IBEX

Image source: The Motley Fool. Thursday, Sept. 10, 2026 at 4:30 p.m. ET Investor Relations - Greg Bradbury Chief Executive Officer - Robert T. Dechant Chief Financial Officer - Taylor C. Greenwald Operator: Hello, and welcome to iBEC's Fourth Quarter Full Year 26 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a Q&A session. To ask a question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press *11 again. To note, there is an accompanying presentation available on the IBEX Investor Relations website at investors.ibex.co. I would now like to hand the conference over to Mr. Greg Bradbury, investor relations for IBEX. Sir? You may begin. Greg Bradbury: Good afternoon, and thank you for joining us today. Before we begin, I want to remind you that matters discussed on today's call may include forward-looking statements related to our operating performance, financial goals and business outlook, which are based on management's current beliefs and assumptions. Please note that these forward-looking statements reflect our opinion as of the date of this call and we undertake no obligation to revise this information as a result of new developments which may occur. Forward looking statements are subject to various risks, uncertainties and other factors that could cause our actual results to differ materially from those expected and described today. For a more detailed description of our risk factors, please review our annual report on Form 10 k filed with the US Securities and Exchange Commission on 09/10/2026, and any other risk factors we include in the subsequent filings with the SEC, With that, I will now turn the call over to IBEX CEO, Bob Dechant. Robert T. Dechant: Thanks, Greg. Good afternoon, and thank you all for joining us today as we review our fourth quarter and fiscal year 26 results. I am pleased to report that our fourth quarter marked another period of outperformance. Continuing the momentum we have built throughout fiscal 26 as we further expanded our differentiation while creating additional separation between Ibex and the rest of the traditional BPO market. We delivered record fourth quarter revenue growing 12% to $164.3 million bringing our full year organic revenue growth to 15% or $644.1 million We also did this while generating full year records for adjusted EBITDA EPS, adjusted EPS, operating cash flow, and free cash flow. The quarter also marked our sixth straight quarter of double digit revenue growth. These results demonstrate the strength of IBEX and the separation we have from the competition. We have created a powerful flywheel that enables us to consistently outperform the market. It starts with our differentiation and proven track record. Which enables us to win trophy new logo clients across key verticals. We then operationally outperform our competition allowing us to rapidly take significant market share. As a result, we have built a business with best in class client retention rates, The proof points of our flywheel are clear. In Q4, our new logo engine accelerated considerably. During the period, we added 9 new trophy logos, bringing our annual total to 17 wins across multiple verticals and geographies. For the year, revenue from our top 5 top 10, and top 25 clients grew 24%, 22%, and 15%, respectively. This growth represents market share we are taking from our competitors. I am proud to report that Ibex was named partner of the year by 3 different Fortune 500 companies. All of which are top 10 clients, highlighting that our clients clearly recognize the impact of our solution on their business outcomes. In fiscal 26, we recorded revenue and client retention rates north of 99% indicating our ability to deliver not just for a select few clients, but across our client base. Additionally, our client net promoter score remains world class at 71. While our financial results already underscore this point, it is another strong validation that our clients remain incredibly supportive of the work we are doing. On the topic of growth, earlier this year, we announced our target of growing the health tech vertical into a $100 million business by the end of the fiscal year. During the fourth quarter, the segment grew 42% to $29.4 million and grew 38% for the full year to $114 million, significantly surpassing the revenue goal we set for the business. What makes that performance especially compelling is that this growth has been built organically and will continue to be 1 of Ibex's most important growth vectors in fiscal 27 and beyond. While HealthTech represents a large and important vertical to us, it also serves as a strong showcase of our proven ability to build and scale new verticals organically across new geographies, further validating our ongoing investment and expansion into additional high growth markets. 1 attribute of that I am particularly proud of is our ability to improve as we grow. That applies to our business, our team, and our brand. I am pleased to report that our employee net promoter score increased this year from an already impressive 77 to 82, with a 95% participation rate. Putting us in unprecedented territory not only amongst traditional BPO peers, but across all industries. This is an important part of our competitive moat and a foundation for our ability to consistently outperform the competition. Fiscal 26 also marked the transformational step forward in defining a new era of BPO, 1 powered by AI agents. Our strategic partnership with Sierra AI firmly establishes IBEX, as a leading provider of AI agents. We bring an integrated solution to market that enables us to deliver both effective AI agent call containment and high levels of customer satisfaction. Many studies, including 1 by MIT, have highlighted that AI agent solutions often fall short on ROI or deliver poor quality interactions. Our solution is designed to deliver both significant cost savings and high quality AI driven interactions. It combines a best in class AI agent engine with our best in class business insights to create customer journeys that deliver in the end. We formalized the strategic partnership in late January and announced it publicly in May. In that short period of time, we have achieved tremendous traction across both new and existing clients. Demonstrating that our AI strategy is translating into a transformational success for our clients, and IBEX. The following are 4 distinct and meaningful case studies that highlight the progress we are making it at AI speed. In the first, IBEX beat out a pure play AI technology company, a SaaS technology company, and a traditional multibillion dollar BPO peer to win and launch an AI agent partnership with Philippine Airlines, an existing IBEX client. We won the proof of concept in Q4 and reached full scale deployment at the start of fiscal 27. During the proof of concept phase, IBEX launched an AI agent solution in 3 languages, English, Tagalog, and Taglish. Achieved resolution rates above 20% and delivered CSAT above 4.7 out of 5.0. On par with our traditional human agents while our competitors struggled. Importantly, and consistent with our thesis going in, this solution is not cannibalizing our revenues. As we continue to be a critical partner we are able to take share from our BPO competitors on the human agent side. This is a significant net win and a strong early proof point of how we intend to win in the evolving BPO 3.0 market. The second example is with BJ's Wholesale. The new trophy-client win in which we led with our AI solution not traditional BPO. We launched in June and achieved impressive results in weeks not months. We are attaining resolution rates above 40% and CSAT scores above 4.7 out of 5.0. Exceeding the human agent scores delivered by the client's legacy BPO vendor. Based on the outstanding performance and the strength of the partnership we have forged, we now anticipate launching traditional human agents in the first half of fiscal 27. This adds another dimension to our powerful land and expand model. We believe BJ's is a great illustration of our ability to lead with AI deliver meaningful client outcomes, and then win additional business proving that our AI agent solutions are not merely an ancillary offer but a leading solution that will drive future growth. The third example comes from deploying Sierra AI on our digital customer acquisition business. In this case, we are leveraging AI agent solutions we built to take inbound call volume that was previously handled through traditional IVR and converting them into incremental sales opportunities for our human agents. This creates a virtuous cycle. We are easily able to scale to answer all the call volume generated through our own digital marketing efforts efficiently convert them into additional revenue opportunities, and reinvest in new digital marketing campaigns to further expand this growing business. The last and fourth example highlights the strength of our partnership. Not only are we winning new business by leading with the IBEX Sierra solution, We are also winning traditional CX business through the partnership. Earlier in the year, Sierra introduced us to a leading luxury activewear brand seeking the right partner to scale human agent support alongside its AI solution as the brand experiences hypergrowth. Based on the strength of Sierra's partnership, and the trust it had developed with the client, we signed and launched the proof of concept within 30 days. Following our outperformance versus the incumbent vendor, we signed a long term agreement and are now executing an aggressive ramp. This is a great example of how our traditional BPO can work and now move at the speed of AI not BPO. Each of these 4 solutions are driving incremental growth for Ibex. And we currently have double digit client deployments with our AI agent solutions spread across 5 verticals, creating additional vectors of growth. Importantly, we have now turned the perceived threat of AI for BPOs into an important growth opportunity for IBEX. The result is a business that is strategically built for today and tomorrow For many quarters, we have demonstrated our ability to outperform the traditional BPO market. On the human agent side of the business Now we have created the ability to deliver best in class AI agents as well. Which gives us confidence in our ability to continue to deliver on our growth trajectory both near term and long term. To summarize, we will look back on fiscal 26 not only as another banner year across the business, but also as the start of something greater. We began to define the new era of BPO, BPO 3.0, and we are confident in our ability to build on this momentum and solidify Ibex's industry leadership position. I firmly believe our business today is stronger than ever and that we are best positioned for the future. Lastly, I want to thank my team for their tireless efforts in making IBEX the best in the industry. With that, I will now turn the call over to Taylor to go into more detail on our fourth quarter and fiscal year 26 financial results and guidance. Taylor? Taylor C. Greenwald: Thank you, Bob, and good afternoon, everyone. Thank you for joining the call today. In my discussions of our fourth quarter and fiscal year 26 financial results, references to revenue, net income, and net cash generated from operations are on a US GAAP basis while adjusted net income, adjusted earnings per share adjusted EBITDA and free cash flow are on a non GAAP basis. Reconciliations of our U. S. GAAP to non GAAP measures are included in the tables attached to our earnings press release. Turning to our results, We had a strong fourth quarter across many key operating metrics, including revenue, adjusted EBITDA, EPS and free cash flow. This was our sixth consecutive quarter of double digit revenue growth, resulting in top line growth of 12% for the quarter, Our differentiated solutions and execution are clearly separating us from the traditional BPO pack. Fourth quarter revenue was $164.3 million up from $147.1 million in the prior year quarter. Revenue growth was driven by vertical growth in HealthTech of 42%, technology of 27%, travel, transportation, and logistics of 18%, retail and ecommerce of 7%, with help from growth in our AI agent solutions. We continue to win and grow in all geographic markets during the quarter. Our onshore region grew 15% compared to the prior year quarter, driven by clients won and launched during fiscal year 26, including several clients in our higher margin health tech vertical. Our highest margin offshore region grew 14% from the prior year quarter, and our nearshore locations grew 2%. Offshore revenue comprised 50% of total revenue, allowing us to maintain our strong gross margin of 28.6% for the quarter. Onshore revenue expanded to 28% of total revenue, from 27% in the prior year quarter. Our higher margin digital and omnichannel services also continue to strengthen, growing 12% versus the prior year quarter to 82% of total revenue. This continued mix shift reflects the growing contribution of our digital and AI enabled solutions, and reinforces the strategic and financial impact as deployments begin to scale. We have structurally built IBEX so that our growth vectors are our highest margin regions, services, and vertical markets, and we expect that we will continue to be successful driving long term margin growth. Fourth quarter GAAP net income was $8.7 million compared to $9.6 million in the prior year quarter. Results were primarily driven by training expenses related to the many new client wins in the quarter and a temporary impact of work transferring from nearshore to offshore delivery centers as well as the impact of higher fuel prices on utility and transportation expenses particularly in our offshore region. Our GAAP results also include $2 million of lease termination losses and severance expense associated with the shift of work from our nearshore to offshore regions, as well as impairment losses and asset disposal gains. Our tax rate was 10% versus 19% in the prior year quarter, primarily attributable to changes in revenue mix across our taxable jurisdictions and discrete tax items, including a favorable resolution of an uncertain tax position during the current year. Fully diluted GAAP EPS was $0.59 down from $0.66 in the prior year quarter. Moving to non GAAP measures. Adjusted EBITDA decreased slightly to $20.2 million or 12.3% of revenue, from $20.5 million or 13.9% of revenue for the same period last year and driven primarily by the expenses related to new client wins, the temporary impact of work transferring from nearshore to offshore, as well as the impact of higher fuel prices. We expect adjusted EBITDA margins to return to expanding in the first quarter of fiscal year 27. In addition to our customary non GAAP adjustments of stock based compensation and foreign currency gains and losses, Our non GAAP results also exclude the $2 million of lease termination losses, severance expense, impairment losses, and asset disposal gains discussed above. Adjusted net income remained consistent at $12.7 million when compared to the prior year quarter. Non-GAAP fully diluted adjusted earnings per share was $0.85 compared to $0.87 in the prior year quarter. As a company, we are pleased with the client diversification we have established over the last several years. For the fourth quarter of fiscal year 26, our largest client accounted for 9% of revenue, and our top 5, top 10, and top 25 clients represented 33%, 53%, and 75%, respectively, of overall revenue compared to 36%, 54%, and 79% respectively, of overall revenue in the prior year quarter, representative of a well diversified client portfolio which continues to diversify with new clients. Over the past decade, we have done a tremendous job of not only retaining our top 25 clients, but also winning and growing new strategic clients. 