Business
IBEX Limited Announces Third Quarter of Fiscal Year 2023 Financial Results with Record Net Income and Adjusted EBITDA Margins
Key Highlights Revenue generated from BPO 2.0 clients grew 12.3% compared to the prior year quarter and represented 77.6% of total revenue in the third
About this update from Ibex Limited
[{"type":"text","content":"Key Highlights Revenue generated from BPO 2.0 clients grew 12.3% compared to the prior year quarter and represented 77.6% of total revenue in the third quarter.Third quarter revenue increased 1.9% to $131.6 million over the prior year quarter, as we accelerated the transition of select onshore revenues to higher margin nearshore and offshore regions.Third quarter net income and net income margin increased to $11.7 million and 8.9%, respectively, compared to $6.6 million and 5.1%, respectively, in the prior year quarter.Adjusted net income and adjusted net income margin increased to $11.3 million and 8.6%, respectively, compared to $10.7 million and 8.3%, respectively, in the prior year quarter which included a significant one-time deferred tax benefit.Third quarter non-GAAP adjusted EBITDA increased 30% to $24.4 million, over the prior year quarter.Third quarter non-GAAP adjusted EBITDA margin increased to 18.5%, compared to 14.6% in the prior year quarter.Net cash flow from operations in the third quarter increased to $17.2 million, compared to $12.0 million in the prior year quarter.Free cash flow for the third quarter increased to $13.4 million, compared to $5.9 million in the prior year quarter.Fully diluted earnings per share increased to $0.61, compared to $0.35 in the prior year quarter.Adjusted earnings per share increased to $0.59, compared to $0.57 in the prior year quarter.Virtually no borrowings as of March 31, 2023. WASHINGTON, May 17, 2023 (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 third fiscal quarter ended March 31, 2023. “We delivered an outstanding third quarter achieving record adjusted EBITDA margin of 18.5%. We continue to see the strong growth of our strategic BPO 2.0 Digital-First and Analytics clients which results in growth in our higher margin regions,” said Bob Dechant, CEO of ibex. “This is the second straight quarter of margin above 18% and I believe that our business has reached a new normal on profitability.” Third Quarter of Fiscal Year 2023 HighlightsBusiness Highlights Achieved back-to-back quarters of record adjusted EBITDA margin.The FinTech & HealthTech verticals continued to increase significantly to 32.2% of total revenue in the third q...