IBEX Ltd (IBEX) SEC Filings & Earnings Calls

Client concentration and US economic dependency

“We derived 97% of our revenue from customers based in the United States during the fiscal year ended June 30, 2026.” · word for word

Labor cost inflation

“In most of the geographies in which we operate, we have experienced increasing labor costs due to increased demand and greater competition for qualified employees.” · word for word

Pricing pressure from clients

“Additionally, several of our clients, particularly in the Telecommunications and Technology verticals, have experienced substantial price competition. As a result, we face increasing price pressure from such clients, which, if continued, could negatively affect our operating and financial performance.” · word for word

AI disruption to business model

“Certain third-party AI solutions have the potential to automate or reduce demand for some of our more standardized or lower-complexity service offerings.” · word for word

Geopolitical and operational risk in offshore locations

“A substantial portion of our operations are conducted in the Philippines, Jamaica, Pakistan, and Nicaragua, which have experienced and may continue to face political instability and unrest, natural disasters, acts of terrorism, crime, or similar risks.” · word for word

Margin compression in Q4 due to investments in AI and capacity; adjusted EBITDA margin down 160 bps YoY

“Adjusted EBITDA margin 12.3% vs 13.9% prior year, down 160 bps”

Client concentration

“During the nine months ended March 31, 2026, our largest client accounted for 10%, while our three largest clients accounted for 25% of our consolidated revenues.” · word for word

Wage inflation pressure

“We continued to see increasing wage pressure in all of our geographies, in part brought on by the current global inflation and labor shortage.” · word for word

AI disruption risk

“While the initial implementation of some AI-enabled solutions may impact revenue directly derived from traditional agent-driven activities.” · word for word

Adjusted EBITDA margin slightly declined 40 bps YoY due to investments.

“Adjusted EBITDA margin was 13.4% compared to 13.8% in the prior year quarter.” · word for word

Client concentration risk

“During the six months ended December 31, 2025, our largest client accounted for 10%, while our three largest clients accounted for 26% of our consolidated revenues.” · word for word

Wage inflation pressure

“We continued to see increasing wage pressure in all of our geographies, in part brought on by the current global inflation and labor shortage, which is increasing competition for contact center agents from other sectors of the economy during the six months ended December 31, 2025.” · word for word

AI disruption risk

“While the initial implementation of some AI-enabled solutions may impact revenue directly derived from traditional agent-driven activities, it is our belief that by remaining on the forefront and bringing these solutions to our clients, we will be able to capture a greater share of AI-enabled revenue work and maintain and grow our overall business and result” · word for word

Negative free cash flow

“Free cash flow during the three months ended December 31, 2025 was $(5.1) million, compared to $(3.2) million during the prior year period.”

Free cash flow negative due to increased capex

“Free cash flow was $(5.1) million compared to $(3.2) million in the prior year quarter.” · word for word

Capital expenditures increased significantly (172% YoY) for capacity expansion

“Capital expenditures were $11.7 million compared to $4.3 million in the prior year quarter.” · word for word

Increased capex for capacity expansion may pressure near-term free cash flow if demand softens.

“Capital expenditures were $7.6 million compared to $3.6 million; planned increase driven by capacity expansion.”

Client concentration

“During the three months ended September 30, 2025, our largest client accounted for 10%, while our three largest clients accounted for 26% of our consolidated revenues.” · word for word

Labor cost pressure

“We continued to see increasing wage pressure in all of our geographies, in part brought on by the current global inflation and labor shortage.” · word for word

Concentration risk from former controlling shareholder

“TRGI beneficially owned approximately 13% of our outstanding common shares and TRGI lost its right to appoint any of the directors on our Board pursuant to our Bye-laws.” · word for word

Dilution risk from equity compensation plan

“Total Potential Basic Dilution/Overhang ((A+B+C+D)/E) 16.4%” · word for word