2 great examples of this are 2 of our signature client wins from fiscal year 25 going into top-25 clients. And 1 of our signature client wins from fiscal year 24 growing into a top 10 client. Switching to our verticals, health tech grew 42% and increased to 17.9% fourth quarter revenue versus 14% in the prior year quarter. Technology grew 27% and increased to 8.4% compared to 7.4%. Travel transportation logistics grew 18% and increased to 14.5% compared to 13.8%. And retail and ecommerce grew 7% and comprised 24.2% of total revenue compared to 25.3% in prior year quarter. These increases driven by continued growth in multiple offshore geographies and our continued ability to win significant new clients in these verticals. Conversely, our exposure to the lower margin telecommunications vertical decreased to 9.4% of revenue for the quarter. Versus 10.9% in the prior year quarter, as we see lower volume from legacy carriers. Revenues from the fintech vertical were up 3% and represented 9.7% of revenue for the quarter, versus 10.6% in the prior year quarter. Moving on to our full year results, achieved record full year revenue adjusted EBITDA, EPS, adjusted EPS, operating cash flow, and free cash flow for fiscal year 26. Fiscal year 2026 revenue was $644.1 million, an increase of 15.4% from $558.3 million in the prior Revenue growth was driven by vertical growth in HealthTech of 38%, technology of 26%, travel, transportation, and logistics of 17%, and retail and ecommerce of 14%. Along with accelerating growth in our digital acquisition business and our AI agent solutions. During fiscal year 26, these AI enabled offerings progressed from an emerging growth vector to becoming a more meaningful contributor to our results, supporting both new client wins and expansion within our embedded base. We grew in both our onshore and offshore regions throughout the year. Our onshore region grew 25% compared to prior year, driven by growth of several clients in our higher margin health tech vertical and our high margin AI agent solutions and digital acquisition business. Our highest margin offshore region comprised 51% of total revenue and grew 16 compared to prior year. Revenue from our near shore locations grew 5% compared to the prior year. Fiscal year 2026 net income increased to $46.3 million versus $36.9 million in the prior year. The increase was primarily driven by the continued revenue growth and operating leverage gained from SG&A expenses. Our effective tax rate was 14.7%, versus 19.7% for fiscal year 26, which was attributable to changes in revenue mix across our taxable jurisdictions and discrete items recognized in the current year. Excluding the discrete tax benefits from stock based compensation and favorable resolution of uncertain tax positions, our effective tax rate would have been 18.2% for fiscal year 2026. We expect our normalized tax rate going forward to be in the 20% to 22% range, benefiting from higher net income, and lower diluted shares outstanding, our GAAP fully diluted earnings per share increased 32.8% to $3.13. Reviewing our non GAAP measures for the full year, adjusted EBITDA increased to a record of $82.4 million compared to $72 million for the prior year. Adjusted EBITDA margin was 12.8% for fiscal year 26, consistent with 12.9% for the prior year. Adjusted net income increased 21% to $52.2 million compared to $43 million in the prior year, Non GAAP fully diluted adjusted earnings per share increased 28% to $3.52 compared to $2.75. The increase in non GAAP adjusted net income and non GAAP fully diluted earnings per share was primarily driven by the top and bottom line operating performance discussed earlier in our lower tax rate and share count. Moving to cash flow. Net cash generated from operating activities was a record $59 million for fiscal year 26 compared to 45.7 million for fiscal year 25. Which was driven by an increase in our revenues and profitability offset by higher use of working capital. Our DSOs were 69 days for the quarter, down from 72 days at the end of last year, We expect our DSOs to remain stable in the low to mid seventies on a go forward basis. Capital expenditures were $27.8 million or 4.3% of revenue for fiscal year 26, versus $18.4 million or 3.3% of revenue in the prior year. This increase was primarily driven by expansions in our offshore regions and purchases of IT and telecommunications equipment to support the company's continued growth. Free cash flow for fiscal year 26 was a record inflow of $31.2 million compared to an inflow of $27.3 million in the prior year. The increase was primarily driven by the increase in net cash generated from operating activities offset by the planned increase in capital expenditures. We are proud to have achieved record cash flow levels while investing for high growth. During the quarter, we repurchased 143 thousand shares for $4.3 million at an average price of 29.83 bringing our fiscal year share repurchases to 453 thousand shares or $14.4 million at an average price of $31.70. On May 11, 2026, the board authorized a new share repurchase program for $20 million and the total amount available for repurchase as of 06/30/2026 was $17.9 million. We ended the fourth quarter with $32.6 million of cash and debt of $1.7 million for a net cash position of $30.9 million an improvement of $16.9 million compared to net cash of $14 million at the end of the third quarter and an improvement of $17.2 million compared to net cash of $13.7 million at the end of our last fiscal year. I am also pleased to mention 2 additional items. First, we just renewed our revolving HSBC credit facilities through October 2029, a total capacity of up to $76 million. Additionally, as it is now been over 5 years since our IPO, we have exited emerging growth status. And are well prepared for the SOC certification process to attest to the effectiveness of our financial reporting and disclosure controls. Looking back, fiscal 26 was a banner year that included record performance across many key operating metrics, including revenue, adjusted EBITDA, EPS, free cash flow. Our financial results were driven by consistent performance throughout the year, supported by our differentiated strategy and increased traction in our AI enabled solution offerings. Looking ahead, this momentum gives us confidence that our strategy will continue generating results that outpace our market as we head into fiscal year 27. Forecasting the year ahead, our healthy balance sheet and cash flows are enabling us to continue to make smart investments to support increased capacity for anticipated growth as well as to further extend our current AI leadership position. Reflective of our current position and forward momentum, we are providing initial first quarter and fiscal year 27 revenue and adjusted EBITDA guidance. For fiscal year 27, revenue is expected to be in the range of $700 to $715 million for 9% to 11% growth, Adjusted EBITDA is expected to be in the range of $90 million to $94 million or 9% to 14% growth. For first quarter of fiscal year 27, revenue is expected to be in the range of $168 to $170 million, or 11 to 12% growth, Adjusted EBITDA is expected to be in the range of $22 million to $23 million or 13% to 18% growth. Capital expenditures for the year are expected to be in the range of $25 million to $30 million Our business is well positioned for today and the years ahead and we are excited about the momentum we have built as we head ininto fiscal year 27 and beyond, With that, Bob and I will now take questions. Operator, please open the line. Operator: Thank you. Then wait for your name to be announced. To withdraw your question, please press 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of David Koning with Baird. Your line is open. Jacob Hagerty: Hey, guys. Congrats on another great quarter here. Just a question real quick. Could you like your growth has accelerated pretty nicely since the AI fears have kicked in ironically. Are you guys already seeing benefits from AI? Is that part of what is driving this growth? Or can that be an accelerating factor in the years to come here? Robert T. Dechant: Hey, David. it is Bob, and thanks for, the question and appreciate your being on the call. So here's my belief is our performance continues to stand out. And that is noticed by potential clients that are looking at us, etcetera. But when we do the announcement with Sierra, such a strong player in the AI world, It also helps them take notice, and it puts us, I think, into a different classification versus the rest of the pack. And really moves us into that position of being a BPO player that can be their partner for today in the in the human world, but also be their partner as they now evolve in the bring AI agents to market. So it further differentiates us. And I think that is what we are seeing is the acceleration of our business, our traditional business, our business to our ability to win new logos, but it also now creates what we are really excited about is another dimension for growth because if you think about our implementations, we go from a proof of concept to rapidly full deployment. We go to 20 to 40% of their enterprise volume as I highlighted in those case studies. Now do you know how long that would take to hire the 20 to 40% on the human side between training and hiring? It take takes a long time to build that type of scale. And now we are building that scale almost immediately with the, with the scale of the AI agent solution. So we think pathway to revenue for that is really exciting. So we just think that adds a whole another dimension of growth to our business. And like I said, in the face of the threat of AI, and we are out in front of it, so we actually truly believe we future proof this business. Yeah. No. That makes a lot of sense. Taylor C. Greenwald: And just a modeling question really quick on the FQ4 tax rate, it was a bit lower. How do you think about that for the coming year? Like, should that go back to near 20%? Or does that stay structurally lower for a little bit? Good question, David, and good to hear from you. You are right. So going forward, we would expect our tax rate to continue to be in that 20 to 22% range. In the fourth quarter, we benefited from some discrete tax items, including a favorable resolution from a tax matter with the with the tax authority. So I think, for modeling purposes, 20% to 22% would be the right range. Robert T. Dechant: Awesome. Thank you, guys. Thank you. Operator: Please stand by for our next question. Our next question comes from the line of David Koning with RBC. Your line is open. David Page: Hi, good afternoon. Thank you for taking my question. Congrats on the good results. Looks like broad based growth across all 4 verticals. So I was just wondering if you could provide a little bit more color on each vertical out into Q1 and to 2027. Is growth going to be accelerating? Or where should we be focused on? Thanks so much. Robert T. Dechant: Sure, David, thank you for joining. Thank you for that question. And I like how you touched on that because we are seeing growth in our key verticals, and that is something that is we believe is important, how we have built ourselves as a diversified business from a client and a vertical standpoint. Let's start with the health care, health tech vertical. We are doing an amazing job with the big payers. And the pipeline is really strong in that space with those--you know, those players. And we feel like that will continue to fuel a lot of growth for us as we win those throughout the course of this year. Our pipeline is really strong there. But we have also won in what I will call more specialty areas of the health care ecosystem. Things like nonemergency medical transportation where we are just winning deal after deal after deal. And so we are really excited because we have you know, the strength of those that have massive budgets for CX, and then we are winning in, you know, in with the specialty companies. That allow us to really, you know, kind of have a really strong 1-2 punch. When I think about the ecommerce world, we are doing very well in the ecommerce world. We are