IBEX Limited (IBEX) reported QQ3 2024 results that underscored the company’s ongoing transition to high-margin digital and offshore delivery, supported by a strategic push into AI-enabled customer experiences. Revenue declined 3.6% year over year to $126.8 million, driven by the completion of a prior-year project and shifts in delivery mix, yet the company achieved a record adjusted EBITDA of $19.2 million and an all-time high adjusted EBITDA margin of 15.1%, alongside GAAP EPS of $0.57 and non-GAAP adjusted EPS of $0.70. Management framed these outcomes as validation of its BPO 2.0 strategy and AI pivot, emphasizing higher-margin offshore/nearshore growth, a richer digital/omni-channel mix (78% of revenue, up from 73%), and a growing pipeline of blue-chip opportunities (3 new client wins in QQ3; 15 in the first three quarters of FY2024). The balance sheet remained strong with roughly $50 million in net cash and a confirmed share buyback program, enabling $8.1 million of repurchases during the quarter. Management highlighted AI-enabled tailwinds through IBEX Automate and IBEX Translate, with more than 35 pipeline opportunities and early customer feedback positioning IBEX as a first-mover in enterprise AI CX solutions. While near-term revenue headwinds persist, IBEX projects continued margin expansion and cash-flow strength as core to its longer-term growth trajectory.