Financial Performance - The company reported revenues of $129.7 million for the three months ended September 30, 2024, representing a 4.1% increase compared to $124.6 million in the prior year quarter[123]. - Net income for the same period was $7.5 million, a 1.4% increase from $7.4 million in the prior year quarter, driven by higher revenues and improved operational delivery[123]. - Income from operations was $9.1 million for the three months ended September 30, 2024, with an operating margin of 7.0%, up from 6.7% in the prior year quarter[150]. - Adjusted net income for the three months ended September 30, 2024, was $9.0 million, with an adjusted net income margin of 7.0%, compared to 6.1% in the prior year quarter[158]. - EBITDA for the three months ended September 30, 2024, was $14.0 million, with an adjusted EBITDA of $15.6 million and an adjusted EBITDA margin of 12.0%[164]. - Free cash flow decreased to $4.1 million for the three months ended September 30, 2024, down from $6.6 million in the prior year quarter, driven by increased capital expenditures[169]. - Net cash as of September 30, 2024, was $60.8 million, compared to $61.2 million as of June 30, 2024[171]. - The company reported a net cash inflow from operating activities of $7.8 million for the three months ended September 30, 2024, a decrease from $8.7 million in the prior year quarter[181]. Revenue Growth - The HealthTech vertical saw a revenue increase of $3.5 million, or 23.4%, while Retail & E-commerce and Travel, Transportation & Logistics verticals increased by 8.6% and 10.0%, respectively[141]. - Demand for customer interaction services increased due to growth in existing clients and new client acquisitions in strategic verticals[127]. Operational Efficiency - The company expanded its delivery center capacity and opened two new sites during the quarter, enhancing its operational capabilities[122]. - The company is aggressively integrating AI into its solutions, leveraging its Wave iX technology to enhance customer experience and operational efficiency[126]. - Labor costs increased due to wage pressures, but the company offset some of these costs through higher agent quality and increased productivity[131]. - The company successfully negotiated price increases with many clients due to tightening labor markets and rising operational costs[136]. Client Diversification - The largest client accounted for 11% of total revenues, while the top three clients represented 26%, indicating a focus on client diversification[135]. Expenses and Costs - SG&A expense increased by $3.2 million, or 13.8%, to $26.2 million for the three months ended September 30, 2024, primarily due to higher payroll and related costs[148]. - Income tax expense increased by $0.6 million to $2.0 million for the three months ended September 30, 2024, with an effective tax rate of 20.8%[152]. - D&A expense decreased by $0.7 million, or 13.3%, to $4.4 million for the three months ended September 30, 2024, as a percentage of revenue, D&A decreased to 3.4%[149]. - The company experienced changes in foreign currency gains/losses amounting to $2.3 million year over year, impacting SG&A expenses[148]. Cash and Financing Activities - As of September 30, 2024, the company had cash and cash equivalents totaling $62.3 million, including $8.2 million located outside the United States[180]. - During the three months ended September 30, 2024, the company incurred net expenditures of $3.6 million on investing activities, primarily for expansions in offshore and nearshore regions[183]. - The company expended $4.6 million on financing activities during the three months ended September 30, 2024, with $4.8 million related to purchasing common shares[184]. - The company authorized a share repurchase program of $30 million on May 1, 2024, and repurchased 282,129 shares totaling $4.7 million during the three months ended September 30, 2024[177]. - Total indebtedness as of September 30, 2024, was $1.5 million, consisting of finance leases, with compliance to all debt covenants[174]. - The company did not have any outstanding balances on its $80 million revolving credit facility as of September 30, 2024, indicating no interest expense exposure from this facility[194]. Liquidity and Currency Impact - The company believes its existing cash balance and cash generated from operations will be sufficient to meet liquidity requirements for at least the next twelve months[175]. - A 10% appreciation/depreciation in the Philippine Peso against the U.S. dollar would have increased or decreased expenses incurred in PHP by approximately $3.3 million or $2.7 million, respectively[190].

ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of 30+ operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world's leading companies across retail, e-commerce, healthcare, fintech, ...

About ibex About the Globee Awards WASHINGTON, June 18, 2024 (GLOBE NEWSWIRE) -- ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and AI-powered customer engagement technology solutions, is proud to announce that it has been awarded a Gold Globee in the Customer Service Outsourcing Provider category at the 11th Annual 2024 Globee® Awards for Customer Excellence. "We are proud to receive the top honor for Customer Service Outsourcing Provider at this year's Globee Awards," ...

"The CX industry is evolving every day and the 2024 CX Leadership Award winners are at the forefront of that transformation – through vision, technology, innovation, and optimization," said Julie Casteel, Chief Strategic Accounts Officer and CMO at ibex. "As a global leader in delivering next-generation AI-powered CX solutions for some of the world's greatest brands, ibex congratulates these outstanding leaders for their commitment to delivering world-class customer experience for their brands." "Award hono ...

Company Overview - IBEX Limited is a leading provider in global business process outsourcing (BPO) and AI-powered customer engagement technology solutions [3][4] - The company operates a global customer experience (CX) delivery center model with 29 operations facilities worldwide [3] - IBEX employs over 30,000 individuals and manages nearly 200 million critical customer interactions annually [4] Financial Impact - IBEX adds over $2.2 billion in lifetime customer revenue each year through its services [4] Upcoming Events - CEO Bob Dechant is scheduled to present at the Baird 2024 Global Consumer, Technology & Services Conference on June 4, 2024, at 11:25 a.m. ET in New York City [1][2]

LAS VEGAS, May 30, 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 sponsorship of CCW Customer Contact Week 2024 in Las Vegas, June 3-6. CCW is the pinnacle event for contact center and customer experience (CX) leaders, where innovators across various industries and functions converge to sculpt world-class customer journeys. "We are excited to engage with the industry lea ...

WASHINGTON, May 22, 2024 (GLOBE NEWSWIRE) -- ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and AI-powered customer engagement technology solutions, today announced that the ibex Wave iX AI-enabled CX solution suite has earned a Platinum Award for Achievement in Technology Innovation in the 2024 TITAN Business Awards. "ibex is proud to receive the TITAN Platinum Award for Technology Innovation of 2024," said ibex CEO Bob Dechant. "Generative AI is changing the CX landsc ...

WASHINGTON, May 22, 2024 (GLOBE NEWSWIRE) -- ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and AI-powered customer engagement technology solutions, today announced that the ibex Wave iX AI-enabled CX solution suite has earned a Platinum Award for Achievement in Technology Innovation in the 2024 TITAN Business Awards. "ibex is proud to receive the TITAN Platinum Award for Technology Innovation of 2024," said ibex CEO Bob Dechant. "Generative AI is changing the CX landsc ...

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].