winning new logos. We are winning as the ecommerce world is looking for disruptive markets, low price points, our Pakistan market is on fire. Growing rapidly as are several of our other low cost markets. But we are 1 area of growth there is we are just winning mass market share. Against our competitors by simply outperforming them, which is a really good position to be in because, you know, that is obviously then really sticky. If you are outperforming, if you are growing with them, And then if you are bringing some of these innovative solutions, you become a more and more trusted partner. And so I think we are, you know, we are doing very well in that space. I would say similarly in the travel transportation where we are winning you know-- look, We highlighted what we did with Philippine Airlines. Well, we are we are deferring and containing a lot of the calls that we are going to humans with AI but we are doing that. We are winning market share, and we are growing with them. And so we are able to win new businesses just based on what we are doing in as a business and our differentiated value proposition. As I look into 2027, I feel really strong about the trajectory of the business. The 9 new logos, I do not think are a 1-off That we did in Q4. I really think that is a that is a combination of the brand that we have created, the differentiation that we continually highlight, and then our strong AI play and in particular, AI agent play. Our competition in the BPO space they are not leaning into this. And so we are well ahead of anybody in the pack. And as clients look at that, they want a provider that can deliver successful AI agents, and that is the solution that we built with Sierra leveraging the strength of them and the strength of us. We put it together. And as you can see, we are delivering in the end. that is resonating, and that is driving growth. So I feel really strong about the trajectory of this business. Greg. that is very helpful. Thank you. Congrats on the good results. Greg. Thank you. Yeah. And we are really proud of what we have done. Thank you. Operator: Ladies and gentlemen, I am showing no further questions in the queue. I would now like to turn the call back over to CEO, Bob Dechant, for closing remarks. Robert T. Dechant: Thanks, operator, and thanks to all for participating today. As you can tell, we are really proud of the work that we have done here. And, again, it is all driven by the best team in the industry. So I wanna thank them. A special call out to them. I appreciate all your efforts that you put out throughout the entire year. I could not be more proud of what you have done and what we have done as a company. Thank you all for joining us today, and we look forward to speaking with you shortly next quarter in November. Have a good night. Operator: Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect. Before you buy stock in Ibex, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ibex wasn’t one of them. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. IBEX (IBEX) Q4 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Q4 Revenue: $164.3 million, up 12% year over year from $147.1 million; sixth consecutive quarter of double-digit growth. Full-Year Revenue: $644.1 million, up 15.4% from $558.3 million; record full-year revenue. Q4 Gross Margin: 28.6%. Q4 GAAP Net Income: $8.7 million, down from $9.6 million in the prior year quarter. Q4 GAAP Diluted EPS: $0.59, down from $0.66 in the prior year quarter. Q4 Adjusted EBITDA: $20.2 million, or 12.3% of revenue, down from $20.5 million, or 13.9% of revenue, in the prior year quarter. Q4 Adjusted Net Income: $12.7 million, consistent with the prior quarter. Q4 Non-GAAP Diluted Adjusted EPS: $0.85, compared to $0.87 in the prior year quarter. Full-Year Net Income: $46.3 million, up from $36.9 million in the prior year. Full-Year GAAP Diluted EPS: $3.13, up 32.8%. Full-Year Adjusted EBITDA: Record $82.4 million, up from $72 million; margin of 12.8% versus 12.9% prior year. Full-Year Adjusted Net Income: $52.2 million, up 21% from $43 million. Full-Year Non-GAAP Diluted Adjusted EPS: $3.52, up 28% from $2.75. Operating Cash Flow: Record $59 million for fiscal year 2026, up from $45.7 million. Free Cash Flow: Record inflow of $31.2 million, up from $27.3 million. Capital Expenditures: $27.8 million, or 4.3% of revenue, versus $18.4 million, or 3.3% of revenue, prior year. DSOs: 69 days for the quarter, down from 72 days at the end of last year. Health Tech Vertical: Q4 revenue grew 42% to $29.4 million; full-year grew 38% to $114 million, surpassing the $100 million target. Technology Vertical: Q4 grew 27%; full-year grew 26%. Travel, Transportation & Logistics Vertical: Q4 grew 18%; full-year grew 17%. Retail & E-commerce Vertical: Q4 grew 7%; full-year grew 14%. FinTech Vertical: Q4 revenue up 3%, representing 9.7% of revenue. Telecommunications Vertical: Q4 exposure decreased to 9.4% of revenue from 10.9% prior year quarter. Onshore Region: Q4 grew 15%; full-year grew 25%; expanded to 28% of total revenue. Offshore Region: Q4 grew 14%; full-year grew 16%; comprised 50% of Q4 revenue and 51% of full-year revenue. Nearshore Region: Q4 grew 2%; full-year grew 5%. Digital & Omnichannel Services: Q4 grew 12%, reaching 82% of total revenue. Client Concentration: Largest client 9% of Q4 revenue; top 5, top 10, and top 25 clients represented 33%, 53%, and 75% of revenue, respectively. Client Retention: Over 99% for fiscal year 2026; client NPS of 71. New Logos: Nine new trophy logos added in Q4; 17 total for the year. Share Repurchases: 143,000 shares repurchased in Q4 for $4.3 million at an average price of $29.83; full-year repurchases of 453,000 shares for $14.4 million at an average price of $31.70. Balance Sheet: Ended Q4 with $32.6 million cash and $1.7 million debt, for a net cash position of $30.9 million. FY2027 Revenue Guidance: $700 million to $715 million, or 9% to 11% growth. FY2027 Adjusted EBITDA Guidance: $90 million to $94 million, or 9% to 14% growth. Q1 FY2027 Revenue Guidance: $168 million to $170 million, or 11% to 12% growth. Q1 FY2027 Adjusted EBITDA Guidance: $22 million to $23 million, or 13% to 18% growth. FY2027 Capital Expenditures Guidance: $25 million to $30 million. Is IBEX fairly valued? Test your thesis with our free DCF calculator. Release Date: September 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. IBEX Ltd (NASDAQ:IBEX) reported record Q4 revenue of $164.3 million, up 12% year-over-year, marking the sixth consecutive quarter of double-digit revenue growth. Full-year organic revenue growth was 15% to $644.1 million, with record adjusted EBITDA, EPS, adjusted EPS, operating cash flow, and free cash flow. The Health Tech vertical grew 42% in Q4 to $29.4 million and 38% for the full year to $114 million, surpassing the $100 million target. IBEX Ltd (NASDAQ:IBEX) added nine new trophy logos in Q4, bringing the annual total to 17 wins, and revenue from top five, top 10, and top 25 clients grew 24%, 22%, and 15% respectively. The company achieved a world-class client Net Promoter Score of 71 and revenue and client retention rates north of 99%, with employee Net Promoter Score increasing to 82. IBEX Ltd (NASDAQ:IBEX) is leading in AI agent solutions through its partnership with Sierra AI, with double-digit client deployments across five verticals, driving incremental growth and future-proofing the business. Q4 GAAP net income decreased to $8.7 million from $9.6 million in the prior year quarter, and fully diluted GAAP EPS fell to $0.59 from $0.66. Adjusted EBITDA margin declined to 12.3% in Q4 from 13.9% a year earlier, due to training expenses for new client wins, work transfers from nearshore to offshore, and higher fuel prices. The nearshore region grew only 2% in Q4 and 5% for the full year, underperforming other regions. Telecommunications vertical revenue decreased to 9.4% of total revenue from 10.9% in the prior year quarter, due to lower volume from legacy carriers. The effective tax rate is expected to normalize to 20-22% in fiscal 2027, up from 14.7% in fiscal 2026, which could impact net income. Fiscal year 2027 revenue guidance of $700-$715 million implies 9-11% growth, a deceleration from 15% growth in fiscal 2026. Q: Your growth has accelerated pretty nicely since the AI fears have kicked in, ironically. Are you guys already seeing benefits from AI? Is that part of what is driving this growth, or can that be an accelerating factor in the years to come here?A: CEO Robert Dechant said the Sierra AI partnership puts IBEX in a different classification versus the rest of the BPO pack, positioning it as a partner for both human agents today and AI agents as clients evolve. He noted AI deployments ramp from proof of concept to 20%-40% of enterprise volume almost immediately, versus the long hiring and training cycles required on the human side, creating another dimension of growth. He believes IBEX has future-proofed the business by getting out in front of the AI threat. Q: On the FQ4 tax rate, it was a bit lower. How do you think about that for the coming year? Should that go back to near 20%, or does that stay structurally lower for a little bit?A: CFO Taylor Greenwald said the fourth quarter benefited from discrete tax items, including a favorable resolution of a tax matter with the tax authority. For modeling purposes, he expects the tax rate going forward to be in the 20% to 22% range. Q: Congrats on the good results. Looks like broad-based growth across all four verticals. Could you provide a little bit more color on each vertical out into 1Q and to 2027? Is growth going to be accelerating, or where should we be focused?A: CEO Robert Dechant said Health Tech is performing well with big payers and a strong pipeline, plus wins in specialty areas like non-emergency medical transportation. In E-commerce, IBEX is winning new logos and taking massive share by outperforming competitors, with the Pakistan market growing rapidly. In Travel, Transportation and Logistics, the company is containing calls with AI while winning share, as highlighted by the Philippine Airlines win. He feels strongly about the FY2027 trajectory, viewing the nine Q4 new logos as driven by brand, differentiation, and the AI agent play, where BPO competitors are not leaning in. Q: (Operator) Are there any further questions in the queue?A: The operator indicated no further questions, and CEO Robert Dechant closed by thanking the team, expressing pride in the year's performance, and noting the company looks forward to speaking again in November. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a sixth consecutive quarter of double-digit revenue growth, driven by a 'flywheel' effect where operational outperformance leads to rapid market share gains from traditional BPO competitors. Surpassed the $100 million annual revenue target for the HealthTech vertical, reaching $114 million through purely organic growth and expansion with large payers and specialty providers. Formalized a strategic partnership with Sierra AI to deploy AI agents that achieve resolution rates exceeding 20% to 40% while maintaining customer satisfaction scores on par with or exceeding those of human agents. Demonstrated a 'land and expand' model where leading with AI solutions (e.g., BJ's Wholesale) serves as a Trojan horse to subsequently win traditional human agent business. Leveraged a world-class employee net promoter score of 82 to create a competitive moat, asserting that high employee engagement directly correlates to the company's ability to outperform peers operationally. Successfully transitioned the perceived threat of AI into a growth vector by using AI agents to capture previously unhandled call volume and convert it into incremental sales opportunities for human agents. Guidance for FY27 assumes 9% to 11% revenue growth, supported by a strong pipeline in HealthTech and the rapid deployment capabilities of AI agent solutions. Management expects adjusted EBITDA margins to return to expansion in Q1 FY27 following temporary margin pressure from new client implementation costs and geographic work shifts. Anticipates that AI agent deployments will reach full scale significantly faster than traditional human agent ramps, potentially shortening the timeline from contract win to revenue recognition. Strategic focus remains on shifting delivery to high-margin offshore regions (currently 50% of revenue) and expanding digital/omnichannel services which now represent 82% of total revenue. Normalized tax rate is projected to stabilize between 20% and 22% for the coming year, following one-time discrete benefits in the current period. Recorded $2 million in lease termination and severance expenses related to a strategic structural shift of work from nearshore to offshore delivery centers. Noted a temporary headwind from higher fuel prices impacting utility and transportation expenses, particularly within offshore operations. Exited 'emerging growth' status after five years as a public company, initiating the SOC certification process for financial reporting and disclosure controls. Renewed revolving credit facilities with HSBC through October 2029, providing $76 million in total capacity to support growth initiatives. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that AI is not cannibalizing revenue but rather differentiating IBEX from 'traditional' BPOs, allowing them to win human agent market share while deploying AI agents. AI agents allow for immediate scale (20-40% of volume) that would otherwise take months to hire and train on the human side. The Q4 rate was lower due to a favorable resolution of an uncertain tax position; management explicitly guided to a 20% to 22% range for FY27. HealthTech growth is being fueled by both large payers and specialty niches like non-emergency medical transportation. Retail and e-commerce growth is being driven by 'disruptive' low-price markets like Pakistan, where IBEX is taking share from incumbents through superior performance.

