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- **Revenue Surge**: 17% YoY growth driven by HealthTech (35.1% YoY) and digital services (82% of revenue), with Q2 EBITDA up 25% to $20.7 million.
- **AI Differentiation**: Wave iX AI solution leads industry, with India expansion and Chief AI Officer role accelerating adoption.
- **Guidance Raise**: FY2026 revenue raised to $620-630 million (+16-18% YoY), EBITDA to $80-82 million (+28% YoY).
- **Margin Expansion**: Adjusted EBITDA margin up 80bps to 12.6%, SG&A as % of revenue down to 16.8%.

**【CEO Summary Section】**
- **Revenue Growth**: 17% year-over-year (YoY) in Q2 FY2026, with 46% adjusted EPS growth, marking the fourth consecutive quarter of double-digit organic revenue growth.
- **Vertical Success**: HealthTech vertical grew 35.1% YoY, on track to reach $100 million by end of FY2026, while retail/e-commerce contributed 28.6% of revenue.
- **Geographic Expansion**: India expansion with 2 sites and 1,000 agents, driving growth in revenue cycle management and credentialing services.
- **AI Leadership**: Wave iX AI solution integrates Agentic AI with human agents, improving operational efficiency and agent life cycle management. Promoted Mike Darwal to Chief AI and Digital Officer to accelerate AI adoption.
- **Financial Milestones**: Generated $80 million EBITDA with 13% margins in CY2025, achieving record Q2 2026 adjusted EBITDA of $20.7 million.

**【CFO Financial Commentary】**
- **Revenue Performance**: Q2 revenue $164.2 million (+16.7% YoY), driven by high-margin offshore (52.3% of revenue) and digital services (82% of total revenue).
- **Profitability**: Adjusted EBITDA margin improved 80bps to 12.6%, with SG&A expenses declining to 16.8% of revenue. Fully diluted EPS $0.83 (+45% YoY).
- **Cash Flow**: Record $6.6 million operating cash flow, with $15.5 million cash on hand. Share buybacks of $5.6 million year-to-date.
- **Guidance Update**: Raised FY2026 revenue to $620-630 million (prev $605-620M) and EBITDA to $80-82 million (prev $78-81M).

**【Q&A Highlights】**
- **AI Impact**: AI enhances client acquisition and operational efficiency, with seamless AI-human agent integration. India expansion and deferred training costs temporarily pressure margins but support long-term growth.
- **Mix Shift**: Reduced reliance on seasonal retail spikes, with consistent growth across verticals. Telecom now <10% of revenue, replaced by HealthTech and FinTech growth.
- **Margin Dynamics**: Gross margin headwinds from training and India offset by SG&A efficiency. Long-term focus on high-margin geographies and services drives margin expansion.

IBEX Limited (IBEX) Q2 2026 Earnings Call Transcript

- **Record Q1 Growth**: 16.5% revenue increase and 74% EPS rise, driven by 25%+ growth in retail, HealthTech, and travel sectors.
- **AI-Driven Differentiation**: Full-scale AI deployments underway, with CTO hire to accelerate innovation. AI will become a growth vector by FY2027.
- **Margin Expansion**: 12.9% EBITDA margin, up 90bps YoY, with guidance for 13% full-year margin despite short-term AI investment costs.
- **Client Wins**: Seven new high-profile clients in two quarters, with client retention at 98% and trophy accounts growing 67% in high-margin segments.
- **Raised Guidance**: FY2026 revenue upped to $605-620M, EBITDA to $78-81M, reflecting confidence in AI-driven growth and operational efficiency.

**【CEO Opening Remarks】**
- Highlighted ibex's resilience during Hurricane Melissa in Jamaica, with operations restored within 24 hours. Employees and clients demonstrated exceptional support, reinforcing ibex's reputation as a socially responsible leader.
- Reported Q1 FY2026 revenue growth of 16.5% YoY and adjusted EPS growth of 74%, driven by double-digit organic revenue growth (13% over 12 months) and margin expansion.
- Emphasized competitive differentiation through AI automation, client retention (98%), and new logo wins, including seven high-profile clients in the last two quarters.
- AI adoption is transitioning from proof of concept to full-scale deployments, with the addition of CTO Michael Ringman to accelerate innovation.

**【CFO Financial Commentary】**
- Q1 revenue: $151.2 million (16.5% YoY), with 25% growth in retail/e-commerce, 19.5% in HealthTech, and 15.4% in travel/logistics. Fintech rebounded 3.4% YoY after prior declines.
- Offshore revenue grew 20%, contributing to a 12.9% adjusted EBITDA margin, up 90bps YoY. Free cash flow reached $8 million, a record for the quarter.
- Raised FY2026 guidance: revenue $605-620 million (vs. $590-610M), adjusted EBITDA $78-81 million (vs. $75-79M), reflecting confidence in growth and margin expansion.
- Margins temporarily impacted by India expansion costs and training expenses, but long-term AI benefits expected to drive gross margin improvement.

