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Ibex Ltd (IBEX) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

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Ibex Ltd

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CIK: 1720420 Ticker: IBEX

Exhibit 99.1
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IBEX Announces Record Fourth Quarter and Fiscal Year 2023 Financial Results
WASHINGTON, DC— September 13, 2023
—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 fourth quarter and fiscal year ended June 30, 2023.

Key Fiscal Year 2023 Highlights
•Fiscal year 2023 revenue increased 6.1% over the prior year period to $523.1 million, with a continued migration from onshore to higher margin offshore and nearshore regions.
•Revenue generated from BPO 2.0 clients grew at an accelerated rate and increased 18.5% for fiscal year 2023. These clients represented 77% of revenue for the fiscal year.
•Ten new client relationships were established across the HealthTech, Retail & E-Commerce, Travel, Transportation & Logistics, and Technology verticals during fiscal year 2023.
•Fiscal year 2023 GAAP net income and diluted earnings per share increased to $31.6 million and $1.67 from $21.5 million and $1.15 in the prior year, respectively. Net income margins in the full year were 6.0%, an increase of 168 bps for the year.
•Fiscal year 2023 adjusted net income and adjusted earnings per share increased to $36.9 million and $1.96 from $26.0 million and $1.39 in the prior year.
•Fiscal year 2023 adjusted EBITDA increased 48.8% to $66.6 million, over the prior year. Adjusted EBITDA margins in the full year were 12.7%, an increase of 360 bps for the year.
•Capacity utilization increased to 77% at June 30, 2023 from approximately 69% at June 30, 2022, contributing to the significant margin improvement.
•Net cash position improved to $56.4 million as of June 30, 2023 from $33.1 million as of June 30, 2022 due to strong free cash flow generated throughout the year (see Exhibit 4 for reconciliation).
•Results in line with guidance on a US GAAP basis.

Key Fourth Quarter 2023 Highlights
•Fourth quarter revenue increased 0.7% to $124.4 million over the prior year quarter.
•Fourth quarter GAAP net income and diluted earnings per share declined to $4.5 million, and $0.24 compared to $6.4 million, and $0.35 in the prior year quarter, driven largely by the absence of a one-time deferred tax benefit in the prior year quarter. Net income margin was 3.6% compared to 5.2% in the prior year quarter.
•Fourth quarter adjusted net income and adjusted earnings per share declined to $6.2 million and $0.33 compared to $8.3 million and $0.45 in the prior year quarter, driven largely by the absence of a one-time deferred tax benefit in prior year quarter.
•Fourth quarter non-GAAP adjusted EBITDA increased 21.0% to $15.4 million, over the prior year quarter.
•Adjusted EBITDA margins in the fourth quarter were 12.4%, +210 bps in the quarter.

“In the face of a challenging macro-environment, ibex delivered outstanding financial results in fiscal year 2023,” said Bob Dechant, CEO of ibex. “Our business grew at 6% annually, driven by new wins with blue chip clients in our strategic verticals, while adjusted EBITDA grew at an impressive 49%. We made meaningful progress on growth in our key HealthTech and Retail & E-Commerce verticals, as well as our geographic footprint and capacity utilization.” Dechant continued, “We finished the year with continued strong margin expansion and have our pipeline and sales funnel in a great position. Additionally, with our leadership position in developing AI based solutions, I am very optimistic about the long-term trajectory of ibex in fiscal year 2024 and beyond.”


The following information was filed by Ibex Ltd (IBEX) on Wednesday, September 13, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ibex Ltd's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
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Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
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Accounts Receivable And Significant Clients
Accounts Receivable And Significant Clients (Tables)
Accounts Receivable And Significant Clients - Accounts Receivable, Net (Details)
Accounts Receivable And Significant Clients - Activity In Allowance For Credit Losses (Details)
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Income Taxes - Differences Between Statutory And Effective Tax Rates (Details)
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Income Taxes - Major Components Of The Provision (Details)
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Overview And Summary Of Significant Accounting Policies
Overview And Summary Of Significant Accounting Policies (Policies)
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Overview And Summary Of Significant Accounting Policies - Estimated Useful Lives Of Property And Equipment (Details)
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Pay Vs Performance Disclosure
Property And Equipment, Net
Property And Equipment, Net (Details)
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Related Party Transactions
Related Party Transactions (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Breakdown Of Revenues By Geographical Location (Details)
Revenue From Contracts With Customers - Movement In Deferred Revenue (Details)
Revenue From Contracts With Customers - Narrative (Details)
Revenue From Contracts With Customers - Revenue Disaggregated By Pattern Of Revenue Recognition (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
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Stockholders' Equity
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Stockholders' Equity - Changes In Aoci By Component (Details)
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Ticker: IBEX
CIK: 1720420
Form Type: 10-K Annual Report
Accession Number: 0001720420-23-000013
Submitted to the SEC: Wed Sep 13 2023 5:20:37 PM EST
Accepted by the SEC: Wed Sep 13 2023
Period: Friday, June 30, 2023
Industry: Computer Processing And Data Preparation

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