Record fourth quarter revenue grew 12% versus prior year quarter, sixth consecutive quarter of double-digit growth Nine new logo wins in the fourth quarter, including two strategic AI Agent wins Strong operating cash flow of $24.8 million and free cash flow of $21.7 million in the fourth quarter Record full-year revenue, net income, adjusted net income, adjusted EBITDA, EPS, adjusted EPS, operating cash flow, and free cash flow Full-year revenue grew over 15% versus prior year; full-year diluted EPS grew 33% to $3.13, full-year adjusted EPS grew 28% to $3.52 Introduces fiscal year and first quarter 2027 guidance, forecasting continued strong revenue and adjusted EBITDA growth WASHINGTON, Sept. 10, 2026 (GLOBE NEWSWIRE) -- IBEX Limited (“ibex”) (Nasdaq: IBEX), a global leader in outsourced business services and AI-powered customer experience solutions, today announced financial results for its fourth quarter and fiscal year ended June 30, 2026. “ibex delivered another record-breaking quarter with revenue growth of 12% to $164.3 million, our sixth straight double-digit growth quarter, capping off an amazing year with top-line organic growth of over 15%, and adjusted EPS growth of over 28%,” said Bob Dechant, ibex CEO. “Our differentiation continues to shine, enabling us to win new trophy clients and outperform our competition operationally which leads to significant market share gains.” “Fiscal 2026 also marked a transformational step forward as ibex defined a new era of BPO, one powered by AI agents. Our strategic partnership with Sierra, a leader in conversational AI, has firmly strengthened our leadership position in this evolving market. To date, we have delivered more than 10 successful AI Agent implementations across five verticals. Momentum continues to build for these solutions, further separating us from traditional BPO providers.” Fourth Quarter Financial PerformanceRevenue Revenue of $164.3 million, an increase of 11.6% from $147.1 million in the prior year quarter, was driven by strong performance across four verticals: HealthTech (+42.3%), Technology (+27.4%), Travel, Transportation and Logistics (+17.8%), and Retail & E-Commerce (+7.0%), with accelerating growth in our Wave iX solutions. Net Income and Earnings Per Share Net income of $8.7 million decreased from $9.6 million in the prior year quarter. Diluted earnings per share decreased to $0.59 compared to $0.66 in the prior year quarter. Net income margin decreased to 5.3% compared to 6.5% in the prior year primarily driven by training costs related to new client wins and the temporary impact of work transferring from nearshore to offshore delivery centers. Non-GAAP adjusted net income remained relatively consistent at $12.7 million when compared to the prior year quarter (see Exhibit 1 for reconciliation). Non-GAAP adjusted diluted earnings per share was $0.85 compared to $0.87 in the prior year quarter (see Exhibit 1 for reconciliation). Adjusted EBITDA Adjusted EBITDA was $20.2 million compared to $20.5 million in the prior year quarter (see Exhibit 2 for reconciliation). Adjusted EBITDA margin decreased to 12.3% compared to 13.9% in the prior year quarter (see Exhibit 2 for reconciliation). Fiscal Year 2026 Financial PerformanceRevenue Revenue of $644.1 million, an increase of 15.4% from $558.3 million in the prior year, was driven by broad-based growth across four verticals: HealthTech (+38.5%), Technology (+25.6%) Travel, Transportation and Logistics (+17.2%), and Retail & E-commerce (+14.1%), with growth in our Wave iX solutions and digital acquisition business. Net Income and Earnings Per Share Net income increased to $46.3 million compared to $36.9 million in the prior year. Net income was favorably impacted by revenue growth in our higher margin offshore regions as well as lower selling, general, and administrative and income tax expenses as a percentage of revenue compared to the prior year. Diluted earnings per share increased to $3.13 compared to $2.36 in the prior year. Net income margin increased to 7.2% compared to 6.6% in the prior year. Non-GAAP adjusted net income increased to $52.2 million compared to $43.0 million in the prior year (see Exhibit 1 for reconciliation). Non-GAAP adjusted diluted earnings per share increased to $3.52 compared to $2.75 in the prior year (see Exhibit 1 for reconciliation). Adjusted EBITDA Adjusted EBITDA increased to $82.4 million compared to $72.0 million in the prior year (see Exhibit 2 for reconciliation). Adjusted EBITDA margin remained relatively consistent at 12.8% when compared to the prior year (see Exhibit 2 for reconciliation). Cash Flow and Balance Sheet Capital expenditures were $27.8 million compared to $18.4 million in the prior year. The planned increase in capital expenditures during the year was driven by expansions in our offshore regions and purchases of IT and telecommunications equipment to support the Company’s continued growth. Cash flow from annual operating activities increased to a record of $59.0 million compared to $45.7 million in the prior year. The increase was primarily driven by an increase in revenue and profit, offset by a higher use of working capital. Free cash flow of $21.7 million for the fourth quarter contributed to record annual free cash flow of $31.2 million, up from $27.3 million in the prior year (see Exhibit 3 for reconciliation). Net cash was $30.9 million, an improvement of $17.2 million compared to net cash of $13.7 million as of June 30, 2025 (see Exhibit 4 for reconciliation). Repurchased 0.1 million shares in the fourth quarter for $4.3 million at an average price of $29.83. Repurchased approximately 0.5 million shares for $14.4 million at an average price of $31.70 during fiscal year 2026. Fiscal Year and First Quarter Fiscal 2027 Business Outlook“Fiscal 2026 was a banner year that included record performance across many key operating metrics, including revenue, adjusted EBITDA, EPS, and free cash flow. Our financial results were driven by consistent performance throughout the year, supported by our differentiated strategy and increased traction in our AI-enabled solution offerings. Looking ahead, this momentum gives us confidence that our strategy will continue generating results that outpace our market as we head to fiscal year 2027,” said Taylor Greenwald, CFO of ibex. “Forecasting the year ahead, our healthy balance sheet and cash flows are enabling us to continue to make smart investments to support increased capacity for anticipated growth as well as to further extend our current AI leadership position. Reflective of our current position and forward momentum, we are providing initial first quarter and fiscal year 2027 revenue and adjusted EBITDA guidance.” Fiscal Year and First Quarter Fiscal 2027 Guidance For fiscal year 2027, revenue is expected to be in the range of $700 to $715 million for 9-11% growth. Adjusted EBITDA is expected to be in the range of $90 to $94 million for 9-14% growth. For first quarter fiscal year 2027, revenue is expected to be in the range of $168 to $170 million for 11-12% growth. Adjusted EBITDA is expected to be in the range of $22 to $23 million for 13-18% growth. Capital expenditures for the year are expected to be in the range of $25 to $30 million. Conference Call and Webcast InformationIBEX Limited will host a conference call and live webcast to discuss its fourth quarter and fiscal year 2026 financial results at 4:30 p.m. Eastern Time today, September 10, 2026. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website. Live and archived webcasts can be accessed at: https://investors.ibex.co/. Non-GAAP Financial MeasuresWe present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures provide a more helpful depiction of our performance of the business by encompassing only relevant and manageable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP. ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, foreign currency gains and losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. About ibexibex is a global leader in outsourced business services and AI-powered customer experience solutions, enabling the world’s best brands to deliver truly differentiated experiences for their customers. Leveraging a global team of approximately 35,000 human CX experts – powered by the best AI technology, decades of CX innovation, and deep business insights – ibex engineers seamless, end-to-end customer journeys from AI agents to human agents at scale across retail, e-commerce, healthcare, fintech, utilities, technology, logistics, and more. Discover more at ibex.co and connect with us on LinkedIn. Forward Looking StatementsIn addition to historical information, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “forecast,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; our access to financing to support our operations and growth; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; our ability to compete effectively in our industry; general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, and foreign exchange fluctuations; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, global geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violence involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands, including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; the impact of tax matters, including new legislation and actions by taxing authorities; and other factors discussed in the “Risk Factors” described in our periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and past filings on Form 20-F, and any other risk factors we include in subsequent filings with the SEC. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise. IR Contact: [email protected] Contact: Daniel Burris, VP, Marketing and Communication, ibex, [email protected] IBEX LIMITED AND SUBSIDIARIESReconciliation of GAAP Financial Measures to Non-GAAP Financial Measures EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share We define adjusted net income as net income before the effect of the following items: severance costs, impairment losses, gains or losses on asset disposals, gains or losses on lease terminations, foreign currency gains and losses, and stock-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue. We define adjusted earnings per share as adjusted net income divided by weighted average diluted shares outstanding. The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented: ________________________________1 The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions. EXHIBIT 2: EBITDA, adjusted EBITDA, and adjusted EBITDA margin EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: interest income, severance costs, impairment losses, gains or losses on asset disposals, gains or losses on lease terminations, foreign currency gains and losses, and stock-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA and net income margin to adjusted EBITDA margin for the periods presented: EXHIBIT 3: Free cash flow We define free cash flow as net cash provided by operating activities less capital expenditures. EXHIBIT 4: Net cash We define net cash as total cash and cash equivalents less debt.

