IBEX Limited (“ibex”), a leading global provider of outsourced
CX solutions, today announced financial results for three and six
months ended December 31, 2020.
“In May 2015, when I joined ibex as CEO, I set
out on a vision to be a growth leader, a leader in the nearshore
markets and to push to and above 15% adjusted EBITDA,” said Bob
Dechant, Chief Executive Officer of ibex. “I am proud to report
that we are achieving each of these goals and delivered a record
second quarter. Revenues increased to an all-time high of $117.2
million, as our organic growth continues to outpace the industry.
We received the very prestigious Frost and Sullivan Central America
and Caribbean CX Company of the year award which validates and
distinguishes our success in the nearshore market. And lastly, we
reported 15% adjusted EBITDA for the quarter!”
Dechant continued, “We had full focus on
execution this quarter – delivering on the critical seasonal ramps
for our clients. As evidenced by our results, we had a stellar
quarter of performance. Despite the growing cases of COVID-19
throughout the world, we continued managing all of our centers and
kept all of our Work@Home employees operational. In addition,
during the quarter we launched a new center in Jamaica, expanded in
the Philippines, we won several key new logos, and we grew our
sales pipeline to position us for growth in the second half of 2021
and beyond.”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.
Conference Call and Webcast Information
IBEX Limited will host a conference call and
live webcast to discuss its second quarter of fiscal year 2021
financial results at 4:30 p.m. Eastern Time today, February 18,
2021. To access the conference call, dial (833) 614-1408 for the
U.S. or Canada, or for international callers (914) 987-7129 and
provide conference ID 6963453. The webcast will be available live
on the Investors section of ibex's website
at: https://investors.ibex.co/.
An audio replay of the call will also be
available to investors beginning at approximately 7:30 p.m. Eastern
Time on February 18, 2021, until 7:30 p.m. Eastern Time on February
25, 2021, by dialing (855) 859-2056 for the U.S. or Canada, or for
international callers, (404) 537-3406 and entering passcode
6963453. In addition, an archived webcast will be available on the
Investors section of ibex's website
at: https://investors.ibex.co/.
Financial Information
While the financial figures included in this
press release have been computed in accordance with International
Financial Reporting Standards (“IFRS”) as issued by the
International Accounting Standards Board (“IASB”) applicable to
interim periods, this announcement does not contain sufficient
information to constitute an interim financial report as defined in
International Accounting Standards 34, “Interim Financial
Reporting.” The financial information in this press release has not
been audited.
ibex is not providing a quantitative
reconciliation of forward-looking non-GAAP adjusted EBITDA to the
most directly comparable IFRS 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, fair value
adjustments, share-based compensation expense, and impairment of
assets. These items are uncertain, depend on various factors, and
could have a material impact on IFRS reported results for the
guidance period.
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 depict the true performance of
the business by encompassing only relevant and controllable 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 and have limitations
as analytical tools and should not be considered in isolation or as
a substitute for analysis of our operating results as reported
under IFRS as issued by the IASB. Non-GAAP financial measures and
ratios are not measurements of our performance, financial condition
or liquidity under IFRS as issued by the IASB 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 IFRS as issued by the IASB or
any other generally accepted accounting principles.
About ibex
ibex helps the world’s preeminent brands more
effectively engage their customers with services ranging from
customer support, technical support, inbound/outbound sales,
business intelligence and analytics, digital demand generation, and
CX surveys and feedback analytics.
Forward Looking Statements
In addition to historical information, this
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,” 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:
developments relating to COVID-19; the Frontier restructuring and
its proceedings under Chapter 11 of the United States Bankruptcy
Code; our ability to attract new business and retain key clients;
our ability to enter into multi-year contracts with our clients at
appropriate rates; the potential for our clients or potential
clients to consolidate; our clients deciding to enter into or
further expand their insourcing activities; our ability to operate
as an integrated company under the ibex brand; our ability to
manage portions of our business that have long sales cycles and
long implementation cycles that require significant resources and
working capital; our ability to manage our international
operations, particularly in Pakistan and the Philippines and
increasingly in Jamaica and Nicaragua; our ability to comply with
applicable laws and regulations, including those regarding privacy,
data protection and information security; our ability to manage the
inelasticity of our labor costs relative to short-term movements in
client demand; our ability to realize the anticipated strategic and
financial benefits of our relationship with Amazon; our ability to
recruit, engage, motivate, manage and retain our global workforce;
our ability to anticipate, develop and implement information
technology solutions that keep pace with evolving industry
standards and changing client demands; our ability to maintain and
enhance our reputation and brand; and other factors discussed under
the heading “Risk Factors” in our annual report on Form 20-F filed
with the U.S. Securities and Exchange Commission on October 23,
2020 and any other risk factors we include in subsequent reports on
Form 6-K. 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.
