IBEX Limited (“ibex”), a leading global provider in business
process outsourcing and end-to-end customer engagement technology
solutions, today announced financial results for its first fiscal
quarter ended September 30, 2021.
“We are continuing to make strong progress on
our strategic growth initiatives, with a focus on our omni-channel
customer offering, and new, technology-led clients,” said Bob
Dechant, CEO of ibex. “We remain on a trajectory to meet our
financial goals for fiscal 2022 while continuing to invest in our
business and in our customers’ success.”
Dechant continued, “While our top line growth
paused for the first time in 16 quarters, driven by one-time events
last year within our legacy top 3 client group, our growth engine,
comprised of new clients won since FY16 who are adopting our
omni-channel and WaveX capabilities, now make up 62% of our
business, up from 46% compared to the year ago quarter, and
continue to grow at an explosive rate.
As of this quarter, our largest client is now
one of the most valued companies on the planet, continues to grow
at double digit rates with ibex, and is truly a partner with
partial ownership in our business. As a result, and as we indicated
last quarter, we expect our growth to resume and accelerate in Q2
and beyond.
Our growth in spending this quarter outpaced our
revenue growth as we onboard new clients that will come online
during the remainder of the fiscal year. We are also investing in
key long-term growth initiatives, which we expect will drive
significant long-term value creation. Accordingly, we expect
adjusted EBITDA margin to improve in Q2 and beyond as this business
and our new geographies begin to ramp.”
First Quarter of Fiscal Year 2022
Financial Highlights
Revenue
- Revenue was flat at $108.6 million, compared to $108.8 million
in the prior year quarter.
- Current quarter revenue was impacted by significant decreases
related to our legacy top 3 clients, which now represents only 25%
of our revenue.
- Revenue related to our new clients won since FY16 grew 34%
compared to the prior year quarter.
- Revenue related to digital marketing decreased year over year
primarily due to lower affiliate marketing volumes.
- $3.5 million of net training revenue deferred in the quarter
compared to $1.2 million net deferred in the prior year quarter. We
expect this training to drive significant future revenue
growth.
Net Income / (Loss)
- Net income was $3.0 million,
compared to net loss of $3.4 million in the prior year
quarter.
- Net income / (loss) margin
increased to 2.8%, compared to (3.1)% in the prior year
quarter.
- Non-GAAP adjusted net income was
$0.9 million, compared to $5.5 million in the prior year quarter
(see Exhibit 1 for reconciliation).
- Non-GAAP adjusted net income margin
was 0.8%, compared to 5.0% in the prior year quarter (see Exhibit 1
for reconciliation).
- The Company will recognize a
deferred tax benefit of approximately $4.0 million by the end of
fiscal year 2022 as the result of a legal entity tax reorganization
completed this quarter.
Adjusted EBITDA
- Non-GAAP adjusted EBITDA was $11.5
million, compared to $15.8 million in the prior year quarter (see
Exhibit 2 for reconciliation).
- Non-GAAP adjusted EBITDA margin was
10.6%, compared to 14.5% in the prior year quarter (see Exhibit 2
for reconciliation).
- Adjusted EBITDA margin decreased
primarily due to significant costs related to ramping new business
in the quarter, lower digital marketing volumes, and long term
investments in our sales and marketing organization and
cyber-security technologies.
Earnings / (Loss) Per Share
- IFRS basic and
fully diluted earnings per share was $0.17 and $0.16, compared to
IFRS basic and fully diluted loss per share of $0.21 in the prior
year quarter.
- Non-GAAP adjusted fully diluted
earnings per share was $0.05, compared to $0.32 in the prior year
quarter (see Exhibit 1 for reconciliation).
Cash Flow and Balance Sheet
-
Cash flow from operations grew 16% year over year to $6.9
million.
-
Growth capex increased to $5.3 million as we invest for the
future and expand our capacity across both existing and new
geographies.
-
Cash and cash equivalents were $54.0 million, total borrowings were
$28.3 million, and lease liabilities were $86.6 million as of
September 30, 2021, compared to cash and cash equivalents of $57.8
million, total borrowings of $28.5 million, and lease liabilities
of $84.0 million as of June 30, 2021.
Business Highlights
- We have a new #1 client, as defined
by revenue over the last twelve months, who is the leading
technology provider and marketplace in the world, and continues to
grow at an impressive rate.
- Won 9 new clients, primarily
Digital First companies in the Retail and E-Commerce, FinTech, and
HealthTech verticals.
- Top 3 client concentration
decreased to 28.7% of revenue from 38.1% in the prior year.
