IBEX delivered a record-breaking first quarter for FY2025, underscoring an improving margin trajectory and sustainable top-line momentum even as macro conditions remain mixed. Revenue reached $129.7 million, up 4.1% year over year, while adjusted EBITDA margin expanded to 12% from 11% in the prior year, reflecting a durable shift toward higher-margin offshore/nearshore delivery and the continued migration of clients to digital and omnichannel services. Management articulated a clear strategy centered on new logo acquisition, higher-margin service lines, and the integration of AI-enabled offerings (AI Automate, AI Translate, AI Authenticate) to sustain growth and competitive differentiation. The company also reaffirmed FY2025 guidance, targeting revenue of $515-525 million and adjusted EBITDA of $67-69 million, with capex guidance of $15-20 million, signaling disciplined reinvestment to scale AI capabilities and sales resources. The balance sheet remains healthy, with a modest net debt position and steady free cash flow generation, supporting share repurchases and potential accretion to shareholder value. Investors should monitor, over the coming quarters, the rate of new logo ramp, the mix shift toward higher-margin services, DSOs normalization, and the pace of AI-driven workflow improvements that may further boost margins and retention.â,