Media Contact: Barry Canty, Senior Vice
President of Marketing, ibex, (323) 217-5428,
barry.canty@ibex.co
IR Contact: Brinlea Johnson, The Blueshirt
Group, 415.269.2645, brinlea@blueshirtgroup.com
IBEX
Limited |
Unaudited
Consolidated Statements of Financial Position |
|
|
|
|
US$ in thousands |
December 31, 2020 |
|
June 30, 2020 |
Assets |
|
|
|
Non-current assets |
|
|
|
Goodwill |
$ |
11,832 |
|
|
$ |
11,832 |
|
Other intangible assets |
|
3,174 |
|
|
|
2,781 |
|
Property and equipment |
|
103,397 |
|
|
|
84,588 |
|
Investment in joint venture |
|
330 |
|
|
|
331 |
|
Deferred tax asset |
|
2,400 |
|
|
|
2,223 |
|
Warrant asset |
|
2,161 |
|
|
|
2,611 |
|
Other assets |
|
5,532 |
|
|
|
4,834 |
|
Total non-current assets |
$ |
128,826 |
|
|
$ |
109,200 |
|
|
|
|
|
Current assets |
|
|
|
Trade and other receivables |
|
74,056 |
|
|
|
62,579 |
|
Due from related parties |
|
1,922 |
|
|
|
1,587 |
|
Cash and cash equivalents |
|
74,615 |
|
|
|
21,870 |
|
Total current assets |
$ |
150,593 |
|
|
$ |
86,036 |
|
Total assets |
$ |
279,419 |
|
|
$ |
195,236 |
|
|
|
|
|
Equity and liabilities |
|
|
|
Equity attributable to owners of the parent |
|
|
|
Share capital |
$ |
2 |
|
|
$ |
12 |
|
Additional paid-in capital |
|
158,008 |
|
|
|
96,207 |
|
Other reserves |
|
31,889 |
|
|
|
29,456 |
|
Accumulated deficit |
|
(114,470 |
) |
|
|
(109,527 |
) |
Total equity |
$ |
75,429 |
|
|
$ |
16,148 |
|
|
|
|
|
Non-current liabilities |
|
|
|
Deferred revenue |
$ |
1,725 |
|
|
$ |
434 |
|
Lease liabilities |
|
72,587 |
|
|
|
62,044 |
|
Borrowings |
|
4,217 |
|
|
|
3,782 |
|
Deferred tax liability |
|
87 |
|
|
|
117 |
|
Other non-current liabilities |
|
13,304 |
|
|
|
7,058 |
|
Total non-current liabilities |
$ |
91,920 |
|
|
$ |
73,435 |
|
|
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
$ |
51,158 |
|
|
$ |
53,213 |
|
Income tax payables |
|
3,200 |
|
|
|
3,087 |
|
Lease liabilities |
|
10,858 |
|
|
|
12,668 |
|
Borrowings |
|
37,701 |
|
|
|
27,476 |
|
Deferred revenue |
|
4,825 |
|
|
|
3,470 |
|
Due to related parties |
|
4,328 |
|
|
|
5,739 |
|
Total current liabilities |
$ |
112,070 |
|
|
$ |
105,653 |
|
Total liabilities |
$ |
203,990 |
|
|
$ |
179,088 |
|
Total equity and liabilities |
$ |
279,419 |
|
|
$ |
195,236 |
|
|
|
|
|
IBEX
Limited |
Unaudited
Consolidated Statements of Profit or Loss and Other Comprehensive
Income / (Loss) |
|
|
|
|
|
|
|
Three months ended December 31, |
|
Six months ended December 31, |
US$ in thousands, except share and per share amounts |
2020 |
2019 |
|
2020 |
2019 |
Revenue |
$ |
117,181 |
|
$ |
107,784 |
|
|
$ |
225,952 |
|
$ |
203,131 |
|
|
|
|
|
|
|
Payroll and
related costs |
|
78,960 |
|
|
73,185 |
|
|
|
151,224 |
|
|
139,240 |
|
Share-based
payments |
|
617 |
|
|
51 |
|
|
|
2,706 |
|
|
93 |
|
Reseller
commission and lead expenses |
|
3,399 |
|
|
4,505 |
|
|
|
7,501 |
|
|
9,326 |
|
Depreciation
and amortization |
|
6,983 |
|
|
6,413 |
|
|
|
13,422 |
|
|
12,113 |
|
Other
operating costs |
|
20,888 |
|
|
16,017 |
|
|
|
45,678 |
|
|
30,153 |
|
Income from operations |
$ |
6,334 |
|
$ |
7,613 |
|
|
$ |
5,421 |
|