**【Q&A Highlights】**
- **AI Strategy**: CEO Bob Dechant stated ibex is leading the industry in AI adoption, with internal tools enhancing agent productivity and client solutions for automation and translation. While AI revenue is still small, it will become a growth vector by FY2027.
- **Gross Margin Dynamics**: CFO Taylor Greenwald noted Q1 gross margin headwinds from India investments and training costs, but expects leverage as AI scales. Full-year EBITDA margin guidance of 13% reflects ongoing SG&A efficiency.
- **Client Diversification**: Top 5/10/25 clients represent 37%/55%/79% of revenue, up from 36%/51%/77% YoY, reducing concentration risk.


IBEX Limited (IBEX) Q1 2026 Earnings Call Transcript

- **Record Growth**: FY25 revenue up 10% to $558.3M, Q4 revenue surging 18% YoY to $147.1M, driven by digital services (82% of total) and offshore expansion.
- **Profitability**: Adjusted EBITDA of $72M (+10% YoY), adjusted EPS of $2.75 (+31% YoY), and free cash flow of $27.3M highlight margin expansion and strong cash generation.
- **AI Leadership**: Full-scale AI deployments in Q4 position IBEX as a leader in AI-driven customer experience, with seamless integration of AI and human agents.
- **FY26 Outlook**: Guidance for $590-610M revenue reflects confidence in continued growth, supported by new client wins and market share gains.


**【CEO Summary Section】**
- FY25 revenue reached $558.3M (+10% YoY), with Q4 revenue surging 18% YoY to $147.1M, driven by growth in Retail & E-commerce (+25%), HealthTech (+19%), and digital acquisition.
- IBEX achieved record adjusted EBITDA of $72M (+10% YoY) and adjusted EPS of $2.75 (+31% YoY), fueled by higher-margin offshore revenue (49% of total) and digital services (82% of total).
- Strategic focus on AI solutions, with full-scale deployments in Q4, enabling seamless integration of AI agents with human agents to enhance customer journeys.
- FY26 guidance: Revenue $590-610M, adjusted EBITDA $75-79M, reflecting confidence in continued growth and margin expansion.

**【CFO Financial Commentary】**
- Q4 GAAP net income: $9.6M, Non-GAAP EPS: $0.87 (+47% YoY), driven by revenue growth, cost optimization, and share repurchases (3.9M shares in FY25).
- Free cash flow: $23M in Q4 and $27.3M for FY25, supported by strong operating cash flow and capital expenditures ($18M for expansions).
- Client diversification: Top 5 clients account for 36% of revenue, with no single client exceeding 10%, reducing concentration risk.
- Vertical performance: Fintech exposure stabilized at 10.6%, while Retail & E-commerce and HealthTech continued to outperform.

**【Q&A Key Highlights】**
- **Q4 Sequential Growth**: 5% QoQ growth was sustainable, driven by market share gains in embedded base, digital acquisition, and new client wins (e.g., $8M+ in 'Other' vertical).
- **AI Impact**: Full-scale AI deployments in Q4 demonstrated automation opportunities while enhancing customer journeys, positioning IBEX as an industry leader in AI CX solutions.
- **Client Retention**: 0 client losses in FY25, with strong retention rates and new logo wins contributing to record results.
- **India Expansion**: Initial investments in India are expected to drive future growth, aligning with the company's strategy to expand into high-margin geographies.


IBEX Limited (IBEX) Q4 2025 Earnings Call Transcript

- **Revenue Record Set**: Q3 FY 2025 revenue of $140.7 million (+11% YoY) marks highest quarterly revenue ever.
- **AI Pipeline Acceleration**: 75 AI opportunities with 9 Q4 deployments, targeting FY 2026 high-margin growth.
- **India Market Expansion**: Strategic entry into India with a healthcare client, enhancing delivery capabilities.
- **Profitability Boost**: Adjusted EPS of $0.82 (+18% YoY) driven by share buybacks and reduced diluted shares.
- **Sustainability Signal**: Q3 defied seasonal decline vs. Q2, with Q4 expected to show muted sequential decline.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q3 FY 2025 revenue reached $140.7 million, up 11% YoY, marking the highest quarterly revenue in company history.
- **Profitability Expansion**: Adjusted EBITDA of $19.4 million (13.8% margin) with a 50bps gross margin improvement to 31.8%.
- **Strategic Milestone**: Entered the India market with a leading healthcare client, enhancing delivery capabilities.
- **AI Pipeline Momentum**: 75 AI opportunities in the pipeline, with 9 expected deployments in Q4, targeting FY 2026 revenue and margin contribution.
- **Client Wins**: Secured 4 new logos (HealthTech, FinTech, Retail) and expanded within top 25 clients, driven by superior performance vs. competitors.
- **Guidance Update**: Raised FY 2025 revenue guidance to $540-545 million and EBITDA to $68-70 million, alongside a $15 million share repurchase program.

