Ibex Ltd (IBEX) 2025 Q2 法說會逐字稿

Welcome to the ibex second quarter, FY 2025 earnings conference call. (Operator Instructions) to note there isn't an accompanying earnings deck presentation available on the ibex Investor Relations website at investors.ibex.co. I will now turn this conference over to Mr. Michael Darwal, Head of Investor Relations for ibex.

歡迎參加 ibex 2025 財年第二季財報電話會議。 （操作員說明）請注意，ibex 投資者關係網站 investors.ibex.co 上沒有提供隨附的收益簡報。現在，我將本次會議交給 ibex 投資者關係主管 Michael Darwal 先生。

Good afternoon, and thank you for joining us today. Before we begin, I want to remind you that matters discussed on today's call may include forward-looking statements related to our operating performance, financial goals and business outlook, which are based on management's current beliefs and assumptions.

下午好，感謝您今天加入我們。在我們開始之前，我想提醒您，今天電話會議上討論的問題可能包括與我們的經營業績、財務目標和業務前景相關的前瞻性陳述，這些陳述基於管理層當前的信念和假設。

Please note that these forward-looking statements reflect our opinion as of the date of this call, and we undertake no obligation to revise this information as a result of new developments which may occur. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause our actual results to differ materially from those expected and described today.

請注意，這些前瞻性陳述反映了我們在本次電話會議召開之日的觀點，我們不承擔根據可能發生的新發展修改該資訊的義務。前瞻性陳述受各種風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果與今天預期和描述的結果有重大差異。

For more detailed description of our risk factors. Please review our annual report on Form 10-K filed with the US Securities and Exchange Commission September 12, 2024.

有關我們的風險因素的更詳細描述。請查看我們於 2024 年 9 月 12 日向美國證券交易委員會提交的 10-K 表年度報告。

With that, I will now turn the call over to ibex, CEO, Bob Dechant.

說完這些，我現在將電話轉給 ibex 執行長 Bob Dechant。

Thanks Mike. Good afternoon, everyone. And thank you all for joining us today as we share our second quarter, fiscal year 2025 results. I'd like to start by once again, thanking my team for a tremendous quarter. They continue to show why they are the best in the industry.

謝謝邁克。大家下午好。感謝大家今天加入我們，分享我們 2025 財年第二季的業績。首先，我想再次感謝我的團隊在本季所做的出色貢獻。他們繼續證明自己為何是業界佼佼者。

The second quarter was strong across the board. We achieved our highest growth in two years at 6.1%. This enabled us to post the highest revenue for a quarter in the history of ibex. In addition, we had another great quarter on profitability and now have improved adjusted EBITDA margin over the prior year in 10 out of the last 11 quarters.

第二季各方面表現強勁。我們實現了兩年來的最高成長率，達到6.1%。這使我們創下了 ibex 歷史上單季的最高收入。此外，我們又度過了一個盈利表現出色的季度，在過去 11 個季度中，有 10 個季度的調整後 EBITDA 利潤率均比去年同期有所提高。

Our top line growth starts with the success of our powerful new logo engine and our ability to highlight our differentiation, enabling us to win large enterprise deals with trophy brands. Our growth is then accelerated by our ability to take market share within our embedded base clients, driven by our ability to outperform the competition. This is a proven land and expand playbook.

我們的營收成長始於我們強大的新標誌引擎的成功，以及我們突出差異化的能力，這使我們能夠贏得與獎杯品牌的大型企業交易。我們超越競爭對手的能力推動了我們在嵌入式基礎客戶中佔據市場份額的能力，從而加速了我們的成長。這是經過驗證的登陸和擴張策略。

Also important to our success is our high client retention where our revenue retention rates are some of the highest in the industry, highlighting our ability to be a strategic partner with our clients. We also had important wins with our Wave iX translate and automate generative AI solutions that position us well into the future.

