IBEX Limited (“ibex”), a leading global provider of outsourced
CX solutions, today announced financial results for the fourth
quarter and fiscal year ended June 30, 2020.
“Fiscal year 2020 was a milestone year for ibex–delivering
record revenues surpassing $400 million, growing net income from
continuing operations and increasing Adjusted EBITDA to over $50
million,” commented Bob Dechant, chief executive officer of ibex.
“We continue to be focused on helping the world’s leading brands
connect with their customers in unique and innovative ways, with
particular focus on technology-led digital solutions. We also won
important new logos with new economy and blue chip clients, and
reported 100% client retention. Based on our expected revenue
growth and robust pipeline, we are confident in our ability to
accelerate additional customer wins, expand geographically and
deliver solid cash flow in 2021.”
Fiscal Year
2020 Financial
Highlights:
Revenue
- Revenue increased 10% to $405.1 million, compared to $368.4
million in the prior year.
Net Income / (Loss)
From
Continuing
Operations
- Net income from continuing operations increased to $7.8
million, compared to a net loss from continuing operations of $4.5
million in the prior year.
- Net income / (loss) from continuing operations margin increased
to 1.9%, compared to (1.2)% in the prior year.
- Non-GAAP adjusted net income from continuing operations
increased to $15.6 million, compared to $1.8 million in the prior
year.
Adjusted EBITDA
- Non-GAAP adjusted EBITDA from continuing operations increased
to $54.1 million, compared to $36.3 million in the prior year.
- Non-GAAP adjusted EBITDA from continuing operations margin
increased to 13.4%, compared to 9.9% in the prior year.
Earnings Per Share
- IFRS fully diluted earnings per share was $0.00 in fiscal years
2020 and 2019.*
- Non-GAAP pro forma adjusted earnings per share increased to
$0.84, compared to $0.10 in the prior year.
Cash Flow, Balance
Sheet, and Capital Expenditures
- Cash flow from operations increased to $51.7 million, compared
to $2.2 million in the prior year.
- Non-GAAP free cash flow increased to $25.6 million, compared to
an outflow of $2.5 million in the prior year.
- Non-GAAP net debt decreased to $84.1 million, compared to
$109.4 million in the prior year.
- Capital expenditures were $16.9 million, or 4.2% of revenue,
compared to $9.7 million, or 2.6% of prior year revenue.
Fourth
Quarter 2020 Financial
Highlights:
Revenue
- Revenue of $100.9 million was minimally impacted by COVID-19,
and increased 14.7% compared to the prior year quarter.
Net Income / (Loss)
From
Continuing
Operations
- Net loss from continuing operations decreased to $3.8 million,
compared to a net loss from continuing operations of $4.6 million
in the prior year quarter.
- Net loss from continuing operations margin decreased to (3.8)%,
compared to (5.3)% in the prior year quarter.
- Non-GAAP adjusted net income from continuing operations
increased to $2.6 million, compared to a non-GAAP adjusted net loss
from continuing operations of $1.4 million in the prior year
quarter.
Adjusted EBITDA
- Non-GAAP adjusted EBITDA from continuing operations increased
to $13.5 million, compared to $7.4 million in the prior year
quarter.
- Non-GAAP adjusted EBITDA from continuing operations margin
increased to 13.4%, compared to 8.4% in the prior year
quarter.
Earnings Per Share
- IFRS fully diluted earnings per share was $0.00 in the fourth
quarter of fiscal years 2020 and 2019.*
- Non-GAAP pro forma adjusted earnings per share increased to
$0.14, compared to ($0.07) in the prior year quarter.
* IFRS fully diluted earnings per share does not reflect the
recapitalization that occurred in connection with ibex’s initial
public offering.
