Business
IBEX Announces Second Quarter of Fiscal Year 2024 Financial Results
WASHINGTON, Feb. 08, 2024 (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, Feb. 08, 2024 (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 second fiscal quarter ended December 31, 2023. “We delivered against a number of our key objectives in the second quarter, highlighted by the eight new client wins in the quarter, totaling twelve in the first half of the fiscal year versus seven in the prior year period,” commented Bob Dechant, CEO of ibex. “That being said, softness in volumes with several of our clients have put recent pressure on our top and bottom line and our second quarter reflected that. To ensure that we resume our historical growth leadership position, we have been making strategic investments in our building blocks for our next stage of growth over the last 12 months including expansion of our sales organization and enhancing our AI capabilities. We are now seeing momentum build in terms of size, speed and quality of our pipeline and wins. Clients are now looking for BPO partners who can not only deliver great contact center solutions, but also rapidly deploy disruptive AI-based solutions for them. Our recent wins and strength of our pipeline highlight our ability to win on both fronts and positions us for growth as we move forward,” added Dechant. Second Quarter 2024 Key Highlights Eight new client relationships won across HealthTech, FinTech, Retail & E-Commerce and new emerging Technology companies, totaling twelve for the year to date compared to seven in the prior year period. GAAP Financials: Second quarter revenue of $132.6 million declined 4.8% from the prior year quarter.Net income was $6.1 million compared to $9.3 million in the prior year quarter. Net income margin was 4.6% compared to 6.7% in the prior year quarter.Diluted earnings per share were $0.33 compared to $0.49 in the prior year quarter. Non-GAAP Financial Measures: Adjusted net income was $8.0 million compared to $12.2 million in the prior year quarter.Adjusted earnings per share were $0.44 compared to $0.65 in the prior year quarter.Adjusted EBITDA was $14.3 million compared to $19.4 million in the prior year quarter. Adjusted EBITDA margin was 10.8% compared to 13.9% in the prior year quarter. Other Metrics: $2.3 million adverse impact realized year over ye...