- IBEX reported a solid fourth quarter and a transformative FY2024, highlighting revenue of $124.5 million in Q4 2024 and a full-year revenue of $508.6 million, with EBITDA margin expanding to 14.4% in Q4 and 14.8% in the second half of FY2024, underscoring operating leverage in offshore/nearshore and digital-first services. Net income for the quarter was $9.8 million, and annual net income reached $33.7 million, accompanied by record free cash flow of $27.0 million. The company finished FY2024 with $61.2 million of net cash, and completed a share repurchase program totaling 8% of shares outstanding.
- Management stressed AI-led growth, with the Wave iX stack and AI automation/translate/authenticate offerings driving new revenue streams and a robust pipeline (over 40 AI opportunities). The company highlighted 18 new client relationships in FY2024, including marquee gaming and ANZA wins, and cited continued strength in digital-first delivery (77% of revenue) and offshore/nearshore growth (77% of total revenue).
- For FY2025, IBEX provided explicit revenue and adjusted EBITDA guidance of $510–$525 million and $67–$69 million, respectively, with Q1’FY2025 revenue of $124–$126 million and Capex of $15–$20 million. The outlook reflects confidence in an inflection point for top-line growth, tempered by macro headwinds and longer sales cycles in fintech/telecom verticals. Investors should monitor AI revenue contribution, customer diversification, margin trajectory toward the 15% EBITDA target, and capital allocation (buybacks and potential M&A).