Fiscal Year
2020 Business
Highlights:
- Added 24 new customer logos
- Top three client concentration decreased to 43.7% from 50.6% in
the prior year
- Launched the Wave X Purpose Built Technology Suite enabling
highly customized CX solutions
- Digital business increased to 30% of our overall revenue to
$119.6 million
- New Economy revenue increased by 35% compared to prior
year
- Non-voice revenue increased by 42% compared to prior year
- Increased our nearshore and offshore footprint by opening three
new sites and adding 1,730 workstations in the Philippines and 843
in nearshore sites, boosting our non-US capacity by 35% over prior
year
- Expanded our digital marketing and on-line customer acquisition
solutions by adding the Healthcare, Financial Services and Utility
industries to our portfolio
2021 Business
Outlook
IBEX Limited expects full year 2021 revenue of $431 million to
$435 million and Adjusted EBITDA from continuing operations of
$59.5 million to $61 million.
Conference Call and
Webcast InformationIBEX Limited will host a
conference call and live webcast to discuss its fourth quarter and
fiscal year 2020 financial results at 4:30 p.m. Eastern Time today,
September 24, 2020. 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 5273769. 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 6:30 p.m. Eastern Time on September 24,
2020, until 7:30 p.m. Eastern Time on October 1, by dialing (855)
859-2056 for the U.S. or Canada, or for international callers,
(404) 537-3406 and entering passcode 5273769. In addition, an
archived webcast will be available on the Investors section of
ibex's website at: https://investors.ibex.co/.
Financial Information
While the financial figures included in this press release have
been computed in accordance with International Financial Reporting
Standards (“IFRS”) as issued by the International Accounting
Standards Board (“IASB”) applicable to interim periods for the
fourth quarter and applicable to financial statements for the
fiscal year, this announcement does not contain sufficient
information to constitute an interim financial report as defined in
International Accounting Standards 34, “Interim Financial
Reporting” nor a financial statement as defined by International
Accounting Standards 1 “Presentation of Financial Statements.” The
financial information in this press release has not been audited.
Results for the fourth quarter of fiscal year 2020 and 2019 were
calculated based on the difference between our unaudited results
for fiscal year 2020 and 2019, respectively, and our
previously-reported results for the nine months ended March 31,
2020 and 2019, respectively. Our independent registered
public accounting firm, BDO LLP, has not audited, reviewed,
compiled, or performed any procedures with respect to our results
for the fourth quarter of fiscal year 2020 or 2019.
Non-GAAP Financial
Measures
We provide non-GAAP financial measures in addition to reported
IFRS results prepared in accordance with IFRS. Management believes
these measures help illustrate underlying trends in ibex's business
and uses the non-GAAP financial measures to establish budgets and
operational goals, for managing ibex's business and evaluating its
performance. We anticipate that we will continue to report both
IFRS and certain non-GAAP financial measures in our financial
results. Because ibex's non-GAAP financial measures are not
calculated according to IFRS, these measures are not comparable to
IFRS and may not necessarily be comparable to similarly described
non-GAAP measures reported by other companies within ibex's
industry. Consequently, our non-GAAP financial measures should not
be evaluated in isolation or replace comparable IFRS measures, but,
rather, should be considered together with our unaudited
consolidated statements of financial position, unaudited
consolidated statements of profit or loss and other comprehensive
income, and unaudited consolidated statements of cash flows
presented herein and prepared in accordance with IFRS issued by
IASB.
In this earnings release, we are introducing “adjusted net
income / (loss) from continuing operations,” which we define as net
income / (loss) from continuing operations before the effect of the
following items: non-recurring expenses (including litigation and
settlement expenses, costs related to COVID-19, and expenses
related to our initial public offering), impairment, other income,
fair value adjustment related to the Amazon warrant, share-based
payments, and foreign exchange gains or losses. We believe these
items are not reflective of our long-term performance. We use
adjusted net income / (loss) from continuing operations internally
to understand what we believe to be the recurring nature of our net
income / (loss) from continuing operations and as a basis to
calculate a pro forma adjusted earnings per share now that our
initial public offering has been consummated. We also believe that
adjusted net income / (loss) from continuing operations is widely
used by investors, securities analysts and other interested parties
as a supplemental measure of profitability.
ibex is not providing a quantitative reconciliation of
forward-looking non-GAAP adjusted EBITDA from continuing operations
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, share-based compensation expense, and impairment of
assets. These items are uncertain, depend on various factors, and
could have a material impact on IFRS reported results for the
guidance period.