$ |
12,206 |
|
|
|
|
|
|
|
Finance
expenses |
|
(2,374 |
) |
|
(2,507 |
) |
|
|
(4,613 |
) |
|
(4,814 |
) |
Income before taxation |
$ |
3,960 |
|
$ |
5,106 |
|
|
$ |
808 |
|
$ |
7,392 |
|
|
|
|
|
|
|
Income tax
expense |
|
(1,472 |
) |
|
(349 |
) |
|
|
(1,743 |
) |
|
(299 |
) |
Net
income / (loss) |
$ |
2,488 |
|
$ |
4,757 |
|
|
$ |
(935 |
) |
$ |
7,093 |
|
|
|
|
|
|
|
Other comprehensive income / (loss) |
|
|
|
|
|
|
|
|
|
|
|
Items that
will be subsequently reclassified to profit or loss |
|
|
|
|
|
Foreign
currency translation adjustment |
$ |
(77 |
) |
$ |
(62 |
) |
|
$ |
(113 |
) |
$ |
(32 |
) |
Cash flow
hedge - changes in fair value |
|
52 |
|
|
- |
|
|
|
85 |
|
|
- |
|
|
$ |
(25 |
) |
$ |
(62 |
) |
|
$ |
(28 |
) |
$ |
(32 |
) |
Total comprehensive income / (loss) |
$ |
2,463 |
|
$ |
4,695 |
|
|
$ |
(963 |
) |
$ |
7,061 |
|
|
|
|
|
|
|
Earnings per share attributable to the ordinary equity
holders of the parent |
|
|
|
|
|
Basic |
$ |
0.14 |
|
$ |
- |
|
|
$ |
(0.05 |
) |
$ |
- |
|
Diluted |
$ |
0.13 |
|
$ |
- |
|
|
$ |
(0.05 |
) |
$ |
- |
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
Basic |
|
17,988,508 |
|
|
12,556,972 |
|
|
|
17,183,501 |
|
|
12,556,972 |
|
Diluted |
|
18,719,169 |
|
|
12,755,131 |
|
|
|
17,931,867 |
|
|
12,755,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
IBEX
Limited |
|
Unaudited
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Six months ended December 31, |
|
US$ in thousands |
2020 |
|
2019 |
|
2020 |
|
2019 |
|
CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Income before taxation |
$ |
3,960 |
|
|
$ |
5,105 |
|
|
$ |
808 |
|
|
$ |
7,391 |
|
|
Adjustments to reconcile income before taxation to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
6,983 |
|
|
|
6,413 |
|
|
|
13,422 |
|
|
|
12,113 |
|
|
Amortization of warrant asset |
|
243 |
|
|
|
300 |
|
|
|
448 |
|
|
|
535 |
|
|
(Gain) / loss on disposal of fixed assets |
|
- |
|
|
|
16 |
|
|
|
(192 |
) |
|
|
16 |
|
|
Foreign currency translation loss |
|
55 |
|
|
|
206 |
|
|
|
203 |
|
|
|
359 |
|
|
Fair value adjustment |
|
2,159 |
|
|
|
133 |
|
|
|
5,745 |
|
|
|
882 |
|
|
Phantom expense |
|
129 |
|
|
|
15 |
|
|
|
254 |
|
|
|
28 |
|
|
Share-based payments |
|
488 |
|
|
|
36 |
|
|
|
2,452 |
|
|
|
65 |
|
|
Provision for retirement benefit expense |
|
66 |
|
|
|
108 |
|
|
|
144 |
|
|
|
134 |
|
|
Allowance of expected credit losses |
|
209 |
|
|
|
157 |
|
|
|
452 |
|
|
|
97 |
|
|
Share of profit from investment in joint venture |
|
(103 |
) |
|
|
(175 |
) |
|
|
(226 |
) |
|
|
(339 |
) |
|
Finance costs |
|
2,374 |
|
|
|
2,507 |
|
|
|
4,613 |
|
|
|
4,814 |
|
|
(Increase) / decrease in trade and other receivables |
|
(257 |
) |
|
|
7,860 |
|
|
|
(10,984 |
) |
|
|
3,197 |
|
|
Increase in prepayments and other assets |
|
(381 |
) |
|
|
(63 |
) |
|
|
(697 |
) |
|
|
(536 |
) |
|
(Decrease) / increase in trade and other payables and other
liabilities |
|
(8,101 |
) |
|
|
(879 |
) |
|
|
1,052 |
|
|
|
(3,817 |
) |
|
Cash generated from operations |
|
7,824 |
|
|
|
21,739 |
|
|
|
17,494 |
|
|
|
24,939 |
|
|
Interest paid |
|
(2,374 |
) |
|
|
