fiscal year 2024, CXI expanded its footprint by opening company-owned branches serving 
the Boston, Massachusetts, and Atlanta, Georgia metro areas and two new agent locations 
at major airports. CXI’s extensive agent network, featuring exchange locations at key US 
entry points and partnerships with renowned travel brands like AAA, ensures travelers 
have easy access to its services. Additionally, CXI’s e-commerce platform, OnlineFX, has 
grown to operate in 44 states and the District of Columbia, further enhancing its reach.
CXI’s investment in digital infrastructure has positioned OnlineFX as a steady growth 
driver. Travelers can conveniently order currency for home delivery or branch pickup 
through the website. The platform enables CXI to build lifecycle marketing campaigns 
with users via its marketing automation system, deploying personalized digital tools 
that improve lead generation and customer lifetime value. CXI continues to scale 
customer awareness of OnlineFX across the US, yielding a strong return on ad spend.
Company-owned branches have also realized the benefits of digital enhancements, 
including customer generation touchpoints, leading to more than 60% of branch 
reservations occurring through OnlineFX. Additionally, the infrastructure improvements 
enabled reducing costs, boosting sales, and managing the branch’s online reputation 
effectively through reporting dashboards and platform connectivity. These efforts have led 
to a year-over-year increase in same-store exchange volumes. Similarly, the agent network 
continues to grow, with recent locations maturing and contributing to higher volumes.
CXI will continue to tap into the growing number of travel advocates and amplify the 
message that cash is essential for international travel to expand its customer base.
Maximize Direct-to-
Consumer Offering
New Branches 
(Airport & Company-Owned)
4
US Adult Travel Population 
Eligible for OnlineFX
94%
All Others
CXI Unique Number of Transactions by Product Line
500,000
1,000,000
1,500,000
2,000,000
2023
2024
1,181,572
1,752,241
1,969,925
Total
Company-Owned Branches
Financial Institutions
Banknotes
-
Agents
50,000
100,000
150,000
200,000
2022
2023
2024
136,538
152,869
182,378
Total
Financial Institutions
Payments
-
Corporate Clients
Unique transactions by product line and delivery channel
2024 vs 2019 
US Outbound 
Travel to the World
108%
2022
5

Currency Exchange International, Corp. 
Management’s Discussion and Analysis 
For the Three-Month Periods and 
Years Ended October 31, 2024 and 2023 
6

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Scope of Analysis 
This Management’s Discussion and Analysis (MD&A) covers the results of operations and the financial condition of Currency 
Exchange International, Corp. (CXI, the Group, or the Company) and its subsidiaries for the three-month periods and years 
ended October 31, 2024 and 2023, including the notes thereto. This document is intended to assist the readers with better 
understanding and assessing operations and the financial results of the Company.  
This MD&A was prepared as of January 22, 2025 and should be read in conjunction with the audited consolidated financial 
statements of the Company for the years ended October 31, 2024 and 2023, and the notes thereto. A detailed summary of 
the Company's material accounting policies is included in Note 2 of the Company's audited consolidated financial 
statements. The functional currency of the Company and its wholly owned subsidiary eZforex.com, Inc. (eZforex) is the U.S. 
Dollar. The functional currency of the Company’s wholly owned Canadian subsidiary, Exchange Bank of Canada (EBC or the 
Bank), is the Canadian Dollar. The Company’s presentation currency is the U.S. Dollar. Unless otherwise noted, all references 
to currency in this MD&A refer to U.S. Dollars. The audited consolidated financial statements and the MD&A have been 
reviewed by the Company’s audit committee and approved by its board of directors.  
Certain financial metrics included in this document do not have standardized meanings under generally accepted accounting 
principles (GAAP), which are based on the International Financial Reporting Standards (IFRS) Accounting Standards as 
issued by the International Accounting Standards Board (IFRS Accounting Standards). These financial metrics are referred 
to as non-GAAP or adjusted financial results. The Company uses both reported financial results and adjusted financial 
results to measure its performance. These non-GAAP financial results, metrics, and ratios may not be comparable to similar 
metrics used by other companies. For further information, refer to key performance and non-GAAP financial measures 
section in this document. 
In this document “Company,” and "CXI" refer to Currency Exchange International, Corp. collectively with its wholly owned 
subsidiaries, eZforex and EBC. 
Additional Information 
Additional information relating to the Company, including annual financial statements, and the Company’s annual information 
form, is available on the Company’s SEDAR+ profile at www.sedarplus.ca and on the Company’s website at www.cxifx.com. 
Forward-Looking Statements 
This MD&A contains certain “forward-looking information” as defined in applicable securities laws. These statements relate 
to future events or the Company’s future performance. All statements other than statements of historical fact are forward-
looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, 
“expects”, “budgeted”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or 
“believes”, variations or the negatives of such words and phrases, or state that certain actions, events, or results “may”, 
“could”, “would”, “should”, “might” or “will” be taken, occur, or be achieved. The forward-looking information in this MD&A is 
based on the date of this MD&A or based on the date(s) specified in such statements. The following table outlines certain 
significant forward-looking information contained in this MD&A and provides the material assumptions used to develop such 
forward-looking information and material risk factors that could cause actual results to differ materially from the forward-
looking information. 
7
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Forward-looking Information 
Assumptions 
Risk factors 
Sensitivity analyses relating to 
foreign currencies and interest 
rates. 
All factors other than the variable in question remain 
unchanged; CXI’s entire unhedged balance of foreign 
currency holdings is affected uniformly by changes 
in exchange rates; CXI’s interest-bearing instruments 
and obligations were constant during the period. 
Fluctuations of exchange rates and 
interest rates. 
Inherent in the forward-looking information are risks, uncertainties, and other factors beyond the Company’s ability to predict 
or control. Please refer to the Financial Risk Factors section below. Readers are cautioned that the above table does not 
contain an exhaustive list of the factors or assumptions that may affect the forward-looking information in this MD&A, and 
the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, 
and may differ materially from those expressed or implied by the forward-looking information contained in this MD&A.  
Forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause the 
Company’s actual results, performance, or achievements to be materially different from any of its future results, 
performance, or achievements expressed or implied by the forward-looking information. All forward-looking information 
herein is qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking 
information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, 
whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. 
If the Company does update any forward-looking information, no inference should be drawn that it will make additional 
updates with respect to that or other forward-looking information, unless required by applicable securities laws. 
Overview 
The Company is a publicly traded company (TSX: CXI; OTC: CURN) with its head office in Orlando, Florida, and is a reporting issuer 
in the provinces of British Columbia, Alberta, and Ontario. It specializes in providing currency exchange and related products to 
financial institutions, money service businesses, travel companies, other commercial and retail clients through its proprietary 
software platform, company-owned branches and vaults, and inventory on consignment locations throughout the United States 
and in Canada, through its wholly owned subsidiary, Exchange Bank of Canada. EBC, located in Toronto, Ontario, is a non-deposit-
taking, non-lending Schedule 1 Canadian bank that participates in the Federal Reserve Bank of New York’s (FRBNY) Foreign Bank 
International Cash Services (FBICS) program, a competitive advantage in the Canadian and global markets for the trade of U.S. 
Dollar banknotes. At October 31, 2024, the Company had 390 employees, 92 of which were employed on a part-time basis. 
The Company has developed CXIFX, its proprietary, customizable, web-based software, as an integral part of its business 
and believes that it represents an important competitive advantage. CXIFX is also an online compliance and risk 
management tool that integrates with core bank processing platforms to allow a seamless transaction experience. This 
includes an OnlineFX platform that allows it to market foreign exchange products directly to consumers that operate in 43 
states and the District of Columbia. The trade secrets associated with CXIFX are protected via copyright, restricted access 
to both the software and its source code, and secure maintenance of source code by a team of software engineers employed 
by the Company.  
Background 
The Company has the following revenue streams which it reports in its financial documents as commissions or fees revenue: 
i.
Commissions revenue comprises the difference (spread) between the cost and selling price of foreign currency products,
including banknotes, wire payments, cheque collections and draft issuances (foreign currency margin), together with the net
(realized or unrealized) gain or loss from foreign currency forward contracts with customers, and the commissions paid on the
sale and purchase of currencies. The amount of this spread is based on competitive conditions and the convenience, and value-
added services offered.
8
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Fees revenue primarily comprises the following: 
i.
Transaction fees generated from financial institution clients, at the Company’s branch locations, via OnlineFX transactions and
through inventory on consignment locations from foreign currency (banknote) exchange, and currency price protection; and
ii.
Fees collected on foreign-denominated wire transfers, drafts, and cheque-clearing transactions.
The following are some of the characteristics of the Company’s revenue streams:
The Company has recently opened a new vault in Louisville, Kentucky, which provides the Company’s banknotes operations 
with another strategic location for logistics and shipment deliveries and provides improved resilience and operational 
efficiency for its branch network. With the addition of the Louisville vault, the Company now operates a total of six vaults 
serving its operations in both Canada and the United States. In the United States, the vaults act as distribution centers for 
the Company’s branch network as well as order fulfillment centers for its customers including financial institutions, money-
service businesses and other corporate clients. Revenue generated from vaults has greater scale as the Company maintains 
a sales force to increase its geographic customer base. Exchange rate margins vary from customer to customer and are 
dependent on criteria such as exchange volumes and customer setup. Onboarding of new clients, specifically banking 
clients, normally requires an upfront investment, such as training, and currency signage, as well as additional one-time 
shipping costs to distribute start-up materials. Normally the Company also absorbs information technology costs to 
customize the CXIFX software for specific client use during the customer implementation phase. There are two common 
customer setups: 
i.
Centralized setup - for customers with a high volume of foreign currency exchange who maintain and manage their own inventory 
in central vault facilities. The Company offers bulk wholesale banknote trading. Trades of this nature are generally executed at
lower margins, as the cost per transaction is low and the average value is high. The customer implementation phase is normally 
shorter, and the costs of onboarding clients are low; and
ii.
Decentralized setup - many customers have determined that it is advantageous to avoid a currency inventory and allow their
locations to buy and sell directly from CXI. Transactions in a decentralized setup typically are executed at a higher margin, as
the average transaction is low and the cost to fulfill each trade is higher than that of a centralized setup. Several of the Company's 
financial institutions outsource their currency needs in return for a commission, based upon exchange volume. When a customer
outsources their currency needs, the Company is granted access to the entire branch network, thus, immediately increasing its
geographic footprint and expanding its customer base. The customer implementation phase is normally longer in a decentralized 
setup and the cost of client onboarding is higher as these clients normally require additional training and support.
CXI and EBC maintain inventory in the form of domestic and foreign banknotes in financial institutions and other high-traffic 
locations. These locations can be very profitable as there are no occupancy costs or payroll. Foreign exchange currency is 
placed in these locations on a consignment basis. On October 31, 2024, the Company had inventory on consignment in 1,192 
locations, primarily located inside financial institutions across the United States and Canada. To encourage inventory 
turnover, the Company offers commission as a percentage on volumes generated by these locations. The Company uses 
several measures to monitor the performance of its business and reviews these measures on a regular basis to ensure they 
are meaningful and align with the growing business. In the prior years, the Company presented wholesale customer 
relationships and the number of transacting locations as two of the main business measures. Upon reviewing these metrics 
during the current year, the Company has updated those measures into the number of unique transactions executed. 
Management has categorized these transactions by product line and delivery channels.  
The table below lists the number of transactions in the current fiscal year and the past two years: 
Banknotes 
Payments 
Fiscal 
year 
Company-owned 
branches 
Agents 
Financial 
institutions 
All others 
Total 
Financial 
institutions 
Corporate 
clients 
Total 
2022 
321,235 
266,105 
507,505 
86,727 
1,181,572 
119,511 
17,027 
136,538 
2023 
426,296 
456,327 
763,489 
106,129 
1,752,241 
132,224 
20,645 
152,869 
2024 
442,332 
481,008 
870,038 
176,547 
1,969,925 
157,810 
24,568 
182,378 
9
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
The Company’s strategy includes an omni-channel, direct-to-consumer approach that allows it to build its brand as a premier 
provider of foreign currencies in the United States. This includes operating a number of company-owned branch locations 
that are located in typically high-traffic areas in key tourism markets across the United States, staffed by CXI employees. 
These locations hold domestic and foreign currencies to buy and sell on demand. The currency exchange margins associated 
with the transactions occurring at these locations are generally higher in order to recapture the costs of deployed capital in 
the form of domestic and foreign currencies, rent, payroll, and other general and administrative costs. Company-owned 
branch locations generate a significant amount of revenue from the exchange of foreign currency, whereas CXI is generally a 
net seller of currencies to its bank and non-bank clients. Excess currency collected via the branch network can be redeployed 
to financial institutions and non-bank clients, which reduces the need to source currency through wholesale sources at a 
greater cost, thus increasing currency margins.  
As of October 31, 2024, the Company had 40 company-owned branch locations across the United States, as outlined below: 
Locations 
City 
State 
Opened 
Locations 
City 
State 
Opened 
Florida Mall  
Orlando 
FL 
2007 
Apple Bank – Upper East Side 
New York 
NY 
2014 
Ontario Mills Mall 
Ontario 
CA 
2007 
Cherry Creek 
Denver 
CO 
2014 
Potomac Mills Mall 
Woodbridge 
VA 
2007 
Citadel Outlets 
Los Angeles 
CA 
2014 
Sawgrass Mills Mall  
Sunrise 
FL 
2007 
Tyson’s Corner Center 
Tyson’s Corner 
VA 
2014 
Aventura Mall 
Aventura 
FL 
2008 
Garden State Plaza 
Paramus 
NJ 
2015 
Copley Place Mall 
Boston 
MA 
2009 
Mission Valley 
San Diego 
CA 
2015 
Dadeland Mall 
Miami 
FL 
2009 
The Orlando Eye (Icon Park) 
Orlando 
FL 
2015 
Dolphin Mall 
Miami  
FL 
2009 
International Market Place 
Honolulu 
HI 
2016 
MacArthur Mall 
Norfolk 
VA 
2009 
North County 
Escondido 
CA 
2017 
Apple Bank – Avenue of Americas 
New York 
NY 
2011 
Alderwood Mall 
Lynnwood 
WA 
2019 
Apple Bank – Grand Central 
New York 
NY 
2011 
Pearl Ridge 
Aiea 
HI 
2019 
San Francisco City Center 
San Francisco 
CA 
2011 
South Coast Plaza 
Costa Mesa 
CA 
2020 
San Jose Great Mall 
San Jose 
CA 
2011 
Stanford Shopping Center 
Palo Alto 
CA 
2022 
Arundel Mills Mall 
Hanover 
MD 
2012 
Century City Mall 
Los Angeles 
CA 
2022 
Santa Monica Place 
Santa Monica 
CA 
2012 
Town Center at Boca Raton 
Boca Raton 
FL 
2022 
SouthCenter 
Tukwila 
WA 
2012 
Jersey Gardens 
New Jersey 
NJ 
2023 
Apple Bank – Penn Station 
New York 
NY 
2013 
King of Prussia Mall 
Pennsylvania 
PA 
2023 
Mainplace at Santa Ana 
Santa Ana 
CA 
2013 
Orlando International Airport 
Orlando 
FL 
2023 
Montgomery at Bethesda 
Bethesda 
MD 
2013 
Burlington Mall 
Burlington 
MA 
2024 
Shops at Northbridge 
Chicago 
IL 
2013 
Lenox Square 
Atlanta 
GA 
2024 
The Company has focused on growing its retail presence in the United States through agent locations with operators that 
bear the responsibility for the fixed costs, including lease commitments and other obligations associated with physical 
stores. In exchange for exclusive rights to supply and purchase foreign currencies to these agents, CXI consigns inventory 
to each location and licenses the right to use its name, thereby increasing its brand exposure. All agents are required to 
meet all of CXI’s compliance and operational requirements under their agency agreements. CXI differentiates its agents 
between airport and non-airport locations, as airports have unique requirements. Through these relationships, CXI maintains 
a presence at some of the busiest airports in the United States for international traffic, including those in Charlotte, Chicago, 
Fort Lauderdale, Minneapolis, Newark, New York, Pittsburgh, Portland, Raleigh-Durham, and Philadelphia. CXI also has 
agency relationships with Duty Free Americas, which includes 29 locations at the busiest ports of entry across the border 
between the United States and Canada, and with the American Automobile Association, which includes more than 200 
locations across 15 states. The Company continuously monitors the performance of its agent locations and, as necessary, 
may discontinue relationships and/or close locations when volumes or revenues do not meet targets. 
CXI launched its proprietary OnlineFX platform in 2020 to extend its reach to American consumers outside of its branch and 
agent network. The platform allows consumers to purchase foreign currency banknotes easily and securely, prior to their 
international travel. The platform enables consumers to buy more than 90 foreign currencies with direct shipment to their 
homes or for pick up at one of the Company’s branches across the United States. OnlineFX is a core strategic initiative and 
adoption rates for online purchases are expected to continue to grow.  
10
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
The following table lists the number of retail locations by category and the number of states/district in which the Company’s 
OnlineFX platform operated as of October 31, 2024, and at the end of each of the five preceding fiscal years: 
2019 
2020 
2021 
2022 
2023 
2024 
Company-owned branch locations 
46 
35 
35 
37 
38 
40 
Airport agent locations 
-
7
18 
23 
45 
47 
Non-airport agent locations 
38 
47 
62 
161 
235 
225 
States/district in which OnlineFX operates 
-
22
31 
38 
40 
44 
The Company’s largest asset is cash. The cash position consists of local currency banknotes, both in United States and 
Canadian Dollars, and foreign currency banknotes held at the Company’s vaults, branch locations, consignment locations, 
or in transit between Company locations, as well as minimum cash balances in bank accounts to facilitate currency 
transactions at various financial institution clients. The Company also has traditional bank deposits to support its ongoing 
operations. 
Accounts receivable and payable balances relate primarily to bulk wholesale transactions that are awaiting collection and 
settlement. The credit risk associated with accounts receivable is limited, as the Company’s accounts receivable consist primarily 
of bulk currency trades with a settlement cycle of 24 to 48 hours. The counterparty risk is generally low, as the majority of the 
Company’s accounts receivable reside with financial institutions and money service business customers. The Company has 
longstanding relationships with most of its customers and has a strong repayment history. 
Selected Financial Data 
The following table summarizes the performance of the Company over the last eight fiscal quarters*: 
Reported Results 
Adjusted Results based on 
non-recurring items ** 
Three-month 
period ended 
Revenue 
Net 
operating 
income 
Net (loss) 
income 
Earnings/ 
(loss) per 
share 
(diluted) 
Total assets 
Total equity 
Adjusted 
Net income 
Adjusted 
Earnings per 
share 
(diluted) 
$ 
$ 
$ 
$ 
$ 
$ 
$ 
$ 
10/31/2024 
23,049,079 
2,871,128 
(2,817,897) 
(0.45) 
131,161,584 
79,392,355 
2,780,4451 
0.42 
7/31/2024 
23,993,252 
6,747,390 
3,935,350 
0.59 
163,224,374 
83,103,393 
4,644,9842 
0.69 
4/30/2024 
20,095,168 
3,818,275 
506,522 
0.08 
159,910,390 
79,940,478 
1,936,3753 
0.29 
1/31/2024 
18,106,918 
2,247,267 
849,874 
0.13 
133,780,438 
80,520,993 
849,874 
0.13 
10/31/2023 
22,786,072 
5,818,667 
2,303,822 
0.34 
132,049,444 
79,232,981 
2,303,822 
0.34 
7/31/2023 
23,587,589 
6,438,354 
4,056,478 
0.60 
129,643,409 
77,590,126 
4,056,478 
0.60 
4/30/2023 
18,694,919 
3,743,069 
2,243,708 
0.33 
134,697,253 
73,104,851 
2,243,708 
0.33 
1/31/2023 
16,886,189 
2,734,159 
1,589,499 
0.24 
133,072,968 
71,448,732 
1,589,499 
0.24 
*Certain historical numbers in this table have been restated to conform with the numbers presented in the current period’s financial statements. 
**These are non-GAAP financial metrics. For further details, refer to the key performance and non-GAAP financial measures section on page 27. 
1The adjusted net income difference ($5,598,342) collectively reflects the impairment loss, regulatory compliance charges and non-recurring tax items in the fourth quarter. 
2The adjusted net income difference ($709,634) reflects the regulatory compliance charges estimated in the third quarter. 
3The adjusted net income difference ($1,429,853) reflects EBC’s deferred tax asset adjustment in the second quarter. 
11
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
While seasonality is generally not a consideration for the Payments product line, it has an impact on the Banknotes product 
line at the time when foreign currencies are in greater or lower demand. In a normal operating year, there is seasonality to 
the Company’s operations with higher revenue generally from March through September and lower revenue from October 
through February. Periods with higher revenue coincide with peak tourism seasons in North America when there are generally 
more travelers entering and leaving the United States and Canada.  
The Company developed a strategy of consolidation and diversification to mitigate the risk of financial losses associated 
with significant volatility in the domestic consumer driven banknote market. The strategy has five pillars, as follows: 
i.
Increase market penetration in the Direct-to-Consumer business in the United States by leveraging the agency model, OnlineFX
platform and driving revenue growth at company-owned branches;
ii.
Increase its banknote market penetration of the financial institution sector in the United States through its “One Provider, One
Platform” multi-product approach through integration of its proprietary software system with the leading core processing
platforms for banks;
iii.
Increase its penetration in the global trade of banknotes by leveraging Exchange Bank of Canada’s participation in the Federal
Reserve Bank of New York’s (FRBNY) Foreign Bank International Cash Services program (FBICS);
iv.
Develop scale in global payments for small and medium enterprises in Canada and the United States by leveraging system
integration advantage; and
v.
Optimize infrastructure to support significant growth in transactional volumes and a matrix organizational structure.
The Company reviews the strategy annually and monitors its execution against key performance indicators quarterly. The 
diversification strategy has been a significant factor in the Company’s resilience and considers geopolitical and 
macroeconomic factors that influence consumer demand for travel.  
12
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Summary of the results of operations for the three-month periods ended October 31, 2024 and 2023 
Three-month 
period ended 
October 31, 2024 
Three-month 
period ended 
October 31, 2023 
Change 
Change 
$ 
$ 
$ 
% 
Revenue 
23,049,079 
22,786,072 
263,007 
1% 
Operating expenses 
20,177,951 
16,967,405 
3,210,546 
19% 
Net operating income 
2,871,128 
5,818,667 
(2,947,539) 
-51%
Other income, net 
104,819 
124,699 
(19,880) 
-16%
Impairment charges 
(2,690,425) 
-
(2,690,425)
100%
EBITDA* 
285,522 
5,943,366 
(5,657,844) 
-95%
Net (loss) income 
(2,817,897) 
2,303,822 
(5,121,719) 
>-100% 
Basic (loss) earnings per share 
(0.45) 
0.36 
(0.81) 
>-100% 
Diluted (loss) earnings per share 
(0.45) 
 0.34 
(0.79) 
>-100% 
Adjusted EBITDA** 
5,898,541 
5,943,366 
(44,825) 
-0.1%
Adjusted net income** 
2,780,445 
2,303,822 
476,623 
21% 
Adjusted basic earnings per share** 
0.44 
0.36 
0.08 
22% 
Adjusted diluted earnings per share** 
0.42 
 0.34  
0.08 
24% 
*Earnings before interest, taxes, depreciation and amortization (EBITDA) 
**These are non-GAAP financial metrics. For further details, refer to the key performance and non-GAAP financial measures section on page 27.
The Company generated revenue of $23,049,079 for the three-month period ended October 31, 2024, a 1% increase from the 
same period in the prior year. The revenue change over the comparable period was largely driven by a growth in the Payments 
and the Direct-to-Consumer Banknotes, in particular via the OnlineFX platform in the United States.  
Compared to the third quarter of 2024, revenue decreased by $944,173 or 4%, as demand for foreign currency decreased 
consistently with the seasonality and the Company’s cyclical pattern (this quarterly decline is in line with the same periods 
last year, when revenue decreased in the fourth quarter by $801,517 or 4%). The top five currencies by revenue in the current 
quarter were the U.S. Dollar (USD), Euro (EUR), Canadian Dollar (CAD), British Pound Sterling (GBP), and Mexican Peso (MXN) 
compared to the U.S. Dollar (USD), Euro (EUR), Canadian Dollar (CAD), Mexican Peso (MXN), and British Pound Sterling (GBP) 
in the prior period’s quarter.  
The 1% growth in revenue was primarily due to growth in the Payments product line of $704,081, followed by growth in the 
Direct-to-Consumer business of $219,181, partially offset by a decline in Wholesale Banknotes by $660,255. Revenue in 
Canada increased by $548,137, or 14% over last year, while in the United States it declined by $285,130, or 2%. Operating 
expenses increased by $3,210,547, or 19% as it was impacted by a number of non-recurring items at year-end as illustrated 
further below. The Company reported net operating income of $2,871,128 in the current quarter, 51% lower than the same 
period in the prior year. Overall, the Company reported a net loss of $2,817,897 for the current quarter, compared to net 
income of $2,303,822 for the same period last year, primarily due to non-recurring year-end adjustments. For further details, 
refer to the key performance and non-GAAP financial measures section on page 27. 
The Company uses a combination of both reported results and adjusted results based on certain non-GAAP financial 
measures metrics to measure its performance, as illustrated in the beginning of this document. The Company believes that 
adjusted results offer a more consistent method for comparing performance across different periods. From a non-GAAP 
financial metrics perspective, adjusted EBITDA and adjusted EBITDA margin percentage for the current period were 
$5,898,539 and 26% compared to $5,943,366 and 26%, indicating a flat EBITDA over the prior period.  
13
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Adjusted net income grew by $476,624 or 21% compared to the same period last year, being $2,780,446 for the current 
quarter; comprised of an adjusted net income of $3,353,492 for the United States and an adjusted net loss in Canada of 
$573,046. This compares to an adjusted net income of $2,303,822 for the prior period; which comprised of adjusted net 
income of $3,550,118 in the United States and an adjusted net loss of $1,246,296 in Canada. For further details about the 
non-GAAP metrics, including a reconciliation, refer to the key performance and non-GAAP financial measures section below 
on page 27. 
The Company continued its progression along its three-year strategic plan in the three-month period ended October 31, 2024 
that included the following highlights: 
i.
Continued its growth in Direct-to-Consumer market through its network of company-owned locations, agent relationships and
in states where the Company operates its OnlineFX platform. During the fourth quarter of 2024, the Company added two new
company-owned locations in the states of Massachusetts and Georgia. The Company’s business trading volume in the fourth
quarter represented $123 million compared to $120 million in the same quarter last year;
ii.
Increased its banknote market penetration into the financial institution sector in the United States, and despite the decline in
volumes in the fourth quarter, the Company added 89 new clients in the fourth quarter. The Company’s banknote business
trading volume in the fourth quarter represented $1.88 billion compared to $2.06 billion in the same quarter last year;
iii.
Continued its transaction growth in the International Payments product line in both Canada and the United States. EBC initiated
trades with 59 new corporate clients, representing an active trading client base of 896 during the current quarter, compared
to 761 for the same quarter last year. The Company processed 38,146 payment transactions, representing $1.99 billion in
business trading volume in the fourth quarter, compared to 30,253 payment transactions on $1.44 billion of business trading
volume in the same quarter last year, primarily due to the year over year growth in the United States.
The Company remained well capitalized at $79.4 million and maintains a revolving line of credit to support working capital 
needs in the amount of $40 million with its primary lender. This credit facility strengthens the Company’s liquidity position 
during seasonal peaks and supports its strategic plan, refer to the Liquidity and Capital Resources section. The combination 
of a strong capital base and adequate borrowing capacity provides sufficient liquidity for the Company to meet its growth 
objectives. CXI is well positioned to support its strategic initiatives that include the organic and inorganic acquisition of new 
clients in both the Banknotes and Payments product lines.  
As of October 31, 2024 
As of October 31, 2023 
$ 
$ 
Total assets 
131,161,584 
132,049,444 
Total long term financial liabilities 
7,110,014 
 2,719,288 
Total equity 
79,392,355 
79,232,981 
14
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Revenue analysis for the three-month periods ended October 31, 2024 and 2023 by product line and geographic location 
Revenue by Product Line 
Three-month 
period ended 
October 31, 2024 
Three-month 
period ended 
October 31, 2023 
Change 
Change 
$ 
$ 
$ 
% 
Banknotes 
18,751,568 
19,192,642 
(441,074) 
-2%
Payments 
4,297,511 
3,593,430 
704,081 
20%
Total 
23,049,079 
22,786,072 
263,007 
1% 
Revenue by Product Line 
Banknotes 
Revenue in the Banknotes product line decreased by $441,074 or 2% in the three-month period ended October 31, 2024, 
compared to the prior period. Despite the strong consumer demand for foreign currencies during the year, volumes in the 
current quarter declined, nonetheless Direct-to-Consumer Banknotes volumes continued to grow as international travel 
levels remained strong in the United States. Between August 2024 and October 2024, approximately 228 million travelers 
passed through TSA check points in United States airports, 14 million, or 6% more compared to last year.  
Direct-to-Consumer Banknotes revenue increased by $219,181, or 3%, as the Company continued to capitalize on its market 
share through its diversified delivery channels that include the OnlineFX platform, company-owned branches and agent 
relationships. Growth in the current quarter was primarily led by OnlineFX revenue. With the Company’s recent expansion, 
the OnlineFX platform can service 44 states including the District of Columbia, now with four additional states compared to 
the same time last year. Revenue in two of the active company-owned branches in Florida was slightly impacted by two 
hurricanes in the fourth quarter which forced closure for several days. Nonetheless, the Company maintained revenue levels 
via its third main channel, agent relationships, as these relationships continued to drive revenue growth from the increased 
demand for travel currencies, in particular the Euro currency during the current quarter. Business trading volumes based on 
Direct-to-Consumer Banknotes revenue was $123 million for the current three-month period compared to $120 million for 
the prior period. Overall, Direct-to-Consumer Banknotes revenue remained a growing business with its diversified delivery 
channels. For the company-owned branches, the Company has successfully opened two new locations in the States of 
Massachusetts and Georgia during the current quarter and now operates a total of 40 company-owned branches throughout 
the United States. Direct-to-Consumer revenue represented 34% of the total revenue in the current three-month period, 
compared to 33% in the same period in 2023. 
Wholesale Banknotes revenue decreased by $660,255, or 6%. Business trading volumes based on Wholesale Banknotes 
revenue was $1.88 billion for the current three-month period compared to $2.06 billion for the prior period as a result of 
81%
19%
Three-month period ended October 31, 2024
Banknotes
Payments
84%
16%
Three-month period ended October 31, 2023
Banknotes
Payments
15
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
reduced volumes from certain key customers in the United States whose volumes tend to be sporadic in nature, whereas 
revenue from domestic and international financial institutions as well as money service businesses remained flat relative to 
the prior period. In Canada, Wholesale Banknotes grew due to strong domestic demand despite being partially offset by a 
decline in international revenue due to the declining volumes from existing clients and lower than expected volumes from 
new customers. Overall, Wholesale Banknotes accounted for 47% of total revenue in the current three-month period, 
compared to 51% for the same period last year. 
Payments 
Revenue in the Payments product line increased by $704,081, or 20% in the three-month period ended October 31, 2024, 
compared to the prior period. In the United States, the Payments volumes increased significantly and led revenue to grow 
by $441,644, or 20% in the current quarter, as well as in Canada which also had an increase of $262,437, or 19% compared 
to the same period last year. Growth in the United States was primarily driven by the increased activity from existing financial 
institution customers and the onboarding of new customers, a direct result of the Company’s continued investment in 
integrations with core banking platforms. In Canada, the Corporate Payments revenue grew although volumes were slightly 
lower than last year as the Company continued to add new customers, however, the primary driver for the increase in Canada 
during the current quarter was the settlement timing differences on Payment contracts which resulted in net gains in the 
current period. Business trading volumes based on Payments revenue for the Group were $1.99 billion for the current quarter 
compared to $1.44 billion for the prior period. Payments revenue represents 19% of the total revenue in the current three-
month period, compared to 16% for the prior period.  
Revenue by Geographic Location 
Three-month 
period ended 
October 31, 2024 
Three-month 
period ended 
October 31, 2023 
Change 
Change 
$ 
$ 
$ 
% 
United States 
18,460,391 
18,745,521 
(285,130) 
-2%
Canada 
4,588,688 
4,040,551 
548,137 
14%
Total 
23,049,079 
22,786,072 
263,007 
1% 
80%
20%
Three-month period ended October 31, 2024
United States
Canada
82%
18%
Three-month period ended October 31, 2023
United States
Canada
16
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Revenue by Geographic Location 
United States 
Revenue in the United States remained around the same level compared to last year with a slight decline in the current 
quarter; despite growth in Payments and Direct-to-Consumer Banknotes, there were volume-driven declines from certain key 
customers in Wholesale Banknotes. As outlined above, the Payments growth of $441,644, or 20%, in the United States was 
primarily driven by a significant increase in volumes within the Unites States as a result of new customer acquisitions and 
increased activity with existing financial institution customers. For Banknotes, Direct-to-Consumer remained strong and had 
growth of $219,181 or 2% as consumer demand for foreign currencies continued to strengthen, in particular by domestic 
and international financial institutions as well as money service businesses, in addition to increased volumes through the 
Company’s OnlineFX platform due to the increased market share expanding the network to include two new states during 
the third quarter of this year. Yet, the decline in Wholesale Banknotes of $945,955, or 11%, was partially offset by growth 
achieved in the other businesses. For the current quarter, overall revenue in the United States has declined compared to the 
prior period by $285,130, or 2% and it accounted for 80% of total revenue by geographic location in the current quarter, 
compared to 82% in the same period in 2023. 
Canada 
Revenue in Canada increased by 14% in the fourth quarter compared to the same period last year in both Payments and 
Banknotes. In the Payments business, the primary driver for the revenue increase was settlement timing differences on 
Payment contracts as outlined above. When excluding the impact of settlement timing differences, Payments revenue was 
flat compared to the same period last year. In the Banknotes business, growth was driven by an increase in domestic revenue 
from both financial institutions and money service businesses, as demand for travel currencies increased, in particular the 
Euro and MXN currencies. This growth was partially offset by the decline in transactional volumes of international 
customers. Overall, the Payments revenue in Canada increased by $262,437, or 19% and Banknotes revenue increased by 
$285,700, or 11%. Revenue in Canada represented a 20% share of total revenue by geographic location in the current three-
month period, compared to 18% in the same period in 2023. 
Operating Expenses 
During the three-month period ended October 31, 2024, the Company’s operating expenses increased $3,210,547, or 19% 
compared to the same period last year, due to certain year-end non-recurring items as described in the key performance and 
non-GAAP financial measures section below. Variable costs within operating expenses, represented by postage and 
shipping, bank fees, sales commissions and incentive compensation totaled $4,915,405 compared to $5,642,758 in the 
three-month period ended October 31, 2023. The decline in variable costs was largely attributed to reduced management 
incentive compensation and cost management strategies that reduced shipping costs, as outlined further below. The ratio 
comparing total operating expenses to total revenue for the three-month period ended October 31, 2024 was 88% compared 
to 74% for the three-month period ended October 31, 2023.  
17
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
The key components of operating expenses are presented in the table below, with commentary on some of the significant 
variances. 
Three-month 
period ended 
Three-month 
period ended 
Change 
Change 
October 31, 2024 
October 31, 2023 
$ 
$ 
$ 
% 
Salaries and benefits 
9,207,004 
9,304,785 
(97,781) 
-1%
Postage and shipping 
2,626,479 
2,820,228 
(193,749) 
-7%
Legal and professional 
1,936,395 
949,052 
987,343 
>100%
Insurance, taxes and licensing 
1,378,792 
294,567 
1,084,225 
>100%
Losses and shortages 
1,373,963 
1,506,621 
(132,658) 
-9%
Information technology 
986,777 
826,245 
160,532 
19%
Bank service charges 
857,218 
646,391 
210,827 
33%
Rent 
535,395 
454,219 
81,176 
18%
Foreign exchange losses 
379,236 
6,666 
372,570 
>100%
Travel and entertainment 
258,890 
197,131 
61,759 
31%
Stock based compensation 
206,462 
(380,146) 
586,608 
>100%
Other general and administrative 
431,340 
341,646 
89,694 
26%
Operating expenses 
20,177,951 
16,967,405 
3,210,546 
19% 
Legal and professional expenses increased primarily due to the costs of legal and advisory services associated with one-
time regulatory compliance services in the fourth quarter which amounted to $627,958 (refer to losses and shortages below). 
Insurance, taxes and licensing increased due to a one-time, non-recurring tax estimate related to EBC’s Harmonized Sales 
Tax (HST) for intercompany services exchanged with the parent Company (CXI) in the amount of $944,562. Refer to key 
performance and non-GAAP financial measures section for additional details on page 27.  
Losses and shortages typically represent shipments lost in transit that the Company self-insures in addition to several other 
losses incurred in the normal course of business. In the prior period, the Company had a write off of non-recurring stale-
dated items, while during the current quarter the Company accrued the remainder of the regulatory compliance charges. The 
Company had accrued an initial provision estimate of $613,187 in the third quarter before the final charges were confirmed 
and then recognized the difference of $1,174,648 in the fourth quarter. Refer to key performance and non-GAAP financial 
measures section on page 27. 
Bank service charges reflect additional charges incurred to process wire transfers as a direct result from the growth in 
Payments volumes especially in the United States.  
Foreign exchange losses represent the net result after considering hedging and risk management strategies designed to 
reduce the inherent risks in the Company’s exposure to foreign exchange, thereby minimizing volatility in earnings. The 
Mexican Peso volatility was the largest contributor to net foreign exchange losses for the three-month period ended October 
31, 2024. Refer to the Foreign Currency Risk section in this document. 
Stock based compensation includes the non-cash amortization expense related to the vesting of issued and outstanding 
stock options, Restricted Stock Unit (RSU) and Deferred Stock Unit (DSU) awards, adjusted for the liability revaluation of 
RSU and DSU awards based on the stock price at the end of period. The increase from the prior period is primarily related to 
the share price movement. 
The increase in other general and administrative expenses is attributable to higher marketing costs and office supplies. 
18
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Other income and expenses are comprised of the following: 
Three-month 
period ended 
Three-month 
period ended 
October 31, 2024 
October 31, 2023 
$ 
$ 
Impairment charges 
2,690,425 
- 
Depreciation of right-of-use assets 
544,161 
456,562 
Depreciation and amortization 
512,931 
398,478 
Interest expense 
216,513 
173,401 
Interest on lease liabilities 
98,419 
38,087 
Interest revenue 
  (104,819) 
  (96,666) 
Other income 
  - 
 (26,889) 
Gain on sale of assets 
 - 
    (1,144) 
Income tax expense 
1,731,394 
2,573,016 
Total other expenses 
5,689,024 
3,514,845 
Impairment charges represent impairment losses on Canada’s long-term assets of $2,627,038 and some of the Company-
owned branches of $63,387 as a result of the year-end impairment analysis. See Note 8 to the audited consolidated financial 
statements for further details. 
Depreciation of right-of-use assets increased in the current period compared to the same period last year was primarily due 
to the opening of the new vault location in Louisville, Kentucky, in addition to annual increases in other right-of-use assets. 
Depreciation and amortization of property and equipment increased in the current period compared to the same period last 
year due to an increase in internally developed software and leasehold improvements. 
Interest expense increased in the current period compared to the same period last year as a result of a relative increase in 
average borrowings utilized for funding short-term working capital needs. The average outstanding borrowings by the 
Company amounted to $7,348,556 during the fourth quarter, compared to $7,014,979 during the same period last year. The 
average interest rate on borrowing was 8.6% compared to 8.5% for the same period last year.  
Interest revenue for the period was primarily from interest earned on interest bearing bank accounts in the normal course of 
business. 
Income tax expense for the current period is related to the United States Region. It primarily reflects the statutory tax rate, 
adjusted for permanent items, R&D credits as well as other non-deductible differences. See Note 10 to the audited 
consolidated financial statements for further details. 
19
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Summary of the results of operations for the years ended October 31, 2024 and 2023 
Year ended 
October 31, 2024 
Year ended 
October 31, 2023 
Change 
Change 
$ 
$ 
$ 
% 
Revenue 
85,244,417 
81,954,769 
3,289,648 
4% 
Operating expenses 
69,560,357 
63,220,520 
6,339,837 
10% 
Net operating income 
15,684,060 
18,734,249 
(3,050,189) 
-16%
Other income, net 
402,030 
463,841 
(61,811) 
-13%
Impairment charges 
(2,690,425) 
-
(2,690,425)
100%
EBITDA* 
13,395,665 
19,198,090 
(5,802,425) 
-30%
Net income 
2,473,849 
10,193,507 
(7,719,658) 
-76%
Basic earnings per share 
0.39 
1.59 
(1.20) 
-75%
Diluted earnings per share 
0.38 
1.52 
(1.14) 
-75%
Adjusted EBITDA** 
19,722,096 
19,198,090 
524,006 
3% 
Adjusted net income** 
10,211,678 
10,193,507 
18,171 
0% 
Adjusted basic earnings per share** 
1.62 
1.59 
0.03 
2% 
Adjusted diluted earnings per share** 
1.56 
1.52 
0.04 
3% 
*Earnings before interest, taxes, depreciation and amortization (EBITDA) 
**These are non-GAAP financial metrics. For further details, refer to the key performance and non-GAAP financial measures section on page 27.
The Company generated revenue of $85,244,417 for the year ended October 31, 2024, a 4% increase from the prior year. The 
revenue increase was primarily driven by strengthened international travel and new customer acquisition in the United States, 
partially offset by a decline in trades with foreign financial institutions in Canada. 
The 4% growth in Group revenue was due to growth in both Banknotes and Payments product lines. Payments grew by 
$1,677,291, or 12%, Direct-to-Consumer Banknotes grew by $1,351,570 or 5% and Wholesale Banknotes had marginal growth 
of $260,787 or 1%.  
In the United States revenue increased by $4,346,701, or 7% over the prior year, while in Canada it declined by $1,057,053, 
or 6%. Operating expenses increased, at a more accelerated level, by $6,339,837 or 10%, due to a number of non-recurring 
year-end transactions that occurred during the current year as outlined below. The Company reported net operating income 
of $15,684,060 for the year ended October 31, 2024, 16% lower than the prior year. The Company had net income of 
$2,473,849 compared to $10,193,507 last year.  
The Company uses a combination of both reported results and adjusted results based on certain non-GAAP financial metrics 
to measure its performance, as illustrated in the beginning of this document. The Company believes that adjusted results 
offer a more consistent method for comparing performance across different periods.  From a non-GAAP financial metrics 
perspective, adjusted EBITDA and adjusted EBITDA margin for the current year were $19,722,096 and 23% compared to 
$19,198,090 and 23% in the prior year.  
Adjusted net income grew from last year by $18,171 to $10,211,678. Adjusted net income for the current year comprised of 
adjusted net income of $13,394,143 in the United States and adjusted net loss of $3,182,465 in Canada, compared to 
$11,925,915 adjusted net income in the United States and $1,732,408 adjusted net loss in Canada in the prior year. The 
Company's adjusted Return on Equity (ROE) for the current year was 12% compared to 14% for the prior year. The 12% 
adjusted ROE of the current year reflects Canada’s declining performance. For further details about the non-GAAP financial 
metrics, including a reconciliation, refer to the key performance and non-GAAP financial measures section on page 27. 
20
Currency Exchange International, Corp - Annual Report 2024 