About
ibex
ibex 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 Statements
In 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; the
Frontier restructuring and its proceedings under Chapter 11 of the
United States Bankruptcy Code; 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 final
prospectus filed with the U.S. Securities and Exchange Commission
(the “SEC”) on August 10, 2020, our annual report on Form 20-F to
be filed with the SEC 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: Rosemary
Hanratty, Senior Director of Marketing, ibex, 412.539.7099,
rosemary.hanratty@ibex.co
IR Contact: Brinlea Johnson, The Blueshirt
Group, 415.269.2645, brinlea@blueshirtgroup.com
IBEX
LimitedUnaudited Consolidated
Statements of Financial Position
US$ in thousands |
|
June 30, 2020 |
|
June 30, 2019 |
Assets |
|
|
|
|
Non-current assets |
|
|
|
|
Goodwill |
|
$ |
11,832 |
|
|
$ |
11,832 |
|
Other intangible assets |
|
|
2,781 |
|
|
|
2,928 |
|
Property and equipment |
|
|
84,588 |
|
|
|
82,309 |
|
Investment in joint venture |
|
|
331 |
|
|
|
227 |
|
Deferred tax asset |
|
|
2,223 |
|
|
|
2,517 |
|
Warrant asset |
|
|
2,611 |
|
|
|
3,316 |
|
Other assets |
|
|
4,834 |
|
|
|
3,398 |
|
Total non-current assets |
|
$ |
109,200 |
|
|
$ |
106,527 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Trade and other receivables |
|
|
62,579 |
|
|
|
71,134 |
|
Due from related parties |
|
|
1,587 |
|
|
|
1,768 |
|
Cash and cash equivalents |
|
|
21,870 |
|
|
|
8,873 |
|
Total current assets |
|
$ |
86,036 |
|
|
$ |
81,775 |
|
Total assets |
|
$ |
195,236 |
|
|
$ |
188,302 |
|
|
|
|
|
|
Equity and liabilities |
|
|
|
|
Equity attributable to owners of the
parent |
|
|
|
|
Share capital |
|
$ |
12 |
|
|
$ |
12 |
|
Additional paid-in capital |
|
|
96,207 |
|
|
|
96,207 |
|
Other reserves |
|
|
29,456 |
|
|
|
29,585 |
|
Accumulated deficit |
|
|
(109,527 |
) |
|
|
(117,176 |
) |
Total equity |
|
$ |
16,148 |
|
|
$ |
8,628 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Deferred revenue |
|
$ |
434 |
|
|
$ |
753 |
|
Lease liabilities |
|
|
62,044 |
|
|
|
58,602 |
|
Borrowings |
|
|
3,782 |
|
|
|
7,184 |
|
Deferred tax liability |
|
|
117 |
|
|
|
147 |
|
Other non-current liabilities |
|
|
7,058 |
|
|
|
1,607 |
|
Total non-current liabilities |
|
$ |
73,435 |
|
|
$ |
68,293 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables |
|
$ |
53,213 |
|
|
$ |
46,890 |
|
Income tax payables |
|
|
3,087 |
|
|
|
1,467 |
|
Lease liabilities |
|
|
12,668 |
|
|
|
10,632 |
|
Borrowings |
|
|
27,476 |
|
|
|
41,835 |
|
Deferred revenue |
|
|
3,470 |
|
|
|
4,388 |
|
Due to related parties |
|
|
5,739 |
|
|
|
6,169 |
|
Total current liabilities |
|
$ |
105,653 |
|
|
$ |
111,381 |
|
Total liabilities |
|
$ |
179,088 |
|
|
$ |
179,674 |
|
Total equity and liabilities |
|
$ |
195,236 |
|
|
$ |
188,302 |
|
|
|
|
|
|
IBEX
LimitedUnaudited Consolidated
