Business
IBEX Limited Announces First Quarter of Fiscal Year 2022 Financial Results
Key Highlights Revenue was flat year over year at $108.6 millionNet income increased $6.4 million year over year34% growth from new clients won since FY16,
About this update from Ibex Limited
[{"type":"text","content":"Key Highlights Revenue was flat year over year at $108.6 millionNet income increased $6.4 million year over year34% growth from new clients won since FY16, now up to 62% of quarterly revenuesContinued strength in our new logo engine with 9 key wins, driving double digit revenue growth in the second half of fiscal year 2022Continued 100% retention of our top 20 clientsStrong balance sheet with $54.0 million cash and cash equivalentsReaffirmed guidance for our fiscal year 2022 revenue and adjusted EBITDA WASHINGTON, Nov. 22, 2021 (GLOBE NEWSWIRE) -- IBEX Limited (“ibex”), a leading global provider in business process outsourcing and end-to-end customer engagement technology solutions, today announced financial results for its first fiscal quarter ended September 30, 2021. “We are continuing to make strong progress on our strategic growth initiatives, with a focus on our omni-channel customer offering, and new, technology-led clients,” said Bob Dechant, CEO of ibex. “We remain on a trajectory to meet our financial goals for fiscal 2022 while continuing to invest in our business and in our customers’ success.” Dechant continued, “While our top line growth paused for the first time in 16 quarters, driven by one-time events last year within our legacy top 3 client group, our growth engine, comprised of new clients won since FY16 who are adopting our omni-channel and WaveX capabilities, now make up 62% of our business, up from 46% compared to the year ago quarter, and continue to grow at an explosive rate. As of this quarter, our largest client is now one of the most valued companies on the planet, continues to grow at double digit rates with ibex, and is truly a partner with partial ownership in our business. As a result, and as we indicated last quarter, we expect our growth to resume and accelerate in Q2 and beyond. Our growth in spending this quarter outpaced our revenue growth as we onboard new clients that will come online during the remainder of the fiscal year. We are also investing in key long-term growth initiatives, which we expect will drive significant long-term value creation. Accordingly, we expect adjusted EBITDA margin to improve in Q2 and beyond as this business and our new geographies begin to ramp.” First Quarter of Fiscal Year 2022 Financial Highlights Revenue Revenue was flat at $108.6 million, compared to $108.8 ...