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Revenue analysis for the years ended October 31, 2024 and 2023 by product line and geographic location 
Revenue by Product Line 
Year ended 
October 31, 2024 
Year ended 
October 31, 2023 
Change 
Change 
$ 
$ 
$ 
% 
Banknotes 
69,236,777 
67,624,421 
1,612,356 
2% 
Payments 
16,007,640 
14,330,348 
1,677,292 
12% 
Total 
85,244,417 
81,954,769 
3,289,648 
4% 
Revenue by Product Line 
Banknotes 
Revenue in the Banknotes product line increased by $1,612,356 or 2% in the year ended October 31, 2024, from the prior 
year, due to strong demand for both travel and investment currencies as a result of the increased travel levels as international 
travel continued to strengthen in the United States.  
The growth in Banknotes revenue was driven by growth in both Direct-to-Consumer and Wholesale Banknotes revenue, Direct-
to-Consumer increased by $1,351,570, or 5% primarily due to the increased demand for both investment and travel currencies 
via the Company’s diversified delivery channels; (i) the Company-owned branch network continued to expand as more 
locations mature and their volumes increase, combined with increased demand for travel currencies, such as the Euro, and 
(ii) the geographic reach of the OnlineFX platform with its continued expansion and addition of 4 new states compared to
the prior year (Alabama, Wisconsin, Maryland and Iowa). Revenue from Direct-to-Consumer Banknotes represented 34% of
total revenue in both current and prior years.
The growth in Wholesale Banknotes amounted to $260,786, or 1% and was primarily driven by the United States from both 
existing and new customers of domestic financial institutions despite the reduced volumes that occurred in the fourth 
quarter from certain key customers. In Canada, despite the revenue from domestic banknotes remaining consistent with the 
prior year, overall revenue from banknotes was lower due to the continuing decline from international customers. Wholesale 
Banknotes revenue represented 47% of total revenue in the current year, compared to 49% in the prior year. 
Payments 
Revenue in the Payments product line increased by 12% in the current year, driven by $2,512,406, or 32% growth in the United 
States, partially offset by the decline in Canada’s Corporate Payments of $835,114, or $13%. In the United States, the growth 
was driven by new customer acquisitions and increased activity from existing financial institution customers in the United 
States, a direct result of the Company’s continued investment in integrations with core banking platforms. In Canada, 
81%
19%
Year ended October 31, 2024
Banknotes
Payments
83%
17%
Year ended October 31, 2023
Banknotes
Payments
21
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
revenue decline resulted from reduced volumes, steady declining economic conditions in Canada, and due to settlement 
timing differences on Payment contracts. Overall, the Company’s business trading volumes based on the Payments revenue 
was $7.1 billion for the year compared to $5.4 billion for the prior year. The Payments revenue represented 19% of total 
revenue in the current year, compared to 17% in the prior year.  
Revenue by Geographic Location 
Year ended 
October 31, 2024 
Year ended 
October 31, 2023 
Change 
Change 
$ 
$ 
$ 
% 
United States 
68,877,946 
64,531,245 
4,346,701 
7% 
Canada 
16,366,471 
17,423,524 
(1,057,053) 
-6%
Total 
85,244,417 
81,954,769 
3,289,648 
4% 
Revenue by Geographic Location 
United States 
In the United States, revenue grew by 7% during the current year as a result of the strong growth in the region. Payments 
revenue grew by a significant $2,512,406, or 32%, while the growth in Banknotes revenue was $1,834,295 with Direct-to-
Consumer growing by $1,351,570, or 5% and Wholesale Banknotes growing at $482,725, or 2% over the prior year. The 
Payments growth was mostly a result of the Company’s investment in integrations with core banking platforms that 
expanded the onboarding of new customers during the year in addition to increased activity from existing financial institution 
customers. Banknotes revenue growth, including Direct-to-Consumer, was largely impacted by increased demand for both 
travel and investment currencies, complemented by growth across several branch locations and through the Company’s 
proprietary OnlineFX platform. Revenue in the United States accounted for 81% of total revenue by geographic location in 
the current year, compared to 79% in the prior year. 
Canada 
Revenue declined by 6% primarily due to reduced transactional volumes from certain key clients in the Corporate Payments 
business and lower transacted volumes in U.S. Dollar with international clients, while Domestic Banknotes revenue remained 
relatively consistent compared to the prior year. Payments revenue declined by $835,114, or 13%, while Banknotes revenue 
declined by $221,939, or 2%, compared to the prior year. Revenue in Canada represented a 19% share of total revenue by 
geographic location in the current year, which is a reduction compared to the 21% in the prior year.  
81%
19%
Year ended October 31, 2024
United States
Canada
79%
21%
Year ended October 31, 2023
United States
Canada
22
Currency Exchange International, Corp - Annual Report 2024 

