Ibex Ltd (NASDAQ:IBEX) Posts Mixed Results for Fourth Quarter 2021

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Ibex Ltd (NASDAQ:IBEX), a leading global provider in business process outsourcing (BPO) and end-to-end customer engagement technology solutions, stock fell 2.24% (As on Sep 15, 12:17:14 PM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 21. The company has reported Non-GAAP adjusted net income increased to $5.8 million, compared to $3.1 million in the prior year quarter and its Non-GAAP adjusted net income margin increased to 5.3%, compared to 3.0% in the prior year quarter. The company’s non-GAAP adjusted EBITDA, increased to $15.9 million, compared to $13.9 million in the prior year quarter. Non-GAAP adjusted EBITDA margin increased to 14.6%, compared to 13.8% in the prior year quarter. As of June 30, 2021, the Company had cash and cash equivalents of $57.8 million, total borrowings of $28.5 million, and lease liabilities of $84.0 million, compared to cash and cash equivalents of $21.9 million, total borrowings of $31.3 million, and lease liabilities of $74.7 million as of June 30, 2020.

IBEX in the fourth quarter of FY 21 has reported the adjusted earnings per share of 31 cents, beating the analysts’ estimates for the adjusted earnings per share of 16 cents, according to Refinitiv Ibes Data (analyst estimates). The company had reported the adjusted revenue growth of 7.9 percent to $108.9 million in the fourth quarter of FY 21, missing the analysts’ estimates for revenue of $111.2 million.

For fiscal Year 2022, the company expects organic revenue growth to be in the range of of 7% to 9%. The revenue growth is expected to accelerate beginning in the second quarter as the company will onboard new capacity in Q1. The company expects 2022 Adjusted EBITDA to be in the range of $69.0 million to $71.0 million. The company expects capex to be in the range of $30.0 million to $35.0 million. The company expects to return to significantly lower, normalized capex spend when social distancing restrictions subside.

Meanwhile, in fiscal 2021, the company won 23 new clients, primarily Digital First companies in the Retail and E-Commerce, FinTech, and HealthTech verticals. The legacy top three client concentration declined to 34.2% of revenue from 43.7% in the prior year, and exited the year at 28.2% in the fourth quarter. The company has added over 3,300 seats in high margin nearshore and offshore locations.

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