同樣對我們的成功至關重要的是我們較高的客戶保留率，我們的收入保留率是業界最高的，突顯了我們成為客戶策略合作夥伴的能力。我們的 Wave iX 翻譯和自動化產生 AI 解決方案也取得了重要的勝利，這為我們在未來的發展奠定了良好的基礎。

These wins added to an extremely strong quarter. More on this later, these growth factors continue to be our margin expansion drivers. We continue to grow aggressively in both our highest margin regions. Exemplified by 14% year over year growth in our offshore region in Q2 and in our highest margin services highlighted by 8% year over year growth in omni channel revenue in Q2.

這些勝利為本季的業績增添了強勁動力。稍後會詳細介紹，這些成長因素將繼續成為我們利潤率擴大的驅動力。我們在利潤率最高的兩個地區繼續實現強勁成長。例如，我們第二季的離岸地區營收年增 14%，而我們利潤率最高的服務收入則較去年同期成長 8%。

These vectors have enabled us to expand adjusted EBITDA margin consistently. As a result, we remain confident in our ability to continue to drive top line growth and expand margin. I am proud to report the following highlights for Q2 FY25 we delivered record Q2 revenue of $140.7 million, up 6.1% from a year ago.

這些因素使得我們能夠持續擴大調整後的 EBITDA 利潤率。因此，我們對於持續推動營收成長和擴大利潤的能力充滿信心。我很自豪地報告 2025 財年第二季的亮點：我們實現了創紀錄的第二季營收 1.407 億美元，比去年同期成長 6.1%。

We expanded adjusted EBITDA margin 100 basis points from prior year to 11.8% while delivering record Q2 adjusted net income of $9.6 million up 20% from a year ago. We achieved adjusted EPS of $0.59 up 36% from a year ago. We closed five new logos in the quarter for a total of eight year-to-date.

我們將調整後的 EBITDA 利潤率從去年同期提高了 100 個基點，達到 11.8%，同時實現第二季度調整後淨收入創紀錄地達到 960 萬美元，比去年同期增長 20%。我們實現的調整後每股收益為 0.59 美元，較去年同期成長 36%。本季我們關閉了 5 個新標誌，今年迄今共關閉了 8 個新標誌。

Several of these new wins include both traditional agent support and innovative generative AI deployments demonstrating the power of our differentiated solutions. We executed the strategic repurchase of approximately 3.6 million shares from TRGI, enabling us to eliminate our status as a controlled company within the NASDAQ definition.

這些新勝利包括傳統代理支援和創新的生成式人工智慧部署，展示了我們差異化解決方案的強大功能。我們從 TRGI 策略性回購了約 360 萬股股票，從而消除了我們作為納斯達克定義下的受控公司地位。

This will provide better independence for us as a company, and we bolstered our board of directors with the additions of JJ Zhuang, Patrick McGinnis and Karen Batungbacal, who bring a strong industry and AI talents.

這將為我們公司提供更好的獨立性，我們透過增加 JJ Zhuang、Patrick McGinnis 和 Karen Batungbacal 來增強我們的董事會，他們帶來了強大的行業和人工智慧人才。

Lastly, we had a great quarter winning opportunities and launches with our Wave iX AI solution stack placing ibex ahead of the market as we turned the quarter into our fiscal Q3. We are winning with both AI translate and AI automate solutions. These mark significant milestones for ibex as we continue to redefine the customer experience for many of our clients.

最後，我們在本季度迎來了絕佳的獲勝機會，並推出了 Wave iX AI 解決方案堆疊，使 ibex 領先於市場，並將本季度轉變為財政第三季度。我們透過人工智慧翻譯和人工智慧自動化解決方案取得了成功。隨著我們繼續為眾多客戶重新定義客戶體驗，這標誌著 ibex 邁出了重要的里程碑。

As a reminder, our Wave iX AI translate solution is a disruptive solution that displaces old world third party language translation service bureaus. As an example for one of our hospitality clients, we are able to have our English speaking agents provide Multilingual support, utilizing AI for real time translation.

