WASHINGTON, May 15, 2024 (GLOBE NEWSWIRE) -- ibex (NASDAQ:IBEX), a leading global provider of business process outsourcing (BPO) and AI-powered customer engagement technology solutions, today announced its third annual CX Leadership Awards, which honor the top customer experience (CX) innovators, leaders and contributors around the world. This year's recipients, selected from a prestigious roster of renowned CX leaders and innovators across the industry, will be recognized at the ibex CX Leaders Dinner on J ...

Financial Performance - The company reported revenues of $126.8 million for the three months ended March 31, 2024, a decline of 3.6% compared to the same quarter in the prior year[106]. - Net income for the three months ended March 31, 2024 was $10.3 million, down 8.6% from $11.3 million in the same quarter of the previous year[106]. - For the nine months ended March 31, 2024, revenues totaled $384.0 million, reflecting a 3.7% decrease compared to the same period in the prior year[107]. - The company experienced a significant decline in revenue from the FinTech vertical, which decreased by $7.0 million or 28.7% year-over-year[126]. - Revenue for the nine months ended March 31, 2024, was $384.0 million, a decrease of $14.6 million, or 3.7%, primarily driven by declines in the FinTech and Telecommunications verticals[139]. - Net income for the three months ended March 31, 2024, was $10.3 million, with a net income margin of 8.1%, down from 8.6% in the prior year quarter[162]. - Adjusted net income for the three months ended March 31, 2024, was $12.6 million, with an adjusted net income margin of 9.9%[158]. - Adjusted EBITDA for the three months ended March 31, 2024, was $19.2 million, representing an adjusted EBITDA margin of 15.1%, an increase from 14.3% in the prior year quarter[162][164]. - The decrease in net income margin for the nine months ended March 31, 2024, to 6.2% from 6.8% in the prior year was primarily driven by lower revenue and planned investments[163]. Operational Efficiency - The company closed two sites during the quarter to optimize utilization in onshore and nearshore geographies[105]. - The percentage of workstations in nearshore and offshore centers was approximately 95% as of March 31, 2024, enhancing profit margins[118]. - Payroll and related costs were $67.2 million, a decrease of $3.2 million, or 4.5%, compared to the prior year quarter, representing 53.0% of revenue[130]. - Facilities expenses were $12.2 million, a decrease of $0.7 million, or 5.7%, compared to the prior year quarter, due to site optimization efforts[131]. - SG&A expense increased to $23.6 million, an increase of $1.4 million, or 6.4%, primarily due to impairment losses and severance costs[132]. - Income from operations was $11.3 million, down from $13.1 million in the prior year quarter, with an operating margin of 8.9%[135]. - Cost of services was $271.2 million, a decrease of $16.5 million, or 5.7%, compared to the same prior year period[141]. Client and Market Dynamics - The largest client accounted for 13% of consolidated revenues during the nine months ended March 31, 2024, indicating a degree of client concentration[121]. - The company has seen an increase in new client wins, with fifteen new clients acquired during the nine months ended March 31, 2024, compared to eight in the prior year[105]. - The Retail & E-commerce vertical saw a revenue increase of $2.7 million, or 9.3%, contributing to the overall performance[126]. Cash Flow and Capital Management - Free cash flow for the nine months ended March 31, 2024, increased to $11.8 million compared to $9.2 million during the same period in the prior year[178]. - Cash and cash equivalents as of March 31, 2024, totaled $50.7 million, a decrease from $57.4 million as of June 30, 2023, primarily due to share repurchases[176]. - Total debt as of March 31, 2024, was $1.4 million, with the company in compliance with all debt covenants[170]. - The company repurchased 1,124,876 shares for $18.6 million under the Share Repurchase Program during the nine months ended March 31, 2024[173]. - Net cash provided by operating activities for the nine months ended March 31, 2024, was $18.5 million, down from $24.4 million in the prior year[177]. - Capital expenditures for the nine months ended March 31, 2024, were $6.6 million, significantly lower than $15.2 million in the prior year[179]. - The company has $80 million available under its revolving credit facility to support future liquidity needs[172]. Tax and Interest - Interest income increased to $1.5 million for the nine months ended March 31, 2024, compared to $0.4 million in the prior year[149]. - The effective tax rate decreased to 11.0% for the three months ended March 31, 2024, down from 14.2% in the prior year[138]. Currency and Risk Management - A 10% appreciation/depreciation in the Philippine Peso against the U.S. dollar would have increased or decreased expenses by approximately $9.1 million or $7.5 million, respectively, during the nine months ended March 31, 2024[188]. - A 10% appreciation/depreciation in the Jamaican Dollar against the U.S. dollar would have increased or decreased expenses by approximately $4.3 million or $3.5 million, respectively, during the same period[188]. - A 10% appreciation/depreciation in the Pakistani Rupee against the U.S. dollar would have increased or decreased expenses by approximately $2.8 million or $2.3 million, respectively, during the same period[188]. - The Company serves U.S.-based clients through delivery centers in various countries, exposing it to foreign currency exchange risks[186]. Internal Controls and Compliance - The Company is continuing to implement its remediation plan for a material weakness in internal control over financial reporting related to complex non-routine transactions[192]. - As of March 31, 2024, the Company's disclosure controls and procedures were not effective due to the noted material weakness[192]. - The Company will continue to capitalize qualifying implementation costs until the new software solution is substantially complete and ready for intended use[183]. - The Company has not experienced any counterparty defaults related to its derivative contracts as of the date of this Form 10-Q[189]. - The Company did not have any outstanding balances on its credit facilities as of March 31, 2024, indicating no interest expense impact from a hypothetical 10% change in SOFR[190].