Statements of Profit or Loss and Other Comprehensive
Income
|
Quarter ended |
|
Year ended |
US$ in thousands |
June 30, 2020 |
|
June 30, 2019 |
|
June 30, 2020 |
|
June 30, 2019 |
Revenue |
$ |
100,880 |
|
|
$ |
87,915 |
|
|
$ |
405,135 |
|
|
$ |
368,380 |
|
|
|
|
|
|
|
|
|
Payroll and
related costs |
|
69,009 |
|
|
|
63,098 |
|
|
|
276,255 |
|
|
|
254,592 |
|
Share-based
payments |
|
478 |
|
|
|
48 |
|
|
|
359 |
|
|
|
4,087 |
|
Reseller
commission and lead expenses |
|
3,724 |
|
|
|
4,839 |
|
|
|
17,328 |
|
|
|
27,877 |
|
Depreciation
and amortization |
|
6,012 |
|
|
|
5,203 |
|
|
|
24,472 |
|
|
|
20,895 |
|
Other
operating costs |
|
22,391 |
|
|
|
17,004 |
|
|
|
67,208 |
|
|
|
54,124 |
|
Income / (loss) from operations |
|
(734 |
) |
|
|
(2,277 |
) |
|
|
19,513 |
|
|
|
6,805 |
|
|
|
|
|
|
|
|
|
Finance
expenses |
|
(2,238 |
) |
|
|
(2,251 |
) |
|
|
(9,428 |
) |
|
|
(7,709 |
) |
Income / (loss) before taxation |
|
(2,972 |
) |
|
|
(4,528 |
) |
|
|
10,085 |
|
|
|
(904 |
) |
|
|
|
|
|
|
|
|
Income tax
expense |
|
(833 |
) |
|
|
(119 |
) |
|
|
(2,315 |
) |
|
|
(3,615 |
) |
Net
income / (loss) from continuing operations |
|
(3,805 |
) |
|
|
(4,647 |
) |
|
|
7,770 |
|
|
|
(4,519 |
) |
Net income
on discontinued operation, net of tax |
|
- |
|
|
|
8,568 |
|
|
|
- |
|
|
|
15,484 |
|
Net
income / (loss) for the year |
|
(3,805 |
) |
|
|
3,921 |
|
|
|
7,770 |
|
|
|
10,965 |
|
|
|
|
|
|
|
|
|
Other comprehensive income / (loss) |
|
|
|
|
|
|
|
Item that
will not be subsequently reclassified to profit or loss |
|
|
|
|
|
|
|
Actuarial (loss) / gain on retirement benefits |
|
(184 |
) |
|
|
109 |
|
|
|
(184 |
) |
|
|
109 |
|
Item that
will be subsequently reclassified to profit or loss |
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(211 |
) |
|
|
(64 |
) |
|
|
(248 |
) |
|
|
(316 |
) |
Cash flow hedge - changes in fair value |
|
(518 |
) |
|
|
- |
|
|
|
(518 |
) |
|
|
- |
|
|
|
(913 |
) |
|
|
45 |
|
|
|
(950 |
) |
|
|
(207 |
) |
Total comprehensive income / (loss) |
$ |
(4,718 |
) |
|
$ |
3,966 |
|
|
$ |
6,820 |
|
|
$ |
10,758 |
|
|
|
|
|
|
|
|
|
Loss
per share from continuing operations attributable to the ordinary
equity holders of the parent |
|
|
|
|
|
|
|
Basic loss
per share |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
Diluted loss
per share |
$ |
(0.29 |
) |
|
$ |
(0.37 |
) |
|
$ |
- |
|
|
$ |
(0.36 |
) |
|
|
|
|
|
|
|
|
Loss
per share attributable to the ordinary equity holders of the
parent |
|
|
|
|
|
|
|
Basic loss
per share |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
Diluted loss
per share |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
IBEX
LimitedUnaudited Consolidated
Statements of Cash Flows
|
Quarter ended |
|
Year ended |
US$ in thousands |
June 30, 2020 |
|
June 30, 2019 |
|
June 30, 2020 |
|
June 30, 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
Income / (loss) before taxation |
$ |
