Business
IBEX Announces Record Fourth Quarter and Fiscal Year 2023 Financial Results
WASHINGTON, Sept. 13, 2023 (GLOBE NEWSWIRE) -- IBEX Limited (“ibex”), a leading provider in global business process outsourcing and end-to-end customer
About this update from Ibex Limited
[{"type":"text","content":"WASHINGTON, Sept. 13, 2023 (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 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 a...