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IBEX Limited provides end-to-end technology-enabled customer lifecycle experience solutions in the United States and internationally. The company's products and services portfolio includes ibex Connect that offers customer service, technical support, revenue generation, and other value-added outsourced back-office services through the CX model, which integrates voice, email, chat, SMS, social media, and other communication applications; ibex Digital, a customer acquisition solution that comprises digital marketing, e-commerce technology, and platform solutions; and ibex CX, which provides a suite to measure, monitor, and manage its clients' customer experiences. It operates customer engagement and customer acquisition delivery centers. The company serves banking and financial services, delivery and logistics, health tech and wellness, high tech, retail and e-commerce, streaming and entertainment, travel and hospitality, and utility industries. IBEX Limited was formerly known as IBEX Holdings Limited and changed its name to IBEX Limited in September 2019. The company was incorporated in 2017 and is headquartered in Washington, District of Columbia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $558M | $65M | $37M | $27M | 27.4% | 9.8% | 9.5% |
| 2024 | $509M | $61M | $34M | $27M | 20.3% | -2.8% | 6.6% |
| 2023 | $523M | $60M | $32M | $23M | 21.1% | 6.1% | 47.2% |
| 2022 | $493M | $39M | $21M | $14M | 18.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 492.85 | 523.12 | 508.57 | 558.27 |
| Cost Of Revenue | 373.97 | 374.99 | 356.54 | 385.69 |
| Gross Profit | 118.88 | 148.13 | 152.03 | 172.58 |
| Operating Expense | 98.25 | 107.65 | 112.60 | 125.97 |
| Operating Income | 20.62 | 40.48 | 39.43 | 46.61 |
| EBITDA | 38.77 | 60.10 | 60.96 | 64.80 |
| EBIT | 20.67 | 41.12 | 41.50 | 47.57 |
| Pretax Income | 19.38 | 40.33 | 40.99 | 45.93 |
| Tax Provision | -2.08 | 8.74 | 7.33 | 9.07 |
| Net Income | 21.46 | 31.58 | 33.66 | 36.86 |
| Net Income Common Stockholders | 21.46 | 31.58 | 33.66 | 36.86 |
| Total Expenses | 472.23 | 482.64 | 469.14 | 511.66 |
| Interest Expense | 1.29 | 0.79 | 0.51 | 1.63 |
| Interest Income | 0.04 | 0.64 | 2.07 | 0.95 |
| Selling General And Administration | 80.15 | 88.66 | 93.14 | 108.74 |
| Normalized EBITDA | 38.77 | 60.10 | 60.96 | 64.80 |
| Normalized Income | 21.46 | 31.58 | 33.66 | 36.86 |
| Basic EPS | 1.26 | 1.74 | 1.90 | 2.51 |
| Diluted EPS | 1.23 | 1.67 | 1.84 | 2.36 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.22 | 0.18 | 0.20 |
| Total Unusual Items | 2.31 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 2.31 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 21.46 | 31.58 | 33.66 | 36.86 |
| Reconciled Depreciation | 18.10 | 18.98 | 19.46 | 17.23 |
| Reconciled Cost Of Revenue | 373.97 | 374.99 | 356.54 | 385.69 |
| Net Interest Income | -1.25 | -0.15 | 1.56 | -0.68 |
| Net Income From Continuing And Discontinued Operation | 21.46 | 31.58 | 33.66 | 36.86 |
| Rent Expense Supplemental | 10.80 | 0 | 0 | 0 |
| Total Operating Income As Reported | 20.62 | 40.48 | 39.43 | 46.61 |
| Diluted Average Shares | 18.70 | 18.89 | 18.25 | 15.72 |
| Basic Average Shares | 18.23 | 18.20 | 17.70 | 14.68 |
| Diluted NI Availto Com Stockholders | 21.46 | 31.58 | 33.66 | 36.86 |
| Net Income Including Noncontrolling Interests | 21.46 | 31.58 | 33.66 | 36.86 |
| Net Income Discontinuous Operations | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | 21.46 | 31.58 | 33.66 | 36.86 |
| Other Income Expense | 2.31 | 0 | 0 | 0 |
| Gain On Sale Of Security | 2.31 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -1.25 | -0.15 | 1.56 | -0.68 |
| Total Other Finance Cost | 0.26 | 0.15 | 0 | 0 |
| Interest Expense Non Operating | 1.29 | 0.79 | 0.51 | 1.63 |
| Interest Income Non Operating | 0.04 | 0.64 | 2.07 | 0.95 |
| Other Operating Expenses | 5.90 | 0 | 0 | 0 |
| Provision For Doubtful Accounts | -0.76 | 0 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | 18.10 | 18.98 | 19.46 | 17.23 |
| Depreciation And Amortization In Income Statement | 18.10 | 18.98 | 19.46 | 17.23 |
| Selling And Marketing Expense | 12.91 | 0 | 0 | 0 |
| General And Administrative Expense | 413.86 | 0 | 0 | 0 |
| Other Gand A | 53.86 | 0 | 0 | 0 |
| Insurance And Claims | 5.21 | 0 | 0 | 0 |
| Rent And Landing Fees | 10.80 | 0 | 0 | 0 |
| Salaries And Wages | 343.99 | 0 | 0 | 0 |
| Operating Revenue | 492.85 | 523.12 | 508.57 | 558.27 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| IBEX Limitedthis co. | IBEX | $376M | 9.28↓ discount | 2.43 | 27.4% | 5.70 |
| Rapid7, Inc. | RPD | $391M | 16.25 | 2.49 | 15.1% | 15.28 |
| Clearfield, Inc. | CLFD | $386M | 62.02 | 1.55 | -3.1% | 34.29 |
| Cerence Inc. | CRNC | $384M | 427.00 | 2.56 | -12.4% | 7.54 |
| Yext, Inc. | YEXT | $379M | 54.14 | 2.92 |
| 23.8% |
| 20.26 |
| NVE Corporation | NVEC | $376M | 26.61 | 6.45 | 24.2% | 22.56 |
| Blend Labs, Inc. | BLND | $365M | - | -11.93 | 26.4% | -22.14 |
| Paysign, Inc. | PAYS | $364M | 50.69 | 7.49 | 15.6% | 22.59 |
| Rackspace Technology, Inc. | RXT | $363M | - | -0.30 | 18.5% | 15.23 |
| Peer Median | - | 52.42 | 2.52 | 17.0% | 17.77 | |