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IR Contact: Michael Darwal, EVP, Investor Relations, ibex, michael.darwal@ibex.coMedia Contact: Daniel Burris, VP, Marketing and Communication, ibex, daniel.burris@ibex.co IBEX LIMITED AND SUBSIDIARIESConsolidated Balance Sheets(Unaudited)(in thousands) March 31,2025 June 30,2024Assets Current assets Cash and cash equivalents$12,977 $62,720 Accounts receivable, net 120,035 98,366 Prepaid expenses 8,103 7,712 Due from related parties 50 192 Tax advances and receivables 4,976 9,080 Other current assets 2,523 1,888 Total current assets 148,664 179,958 Non-current assets Property and equipment, net 30,481 29,862 Operating lease assets 65,726 59,145 Goodwill 11,832 11,832 Deferred tax asset, net 5,994 4,285 Other non-current assets 12,034 8,822 Total non-current assets 126,067 113,946 Total assets$274,731 $293,904 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued liabilities$18,430 $16,719 Accrued payroll and employee-related liabilities 29,653 30,674 Current deferred revenue 6,019 4,749 Current operating lease liabilities 14,225 12,051 Current debt 19,862 660 Due to related parties — 60 Income taxes payable 821 6,083 Total current liabilities 89,010 70,996 Non-current liabilities Non-current deferred revenue 1,060 1,128 Non-current operating lease liabilities 56,944 53,441 Long-term debt 735 867 Other non-current liabilities 2,801 1,673 Total non-current liabilities 61,540 57,109 Total liabilities 150,550 128,105 Stockholders' equity Common Stock 1 2 Additional paid-in capital 216,184 210,200 Treasury stock (101,658) (25,367)Accumulated other comprehensive loss (6,491) (7,913)Retained earnings / (deficit) 16,145 (11,123)Total stockholders' equity 124,181 165,799 Total liabilities and stockholders' equity$274,731 $293,904 IBEX LIMITED AND SUBSIDIARIESConsolidated Statements of Comprehensive Income(Unaudited)(in thousands, except per share data) Three Months Ended March 31, Nine Months Ended March 31, 2025 2024 2025 2024 Revenue$140,736 $126,795 $411,135 $384,038 Cost of services (exclusive of depreciation and amortization presented separately below) 96,017 87,083 284,820 271,163 Selling, general and administrative 27,061 23,565 78,982 71,462 Depreciation and amortization 4,329 4,865 12,984 14,853 Total operating expenses 127,407 115,513 376,786 357,478 Income from operations 13,329 11,282 34,349 26,560 Interest income 32 431 926 1,529 Interest expense (404) (124) (1,186) (339)Income before income taxes 12,957 11,589 34,089 27,750 Provision for income tax expense (2,488) (1,279) (6,821) (3,940)Net income$10,469 $10,310 $27,268 $23,810 Other comprehensive income Foreign currency translation adjustments$374 $(288) $851 $(310)Unrealized gain / (loss) on cash flow hedging instruments, net of tax 385 (131) 571 70 Total other comprehensive income / (loss) 759 (419) 1,422 (240)Total comprehensive income$11,228 $9,891 $28,690 $23,570 Net income per share Basic$0.79 $0.59 $1.80 $1.33 Diluted$0.73 $0.57 $1.70 $1.29 Weighted average common shares outstanding Basic 13,264 17,468 15,109 17,880 Diluted 14,404 18,036 16,135 18,458 IBEX LIMITED AND SUBSIDIARIESConsolidated Statements of Cash Flows(Unaudited)(in thousands) Three Months Ended March 31, Nine Months Ended March 31, 2025 2024 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income$10,469 $10,310 $27,268 $23,810 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,329 4,865 12,984 14,853 Noncash lease expense 3,611 3,386 10,020 9,908 Warrant contra revenue — 299 — 893 Deferred income tax (942) 290 (1,709) 586 Share-based compensation expense 1,601 466 3,506 2,741 Allowance of expected credit losses 105 56 428 62 Impairment losses — 1,257 — 1,257 Change in assets and liabilities: Decrease / (increase) in accounts receivable 455 1,395 (22,050) (16,941)Decrease / (increase) in prepaid expenses and other current assets 1,405 (3,158) 392 (5,350)Increase in accounts payable and accrued liabilities (6,120) (2,880) (3,042) (2,336)(Decrease) / increase