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Operating Expenses 
During the year ended October 31, 2024, the Company’s operating expenses increased 10% compared to the prior year. 
Operating expenses grew by more than revenue growth due to declining revenues and non-recurring items in Canada in the 
fourth quarter. Variable costs within operating expenses, represented by postage and shipping, bank fees, sales 
commissions and incentive compensation, totaled $19,338,491 compared to $21,203,278 in the prior year. This represents 
a 9% decrease from last year and was primarily driven by a significant decrease in postage and shipping expenses of 
$1,948,444 as a result of the Company’s cost management initiatives as illustrated further below. The ratio comparing total 
operating expenses to total revenue for the year ended October 31, 2024 was 82% compared to 77% for the prior year.  
The components of operating expenses are presented in the table below, with commentary on some of the significant 
variances. 
Year ended 
Year ended 
Change 
Change 
October 31, 2024 
October 31, 2023 
$ 
$ 
$ 
% 
Salaries and benefits 
37,137,778 
33,935,281 
3,202,497 
9% 
Postage and shipping 
10,189,437 
12,137,881 
(1,948,444) 
-16%
Legal and professional 
4,203,169 
3,204,240 
998,929 
31%
Information technology 
3,790,450 
3,009,268 
781,182 
26%
Bank service charges 
2,754,470 
2,450,353 
304,117 
12%
Losses and shortages 
2,570,157 
3,215,773 
(645,616) 
-20%
Insurance, taxes and licensing 
2,295,703 
1,179,383 
1,116,320 
95%
Rent 
2,020,859 
1,702,594 
318,265 
19%
Stock based compensation 
1,592,354 
1,017,823 
574,531 
56%
Foreign exchange losses (gains) 
782,341 
(711,763) 
  1,494,104 
>100%
Travel and entertainment 
760,788 
884,357 
(123,569) 
-14%
Other general and administrative 
1,462,851 
1,195,330 
267,521 
22%
Operating expenses 
69,560,357 
63,220,520 
6,339,837 
10% 
Salaries and benefits increased when compared to the prior year, due to the increase in headcount and inflation in base 
salaries and other related benefits in addition to certain severance costs incurred.  
Postage and shipping had a 16% decrease when compared to the same period last year despite the growth in Banknotes 
volumes. This reflects cost management initiatives implemented by the Company to control the increase in shipping prices 
which were adopted during the second half of 2023.  
Legal and professional expenses increased primarily due to the costs of legal and advisory services associated with one-
time regulatory compliance services during the year (refer to losses and shortages below) in addition to increase in audit 
and professional service fees.  
Information technology expenses include non-capital expenditure on software and related service contracts that do not meet 
the capitalization criteria. The increased costs during the year were associated with the Company’s continued development 
of its technological solutions to support and streamline its business and customers service delivery, including expansions 
in the Payments product line and core banking platforms. Increased costs include costs to strengthen the Company’s 
security systems and technology solutions in addition to implementing the treasury management system and continuous 
maintenance of the CXIFX platform.  
23
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Losses and shortages primarily represent shipments lost in transit that the Company self-insures in addition to several other 
losses incurred in the normal course of business. The favorable variance was primarily due to the non-recurring losses of 
stale-dated items in addition to higher costs related to lost shipments that were recognized in the prior year, partially offset 
by regulatory compliance charges imposed on Exchange Bank of Canada in the current year. Refer to the key performance 
and non-GAAP financial measures section on page 27. 
Insurance, taxes and licensing increased primarily due to one-time, non-recurring tax estimates related to EBC’s Harmonized 
Sales Tax (HST) for intercompany services exchanged with the parent company (CXI) in the amount of $944,562. Refer to 
the key performance and non-GAAP financial measures section on page 27.  
Rent increased due to the reopening of the Montreal vault in Canada and the opening of the Company’s branch in Orlando 
International Airport in the fourth quarter of 2023, in addition to the opening of the Company’s new vault in Louisville, 
Kentucky during the current quarter.  
Stock based compensation includes the non-cash amortization expense related to the vesting of issued and outstanding 
stock options, Restricted Stock Unit (RSU) and Deferred Stock Unit (DSU) awards, adjusted for the liability revaluation of 
RSU and DSU awards based on the stock price prevailing at the end of the year. The increase from the prior period is primarily 
related to the share price movement. 
Foreign exchange losses (gains) represent the net result after considering hedging and risk management strategies designed 
to reduce the inherent risks in the Company’s exposure to foreign exchange, thereby minimizing volatility in earnings. The 
Mexican Peso was the largest driver of foreign exchange losses for the current year, while the gains in the same period last 
year represented natural gains from the Company’s unhedged foreign currency inventory. Refer to the Foreign Currency Risk 
section further below. 
The increase in other general and administrative expenses is primarily attributable to higher marketing expenses in addition 
to office supplies and other administrative expenses.  
Other income and expenses are comprised of the following: 
Year ended 
Year ended 
October 31, 2024 
October 31, 2023 
$ 
$ 
Impairment charges 
2,690,425 
- 
Depreciation of right-of-use assets 
1,967,928 
1,895,566 
Depreciation and amortization 
1,802,438 
1,509,674 
Interest expense 
719,115 
1,088,161 
Interest on lease liabilities 
233,237 
179,904 
Interest revenue 
(402,096) 
  (435,903) 
Other expense (income), net 
  66 
 (58,465) 
Loss on sale of assets, net 
 - 
30,527 
Income tax expense 
6,199,098 
4,331,278 
Total other expenses 
13,210,211 
8,540,742 
Impairment charges represent impairment losses on Canada’s long-term assets of $2,627,038 and some of the Company-
owned branches of $63,387 as a result of the year-end impairment analysis. See Note 8 to the audited consolidated financial 
statements for further details. 
Depreciation and amortization of property and equipment increased in the current year compared to the prior year due to an 
increase in internally developed software and leasehold improvements. 
24
Currency Exchange International, Corp - Annual Report 2024 

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Interest expense has declined in the current year compared to the prior year as a result of a notable decline in the average 
borrowings utilized for funding short-term working capital needs during the current year. The average outstanding 
borrowings by the Company amounted to $6,587,793 during the current year, compared to $12,833,570 during the prior year, 
which led to the significant reduction in the interest expense. The average interest rate on borrowings was 8.7% for the 
current period versus 7.6% for the same period last year. At October 31, 2024, the Company had $5,032,894 drawn on its 
lines of credit, with $45,326,599 available for use. This compares to $14,679,991 drawn at October 31, 2023, and $35,680,577 
available. Refer to the Liquidity and Capital Resources section below. 
Interest revenue for the period was primarily interest earned on interest bearing bank accounts in the normal course of 
business. The prior period included amounts received from the Internal Revenue Service (IRS) relating to an expected refund 
for an Employee Retention Credit (ERC). 
Income tax expense reflected the statutory tax rate adjusted for permanent items, R&D credits and other non-deductible 
differences, including the reversal of an allowance for deferred tax assets in Canada in the amount of $1,429,852. The 
amount reflects the reversal of an allowance for deferred tax assets recognized for periods on or before October 31, 2022. 
See Note 10 to the audited consolidated financial statements for further details. 
Financial Results by Region 
The following table provides a summary of the Company’s selected financial results by region, all numbers are in U.S. Dollars: 
United States 
Three-month 
period ended 
October 31, 2024 
Three-month 
period ended 
October 31, 2023 
Year ended 
October 31, 2024 
Year ended 
October 31, 2023 
 Reported results 
$ 
$ 
$ 
$ 
Revenue 
18,460,391 
18,745,521 
68,877,946 
64,531,245 
Revenue growth (year-over-year) 
-2% 
26% 
7% 
28% 
Operating expenses 
12,508,334 
12,389,772 
48,111,420 
45,672,936 
EBITDA 
5,925,681 
6,403,011 
20,840,661 
19,076,881 
Net income 
3,325,306 
3,550,118 
13,342,517 
11,925,916 
Efficiency ratio * 
68% 
66% 
70% 
71% 
EBITDA margin** 
32% 
34% 
30% 
30% 
Adjusted results*** 
Operating expenses - adjusted 
12,465,472 
12,389,772 
48,041,340 
45,672,936 
EBITDA - adjusted 
5,968,543 
6,403,011 
20,910,741 
19,076,881 
Net income - adjusted 
3,353,491 
3,550,118 
13,394,143 
11,925,916 
Efficiency ratio - adjusted 
68% 
66% 
70% 
71% 
EBITDA margin - adjusted 
32% 
34% 
30% 
30% 
*Efficiency ratio is a non-GAAP financial measure and is calculated as operating expenses divided by total revenue. 
**EBITDA margin is a non-GAAP financial measure and is calculated as EBITDA divided by total revenue. 
***These are non-GAAP financial metrics. For further details, refer to the key performance and non-GAAP financial measures section on page 27.
United States Summary 
Despite a 2% decline in revenue during the three-month period ended October 31, 2024, there was 7% growth in the current 
year compared to the prior year which shows an overall steady growth in revenue due to the diversified revenue channels 
25
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
reflecting the continued increase in international travel levels. While operating expenses increased, it was surpassed by 
higher revenue growth, resulting in a positive operating leverage, indicating sustained business and steady growth in this 
region. 
Canada 
Three-month 
period ended 
October 31, 2024 
Three-month 
period ended 
October 31, 2023 
Year ended 
October 31, 2024 
Year ended 
October 31, 2023 
 Reported results 
$ 
$ 
$ 
$ 
Revenue 
4,588,688 
4,040,551 
16,366,471 
17,423,524 
Revenue growth (year-over-year) 
14% 
-19% 
-5% 
5% 
Operating expenses 
7,669,617 
4,577,633 
21,448,937 
17,547,584 
EBITDA 
(5,640,159) 
(459,645) 
(7,444,996) 
121,209 
Net loss 
(6,143,203) 
(1,246,296) 
(10,868,668) 
(1,732,409) 
Efficiency ratio * 
>100%
>100%
>100%
>100%
EBITDA margin** 
<-100%
-11%
-45%
1%
Adjusted results*** 
Operating expenses - adjusted 
4,726,498 
4,577,633 
17,819,624 
17,547,584 
EBITDA - adjusted 
(70,002) 
(459,645) 
(1,188,645) 
121,209 
Net loss - adjusted 
(573,046) 
(1,246,296) 
(3,182,465) 
(1,732,409) 
Efficiency ratio 
>100%
>100%
>100%
>100%
EBITDA margin 
-1.5%
-11%
-7%
1%
*Efficiency ratio is a non-GAAP financial measure and is calculated as operating expenses divided by total revenue. 
**EBITDA margin is a non-GAAP financial measure and is calculated as EBITDA divided by total revenue. 
***These are non-GAAP financial metrics. For further details, refer to the key performance and non-GAAP financial measures section on page 27.
Canada Summary 
In Canada, for the three-month period ended October 31, 2024, revenue was up 14% primarily due to the revaluation of 
outstanding forward contracts. For the year ended October 31, 2024, the decline in revenue is attributable to currency 
movements and local factors that reduced transacted volumes for USD Banknotes with international clients, and the 
reduction in Payments revenue was attributable to margin compression and customer attrition, despite continued 
onboarding of new clients. While the Bank was able to maintain its Domestic Banknotes revenue and manage its ongoing 
operating expenses effectively in the period, the magnitude of the non-recurring charges recognized in the fourth quarter 
combined with the decline in international Banknotes and Payments revenue have contributed to the region’s overall 
unfavourable efficiency ratio and EBITDA margin compared to planned levels. 
26
Currency Exchange International, Corp - Annual Report 2024 

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Cash Flows 
Cash flows from operating activities during the year ended October 31, 2024, resulted in an inflow of $26,669,378 compared 
to an outflow of $1,131,607 during the year ended October 31, 2023. The accounts receivable and accounts payable balances 
fluctuate due to the volume of activity and timing of transaction settlements. In most instances, accounts receivable and 
accounts payable have a settlement cycle of 24 to 48 hours. Excluding changes in working capital, operating cash flow 
generated by commission and fee income, adjusted for operating expenses, was an inflow of $14,092,980 for the year ended 
October 31, 2024, versus an inflow of $12,034,372 in the prior year.  
Cash flows from investing activities during the year ended October 31, 2024, resulted in an outflow of $3,003,123 compared 
to an outflow of $1,280,023 during the prior year. Cash outflows from investing activities are mainly related to leasehold 
improvements, internally developed software, furniture, and equipment. 
Cash flows from financing activities during the year ended October 31, 2024, resulted in an outflow of $14,315,334 compared 
to an inflow of $6,916,000 during the prior year. This was primarily the result of the Company’s repayment of one of its lines 
of credit in addition to cash payments of $2,749,308 for cancellation of the Company’s shares during the current year. The 
Company’s outstanding balance on lines of credit amounted to $5,032,894 at October 31, 2024 compared to $14,679,991 on 
October 31, 2023.  
Key Performance and non-GAAP financial measures 
The Company measures and evaluates the performance of the consolidated operations and each of its product lines using 
a number of financial metrics, such as net income and ROE. Certain financial metrics, including ROE, do not have 
standardized meanings under generally accepted accounting principles (GAAP), which are based on IFRS Accounting 
Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards). These non-GAAP 
financial results, metrics, and ratios may not be comparable to similar metrics used by other companies.  
We believe that certain non-GAAP financial measures and ratios are more reflective of the Company’s consolidated operating 
results and provide the readers with a better understanding of management’s perspective on the Company’s performance. 
These measures improve the comparability of the financial performance for the year ended October 31, 2024 with the results 
from the prior year. The following describes the non-GAAP financial measures that we use in evaluating our operating results 
in this MD&A: 
Adjusted results 
The Company believes that providing adjusted results as well as certain measures and ratios excluding the impact of the 
specified items discussed below enhances comparability with the prior year and enables the readers to assess trends better. 
As such, the results for the current reported three-month period and year ended October 31, 2024 were adjusted for the 
following specified items: 
1)
Impairment loss related to the Company’s long-term assets in its wholly-owned subsidiary EBC. During the current
year, the Company has written down the carrying amounts of EBC to $Nil for all of the different long-term asset
categories except for computer equipment, which were written down to its fair value less cost to sell.
2)
An administrative monetary penalty imposed on EBC of $1,787,835 (CAD$ 2,457,750) and related third-party
advisory costs of $728,184.
3)
One-time charges for Quebec compensation taxes and Harmonized Sales Tax (HST). The amounts are specifically
recognized in EBC as they relate to Canadian tax reporting.
4)
The reversal of a reserve for Deferred Tax Asset (DTA) benefits related to the unused EBC loss carry forwards for
the fiscal years prior to 2023 deemed to be unrecoverable.
27
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Below is a reconciliation of reported results to adjusted results. The reconciliation illustrates the calculation of the adjusted 
results and measures presented, which are non-GAAP financial measures and ratios: 
Three-month 
period ended 
October 31, 2024 
Three-month 
period ended 
October 31, 2023 
Year ended 
October 31, 2024 
Year ended 
October 31, 2023 
$ 
$ 
$ 
$ 
Revenue 
23,049,079 
22,786,072 
85,244,417 
81,954,769 
Operating expenses 
20,177,951 
16,967,405 
69,560,357 
63,220,520 
EBITDA 
285,522 
5,943,366 
13,395,665 
19,198,090 
Income before income tax 
(1,086,504) 
4,876,839 
8,672,947 
14,524,785 
Net (loss) income 
(2,817,897) 
2,303,822 
2,473,849 
10,193,507 
Basic (loss) earnings per share 
(0.45) 
0.36 
0.39 
1.59 
Diluted (loss) earnings per share 
(0.45) 
 0.34  
0.38 
1.52 
ROE (annualized) 
N/A 
N/A 
3% 
14% 
Effective income tax rate 
(159%) 
53% 
71% 
30% 
Adjusting items’ impact on net income 
Specified item: Impairment charges 
2,627,038 
-
2,627,038 
- 
Specified item: Regulatory compliance charges 
1,802,607 
-
2,516,019 
- 
Specified item: Non-recurring tax items 
1,183,374 
-
1,183,374 
- 
Specified item: Deferred tax assets reversal 
- 
- 
1,429,852 
- 
Adjusted results 
EBITDA – adjusted 
5,898,541 
5,943,366 
19,722,096 
19,198,090 
Income before income tax – adjusted 
4,526,515 
4,876,839 
14,999,378 
14,524,785 
Income taxes – adjusted 
1,746,070 
2,573,017 
4,787,700 
4,331,278 
Net income – adjusted 
2,780,445 
2,303,822 
10,211,678 
10,193,507 
Basic earnings per share – adjusted 
0.44 
0.36 
1.62 
1.59 
Diluted earnings per share – adjusted 
0.42 
0.34 
1.56 
1.52 
ROE (annualized) – adjusted 
N/A 
N/A 
12% 
14% 
Effective income tax rate – adjusted 
39% 
53% 
32% 
30% 
Efficiency ratio – adjusted 
Revenue 
23,049,079 
22,786,072 
85,244,417 
81,954,769 
Operating expenses 
20,177,951 
16,967,405 
69,560,357 
63,220,520 
 Specified item: Regulatory compliance 
charges 
1,802,607 
-
2,516,019 
- 
 Specified item: Non-recurring tax items 
1,183,374 
-
1,183,374 
- 
Operating expenses – adjusted 
17,191,970 
16,967,405 
65,860,964 
63,220,520 
Efficiency ratio 
88% 
74% 
82% 
77% 
Efficiency ratio – adjusted 
75% 
74% 
77% 
77% 
28
Currency Exchange International, Corp - Annual Report 2024 

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Liquidity and Capital Resources 
On October 31, 2024, the Company had net working capital of $73,849,764 compared to $70,146,433 at October 31, 2023. 
The Company maintains lines of credit to meet borrowing needs during peak business periods. On June 15, 2022, the 
Company entered into an Amended and Restated Credit Agreement with BMO Bank, N.A. The Amended and Restated Credit 
Agreement increased the revolving line of credit limit from $20,000,000 to $30,000,000 and provided an accordion feature 
for up to an additional $10,000,000 with the lender’s approval. The Amended and Restated Credit Agreement provided a term 
of two years (maturity date on June 15, 2024). The Amended and Restated Credit Agreement was updated on July 18, 2022, 
in the form of a Second Amended and Restated Credit Agreement, to reflect the exercised accordion feature, which increased 
the line of credit to $40,000,000, and a reduced margin spread in the borrowing rate by 25 bps. The form of Second Amended 
and Restated Credit Agreement was further amended on July 12, 2023, to provide a seasonal increase in the borrowing 
capacity by $10,000,000 to $50,000,000, effective through August 31, 2023, and extended the maturity on the facility to June 
15, 2025.  The Company updated the agreement on June 27, 2024, in the form of a Third Amended and Restated Credit 
Agreement to accommodate a Normal Course Issuer Bid (NCIB) up to $4 million annually.  The updated agreement eliminates 
the resting period on the intercompany loan and extends the maturity on the facility to June 15, 2026.  The credit line is 
secured against the Company’s cash and other assets and bears interest at the one month Secured Overnight Financing Rate 
(SOFR) plus 2.25% (5.34% at October 31, 2024 and 5.31% at October 31, 2023). At October 31, 2024, the balance outstanding 
was $Nil (October 31, 2023, $11,074,308).  
On October 19, 2020, the Company’s wholly owned Canadian subsidiary, EBC, established a fully collateralized revolving line 
of credit with Desjardins Group (Desjardins) with a limit of CAD 2,000,000 ($1,437,970), payable on demand, and being 
secured against cash collateral of CAD 2,000,000 ($1,437,970). On April 25, 2023, EBC amended this facility reducing the 
revolving line of credit to CAD 500,000 ($359,492), payable on demand, and being secured against cash collateral of CAD 
500,041 ($359,522). The line of credit bears interest at the Canadian Prime Rate plus 0.25% (5.95% at October 31, 2024 and 
7.20% at October 31, 2023). At October 31, 2024, the balance outstanding was $Nil (October 31, 2023, $Nil) 
On April 7, 2021, EBC entered into a $20,000,000 USD revolving loan agreement with a private lender. On July 18, 2022, EBC 
amended this facility through an Amended and Restated Revolving Loan Agreement, whereby $10,000,000 of this facility 
was moved from EBC to CXI. On January 19, 2023, the Company entered into a Moratorium Agreement (CXI facility) where 
the Company will not utilize the $10,000,000 without prior written consent from the lender. Additionally, the Company will 
not incur any standby charges or fees during the period of the Moratorium. Pursuant to the January 19, 2023 amended 
agreement, the interest rate on the $10,000,000 facility granted to EBC increased from 6% to a floating rate with a floor of 
8%, with a standby charge of $1,500 per month if the total interest in the month is less than $20,000. On April 25, 2024, EBC 
amended this facility to extend the maturity to January 19, 2027, to specify the interest rate at 8.9%, and to limit the 
borrowing capacity to a maximum amount not greater than 10% of the guarantor’s total liabilities as set out in the statements 
of financial position of the guarantor’s most recent, publicly filed financial statements. The entire $20,000,000 facility is 
guaranteed by the Company and is subordinated to the Company’s and EBC’s obligations to primary lenders. These facilities 
are used for working capital purposes and for daily operational activity; however, these facilities may be terminated on 90-
days’ notice by either party. The total outstanding balance at October 31, 2024, was $5,032,894 (October 31, 2023, 
$3,605,683). 
The Company had available unused lines of credit amounting to $45,326,599 at October 31, 2024 (October 31, 2023, 
$35,680,577). 
The Company’s cash balances consist of banknote inventory in vaults, in transit, on consignment, at tills in Company 
locations, and in operating cash in the Company’s bank accounts.  Banknote inventory fluctuates with seasonal demand for 
travel currencies, which typically coincides with peak travel seasons for the United States and Canada. Increases in inventory 
may coincide with increased net working capital borrowing requirements for the Company. The Company facilitates this 
requirement through its access to revolving lines of credit with its primary lenders.  The Company manages inventory levels 
within approved thresholds to align with prudent liquidity risk management objectives established in the Company’s Liquidity 
Risk Management Policies. Operating cash balances correspond largely to offsetting holding account balances and accounts 
payable. Certain customers of the Company’s Banknotes and Payments product lines settle transactions using a holding 
account, from which funds are cleared and dispersed for final settlement with the customer. Holding account balances are 
29
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
not always cleared on the value date of the transaction.  This results in excess cash in the Company’s operating bank 
accounts on the audited consolidated statements of financial position.  Accounts payable are largely offset by bank account 
balances, which are prefunded to facilitate the settlement of outgoing international wires in foreign currency on behalf of 
the Company’s customers.  After considering the impact of holding account balances and accounts payable, the Company’s 
excess operating cash balances may vary and are used to manage the Company’s credit facilities and capital structure 
requirements.  
The Company has leases for corporate offices as well as its retail store locations. With the exception of short-term leases 
and leases of low-value underlying assets, each lease, meeting the definition under IFRS 16, is reflected on the audited 
consolidated statements of financial position as a right-of-use asset and a lease liability. Variable lease payments which do 
not depend on an index or a rate, such as lease payments based on a percentage of the Company’s sales, are excluded from 
the initial measurement of the lease liability and asset. During the year certain leases for corporate offices were modified 
based on their amended lease agreements, with any gains or losses being recognized in profit or loss. The Company 
classifies its right-of-use assets in a consistent manner to its property and equipment (see Notes 7 and 9 to the audited 
consolidated financial statements). 
Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublet the asset to 
another party, the right-of-use asset can only be used by the Company. Leases are either non-cancellable or may only be 
canceled by incurring a substantial termination fee. Some leases contain an option to extend the lease for a further term. 
The Company is prohibited from selling or pledging the underlying leased assets as security. For leases over corporate 
offices and retail store locations, the Company must keep those properties in a good state of repair and return the properties 
in their original condition at the end of the lease.  
The table below describes the nature of the Company’s leasing activities by the type of right-of-use asset recognized on the 
audited consolidated statements of financial position: 
Right-of-use asset 
 
No. of right-of-
use assets 
leased
Range of 
remaining term
Average 
remaining lease 
term
No. of leases 
with extension 
options
No. of lease 
with options to 
purchase
No. of leases 
with variable 
payments linked 
to an index
No. of 
leases with 
termination 
options
Equipment
1 
5 years 
5 
1 
- 
- 
- 
Corporate offices 
8 
0-12 years
2 
5 
- 
- 
- 
Retail store locations 
23 
0-4 years
2 
- 
- 
- 
- 
Total 
32 
0-12 years 
2 
6 
- 
- 
- 
The lease liabilities are secured by the related underlying assets. Future minimum lease payments at October 31, 2024, were 
as follows: 
 
Within 1 year 
1-2 years
2-3 years
3-4 years
4-5 years 
After 5 years
Total 
Lease payments  
1,609,334
1,233,696 
915,246
874,920
529,212
2,950,116
8,112,524
Finance charges  
343,889
283,691 
238,119
197,779
163,726
577,447
1,804,652
Net present values 
1,265,445
950,004 
677,127
677,141
365,486
2,372,669
6,307,872
30
Currency Exchange International, Corp - Annual Report 2024 

