Ibex Ltd (NASDAQ:IBEX) Misses Sales Estimates

Ibex Ltd (NASDAQ:IBEX) stock rose 4.52% (As on September 23, 11:37:12 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 22.  The company continues to experience high growth in the cohort of clients won since fiscal year ’16, particularly in HealthTech and FinTech, retail and e-commerce, and travel, transportation, and logistics verticals. This cohort grew by 43% over the prior-year quarter and now represents 74% of our total revenue versus 59% in the prior-year quarter. Net income increased to $4.9 million versus $4 million in the prior-year quarter. The increase in net income was primarily driven by stronger operating results, including a decrease in nonrecurring costs and a deferred tax benefit recognized in the current quarter, partially offset by increased depreciation and a negative impact from fair value measurement of share warrants.

IBEX in the fourth quarter of FY 22 has reported the adjusted earnings per share of 42 cents, beating the analysts’ estimates for the adjusted earnings per share of 41 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 13.6 percent to $123.7 million in the fourth quarter of FY 22, missing the analysts’ estimates for revenue by 0.38%. Compared to Q4 in fiscal year 2021, the top five customers now represent 37% of the revenue, down from 45%. The top 10 customers represent 55% of total revenues versus 63% and the top 25 customers now represent 83% of revenues, down from 89%. Adjusted EBITDA increased to $18.7 million or 15.1% of revenue, compared to $15.9 million or 14.6% of revenue for the same period last year.

In FY ’23, the company expects revenue to be in the range of $545 million to $555 million, representing a year-over-year growth of 11.4% at the midpoint. The company anticipates EBITDA to be in the range of $77 million to $79 million, representing a margin of 14.2% at the respective midpoints, up from 13.5% in FY ’22. Additionally, the company expects capex to be between $18 million and $22 million for the year.

For Q1, the company expects revenue to grow to a range of $124 million to $127 million, with a midpoint growth of 15.6% versus prior-year quarter and adjusted EBITDA of $16.5 million to $18.5 million, resulting in an EBITDA margin of 13.9% at the respective midpoints.

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