- Telecommunications vertical
decreased to 21.5% of revenue from 33.5% in the prior year.
- Added over 860 seats in high margin
nearshore and offshore locations.
Fiscal Year 2022 Business
Outlook
We are reaffirming our fiscal year 2022 guidance
provided last quarter.
- Fiscal year 2022 organic revenue
growth of 7% to 9%. Revenue growth will accelerate beginning in the
second quarter as we onboard new capacity.
- Adjusted EBITDA of $69.0 million to
$71.0 million.
- Capex of $30.0 million to $35.0
million. We expect to return to significantly lower, normalized
capex spend when social distancing restrictions subside.
Conference Call and Webcast
InformationIBEX Limited will host a conference call and
live webcast to discuss its first quarter of fiscal year 2022
financial results at 4:30 p.m. Eastern Time today, November 22,
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 3885337. 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 November 22, 2021, until 7:30 p.m. Eastern Time on November
29, 2021, by dialing (855) 859-2056 for the U.S. or Canada, or for
international callers, (404) 537-3406 and entering passcode
3885337. In addition, an archived webcast will be available on the
Investors section of ibex’s website
at: https://investors.ibex.co/.
Financial InformationThis
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.
Non-GAAP Financial MeasuresWe
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 are a more accurate depiction the performance of the
business by encompassing only relevant and manageable 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, 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.
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, and share-based compensation expense. These items are
uncertain, depend on various factors, and could have a material
impact on IFRS reported results for the guidance period.
About ibexibex 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 StatementsIn
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; 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 14,
2021 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: Brad Jones,
Senior Director, PR & Communications, ibex, 720.882.7343,
Brad.Jones@ibex.co
IR Contact: Daniel Bellehsen,
Executive Vice President, Investor Relations & Corporate
Development, ibex, Dan.Bellehsen@ibex.co
IBEX LimitedUnaudited
Consolidated Statements of Financial Position
|
|
|
|
|
|
|
September 30, |
|
June 30, |
US$ in
thousands |
2021 |
|
|
2021 |
|
Assets |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
53,986 |
|
|
$ |
57,842 |
|
Trade and other receivables |
|
91,294 |
|
|
|
81,104 |
|
Due from related parties |
|
1,098 |
|
|
|
1,755 |
|
Warrant asset |
|
866 |
|
|
|
673 |
|
Total current
assets |
$ |
147,244 |
|
|
$ |
141,374 |
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
Property and equipment |
$ |
35,758 |
|
|
$ |
30,828 |
|
Right of use assets |
|
77,939 |
|
|
|
75,875 |
|
Goodwill |
|
11,832 |
|
|
|
11,832 |
|
Other intangible assets |
|
3,240 |
|
|
|
3,209 |
|
Warrant asset |
|
1,520 |
|
|
|
1,420 |
|
Investment in joint venture |
|
276 |
|
|
|
258 |
|
Deferred tax asset |
|
4,130 |
|
|
|
4,252 |
|
Other assets |
|
5,508 |
|
|
|
5,239 |
|
Total non-current
assets |
$ |
140,203 |
|
|
$ |
132,913 |
|
Total
assets |
$ |
287,447 |
|
|
$ |
274,287 |
|
|
|
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Trade and other payables |
$ |
61,567 |
|
|
$ |
54,863 |
|
Deferred revenue |
|
5,837 |
|
|
|
4,077 |
|
Lease liabilities |
|
13,780 |
|
|
|
12,121 |
|
Borrowings |
|
26,950 |
|
|
|
26,716 |
|
Due to related parties |
|
3,699 |
|
|
|
4,275 |
|
Income tax payables |
|
4,102 |
|
|
|
3,663 |
|
Total current
liabilities |
$ |
115,935 |
|
|
$ |
105,715 |
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