提醒一下，我們的 Wave iX AI 翻譯解決方案是一種顛覆性的解決方案，它取代了舊世界的第三方語言翻譯服務機構。以我們的一位酒店客戶為例，我們可以讓我們的英語代理商提供多語言支持，利用人工智慧進行即時翻譯。

This eliminates the need to augment our trained customer service agents with additional language translation only agents providing a game changing solution that significantly improves the customer experience and reduces unnecessary costs. This has already been positively seen by clients across the multitude of industry segments and is 100% accretive to revenue and profitability.

這樣就無需再為我們訓練有素的客戶服務代理增加額外的語言翻譯代理，從而提供了一種改變遊戲規則的解決方案，大大改善了客戶體驗並減少了不必要的成本。這已經得到了眾多行業領域的客戶的積極評價，並對收入和利潤產生了 100% 的增長。

Our Wave iX offering also includes our AI automate solution where we leverage our deep analytics and AI to automate low complexity call types. This is an enterprise wide solution, meaning we are providing 100% of the automated support for our clients.

我們的 Wave iX 產品還包括我們的 AI 自動化解決方案，我們利用深度分析和 AI 來自動化低複雜度的通話類型。這是一個企業範圍的解決方案，意味著我們為客戶提供 100％ 的自動化支援。

So in implementations where ibex is one of multiple BPOs providing contact center services, which is the high majority of our engagements. We see this as both incremental to revenue and margin while further enhancing our trusted partner status with our clients.

因此在實施過程中，ibex 是提供聯絡中心服務的多家 BPO 之一，這佔了我們業務的絕大部分。我們認為這不僅可以增加收入和利潤，又可以進一步提升我們與客戶之間的可信賴合作夥伴地位。

As a result, we are increasing our stickiness with our clients and expanding our competitive mode, and this positions us extremely well as we look out over the next several years.

因此，我們正在增強與客戶的黏著度並擴大我們的競爭模式，這為我們在未來幾年的發展奠定了良好的基礎。

In summary, we are bullish on the trajectory as we move into the second half of FY25 we believe our business is well positioned today for continued growth, strong EPS and one where we lead the competition from an AI perspective.

總而言之，我們對進入 25 財年下半年的發展軌跡持樂觀態度，我們相信我們的業務目前已做好準備，能夠繼續成長、實現強勁的每股收益，並且在人工智慧方面引領競爭。

Our ability to win on the big stage with trophy clients against our much larger competitors is the staple of ibex. I'm extremely proud of the business we have built and I expect this to continue throughout FY25 and beyond.

我們有能力在大舞台上與獎杯客戶一起擊敗比我們強大的競爭對手，這是 ibex 的主要優勢。我對我們已經建立的業務感到非常自豪，我預計這種自豪感將持續到 25 財年及以後。

With that, I will now turn the call over to Taylor to go into more details on our second quarter, FY25 Financials and guidance. Taylor?

說完這些，我現在將電話轉給泰勒，讓他更詳細地介紹我們第二季、FY25 的財務狀況和指引。泰勒？

Thank you. Bob and good afternoon everyone. Thank you for joining the call today. In my discussion of our second quarter, fiscal year 2025 financial results, references to revenue net income and net cash generated from operations are on a US GAAP basis.

謝謝。鮑勃，大家下午好。感謝您今天的電話會議。在討論 2025 財年第二季的財務業績時，對收入淨收入和經營活動產生的淨現金的引用均基於美國 GAAP。

While adjusted net income adjusted earnings per share adjusted EBITDA and free cash flow are on a non-GAAP basis. Reconciliations of our US GAAP to non-GAAP measures are included in the table attached to our earnings press release. Turning to our results, our second quarter results are among the strongest in our history with record top line results and strong profitability.

