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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% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 492.85 | 523.12 | 508.57 | 558.27 |
| Operating 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 |
| Selling General And Administration | - | 80.15 | 88.66 | 93.14 | 108.74 |
| Total Expenses | - | 472.23 | 482.64 | 469.14 | 511.66 |
| Operating Income | - | 20.62 | 40.48 | 39.43 | 46.61 |
| Total Operating Income As Reported | - | 20.62 | 40.48 | 39.43 | 46.61 |
| EBITDA | - | 38.77 | 60.10 | 60.96 | 64.80 |
| Normalized EBITDA | - | 38.77 | 60.10 | 60.96 | 64.80 |
| EBIT | - | 20.67 | 41.12 | 41.50 | 47.57 |
| Interest Income | - | 0.04 | 0.64 | 2.07 | 0.96 |
| Interest Expense | - | 1.29 | 0.79 | 0.51 | 1.63 |
| Net Interest Income | - | -1.25 | -0.15 | 1.56 | -0.68 |
| Other Income Expense | -9.73 | 2.31 | - | - | - |
| Interest Income Non Operating | - | 0.04 | 0.64 | 2.07 | 0.96 |
| Interest Expense Non Operating | - | 1.29 | 0.79 | 0.51 | 1.63 |
| Net Non Operating Interest Income Expense | - | -1.25 | -0.15 | 1.56 | -0.68 |
| Pretax Income | - | 19.38 | 40.33 | 40.99 | 45.93 |
| Tax Provision | - | -2.08 | 8.74 | 7.33 | 9.07 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 21.46 | 31.58 | 33.66 | 36.86 |
| Net Income From Continuing And Discontinued Operation | - | 21.46 | 31.58 | 33.66 | 36.86 |
| Net Income From Continuing Operation Net Minority Interest | - | 21.46 | 31.58 | 33.66 | 36.86 |
| Net Income | - | 21.46 | 31.58 | 33.66 | 36.86 |
| Net Income Common Stockholders | - | 21.46 | 31.58 | 33.66 | 36.86 |
| Net Income Including Noncontrolling Interests | - | 21.46 | 31.58 | 33.66 | 36.86 |
| Normalized Income | - | 21.46 | 31.58 | 33.66 | 36.86 |
| Diluted NI Availto Com Stockholders | - | 21.46 | 31.58 | 33.66 | 36.86 |
| Basic Average Shares | - | 18.23 | 18.20 | 17.70 | 14.68 |
| Diluted Average Shares | - | 18.70 | 18.89 | 18.26 | 15.72 |
| Reconciled Depreciation | - | 18.10 | 18.98 | 19.46 | 17.23 |
| Reconciled Cost Of Revenue | - | 373.97 | 374.99 | 356.54 | 385.69 |
| Total Unusual Items | -9.73 | 2.31 | - | - | - |
| Total Unusual Items Excluding Goodwill | -9.73 | 2.31 | - | - | - |
| Net Income Discontinuous Operations | 0 | - | - | - | - |
| Gain On Sale Of Security | -9.73 | 2.31 | - | - | - |
| 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 |
| General And Administrative Expense | 370.83 | 413.86 | - | - | - |
| Other Gand A | 56.21 | 53.86 | - | - | - |
| Salaries And Wages | 301.32 | 343.99 | - | - | - |
| Insurance And Claims | 4.84 | 5.21 | - | - | - |
| Rent Expense Supplemental | 8.46 | 10.80 | - | - | - |
| Total Other Finance Cost | 1.89 | 0.26 | 0.15 | - | - |
| Other Operating Expenses | 7.07 | 5.90 | - | - | - |
| Provision For Doubtful Accounts | 0.29 | -0.76 | - | - | - |
| Selling And Marketing Expense | 13.75 | 12.91 | - | - | - |
| Rent And Landing Fees | 8.46 | 10.80 | - | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| IBEX Limitedthis co. | IBEX | $399M | 10.83↓ discount | 2.97 | 27.4% | 7.00 |
| Bakkt, Inc. | BKKT | $410M | - | 3.64 | -95.1% | - |
| TSS, Inc. | TSSI | $407M | 26.90 | 5.31 | 19.7% | 30.37 |
| Alight, Inc. | ALIT | $406M | -0.13 | 0.39 | -296.6% | -0.88 |
| M-tron Industries, Inc. | MPTI | $400M | 47.30 | 6.32 |
| - |
| - |
| - |
| - |
| 13.4% |
| 33.29 |
| Yext, Inc. | YEXT | $397M | 10.48 | 2.49 | 23.8% | 5.01 |
| Paysign, Inc. | PAYS | $390M | 51.60 | 8.04 | 15.6% | 23.89 |
| Palladyne AI Corp. | PDYN | $386M | 38.40 | 5.16 | 13.4% | -12.07 |
| Rimini Street, Inc. | RMNI | $384M | 10.35 | -14.21 | -137.3% | 5.02 |
| Peer Median | - | 26.90 | 4.40 | 13.4% | 5.02 | |