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IBEX Limited (IBEX-0.27%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports revenue of $140.7 million for the quarter, a 6.1% increase from the previous year. This growth was driven by increases in the HealthTech, Travel, Transportation & Logistics, and Retail & E-commerce verticals.
Net income for the quarter was $9.3 million, up from $6.1 million in the prior year. The increase was attributed to higher margins in offshore regions and fewer diluted shares outstanding.
The company reported a gross margin of 7.8% for the six months ended December 31, 2024, compared to 5.9% in the previous year. This improvement was driven by growth in higher margin offshore regions and operational efficiencies.
IBEX's cash and cash equivalents decreased to $20.2 million as of December 31, 2024, from $62.7 million at the end of June 2024, primarily due to share repurchases and capital expenditures.
The company entered into a new credit agreement with HSBC, replacing its previous facility with PNC Bank. The new facilities provide $25 million and $50 million credit lines in the U.S. and UAE, respectively.
IBEX repurchased 327,230 shares during the six months ended December 31, 2024, totaling $5.6 million, as part of its share repurchase program.
The company continues to focus on expanding its offshore and nearshore delivery centers to meet client demand for cost-effective solutions.
IBEX's largest shareholder, The Resource Group International Limited, holds approximately 13% of the company's shares, influencing certain corporate decisions.
The filing also outlines risks related to foreign currency fluctuations, interest rate changes, and macroeconomic conditions, which could impact future operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IBEX Limited quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.