Interested in IBEX Limited? Here are five stocks we like better. Record growth: IBEX’s fourth-quarter revenue rose 12% year over year to $164.3 million, while fiscal 2026 revenue increased 15.4% to $644.1 million. Health tech was a standout, with quarterly revenue up 42% to $29.4 million and full-year revenue up 38% to $114 million. AI momentum: The company now has AI-agent deployments with a double-digit number of clients across five verticals, including Philippine Airlines and BJ’s Wholesale. Management said AI is intended to expand revenue opportunities and support, rather than replace, human-agent services. Positive fiscal 2027 outlook: IBEX expects revenue of $700 million to $715 million and adjusted EBITDA of $90 million to $94 million, representing growth of 9% to 11% and 9% to 14%, respectively. Full-year cash flow strengthened, and the company repurchased $14.4 million of stock while ending the year with $30.9 million in net cash. IBEX (NASDAQ:IBEX) reported record fourth-quarter and fiscal 2026 results, supported by double-digit revenue growth, expansion in health tech and other verticals, and increasing traction for its AI agent offerings. Fourth-quarter revenue rose 12% year over year to $164.3 million, marking the company’s sixth consecutive quarter of double-digit revenue growth. For the full fiscal year, revenue increased 15.4% to $644.1 million. Chief Executive Officer Bob Dechant said the company’s growth reflected its differentiated positioning in the business-process outsourcing market, its new-client wins, and its ability to expand relationships with existing customers. → Morgan Stanley Eyes Good Things Ahead for Meta After $18 Billion Legal Settlement “We delivered record fourth quarter revenue,” Dechant said, adding that the company also produced full-year records for adjusted EBITDA, earnings per share, adjusted earnings per share, operating cash flow and free cash flow. IBEX added nine new “trophy” client logos during the fourth quarter, bringing its fiscal-year total to 17 across multiple geographies and industry verticals. Revenue from its top five, top 10 and top 25 clients increased 24%, 22% and 15%, respectively, during the year, according to management. → Tesla’s Robotaxi Launch Wasn’t the Moment Investors Expected The company said it achieved revenue and client retention rates above 99% in fiscal 2026. Dechant also said three Fortune 500 clients, each among IBEX’s top 10 customers, named the company Partner of the Year. Its client net promoter score was 71, while employee net promoter score rose to 82 from 77, with 95% participation. Health tech remained a major growth driver. Fourth-quarter health-tech revenue increased 42% to $29.4 million, while full-year revenue in the vertical climbed 38% to $114 million. The company had previously targeted building the health-tech operation into a $100 million business by the end of the fiscal year. → Despite Post-Earnings Drop, Wall Street Analysts Eye New Highs for Broadcom Stock Chief Financial Officer Taylor Greenwald said fourth-quarter growth also included a 27% increase in technology revenue, an 18% increase in travel, transportation and logistics revenue, and 7% growth in retail and e-commerce. For the year, health tech grew 38%, technology grew 26%, travel, transportation and logistics rose 17%, and retail and e-commerce increased 14%. IBEX’s onshore revenue rose 15% in the fourth quarter, while offshore revenue grew 14% and nearshore revenue increased 2%. Offshore operations accounted for 50% of quarterly revenue. Digital and omnichannel services grew 12% and represented 82% of revenue, management said. Dechant highlighted the company’s partnership with Sierra AI as a key part of IBEX’s strategy. The company formalized the partnership in late January and announced it publicly in May. IBEX said it now has AI agent deployments with a double-digit number of clients across five verticals. The company cited several client examples. At Philippine Airlines, an existing customer, IBEX said it won an AI agent proof of concept against a pure-play AI provider, a software-as-a-service provider and a traditional BPO competitor. The pilot supported English, Tagalog and Taglish, achieved resolution rates above 20%, and generated customer satisfaction scores above 4.7 out of 5. IBEX said the program reached full-scale deployment at the beginning of fiscal 2027. For BJ’s Wholesale, a new client, IBEX said its AI solution reached resolution rates above 40% and customer satisfaction scores above 4.7 out of 5 within weeks of a June launch. The company expects to begin deploying traditional human-agent services for the client in the first half of fiscal 2027. Dechant said the AI initiatives are intended to add revenue opportunities rather than replace IBEX’s human-agent business. During the analyst question-and-answer session, he said AI agents can allow client programs to scale more quickly, including to 20% to 40% of enterprise call volumes, while also supporting additional human-agent work. “We actually truly believe we future-proofed this business,” Dechant said. Fourth-quarter GAAP net income was $8.7 million, compared with $9.6 million in the prior-year quarter. GAAP diluted earnings per share were $0.59, compared with $0.66 a year earlier. Greenwald attributed the decline primarily to training costs associated with new client wins, a temporary transfer of work from nearshore to offshore centers, and higher fuel-related utility and transportation expenses in offshore operations. Quarterly adjusted EBITDA was $20.2 million, or 12.3% of revenue, versus $20.5 million, or 13.9% of revenue, a year earlier. IBEX expects adjusted EBITDA margins to resume expansion in the first quarter of fiscal 2027, Greenwald said. For the full year, GAAP net income increased to $46.3 million from $36.9 million, while diluted GAAP EPS rose 32.8% to $3.13. Adjusted EBITDA increased to a record $82.4 million from $72 million, though the adjusted EBITDA margin was essentially unchanged at 12.8%, compared with 12.9% in the prior year. Adjusted net income rose 21% to $52.2 million, and adjusted diluted EPS increased 28% to $3.52. Operating cash flow reached a record $59 million, up from $45.7 million in fiscal 2025. Free cash flow totaled $31.2 million, compared with $27.3 million a year earlier. Capital expenditures rose to $27.8 million, reflecting offshore expansion and investments in IT and telecommunications equipment. IBEX repurchased 453,000 shares for $14.4 million during the fiscal year. As of June 30, the company had $17.9 million remaining under its $20 million repurchase authorization. It ended the quarter with $32.6 million in cash and $1.7 million in debt, for net cash of $30.9 million. For fiscal 2027, IBEX expects revenue of $700 million to $715 million, representing growth of 9% to 11%, and adjusted EBITDA of $90 million to $94 million, representing growth of 9% to 14%. First-quarter fiscal 2027 revenue is projected at $168 million to $170 million, up 11% to 12%. First-quarter adjusted EBITDA is expected to be $22 million to $23 million, up 13% to 18%. Fiscal 2027 capital expenditures are forecast at $25 million to $30 million. Greenwald said IBEX expects a normalized tax rate of 20% to 22% going forward, following favorable discrete tax items in the fourth quarter and fiscal 2026. The company also renewed its HSBC revolving credit facilities through October 2029, with total capacity of up to $76 million. IBEX Holdings, Inc is a global business process outsourcing (BPO) company that specializes in customer experience solutions for a range of industries, including telecommunications, cable, technology, financial services and e-commerce. The company's core offerings encompass multichannel customer support delivered via voice, email, chat, social media and digital self-service platforms. In addition to front-line contact center services, IBEX provides back-office processing, order management, technical troubleshooting and analytics-driven insights to help clients optimize operational efficiency and customer satisfaction. Beyond traditional contact center operations, IBEX has built a proprietary technology stack designed to integrate real-time data analytics, workforce management and quality assurance. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "IBEX Q4 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for September 2026.

Achieved record revenue growth of 17% driven by a 'land-and-expand' flywheel that captures market share from larger, legacy BPO competitors. The HealthTech vertical grew 54% and is projected to exceed $100 million by fiscal year-end, validating the company's ability to scale high-margin specialized sectors. Management attributes outperformance to a shift from 'BPO 1.0' labor arbitrage to 'BPO 2.0' differentiated services, and now defines its leadership position as 'BPO 3.0' by integrating agentic AI solutions. Successfully transformed the U.S. onshore business by replacing low-margin legacy telecommunications volume with high-margin healthcare and digital acquisition services. Maintained 100% client retention for the quarter, with revenue growth among the top 10 clients averaging over 25% over the last five quarters. Formally launched a partnership with Sierra AI to deploy agentic AI solutions, positioning the company for 'BPO 3.0' where AI and human support are seamlessly integrated. Observed that while AI containment can reduce client call volumes (e.g., 20% reduction for one large client), IBEX offsets this by gaining market share from underperforming vendors. Raised full-year revenue guidance to $638-$642 million and adjusted EBITDA to $82-$84 million based on strong momentum and new logo wins. Increased capital expenditure guidance to $25-$30 million to expand capacity in higher-margin regions to meet rising demand. Expects the Sierra AI partnership to be margin-accretive, as AI-driven resolutions carry software-like margins compared to the 30% gross margin of traditional BPO services. Anticipates a fourth-quarter asset impairment charge related to capacity adjustments as clients shift volume from nearshore to higher-margin offshore regions. Projects the effective tax rate before discrete items to be approximately 19% for the fourth quarter. Incurred $0.8 million in severance expenses during the quarter due to a strategic shift of client volumes from nearshore to offshore locations. Telecommunications revenue declined 23.1% as part of a deliberate strategy to reduce exposure to lower-margin legacy carrier business. Adjusted EBITDA margin saw a temporary 40-basis-point decline due to the timing of work migration and lower deferred training revenue. The company has $3.2 million remaining on its current share repurchase authorization after buying back 0.14 million shares in the quarter. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management clarified that internal AI (WAVE iX) focuses on agent productivity, while the Sierra partnership provides the external 'AI agent' engine for customer interactions. While AI will cannibalize some human agent volume, management expects the combined revenue from AI resolutions and human support to be net-accretive to both growth and margins. Growth is driven by six significant new logos won over the last two years and market share gains within the world's largest healthcare payers. Management confirmed this revenue is sustainable and represents a new run rate, rather than one-time or seasonal 'lumpy' revenue. IBEX will hold the primary client contracts and bill for AI resolutions, paying a negotiated cost structure to Sierra. The model allows IBEX to move at 'AI speed,' citing a luxury brand win that was signed and launched within 30 days. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

Record Revenue, Adjusted EBITDA, EPS, and Adjusted EPS Revenue grew 17% versus prior year quarter, fifth consecutive quarter of double-digit growth Diluted EPS grew 22% versus prior year quarter to $0.89, and adjusted EPS grew 11% to $0.91 Raises Fiscal Year Revenue and Adjusted EBITDA Guidance Strategic partnership announced with Sierra AI WASHINGTON, May 06, 2026 (GLOBE NEWSWIRE) -- IBEX Limited (“ibex”) (Nasdaq: IBEX), a global leader in outsourced business services and AI-powered customer experience solutions, today announced financial results for its third fiscal quarter ended March 31, 2026. “Ibex delivered another record-breaking quarter with revenue growth of 17% to $164.4 million, our fifth straight double-digit growth quarter, and adjusted EPS growth of 11%, adding to the momentum we’ve amassed over the last two years,” said Bob Dechant, ibex CEO. “Our strong results were again anchored by our two performance pillars: driving new wins with key logos and continued market share gains driven by our ability to deliver the highest levels of operational excellence. Going forward, we will continue to define the new era of BPO 3.0 with a strategy designed to make ourselves even more valuable, more capable, and more essential to existing and new clients alike.” “To that end, we recently announced a landmark strategic partnership with Sierra.ai, the leading AI-powered customer experience platform. Through this partnership, ibex will integrate Sierra’s market-leading AI technology with our best-in-class CX expertise, tech integration, and deep analytics to design and deploy scalable, end-to-end, AI-powered CX solutions. We are positioned to provide best-in-class service that leverages the strengths of both automated and human-powered support, providing a truly end-to-end orchestration of the customer experience. Since signing this partnership, our sales teams have already seen both the volume and velocity of deal opportunities accelerate with some decisive early wins. We believe this collaboration will be transformative for our business and set ibex truly apart from the rest of our industry.” Third Quarter Financial Performance Revenue Revenue of $164.4 million, an increase of 16.8% from $140.7 million in the prior year quarter, was driven by broad-based growth across four verticals: HealthTech (+53.7%), Technology (+42.6%), Travel, Transportation and Logistics (+15.1%), and Retail & E-commerce (+8.3%), along with continued growth in the digital acquisition business. Net Income and Earnings Per Share