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Selected Annual Financial Information 
The following tables set out selected consolidated financial information of the Company for the years indicated. Each 
investor should read the following information in conjunction with those audited consolidated financial statements for the 
relevant period and notes related thereto. The operating results for any past period are not necessarily indicative of results 
for any future period.  
The selected financial information set out below has been derived from the audited consolidated financial statements of 
the Company. 
Year ended 
Year ended 
Year ended 
Year ended 
Year ended 
October 31, 2024 
October 31, 2023 
October 31, 2022 
October 31, 2021 
October 31, 2020 
$ 
$ 
$ 
$ 
$ 
Revenue 
85,244,417 
81,954,769 
67,498,673 
30,565,660 
25,013,423 
Net operating income 
15,684,060 
18,734,249 
18,721,473 
   (48,929) 
   (3,985,791) 
Net income (loss) 
2,473,849 
10,193,507 
11,783,124 
   (1,131,684) 
   (8,524,029) 
Basic earnings per share 
0.39 
1.59 
1.83 
 (0.18) 
  (1.33) 
Diluted earnings per share 
0.38 
1.52 
1.78 
  (0.18) 
  (1.33) 
Total assets 
131,161,584 
132,049,444 
125,528,832 
102,982,531 
85,758,518 
Total liabilities 
51,769,229 
52,816,463 
56,223,323 
44,966,732 
27,528,783 
Non-current financial liabilities 
7,110,014 
2,719,288 
4,163,543 
3,679,493 
4,065,164 
Working capital 
73,849,764 
70,146,433 
60,378,879 
49,880,879 
47,755,694 
Off-Balance Sheet Arrangements 
There are currently no off-balance sheet arrangements. 
Foreign Currency Forward and Option Contracts 
The Company enters into foreign currency forward contracts and purchased put option contracts with non-client 
counterparties to mitigate the risk of fluctuations in the exchange rates of exposures in certain major currencies related to 
its Banknotes product line. Forward contracts are entered into daily, with maturities up to 30 days.  Option contracts are 
entered into selectively once per quarter, with a maturity up to 90 days.  
The foreign currency forward contracts can be closed immediately resulting in any collateral being liquidated. The foreign 
currency option contracts are held to maturity and are either exercised for a net gain or expire at no obligation to the 
Company. 
The fair value of forward and option contracts, which represents the amount that would be received by the Company if the 
contracts were terminated at October 31, 2024 was $404,918 (October 31, 2023, $1,066,467). 
At October 31, 2024 the Company had cash collateral balances related to forward contracts being held of $2,880,207 
(October 31, 2023, $3,119,888). They are reflected as restricted cash held in escrow in the audited consolidated statements 
of financial position. 
Critical Accounting Estimates 
When preparing the audited consolidated financial statements, management undertakes several judgments, estimates, and 
assumptions about recognition and measurement of assets, liabilities, income, and expenses. The actual results may differ 
from judgments, estimates, and assumptions made by management, and will seldom equal the estimated results. For an 
expanded narrative on considering critical accounting estimates, please refer to Note 3 in the audited consolidated financial 
statements. 
31
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Transactions with Related Parties 
The remuneration of directors and key management personnel during the three-month periods and years ended October 31, 
2024 and 2023 were as follows: 
Three-month 
period ended 
Three-month 
period ended 
Year ended 
Year ended 
October 31, 2024 
October 31, 2023 
October 31, 2024 
October 31, 2023 
$ 
$ 
$ 
$ 
Short-term benefits 
765,591 
983,615 
4,560,090 
4,316,361 
Post-employment benefits 
33,052 
18,923 
189,073 
161,385 
Stock based compensation 
94,262 
12,832 
442,772 
83,532 
Restricted and Deferred Share Units 
111,256 
(395,187) 
1,143,426 
920,387 
Total 
1,004,161 
620,183 
6,335,361 
5,481,665 
The Company incurred legal and professional fees in the aggregate amount of $33,123 and $121,526 for the three-month 
periods and years ended October 31, 2024 (October 31, 2023, $20,702 and $139,594) charged by entities controlled by 
directors or officers of the Company.  
The Company has clients that are considered related parties through one of its directors. The Company generated $47,694 
and $550,780 in revenue from these clients’ activities for the three-month periods and years ended October 31, 2024 (October 
31, 2023, $47,053 and $288,128). As of October 31, 2024, accounts receivable included $Nil from related parties (October 
31, 2023, $Nil).  
On October 1, 2011, the Company entered into an employment agreement with the President and CEO of the Company. Such 
agreement contains clauses requiring additional payments of a minimum of $450,000 to be made upon the occurrence of 
certain events, such as a change of control of the Company or termination for reasons other than cause. As the likelihood 
of a change of control of the Company is not determinable, the contingent payments have not been reflected in the audited 
consolidated financial statements.  
The Company supports EBC through a $20,000,000 revolving Line of Credit, renewed on July 18, 2022, which attracts interest 
commensurate with interest charged on the Company’s primary line of credit with BMO Bank, N.A., is repayable on demand, 
and is unsecured. At October 31, 2024, the intercompany loan balance was $8,640,646 (October 31, 2023, $10,642,528) and 
was eliminated upon consolidation.  
Key management personnel and directors occasionally conduct transactions with the Company as individuals. Such 
transactions are immaterial individually and in total, including for the three-month periods and years ended October 31, 2024 
and 2023, and are conducted pursuant to the Company’s policies.  
All transactions with related parties as noted above are carried out in the normal course of business and at prevailing market 
rates. 
Stock Option Grants 
The Company offers an incentive stock option plan (the Plan) which was established on April 28, 2011 and was amended 
most recently March 23, 2023. The Plan is a rolling stock option plan, under which 15% of the outstanding shares at any 
given time are available for issuance thereunder. The purpose of the Plan is to promote the profitability and growth of the 
Company by facilitating the efforts of the Company to attract and retain directors, senior officers, employees, and 
management. Under the terms of the Plan, vesting for the Company’s directors and management will occur 1/3 upon the 
first anniversary, 1/3 upon the second anniversary, and 1/3 upon the third anniversary of the grant. All the options have a 
five-year term, unless otherwise specified by the Board of Directors. During the year ended October 31, 2024, the Company 
recognized $448,928 of stock based compensation expense in relation to employees’ stock option awards that have vested 
during the period (October 31, 2023, $97,436).  
32
Currency Exchange International, Corp - Annual Report 2024 

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
The following table sets out the information related to each option grant that has not expired and, or cancelled at the end of 
the reporting period: 
Date of 
grant 
Expiry date 
Share price 
at grant 
date (CAD$) 
Amount granted 
and outstanding 
Risk-free interest 
rate 
Expected 
volatility 
Exercise price 
(CAD$)* 
Fair value of option 
at grant date (USD) 
23-Oct-19
23-Oct-24
17.03 
139,786 
1.58% 
24% 
17.36 
3.07 
24-Jun-20 
24-Jun-25 
12.50 
22,662 
0.33% 
23% 
12.74 
1.87 
29-Jul-20
29-Jul-25
10.98 
18,000 
0.26% 
23% 
10.83 
1.76 
29-Oct-20
29-Oct-25
10.00 
196,347 
0.37% 
23% 
10.83 
1.33 
28-Jan-21
28-Jan-26
11.00 
3,873 
0.41% 
23% 
11.02 
2.55 
28-Oct-21
28-Oct-26
14.49 
112,049 
1.16% 
22% 
14.35 
2.57 
28-Apr-22
28-Apr-27
17.44 
20,000 
2.81% 
21% 
18.10 
3.16 
21-Sep-22
21-Sep-27
19.65 
5,748 
3.57% 
37% 
18.93 
4.45 
31-Oct-22
31-Oct-27
19.35 
111,419 
3.73% 
37% 
18.37 
4.34 
30-Oct-23
29-Oct-28
18.20 
89,004 
4.37% 
36% 
20.07 
4.70 
30-Oct-24
29-Oct-29
19.08 
80,152 
3.04% 
29% 
25.89 
4.52 
*Exercise price is determined by the volume-weighted average share price for the previous 20 trading days
The outstanding stock options at October 31, 2024, and the respective changes during the period are summarized as follows: 
 
Number of options 
Weighted average price 
 
# 
CAD$ 
Outstanding at October 31, 2023  
857,484 
15.53 
Granted 
   80,152 
25.89 
Exercised 
(116,493) 
15.62 
Expired 
  (13,316) 
25.83 
Forfeited/cancelled 
    (8,787) 
18.51 
Outstanding at October 31, 2024  
799,040 
16.35 
33
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
The following options were outstanding and exercisable at October 31, 2024: 
Grant Date 
Exercise price (CAD$) 
Number outstanding 
Average remaining 
contractual life (years)
Number exercisable 
23-Oct-19*
$17.36 
139,786 
- 
139,786 
24-Jun-20
$12.74 
22,662 
0.65 
22,662 
29-Jul-20
$10.83 
18,000 
0.74 
18,000 
29-Oct-20
$10.83 
196,347 
0.99 
196,347 
28-Jan-21
$11.02 
3,873 
1.24 
3,873 
28-Oct-21
$14.35 
112,049 
1.99 
112,049 
28-Apr-22
$18.10 
20,000 
2.49 
13,334 
21-Sep-22
$18.93 
5,748 
2.89 
3,833 
31-Oct-22
$18.37 
111,419 
3.00 
74,410 
30-Oct-23
$20.07 
89,004 
4.00 
29,671 
30-Oct-24
$25.89 
80,152 
5.00 
- 
Total 
799,040 
613,965 
*The term of this grant lapsed on October 23, 2024, however due to the fact that the options expired during an ongoing blackout period, option holders are legally
permitted to exercise these options up to 10 business days from the date the blackout is lifted in the future. 
Out of the total number of outstanding options, the Company had 112,930 options outstanding and granted on October 23, 
2019 that were made outside of the Company’s stock option plan, and in accordance with the policies of the TSX were 
approved by the shareholders on March 25, 2020. 
During the year ended October 31, 2024, the Company granted 80,152 stock option awards at a fair value of CAD$25.89. 
Also a total number of 116,493 stock options were exercised, out of which 77,889 options were cancelled as consideration 
in lieu of cash by participants who elected to exercise their options without paying cash proceeds. Accordingly, the Company 
issued 38,604 shares on settlement in addition to $117,737 cash proceeds received. During the year ended October 31, 2024, 
8,787 options had forfeited in relation to employees who had left the Company and 13,316 options that have expired before 
being exercised.   
Restricted Stock Unit and Deferred Stock Unit Plans 
On November 1, 2020 the Company made its inaugural cash-settled grants under the DSU Plan and RSU Plan (the Plans). 
The awards that may be granted under each of the Plans can be realized in cash only and may not be converted into common 
shares of the Company. The purpose of these Plans is to promote the profitability and growth of the Company by facilitating 
the efforts of the Company to attract and retain directors, senior officers, employees, and management. Under the terms of 
the Plans, vesting of the awards that may be granted under the Plans for management occurs on a one-third (1/3) basis 
upon the first, the second, and the third anniversary of the grant date, while awards that may be granted under the Plans for 
directors will vest fully on a quarterly basis in the first year after the grant. All the awards have a three-year term unless 
otherwise specified by the Board of Directors. On October 30, 2023, the Board of Directors of the Company resolved that 
only those directors who have not met their ownership requirements must receive a portion of their base retainer in the form 
of DSU awards.  
On November 1, 2023, the Company made an annual DSU award under the Deferred Share Unit (DSU) Plan. The Company 
granted 10,169 DSU awards in the amount of $145,000. In the year ended October 31, 2024, the Company recognized stock 
based compensation expenses of $1,143,426 (October 31, 2023, $920,387) in relation to RSU and DSU awards that have 
vested during the period, out of which $697,018 was recognized for RSU awards and $446,408 was recognized for DSU 
awards, (October 31, 2023, $517,377 and $403,010, for RSU and DSU awards, respectively). 
34
Currency Exchange International, Corp - Annual Report 2024 

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Share Capital 
As of October 31, 2024, the Company had 6,333,931 common shares outstanding, 613,965 vested, and 185,075 unvested 
stock options, and no warrants outstanding (October 31, 2023, 6,443,397).  
On November 29, 2023, the Company announced acceptance by the TSX of the Company’s notice of Intention to make a 
Normal Course Issuer Bid (the NCIB) to purchase for cancellation a maximum amount of 322,169 common shares 
representing 5% of the Company’s issued and outstanding common shares for one year from December 1, 2023 to November 
30, 2024. During the year ended on October 31, 2024, the Company purchased for cancellation 148,070 common shares at 
the normal market prices trading in TSX for $2,749,308. These shares were immediately cancelled and removed from 
treasury by the Company. 
The following represents information about the Company’s share price: 
Share Information 
October 31, 2024 
October 31, 2023 
$ 
$ 
Closing share price (TSX) in CAD$ 
25.57 
20.50 
Shares outstanding 
6,333,931 
6,443,397 
Market capitalization1 
116,445,781 
95,254,664 
Book value per share2 
12.53 
12.30 
Market value to book value multiple3 
2.04 
1.67 
1Based on the TSX closing market price at period end, converted into USD using the Company’s CAD to USD rate at the end of each reporting period 
2Book value per share is total equity divided by the number of shares outstanding 
3Market value to book value multiple is the ratio of the share’s market value represented in the closing price as per the TSX divided by the book value per share 
Accounting Standards and Policies 
A summary of significant accounting policies is described in Note 2 of the Company's audited consolidated financial 
statements for the years ended October 31, 2024 and 2023.  
Financial Risk Factors 
International Conflict 
International conflict and other geopolitical tensions and events, including war, military action, terrorism, trade disputes, 
and international responses thereto have historically led to, and may in the future lead to, uncertainty or volatility in global 
commodity, energy, and financial markets.  
Russia’s invasion of Ukraine has led to sanctions being levied against Russia by the international community and may result 
in additional sanctions or other international action, any of which may have a destabilizing effect on commodity prices and 
global economies more broadly. Volatility in commodity prices may adversely affect our business, financial condition, and 
results of operations. Changes in commodity prices may affect oil and natural gas activity levels and the costs of energy in 
the jurisdiction in which the Company operates. In addition, an escalation in the Ukraine conflict may have an adverse effect 
on global travel conditions and/or consumer sentiment on travel and tourism, which may adversely impact our business. 
The extent and duration of the current Russian-Ukrainian conflict and related international action cannot be accurately 
predicted at this time and the effects of such conflict may magnify the impact of the other risks identified in this MD&A, 
including those relating to commodity price volatility and global financial conditions. The situation is rapidly changing, and 
unforeseeable impacts may materialize and may have an adverse effect on our business, results of operation, and financial 
condition. 
35
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Network Security Risks 
Despite the implementation of network security measures by the Company, its infrastructure is potentially vulnerable to 
computer intrusions and similar disruptive problems. Concerns over Internet security have been, and will continue to be, a 
barrier to commercial activities requiring consumers and businesses to send confidential information over the Internet. 
Computer viruses, intrusions or other security problems could lead to misappropriation of confidential or proprietary 
information, and cause interruptions, delays or cessation in service to the Company’s customers. Any such intrusion could 
have a negative reputational impact on the Company which could affect its revenue and ability to raise capital. Any such 
intrusion could also compromise the privacy of the Company’s proprietary CXIFX software which is integral to its business. 
In such a case, the Company may be required to spend significant resources to monitor and protect its intellectual property 
rights. Litigation brought to protect and enforce those rights could be costly, time-consuming and distracting to management 
and could result in the impairment or loss of portions of the Company’s intellectual property. Any failure to secure, protect 
and enforce its intellectual property rights could seriously harm the Company and adversely affect its business. Moreover, 
the security and privacy concerns of existing and potential customers may inhibit the growth of the Internet as a medium 
for commerce. Any actual or perceived breach of customers’ privacy and security could harm the Company’s business. 
Risk of Downturn in International Travel 
International travel is the main driver of a significant part of the Company’s business. Uncertainty and negative trends in 
general economic conditions in the United States, Canada and abroad, including rising costs of living, have the potential to 
create a difficult environment for companies operating in the travel industry. Many factors, including those beyond the 
control of the Company, could have a detrimental impact on its performance by causing a significant decrease in 
international travel. These factors include general economic conditions, unemployment levels, energy costs and interest 
rates, as well as events such as natural disasters, acts of war, terrorism and catastrophes. 
Outbreak of Infectious Diseases 
The Company’s Banknotes product line, which represents a significant portion of commission revenue, is highly correlated 
to international travel patterns by consumers. The Company’s business has been and may continue to be adversely affected 
by the effects of the widespread outbreak of respiratory illnesses (like COVID-19) and other infectious diseases in its primary 
North American market, as well as by travel restrictions imposed by governments to limit the effects of these on the health 
of the local and global population, including restrictions on air travel to and from North America. The impacts of the COVID-
19 pandemic have stabilized; however, it is not possible to reliably estimate the potential impact of this, or future global 
disruptions or infectious disease, on the financial position and results of future periods. 
Regulatory Compliance Risk 
Regulatory compliance risk is the risk of potential non-compliance with laws, regulations, and prescribed practices in the 
jurisdictions in which the Company operates. Issues regarding compliance with laws and regulations can be associated with 
privacy, market conduct, consumer protection, business conduct and money laundering. Furthermore, in Canada, the 
Company’s subsidiary is a Schedule 1 bank and is subject to additional guidelines from the Office of the Superintendent of 
Financial Institutions (OSFI). In conducting its business, the Company is subject to regulatory examinations and inquiries 
and may, at any given time, be subject to the payment of additional charges as a resolution of matters arising from these 
examinations or other non-compliance matters. Additional charges, where applicable, are recorded in the Company’s audited 
consolidated financial statements as a provision, in the period in which the recognition criteria in accordance with IFRS 
Accounting Standards are met. 
Compliance policies and procedures have been developed to enable the Company to manage regulatory compliance risk. 
The Company has an established regulatory compliance management framework which outlines how it manages and 
mitigates the regulatory compliance risks associated with potential non-compliance with regulatory requirements and 
changing laws and regulations as applicable. 
36
Currency Exchange International, Corp - Annual Report 2024 

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
Credit Risk 
Credit risk is the risk of financial loss associated with a counterparty’s inability to fulfill its payment obligations. The 
Company’s credit risk is primarily attributable to cash in bank accounts, accounts receivable, and forward and option 
contracts from hedging counterparties. 
All banking relationships are negotiated by senior management. The Company maintains accounts in high-quality financial 
institutions. At various times, the Company's bank balances exceed insured limits. 
The credit risk associated with accounts receivable is limited, as the Company's receivables consist primarily of bulk 
currency trades with a settlement cycle of 24 to 48 hours. The majority of the Company's receivables reside with banks, 
money service business customers, and other financial institutions. The Company has longstanding relationships with most 
of its money service business customers and a strong repayment history. For the purpose of risk control, the customers are 
grouped as follows: domestic and international financial institutions, money service businesses, and other customers. Credit 
limits are established for each customer, whereby the credit limit represents the maximum open amount without requiring 
payments in advance. These limits are adjudicated and reviewed regularly by senior management. Due to seasonality, 
amounts in accounts receivable are usually at their highest during peak periods. 
A breakdown of accounts receivable by category is below: 
 
As of October 31, 2024 
As of October 31, 2023
Customer type  
$ 
$ 
Domestic and international financial institutions 
6,017,980
18,339,600 
Money service businesses 
3,001,066
2,171,215 
Other 
1,977,272
614,731 
Total 
10,996,318
21,125,546 
The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the audited 
consolidated statements of financial position. There are no commitments that could increase this exposure to more than 
the carrying amount. 
Financial Instruments and Risk Management 
IFRS 9 requires that financial statements include certain disclosures about the fair value of financial instruments as set out 
in IFRS 13 and IFRS 7. These disclosures include the classification of fair values within a three-level hierarchy. The three 
Levels are defined based on the observation of significant inputs to the measurement, as follows: 
•
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
•
Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly; and
•
Level 3 - unobservable inputs for the asset or liability.
The fair value determination is the estimated amount that the Company would receive to sell a financial asset or pay to 
transfer a financial liability in an orderly transaction between market participants at the measurement date. 
There were no transfers between Level 1 and Level 2 during the years ended October 31, 2024 and 2023. 
37
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
The following table shows the Levels within the hierarchy of financial assets and liabilities measured at fair value: 
October 31, 2024 
 
Level 1 
Level 2 
Level 3 
Total 
 
$ 
$ 
$ 
$ 
Financial assets  
  
  
  
  
Cash 
  101,877,263
  -
-
  101,877,263
Forward and option contract assets 
-
404,918
-
404,918
Total assets  
 101,877,263
   404,918
-
102,282,181
Financial liabilities 
Restricted and deferred share units 
-
2,066,192 
-
2,066,192 
Total liabilities  
-
2,066,192
-
2,066,192
October 31, 2023 
 
Level 1 
Level 2 
Level 3 
Total 
 
$ 
$ 
$ 
$ 
Financial assets  
 
 
 
 
Cash 
92,720,293 
- 
- 
92,720,293 
Forward and option contract assets 
-
1,066,467
-
1,066,467
Total assets  
92,720,293 
1,066,467 
-
93,786,760
Financial liabilities 
Restricted and deferred share units 
-
1,328,582
-
1,328,582
Total liabilities  
-
1,328,582
-
1,328,582
Foreign Currency Risk 
The volatility of the Company's foreign currency holdings may increase as a result of the political and financial environment 
of the corresponding issuing country. Several currencies have a limited exchange rate exposure as they are pegged to the 
U.S. Dollar, the reporting currency of the Company. Management mitigates its exposure to foreign currency fluctuations 
through a layered risk management strategy that includes forward hedges and selective use of purchased options. Due to 
their nature, some minor and investment foreign currencies cannot be hedged or are too cost prohibitive to hedge. These 
exposures are managed to acceptable risk appetite levels using a historical Value-at-Risk (VaR) methodology.  Foreign 
currency exposure, in the form of exchange gains and losses arising from normal trading activities and business operations, 
are included in operating expenses for the period.  
Foreign exchange losses (gains) represent the net result after considering hedging and risk management strategies designed 
to reduce the inherent risks in the Company’s exposure to foreign exchange, thereby minimizing volatility in earnings. Due 
to the unpredictable nature of foreign exchange markets, Management cannot reliably predict future movements in foreign 
currency valuations, and therefore hedges the Company’s exposures in a consistent and prudent manner in alignment with 
the Company’s FX Policy.  As a result, Management employs a layered approach to managing its exposure to foreign 
exchange in major currencies through a combination of foreign currency forward contracts and a selective use of purchased 
put option contracts. Results after hedging vary each period and are largely driven by the magnitude of banknote holdings 
in certain currencies.  Net results are seldom neutral because of the costs linked to hedging, which include forward point 
differentials on forward contracts and premiums on purchased options.  The Company does not hedge its exposure to 
investment currencies as there is generally no established hedging market or the cost of hedging those currencies is 
prohibitively high. Variations in these unhedged exposures may lead to fluctuations in results each period. 
38
Currency Exchange International, Corp - Annual Report 2024 

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
In order to further mitigate the risks associated with holding these foreign currencies, the Company assigns wider bid/ask 
spreads and maintains specific inventory targets to minimize the impact of exchange rate fluctuations. These targets are 
reviewed regularly and are increased or decreased to accommodate demand within acceptable risk tolerances. The amount 
of unhedged inventory held in tills, vaults, on consignment, and in transit on October 31, 2024, was $9,812,382 (October 31, 
2023, $9,361,900). The amount of currency that is unhedged and that is not pegged to the U.S. Dollar is $8,419,094 (October 
31, 2023, $7,833,228). A 2% increase/reduction in the market price for the aggregate of the Company's unhedged/un-pegged 
foreign currencies would result in an exchange gain/loss of approximately +$168,000/-$168,000 (October 31, 2023, 
gain/loss of approximately +$157,000/-$157,000). 
On a consolidated basis, the Company is also exposed to foreign currency fluctuations between the U.S. Dollar and the 
Canadian Dollar, being the functional currency of its Canadian subsidiary. The Company does not hedge its net investment 
in its Canadian subsidiary and the related foreign currency translation of its earnings. 
Interest Rate Risk 
At October 31, 2024, the Company had access to interest-bearing financial instruments in cash and its lines of credit. A 
significant amount of the Company’s cash is held as foreign currency banknotes in tills, on consignment, and in its own 
vaults. These amounts are not subject to interest rate risk. Cash held in some of the Company’s bank accounts are interest-
bearing. The Company is subject to a small amount of cash flow interest rate risk from the borrowings on its lines of credit, 
however, as borrowings have declined and remained within policy limits, the risk is low. Borrowings bear interest at variable 
rates. Currently, the interest rate exposure is unhedged.  
If interest rates had been 50 basis points higher/lower with all other variables held constant, after-tax profit for the year 
ended October 31, 2024 would have been approximately +$25,000/-$25,000 higher/lower as a result of credit lines held at 
variable interest rates. 
Liquidity Risk 
Liquidity risk is the risk of the Company incurring losses resulting from the inability to meet payment obligations in a timely 
manner when they become due or from being unable to do so at a sustainable cost. To effectively manage liquidity risk, the 
Company has implemented preventative risk monitoring measures, including setting a liquidity risk ratio target of 120% or 
greater, which measures the proportion of unencumbered highly liquid assets to short-term net cash outflows, and setting a 
minimum liquidity balance requirement of total available cash or undrawn lines of credit to be greater than $5,000,000 
notional daily. As required, the Treasurer and CFO report any liquidity issues to the Chief Executive Officer (CEO), Chief Risk 
Officer (CRO), and the audit committee in accordance with established policies and guidelines. Management has assessed 
the Company’s cash position at October 31, 2024 and determined that it is sufficient to meet its financial obligations. 
39
Currency Exchange International, Corp - Annual Report 2024

Management’s Discussion and Analysis 
(All amounts are expressed in U.S. Dollars unless otherwise noted)  
For the three-month periods and years ended October 31, 2024 and 2023 
The following are non-derivative contractual financial liabilities: 
October 31, 2024 
Non-derivative financial liabilities 
Carrying amount 
Estimated contractual amount 
Next fiscal year Future fiscal years 
 
$ 
$ 
$ 
$ 
Accounts payable 
19,540,154
19,540,154
19,540,154
 Nil
Holding accounts  
9,032,535
9,032,535
9,032,535
 Nil
Lines of credit 
5,032,894
5,032,894
5,032,894
 Nil
 
   
 
 
October 31, 2023 
Non-derivative financial liabilities 
Carrying amount 
Estimated contractual amount 
Next fiscal year Future fiscal years 
 
$ 
$ 
$ 
$ 
Accounts payable 
21,021,910 
21,021,910 
21,021,910 
 Nil  
Holding accounts  
5,909,235 
5,909,235 
5,909,235 
 Nil  
Lines of credit 
14,679,991 
14,679,991 
14,679,991 
 Nil  
Capital Management 
The Company manages capital through its financial and operational forecasting processes. The Company defines working 
capital as total current assets less total current liabilities. The Company reviews its working capital and forecasts its cash 
flows based on operating expenditures, and other investing and financing activities related to its daily operations. 
 