(2,972 |
) |
|
$ |
5,325 |
|
|
$ |
10,085 |
|
|
$ |
19,410 |
|
Adjustments for: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
6,012 |
|
|
|
5,498 |
|
|
|
24,472 |
|
|
|
21,805 |
|
Amortization of warrant asset |
|
154 |
|
|
|
178 |
|
|
|
705 |
|
|
|
643 |
|
Foreign currency translation loss |
|
(444 |
) |
|
|
(602 |
) |
|
|
(195 |
) |
|
|
78 |
|
Share warrants |
|
2,506 |
|
|
|
1 |
|
|
|
3,138 |
|
|
|
(364 |
) |
Phantom expense |
|
166 |
|
|
|
33 |
|
|
|
(31 |
) |
|
|
(300 |
) |
Share-based payments |
|
312 |
|
|
|
30 |
|
|
|
390 |
|
|
|
5,262 |
|
Allowance of expected credit losses |
|
123 |
|
|
|
184 |
|
|
|
224 |
|
|
|
343 |
|
Share of profit from investment in joint venture |
|
(119 |
) |
|
|
(39 |
) |
|
|
(533 |
) |
|
|
(351 |
) |
(Gain) / loss on disposal of fixed assets |
|
63 |
|
|
|
(99 |
) |
|
|
(10 |
) |
|
|
(140 |
) |
Provision for defined benefit scheme |
|
(13 |
) |
|
|
129 |
|
|
|
121 |
|
|
|
129 |
|
Impairment on intangibles |
|
777 |
|
|
|
- |
|
|
|
777 |
|
|
|
163 |
|
Finance costs |
|
2,239 |
|
|
|
3,747 |
|
|
|
9,429 |
|
|
|
13,383 |
|
Decrease / (Increase) in trade and other receivables |
|
888 |
|
|
|
(1,992 |
) |
|
|
9,042 |
|
|
|
(18,019 |
) |
Increase in renewal receivables |
|
- |
|
|
|
(15,290 |
) |
|
|
- |
|
|
|
(35,022 |
) |
Increase in prepayments and other assets |
|
(35 |
) |
|
|
(167 |
) |
|
|
(1,435 |
) |
|
|
(173 |
) |
Increase in trade and other payables and other liabilities |
|
12,027 |
|
|
|
13,130 |
|
|
|
7,106 |
|
|
|
8,997 |
|
Cash generated from operations |
|
21,684 |
|
|
|
10,066 |
|
|
|
63,285 |
|
|
|
15,844 |
|
Interest paid |
|
(2,239 |
) |
|
|
(3,784 |
) |
|
|
(9,429 |
) |
|
|
(13,054 |
) |
Income taxes paid |
|
(1,379 |
) |
|
|
(260 |
) |
|
|
(2,137 |
) |
|
|
(588 |
) |
Net cash inflow from operating activities |
$ |
18,066 |
|
|
$ |
6,022 |
|
|
$ |
51,719 |
|
|
$ |
2,202 |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
Purchase of property and equipment |
$ |
(264 |
) |
|
$ |
(2,910 |
) |
|
$ |
(4,283 |
) |
|
$ |
(5,612 |
) |
Purchase of other intangible assets |
|
(497 |
) |
|
|
(78 |
) |
|
|
(982 |
) |
|
|
(622 |
) |
Return on investment from joint venture |
|
(309 |
) |
|
|
- |
|
|
|
- |
|
|
|
96 |
|
Proceed from sale of assets |
|
- |
|
|
|
109 |
|
|
|
- |
|
|
|
188 |
|
Cash adjustment from sale of subsidiary to parent company |
|
- |
|
|
|
(3,554 |
) |
|
|
- |
|
|
|
(3,554 |
) |
Capital repayment from joint venture |
|
430 |
|
|
|
144 |
|
|
|
430 |
|
|
|
420 |
|
Net cash outflow from investing activities |
$ |
(640 |
) |
|
$ |
(6,289 |
) |
|
$ |
(4,835 |
) |
|
$ |
(9,084 |
) |
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
Proceeds from line of credit |
$ |
20,042 |
|
|
$ |
36,515 |
|
|
$ |
127,567 |
|
|
$ |
168,674 |
|
Repayments of line of credit |
|
(24,633 |
) |
|
|
(36,349 |
) |
|
|
(142,118 |
) |
|
|
(162,851 |
) |
Proceeds from borrowings |
|
- |
|
|
|