Net income increased to $13.3 million compared to $10.5 million in the prior year quarter. Net income was favorably impacted by revenue growth in our higher margin offshore regions and lower selling, general, and administrative expenses as a percentage of revenue. Net income margin increased to 8.1% compared to 7.4% in the prior year quarter. Diluted earnings per share increased to $0.89 compared to $0.73 in the prior year quarter. Non-GAAP adjusted net income increased to $13.6 million compared to $11.8 million in the prior year quarter (see Exhibit 1 for reconciliation). Non-GAAP adjusted diluted earnings per share increased to $0.91 compared to $0.82 in the prior year quarter (see Exhibit 1 for reconciliation). Non-GAAP Adjusted EBITDA Adjusted EBITDA increased to $22.0 million compared to $19.4 million in the prior year quarter (see Exhibit 2 for reconciliation). Adjusted EBITDA margin was 13.4% compared to 13.8% in the prior year quarter (see Exhibit 2 for reconciliation). Cash Flow and Balance Sheet Capital expenditures were $5.3 million, consistent with the prior year quarter. Cash flow from operating activities was $11.9 million compared to $8.8 million in the prior year quarter. Free cash flow was $6.6 million compared to $3.6 million in the prior year quarter (see Exhibit 3 for reconciliation). During the quarter, we repurchased 140,300 shares for $4.5 million. Net cash was $14.0 million, compared to net cash of $13.7 million as of June 30, 2025 (see Exhibit 4 for reconciliation). Third Quarter Review and Fiscal 2026 Business Outlook “Our strong financial results in fiscal year 2026 are being driven by our differentiated strategy and sustainable growth trends with our clients, giving us confidence in continued outperformance heading into fiscal year 2027. Our third quarter revenue was again led by meaningful growth in our higher margin services and vertical markets, particularly our robust growth in HealthTech. This combination of drivers led to a record quarterly adjusted EBITDA of $22.0 million,” said Taylor Greenwald, CFO of ibex. “As we enter the fourth quarter, our healthy balance sheet and cash flows are enabling us to make thoughtful investments to support increased capacity for anticipated growth as well as to further extend our current AI leadership position. Reflective of our outstanding performance thus far and our forward momentum, we are raising our revenue and adjusted EBITDA guidance for the third time this year.” Fiscal Year 2026 Guidance Revenue is expected to be in the range of $638 to $642 million, up from $620 to $630 million. Adjusted EBITDA is expected to be in the range of $82 to $84 million, up from $80 to $82 million. Capital expenditures are now expected to be in the range of $25 to $30 million, up from our previous range of $20 to $25 million, as a result of ongoing investment to meet increased demand in higher margin regions. Conference Call and Webcast Information IBEX Limited will host a conference call and live webcast to discuss its third quarter of fiscal year 2026 financial results at 4:30 p.m. Eastern Time today, May 6, 2026. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website. Live and archived webcasts can be accessed at: https://investors.ibex.co/. Financial Information This announcement does not contain sufficient information to constitute an interim financial report as defined in Financial Accounting Standards ASC 270, “Interim Reporting.” The financial information in this press release has not been audited. Non-GAAP Financial Measures We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures provide a more helpful depiction of our performance of the business by encompassing only relevant and manageable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP. ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, foreign currency gains and losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. About ibex ibex is a global leader in outsourced business services and AI-powered customer experience solutions, enabling the world’s best brands to deliver truly differentiated experiences for their customers. Leveraging a global team of more than 36,000 human CX experts – powered by the best AI technology, decades of CX innovation, and deep business insights – ibex engineers seamless, end-to-end customer journeys from AI agents to human agents at scale across retail, e-commerce, healthcare, fintech, utilities, technology, logistics, and more. Discover more at ibex.co and connect with us on LinkedIn. Forward Looking Statements In addition to historical information, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “forecast,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, foreign exchange fluctuations and supply-chain issues; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, global geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violence involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands, including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; the impact of tax matters, including new legislation and actions by taxing authorities; and other factors discussed in the “Risk Factors” described in our periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and past filings on Form 20-F, and any other risk factors we include in subsequent filings with the SEC. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise. IR Contact: [email protected] Media Contact: Daniel Burris, VP, Marketing and Communication, ibex, [email protected] EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share We define adjusted net income as net income before the effect of the following items: severance costs, foreign currency gains and losses, and stock-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue. We define adjusted earnings per share as adjusted net income divided by weighted average diluted shares outstanding. The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented: _______________ 1The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions. EXHIBIT 2: EBITDA, adjusted EBITDA, and adjusted EBITDA margin EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: severance costs, interest income, foreign currency gains and losses, and stock-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA and net income margin to adjusted EBITDA margin for the periods presented: EXHIBIT 3: Free cash flow We define free cash flow as net cash provided by operating activities less capital expenditures. EXHIBIT 4: Net cash We define net cash as total cash and cash equivalents less debt.

Image source: The Motley Fool. Wednesday, May 6, 2026 at 4:30 p.m. ET Chief Executive Officer — Bob Dechant Chief Financial Officer — Taylor Greenwald Operator — [No full name provided] Need a quote from a Motley Fool analyst? Email [email protected] Bob Dechant: Thanks, Greg. Good afternoon, and thank you all for joining us today as we discuss our third quarter results for fiscal 2026. I am excited to report that our third quarter represented yet another period of outperformance, where we again extended the separation between ourselves and the rest of the traditional BPO market. We delivered record revenue growth of 17% to $164.4 million while adjusted EPS grew by 11% to $0.91. This was our fifth straight quarter of double-digit revenue growth, seventh of our last eight quarters of double-digit growth in adjusted EBITDA, and it was our eighth consecutive quarter of double-digit GAAP and adjusted EPS growth, all done organically. Put together, we have a proven track record of delivering strong results and are confident in the momentum we have going into FY 2027 and beyond. Our strong results were again anchored by our two key pillars of growth: driving new wins with key logos and market share gains with existing clients, driven by our continued ability to outperform the competition operationally. In fact, over the last five quarters, our growth within our top 10 clients, where we often compete against our multibillion-dollar competitors, has averaged more than 25%. We also had 100% client retention for the quarter and revenue retention for the year of 99.9%. This is the flywheel we have created that continues to drive blistering growth for IBEX Limited. In the quarter, we won another new logo and have since added three additional significant wins in the first few weeks of April, for a total of 11 year to date. These will set us up well for FY 2027. Growth within our existing customers continues to be strong and broad based, coming primarily across our strategic verticals. We continue to win big in our health care vertical, where growth was nearly 54% and represented the high watermark for the quarter. This vertical has been a standout performer, growing rapidly since we launched it in 2021, and now will far exceed $100 million by the end of this fiscal year. This success demonstrates our ability to build and scale new verticals from the ground up and validates our ongoing investment in India as a high-growth market for our business now and in the future. The IBEX Limited brand today is stronger than it has ever been. Our employee and client net promoter scores remain world class, and our focus on culture and operational excellence is reinforcing our position as a trusted partner and industry leader. And all this is before we factor in our landmark strategic partnership with Sierra AI that we formally announced earlier this week. Through this partnership, IBEX Limited will integrate Sierra’s market-leading AI technology with our best-in-class CX expertise, tech integration, and deep analytics to design and deploy scalable end-to-end AI-powered CX solutions. We believe we can stand up these solutions in weeks, not months or years. We are now uniquely positioned to provide a seamless solution that leverages the strengths of both leading AI and human-powered support. The volume and velocity of opportunities in just the first months since signing this partnership has been great, along with several decisive early wins. More to come on this in the near future. We believe this collaboration will be transformative for our business and set IBEX Limited up well for the future. Within that context of AI’s impact on our industry, I would like to take some time to share our thoughts on the current state of the market and IBEX Limited’s place in it. Today, there is a pervasive view that with the advent of generative AI, a lot of traditional call center work will be replaced by AI. The belief is that the size of the call center industry and volume of interactions handled by human agents will shrink over time, and as a result, BPO volumes will shrink as well. This is the perceived threat that is front and center in our industry, and for labor-arbitrage-only driven businesses, what I call BPO 1.0, I honestly believe this perceived threat is real and represents a big challenge for their businesses. However, for differentiated providers like IBEX Limited that are leaning into agentic AI, this instead is an opportunity. Let me explain. Clients today are looking for partners that are more than labor arbitrage, ones that bring culture, technology, and business insights to create a great experience for their customers. I call this BPO 2.0. They continue to rapidly move away from their BPO 1.0 vendors, shifting from bigger to better in the decision-making process. This plays well for BPOs that are faster, more flexible, and differentiated. For IBEX Limited, our land-and-expand flywheel—where we win trophy new clients and then take significant market share from the competition—has enabled us to post record results over many consecutive quarters and establish IBEX Limited as the best BPO in the industry. And we have done this as many of our clients are currently deploying agentic AI. In fact, one of our larger clients began deploying an AI agent solution last summer. Within six months, their call volumes decreased by 20% due to the containments of the AI solution. Yet, over the same time, we have been able to continue to grow our overall business at 17% while revenues with this client hold strong as we continue to take market share away from underperforming competitors. And now that we have established our partnership with Sierra, we have the opportunity to deliver on that solution ourselves, capitalizing on our deep understanding of the customer journeys and strong client partnerships. We believe these solutions will be accretive to our business as we add on the AI volumes on top of our BPO business and create another vector for highly profitable revenue growth. In summary, I am confident that this industry is extremely viable if you are a strong, differentiating BPO with the ability to deliver a great agentic AI solution. And I am even more confident in IBEX Limited and our ability to lead this transformation in the BPO industry. And now, as I look forward, adding this powerful new arrow to our quiver uniquely enables us to provide a truly seamless customer experience from AI agent to human agent. This significantly widens and deepens our already compelling competitive moat and supercharges our already powerful business and defines our leadership position in BPO 3.0. That is the importance of this announcement to our business. To this point, our AI agent solution is seeing early and fast wins. We are winning opportunities versus other AI technology companies, SaaS companies, and BPO competitors, leading them across the board in terms of deal wins, speed to deployment, and successful containment and resolution. As an example, in one of our early wins with a leading airline, we competed against all three competitor types and easily outperformed the various competitors in a bake-off, having our deployment with Sierra in place and delivering results far exceeding the targeted benchmarks before our competitors could even go live. And we did this solution in three languages. As a result, we have now been awarded all the business. We are also seeing exciting traditional BPO opportunities coming to us as a result of our Sierra partnership. As an example, we recently were introduced to a leading luxury activewear brand looking for the right partner to help them scale human agent support to complement their great AI solution as their brand experiences hypergrowth, and within 30 days, we signed and