IBEX Limited reported its financial results for the three months ended September 30, 2024, showing a revenue increase of 4.1% to $129.7 million, compared to $124.6 million in the same period of 2023. This growth was primarily driven by strong performance in the HealthTech, Retail & E-commerce, and Travel, Transportation & Logistics verticals, which collectively contributed to an increase in revenue. Notably, revenue from the United States rose to $124.6 million, up from $121.2 million, while international revenue also saw a significant increase from $3.4 million to $5.1 million.
Net income for the quarter was $7.5 million, a slight increase from $7.4 million in the prior year, resulting in a net income margin of 5.8%. The company’s income from operations improved to $9.1 million, up from $8.3 million, reflecting an operating margin increase to 7.0%. Adjusted net income, which excludes certain expenses, rose to $9.0 million from $7.6 million, with adjusted earnings per share increasing to $0.52 from $0.40.
Total current assets increased to $188.5 million from $180.0 million, with accounts receivable rising to $106.0 million. Total assets also grew to $306.3 million, while total liabilities increased to $135.2 million. Stockholders' equity rose to $171.1 million, reflecting a solid financial position.
The company faced challenges with rising labor costs due to global inflation and labor shortages, which impacted operating profit margins. However, IBEX implemented strategies to mitigate these effects, including enhancing agent productivity and negotiating price adjustments with clients. Approximately 95% of workstations are now located in offshore and nearshore centers, which typically yield higher profit margins.
In terms of strategic developments, IBEX expanded its capacity in offshore and nearshore geographies, opening two new sites during the quarter. The company also engaged in a share repurchase program, buying back 282,129 shares for $4.7 million, compared to 134,524 shares for $2.0 million in the same period last year.
Looking ahead, IBEX is leveraging generative AI technology to enhance customer interactions and improve operational efficiency, positioning itself for future growth despite potential short-term revenue impacts from traditional service models. The company remains compliant with all debt covenants and has significant borrowing capacity available under its credit facilities.
About IBEX Ltd
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