2,284 |
|
|
|
1,000 |
|
|
|
36,617 |
|
Repayment of borrowings |
|
(3,227 |
) |
|
|
(2,192 |
) |
|
|
(8,033 |
) |
|
|
(6,081 |
) |
Repayment of related party loans |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,200 |
) |
Principal payments on lease obligations |
|
(3,227 |
) |
|
|
(2,895 |
) |
|
|
(12,162 |
) |
|
|
(10,535 |
) |
Repayment private placement notes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(14,500 |
) |
Dividend distribution |
|
- |
|
|
|
(1,600 |
) |
|
|
(121 |
) |
|
|
(1,600 |
) |
Payment of senior preferred shares |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,972 |
) |
Net cash (outflow) / inflow from financing
activities |
$ |
(11,045 |
) |
|
$ |
(4,237 |
) |
|
$ |
(33,867 |
) |
|
$ |
2,552 |
|
|
|
|
|
|
|
|
|
Effects of exchange rate difference on cash and cash
equivalents |
|
18 |
|
|
|
(60 |
) |
|
|
(20 |
) |
|
|
(316 |
) |
Net increase / (decrease) in cash and cash equivalents |
$ |
6,399 |
|
|
$ |
(4,564 |
) |
|
$ |
12,997 |
|
|
$ |
(4,646 |
) |
Cash and cash equivalents at beginning of the period |
$ |
15,471 |
|
|
$ |
13,437 |
|
|
$ |
8,873 |
|
|
$ |
13,519 |
|
Cash and cash equivalents at end of the
period |
$ |
21,870 |
|
|
$ |
8,873 |
|
|
$ |
21,870 |
|
|
$ |
8,873 |
|
|
|
|
|
|
|
|
|
IBEX
LimitedUnaudited Supplemental
Non-GAAP Information
Reconciliation of Net Income from continuing operations to
Adjusted EBITDA from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended June 30, |
|
Year ended
June 30, |
US$ in thousands |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Net
income / (loss) from continuing operations |
|
$ |
(3,805 |
) |
|
$ |
(4,647 |
) |
|
$ |
7,770 |
|
|
$ |
(4,519 |
) |
Finance
expense |
|
|
2,238 |
|
|
|
2,251 |
|
|
|
9,428 |
|
|
|
7,709 |
|
Income tax
expense |
|
|
833 |
|
|
|
119 |
|
|
|
2,315 |
|
|
|
3,615 |
|
Depreciation
and amortization |
|
|
6,012 |
|
|
|
5,203 |
|
|
|
24,472 |
|
|
|
20,895 |
|
EBITDA from continuing operations |
|
$ |
5,278 |
|
|
$ |
2,926 |
|
|
$ |
43,985 |
|
|
$ |
27,700 |
|
Non-recurring expenses |
|
|
5,085 |
|
|
|
4,239 |
|
|
|
6,482 |
|
|
|
4,239 |
|
Impairment |
|
|
777 |
|
|
|
- |
|
|
|
777 |
|
|
|
163 |
|
Other
income |
|
|
(227 |
) |
|
|
(177 |
) |
|
|
(745 |
) |
|
|
(804 |
) |
Fair value
adjustment |
|
|
2,506 |
|
|
|
1 |
|
|
|
3,138 |
|
|
|
(364 |
) |
Share-based
payments |
|
|
478 |
|
|
|
48 |
|
|
|
359 |
|
|
|
4,087 |
|
Foreign
exchange (gain) / loss |
|
|
(372 |
) |
|
|
349 |
|
|
|
151 |
|
|
|
1,274 |
|
Adjusted EBITDA from continuing operations |
|
$ |
13,525 |
|
|
$ |
7,386 |
|
|
$ |
54,147 |
|
|
$ |
36,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net income / (loss) from continuing
operations to Adjusted net income / (loss) from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended June 30, |
|
Year ended
June 30, |
US$ in thousands |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Net