(2,507 |
) |
|
|
(4,613 |
) |
|
|
(4,814 |
) |
|
Income taxes paid |
|
(1,163 |
) |
|
|
(657 |
) |
|
|
(2,655 |
) |
|
|
(763 |
) |
|
Net cash inflow from operating activities |
$ |
4,287 |
|
|
$ |
18,575 |
|
|
$ |
10,226 |
|
|
$ |
19,362 |
|
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
$ |
(5,804 |
) |
|
$ |
(2,039 |
) |
|
$ |
(8,705 |
) |
|
$ |
(2,239 |
) |
|
Purchase of other intangible assets |
|
(557 |
) |
|
|
(17 |
) |
|
|
(867 |
) |
|
|
(165 |
) |
|
Capital repayment from joint venture |
|
112 |
|
|
|
124 |
|
|
|
227 |
|
|
|
195 |
|
|
Net
cash outflow from investing activities |
$ |
(6,249 |
) |
|
$ |
(1,932 |
) |
|
$ |
(9,345 |
) |
|
$ |
(2,209 |
) |
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from line of credit |
$ |
34,231 |
|
|
$ |
43,419 |
|
|
$ |
66,575 |
|
|
$ |
78,211 |
|
|
Repayments of line of credit |
|
(23,908 |
) |
|
|
(54,320 |
) |
|
|
(55,296 |
) |
|
|
(81,018 |
) |
|
Proceeds from borrowings |
|
- |
|
|
|
- |
|
|
|
1,714 |
|
|
|
1,000 |
|
|
Repayment of borrowings |
|
(3,031 |
) |
|
|
(1,690 |
) |
|
|
(5,827 |
) |
|
|
(3,389 |
) |
|
Payment of related party loan |
|
(1,614 |
) |
|
|
- |
|
|
|
(1,614 |
) |
|
|
- |
|
|
Net proceeds from initial public offering |
|
- |
|
|
|
- |
|
|
|
63,107 |
|
|
|
- |
|
|
Payment of listing related cost |
|
(227 |
) |
|
|
- |
|
|
|
(1,052 |
) |
|
|
- |
|
|
Principal payments on lease obligations |
|
(8,575 |
) |
|
|
(3,145 |
) |
|
|
(11,630 |
) |
|
|
(6,145 |
) |
|
Dividends paid |
|
- |
|
|
|
(121 |
) |
|
|
(4,000 |
) |
|
|
(121 |
) |
|
Net
cash (outflow) / inflow from financing activities |
$ |
(3,124 |
) |
|
$ |
(15,857 |
) |
|
$ |
51,977 |
|
|
$ |
(11,462 |
) |
|
Effects of exchange rate difference on cash and cash
equivalents |
|
(78 |
) |
|
|
(62 |
) |
|
|
(113 |
) |
|
|
(33 |
) |
|
Net (decrease) / increase in cash and cash equivalents |
$ |
(5,164 |
) |
|
$ |
724 |
|
|
$ |
52,745 |
|
|
$ |
5,658 |
|
|
Cash and cash equivalents at beginning of the period |
$ |
79,779 |
|
|
$ |
13,807 |
|
|
$ |
21,870 |
|
|
$ |
8,873 |
|
|
Cash
and cash equivalents at end of the period |
$ |
74,615 |
|
|
$ |
14,531 |
|
|
$ |
74,615 |
|
|
$ |
14,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IBEX
LimitedReconciliation of IFRS Financial Measures
to Non-GAAP Financial Measures
EXHIBIT 1: Adjusted net income and pro forma fully
diluted adjusted earnings per share
We define “Adjusted net income” as net income /
(loss) before the effect of the following items: non-recurring
expenses (including litigation and settlement expenses, costs
related to COVID-19, and expenses related to our initial public
offering), other income, fair value adjustment related to the
Amazon warrant, share-based payments, foreign exchange gains or
losses, and impairment losses, as applicable, net of the tax effect
of such adjustments. We define “pro forma fully diluted adjusted
earnings per share” as Adjusted net income for the period divided
by the weighted average fully diluted shares outstanding for the
current periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended December 31, |
|
Six months