launched this new client in April. Our ability to respond and execute with speed and experience—and as I like to say, moving at the speed of AI—is setting IBEX Limited apart. Additionally, it is clear that AI is raising the bar for exceptional human agent customer support, which plays very well into our strengths. We are excited with the velocity of our AI pipeline. In summary, we are confident in our ability to outperform the BPO industry, but more importantly, we will continue to define and lead the new era of BPO 3.0 as we aim to make ourselves even more valuable and essential through our existing and new clients. I am proud of our team’s execution quarter over quarter and remain more optimistic than ever about our future. With that, I will now turn the call over to Taylor to go into more detail on our fiscal third quarter financial results and guidance. Taylor? Taylor Greenwald: Thank you, Bob, and good afternoon, everyone. Thank you for joining the call today. In my discussions of our third quarter fiscal year 2026 financial results, references to revenue, net income, and net cash generated from operations are on a U.S. GAAP basis, while adjusted net income, adjusted earnings per share, adjusted EBITDA, and free cash flow are on a non-GAAP basis. Reconciliations of our U.S. GAAP to non-GAAP measures are included in the tables attached to our earnings press release. Turning to our results, our third quarter results are once again among the strongest in our history—record revenue, adjusted EBITDA, EPS, and adjusted EPS. As Bob mentioned, this was our fifth consecutive quarter of double-digit revenue growth, it was our seventh in our last eight quarters of double-digit adjusted EBITDA growth, and it was our eighth consecutive quarter of double-digit GAAP and adjusted EPS growth. Our differentiated solutions and execution are clearly separating us from the pack. Third quarter revenue was $164.4 million, an increase of 16.8% from $140.7 million in the prior-year quarter. Revenue growth was driven predominantly by broad-based growth in our high-margin health tech vertical of 53.7%, technology vertical of 42.6%, travel, transportation, and logistics of 15.1%, and retail and ecommerce of 8.3%, along with continued growth in our digital acquisition business, partially offset by an expected decline in telecommunications, one of our smallest verticals, at 23.1%. We continued to win and grow in all geographic markets during the quarter. Our onshore region grew 36.8% compared to the prior-year quarter, driven by growth of our high-margin digital acquisition business and several clients in our higher-margin health tech vertical. Our highest-margin offshore revenues grew 13.9%, and our nearshore locations grew 3.7%. Offshore revenue comprises 50% of total revenue, as onshore revenue expanded to 27.9% of total revenue from 23.8% in the prior-year quarter, reflective of the growth in our digital acquisition services and onshore health tech delivery. Our higher-margin digital and omnichannel services continue to strengthen, growing 18% versus the prior-year quarter to 82% of our total revenue. We have structurally built IBEX Limited so that our growth vectors are our highest-margin regions, services, and vertical markets, and we expect that we will continue to be successful driving growth in these higher-margin areas as new client wins and growth in our embedded base continue to be focused in these areas. Third quarter net income increased to $13.3 million compared to $10.5 million in the prior-year quarter. The increase was primarily driven by continued revenue growth and operating leverage gained from SG&A expenses as they decreased from 19.2% to 16.7% of revenue, partially offset by $0.8 million of severance expense. The severance expense was incurred as one of our clients shifted their volumes from our nearshore to higher-margin offshore region. In the shift, we were able to pick up moderate market share. We expect an additional asset impairment charge related to this move in the fourth quarter as we adjust capacity. Our tax rate was 16.6% versus 19.2% in the prior-year quarter, primarily attributable to changes in revenue mix across our taxable jurisdictions and favorable discrete tax benefits in the current-year quarter. We expect our effective tax rate before discrete items for the fourth quarter to be approximately 19%. Fully diluted EPS was $0.89, up 22% from $0.73 in the prior-year quarter, with the increase driven by strong operating performance. Our weighted average diluted shares outstanding for the quarter were 15 million shares, versus 14.4 million one year ago. Moving to non-GAAP measures, adjusted EBITDA increased to a record of $22 million, or 13.4% of revenue, from $19.4 million, or 13.8% of revenue, for the same period last year. The 40-basis-point decline in adjusted EBITDA margin was primarily driven by the temporary impact of the work shifting from nearshore to offshore and a less positive impact from deferred training revenue, partially offset by lower SG&A expenses as a percent of revenue compared to the same quarter in the prior year. It is worth noting for the first nine months of fiscal year 2026, our adjusted EBITDA margin is up 50 basis points to 13%. Adjusted net income increased to $13.6 million from $11 million in the prior-year quarter. Non-GAAP fully diluted adjusted earnings per share increased 11% to $0.91 from $0.82 in the prior-year quarter. As a company, we are pleased with the client diversification we have established over the last several years. For 2026, our largest client accounted for 9% of revenue, and our top five, top 10, and top 25 clients, where we see many of our largest competitors, grew 22%, 19.3%, and 15.8%, demonstrating our ability to win market share. Concentrations for these same cohorts represented [inaudible] of overall revenue, respectively, as compared to [inaudible] of overall revenue in the prior-year quarter, representative of a well-diversified client portfolio. Over the past decade, we have done a tremendous job of not only retaining our top 25 clients, but also winning and growing new strategic clients. Two great examples of this are one of our signature client wins from fiscal year 2025 growing into a top 20 client, and one of our signature client wins from fiscal year 2024 growing into a top 10 client. Another signal of our ability to win and scale clients is the growth we continue to see in client counts averaging more than $1 million per annum in revenue, the count of which has grown nearly 20% from the prior-year quarter to 70 clients in the third quarter. Switching to our verticals, HealthTech grew 54% and increased to 20.8% of third quarter revenue versus 15.8% in the prior-year quarter. Technology grew 43%, an increase to 9.2% compared to 7.5%, and our Other vertical increased 27% to 14% of total revenue compared to 13% in the prior-year quarter. These increases were driven by continued growth in multiple offshore geographies and our continued ability to win significant new clients in these verticals. Conversely, our exposure to the lower-margin telecommunications vertical decreased to 8.6% of revenue for the quarter, versus 13.1% in the prior-year quarter, as we see lower volume from legacy carriers. Revenues from the fintech vertical were up 5% and represented 9.7% of revenue for the quarter, versus 10.8% in the prior-year quarter, and revenues from retail and ecommerce grew 8.3% to 23.9% of revenue, versus 25.8% in the prior year. Travel, transportation, and logistics grew 15% and stayed relatively constant at 13.8% of revenue. Moving to cash flow, net cash generated from operating activities was a strong $11.9 million for 2026 compared to $8.8 million for the prior-year quarter. The increase was primarily driven by increased revenue and profitability. Our DSOs were 71 days, down from 73 days at the end of the second quarter, which is consistent with our expectations. We expect our DSOs to remain stable in the low to mid-70s on a go-forward basis. Capital expenditures were $5.3 million, or 3.2% of revenue, for 2026, consistent with the prior-year quarter. Free cash flow was an inflow of $6.6 million in the current quarter, compared to an inflow of $3.6 million in the prior-year quarter, driven by the increase in net cash generated from operating activities. During the quarter, we repurchased approximately 0.14 million shares for $4.5 million, bringing our fiscal year share repurchase to 0.31 million shares for $10.1 million, leaving $3.2 million on our share repurchase authorization. We ended the third quarter with $15.4 million of cash and debt of $1.4 million, for net cash of $14 million, consistent with a net cash position of $13.7 million at the end of our last fiscal year. Our strong financial results in fiscal year 2026 are being driven by our differentiated strategy and sustainable growth trends with our clients, giving us confidence in continued outperformance heading into fiscal year 2027. Our third quarter revenue was again led by meaningful growth in our higher-margin services and vertical markets, particularly robust growth in health tech. This combination of drivers led to a record quarterly adjusted EBITDA of $22 million. As we head into the fourth quarter, our healthy balance sheet and cash flows are enabling us to make thoughtful investments to support increased capacity for anticipated growth, as well as further extend our current AI leadership position. Reflective of our outstanding performance thus far and our forward momentum, we are again raising our revenue and adjusted EBITDA guidance for the year. Revenue is now expected to be in the range of $638 to $642 million, up from $620 to $630 million. Adjusted EBITDA is now expected to be in the range of $82 to $84 million, up from $80 to $82 million. Capital expenditures are now expected to be in the range of $25 to $30 million, up from our previous range of $20 to $25 million, as a result of ongoing investment to meet increased demand in higher-margin regions. Our business is well positioned for today and for the years ahead. We are excited about the future of IBEX Limited as we head into 2026 and beyond. With that, Bob and I will now take questions. Operator, please open the line. We will now open the call for questions. Operator: Please press star one on your telephone and wait for your name to be announced. To withdraw your question, please press star one again. One moment for questions. Our first question comes from David Koning with Baird. You may proceed. David Koning: Yes. Hey, guys. Congrats on another good quarter. Bob Dechant: Thanks, Dave. Yes, we are very proud of what we continue to do. David Koning: Yes, for sure. I wanted to kick it off with the new AI partnership. I had two questions around that. One is model, and then secondly, how do you decide whether to use some of your AI solutions or their AI solutions? And does this cannibalize some of your stuff? How does that all work? Bob Dechant: Sure, Dave. Let me repeat what I think I heard you say, because you were a little bit garbled from my end. The question was really around, with Sierra, how does that impact versus the stuff that we have built ourselves? I think it is very easy to describe that. The elements that we have built in the WAVE iX stack are in our internally focused business—things that can help our agents do their jobs better, things like training simulators for agents, things like agent assist, something at their side that they can use that is AI to help them resolve a complex issue quicker. Those are the elements that we have built internally. As it relates to AI agents, our philosophy was there is no way we could compete against the best in class out there that are creating that engine. For us, trying to build that, we would have fallen flat on our face in front of every CTO in the industry, and we therefore believed that we wanted to partner with the leading player in the industry. Sierra is clearly that leader, a cut above. From their standpoint, when they looked at us, they said, “What you are doing, how you have leaned in, you are a cut above.” So it really aligned very well with the two companies’ visions, philosophies, and positions in the industry. To your point, it does not impact at all. In fact, this gives us now the best-in-class engine with the best-in-class BPO. David Koning: Yes, okay. And I also asked about the economic model. How does the rev share work on that? Bob Dechant: Sure. The contracts that we are going to be doing are going to be IBEX Limited contracts that we will be billing our clients on, and then our teams will be working, building the implementation, etc. We have an arrangement with Sierra that we have negotiated a cost structure for those resolutions and all. With the combination of the two, we believe it is very accretive to BPO margins and, directionally, our BPO margins are in the 30% gross margin range. These are technology/software margins, which, as you know, are significantly higher. We feel this is a high-growth vector for us that will drive significant margin expansion for us when you put all that into the equation. Now, I think your last part of your question, Dave, if I got it right, was how do you see this cannibalizing your business? Look, we are leaning into that. Our clients are moving at AI, and we are growing our business the highest of anybody in the industry, as you can see, and that has been many quarters. We have been able to do that because of the flywheel—winning new clients and then taking market share from those clients. This accelerates that because it validates us as a cut above, as a differentiated player. As I mentioned in my remarks, they brought us opportunities that we have closed in AI speed, not BPO speed. We think that on the whole, this is going to accelerate our overall growth business. It will cannibalize some of our business as human volume gets displaced by AI, but if we have that solution in place, I can guarantee you that the model says it will be accretive for revenue. Having the AI solution and the revenues associated with that, plus what we have on the BPO side—the human side—add those together, it will be a growth factor for us. One of the real advantages is being fast, nimble, leaned in, where all of this is opportunity for