Exhibit 99.1 IBEX Announces Third Quarter of Fiscal Year 2024 Financial Results with Record Performance WASHINGTON, DC— May 9, 2024 —IBEX Limited ("ibex"), a leading provider in global business process outsourcing and end-to-end customer engagement technology solutions, today announced financial results for its third fiscal quarter ended March 31, 2024. "Our third quarter fiscal 2024 results were one of the strongest in our history, with record levels of adjusted EBITDA margin and adjusted EPS" commented Bo ...

WASHINGTON, April 30, 2024 (GLOBE NEWSWIRE) -- ibex (NASDAQ:IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced that Christy O'Connor, Chief Legal Officer at ibex, has been recognized as a 2024 Top 10 Corporate Counsel Award Winner by OnCon Icon. "Christy's recognition as a Top 10 Corporate Counsel is a testament to her exceptional leadership, legal acumen, and unwavering commitment to excellence," said Bob Dechant, CEO of ibex ...

FORT WORTH, Texas, April 29, 2024 (GLOBE NEWSWIRE) -- ibex (NASDAQ:IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced it will be at CS Week Conference 48, in Fort Worth, Texas, April 29 to May 2, 2024. ibex will be showcasing its full suite of integrated CX solutions designed to help utilities connect, engage, and stay connected with their customers throughout the modern utility lifecycle. "ibex continues to drive innovation a ...

WASHINGTON, April 25, 2024 (GLOBE NEWSWIRE) -- IBEX Limited ("ibex") (NASDAQ:IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced that it will report third quarter 2024 financial results after the market close on Thursday, May 9, 2024. Management will host a conference call and webcast to discuss the Company's financial results, recent developments, and business outlook at 4:30 p.m. ET. What:IBEX Limited Announces Third Quarter ...

WASHINGTON, April 23, 2024 (GLOBE NEWSWIRE) -- ibex (NASDAQ:IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced that it has been recognized as one of the "Best Employers for Diversity 2024" by Forbes. This recognition reflects ibex's deep-rooted commitment to global workplace diversity, equity, and inclusion. "We believe that diversity creates dynamic opportunities for personal and professional growth," said Bob Dechant, CEO of ...

WASHINGTON, April 22, 2024 (GLOBE NEWSWIRE) -- ibex (NASDAQ:IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced that Jim Ferrato, Chief Information Officer, will retire June 30, 2024. Ferrato has served as CIO of ibex since 2015. His leadership has been instrumental in the company's success, from building its award-winning BPO 2.0 technology platform to ramping up thousands of remote employees during COVID. Ferrato also led the ...

WASHINGTON, April 10, 2024 (GLOBE NEWSWIRE) -- ibex (NASDAQ:IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced that it has been named a winner in the 2024 Excellence in Customer Service Awards for Technology of the Year, presented by the Business Intelligence Group. "We are honored to be named Technology of the Year for our AI-powered Wave iX solution suite in the 2024 Excellence in Customer Service Awards," said ibex CEO Bob ...

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