而調整後的淨收入、調整後的每股盈餘、調整後的 EBITDA 和自由現金流量均基於非 GAAP 基礎。我們的美國公認會計準則與非公認會計準則指標的對帳表包含在我們的收益新聞稿所附的表格中。談到我們的業績，我們第二季的業績是我們歷史上最強勁的業績之一，創下了創紀錄的營收業績和強勁的獲利能力。

Second quarter revenue was $140.7 million. An increase of 6.1% from $132.6 million in the prior year quarter. Revenue growth was driven by vertical growth in health tech of 31%. Travel, transportation and logistics of 17% and retail and e-commerce of 4% and was partially offset by decline in the fintech vertical of 15%.

第二季營收為1.407億美元。較去年同期的 1.326 億美元成長 6.1%。收入成長主要得益於健康科技 31% 的垂直成長。旅遊、運輸和物流行業增長 17%，零售和電子商務行業增長 4%，但金融科技垂直行業增長 15%，部分抵消了這一增長。

Our focused efforts to grow our higher margin. Offshore delivery locations are continuing to have a favorable impact on bottom line results. Offshore revenues now comprise 53% of total revenue versus 49% in the prior year quarter.

我們集中精力提高利潤率。離岸交付地點繼續對底線業績產生有利影響。目前，海外收入佔總收入的 53%，而去年同期為 49%。

Revenue mix in our higher margin digital and omni-channel services also continues to be strong. Digital and omni-channel delivery represented 80% of our total revenue and increased from 79% in the prior year quarter.

我們利潤率較高的數位和全通路服務的收入組合也持續保持強勁。數位和全通路交付占我們總收入的 80%，高於去年同期的 79%。

For context digital omni-channel comprised roughly 65% at the time of our IPO in 2020. We expect that we will continue to be successful driving growth in these higher margin regions and services as new client wins and growth in our embedded base continue to be focused in these areas.

就背景而言，在我們 2020 年 IPO 時，全通路數位行銷約佔 65%。我們預計，隨著新客戶的贏得和嵌入式基礎的成長繼續集中在這些領域，我們將繼續成功推動這些利潤率較高的地區和服務的成長。

Second quarter, net income increased to $9.3 million compared to $6.1 million in the prior year quarter. The increase was primarily driven by the meaningful growth of work and higher margin offshore regions of 14% year over year for the quarter. And the realization of the site and cost optimization efforts completed over the past year, partially offset by higher income tax and interest expense.

第二季度，淨收入從去年同期的 610 萬美元增至 930 萬美元。這一增長主要得益於本季工作量的大幅增長及海上地區利潤率的提高，較上年同期增長了 14%。而過去一年內完成的場地和成本優化工作的實現，部分被更高的所得稅和利息支出所抵銷。

Fully diluted EPS was $0.57 up from $0.33 in the prior year quarter. Contributing to the EPS growth was the impact from fewer diluted shares outstanding from share repurchases over the last year, including the repurchase of 3.6 million shares from TRGI in November, our weighted average diluted shares outstanding for the quarter were 16.5 million versus 8.4 million one year ago.

全面攤薄每股收益為 0.57 美元，高於去年同期的 0.33 美元。每股盈餘成長的因素包括去年股票回購導致的稀釋流通股數減少，包括11月從TRGI回購的360萬股，本季我們的加權平均稀釋流通股數為1,650萬股，去年同期為840萬股。

In the third quarter, we expect this number to be approximately 14.3 million shares as we realize a full quarter impact from the 3.6 million TRGI share we purchase. Moving to non-GAAP measures adjusted EBITDA increased to $16.5 million or 11.8% of revenue from $14.3 million or 10.8% of revenue for the same period, last year.