**【CFO Financial Commentary】**
- **Revenue Mix Optimization**: 81% of revenue from higher-margin digital and omnichannel services (vs. 78% YoY), with offshore revenue at 51% (vs. 48% YoY).
- **Profitability Metrics**: Adjusted EPS of $0.82 (18% YoY growth), driven by share buybacks and reduced diluted shares (14.4M vs. 18.0M YoY).
- **Cash Flow Management**: Generated $3.6 million free cash flow, ending Q3 with $13 million cash and net debt of $7.6 million (down $6.1M QoQ).
- **Client Diversification**: Top 5/10/25 clients account for 38%/54%/80% of revenue, with no single client exceeding 11%.
- **AI Investment Payoff**: Wave iX AI solutions expected to deliver high-margin revenue, with AI Automate and AI Translate targeting 100% accretive growth.

**【Q&A Key Takeaways】**
- **Sequential Growth Sustainability**: Q3 defied seasonal decline vs. Q2, driven by market share gains in HealthTech and reduced competitor volumes. Q4 expected to show muted decline vs. Q3.
- **Margin Dynamics**: Year-over-year EBITDA margin decline (130bps) due to India expansion costs, but gross margin improved 50bps. AI deployments in Q4+ will offset costs.
- **AI Revenue Impact**: 75 pipeline opportunities will transition from pilots to full deployments, with FY 2026 targeting meaningful revenue and margin expansion. AI Translate is fully accretive, while AI Automate is enterprise-level accretive despite minor agent volume cannibalization.

IBEX Limited (IBEX)-8 May 25-2025 Q3 Earnings call transcript

- **Revenue Record**: Q2 FY 2025 revenue of $140.7M (+6.1% YoY) marks highest in company history.
- **Profitability Surge**: Adjusted EBITDA margin up 100bps to 11.8%, adjusted EPS +36% to $0.59.
- **AI-Driven Growth**: Wave IX solutions win 100% accretive deals, offshore revenue +14% YoY.
- **Share Buyback Boost**: 3.6M share repurchase reduces diluted shares to 14.3M, driving EPS expansion.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q2 FY 2025 revenue reached $140.7 million, up 6.1% YoY, marking the highest quarterly revenue in company history.
- **Profitability Expansion**: Adjusted EBITDA margin improved 100bps to 11.8%, with adjusted net income rising 20% YoY to $9.6 million. Adjusted EPS increased 36% to $0.59.
- **New Logo Wins**: 5 new logos closed in Q2 (8 YTD), including trophy clients with both traditional agent support and generative AI deployments.
- **AI Strategy Momentum**: Wave IX solutions drove wins in real-time translation and automation, with 100% accretive impact on revenue and profitability. Offshore revenue grew 14% YoY, and omnichannel services expanded 8% YoY.

**【CFO Financial Commentary】**
- **Revenue Drivers**: Growth in HealthTech (31% YoY), Travel/Transportation (17% YoY), and Retail (4% YoY) offset a 15% decline in FinTech. Offshore revenue now accounts for 53% of total revenue (vs. 49% YoY).
- **Margin Improvement**: Adjusted EBITDA margin expanded due to higher offshore mix, vertical growth, and site optimization. Gross margin improved 210bps YoY in Q2.
- **Share Repurchase Impact**: Repurchase of 3.6M shares reduced diluted shares to 14.3M in Q3, driving EPS growth. Free cash flow outflow narrowed to $3.2M vs. $4.5M YoY.
- **Updated Guidance**: FY 2025 revenue raised to $525-535M (prev. $515-525M), adjusted EBITDA to $68-69M (prev. $67-69M).

Actual	0.14		0.33	0.32	0.31	0.05	0.27	0.57	0.43	0.34	0.62	0.59	0.33	0.4	0.44	0.7	0.58	0.52	0.59	0.82	0.87	0.9	0.87
Forecast	0.157		0.2853	0.225	0.1607	0.2721	0.3437	0.3977	0.4509	0.2693	0.4044	0.386	0.4899	0.3624	0.5035	0.52	0.525	0.475	0.505	0.74	0.7	0.735	0.785
Surprise	-10.83%	0.00%	+15.67%	+42.22%	+92.91%	-81.62%	-21.44%	+43.32%	-4.64%	+26.25%	+53.31%	+52.85%	-32.64%	+10.38%	-12.61%	+34.62%	+10.48%	+9.47%	+16.83%	+10.81%	+24.29%	+22.45%	+10.83%

IBEX

IBEX fundamentals

IBEX Q2 2026 Earnings

Earnings Call

You can ask Aime

IBEX

IBEX fundamentals

IBEX Q2 2026 Earnings

Earnings Call

IBEX Earnings Call Summary for Q2/20264:30 PM on Feb 5, 2026

IBEX Earnings Call Summary for Q1/20264:30 PM on Nov 6, 2025

IBEX Earnings Call Summary for Q4/20254:30 PM on Sep 11, 2025

IBEX Earnings Call Summary for Q3/20254:30 PM on May 8, 2025

IBEX Earnings Call Summary for Q2/20254:30 PM on Feb 6, 2025

You can ask Aime