ended December 31, |
|
|
2020 |
2019 |
|
2020 |
|
2019 |
|
US$ in thousands, except share and per share amounts |
Amount |
Per Share |
Amount |
Per Share |
|
Amount |
Per Share |
|
Amount |
Per Share |
|
Net income / (loss) |
$ |
2,488 |
|
$ |
0.13 |
|
$ |
4,757 |
|
$ |
0.25 |
|
(3) |
$ |
(935 |
) |
$ |
(0.05 |
) |
|
$ |
7,093 |
|
$ |
0.40 |
|
(3) |
Non-recurring expenses |
|
1,593 |
|
$ |
0.09 |
|
|
596 |
|
$ |
0.03 |
|
|
|
5,991 |
|
$ |
0.33 |
|
|
|
596 |
|
$ |
0.03 |
|
|
Other
income |
|
(140 |
) |
$ |
(0.01 |
) |
|
(188 |
) |
$ |
(0.01 |
) |
|
|
(291 |
) |
$ |
(0.02 |
) |
|
|
(387 |
) |
$ |
(0.02 |
) |
|
Fair value
adjustment |
|
2,159 |
|
$ |
0.12 |
|
|
133 |
|
$ |
0.01 |
|
|
|
5,745 |
|
$ |
0.32 |
|
|
|
882 |
|
$ |
0.05 |
|
|
Share-based
payments |
|
617 |
|
$ |
0.03 |
|
|
51 |
|
$ |
0.00 |
|
|
|
2,706 |
|
$ |
0.15 |
|
|
|
93 |
|
$ |
0.01 |
|
|
Foreign
exchange losses |
|
55 |
|
$ |
0.00 |
|
|
206 |
|
$ |
0.01 |
|
|
|
203 |
|
$ |
0.01 |
|
|
|
359 |
|
$ |
0.02 |
|
|
Total adjustments |
$ |
4,284 |
|
$ |
0.23 |
|
$ |
798 |
|
$ |
0.04 |
|
|
$ |
14,354 |
|
$ |
0.80 |
|
|
$ |
1,543 |
|
$ |
0.09 |
|
|
Tax impact
of adjustments(1) |
|
(611 |
) |
$ |
(0.03 |
) |
|
38 |
|
$ |
0.00 |
|
|
|
(2,057 |
) |
$ |
(0.11 |
) |
|
|
101 |
|
$ |
0.01 |
|
|
Adjusted net income |
$ |
6,161 |
|
$ |
0.33 |
|
$ |
5,593 |
|
$ |
0.30 |
|
|
$ |
11,363 |
|
$ |
0.63 |
|
|
$ |
8,737 |
|
$ |
0.49 |
|
|
Adjusted net income margin |
|
5.3 |
% |
|
|
5.2 |
% |
|
|
|
5.0 |
% |
|
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS Weighted average fully diluted shares outstanding |
|
18,719,169 |
|
|
|
12,755,131 |
|
|
|
|
17,931,867 |
|
|
|
|
12,755,131 |
|
|
|
Adjustment for share re-capitalization on August 7, 2020 |
|
- |
|
|
|
5,964,039 |
|
|
|
|
- |
|
|
|
|
5,176,736 |
|
|
|
Pro
forma fully diluted shares outstanding and pro forma adjusted
earnings per share(2) |
|
18,719,169 |
|
$ |
0.33 |
|
|
18,719,169 |
|
$ |
0.30 |
|
|
|
17,931,867 |
|
$ |
0.63 |
|
|
|
17,931,867 |
|
$ |
0.49 |
|
|
(1) The tax impact of each adjustment is
calculated using the effective tax rate in the relevant
jurisdiction.(2) We provide “pro forma fully diluted adjusted
earnings per share” because the share structure for the prior year
does not reflect the re-capitalization that occurred in connection
with ibex’s initial public offering on August 7, 2020. For purposes
of this calculation, we have included 18,719,169 shares for the
three months ended December 31, 2019, and 17,931,867 shares for the
six months ended December 31, 2019, the weighted average fully
diluted shares outstanding for the three and six months ended
December 31, 2020, respectively, in order to enhance comparability
between the current and prior year periods. Beginning with the
first quarter of fiscal year 2022, our share structure will be
comparable year over year, and this measure will reflect the
respective periods’ weighted average fully diluted shares
outstanding.(3) On an IFRS basis, this amount is $0.00. For
purposes of this reconciliation, it represents the proforma impact
of the share re-capitalization on August 7, 2020.
