INEX Limited ($IBEX) Releases Earnings
IBEX Limited has so much room to grow and is going to take off tomorrow 🚀🚀
Second Quarter Fiscal Year 2021 Financial Highlights:
Revenue
Revenue increased 8.7% to $117.2 million, compared to $107.8 million in the prior year quarter.
Net Income
Net income was $2.5 million, including $1.6 million in non-recurring costs, compared to net income of $4.8 million in the prior year quarter.
Non-GAAP adjusted net income increased to $6.2 million, compared to $5.6 million in the prior year quarter (see Exhibit 1 for reconciliation).
Net margin was 2.1%, compared to 4.4% in the prior year quarter.
On a Non-GAAP basis, net margin increased to 5.3%, compared to 5.2% in the prior year quarter (see Exhibit 1 for reconciliation).
Adjusted EBITDA
Non-GAAP adjusted EBITDA, increased to $17.6 million, compared to $14.8 million in the prior year quarter (see Exhibit 2 for reconciliation).
Non-GAAP adjusted EBITDA margin increased to 15.0%, compared to 13.8% in the prior year quarter.
Earnings Per Share
IFRS basic and fully diluted earnings per share was $0.14 and $0.13, respectively, compared to IFRS basic and fully diluted earnings per share of $0.00 and $0.00, respectively, in the prior year quarter.*
Non-GAAP pro forma fully diluted adjusted earnings per share (see Exhibit 1 for reconciliation) increased to $0.33, compared to $0.30 in the prior year quarter.
* IFRS fully diluted earnings per share for the three and six months ended December 31, 2019 does not reflect the recapitalization that occurred in connection with ibex’s August 7, 2020 initial public offering.
Balance Sheet
Strong cash position of $74.6 million compared to $21.9 million at June 30, 2020.
Non-GAAP net debt (see Exhibit 4 below) decreased to $50.7 million, compared to $84.1 million as of June 30, 2020.
Second Quarter of Fiscal Year 2021 Business Highlights:
Top three client concentration decreased to 36.4% from 45.1% in the prior year quarter
Won 3 new customer logos across key verticals, including healthcare and utilities
Opened a new 1,200 seat center in Jamaica and added 600 seats in the Philippines
New Economy revenue increased by 10.5% compared to the prior year quarter, and when adjusted for one client that was adversely impacted by the pandemic, New Economy revenue increased by 28.1%.
Raised Fiscal Year 2021 Business Outlook
We are raising our fiscal year 2021 guidance for revenue to between $445 million and $448 million, an increase of approximately 10% over the prior year, compared to $440 million to $443 million previously provided.
Adjusted EBITDA is now expected to be between $62.0 million and $63.5 million, an increase of approximately 14% to 17% over the prior year, compared to $60.5 million to $62.0 million previously provided.
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