Deferred revenue |
$ |
4,646 |
|
|
$ |
3,010 |
|
Lease liabilities |
|
72,799 |
|
|
|
71,878 |
|
Borrowings |
|
1,354 |
|
|
|
1,801 |
|
Deferred tax liability |
|
86 |
|
|
|
86 |
|
Other non-current liabilities |
|
9,167 |
|
|
|
11,138 |
|
Total non-current
liabilities |
$ |
88,052 |
|
|
$ |
87,913 |
|
Total
liabilities |
$ |
203,987 |
|
|
$ |
193,628 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital |
$ |
2 |
|
|
$ |
2 |
|
Additional paid-in capital |
|
158,157 |
|
|
|
158,157 |
|
Other reserves |
|
32,967 |
|
|
|
33,180 |
|
Accumulated deficit |
|
(107,666 |
) |
|
|
(110,680 |
) |
Total
equity |
$ |
83,460 |
|
|
$ |
80,659 |
|
Total liabilities and
equity |
$ |
287,447 |
|
|
$ |
274,287 |
|
|
|
|
|
|
|
IBEX LimitedUnaudited
Consolidated Statements of Profit or Loss and
Other Comprehensive Income / (Loss)
|
|
|
|
|
|
|
Quarter ended September 30, |
US$ in
thousands, except share and per share amounts |
2021 |
|
|
2020 |
|
Revenue |
$ |
108,573 |
|
|
$ |
108,771 |
|
|
|
|
|
|
|
Payroll and related costs |
|
76,437 |
|
|
|
72,264 |
|
Share-based
payments |
|
360 |
|
|
|
2,089 |
|
Reseller commission and lead
expenses |
|
3,192 |
|
|
|
4,102 |
|
Depreciation and
amortization |
|
7,643 |
|
|
|
6,439 |
|
Fair value measurement of
share warrants |
|
(2,800 |
) |
|
|
3,586 |
|
Other operating costs |
|
18,024 |
|
|
|
21,204 |
|
Income / (loss) from
operations |
$ |
5,717 |
|
|
$ |
(913 |
) |
|
|
|
|
|
|
Finance expenses |
$ |
(2,110 |
) |
|
$ |
(2,239 |
) |
Income / (loss) before
taxation |
$ |
3,607 |
|
|
$ |
(3,152 |
) |
|
|
|
|
|
|
Income tax expense |
$ |
(593 |
) |
|
$ |
(271 |
) |
Net income /
(loss) |
$ |
3,014 |
|
|
$ |
(3,423 |
) |
|
|
|
|
|
|
Other comprehensive
income / (loss) |
|
|
|
|
|
|
|
|
|
|
|
Items that will be
subsequently reclassified to profit or loss |
|
|
|
|
|
Foreign currency translation
adjustment |
$ |
(445 |
) |
|
$ |
(36 |
) |
Cash flow hedges - changes in
fair value |
|
(311 |
) |
|
|
33 |
|
|
$ |
(756 |
) |
|
$ |
(3 |
) |
Total comprehensive
income / (loss) for the period |
$ |
2,258 |
|
|
$ |
(3,426 |
) |
|
|
|
|
|
|
Earnings / (loss) per
share |
|
|
|
|
|
Basic |
$ |
0.17 |
|
|
$ |
(0.21 |
) |
Diluted |
$ |
0.16 |
|
|
$ |
(0.21 |
) |
|
|
|
|
|
|
Weighted average
shares outstanding |
|
|
|
|
|
Basic |
|
18,246,672 |
|
|
|
16,368,143 |
|
Diluted |
|
18,849,139 |
|
|
|
16,368,143 |
|
IBEX LimitedUnaudited
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
Quarter ended September 30, |
US$ in
thousands |
2021 |
|
|
2020 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
Income / (loss) before taxation |
$ |
3,607 |
|
|
$ |
(3,152 |
) |
Adjustments to reconcile income before taxation to net cash
provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
7,643 |
|
|
|
6,439 |
|
Amortization of warrant asset |
|
(294 |
) |
|
|
205 |
|
Foreign currency translation (gain) / loss |
|
(22 |
) |
|
|
148 |
|
Fair value measurement of share warrants |
|
(2,800 |
) |
|
|
3,586 |
|
Share-based payments |
|
360 |
|
|
|
2,089 |
|
Allowance of expected credit losses |
|
(225 |
) |
|
|
243 |
|
Share of profit from investment in joint venture |
|
(225 |
) |
|
|
(123 |
) |
Gain on lease terminations |
|
(2 |
) |
|
|
(192 |
) |
Provision for defined benefit scheme |
|
19 |
|
|
|
78 |
|
Finance expenses |
|
2,110 |
|
|
|
2,239 |
|
Increase in trade and other receivables |
|
(7,597 |
) |
|
|
(10,727 |
) |
Increase in prepayments and other assets |
|
(269 |
) |
|
|
(316 |
) |
Increase in trade and other payables and other liabilities |
|
6,916 |
|
|
|
9,153 |
|
Cash inflow from operations |
|
9,221 |
|
|
|
9,670 |
|
Interest paid |
|
(2,110 |
) |
|
|
(2,239 |
) |
Income taxes paid |
|
(213 |
) |
|
|
(1,492 |
) |
Net cash inflow from operating activities |
$ |
6,898 |
|
|
$ |
5,939 |
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