us. David Koning: Yes, great. Maybe if I can just do one more. The 54% growth—how much of that was new clients? How much of that is existing clients growing? And is there any lumpy revenue, like unsustainable revenue, in Q3 because it was so strong? Bob Dechant: Great question, Dave. Over the last two years, we have brought in six new logos in the health care space that are meaningful new logos—players that are leaders in their respective spaces. It is a combination of that, and then we have a couple of, in particular, the largest payer in the world, and we have been taking a whole lot of market share. So our 54% growth is a combination: we are taking market share where clients have massive budgets north of $600 million, and we are winning a lot of very competitive new logos that are driving that growth. What is interesting is some of that is landing in the U.S., and I will just call out the beauty of that. Dave, you have been with us forever. You know that our U.S. business has, over the years, been a low-margin business where the majority of our margins were made outside the U.S. Over the last couple of years with our play in health care, we have done a complete transformation of the U.S. market. Now you can see it is actually not at a trough; it is growing, and growing well. It is growing profitably because we have taken what I would call legacy old telcos—where nobody ever makes money on them—and we have replaced them with leading health care companies. An amazing shift that we have done that you can see in the results on top line and bottom line results. Taylor Greenwald: And, Bob, just to follow up on Dave’s question too, none of that revenue was one time in nature, Dave. It is all sustainable, and this is the new run rate for health care. David Koning: Awesome. Thanks, guys. Good job. Bob Dechant: Yes, David. To that point, what Taylor just said is if you look at how our business flows now—historically, go back five years ago—our Q2, December, was always a big increase, and then our revenues would come down hard as a result of retail and some of the open enrollment in the early days of health care. Today, if you look at the last couple of years, we have been very smooth from Q2 to Q3 and beyond. That is how our business is structurally built now. To Taylor’s point, there are no real Q2 or Q3 one-time bumps that go down. It is sustainable and repeatable. David Koning: Gotcha. Well, thanks, guys. Good job. Bob Dechant: Thanks, Dave. Taylor Greenwald: Thanks, Dave. Thank you. Operator: I would now like to turn the call back over to Bob Dechant for any closing remarks. Bob Dechant: Thanks, Josh. And thank you all for listening today. I would like to close by once again thanking my entire organization, who is the best in the industry. They continue to deliver and execute, and we have built this amazing flywheel here. We love the trajectory of our business in the future. Now with our Sierra announcement, we believe our business is extremely future-proofed and will be strong over the long haul. Thank you all. We look forward to talking next quarter. Operator: Thank you. This concludes the conference. Thank you for your participation. You may now disconnect. Before you buy stock in Ibex, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ibex wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Ibex (IBEX) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

Record quarter: IBEX reported 17% revenue growth to $164.4 million and adjusted EPS of $0.91, with record adjusted EBITDA of $22.0 million, and raised fiscal 2026 guidance to $638–642 million in revenue and $82–84 million in adjusted EBITDA. Health tech and margin mix driving growth: Health tech revenue jumped 53.7% to 20.8% of revenue, while onshore and digital/omni‑channel services expanded, shifting the business toward higher‑margin regions and offerings. Sierra AI partnership — "BPO 3.0": IBEX will integrate Sierra’s generative AI into its CX stack, reporting early wins and positioning the company to combine AI agents with human support in ways management expects to be accretive to margins. Interested in IBEX Limited? Here are five stocks we like better. IBEX (NASDAQ:IBEX) reported what executives described as another quarter of “outperformance” in its fiscal third quarter of 2026, driven by double-digit revenue growth, continued expansion in higher-margin verticals, and early traction from a newly announced strategic partnership focused on AI-powered customer experience solutions. CEO Bob Dechant said the company delivered “record revenue growth of 17% to $164.4 million,” while adjusted earnings per share rose 11% to $0.91. Dechant said the quarter marked the company’s fifth straight quarter of double-digit revenue growth and its “eighth consecutive quarter of double-digit GAAP and Adjusted EPS growth,” which he emphasized was achieved organically. → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries Chief Financial Officer Taylor (who did not provide a last name in the transcript) said results were “once again among the strongest in our history, with record revenue, Adjusted EBITDA, EPS, and Adjusted EPS.” Revenue rose 16.8% year over year from $140.7 million to $164.4 million. Net income increased to $13.3 million from $10.5 million a year earlier. Taylor attributed the increase primarily to revenue growth and operating leverage, noting SG&A expenses declined to 16.7% of revenue from 19.2% in the prior-year quarter. That improvement was partially offset by $800,000 of severance expense tied to a client shifting volumes from nearshore to offshore delivery. Taylor added the company expects “an additional asset impairment charge” in the fiscal fourth quarter related to that move as it adjusts capacity. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Fully diluted EPS was $0.89, up from $0.73. Weighted average diluted shares outstanding were 15.0 million compared with 14.4 million one year earlier. Management repeatedly pointed to health tech as a key growth engine. Dechant said health tech growth was “nearly 54%” and represented the high-water mark for the quarter. He said the vertical, launched in 2021, is expected to “far exceed a $100 million business by the end of this fiscal year,” and described it as validation of investment in India as a high-growth market. → Tyson Foods' Total Returns: Tasty Treats for Income Investors? Taylor broke out growth by vertical and cited broad-based gains, led by high-margin categories. He said third quarter growth was driven predominantly by: Health tech revenue growth of 53.7% Technology vertical growth of 42.6% Travel, transportation, and logistics growth of 15.1% Retail and e-commerce growth of 8.3% These gains were partially offset by what Taylor called an “expected decline” in telecommunications revenue of 23.1%, noting it is one of the company’s smallest verticals. On mix, Taylor said health tech increased to 20.8% of quarterly revenue from 15.8% a year ago, and technology rose to 9.2% from 7.5%. Telecommunications decreased to 8.6% of revenue from 13.1% in the prior-year quarter, while retail and e-commerce represented 23.9% of revenue versus 25.8% a year earlier. Asked on the call whether health tech growth included any one-time revenue, Dechant said the segment’s performance reflects both new client wins and market-share gains at existing clients. He said IBEX has brought in “6 new logos” in healthcare over the past two years and also cited market-share gains at large customers. Taylor added, “None of that revenue was one time in nature… It’s all sustainable and… this is the new run rate for healthcare.” Taylor said the company grew across geographies, with onshore revenue rising 36.8% year over year, offshore revenue growing 13.9%, and nearshore locations up 3.7%. Offshore revenue accounted for 50% of total revenue. Onshore revenue expanded to 27.9% of total revenue from 23.8% in the prior-year quarter, reflecting growth in digital acquisition services and onshore health tech delivery. He also said digital and omni-channel services grew 18% from the prior-year quarter and represented 82% of total revenue. Taylor characterized the company’s strategy as structurally focused on higher-margin “regions, services, and vertical markets,” and said management expects that emphasis to continue as new client wins and embedded growth remain concentrated in those areas. Adjusted EBITDA increased to a record $22.0 million, or 13.4% of revenue, compared with $19.4 million, or 13.8% of revenue, in the prior-year quarter. Taylor said the 40-basis-point decline in adjusted EBITDA margin was primarily due to the “temporary impact” of work shifting from nearshore to offshore and a less positive impact from deferred training revenue, partially offset by lower SG&A as a percentage of revenue. For the first nine months of fiscal 2026, he said adjusted EBITDA margin is up 50 basis points to 13%. Dechant said IBEX achieved 100% client retention for the quarter and revenue retention of 99.9% for the year. He added that growth within the company’s top 10 clients has averaged more than 25% over the last five quarters. Taylor said the company’s largest client represented 9% of revenue during the quarter. He also reported that the top five, top 10, and top 25 clients grew 22%, 19.3%, and 15.8%, respectively. Those cohorts represented 35%, 54%, and 77% of overall revenue, compared with 38%, 54%, and 80% in the prior-year quarter. Dechant said the company won “another new logo” during the quarter and has since added “3 additional significant wins in the first few weeks of April,” bringing the year-to-date total to 11. He said those wins “will set us up well for FY 2027.” Dechant spent much of his prepared remarks discussing IBEX’s view of generative AI’s impact on the outsourcing and customer experience market. He said some market participants believe call center volumes will shrink as AI handles more interactions, creating a threat for labor-arbitrage-focused providers. However, he positioned IBEX as a differentiated provider that views “Agentic AI” as an opportunity. Dechant highlighted a newly announced strategic partnership with Sierra, saying IBEX will integrate Sierra’s AI technology with its customer experience operations, tech integration, and analytics to deploy “end-to-end AI-powered CX solutions.” He said IBEX believes it can stand up these solutions “in weeks, not months or years,” and described early opportunity volume as “great,” with “several decisive early wins.” During the Q&A, Dechant explained how Sierra fits alongside IBEX’s internal AI initiatives. He said the company’s Wave iX stack is focused on internal tools that help agents perform better—such as training simulators and “agent assist.” For AI agents, he said IBEX’s philosophy was to partner rather than build: “We wanted to partner with the leading player in the industry. Sierra is clearly that leader.” On economics, Dechant said contracts will be “IBEX contracts” billed to clients, with an arrangement for Sierra-related costs. He said management believes the model is “very accretive to BPO margins,” contrasting the company’s BPO gross margins—“in the 30% gross margin range”—with higher “technology slash software margins.” Dechant acknowledged AI could reduce some human-handled volume but argued the combination of AI solution revenue and continued human support would be a net growth driver. He cited one large client that deployed an AI agent solution last summer and saw call volumes decrease by 20% within six months, while IBEX still grew overall at 17% as it took market share from competitors. As an example of early traction, Dechant described an airline win where IBEX competed against AI technology firms, SaaS companies, and BPO competitors and deployed a Sierra-based solution in three languages. He also said the partnership has generated traditional BPO opportunities, referencing a luxury activewear brand that signed and launched with IBEX in April within 30 days to scale human agent support alongside an existing AI solution. Dechant said the company believes it is positioned to lead what he termed “BPO 3.0,” combining AI agents with human support in a “seamless customer experience.” In closing remarks, Dechant said the company’s “flywheel” of winning new clients and expanding within existing accounts remains intact, and added that with the Sierra announcement, IBEX believes its business is “extremely future-proofed.” Guidance raised for fiscal 2026 Taylor said the company raised its full-year guidance again, citing performance and momentum. IBEX now expects: Revenue of $638 million to $642 million, up from $620 million to $630 million Adjusted EBITDA of $82 million to $84 million, up from $80 million to $82 million Capital expenditures of $25 million to $30 million, up from $20 million to $25 million, driven by investments to meet increased demand in higher-margin regions For cash flow and capital allocation, Taylor said operating cash flow was $11.9 million, up from $8.8 million a year earlier, and free cash flow was $6.6 million compared with $3.6 million. The company repurchased about 140,000 shares for $4.5 million during the quarter, bringing fiscal year-to-date repurchases to 310,000 shares for $10.1 million, with $3.2 million remaining under the authorization. IBEX ended the quarter with $15.4 million of cash and $1.4 million of debt, for net cash of $14.0 million. IBEX Holdings, Inc is a global business process outsourcing (BPO) company that specializes in customer experience solutions for a range of industries, including telecommunications, cable, technology, financial services and e-commerce. The company's core offerings encompass multichannel customer support delivered via voice, email, chat, social media and digital self-service platforms. In addition to front-line contact center services, IBEX provides back-office processing, order management, technical troubleshooting and analytics-driven insights to help clients optimize operational efficiency and customer satisfaction. Beyond traditional contact center operations, IBEX has built a proprietary technology stack designed to integrate real-time data analytics, workforce management and quality assurance. The article "IBEX Q3 Earnings Call Highlights" was originally published by MarketBeat.