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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

IBEX

IBEX fundamentals

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