Purchase of property and equipment |
$ |
(4,935 |
) |
|
$ |
(2,901 |
) |
Purchase of other intangible assets |
|
(389 |
) |
|
|
(310 |
) |
Dividend received from joint venture |
|
205 |
|
|
|
115 |
|
Net cash outflow from
investing activities |
$ |
(5,119 |
) |
|
$ |
(3,096 |
) |
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
Proceeds from line of credit |
$ |
24,815 |
|
|
$ |
32,344 |
|
Repayments of line of credit |
|
(24,920 |
) |
|
|
(31,388 |
) |
Proceeds from borrowings |
|
- |
|
|
|
1,714 |
|
Repayment of borrowings |
|
(2,238 |
) |
|
|
(2,796 |
) |
Net proceeds from initial public offering |
|
- |
|
|
|
63,107 |
|
Payment of listing related cost |
|
- |
|
|
|
(825 |
) |
Principal payments on lease obligations |
|
(3,023 |
) |
|
|
(3,055 |
) |
Dividend distribution |
|
- |
|
|
|
(4,000 |
) |
Net cash (outflow) /
inflow from financing activities |
$ |
(5,366 |
) |
|
$ |
55,101 |
|
Effects of exchange rate difference on cash and cash
equivalents |
|
(269 |
) |
|
|
(35 |
) |
Net (decrease) / increase in cash and cash equivalents |
$ |
(3,856 |
) |
|
$ |
57,909 |
|
Cash and cash equivalents at beginning of the period |
$ |
57,842 |
|
|
$ |
21,870 |
|
Cash and cash
equivalents at end of the period |
$ |
53,986 |
|
|
$ |
79,779 |
|
|
|
|
|
|
|
Non-cash
items |
|
|
|
|
|
New leases |
|
7,750 |
|
|
|
10,362 |
|
Acquisition of fixed assets through increase in accounts
payable |
|
4,339 |
|
|
|
- |
|
IBEX
LimitedReconciliation of IFRS Financial Measures
to Non-GAAP Financial Measures
EXHIBIT 1: Adjusted net income and
adjusted fully diluted earnings per shareWe 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 listing
costs, as applicable), amortization of warrant asset, foreign
currency translation gains or losses, fair value measurement of
share warrants, share-based payments, gain or loss on disposal of
fixed assets and/or lease terminations, and impairment of
intangibles, as applicable, net of the tax impact of such
adjustments. The following table provides a reconciliation of
adjusted net income to net income / (loss) for the periods
presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended September 30, |
|
|
2021 |
|
|
2020 |
|
|
US$ in
thousands, except share and per share amounts, unaudited |
Amount |
|
Per Share |
|
Amount |
|
Per Share |
|
Net income / (loss) |
$ |
3,014 |
|
|
$ |
0.16 |
|
|
$ |
(3,423 |
) |
|
$ |
(0.20 |
) |
(b) |
Non-recurring expenses |
|
862 |
|
|
|
0.05 |
|
|
|
4,398 |
|
|
|
0.26 |
|
|
Amortization of warrant
asset |
|
(294 |
) |
|
|
(0.02 |
) |
|
|
205 |
|
|
|
0.01 |
|
|
Foreign currency translation
(gain) / loss |
|
(22 |
) |
|
|
(0.00 |
) |
|
|
148 |
|
|
|
0.01 |
|
|
Fair value measurement of
share warrants |
|
(2,800 |
) |
|
|
(0.15 |
) |
|
|
3,586 |
|
|
|
0.21 |
|
|
Share-based payments |
|
360 |
|
|
|
0.02 |
|
|
|
2,089 |
|
|
|
0.12 |
|
|
Gain on lease
terminations |
|
(2 |
) |
|
|
(0.00 |
) |
|
|
(192 |
) |
|
|
(0.01 |
) |
|
Total
adjustments |
$ |
(1,896 |
) |
|
$ |
(0.10 |
) |
|
$ |
10,234 |
|
|
$ |
0.60 |
|
|
Tax impact of
adjustments(a) |
|
(250 |
) |
|
|
(0.01 |
) |
|
|
(1,360 |
) |
|
|
(0.08 |
) |
|
Adjusted net
income |
$ |
868 |
|
|
$ |
0.05 |
|
|
$ |
5,451 |
|
|
$ |
0.32 |
|
|
Adjusted net income
margin |
|
0.8 |
% |
|
|
|
|
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighed average shares
outstanding - basic |
|
18,246,672 |
|
|
|
0.05 |
|
|
|
16,368,143 |
|
|
|
0.33 |
|
|
Dilutive impact of share-based
compensation and the Amazon warrant |
|
602,467 |
|
|
|
(0.00 |
) |
|
|
666,796 |
|
|
|
(0.01 |
) |
|
Weighted average
shares outstanding - diluted and adjusted fully
diluted earnings per share |
|
18,849,139 |
|
|
$ |
0.05 |
|
|
|
17,034,939 |
|
(c) |
$ |
0.32 |
|
|
- The tax impact of each adjustment is calculated using the
effective tax rate in the relevant jurisdiction.
