On September 12, 2024, IBEX Ltd (IBEX, Financial) released its 8-K filing announcing record financial results for the fourth quarter and fiscal year ended June 30, 2024. IBEX Ltd is an end-to-end provider of technology-enabled customer lifecycle experience (CLX) solutions, operating through the Business Process Outsourcing segment. The company offers services in Digital and Omni-channel Customer Experience (ibex Connect), Digital Marketing and E-Commerce (ibex Digital), and Digital CX surveys and analytics (ibex CX), catering to industries such as telecommunications, cable, financial services, and healthcare.
Performance Overview
IBEX Ltd (IBEX, Financial) reported a slight increase in revenue for Q4 2024, reaching $124.5 million, up from $124.4 million in the same quarter last year. This figure surpasses the analyst estimate of $122.25 million. For the full fiscal year, revenue decreased by 2.8% to $508.6 million from $523.1 million in the previous year, slightly above the annual estimate of $506.29 million.
Financial Achievements
IBEX Ltd (IBEX, Financial) achieved record full-year net income, EPS, adjusted net income, adjusted EPS, and free cash flow. The company reported a net income of $9.8 million for Q4 2024, a significant increase from $4.5 million in Q4 2023. Diluted earnings per share (EPS) for the quarter rose to $0.56 from $0.24 in the prior year quarter. For the full fiscal year, net income reached $33.7 million, up from $31.6 million, with diluted EPS increasing to $1.84 from $1.67.
Key Financial Metrics
| Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Revenue ($ millions) | 124.5 | 124.4 | 508.6 | 523.1 |
| Net Income ($ millions) | 9.8 | 4.5 | 33.7 | 31.6 |
| Adjusted Net Income ($ millions) | 10.2 | 6.2 | 38.4 | 36.9 |
| Adjusted EBITDA ($ millions) | 17.9 | 15.4 | 65.2 | 66.6 |
| Free Cash Flow ($ millions) | - | - | 27.0 | 22.9 |
Income Statement Highlights
IBEX Ltd (IBEX, Financial) reported a net income margin of 7.9% for Q4 2024, up from 3.6% in Q4 2023. The adjusted net income margin for the quarter was 8.2%, compared to 5.0% in the prior year quarter. Adjusted EBITDA for Q4 2024 increased to $17.9 million from $15.4 million, with an adjusted EBITDA margin of 14.4%, up from 12.4% in Q4 2023.
Balance Sheet and Cash Flow
IBEX Ltd (IBEX, Financial) reported cash and cash equivalents of $62.7 million as of June 30, 2024, up from $57.4 million in the prior year. Net cash from operating activities decreased to $35.9 million from $41.9 million, while capital expenditures were reduced to $8.9 million from $19.0 million. Full-year free cash flow increased to $27.0 million from $22.9 million.
Commentary and Outlook
“We achieved record results across key financial metrics including full year net income, EPS, adjusted net income, adjusted EPS, and free cash flow, and had a strong fourth quarter that exceeded our expectations,” said Bob Dechant, CEO of IBEX Ltd.
Looking ahead, IBEX Ltd (IBEX, Financial) expects fiscal year 2025 revenue to be in the range of $510 to $525 million, with adjusted EBITDA expected to be between $67 and $69 million. For Q1 fiscal 2025, revenue is projected to be between $124 and $126 million, with adjusted EBITDA ranging from $14.5 to $15.5 million.
For more detailed financial information, please refer to the 8-K filing.
Explore the complete 8-K earnings release (here) from IBEX Ltd for further details.