October 31, 2024 
October 31, 2023 
 
$ 
$ 
Current assets 
   118,508,979
120,243,608 
Current liabilities 
 (44,659,215)
(50,097,175) 
Working capital 
73,849,764
70,146,433 
The Company monitors its capital structure and makes adjustments according to market conditions in an effort to meet its 
objectives given the current outlook of the business and industry in general. The Company may manage its capital structure 
by issuing new shares, obtaining loan financing, adjusting capital spending, repurchasing shares, or disposing of assets. 
The capital structure is reviewed by management and the board of directors on an ongoing basis. 
Changes in Internal Control over Financial Reporting 
There have been no changes in the Company’s internal control over financial reporting during the year ended October 31, 
2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial 
reporting. 
Subsequent Events 
The Company evaluated subsequent events through January 22, 2025, the date these audited consolidated financial 
statements were issued.  There were no material subsequent events that required recognition or additional disclosure in the 
audited consolidated financial statements. 
40
Currency Exchange International, Corp - Annual Report 2024 

Currency Exchange International, Corp. 
Consolidated Financial Statements 
For the Years Ended October 31, 2024 and 2023
(Expressed in U.S. Dollars) 
41

TABLE OF CONTENTS 
Independent Auditor’s Report 
43-46
Consolidated Statements of Financial Position 
47 
Consolidated Statements of Income and 
Comprehensive Income 
48 
Consolidated Statements of Changes in Equity 
49 
Consolidated Statements of Cash Flows 
50 
Notes to the Consolidated Financial Statements 
51–81 
42

Doane Grant Thornton LLP 
11th Floor 
200 King Street West 
Toronto, ON 
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T +1 416 366 0100 
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Assurance | Tax | Advisory
© Doane Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd
Independent auditor’s report 
To the shareholders of 
Currency Exchange International, Corp 
Opinion 
We have audited the consolidated financial statements of Currency Exchange International, Corp. and 
its subsidiaries ("the Group"), which comprise the consolidated statements of financial position as at 
October 31, 2024, and October 31, 2023 and the consolidated statements of income and 
comprehensive income, consolidated statements of changes in equity and consolidated statements of 
cash flows for the years then ended, and notes to the consolidated financial statements, including 
material accounting policy information. 
In our opinion, the accompanying consolidated financial statements present fairly, in all material 
respects, the consolidated financial position of the Group as at October 31, 2024 and October 31, 
2023 and its consolidated financial performance and its consolidated cash flows for the years then 
ended in accordance with IFRS Accounting Standards as issued by the International Accounting 
Standards Board (IFRS Accounting Standards).  
Basis for Opinion 
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our 
responsibilities under those standards are further described in the Auditor's Responsibilities for the 
Audit of the Consolidated Financial Statements section of our report. We are independent of the Group 
in accordance with the ethical requirements that are relevant to our audit of the consolidated financial 
statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these 
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to 
provide a basis for our opinion.  
Key Audit Matters 
Key audit matters are those matters that, in our professional judgement, were of most significance in 
our audit of the consolidated financial statements of the current period.  These matters were 
addressed in the context of our audit of the consolidated financial statements as a whole, and in 
forming our opinion thereon, and we do not provide a separate opinion on these matters. 
Assessment of the recoverable amount of cash generating units (“CGU”) to which goodwill has been 
allocated or indicators of impairment exist 
Refer to Notes 2, 3, 7, 8 and 9 of the consolidated financial statements. 
IAS 36 – Impairment of Assets (“IAS 36”) requires indefinite life intangible assets to be tested for 
impairment at least annually, and whenever there is an indication that the asset may be impaired. The 
43

Assurance | Tax | Advisory
© Doane Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd
Group has recorded goodwill of $1.310 million and other intangible asssets of $2.122 million as at 
October 31, 2024. 
The recoverable amount of a CGU (or group of CGUs), which is a significant estimate, is the higher of 
its value in use and its fair value less costs of disposal.  In determining the recoverable amount of the 
CGU (or group of CGUs) on a value in use basis, the Group uses significant assumptions including 
projected future revenues, income, terminal growth rate and discount rate. 
Given the significance of management’s judgements and estimates in determining the value in use of 
each CGU, we have identified the assessment of the recoverable amount of CGU’s to which goodwill 
has been allocated or indicators of impairment exist as a key audit matter. 
Our audit procedures included, amongst other procedures: 
•
We evaluated the reasonableness of management’s cash flow projections used to establish
the recoverable amount of the CGUs by comparing them to the Group’s historical cash flows
•
We compared management’s historical forecasts of cash flow projections with actual results to
assess management’s ability to accurately predict cash flows
•
We involved valuation professionals with specialized skills and knowledge, who assisted in
evaluating the reasonableness of the terminal growth rates and discount rates used by
management. This included an assessment of the reasonableness of the required inputs into
the two rates
•
We assessed how management addressed estimation uncertainty by obtaining support for
management’s sensitivity analysis of their calculations of each CGU’s value in use, future cash
flows and terminal growth and discount rates.
Information Other than the Consolidated Financial the Consolidated Financial Statements and 
Auditor’s Report Thereon  
Management is responsible for the other information. The other information comprises the 
Management Discussion and Analysis but does not include the consolidated financial statements and 
our auditor’s report thereon. 
Our opinion on the consolidated financial statements does not cover the other information and we do 
not express any form of assurance conclusion thereon. 
In connection with our audit of the consolidated financial statements, our responsibility is to read the 
other information and, in doing so, consider whether the other information is materially inconsistent 
with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears 
to be materially misstated.  
If, based on the work we have performed, we conclude that there is a material misstatement of this 
other information, we are required to report that fact. We have nothing to report in this regard. 
Responsibilities of Management and Those Charged with Governance for the Consolidated 
Financial Statements   
Management is responsible for the preparation and fair presentation of the consolidated financial 
statements in accordance with IFRS Accounting Standards, and for such internal control as 
management determines is necessary to enable the preparation of consolidated financial statements 
that are free from material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, management is responsible for assessing the 
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going 
concern and using the going concern basis of accounting unless management either intends to 
liquidate the Group or to cease operations, or has no realistic alternative but to do so. 
Those charged with governance are responsible for overseeing the Group’s financial reporting 
process.  
44

Assurance | Tax | Advisory
© Doane Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements 
Our objectives are to obtain reasonable assurance about whether the consolidated financial 
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 
an auditor’s report that includes our opinion.  Reasonable assurance is a high level of assurance, but 
is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing 
standards will always detect a material misstatement when it exists.  Misstatements can arise from 
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be 
expected to influence the economic decisions of users taken on the basis of these consolidated 
financial statements. 
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise 
professional judgment and maintain professional skepticism throughout the audit. We also: 
•
Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
•
Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
•
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned 
scope and timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit. 
We also provide those charged with governance with a statement that we have complied with relevant 
ethical requirements regarding independence, and to communicate with them all relationships and 
other matters that may reasonably be thought to bear on our independence, and where applicable, 
related safeguards. 
From the matters communicated with those charged with governance, we determine those matters 
that were of most significance in the audit of the consolidated financial statements of the current period 
and are therefore the key audit matters.  We describe these matters in our auditor’s report unless law 
or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, 
we determine that a matter should not be communicated in our report because of the adverse 
consequences of doing so would reasonably be expected to outweigh the public interest benefits of 
such communication. 
45

Assurance | Tax | Advisory
© Doane Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd
The engagement partner on the audit resulting in this independent auditor's report is Grant Cuylle. 
Toronto, Canada 
Chartered Professional Accountants 
January 22, 2025 
Licensed Public Accountants 
46

Consolidated Statements of Financial Position 
As of October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
October 31, 2024 
October 31, 2023 
ASSETS 
Current assets 
 $ 
 $ 
Cash (Note 5) 
101,877,263 
 92,720,293 
Restricted cash held in escrow (Note 6) 
3,239,729 
 3,480,485 
Accounts receivable (Note 14) 
10,996,318 
 21,125,546 
Forward and option contract assets (Notes 13 and 15) 
404,918 
 1,066,467 
Other current assets (Note 20) 
1,990,751 
 1,850,817 
Total current assets 
118,508,979 
 120,243,608 
Property and equipment (Note 7) 
2,373,134 
 1,033,948 
Right-of-use assets (Note 9) 
5,422,660 
2,558,715 
Intangible assets (Note 8) 
2,122,185 
 3,668,740 
Goodwill (Note 8) 
1,309,701 
 2,172,180 
Deferred tax asset, net (Note 10) 
1,260,430 
2,266,114 
Other assets 
164,495 
106,139 
Total assets 
131,161,584 
132,049,444 
LIABILITIES AND EQUITY 
Current liabilities 
Lines of credit (Note 12) 
5,032,894 
 14,679,991 
Accounts payable 
19,540,154 
 21,021,910 
Accrued expenses 
9,011,177 
5,624,280 
Holding accounts 
9,032,535 
 5,909,235 
Deferred revenues 
601,453 
648,818 
Income taxes payable 
175,557 
635,183 
Lease liabilities (Note 9) 
1,265,445 
 1,577,758 
Total current liabilities 
44,659,215 
 50,097,175 
Long term liabilities 
Lease liabilities (Note 9) 
5,042,427 
 1,388,961 
Other long term liabilities 
2,067,587 
1,330,327 
Total long term liabilities 
7,110,014 
2,719,288 
Total liabilities 
51,769,229 
52,816,463 
Equity 
Share capital 
6,333,931 
6,443,397 
Equity reserves 
27,875,614 
30,080,623 
Retained earnings 
45,182,810 
42,708,961 
Total equity 
79,392,355 
79,232,981 
Total liabilities and equity 
131,161,584 
132,049,444 
The accompanying notes are an integral part of these consolidated financial statements. 
47
Currency Exchange International, Corp - Annual Report 2024

Consolidated Statements of Income and Comprehensive Income 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Year ended 
Year ended 
October 31, 2024 
October 31, 2023 
Revenues 
$ 
$ 
Commissions revenue 
80,466,220 
77,043,358 
Fee revenue 
4,778,197 
4,911,411 
Total revenues (Note 4) 
85,244,417 
81,954,769 
Operating expenses (Note 18) 
69,560,357 
63,220,520 
Net operating income 
15,684,060 
18,734,249 
Other income (loss) 
Interest revenue 
402,096 
435,903 
Loss on sale of assets 
-
(30,527) 
Impairment charges (Notes 7, 8 and 9) 
(2,690,425) 
- 
Other (expense) income, net 
(66)
58,465
Total other (expense) income 
(2,288,395) 
463,841 
Earnings before interest, taxes, depreciation and amortization 
13,395,665 
19,198,090 
Interest expense (Note 12) 
719,115 
1,088,161 
Interest on lease liabilities (Note 9) 
233,237 
179,904 
Depreciation and amortization 
1,802,438 
1,509,674 
Depreciation of right-of-use assets (Note 9) 
1,967,928 
1,895,566 
Income before income taxes 
8,672,947 
14,524,785 
Income tax expense (Note 10) 
6,199,098 
4,331,278 
Net income for the period 
2,473,849 
10,193,507 
Other comprehensive income, after tax 
Net income for the period 
2,473,849 
10,193,507 
Items that may subsequently be reclassified to profit or loss 
Exchange differences on translating foreign operations 
61,026 
(340,045) 
Total other comprehensive income 
2,534,875 
9,853,462 
Earnings per share (Note 17) 
- Basic
0.39 
1.59 
- Diluted
0.38 
1.52 
Weighted average number of common shares outstanding (Note 17) 
- Basic
6,287,096 
6,424,751 
- Diluted
6,560,427 
6,696,942 
The accompanying notes are an integral part of these consolidated financial statements. 
48
Currency Exchange International, Corp - Annual Report 2024 

Consolidated Statements of Changes in Equity 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
  Share Capital 
Equity Reserves 
Retained Earnings 
Total Equity 
Shares 
Amount 
Share Premium 
Accumulated 
Other 
Comprehensive 
Loss 
Stock Options 
Amount 
Amount 
# 
$ 
$ 
$ 
# 
$ 
$ 
$ 
Balance at November 1, 2023 
6,443,397 
6,443,397 
32,827,629 
(6,584,811) 
857,484 
3,837,805 
42,708,961 
79,232,981 
Stock based compensation (Note 16) 
- 
- 
- 
- 
58,049 
448,928 
- 
448,928 
Issue of share capital and share premium 
on exercise of stock options (Note 16) 
38,604 
38,604 
196,502 
-
(116,493) 
(310,227) 
- 
(75,121) 
Shares purchased for cancellation (Note 16) 
(148,070) 
(148,070) 
(2,601,238) 
- 
- 
- 
- 
(2,749,308) 
Gain on foreign currency translation 
- 
- 
-
61,026
- 
- 
- 
61,026 
Net income 
- 
- 
-
-
- 
- 
2,473,849 
2,473,849 
Balance, October 31, 2024 
6,333,931 
6,333,931 
30,422,893 
(6,523,785) 
799,040 
3,976,506 
 45,182,810 
 79,392,355 
Balance at November 1, 2022 
6,429,489 
6,429,489 
32,698,075 
(6,244,766) 
820,762 
3,907,257 
32,515,454 
69,305,509 
Stock based compensation (Note 16) 
- 
- 
- 
- 
91,456 
97,436 
- 
97,436 
Issue of share capital and share premium 
on exercise of stock options (Note 16) 
13,908 
13,908 
129,554 
-
(54,734) 
(166,888) 
- 
(23,426) 
Loss on foreign currency translation 
- 
- 
-
(340,045) 
- 
- 
- 
(340,045) 
Net income 
- 
- 
-
-
- 
- 
10,193,507 
10,193,507 
Balance, October 31, 2023 
6,443,397 
6,443,397 
32,827,629 
(6,584,811) 
857,484 
3,837,805 
42,708,961 
79,232,981 
The accompanying notes are an integral part of these consolidated financial statement.
Currency Exchange International, Corp - Annual Report 2024
49

Consolidated Statements of Cash Flows 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
October 31, 2024 
October 31, 2023 
Cash flows from operating activities 
$ 
$ 
Net income 
2,473,849 
10,193,507 
Adjustments to reconcile net income to net cash flows from operating activities 
Depreciation and amortization 
1,802,438 
1,509,674 
Depreciation of right-of-use assets 
1,967,928 
1,895,566 
Impairment charges (Note 8) 
2,690,425 
- 
Stock based compensation 
1,592,354 
1,017,823 
Gain on disposal, impairment of assets and leases 
-
(30,527) 
Increase (decrease) in cash due to change in: 
Accounts receivable 
10,159,487 
(6,916,030) 
Restricted cash held in escrow 
235,471 
262,364 
Change in fair value of forward and option contract positions 
672,387 
(175,830) 
Income taxes receivable 
226 
(229) 
Other assets 
(204,092) 
3,050,288 
Net deferred tax assets 
1,032,546 
(599,021) 
Deferred revenues 
(47,106) 
143,629 
Payments related to stock based compensation (Note 16) 
(405,816) 
(766,032) 
Accounts payable, accrued expenses, holding accounts and other liabilities 
4,699,281 
(10,716,789) 
Net cash flows from operating activities 
26,669,378 
(1,131,607) 
Cash flows from investing activities 
Purchase of property and equipment 
(2,211,914) 
(761,214) 
Purchase of intangible assets 
(791,209) 
(528,809) 
Proceeds from the sale of long term assets 
-
10,000
Net cash flows from investing activities 
(3,003,123) 
(1,280,023) 
Cash flows from financing activities 
Proceeds related to stock based compensation, net (Note 16) 
(75,121) 
(23,425) 
Repayment of lease liabilities 
(2,119,343) 
(2,093,022) 
Interest on lease liabilities 
232,946 
179,856 
Net (payment) borrowing on line of credit 
(9,604,508) 
8,852,591 
Purchase of common shares for cancellation (Note 16) 
(2,749,308) 
- 
Net cash flows from financing activities 
(14,315,334) 
6,916,000 
Net change in cash 
9,350,921 
4,504,370 
Cash, beginning of period 
92,720,293 
88,559,268 
Exchange difference on foreign operations 
(193,951) 
(343,345) 
Cash, end of period 
101,877,263 
92,720,293 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION 
Cash paid during the period for income taxes 
5,604,320 
6,882,949 
Cash paid during the period for interest 
139,240 
920,787 
Cash received during the period for interest 
402,096 
435,903 
The accompanying notes are an integral part of these consolidated financial statements
50
Currency Exchange International, Corp - Annual Report 2024 

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
1. Nature of Operations and Basis of Presentation
Nature of Operations 
Currency Exchange International, Corp. (the Company) was originally incorporated under the name Currency Exchange 
International, Inc. under the Florida Business Corporation Act on April 7, 1998. The Company changed its name to Currency 
Exchange International, Corp. on October 19, 2007 and commenced its current business operations at that time. The 
Company is a public corporation whose shares are listed and posted for trading on the Toronto Stock Exchange (TSX) under 
the symbol “CXI“ and the over-the-counter market (OTC in the United States under the symbol “CURN.” The Company operates 
as a money service and payments business that provides currency exchange, wire transfer, and cheque cashing services 
from its locations in the United States and Canada. The Company maintains a head office and 6 main vaults as well as 40 
branch locations and 390 employees. The Company’s registered head office is located at 6649 Westwood Boulevard, Suite 
250, Orlando, Florida, 32821, United States of America. The Company’s wholly owned Canadian subsidiary, Exchange Bank 
of Canada (EBC) is a non-deposit-taking, non-lending Schedule 1 bank engaged in foreign exchange services.  
Basis of Presentation 
The presentation currency of the Company’s consolidated financial statements is the U.S. Dollar. The accounting policies 
set out in Note 2 of the consolidated financial statements have been applied consistently to all periods presented in these 
consolidated financial statements. These consolidated financial statements have been prepared on a historical cost basis, 
except for the following assets and liabilities, which are stated at their fair value: financial instruments classified as Fair 
Value Through Profit or Loss (FVTPL), foreign currency forward and option contracts, and share based payment plans. In 
addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash 
flow information. 
Statement of Compliance 
The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the 
International Accounting Standards Board (“IFRS Accounting Standards”). 
These consolidated financial statements were authorized for issue and approved by the board of directors on January 22, 
2025. 
Comparative Figures 
Certain comparative figures have been reclassified to conform to the presentation in the current period. 
2. Summary of Material Accounting Policies
Recently Adopted Accounting Standards and Future Accounting Pronouncements 
Certain pronouncements were issued by the International Accounting Standards Board (IASB) or International Financial 
Reporting Interpretations Committee (IFRIC) and have been adopted in the current period or are applicable for future periods. 
None of these pronouncements have, or are expected to have, a material impact on the Company’s consolidated financial 
statements.  
-
Classification of Liabilities as Current or Non-current (Amendments to IAS 1);
-
Lease Liability in a Sale and Leaseback (Amendment to IFRS 16);
-
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7); and
-
Non-current Liabilities with Covenants (Amendments to IAS 1).
51
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Future Accounting Pronouncements 
Certain pronouncements were issued by the IASB or the IFRIC. Many are not applicable or do not have a significant impact to the 
Company and have been excluded.  
The following amended standards and interpretations have not yet been adopted and are not expected to have a significant impact 
on the Company’s consolidated financial statements: 
-
Lack of Exchangeability (Amendments to IAS 21);
-
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and 7); and
-
IFRS 19, Subsidiaries without Public Accountability: Disclosure.
Management is currently in the process of evaluating the potential impact of IFRS 18, Presentation and Disclosure in Financial 
Statements. It has not yet been determined whether this will have a significant impact on the Company’s financial statements. 
Principles of Consolidation 
The consolidated financial statements comprise the financial statements of the Company and its wholly owned subsidiaries, 
EBC, a Schedule 1 bank in Canada and eZforex.com, Inc. (eZforex) - a Texas-based money service business. Subsidiaries 
are entities over which the Company has control, where control is defined as the power to govern financial and operating 
policies of an entity to obtain benefit from its activities. Subsidiaries are fully consolidated from the date control is 
transferred to the Company and are de-consolidated from the date control ceases. All material intercompany transactions 
are eliminated on consolidation. 
Cash 
Cash includes, but is not limited to local and foreign currencies: 
•
held in tills and vaults;
•
in transit;
•
at customer locations on consignment;
•
in branches or distribution centers; and
•
in bank accounts.
Foreign cash is recorded at fair value based on foreign exchange rates as at October 31, 2024 and 2023, respectively. 
Accounts Receivable 
Trade accounts receivable are stated net of an allowance for doubtful accounts. Accounts receivable balances consist 
primarily of bulk currency trades with a settlement cycle of 24 to 48 hours. The amount of accounts receivable varies widely 
from period to period due to the volume of activity and timing differences. The Company applies a simplified approach in 
accounting for the allowance for doubtful accounts based on lifetime expected credit losses in accordance with IFRS 9, 
Financial Instruments (IFRS 9). These consider the potential for default during the life of the financial instrument and are the 
expected shortfalls in contractual cash flows. To estimate the expected shortfall, the Company considers specific 
customers, historical information, external indicators, and forward-looking information. There is minimal counter-party risk 
as the majority of the Company's receivables reside with banks, money service business customers, and other financial 
institutions. The Company has longstanding relationships with most of its customers and has a strong repayment history. 
The Company does not accrue interest on past due receivables. Management determined that the allowance for doubtful 
accounts was $171,509 as of October 31, 2024 (October 31, 2023, $400,000). 
Revenue Recognition 
IFRS 15, Revenue from Contracts with Customers (IFRS 15) provides a comprehensive framework for the recognition, 
measurement, and disclosure of revenue from contracts with customers. To determine whether to recognize revenue, the 
Company follows a five-step process whereby the Company: (i) identifies the contract with the customer; (ii) identifies the 
performance obligations; (iii) determines the transaction price; (iv) allocates the transaction price to the performance 
obligations; and (v) recognizes revenue when or as performance obligations are satisfied.  
52
Currency Exchange International, Corp - Annual Report 2024 

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Commission revenues are the difference (spread) between the cost and the selling price of foreign currency products, 
including banknotes, wire payments, cheque collections and draft issuances (foreign currency margin), together with the net 
(realized or unrealized) gain or loss from foreign currency forward contracts with customers, and commissions paid on the 
sale and purchase of currencies. The amount of this spread is based on competitive conditions and the convenience and 
value-added services offered. These revenue contracts are short term in nature and generally have a single performance 
obligation. Revenue is recognized when each transaction occurs, the performance obligation is satisfied, the currency is 
delivered, or at the end of each reporting period when revaluations of foreign exchange positions take place. For contracts 
whose performance obligations are not satisfied (or partially not satisfied) at the end of the reporting period, amounts as 
such are not recognized in the consolidated statements of income and comprehensive income and are recorded in the 
consolidated statements of financial position as deferred revenues until the performance obligation is satisfied.  
Fee income includes fees collected on wire transfers, cheque collections, and currency exchange transactions. These 
revenue contracts are short term in nature and generally have a single performance obligation with revenue being recognized 
when the transaction occurs, the performance obligation is satisfied, and when the currency is delivered.  
Foreign Currency Translation 
Transactions denominated in foreign currencies are translated to the functional currency at the exchange rate at the date 
of the transaction. Monetary assets and liabilities denominated in foreign currencies at the consolidated statements of 
financial position date are translated at rates as at that date. The functional currency of EBC is the Canadian Dollar and the 
functional currency of the Company and eZforex is the United States Dollar.  
In situations where the functional currency is not the same as the presentation currency, foreign currency-denominated 
assets and liabilities are translated to their presentation currency equivalents using foreign exchange rates in effect at the 
consolidated statements of financial position date. Revenues and expenses are translated at average rates of exchange 
during the period. Exchange gains or losses arising from the consolidation of the Canadian subsidiary are included in 
accumulated other comprehensive income. On disposal of a foreign operation, the related cumulative translation differences 
recognized in equity reserves are reclassified to profit or loss and are recognized as part of the gain or loss on disposal.  
Foreign Currency Forward and Option Contracts 
The Company enters into foreign currency forward and option contracts with non-client counterparties, to mitigate the risk 
of fluctuations in exchange rates of its exposure to certain major currencies related to its Banknotes product line. Forward 
contracts are entered into daily, with maturities up to 30 days.  Option contracts are entered into selectively once per quarter, 
with a maturity up to 90 days. 
Foreign currency forward and option contracts are recognized on the Company's consolidated statements of financial 
position when the Company becomes a party to the contractual provisions of the instrument. The instrument is derecognized 
from the consolidated statements of financial position when the contractual rights or obligations expire or are extinguished. 
These non-client counterparty foreign currency forward and option contracts, as referred to above, are recognized at fair 
value and changes in fair value are included in operating expenses in the consolidated statements of income and 
comprehensive income and are recorded as either contract assets or contract liabilities at the end of the reporting period. 
53
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Property and Equipment 
Property and equipment are initially recorded at their cost and depreciated over its estimated useful life. Cost includes 
expenditures which are directly attributable to bringing the asset into working condition for its intended use. Depreciation 
is calculated on a straight-line basis, as follows:  
•
Vehicles
3 years 
•
Computer equipment
3 years 
•
Furniture and equipment
3-5 years
•
Leasehold improvements
the lesser of the lease term or useful life
When parts of an asset have different useful lives, depreciation is calculated on each separate part. In determining the 
useful lives of the component parts, the Company considers both the physical condition of the parts as well as technological 
life limitations. Estimates of remaining useful lives and residual values are reviewed annually. Changes in estimates are 
accounted for prospectively. 
Goodwill and Intangible Assets 
Goodwill, representing the excess of the purchase price over the fair value of the net assets acquired in a business 
combination, is carried at its original value based on the acquisition, less impairment losses determined subsequent to the 
acquisition. 
Intangible assets are comprised of the Company's internally developed software (CXIFX) and its related modules, as well as 
software and customer trading relationships acquired through business combinations or asset purchase transactions. 
Costs that are directly attributable to a project’s development phase are recognized as intangible assets, provided they have 
met the following recognition requirements:  
•
the development costs can be measured reliably;
•
the project is technically and commercially feasible;
•
the Company intends to and has sufficient resources to complete the project;
•
the Company has the ability to use or sell the software; and
•
the software will generate probable future economic benefits.
Development costs not meeting these criteria for capitalization are expensed as incurred. 
Amortization for intangibles is computed on an individual basis over the estimated economic life using the straight-line 
method as follows:  
•
Internally developed software
5 years 
•
Acquired software
2 years 
•
Customer trading relationships
5-10 years
•
Trade name, non-competition agreements
5 years
Residual values and useful lives are reviewed at each reporting date. 
Business Combinations 
Business combinations are accounted for by applying the acquisition method. The acquisition method involves the 
recognition of the acquiree’s identifiable assets and liabilities, including contingent liabilities, regardless of whether they 
were recorded in the financial statements prior to acquisition. The acquiree’s identifiable assets and liabilities that meet the 
conditions for recognition under IFRS 3, Business Combinations (IFRS 3) are recognized at their fair value at the acquisition 
date.  
The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition 
date fair value. Transaction costs related to the acquisition are expensed as they are incurred.  
54
Currency Exchange International, Corp - Annual Report 2024 