- For the period noted, the amount represents net income divided
by the weighted average shares outstanding – diluted.
- The weighted average shares outstanding – diluted for September
30, 2020 reflect an additional 666,796 shares that are
anti-dilutive on an IFRS basis.
EXHIBIT 2: EBITDA and Adjusted EBITDAWe define
“EBITDA” as net income / (loss) before the effect of the following
items: finance expenses (including finance expense related to
right-of-use lease liabilities), income tax (benefit) / expense,
and depreciation and amortization (including depreciation on
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 listing costs, as applicable), amortization of
warrant asset, foreign currency translation gains or losses, fair
value measurement of share warrants, share-based payments, gain or
loss on disposal of fixed assets and/or lease terminations, and
impairment of intangibles, as applicable. The following table
provides a reconciliation of adjusted EBITDA to net income / (loss)
for the periods presented:
|
|
|
|
|
|
|
Quarter ended September 30, |
US$ in
thousands, unaudited |
2021 |
|
|
2020 |
|
Net income / (loss) |
$ |
3,014 |
|
|
$ |
(3,423 |
) |
Finance expenses |
|
2,110 |
|
|
|
2,239 |
|
Income tax expense |
|
593 |
|
|
|
271 |
|
Depreciation and
amortization |
|
7,643 |
|
|
|
6,439 |
|
EBITDA |
$ |
13,360 |
|
|
$ |
5,526 |
|
Non-recurring expenses |
|
862 |
|
|
|
4,398 |
|
Amortization of warrant
asset |
|
(294 |
) |
|
|
205 |
|
Foreign currency translation
(gain) / loss |
|
(22 |
) |
|
|
148 |
|
Fair value measurement of
share warrants |
|
(2,800 |
) |
|
|
3,586 |
|
Share-based payments |
|
360 |
|
|
|
2,089 |
|
Gain on lease
terminations |
|
(2 |
) |
|
|
(192 |
) |
Adjusted
EBITDA |
$ |
11,464 |
|
|
$ |
15,760 |
|
Adjusted EBITDA margin |
|
10.6 |
% |
|
|
14.5 |
% |
EXHIBIT 3: Free cash flowWe
define “free cash flow” as net cash provided by operating
activities less cash capital expenditures.
|
|
|
|
|
|
|
Quarter ended September 30, |
US$ in
thousands, unaudited |
2021 |
|
2020 |
|
|
|
|
|
|
Net cash provided by
operating activities |
$ |
6,898 |
|
$ |
5,939 |
|
|
|
|
|
|
Less: |
|
|
|
|
|
Cash capital expenditures |
|
5,324 |
|
|
3,211 |
Free cash
flow(1) |
$ |
1,574 |
|
$ |
2,728 |
- Excluded from free cash flow are the principal portion of
right-of-use lease payments of $3,015 and $2,328 for the three
months ended September 30, 2021 and 2020, respectively. We believe
it is useful to consider these payments when analyzing free cash
flow as these amounts directly relate to revenue generating assets
used in operations.
EXHIBIT 4: Net debtWe define “net debt” as
total debt less cash and cash equivalents.
|
|
|
|
|
|
|
|
September 30, |
|
|
June 30, |
US$ in
thousands, unaudited |
|
2021 |
|
|
2021 |
Borrowings |
|
|
|
|
|
Current |
$ |
26,950 |
|
$ |
26,716 |
Non-current |
|
1,354 |
|
|
1,801 |
|
$ |
28,304 |
|
$ |
28,517 |
Leases |
|
|
|
|
|
Current |
$ |
13,780 |
|
$ |
12,121 |
Non-current |
|
72,799 |
|
|
71,878 |
|
$ |
86,579 |
|
$ |
83,999 |
Total debt |
$ |
114,883 |
|
$ |
112,516 |
Cash and cash equivalents |
|
53,986 |
|
|
57,842 |
Net debt |
$ |
60,897 |
|
$ |
54,674 |
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