in deferred revenue (1,262) (1,399) 1,203 (1,098)Decrease in operating lease liabilities (4,823) (3,456) (11,269) (9,907)Net cash inflow from operating activities 8,828 11,431 17,731 18,478 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (5,267) (1,691) (13,216) (6,635)Net cash outflow from investing activities (5,267) (1,691) (13,216) (6,635) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from line of credit 60,150 57 69,310 153 Repayments of line of credit (48,550) (57) (50,210) (205)Proceeds from the exercise of options 2,809 351 3,534 362 Principal payments on finance leases (286) (138) (639) (342)Purchase of treasury shares (25,052) (8,277) (76,421) (18,551)Net cash outflow from financing activities (10,929) (8,064) (54,426) (18,583)Effects of exchange rate difference on cash and cash equivalents 139 (27) 168 (24)Net (decrease) / increase in cash and cash equivalents (7,229) 1,649 (49,743) (6,764)Cash and cash equivalents, beginning 20,206 49,016 62,720 57,429 Cash and cash equivalents, ending$12,977 $50,665 $12,977 $50,665 IBEX LIMITED AND SUBSIDIARIESReconciliation of GAAP Financial Measures to Non-GAAP Financial Measures EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share We define adjusted net income as net income before the effect of the following items: severance costs, impairment losses, warrant contra revenue, foreign currency gain / loss, and share-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue.
Quarterly revenue grew 11% versus prior year quarter - highest growth in ten quartersAdjusted EPS of $0.82 - an increase of 18% to prior year quarterMakes strategic entry into India - launching with leading healthcare clientBoard authorizes a new $15 million share repurchase plan WASHINGTON, May 08, 2025 (GLOBE NEWSWIRE) -- IBEX Limited ("ibex”), a leading provider in global business process outsourcing and end-to-end customer engagement technology solutions, today announced financial results for its third fiscal quarter ended March 31, 2025. Three months ended March 31, 2025 Nine months ended March 31, 2025($ millions, except per share amounts) 2025 2024 Change 2025 2024 ChangeRevenue$140,736 $126,795 11.0% $411,135 $384,038 7.1%Net income$10,469 $10,310 1.5% $27,268 $23,810 14.5%Net income margin 7.4% 8.1% (70) bps 6.6% 6.2% 40 bps Adjusted net income (1)$11,787 $12,558 (6.1)% $30,434 $28,156 8.1%Adjusted net income margin (1) 8.4% 9.9% (150) bps 7.4% 7.3% 10 bps Adjusted EBITDA (1)$19,380 $19,204 0.9% $51,505 $47,239 9.0%Adjusted EBITDA margin (1) 13.8% 15.1% (130) bps 12.5% 12.3% 20 bps Earnings per share - diluted (2)$0.73 $0.57 27.5% $1.70 $1.29 31.9%Adjusted earnings per share - diluted (1,2)$0.82 $0.70 17.9% $1.90 $1.53 24.4% (1)See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.(2)The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. "Marking the continuation of a strong first half for fiscal year 2025, I am proud to report yet another quarter of record financial results,” said Bob Dechant, ibex CEO.
The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented: Three Months Ended March 31, Nine Months Ended March 31,($000s, except per share amounts) 2025 2024 2025 2024 Net income$10,469 $10,310 $27,268 $23,810 Net income margin 7.4% 8.1% 6.6% 6.2% Severance costs — 1,506 — 1,506 Impairment losses — 1,257 — 1,257 Warrant contra revenue — 299 — 893 Foreign currency loss / (gain) 121 (471) 666 (571)Share-based compensation expense 1,601 466 3,506 2,741 Total adjustments$1,722 $3,057 $4,172 $5,826 Tax impact of adjustments1 (404) (809) (1,006) (1,480)Adjusted net income$11,787 $12,558 $30,434 $28,156 Adjusted net income margin 8.4% 9.9% 7.4% 7.3% Diluted earnings per share$0.73 $0.57 $1.70 $1.29 Per share impact of adjustments to net income 0.09 0.12 0.20 0.24 Adjusted earnings per share$0.82 $0.70 $1.90 $1.53 Weighted average diluted shares outstanding 14,404 18,036 16,135 18,458 _______________1The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions.