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. 
Subsequent changes to the fair value of the contingent consideration that is determined to be a financial asset or liability 
will be recognized in accordance with IFRS 9, at FVTPL. Contingent consideration that is classified as equity is not re‐
measured, and its subsequent settlement is accounted for within equity.  
Goodwill arising on acquisition is recognized as an asset that represents the excess of acquisition cost over the fair value 
of the Company’s share of the identifiable net assets of the acquiree on the date of the acquisition. Any excess of identifiable 
net assets over the acquisition cost is recognized in net income immediately after acquisition.  
Where goodwill forms part of a cash-generating unit (CGU), and part of the operation within that unit is disposed of, it is 
included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill 
disposed of in this circumstance is measured based on the relative fair value of the operation disposed of and the portion 
of the CGU retained. 
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination 
occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional 
amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new 
information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected 
the amounts recognized at that time. 
The measurement period may be up to one year from the acquisition date. Upon conclusion of the measurement period or 
final determination of the values of assets acquired and liabilities assumed, whichever occurs first, any subsequent 
adjustments are recorded to income within the consolidated statements of income and comprehensive income.  
For a given acquisition, the Company may identify certain pre‐acquisition contingencies as of the acquisition date and may 
extend its review and evaluation of these pre‐acquisition contingencies throughout the measurement period to obtain 
sufficient information to assess these contingencies as part of acquisition accounting, as applicable. 
Impairment Testing of Goodwill; Other Intangible Assets; and Property and Equipment 
For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash 
inflows, referred to as CGU’s. As a result, some assets are tested individually for impairment, and some are tested at the 
CGU level. Except for goodwill arising from business acquisitions, IAS 36, Impairment of Assets (IAS 36) requires that an 
entity performs an assessment for impairment of assets if, at the end of the year, there is an objective indication of 
impairment for the individual assets or the identified CGU. Goodwill is allocated to those CGUs that are expected to benefit 
from synergies of a related business combination and represent the lowest level within the Company at which management 
monitors goodwill. CGUs to which goodwill has been allocated are tested for impairment at least annually. All other individual 
assets or CGUs are tested for impairment whenever events or changes in circumstances indicate that the carrying amount 
may not be recoverable.  
An impairment loss is recognized for the amount by which the asset’s (or CGU’s) carrying amount exceeds its recoverable 
amount, which is the higher of fair value less costs of disposal and value-in-use. To determine the value-in-use, management 
estimates expected future cash flows from each CGU and determines a suitable discount rate in order to calculate the 
present value of those cash flows. The data used for impairment testing procedures are directly linked to the Company’s 
latest approved budget and are adjusted as necessary to exclude the effects of future reorganizations and asset 
enhancements. Discount factors are determined individually for each CGU and reflect current market assessments of the 
Time Value of Money (TVM) and asset-specific risk factors. Impairment losses for CGUs first reduce the carrying amount of 
any goodwill allocated to that CGU. Any remaining impairment loss is charged pro rata to the other assets in the CGU. With 
the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously 
recognized may no longer exist. An impairment loss is reversed if the asset’s or CGU’s recoverable amount exceeds it 
carrying amount. 
55
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Provisions 
Provisions are recognized when, (i) the Company has a present obligation (legal or constructive) as a result of a past event, 
and (ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and 
a reliable estimate can be made of the amount of the obligation. Where the Company expects some or all of a provision to 
be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only 
when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated 
statements of income and comprehensive income, net of any reimbursement. This net expense is recorded in operating 
expenses, typically with losses and shortages, in the period in which the obligation is recognized.  If the effect of the TVM 
is material, provisions are discounted using a current pretax rate that reflects, where appropriate, the risks specific to the 
liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. 
No liability is recognized if an outflow of economic resources as a result of present obligations is not probable. Such 
situations are disclosed as contingent liabilities unless the outflow of resources is remote. 
Provisions for legal disputes, onerous contracts, regulatory compliance matters, or other claims are recognized when the 
Company has a present legal or constructive obligation as a result of a past event, or it is probable that an outflow of 
economic resources will be required from the Company and amounts can be estimated reliably. The timing or amount of the 
outflow may still be uncertain.  
Restructuring provisions are recognized only if a detailed formal plan for the restructuring exists and management has either 
communicated the plan’s main features to those affected or started implementation. Provisions are not recognized for future 
operating losses.  
Holding Accounts 
Holding accounts represent funds received from customers that are held by the Company in the customer’s transactional 
currency on behalf of the customer, who has the unilateral right to transfer out or convert the funds at any time. Amounts 
are initially measured at fair value, net of any transaction costs directly attributable to the issuance of the financial 
instrument.  
Holding accounts are subsequently measured at amortized cost, using the effective interest rate method. 
Share Based Payments 
The Company's Deferred Share Unit (DSU) Plan and Restricted Stock Unit (RSU) Plan (collectively the Plans) allow certain 
employees and directors to receive restricted and deferred share units (Units) of the Company. The Units are cash-settled 
only and are, therefore, classified as a financial liability. The Units are measured at the fair value of the Company’s equity 
instruments at the grant date as a financial liability in the consolidated statements of financial position. The fair value 
determined at the grant date of the cash-settled, share based payments is expensed on a straight-line basis over the period 
during which the employees and directors become unconditionally entitled to the instrument. At the end of each reporting 
period, the Company revises its estimate of the Unit’s liability based on the fair value of the Company’s equity instruments. 
The impact of the revision of the original estimates, if any, is recognized in profit or loss, such that the cumulative expense 
reflects the revised estimate, with a corresponding adjustment to the liability. 
Financial Instruments 
Financial assets and financial liabilities are recognized on the consolidated statements of financial position when the 
Company becomes a party to the contractual provisions of the financial instrument. The Company is required to initially 
recognize all of its financial assets and liabilities, including derivatives and embedded derivatives in certain contracts, at 
fair value. Subsequent measurement of financial assets and financial liabilities is described below.  
Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the 
financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognized when it is 
extinguished, discharged, canceled, or expired.  
56
Currency Exchange International, Corp - Annual Report 2024 

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Classification and Measurement of Financial Assets 
IFRS 9 provides guidance on the classification and measurement of financial assets and prescribes an Expected Credit Loss 
(ECL) model for the impairment of financial assets. IFRS 9 also contains requirements on the application of a hedging model 
to align hedge accounting more closely with entities’ risk management activities.  
IFRS 9 includes a classification and measurement approach for financial assets that considers the business model in which 
the assets are managed and their cash flow characteristics. Subsequent to initial recognition, financial assets are not 
reclassified unless the Company adopts changes in its business model for managing those assets. Financial assets, other 
than those designated and effective as hedging instruments, are classified into the following categories: amortized cost; 
Fair Value Through Profit or Loss (FVTPL); or Fair Value Through Other Comprehensive Income (FVTOCI).  
Subsequent to initial recognition, financial liabilities are measured at amortized cost using the effective interest method, 
except for derivatives and financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains 
or losses recorded in the consolidated statements of income and comprehensive income.  
The Company’s financial assets and liabilities are classified and measured as follows: 
•
Cash
Fair value through profit or loss 
•
Restricted cash held in escrow
Amortized cost  
•
Accounts receivable
Amortized cost  
•
Forward and option contract assets
Fair value through profit or loss 
•
Lines of credit
Amortized cost 
•
Accounts payable
Amortized cost  
•
Holding accounts
Amortized cost  
•
Restricted and deferred share units
Fair value through profit or loss 
Transaction costs, other than those related to financial instruments classified as FVTPL or FVTOCI, which are expensed as 
incurred are added to, or deducted from, the fair value of the financial asset or financial liability, as appropriate, on initial 
recognition and amortized using the effective interest method. 
Financial Instruments Recorded at Fair Value 
Financial instruments recorded at fair value in the consolidated statements of financial position are classified using a fair 
value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has 
the following levels:  
•
Level 1- quoted prices (unadjusted) in active markets for identical assets or liabilities;
•
Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly; and
•
Level 3 - unobservable inputs for the asset or liability.
Derivative Financial Instruments and Hedge Accounting 
Derivative financial instruments are accounted for at FVTPL, except for derivatives designated as hedging instruments in 
cash flow hedge relationships, of which the Company has none. 
Impairment of Financial Assets 
IFRS 9’s impairment requirements incorporates the Expected Credit Loss (ECL) model which uses forward-looking 
information to recognize expected credit losses. Instruments within the scope of IFRS 9 include loans and other debt-type 
financial assets measured at amortized cost and FVTOCI, trade receivables, contract assets recognized and measured under 
IFRS 15, as well as loan commitments and some financial guarantee contracts that are not measured at FVTPL.  
57
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Under IFRS 9, the Company considers a wider range of information when assessing credit risk and measuring expected 
credit losses, including past events, current conditions, and reasonable projections that impact the collectability of the 
future cash flows of the instrument.  
Leases 
At the inception of a lease contract, the Company assesses whether the contract is or contains a lease. A contract is or 
contains a lease if the contract conveys that right of control of the use of an identified asset for a period of time in exchange 
for consideration. In assessing whether a contract conveys the right to control the use of an identified asset, the Company 
assess whether: (i) the contract involves the use of an identified asset; (ii) the Company has the right to obtain substantially 
all of the economic benefits from the use of the asset throughout the period, and/or; (iii) the Company has the right to direct 
the use of the asset.  
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset 
is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made 
at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove 
the underlying asset or to restore the underlying asset or the site in which it is located, less any lease incentives received.  
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the 
earlier of the end of the useful life of the right-of-use asset or the end of the lease term plus expected renewal options which 
are available to the Company. In addition, the right-of-use asset is reduced by impairment losses, if any identified, and 
adjusted for certain remeasurements of the lease liability.  
The lease liability is initially measured at the present value of the lease payments that have not been paid at the 
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, 
the Company’s incremental borrowing rate.  
Lease payments included in the measurement of the lease liability may be comprised of: (i) fixed payments; (ii) variable 
lease payments that depend on an index rate, initially measured using the index as the commencement date; (iii) amounts 
expected to be payable under a residual value guarantee; (iv) the exercise price under purchase option that the Company is 
reasonably certain to exercise; (v) lease payments in an optional renewal period if the Company is reasonably certain to 
exercise an extension option, and (vi) penalties for early termination of a lease unless the Company is reasonably certain 
not to terminate early.  
The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change 
in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the 
amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it 
will exercise a purchase, extension, or termination option. When the lease liability is remeasured, a corresponding 
adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of 
the right-of-use has been reduced to zero. The Company recognizes a depreciation charge for the right-of-use assets and 
interest expense on lease liabilities in the consolidated statements of income and comprehensive income. Lease payments 
for short-term leases and for leases of low-value assets that are not included in the measurement of the lease liability are 
classified as cash flows from operating activities. 
The remeasurement of the lease liability, is dealt with by a reduction in the carrying amount of the right-of-use asset to 
reflect the full or partial termination of the lease for lease modifications that reduce the scope of the lease. Any gain or loss 
relating to the partial or full termination of the lease is recognized in profit or loss. The right-of-use asset is adjusted for all 
other lease modifications. 
Accounts Receivable 
The Company applies a simplified approach in accounting for the loss allowance for receivables and contract assets as 
lifetime expected credit losses. These consider the potential for default during the life of the financial instrument and are 
the expected shortfalls in contractual cash flows. To estimate the expected shortfall, the Company considers specific 
customers, historical information, external indicators, and forward-looking information.  
58
Currency Exchange International, Corp - Annual Report 2024 

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Earnings per Share 
The Company presents basic and diluted earnings per share data for its common shares, calculated by dividing the earnings 
attributable to common shareholders of the Company by the weighted average number of common shares outstanding during 
the period. Diluted earnings per share is determined by adjusting the earnings attributable to common shareholders and the 
weighted average number of common shares outstanding for the effects of all dilutive warrants and options outstanding 
that may add to the total number of common shares.  
Income Taxes 
Current income tax assets and liabilities comprise those obligations to, or claims from, fiscal authorities relating to the 
current or prior reporting period, that are unpaid at the consolidated statements of financial position date.  
Deferred income taxes are calculated using the liability method on temporary differences. Tax losses available to be carried 
forward as well as other income tax credits are assessed for recognition as deferred tax assets.  
Deferred tax assets and liabilities are calculated at tax rates that are expected to apply to their respective period of 
realization, provided they are enacted or substantively enacted at the consolidated statements of financial position date. 
This provision is not discounted. Deferred tax liabilities are generally recognized in full, although Income Taxes (IAS 12) 
specifies limited exemptions. Deferred tax assets are recognized to the extent that it is probable that they will be able to be 
offset against future taxable income.  
Management bases its assessment of the probability of future taxable income on the Company's latest approved forecasts, 
which are adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax loss or 
credit. The specific tax rules in the numerous jurisdictions in which the Company operates are also carefully taken into 
consideration. If a positive forecast of taxable income indicates the probable use of a deferred tax asset, that deferred tax 
asset is recognized in full. The recognition of deferred tax assets that are subject to certain legal or economic limits or 
uncertainties is assessed individually by management based on specific facts and circumstances.  
Changes in deferred tax assets and liabilities are recognized as a component of tax expense in the consolidated statements 
of income and comprehensive income, except where they relate to items that are charged or credited directly to equity in 
which case the related deferred tax is also charged or credited directly to equity. 
3. Significant Management Judgment in Applying Accounting Policies and Estimation
Uncertainty
When preparing the consolidated financial statements, management undertakes several judgments, estimates, and 
assumptions about the recognition and measurement of assets, liabilities, income, and expenses. The actual results may 
differ from judgments, estimates, and assumptions made by management, and will seldom equal the estimated results. 
The judgments, estimates, and assumptions applied in the consolidated financial statements, including the key sources of 
estimation uncertainty, have been updated based on information at October 31, 2024 and with particular respect to the 
analysis of income taxes and recoverability of potential deferred tax assets as well as the analysis of potential impairment 
of the Company’s assets, including goodwill, and its ability to continue as a going concern. 
Significant Management Judgment 
The following are significant management judgments in applying the accounting policies of the Company and have the most 
significant effect on the consolidated financial statements: 
Carrying Value of Internally Developed Software 
The Company makes significant judgments about the value of its proprietary software, CXIFX. Once the scope of a project 
is deemed technologically feasible, the Company capitalizes costs incurred for the planning, development, and testing 
phases of modules developed within its software. Subsequent to the completion of the software development cycle, each 
59
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
module is amortized over its estimated useful economic life, which has been assessed as a period of five years. Costs 
relating to software maintenance, regular software updates, and minor software customizations are expensed as incurred. 
The Company reviews completed software modules within CXIFX for impairment on an ongoing basis.  
Income Taxes and Recoverability of Potential Deferred Tax Assets 
In assessing the probability of realizing income tax assets recognized, management makes estimates related to 
expectations of future taxable income, applicable tax planning opportunities, intercompany allocations in accordance with 
its transfer pricing policy, expected timing of reversals of existing temporary differences, and the likelihood that tax 
positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management 
gives additional weight to positive and negative evidence that can be objectively verified. Estimates of future taxable income 
are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. The 
Company considers whether relevant tax planning opportunities are (1) within the Company’s control, (2) feasible, and (3) 
within management’s ability to implement. Examination by applicable tax authorities is supported based on individual facts 
and circumstances of the relevant tax position examined in light of all available evidence. Where applicable tax laws and 
regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these 
estimates can occur that materially affect the amounts of income tax assets recognized. Also, future changes in tax laws 
could limit the Company from realizing the tax benefits from the deferred tax assets. The Company reassesses unrecognized 
income tax assets at each reporting period. During the three-month period ended April 30, 2024, management reassessed 
the recoverability of its deferred tax asset, specifically related to the unused loss carry forwards in its wholly-owned 
subsidiary, EBC. As a result, the deferred tax asset was eliminated and a corresponding increase in deferred tax expense in 
the amount of $1,429,852 was recorded in the statement of income and comprehensive income. This increased deferred tax 
expense resulted in a 39% increase in the effective tax rate for the year ended October 31, 2024. 
Impairment of Financial Assets 
All financial assets except for those at FVTPL are reviewed for impairment at least at each reporting date to identify whether 
there is any objective evidence that a financial asset or group of financial assets is impaired.  
Impairment of Non-financial Assets 
In the determination of carrying values and impairment charges, management looks at the recoverable amount, which is the 
higher of the value-in-use or fair value less costs of disposal and at objective evidence for a significant or prolonged decline 
of fair value on financial assets indicating impairment. These determinations and their individual assumptions require that 
management make a decision based on the best available information at each reporting period. The Company reviews 
property and equipment and intangible assets for impairment whenever events or changes in circumstances indicate that 
the carrying value may not be recoverable. 
Goodwill is tested for impairment at least annually, in the fourth quarter, and at other times when such indicators exist. The 
Company performed its annual impairment assessment as of October 31, 2024 and, as a result, recognized an impairment 
loss during the year. See Note 8 for further details. 
Estimation Uncertainty 
Estimates and underlying assumptions are reviewed on an ongoing basis. Information about estimates and assumptions 
that have the most significant effect on recognition and measurements of assets, liabilities, income, and expenses is 
provided below. Actual results may be substantially different.  
Share Based Payments 
Management determines the overall expense for share based payments using market-based valuation techniques. The fair 
value of the market-based and performance-based share awards are determined at the date of grant using generally 
accepted valuation techniques. The determination of the most appropriate valuation model is dependent on the terms and 
conditions of the grant. Assumptions are made and judgments are used in applying valuation techniques. These 
assumptions and judgments include estimating the future volatility of the stock price, expected dividend yield, future 
60
Currency Exchange International, Corp - Annual Report 2024 