EXHIBIT 2: EBITDA and Adjusted EBITDA
We define “EBITDA” as net (loss) / income before
the effect of the following items: finance expenses (including
finance costs related to lease liabilities), income tax expense /
(benefit), and depreciation and amortization (including
depreciation of right-of-use assets). We define “Adjusted EBITDA”
as EBITDA before the effect of the following items: non-recurring
expenses (including litigation and settlement expenses, costs
related to COVID-19, and expenses related to our initial public
offering), other income, fair value adjustment related to the
Amazon warrant, share-based payments, foreign exchange gains or
losses, and impairment losses, as applicable.
|
Three months
ended December 31, |
Six months
ended December 31, |
US$ in thousands |
2020 |
2019 |
2020 |
2019 |
Net income / (loss) |
$ |
2,488 |
|
$ |
4,757 |
|
|
$ |
(935 |
) |
$ |
7,093 |
|
Finance
expense |
|
2,374 |
|
|
2,507 |
|
|
|
4,613 |
|
|
4,814 |
|
Income tax
expense |
|
1,472 |
|
|
349 |
|
|
|
1,743 |
|
|
299 |
|
Depreciation
and amortization |
|
6,983 |
|
|
6,413 |
|
|
|
13,422 |
|
|
12,113 |
|
EBITDA |
$ |
13,317 |
|
$ |
14,026 |
|
|
$ |
18,843 |
|
$ |
24,319 |
|
Non-recurring expenses |
|
1,593 |
|
|
596 |
|
|
|
5,991 |
|
|
596 |
|
Other
income |
|
(140 |
) |
|
(188 |
) |
|
|
(291 |
) |
|
(387 |
) |
Fair value
adjustment |
|
2,159 |
|
|
133 |
|
|
|
5,745 |
|
|
882 |
|
Share-based
payments |
|
617 |
|
|
51 |
|
|
|
2,706 |
|
|
93 |
|
Foreign
exchange losses |
|
55 |
|
|
206 |
|
|
|
203 |
|
|
359 |
|
Adjusted EBITDA |
$ |
17,601 |
|
$ |
14,824 |
|
|
$ |
33,197 |
|
$ |
25,862 |
|
Adjusted EBITDA margin |
|
15.0 |
% |
|
13.8 |
% |
|
|
14.7 |
% |
|
12.7 |
% |
|
|
|
|
|
|
EXHIBIT 3: Free cash flow
We define “free cash flow” as net cash provided
by operating activities less capital expenditures and lease
payments on right-of-use assets.
|
|
|
|
|
|
|
Three months ended December 31, |
|
Six months ended December 31, |
US$ in thousands |
2020 |
2019 |
|
2020 |
2019 |
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
4,287 |
|
$ |
18,575 |
|
$ |
10,226 |
|
$ |
19,362 |
|
|
|
|
|
|
Less: |
|
|
|
|
|
Capital
expenditures |
|
7,165 |
|
|
4,094 |
|
|
11,690 |
|
|
13,432 |
Lease
payments on right-of-use assets |
|
2,843 |
|
|
2,338 |
|
|
5,171 |
|
|
4,727 |
Free
cash flow |
$ |
(5,721 |
) |
$ |
12,143 |
|
$ |
(6,635 |
) |
$ |
1,203 |
|
|
|
|
|
|
EXHIBIT 4: Net debtWe define “net debt” as
total borrowings less cash and cash equivalents.
|
|
|
US$ in thousands |
December 31, 2020 |
June 30, 2020 |
Borrowings |
|
|
Non-current |
$ |
4,217 |
$ |
3,782 |
Current |
|
37,701 |
|
27,476 |
|
$ |
41,918 |
$ |
31,258 |
Leases |
|
|
Non-current |
|
72,587 |
|
62,044 |
Current |
|
10,858 |
|
12,668 |
|
$ |
83,445 |
$ |
74,712 |
Total
Debt |
$ |
125,363 |
$ |
105,970 |
Cash |
|
74,615 |
|
21,870 |
Net
debt |
$ |
50,748 |
$ |
84,100 |
IBEX (NASDAQ:IBEX)
Historical Stock Chart
From Mar 2024 to Apr 2024
IBEX (NASDAQ:IBEX)
Historical Stock Chart
From Apr 2023 to Apr 2024