在第三季度，我們預計這一數字將達到約 1,430 萬股，因為我們購買的 360 萬股 TRGI 股票將對整個季度產生影響。根據非 GAAP 指標，調整後 EBITDA 從去年同期的 1,430 萬美元（佔營收的 10.8%）增至 1,650 萬美元（佔營收的 11.8%）。

The 100 basis point improvement and adjusted EBITDA margin was primarily driven by growth in our higher margin offshore locations during recent years, growth and key verticals from existing and new clients launched throughout fiscal 2024 and fiscal 2025 to date and stronger operating results due to site optimization efforts.

100 個基點的改善和調整後的 EBITDA 利潤率主要得益於近年來我們利潤率較高的海上地點的增長、2024 財年和 2025 財年迄今為止推出的現有和新客戶的增長和關鍵垂直市場以及由於站點優化工作而實現的更強勁的運營業績。

Adjusted net income increased to $9.6 million from $8 million in the prior year quarter. Non-GAAP fully diluted adjusted earnings per share increased to $0.59 from $0.44 in the prior year quarter. The increases were driven by the higher EBITDA and fewer diluted shares outstanding offset by higher income tax and interest expense. We expect our tax rate to track toward 21% to 22% for the year.

調整後淨收入從去年同期的 800 萬美元增至 960 萬美元。非公認會計準則全面攤薄調整後每股收益從去年同期的 0.44 美元增至 0.59 美元。成長的主要原因是 EBITDA 提高和稀釋後流通股減少，但所得稅和利息支出增加抵消了影響。我們預計今年的稅率將達到 21% 至 22%。

As a company, we are pleased with the client diversification. We have established over the last several years, for the second quarter of fiscal year 2025. Our largest client accounted for 12% of revenue and our top 5, 10, and 25 client concentrations declined compared to the prior year to 39%. 54% and 79% from 41% 59% and 82% respectively of overall revenue.

作為一家公司，我們對客戶的多樣化感到滿意。我們在過去幾年中已經確定了2025財年第二季的目標。我們最大的客戶佔了我們收入的 12%，而前 5、10 和 25 名客戶的集中度與前一年相比下降到了 39%。佔總收入的比例分別為41%、59%和82%，分別為54%和79%。

Representative of a well diversified client portfolio which continues to become more diversified. Over the past decade, we have done a tremendous job retaining our top 25 clients and are excited to see one of our signature client wins from fiscal year '24. Already move into our top 20.

代表著多元化的客戶組合，而這個組合的多元化程度還在不斷提高。在過去十年中，我們在保留前 25 名客戶方面做出了巨大貢獻，並且很高興看到我們在 24 財年贏得了一位標誌性客戶。已經進入我們的前 20 名。

Switching to our verticals. Health tech increased to 15.1% of second quarter revenue versus 12.2% in the prior year quarter. Travel, transportation logistics increased to 13.7% versus 12.5% in the prior quarter. And retail and e-commerce remained relatively consistent at 28.5% versus 29% in the prior quarter.

切換到我們的垂直產業。健康科技佔第二季營收的 15.1%，高於去年同期的 12.2%。旅行、運輸物流從上一季的 12.5% 成長至 13.7%。零售和電子商務保持相對穩定，為 28.5%，而上一季為 29%。

These increases were driven by continued demand and multiple offshore geographies and our continued ability to win significant new clients in these verticals. Conversely, our exposure to fintech vertical decreased to 11% of revenue for the quarter versus 13.7% in the prior year quarter. Impacted by the changing landscape for some client payment support models and geographic shifts from onshore to offshore delivery.

這些成長是由持續的需求和多個離岸地區以及我們在這些垂直領域持續贏得重要新客戶的能力所推動的。相反，我們對金融科技垂直領域的投資佔本季營收的 11%，而去年同期為 13.7%。受到一些客戶支付支援模式的變化以及從在岸到離岸交付的地理轉移的影響。

Net cash generated from operating activities was $1.1 million for the second quarter of fiscal year, 2025 compared to an outflow of $1.6 million for the prior year quarter. The increase was driven by increased revenues and stronger operating results partially offset by longer DSOs for our receivables.