income / (loss) from continuing operations |
|
$ |
(3,805 |
) |
|
$ |
(4,647 |
) |
|
$ |
7,770 |
|
|
$ |
(4,519 |
) |
Non-recurring expenses |
|
|
5,085 |
|
|
|
4,239 |
|
|
|
6,482 |
|
|
|
4,239 |
|
Impairment |
|
|
777 |
|
|
|
- |
|
|
|
777 |
|
|
|
163 |
|
Other
income |
|
|
(227 |
) |
|
|
(177 |
) |
|
|
(745 |
) |
|
|
(804 |
) |
Fair value
adjustment |
|
|
2,506 |
|
|
|
1 |
|
|
|
3,138 |
|
|
|
(364 |
) |
Share-based
payments |
|
|
478 |
|
|
|
48 |
|
|
|
359 |
|
|
|
4,087 |
|
Foreign
exchange (gain) / loss |
|
|
(372 |
) |
|
|
349 |
|
|
|
151 |
|
|
|
1,274 |
|
Total
adjustments |
|
$ |
8,247 |
|
|
$ |
4,460 |
|
|
$ |
10,162 |
|
|
$ |
8,595 |
|
Normalized
tax rate* |
|
|
22.9 |
% |
|
|
26.5 |
% |
|
|
22.9 |
% |
|
|
26.5 |
% |
Tax impact
of adjustments |
|
|
(1,889 |
) |
|
|
(1,182 |
) |
|
|
(2,327 |
) |
|
|
(2,278 |
) |
|
|
|
|
|
|
|
|
|
Adjusted net
income / (loss) from continuing operations |
|
$ |
2,553 |
|
|
$ |
(1,369 |
) |
|
$ |
15,605 |
|
|
$ |
1,798 |
|
|
|
|
|
|
|
|
|
|
* The 2019
tax rate has been adjusted to remove the impact of the cancellation
of the legacy ESOP plan. |
|
|
|
|
|
|
|
|
|
Calculation
of pro forma adjusted earnings per share |
|
|
|
Quarter
ended June 30, |
|
Year ended
June 30, |
US$ in thousands |
|
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Adjusted net
income / (loss) from continuing operations |
|
$ |
2,553 |
|
$ |
(1,369 |
) |
|
$ |
15,605 |
|
$ |
1,798 |
|
Pro forma
fully diluted shares* |
|
|
18,680,377 |
|
|
18,680,377 |
|
|
|
18,680,377 |
|
|
18,680,377 |
|
Pro forma
adjusted earnings / (loss) per share |
|
$ |
0.14 |
|
$ |
(0.07 |
) |
|
$ |
0.84 |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
* Pro
forma fully diluted shares outstanding immediately following our
initial public offering in August 2020. |
|
|
Calculation
of free cash flow |
|
|
Year ended
June 30, |
US$ in thousands |
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
Net
cash inflow from operating activities |
|
$ |
51,719 |
|
|
$ |
2,202 |
|
Add: Impact
of discontinued operations |
|
|
- |
|
|
|
13,396 |
|
Less: |
|
|
|
|
Capital
expenditures |
|
|
16,917 |
|
|
|
9,707 |
|
Lease
payments on right-of-use assets |
|
|
9,147 |
|
|
|
8,411 |
|
Free
cash flow |
|
$ |
25,655 |
|
|
$ |
(2,520 |
) |
|
|
|
|
|
|
|
|
|
|
Calculation
of Net Debt |
|
|
|
|
US$ in
thousands |
June 30, 2020 |
|
June 30, 2019 |
Borrowings |
|
|
|
Current |
$ |
27,476 |
|
|
$ |
41,835 |
|
Non-Current |
|
3,782 |
|
|
|
7,184 |
|
|
$ |
31,258 |
|
|
$ |
49,019 |
|
Leases |
|
|
|
Current |
|
12,668 |
|
|
|
10,632 |
|
Non-Current |
|
62,044 |
|
|
|
58,602 |
|
|
$ |
74,712 |
|
|
$ |
69,234 |
|
Total
Debt |
$ |
105,970 |
|
|
$ |
118,253 |
|
Cash |
|
21,870 |
|
|
|
8,873 |
|
Net
Debt |
$ |
84,100 |
|
|
$ |
109,380 |
|
|
|
|
|
IBEX (NASDAQ:IBEX)
Historical Stock Chart
From Apr 2024 to May 2024
IBEX (NASDAQ:IBEX)
Historical Stock Chart
From May 2023 to May 2024