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
employee turnover rates, future employee stock option exercise behaviors, and corporate performance. The assumptions 
and models used for estimating fair value for share based payment transactions are disclosed in Note 16 Such judgments 
and assumptions are inherently uncertain. Changes in these assumptions affect the fair value estimates. 
Depreciation and Amortization Expenses 
The Company's property and equipment and intangible assets are depreciated and amortized over their estimated useful 
economic lives. Useful lives are based upon management's best estimates of the length of time that the assets will generate 
revenue, which is reviewed at least annually for appropriateness. Changes to these estimates can result in variations in the 
amounts charged for depreciation or amortization and in the assets' carrying amounts. 
Fair Value Measurement 
Management uses valuation techniques to determine the fair value of certain financial instruments (where active market 
quotes are not available). This involves developing estimates and assumptions consistent with how market participants 
would price the instrument. Management bases its assumptions on observable data as much as possible, but this data is 
not always available. In that case, management uses the best information available. Estimated fair values may vary from 
the actual prices that would be achieved in an arm’s length transaction at the reporting date. 
Contingencies 
The Company is subject to contingencies that are not recognized as liabilities because they are either: 
•
possible obligations that have yet to be confirmed whether the Company has a present obligation that could lead
to an outflow of resources embodying economic benefits; or
•
present obligations that do not meet recognition criteria because either it is not probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, or a sufficiently reliable estimate
of the amount of the obligation cannot be made.
4. Segments
The Company operates in the United States and Canada. The Company’s revenue from external customers and information 
about its assets by geographical location and product line are detailed below: 
Revenues by Geography 
United States 
Canada 
Total 
Year ended October 31, 2024 
68,877,946 
16,366,471 
85,244,417 
Year ended October 31, 2023 
64,531,245 
17,423,524 
81,954,769 
Revenues by Product Line 
Banknotes 
Payments 
Total 
Year ended October 31, 2024 
69,236,777 
16,007,640 
85,244,417 
Year ended October 31, 2023 
67,624,421 
14,330,348 
81,954,769 
61
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
  October 31, 2024 
  October 31, 2023 
United States 
Canada 
Total 
United States 
Canada 
Total 
Assets 
$ 
$ 
$ 
$ 
$ 
$ 
Cash 
66,218,081 
35,659,182 
101,877,263 
58,238,107 
34,482,186 
92,720,293 
Restricted cash held in escrow 
-
3,239,729
3,239,729 
-
3,480,485
3,480,485 
Accounts receivable 
8,743,640 
2,252,678
10,996,318 
16,927,524 
4,198,022
21,125,546 
Forward and option contract assets 
113,511 
291,407 
404,918 
160,654 
905,813 
1,066,467 
Other current assets 
1,418,886 
571,865 
1,990,751 
1,491,564 
359,253 
1,850,817 
Property and equipment 
2,366,782 
6,352 
2,373,134 
938,501 
95,447 
1,033,948 
Right-of-use assets 
5,422,660 
-
5,422,660
2,144,912 
413,803 
2,558,715 
Intangible assets 
2,122,185 
-
2,122,185
2,109,849 
1,558,891 
3,668,740 
Goodwill 
1,309,701 
-
1,309,701
1,309,701 
862,479 
2,172,180 
Deferred tax asset, net 
1,260,430 
-
1,260,430
858,709 
1,407,405 
2,266,114 
Other assets 
164,495 
-
164,495
106,139 
-
106,139
Total assets 
89,140,371 
42,021,213 
131,161,584 
84,285,660 
47,763,784 
132,049,444 
5. Cash
Included within cash of $101,877,263 at October 31, 2024 (October 31, 2023 - $92,720,293) are the following cash balances: 
October31,2024 
 October 31, 2023 
$ 
$ 
Cash held in transit, vaults, tills, and consignment locations 
68,622,843 
65,714,489 
Cash deposited in bank accounts in jurisdictions in which the Company operates 
33,254,420 
27,005,804 
Total 
101,877,263 
 92,720,293 
6. Restricted Cash Held in Escrow
Certain of the Company's secured transactions and derivative contracts require the Company to post cash collateral or 
maintain minimum cash balances in escrow. Foreign currency forward contracts that require margin can be closed 
immediately resulting in the collateral being liquidated. The Company has also been required to post the collateral 
associated with its credit facility with Desjardins Group (see Note 12). At October 31, 2024, the Company had cash collateral 
balances of $3,239,729 (October 31, 2023 - $3,480,485), represented by $2,880,207 (October 31, 2023 - $3,119,888) being 
held as collateral on forward contracts and $359,522 (October 31, 2023 - $360,597) being held as collateral for the Desjardins 
Group credit facility. These balances are reflected as restricted cash held in escrow in the consolidated statements of 
financial position. 
62
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
7. Property and Equipment
Property and equipment for the period consist of the following: 
Vehicles 
Computer 
equipment 
Furniture and 
equipment 
Leasehold 
improvements 
Total 
Cost 
$ 
$ 
$ 
$ 
$ 
Balance, October 31, 2022 
48,251 
577,687 
1,175,105 
3,122,707 
4,923,750 
Additions 
50,036 
147,742 
256,058 
307,378 
761,214 
Disposals 
(31,646) 
(281,035) 
(142,948) 
(412,553) 
(868,182) 
Net exchange differences 
-
(3,692) 
(7,231) 
(12,078) 
(23,001) 
Balance, October 31, 2023 
 66,641 
 440,702 
 1,280,984 
 3,005,454 
 4,793,781 
Additions 
-
267,600
 1,097,293 
 847,021 
2,211,914 
Net exchange differences 
-
(981)
 (1,280) 
 (3,126) 
 (5,387) 
Balance, October 31, 2024 
 66,641 
 707,321 
 2,376,997 
 3,849,349 
7,000,308 
Vehicles 
Computer 
equipment 
Furniture and 
equipment 
Leasehold 
improvements 
Total 
Depreciation and impairment 
$ 
$ 
$ 
$ 
$ 
Balance, October 31, 2022 
48,251 
547,412 
1,066,311 
2,550,329 
4,212,303 
Additions 
15,289 
38,320 
58,150 
325,939 
437,698 
Disposals 
(31,646) 
(281,035) 
(142,948) 
(412,553) 
(868,182) 
Net exchange differences 
-
(2,760) 
(6,352) 
(12,874) 
(21,986) 
Balance, October 31, 2023 
 31,894 
 301,937 
 975,161 
 2,450,841 
 3,759,833 
Additions 
16,679 
89,513 
218,439 
426,810 
751,441 
Impairment charges 
185 
32,400 
45,200 
43,966 
121,751 
Net exchange differences 
-
(1,138) 
(1,676) 
(3,037) 
(5,851) 
Balance, October 31, 2024 
48,758 
422,712 
1,237,124 
2,918,580 
4,627,174 
Vehicles 
Computer 
equipment 
Furniture and 
equipment 
Leasehold 
improvements 
Total 
Carrying amounts 
$ 
$ 
$ 
$ 
$ 
Balance, October 31, 2023 
 34,747 
 138,765 
 305,823 
 554,613 
 1,033,948 
Balance, October 31, 2024 
 17,883 
 284,609 
 1,139,873 
 930,769 
2,373,134 
For the year ended October 31, 2024, the impairment charge of $121,751 represented the write down of certain items of 
property and equipment assets operating in both the Canadian and the United States segments to the recoverable amount 
because of a decline in the value in use. This was recognized in other income (loss) in the consolidated statements of income 
and comprehensive income. The recoverable amount as of October 31, 2024 was determined based on the fair value less 
costs of disposal which was determined to be higher than the value in use and it was determined at the CGU level. See Note 
8 for further details. 
63
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
8. Goodwill and Intangible Assets
Intangible assets comprise the Company's internally developed software (CXIFX) and its related modules, as well as 
software and customer trading relationships acquired through various business combinations.  
Goodwill and intangible assets for the period consist of the following: 
Internally 
developed 
software 
Acquired 
software 
Customer 
trading 
relationships 
Trade name, 
non-compete 
& unpatented 
tech cost 
Goodwill 
Total 
Cost 
$ 
$ 
$ 
$ 
$ 
$ 
Balance, October 31, 2022 
3,767,748 
804,318 
7,378,413 
1,011,997 
2,187,445 
15,149,921 
Additions 
523,772 
5,038 
- 
- 
- 
528,810 
Disposals 
(254,180) 
- 
- 
- 
- 
(254,180) 
Net exchange differences 
8,850 
(6,900) 
(259,555) 
(5,948) 
(15,265) 
(278,818) 
Balance, October 31, 2023 
 4,046,190 
 802,456 
 7,118,858 
 1,006,049 
 2,172,180 
 15,145,733 
Additions 
791,209 
- 
- 
- 
- 
791,209 
Net exchange differences 
(60)
(57)
(8,995) 
(1,003) 
16,461 
6,346 
Balance, October 31, 2024 
4,837,339 
802,399 
7,109,863 
1,005,046 
2,188,641 
15,943,288 
Internally 
developed 
software 
Acquired 
software 
Customer 
trading 
relationships 
Trade name, 
non-compete 
& unpatented 
tech cost 
Goodwill 
Total 
Amortization and impairment 
 $ 
$ 
 $ 
 $ 
 $ 
 $ 
Balance, October 31, 2022 
2,809,387 
748,669 
4,520,262 
601,532 
-
8,679,850
Amortization 
415,532 
6,509 
456,308 
193,627 
-
1,071,976
Disposals 
(207,580) 
- 
- 
- 
- 
(207,580) 
Net exchange differences 
(35,214) 
36,813 
(236,256) 
(4,776) 
-
(239,433) 
Balance, October 31, 2023 
 2,982,125 
 791,991 
 4,740,314 
 790,383 
-
9,304,813
Amortization 
430,761 
5,239 
441,710 
173,286 
-
1,050,996
Impairment charges 
15,182 
1,684 
1,241,082 
43,813 
868,997 
2,170,758
Net exchange differences 
(163)
(116)
(22,393) 
(2,436) 
9,943 
(15,165) 
Balance, October31, 2024 
3,427,905 
798,798 
6,400,713 
1,005,046 
878,940 
12,511,402 
Internally 
developed 
software 
Acquired 
software 
Customer 
trading 
relationships 
Trade name, 
non-compete 
& unpatented 
tech cost 
Goodwill 
Total 
Carrying amounts 
 $ 
$ 
 $ 
 $ 
 $ 
 $ 
Balance, October 31, 2023 
 1,064,065 
 10,465 
 2,378,544 
 215,666 
 2,172,180 
 5,840,920 
Balance, October 31, 2024 
1,409,434 
3,601 
709,150 
-
1,309,701
3,431,886 
64
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
For the year ended October 31, 2024, the impairment charge of $2,170,758 represented the write down of certain items of 
goodwill and intangible assets operating in both the Canadian and the United States segments to the recoverable amount 
because of decline in the value in use. This was recognized in other income (loss) in the consolidated statements of income 
and comprehensive income. The recoverable amount as of October 31, 2024 was determined based on the value in use and 
it was determined at the CGU level. See below for further details. 
The movement in the net carrying amount of goodwill are as follows: 
Denarius 
eZforex 
Total 
Gross carrying amount 
$ 
$ 
$ 
Balance, October 31, 2022 
877,744 
1,309,701 
2,187,445 
Impact from Canadian Dollar retranslation 
(15,265) 
-
(15,265) 
Balance, October 31, 2023 
862,479 
1,309,701 
2,172,180 
Impact from Canadian Dollar retranslation 
16,461 
-
16,461
Balance, October 31, 2024 
878,940 
1,309,701 
2,188,641 
Accumulated Impairment 
Balance, October 31, 2022 
 - 
- 
 - 
Impairment loss recognized 
 - 
- 
 - 
Balance, October 31, 2023 
 - 
- 
 - 
Impairment loss recognized 
(868,997) 
-
(868,997) 
Impact from Canadian Dollar retranslation 
(9,943) 
-
(9,943) 
Balance, October 31, 2024 
(878,940) 
-
(878,940)
Carrying amount at October 31, 2024 
-
1,309,701
1,309,701 
Impairment Testing 
The Company performed its annual impairment tests as of October 31, 2024 and 2023 by comparing the carrying amount of 
each CGU to its recoverable amount. The recoverable amount of each CGU is determined based on the higher of estimated 
value-in-use and the fair value less costs of disposal. For the impairment test, goodwill acquired through a business 
acquisition transaction cannot be tested for impairment individually and, therefore, was allocated to the CGUs that benefit 
from the synergies of the business combination in which the goodwill arises. This is assessed for impairment annually, or 
more frequently if there are objective indications of impairment. The Company has goodwill acquired through the Denarius 
acquisition in Canada and goodwill acquired through the eZforex acquisition in the US. 
Below is a summary of the carrying amounts and recoverable amounts of goodwill allocated to the respective CGUs: 
October 31, 2024 
October 31, 2023 
Carrying amount of goodwill allocated to cash generating units 
$ 
$ 
Denarius (allocated to Canada Payments) 
-
862,479
eZforex (allocated to U.S. Banknotes) 
1,309,701 
1,309,701
Total 
1,309,701 
2,172,180 
October 31, 2024 
October 31, 2023 
Recoverable amount of each cash generating unit 
$ 
$ 
Payments in Canada 
2,197 
2,996,082 
Banknotes in U.S. 
76,943,419 
34,684,734 
65
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
In determining the CGUs asset allocations for the purpose of the impairment review, management has reviewed the sources 
of revenues, projected cash flows and the usage of its assets in generating those revenues including product lines, regions, 
individual locations and projected growth rates. Additionally, management reviewed how the Company makes decisions 
about continuing or disposing of its assets and operations. Based on above factors, management has determined that, for 
the purpose of the allocation of goodwill and the annual impairment assessment, there were two separately identifiable 
CGUs, being Payments in Canada (including Denarius) and Banknotes in the U.S. (including eZforex). Goodwill related to 
Denarius acquisition was allocated to the Payments in Canada CGU while goodwill related to eZforex was allocated to the 
Banknotes in the U.S. CGU.  
Canada Segment 
The Canadian segment includes two CGUs, Payments and Banknotes. Based on the required annual impairment test 
performed at October 31, 2024 and the information available for the Company, the Company has determined that there were 
indicators of impairment and that the estimated value in use for each of the Canadian CGUs was lower than the carrying 
amount of these CGUs based on the projected cash flows resulting from a lack of sufficient revenue growth in these CGUs 
and the slow economy trend in Canada, indicating an impairment of goodwill and impairment of the assets of these operating 
Canadian CGUs. 
Payments in Canada 
The Payments segment’s recoverable amount in Canada of $2,197 as of October 31, 2024 was determined based on the fair 
value less costs of disposal, which was greater than the estimated value in use calculation. The value in use calculation 
utilized cash flow projections from senior management’s approved 3 year budget as described further below. The projected 
cash flow for this CGU reflected slow revenue growth that led to a lack of positive projected cash flows sufficient to support 
the recoverability of the carrying amounts of assets allocated to this CGU as of October 31, 2024. Further, the projected 
cash flows were determined to be lower than the carrying amounts of the assets operating within this CGU. Accordingly, 
management has estimated fair value less costs of disposal and has determined that the recoverable amount would equal 
the fair value less costs of disposal since it was greater than the estimated value in use, and that the carrying amounts of 
all the operating assets within this CGU should be written down to the fair value less costs of disposal, except for goodwill 
related to the Denarious acquisition, which should be fully written down to $nil. As a result of this analysis, management 
has recognized, in the current year, a total impairment charge of $2,317,549 in this CGU, of which $868,997 was charged 
against goodwill, $1,286,631 against intangible assets, $35,708 against property and equipment, and $126,213 against right-
of-use assets. These assets operate within Canada segment and the impairment charges were recognized under the other 
income (expense) line item in the statements of income and comprehensive income. 
Banknotes in Canada 
The Banknotes segment’s recoverable amount in Canada of $4,154 as of October 31, 2024 was determined based on the fair 
value less costs of disposal, which was greater than the estimated value in use calculation. The value in use calculation 
utilized cash flow projections derived from the Board approved 3 years budget as described further below. The projected 
cash flows of this CGU reflected slow revenue growth that led to a lack of positive projected cash flows sufficient to support 
the recoverability of the carrying amounts of assets allocated to this CGU as of October 31, 2024. Further, it was determined 
to be lower than the carrying amounts of the assets operating within this CGU. Accordingly, management has estimated fair 
value less costs of disposal and has determined that the recoverable amount would equal the fair value less costs of 
disposal since it was greater than the estimated value in use, and that the carrying amounts of all the operating assets 
within this CGU should be written down to the fair value less costs of disposal. As a result of this analysis, management has 
recognized in the current year a total impairment charge of $309,489 in this CGU, of which $3,283 was charged against 
intangible assets, $67,527 against property and equipment, and $238,679 against right-of-used assets within this CGU. 
These assets operate within the Canada segment and the impairment charges were recognized under other income 
(expense) line item in the statements of income and comprehensive income. 
66
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
United States segment 
The United States segment includes Payments, Wholesale Banknotes and Wholesale OnlineFX in addition to each of the 
Company-owned branches (40 company-owned branches as of October 31, 2024), which have been assessed individually as 
separate CGUs each for the purpose of the impairment testing. Based on the required annual impairment test performed at 
October 31, 2024, the Company has determined that the recoverable amount of each of these CGUs is equal to the estimated 
value in use at the CGU level. The Company did not find indications for impairment in each of the Payments, Wholesale 
Banknotes, Banknotes OnlineFX and all of the Company-owned branches within the United States segment other than as 
indicated further below. 
Retail Banknotes in the United States (Company-owned branches) 
Management has determined that each of the Company-owned branches represent a separate CGU and accordingly has 
assessed for impairment each of these branches individually at the end of October 31, 2024 and 2023. The carrying amount 
of each branch has been determined by summing all of the assets from which these branches benefit from in addition to 
allocating corporate assets across all branches using an appropriate methodology. Further, management has determined 
that the recoverable amount of each branch is represented by the estimated value in use calculation using cash flows 
projections from the senior management approved 3 years budget, extrapolated, as appropriate, up to a maximum 5 years 
using an appropriate declining growth rate.  
In estimating the value in use for each branch, the Company considered a number of factors such as the geographic location 
of the branch, historical performance, future plans for the branch, any potential relocation plans, the ability to continue to 
operate under the same location and incremental costs included, and the options to renew lease agreements, in addition to 
other qualitative factors impacting the business. As a result of this analysis, management has determined that the carrying 
amount of 3 branches is in excess of the estimated value in use, therefore, management has recognized a total impairment 
charge of $63,387 during the current year. The impairment charge recognized during the year was recognized as follows: 
$11,846 against intangible assets, $18,516 against property and equipment and $33,025 against right-of-use assets. These 
assets operate within the United States segment and the impairment charges were recognized under other income (expense) 
line item in the consolidated statements of loss and comprehensive loss. 
The following were the key assumptions applied in goodwill impairment testing: 
Discount Rates 
The present value of the expected cash flow of each CGU is determined by applying a suitable pre-tax discount rate based 
on the weighted average cost of capital (WACC) considering current market assessments. The discount rate reflects 
appropriate adjustments relating to market risk and specific risk factors applicable to the Company’s business model. 
Terminal Growth Rates 
The earnings included in the goodwill impairment testing were based on the Company’s internal forecast, which projects 
expected cash flow over the next three years. Beyond the initial cash flow projection period, cash flows were assumed to 
increase at a steady rate using a nominal long-term growth rate (terminal growth rate). Terminal growth rates reflect 
management’s best estimate of the expected long-term growth rates for the product mix and industry of the CGUs. The 
growth rates are in-line with general standards and are conservative in nature when compared to historical growth rates due 
to potential uncertainty. 
The Company’s projected cash flow has been developed based on the expected margins of each CGU, which have been 
determined based on a combination of past experience in the markets in which the Company operates, as well as historical 
information and the expected growth in the forecast period. The Company’s management believes that this is the best 
available input for forecasting these markets.  
67
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Other than the considerations described in determining the recoverable amount of the CGUs described above, there are no 
other key assumptions.  
In considering the sensitivity of the key assumptions used, management determined that a reasonable change in any of the 
above would not result in the recoverable amounts of CGUs to be less than their carrying amount. Cash flow projections are 
based derived from the Board approved 3 years budgets, followed by an extrapolation of expected cash flows, as appropriate 
to each CGU, for a maximum 5 year period. Below is a summary of growth rates used in extrapolation and the discount rates 
used in each segment:  
October 31, 2024 
October 31, 2023 
Terminal growth rate 
Canada 
0% 
2% 
United States 
2% 
2% 
Discount rate 
Canada 
19% 
22% 
United States 
19% 
22% 
9. Right-of-use Assets and Lease Liabilities
Lease liabilities are presented in the consolidated statements of financial position as follows: 
October 31, 2024 
 October 31, 2023 
$ 
$ 
Current lease liabilities 
1,265,445 
 1,577,758 
Non-current lease liabilities 
5,042,427 
 1,388,961 
Total 
6,307,872 
 2,966,719 
The Company has leases for corporate offices as well as its retail store locations. With the exception of short-term leases 
and leases of low-value underlying assets, each lease, meeting the definition under IFRS 16, is reflected on the consolidated 
statements of financial position as a right-of-use asset and a lease liability. Variable lease payments which do not depend 
on an index or a rate, such as lease payments based on a percentage of Company sales, are excluded from the initial 
measurement of the lease liability and asset. During the year certain leases for corporate offices were modified based on 
their amended lease agreements, with any gains or losses being recognized in profit or loss. The Company classifies its 
right-of-use assets in a consistent manner to its property and equipment (see Note 7). 
Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublet the asset to 
another party, the right-of-use asset can only be used by the Company. Leases are either non-cancellable or may only be 
canceled by incurring a substantial termination fee. Some leases contain an option to extend the lease for a further term. 
The Company is prohibited from selling or pledging the underlying leased assets as security. For leases over corporate 
offices and retail store locations, the Company must keep those properties in a good state of repair and return the properties 
in their original condition at the end of the lease.  
68
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
The table below describes the nature of the Company’s leasing activities by the type of right-of-use asset recognized on the 
consolidated statements of financial position: 
Right-of-use asset 
No. of right-
of-use assets 
leased 
Range of 
remaining 
term 
Average 
remaining 
lease term 
No. of leases 
with 
extension 
options 
No. of 
lease with 
options to 
purchase 
No. of leases 
with variable 
payments 
linked to an 
index 
No. of 
leases with 
termination 
options 
Equipment 
1 
5 years 
5 
1 
- 
- 
- 
Corporate offices 
8 
0-12 years
2 
5 
- 
- 
- 
Retail store locations 
23 
0-4 years
2 
- 
- 
- 
- 
Total 
32 
0-12 years
2 
6 
- 
- 
- 
The lease liabilities are secured by the related underlying assets. Future minimum lease payments at October 31, 2024 were 
as follows: 
Within 1 Year 
1-2 years
2-3 years
3-4 years
4-5 years 
After 5 years 
Total 
Lease payments 
1,609,334 
1,233,696 
915,246 
874,920 
529,212 
2,950,116 
8,112,524 
Finance charges 
343,889 
283,692 
238,119 
197,779 
163,726 
577,447 
1,804,652 
Net present values 
1,265,445 
950,004 
677,127 
677,141 
365,486 
2,372,669 
6,307,872 
The Company has elected not to recognize a lease liability for short-term leases (leases with an expected term of 12 months 
or less) or for leases of low-value assets. In addition, the Company has not recognized a right-of-use asset or lease liability 
with respect to leases identified where the lessor was determined to have substantive substitution rights. Payments made 
under such leases are expensed on a straight-line basis. In addition, certain variable lease payments are not permitted to be 
recognized as lease liabilities and are expensed as incurred. 
The expense relating to payments not included in the measurement of the lease liability is as follows: 
Year ended 
 Year ended 
October 31, 2024 
October 31, 2023 
$ 
$ 
Leases with substantial substitution rights 
663,905 
584,540 
Short-term leases 
244,624 
115,826 
Variable lease payments 
731,111 
790,544 
Total 
1,639,640 
1,490,910 
At October 31, 2024, the Company was committed to short-term leases and the total commitment at that date was $237,139 
(October 31, 2023, $103,126).  
The total cash outflow for leases for the year ended October 31, 2024, was $2,119,343 (October 31, 2023, $2,093,022). For 
the year ended October 31, 2024, the Company incurred interest expense on lease liabilities in the amount of $233,237 
(October 31, 2023, $179,904) and recognized as interest expense on lease liabilities in the consolidated statements of 
income and comprehensive income. 
69
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Additional information on the right-of-use assets by class of assets is as follows: 
Year ended October 31, 2024 
Carrying Amount 
Depreciation Expense 
Impairment 
$ 
$ 
$ 
Equipment 
- 
1,748 
8,559 
Corporate offices 
3,794,669 
728,172 
389,195 
Retail store locations 
1,627,991 
1,238,008 
162 
Total right-of-use assets 
5,422,660 
1,967,928 
397,916 
Year ended October 31, 2023 
Carrying Amount 
Depreciation Expense 
Impairment 
$ 
$ 
$ 
Equipment 
282 
1,395 
- 
Corporate offices 
777,085 
623,586 
- 
Retail store locations 
1,781,348 
1,270,585 
- 
Total right-of-use assets 
2,558,715 
1,895,566 
- 
In 2024, the impairment charge of $397,916 represented the write down of certain items of right-of-use assets operating in 
both Canada and the United States segments to the recoverable amount as a result of a decline in the value in use. This was 
recognized under other income (expense) line item in the consolidated statements of loss and comprehensive loss. The 
recoverable amount as of October 31, 2024 was determined based on the value in use and it was determined at the level of 
the CGU. See Note 8 for further details. 
70
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
10. Income Taxes
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of 
October 31, 2024 and 2023 consist of the following: 
Year ended 
Year ended 
October 31, 2024 
October 31, 2023 
Deferred tax assets 
$ 
$ 
 Accrued expenses 
 452,031 
539,393 
 Stock-based compensation 
 1,056,449 
539,361 
 Other 
 48,660 
111,712 
 Net property and equipment 
 81,095 
 277,367 
 Software costs 
 622,780 
 383,720 
 Net intangible assets 
-
298,448
 Non-capital loss benefits 
-
891,640
 Right-of-use assets, net 
 89,415 
38,953
 Total deferred tax assets 
 2,350,430 
 3,080,594 
Deferred tax liabilities 
 Net property and equipment 
 (503,741) 
 (213,014) 
 Net intangible assets 
 (320,192) 
 (265,901) 
 Other 
 (266,067) 
 (335,565) 
 Total deferred tax liabilities 
 (1,090,000) 
 (814,480) 
Net deferred tax asset 
1,260,430 
2,266,114 
Reconciliation of the provision for income taxes to the amount calculated using the Company’s statutory tax rate for the 
years ended October 31, 2024 and 2023 are as follows: 
Year ended 
Year ended 
October 31, 2024 
October 31, 2023 
$ 
$ 
Income before taxes 
 8,672,947 
 14,524,785 
Statutory tax rate 
27.79% 
25.91% 
Tax expense at statutory rate 
 2,409,998 
 3,763,893 
Permanent items 
 (319,368) 
 (112,802) 
Research and development (R&D) credit 
 (96,297) 
 (69,936) 
Benefit not recognized on non-capital losses 
3,976,323 
- 
Other adjustments 
 228,442 
 750,123 
Income tax expense 
 6,199,098 
 4,331,278 
The statutory rate is a weighted average that is based on the enacted Federal tax rates in 2024 for both the United States of 
21% (2023, 21%) and Canada of 15% (2023, 15%) plus the rates for the states and provinces where the Company operates, 
based on the proportional allocation of taxable income as defined by each jurisdiction.    
In the year ended October 31, 2024, the Company incurred an income tax expense of $6,199,098, which was the statutory 
tax rate and adjusted for permanent items, R&D credits and other non-deductible differences, including the reversal of an 
allowance for deferred tax assets in Canada in the amount of $1,429,852. The amount reflects deferred tax assets 
recognized for periods on or before October 31, 2022. 
71
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
In the year ended October 31, 2023, the Company incurred an income tax expense of $4,331,278, which was at the statutory 
tax rate and adjusted for permanent items, R&D credits and other non-deductible differences.  
The provision for income taxes for the years ended October 31, 2024 and 2023 consists of the following: 
Year ended 
Year ended 
October 31, 2024 
October 31, 2023 
$ 
$ 
Current tax expense 
 5,172,776 
 4,930,189 
Deferred tax expense (benefit) 
 1,026,322 
 (598,911) 
Income tax expense 
 6,199,098 
4,331,278 
11. Seasonality of Operations
While seasonality is generally not a consideration for the Payments product line, seasonality of Banknotes product line is 
reflected in the timing of when foreign currencies are in greater or lower demand. In a normal operating year, there is some 
seasonality to the Company’s operations with higher commissions generally from March until September and lower 
commissions from October to February. This coincides with peak tourism seasons in North America when there are generally 
more travelers entering and leaving the United States and Canada.  
12. Lines of Credit
The Company maintains lines of credit to meet borrowing needs during peak business periods. On June 15, 2022, the 
Company entered into an Amended and Restated Credit Agreement with BMO Harris Bank, N.A. The Amended and Restated 
Credit Agreement increased the revolving line of credit limit from $20,000,000 to $30,000,000 and provided an accordion 
feature for up to an additional $10,000,000 with the lender’s approval. The Amended and Restated Credit Agreement provided 
a term of two years (maturity date on June 15, 2024). The Amended and Restated Credit Agreement was updated on July 
18, 2022, in the form of a Second Amended and Restated Credit Agreement, to reflect the exercised accordion feature, which 
increased the line of credit to $40,000,000, and a reduced margin spread in the borrowing rate by 25 bps. The form of Second 
Amended and Restated Credit Agreement was further amended on July 12, 2023, to provide a seasonal increase in the 
borrowing capacity by $10,000,000 to $50,000,000, effective through August 31, 2023, and extended the maturity on the 
facility to June 15, 2025.  The Company updated the agreement on June 27, 2024, in the form of a Third Amended and 
Restated Credit Agreement to accommodate a Normal Course Issuer Bid (NCIB) up to $4 million annually.  The updated 
agreement eliminates the resting period on the intercompany loan and extends the maturity on the facility to June 15, 2026. 
The credit line is secured against the Company’s cash and other assets, and bears interest at the one month Secured 
Overnight Financing Rate (SOFR) plus 2.25% (5.34% at October 31, 2024 and 5.31% at October 31, 2023). At October 31, 
2024, the balance outstanding was $Nil (October 31, 2023, $11,074,308).  
On October 19, 2020, the Company’s wholly owned Canadian subsidiary, EBC, established a fully collateralized revolving line 
of credit with Desjardins Group (Desjardins) with a limit of CAD 2,000,000 ($1,437,970), payable on demand, and being 
secured against cash collateral of CAD 2,000,000 ($1,437,970). On April 25, 2023, EBC amended this facility reducing the 
revolving line of credit to CAD 500,000 ($359,492), payable on demand, and being secured against cash collateral of CAD 
500,041 ($359,522). The line of credit bears interest at the Canadian Prime Rate plus 0.25% (5.95% at October 31, 2024 and 
7.20% at October 31, 2023). At October 31, 2024, the balance outstanding was $Nil (October 31, 2023, $Nil) 
On April 7, 2021, EBC entered into a $20,000,000 USD revolving loan agreement with a private lender. On July 18, 2022, EBC 
amended this facility through an Amended and Restated Revolving Loan Agreement, whereby $10,000,000 of this facility 
was moved from EBC to CXI. On January 19, 2023, the Company entered into a Moratorium Agreement (CXI facility) where 
the Company will not utilize the $10,000,000 without prior written consent from the lender. Additionally, the Company will 
not incur any standby charges or fees during the period of the Moratorium. Pursuant to the January 19, 2023 amended 
72
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
agreement, the interest rate on the $10,000,000 facility granted to EBC increased from 6% to a floating rate with a floor of 
8%, with a standby charge of $1,500 USD per month if the total interest in the month is less than $20,000 USD.   On April 25, 
2024, EBC amended this facility to extend the maturity to January 19, 2027, to specify the interest rate at 8.9%, and to limit 
the borrowing capacity to a maximum amount not greater than 10% of the guarantor’s total liabilities as set out in the 
statements of financial position of the guarantor’s most recent, publicly filed financial statements. The entire $20,000,000 
facility is guaranteed by the Company and is subordinated to the Company’s and EBC’s obligations to primary lenders. These 
facilities are used for working capital purposes and for daily operational activity; however, these facilities may be terminated 
on 90-days’ notice by either party. The total outstanding balance for the Company at October 31, 2024, was $5,032,894 
(October 31, 2023, $3,605,683). 
Interest expense primarily relates to interest payments on lines of credit. Interest expense for the year ended October 31, 
2024 was $719,115 (October 31, 2023, $1,088,161). 
13. Fair Value Measurement of Financial Instruments
The fair value determination is the estimated amount that the Company would receive to sell a financial asset or pay to 
transfer a financial liability in an orderly transaction between market participants at the measurement date. 
There were no transfers between Level 1 and Level 2 during the year ended October 31, 2024. The following table shows the 
levels within the hierarchy of financial assets and liabilities measured at fair value. 
 October 31, 2024 
Level 1 
Level 2 
Level 3 
Total 
$ 
$ 
$ 
$ 
Financial assets 
Cash 
 101,877,263 
 - 
- 
 101,877,263 
Forward and option contract assets 
-
404,918
-
404,918
Total assets 
 101,877,263 
 404,918 
-
102,282,181
Financial liabilities 
Restricted and deferred share units 
-
2,066,192
-
2,066,192
Total liabilities 
-
2,066,192
-
2,066,192
October 31, 2023 
Level 1 
Level 2 
Level 3 
Total 
$ 
$ 
$ 
$ 
Financial assets 
Cash 
 92,720,293 
 - 
- 
 92,720,293 
Forward and option contract assets 
-
1,066,467
-
1,066,467
Total assets 
 92,720,293 
 1,066,467 
-
93,786,760
Financial liabilities 
Restricted and deferred share units 
-
1,328,582
-
1,328,582
Total liabilities 
-
1,328,582
-
1,328,582
73
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Cash (Level 1) 
The Company’s cash balances consisting of local and foreign currency notes held in tills, vaults, bank accounts, and in 
transit are based upon foreign exchange rates quoted in active markets as of October 31, 2024 and 2023. 
Forward and Option Contract Positions, and Long-term Liability from Restricted and Deferred Share 
Units (Level 2) 
Other long-term liabilities include the Company’s liability for restricted and deferred share unit awards which are valued 
using a volume-weighted average price for the five days that precede the date of grant. The cost of the awards is recorded 
on a straight-line basis over the vesting period. At each reporting date, the vested portion of the awards are remeasured at 
the current fair value using the same approach as at initial recognition (see Note 16). 
The Company’s forward contract positions are traded in active markets. The fair value of these instruments has been 
determined using observable forward exchange rates. The effects of non-observable inputs are not significant for foreign 
contract positions. 
Due to their short-term nature, the carrying value of the following financial instruments approximates their fair value at the 
dates of the consolidated statements of financial position: 
•
Accounts receivable;
•
Restricted cash held in escrow;
•
Lines of credit;
•
Accounts payable; and
•
Holding accounts.
14. Risk Management
The Company's activities expose it to a variety of financial risks: credit risk, foreign currency risk, interest rate risk, and 
liquidity risk. The Company's risk management policies are designed to minimize the potential adverse effects on the 
Company's financial performance. 
Financial risk management is carried out by the Chief Financial Officer (CFO) under policies approved by senior management 
and the board of directors. Policies are in place to evaluate and monitor risk and in some cases, prescribe that the Company 
hedge its financial risks. 
The analysis below presents information about the Company's exposure to each of these financial risks arising from 
financial instruments and the Company's objectives, policies, and processes for measuring and managing these risks.  
Credit Risk 
Credit risk is the risk of financial loss associated with the counterparty’s inability to fulfill its payment obligations. The 
Company’s credit risk is primarily attributable to cash in bank accounts, accounts receivable, and forward contracts from 
hedging counterparties.  
All banking relationships are negotiated by senior management. The Company maintains accounts in high-quality financial 
institutions. At various times, the Company's bank balances exceed insured limits. 
The credit risk associated with accounts receivable is limited, as the Company's receivables consist primarily of bulk 
currency trades with a settlement cycle of 24 to 48 hours. The majority of the Company's receivables reside with banks, 
money service business customers, and other financial institutions.  
For the purpose of risk control, the customers are grouped as follows: domestic and international banks, money service 
businesses, and other customers. Credit limits are established for each customer, whereby the credit limit represents the 
maximum open amount without requiring payments in advance. These limits are reviewed regularly by senior management. 
74
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
A breakdown of accounts receivable by category is below: 
October 31, 2024 
 October 31, 2023 
Customer type 
$ 
$ 
Domestic and international financial institutions 
6,017,980 
18,339,600 
Money-service businesses 
3,001,066 
2,171,215 
Other 
1,977,272 
614,731 
Total 
10,996,318 
 21,125,546 
The maximum exposure to credit risk is represented by the carrying amount of each financial asset on the consolidated 
statements of financial position. There are no commitments that could increase this exposure to more than the carrying 
amount. 
Foreign Currency Risk 
The volatility of the Company's foreign currency holdings may increase as a result of the political and financial environment 
of the corresponding issuing country. Several currencies have a limited exchange rate exposure as they are pegged to the 
U.S. Dollar, the reporting currency of the Company. Management mitigates its exposure to foreign currency fluctuations 
through a layered risk management strategy that includes forward hedges and selective use of purchased options.  Due to 
their nature, some minor and exotic foreign currencies cannot be hedged or are too cost prohibitive to hedge. These 
exposures are managed to acceptable risk appetite levels using a historical Value-at-Risk (VaR) methodology.  Foreign 
currency exposure, in the form of exchange gains and losses arising from normal trading activities and business operations, 
are included in operating expenses for the period. 
In order to further mitigate the risks associated with holding these foreign currencies, the Company assigns wider bid/ask 
spreads and maintains specific inventory targets to minimize the impact of exchange rate fluctuations. These targets are 
reviewed regularly and are increased or decreased to accommodate demand within acceptable risk tolerances. The amount 
of unhedged inventory held in tills, vaults, on consignment, and in transit on October 31, 2024, was $9,812,382 (October 31, 
2023, $9,361,900). The amount of currency that is unhedged and that is not pegged to the U.S. Dollar is $8,419,094 (October 
31, 2023, $7,833,228). A 2% increase/reduction in the market price for the aggregate of the Company's unhedged/un-pegged 
foreign currencies would result in an exchange gain/loss of approximately +$168,000/-$168,000 (October 31, 2023, 
gain/loss of approximately +$157,000/-$157,000). 
On a consolidated basis, the Company is also exposed to foreign currency fluctuations between the U.S. Dollar and the 
Canadian Dollar, being the functional currency of its Canadian subsidiary. The Company does not hedge its net investment 
in its Canadian subsidiary and the related foreign currency translation of its earnings. 
Interest Rate Risk 
At October 31, 2024, the Company had access to interest-bearing financial instruments in cash and lines of credit. A 
significant amount of the Company's cash is held as foreign currency banknotes in tills, on consignment, and its own vaults. 
These amounts are not subject to interest rate risk. Cash held in some of the Company’s accounts are interest-bearing. The 
Company is subject to a small amount of cash flow interest rate risk from the borrowings on its lines of credit; however, as 
borrowings have declined and remained within policy limits, this risk is low. Borrowings bear interest at variable rates. 
Currently, the interest rate exposure is unhedged. For the interest rate profile of the Company's interest-bearing financial 
liabilities, refer to Note 12. 
If interest rates had been 50 basis points higher/lower with all other variables held constant, after-tax profit for the year 
ended October 31, 2024 would have been approximately +$25,000/-$25,000 higher/lower as a result of credit lines held at 
variable interest rates. 
75
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
Liquidity Risk 
Liquidity risk is the risk of the Company incurring losses resulting from the inability to meet payment obligations in a timely 
manner when they become due or from being unable to do so at a sustainable cost. To effectively manage liquidity risk, the 
Company has implemented preventative risk monitoring measures, including setting a Liquidity Risk Ratio target of 120% or 
greater, which measures the proportion of unencumbered highly liquid assets to short-term net cash outflows, and setting 
a minimum liquidity balance requirement of total available cash or undrawn lines of credit to be greater than $5,000,000 
notional daily. As required, the Treasurer and CFO report any liquidity issues to the Chief Executive Officer (CEO), Chief Risk 
Officer (CRO), and the audit committee in accordance with established policies and guidelines. Management has assessed 
the Company’s cash position at October 31, 2024 and determined that it is sufficient to meet its financial obligations. 
The following are non-derivative contractual financial liabilities: 
 October 31, 2024 
Non-derivative financial liabilities 
Carrying amount 
Estimated 
contractual amount 
Next fiscal year 
Future fiscal 
years 
$ 
$ 
$ 
$ 
Accounts payable 
19,540,154 
19,540,154 
19,540,154 
 Nil 
Holding accounts 
9,032,535 
9,032,535 
9,032,535 
 Nil 
Lines of credit 
5,032,894 
5,032,894 
5,032,894 
 Nil 
 October 31, 2023 
Non-derivative financial liabilities 
Carrying amount 
Estimated 
contractual amount 
Next fiscal year 
Future fiscal 
years 
$ 
$ 
$ 
$ 
Accounts payable 
21,021,910 
21,021,910 
21,021,910 
 Nil 
Holding accounts 
5,909,235 
5,909,235 
5,909,235 
 Nil 
Lines of credit 
14,679,991 
14,679,991 
14,679,991 
 Nil 
The Company had available unused lines of credit amounting to $45,326,599 at October 31, 2024 (October 31, 2023, 
$35,680,577). 
Capital Management 
The Company manages capital through its financial and operational forecasting processes. The Company defines working 
capital as total current assets less current liabilities. The Company reviews its working capital and forecasts its cash flows 
based on operating expenditures, and other investing and financing activities related to its daily operations. 
October 31, 2024 
 October 31, 2023 
$ 
$ 
Current assets 
 118,508,979 
 120,243,608 
Current liabilities 
 (44,659,215) 
 (50,097,175) 
Working capital 
73,849,764 
 70,146,433 
The Company monitors its capital structure and makes adjustments according to market conditions in an effort to meet its 
objectives, given the current outlook of the business and industry in general. The Company may manage its capital structure 
by issuing new shares, obtaining loan financing, adjusting capital spending, repurchasing shares, or disposing of assets. 
The capital structure is reviewed by management and the board of directors on an ongoing basis. 
76
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
15. Foreign Currency Forward and Option Contracts
The Company enters into foreign currency forward contracts and purchased put option contracts with non-client 
counterparties to mitigate the risk of fluctuations in the exchange rates of exposures in certain major currencies. Changes 
in fair value of these contracts and the corresponding gains or losses are included in operating expenses in the consolidated 
statements of income and comprehensive income. The Company’s management strategy is to mitigate the inherent risks in 
the Company’s exposure to foreign exchange, thereby minimizing volatility in earnings. 
The foreign currency forward contracts can be closed immediately resulting in any collateral being liquidated. The foreign 
currency option contracts are held to maturity and are either exercised for a net gain or expire at no obligation to the 
Company. 
The fair value of forward and option contracts, which represents the amount that would be received by the Company if the 
contracts were terminated at October 31, 2024 was $404,918 (October 31, 2023, $1,066,467). 
At October 31, 2024 the Company had cash collateral balances related to forward contracts being held of $2,880,207 
(October 31, 2023, $3,119,888). They are reflected as restricted cash held in escrow in the consolidated statements of 
financial position (see Note 6). 
16. Equity
Share Capital 
The authorized share capital consists of 100,000,000 common shares. The common shares have a par value of $1.00. As of 
October 31, 2024, the Company had 6,333,931 common shares outstanding (October 31, 2023, 6,443,397). 
On November 29, 2023, the Company announced acceptance by the TSX of the Company’s notice of Intention to make a 
normal course issuer bid (the NCIB) to purchase for cancellation a maximum amount of 322,169 common shares 
representing 5% of the Company’s issued and outstanding common shares for one year from December 1, 2023 to November 
30, 2024. During the year ended on October 31, 2024, the Company purchased for cancellation 148,070 common shares at 
the normal market prices trading in TSX for $2,749,308. These shares were immediately cancelled and removed from 
treasury by the Company. 
During the year ended on October 31, 2024, the Company recorded total stock-based compensation expense of $1,592,354 
(October 31, 2023, $1,017,823), out of which $448,928 was recognized for stock option grants and $1,143,426 was related 
to RSU and DSU awards (October 31, 2023, $97,436 and $920,387, respectively), as described below. 
Stock Options 
The Company offers an incentive stock option plan (the Plan) which was established April 28, 2011 and was amended most 
recently March 23, 2023. The Plan is a rolling stock option plan, under which 15% of the outstanding shares at any given 
time are available for issuance thereunder. The purpose of the Plan is to promote the profitability and growth of the Company 
by facilitating the efforts of the Company to attract and retain directors, senior officers, employees, and management. Under 
the terms of the Plan, vesting for the Company’s directors and management will occur 1/3 upon the first anniversary, 1/3 
upon the second anniversary, and 1/3 upon the third anniversary of the grant. All the options have a five-year term, unless 
otherwise specified by the Board of Directors.  
77
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
The outstanding options at October 31, 2024 and the respective changes during the periods are summarized as follows: 
Number of options 
Weighted average 
price 
# 
CDN$ 
Outstanding at October 31, 2023 
857,484 
15.53 
Granted 
 80,152 
25.89 
Exercised 
(116,493) 
15.62 
Expired 
 (13,316) 
25.83 
Forfeited/cancelled 
 (8,787) 
18.51 
Outstanding at October 31, 2024 
799,040 
16.35 
The following options are outstanding and exercisable at October 31, 2024: 
Grant Date 
Exercise price (CAD$) 
Number outstanding 
Average remaining 
contractual life (years) 
Number exercisable 
23-Oct-19*
$17.36 
139,786 
-
139,786
24-Jun-20
$12.74 
22,662 
0.65 
22,662
29-Jul-20
$10.83 
18,000 
0.74 
18,000
29-Oct-20 
$10.83 
196,347 
0.99 
196,347
28-Jan-21
$11.02 
3,873 
1.24 
3,873 
28-Oct-21 
$14.35 
112,049 
1.99 
112,049 
28-Apr-22 
$18.10 
20,000 
2.49 
13,334 
21-Sep-22 
$18.93 
5,748 
2.89 
3,833 
31-Oct-22 
$18.37 
111,419 
3.00 
74,410 
30-Oct-23 
$20.07 
89,004 
4.00 
29,671 
30-Oct-24 
$25.89 
80,152 
5.00 
- 
Total 
799,040 
613,965 
*The term of this grant lapsed on October 23, 2024, however due to the fact that the options expired during an ongoing blackout period, the
term of the grant was extended by 10 business days in accordance with the terms of the Company’s stock option plan.
During the year ended October 31, 2024, the Company granted 80,152 stock option awards at an exercise price of Canadian 
$25.89. Also a total number of 116,493 stock options were exercised, out of which 77,889 options were cancelled as 
consideration in lieu of cash by participants who elected to exercise their options without paying cash proceeds. 
Accordingly, the Company issued 38,604 shares on settlement in addition to $117,737 cash proceeds received. During the 
year ended October 31, 2024, 8,787 options had forfeited in relation to employees who had left the Company and 13,316 
options that have expired before being exercised.   
Restricted Stock Unit and Deferred Stock Unit Plans 
On November 1, 2023, the Company made an annual DSU award under the Deferred Share Unit (DSU) Plan. The Company 
granted 10,169 DSU awards in the amount of $145,000. In the year ended October 31, 2024, the Company recognized stock-
based compensation expenses of $1,143,426 (October 31, 2023, $920,387) in relation to RSU and DSU awards that have 
vested during the period, out of which $697,018 was recognized for RSU awards and $446,408 was recognized for DSU 
awards, (October 31, 2023, $517,377 and $403,010, for RSU and DSU awards, respectively). The amounts related to the 
vested portions of granted RSU and DSU awards are recorded within other long-term liabilities in the consolidated statements 
78
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
of financial position. The liability from these awards as of October 31, 2024 amounted to $2,066,192 (October 31, 2023, 
$1,328,582). The awards that may be granted under each of the Plans can be realized in cash only and may not be converted 
into common shares of the Company. The Units awarded are issued based upon the market value equal to the price of the 
Company’s stock price as at the date of the grant and vest over one-year or three-year periods. 
The purpose of these Plans is to promote the profitability and growth of the Company by facilitating the efforts of the 
Company to attract and retain directors, senior officers, employees, and management. Under the terms of the plans, vesting 
of the awards that may be granted under the Plans for management will occur 1/3 upon the first anniversary, 1/3 upon the 
second anniversary, and 1/3 upon the third anniversary of the grant, while awards that may be granted under the plans for 
directors will vest on a quarterly basis in the first year after the grant. All the management awards have a three-year term, 
unless otherwise specified by the board of directors. The directors’ awards cannot be redeemed until the director retires 
from the board. On October 30, 2023, the Board of Directors of the Company resolved that only those directors who have 
not met their ownership requirements must receive a portion of their base retainer in the form of DSU awards.  
17. Earnings per Share
The calculation of basic and diluted earnings per share is presented below. Equity instruments that are anti-dilutive, such 
as various stock options granted, are not included in the calculation of the weighted average number of shares outstanding. 
Year ended  
Year ended 
October 31, 2024 
October 31, 2023 
$ 
$ 
Basic 
Net earnings 
2,473,849 
10,193,507 
Weighted average number of shares outstanding 
6,287,096 
6,424,751 
Basic earnings per share 
0.39 
1.59 
Diluted 
Net earnings 
2,473,849 
10,193,507 
Weighted average number of shares outstanding 
6,560,427 
6,696,942 
Diluted earnings per share 
0.38 
1.52 
79
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
18. Operating Expenses
The table below identifies the composition of the nature and amounts included within the operating expenses presented in 
the consolidated statements of income and comprehensive income for the years ended on October 31, 2024 and 2023. 
Year ended 
Year ended 
October 31,2024 
October 31,2023 
$ 
$ 
Salaries and benefits 
37,137,778 
 33,935,281 
Postage and shipping 
10,189,437 
 12,137,881 
Legal and professional 
4,203,169 
 3,204,240 
Information technology 
3,790,450 
 3,009,268 
Bank service charges 
2,754,470 
 2,450,353 
Losses and shortages 
2,570,157 
 3,215,773 
Insurance, taxes and licensing 
2,295,703 
 1,179,383 
Rent 
2,020,859 
 1,702,594 
Stock based compensation 
1,592,354 
 1,017,823 
Foreign exchange losses (gains) 
782,341 
 (711,763) 
Travel and entertainment 
760,788 
 884,357 
Other general and administrative 
1,462,851 
 1,195,330 
Operating expenses 
69,560,357 
 63,220,520 
19. Compensation of Key Management Personnel and Related Party Transactions
In accordance with Related Party Disclosures (IAS 24), key management personnel are those persons having authority and 
responsibility for planning, directing, and controlling activities of the Company directly or indirectly, including any directors 
(executive and non-executive) of the Company. The remuneration of directors and other members of key management 
personnel during years ended on October 31, 2024 and 2023 was as follows: 
Year ended 
Year ended 
 October 31, 2024 
 October 31, 2023 
$ 
$ 
Short-term benefits 
4,560,090 
4,316,361 
Post-employment benefits 
189,073 
161,385 
Stock based compensation 
442,772 
83,532 
Restricted and Deferred Share Units 
1,143,426 
920,387 
Total 
6,335,361 
5,481,665 
The Company incurred legal and professional fees in the aggregate of $121,526 for the year ended October 31, 2024 (October 
31, 2023, $139,594) charged by entities controlled by directors or officers of the Company.  
80
Currency Exchange International, Corp - Annual Report 2024

Notes to the Consolidated Financial Statements 
For the years ended October 31, 2024 and 2023 
(Expressed in U.S. Dollars) 
The Company has clients that are considered related parties through one of its directors. The Company generated $550,780 
in revenue from these clients’ activities for the year ended October 31, 2024 (October 31, 2023, $288,128). As at October 31, 
2024, accounts receivable included $Nil from related parties (October 31, 2023, $Nil).  
On October 1, 2011, the Company entered into an employment agreement with the President and CEO of the Company. Such 
agreement contains clauses requiring additional payments of a minimum of $450,000 to be made upon the occurrence of 
certain events, such as a change of control of the Company or termination for reasons other than cause. As the likelihood 
of a change of control of the Company is not determinable, the contingent payments have not been reflected in the 
consolidated financial statements. 
The Company supports EBC through a $20,000,000 revolving line of credit, renewed on July 18, 2022 which attracts interest 
commensurate with interest charged on the Company’s primary line of credit with BMO Harris, N.A., are repayable on 
demand, and are unsecured. At October 31, 2024, the intercompany loan balance was $8,640,646 (October 31, 2023, 
$10,642,528) and was eliminated upon consolidation.  
Key management personnel and directors occasionally conduct transactions with the Company as individuals. Such 
transactions are immaterial individually and in total including for the years ended October 31, 2024 and 2023 and are 
conducted pursuant to the Company’s policies.  
All transactions with related parties as noted above are carried out in the normal course of business and at prevailing market 
rates. 
20. Other Current Assets
October 31,2024 
 October 31, 2023 
$ 
$ 
Prepaid rent 
7,134 
6,527 
Prepaid personnel 
- 
6,600 
Prepaid software as a service 
666,067 
687,216 
Prepaid insurance 
812,960 
856,992 
Prepaid advertising 
- 
15,898 
Other current assets 
504,590 
277,584 
Total 
1,990,751 
 1,850,817 
21. Subsequent Events
The Company evaluated subsequent events through January 22, 2025, the date these consolidated financial statements 
were issued. There were no material subsequent events that required recognition or additional disclosure in these 
consolidated financial statements. 
81
Currency Exchange International, Corp - Annual Report 2024

Board of Directors
Stacey Mowbray
Director of CXI
Director of EBC
Committees: Chair of the Governance 
Committee Member, Risk Committee 
Member
Independent board member since 2019
Carol Poulsen
Director of CXI
Director of EBC
Committees: Audit Committee Member, Risk 
Committee Member
Independent board member since 2023
Director of CXI
Director of EBC
President and CEO of CXI
President and CEO of EBC
Board member since 2007
Randolph W. Pinna
Annual General Meeting of Shareholders
Shareholders are invited to attend the annual meeting of 
Currency Exchange International, Corp. to be held on March 
25, 2025 at 3:00 p.m. (EST).
Details on how to attend will be listed on CXI’s investor 
relations webpage: 
www.ceifx.com/investor-relations
Investor Relations
Financial analysts, portfolio managers and other investors 
requiring financial information may contact our Investor 
Relations department:
(USA) Telephone: (407) 240 0224
(USA) Toll-Free: (888) 998 3948
(USA) Email: InvestorRelations@cxifx.com
(CANADA) Telephone: (416) 479 9547 
(CANADA) Email: bill.mitoulas@cxifx.com 
Shareholder Services
For information or assistance regarding your share account,
including dividends, changes of address or ownership, lost 
certificates, to eliminate duplicate mailings or to receive 
shareholder material electronically, please contact our 
Transfer Agent in Canada.
Transfer Agent
Computershare Investor Services
100 University Ave, 8th Floor, South Tower
Toronto, Ontario Canada M5J 2Y1
Telephone: (800) 564 6253 (Toll Free)
Facsimile: (888) 453 0330 (Toll Free)
Web Site:  www.computershare.com
Computershare offices are also located in Calgary, Halifax, 
Montreal, Richmond Hill and Vancouver.
Auditors
Doane Grant Thornton LLP
Chartered Professional Accountants
Licensed Professional Accountants
Mississauga, Canada
Shareholder Information
V. James Sardo
Director of CXI
Director of EBC
Committees: Audit Committee Member, 
Governance Committee Member
Independent board member since 2012 
Daryl Yeo
Director of CXI
Director of EBC
Committees: Chair of the Risk Committee, 
Audit Committee Member
Independent board member since 2019
Chitwant Kohli
Director of CXI
Chair of the Board of EBC
Committees: Chair of the Audit Committee, 
Governance Committee Member
Independent board member since 2018 
Mark D. Mickleborough
Director of CXI
Director of EBC
Board member since 2007
Chair of the Board of CXI
Director of EBC
Committees: Audit Committee Member, 
Governance Committee Member,  Risk 
Committee Member
Independent board member since 2012 
Chirag Bhavsar
82
Currency Exchange International, Corp - Annual Report 2024 

Exchange Bank of Canada 
390 Bay Street
Toronto, Ontario M5H 2Y2 Canada 
www.ebcfx.com 
Canada (888) 223 3934
Currency Exchange International, Corp.
6649 Westwood Blvd. Suite 250
Orlando, Florida 32821 U.S.A. 
www.ceifx.com 
U.S.A. (888) 998 3948