2025 財年第二季經營活動產生的淨現金為 110 萬美元，而去年同期的淨現金流出為 160 萬美元。成長的主要動力是收入增加和經營績效增強，但應收帳款 DSO 延長部分抵消了這一影響。

Our DSOs were 79 days up from 75 days at the end of the first quarter. As we experienced our typical seasonal increase in DSOs and also some delay in payments related to having our clients remit payments into a new bank account. We expect our DSOs to remain stable in the mid 70s on a go forward basis.

我們的 DSO 從第一季末的 75 天增加了 79 天。由於我們經歷了 DSO 的典型季節性增長，以及與客戶將付款匯入新銀行帳戶相關的付款延遲。我們預計我們的 DSO 未來將保持穩定在 70 年代中期。

Capital expenditures were $4.3 million or 3.1% of revenue for the second quarter versus $2.9 million or 2.2% of revenue in the prior quarter. This increase was primarily driven by expansions in our offshore nearshore regions to support growth in these higher margin geographies.

第二季資本支出為 430 萬美元，佔營收的 3.1%，而上一季資本支出為 290 萬美元，佔營收的 2.2%。這一成長主要得益於我們在近海近岸地區的擴張，以支持這些利潤率較高的地區的成長。

Free cash flow was an outflow of $3.2 million in the current quarter compared to an outflow of $4.5 million in the prior quarter. The improvement was driven by increased net cash provided by operating activities partially offset by higher capital expenditures during the current quarter.

本季自由現金流流出 320 萬美元，上一季自由現金流流出 450 萬美元。業績改善的動力源於經營活動提供的淨現金增加，但本季資本支出增加部分抵銷了這一增長。

We ended the second quarter with $20.2 million of cash and debt of $33.9 million for a net debt of $13.7 million compared to $62.3 million of cash and debt of $1.5 million for a net cash of $60.8 million. At the end of our first quarter. The decrease in our net cash position during the quarter was primarily driven by the share repurchase of 3.6 million shares from TRGI for $70 million.

截止第二季度，我們的現金餘額為 2,020 萬美元，債務為 3,390 萬美元，淨債務為 1,370 萬美元，而去年同期的現金餘額為 6,230 萬美元，債務為 150 萬美元，淨現金為 6,080 萬美元。在我們第一季結束時。本季我們淨現金狀況的下降主要是因為以 7,000 萬美元從 TRGI 回購了 360 萬股股票。

We funded this year repurchase with $45 million of cash on hand and a $25 million convertible promissory note from TRGI after the second quarter ended, this note was paid in full with proceeds from our new revolving lines of credit with HSBC.

我們以庫存現金 4500 萬美元和第二季度結束後 TRGI 的 2500 萬美元可轉換本票為今年的回購提供資金，該票據已通過我們在匯豐銀行的新循環信用額度收益全額支付。

To summarize our second quarter, fiscal year 2025, we achieve strong top and bottom line second quarter results, we accelerate our top line momentum with over 6% revenue growth driven by new client wins over the last year and continued expansion of our embedded client base made possible by strong service delivery.

總結我們的 2025 財年第二季度，我們在第二季度實現了強勁的營收和利潤業績，我們加速了營收成長勢頭，營收成長超過 6%，這得益於去年贏得新客戶以及強大的服務交付使得嵌入式客戶群不斷擴大。

Additionally, our profitability continues to improve where for 10 of the last 11 quarters, we have delivered year over year adjusted EBITDA margin expansion, enabling strategic investments in AI capabilities and sales resources.

此外，我們的獲利能力持續提高，在過去 11 個季度中的 10 個季度中，我們的調整後 EBITDA 利潤率同比都有所擴大，從而實現了對 AI 能力和銷售資源的戰略投資。

These results in still continued confidence in the excuse of our strategy throughout 2025 enabling us to raise our fiscal year guidance and continue to return value to shareholders. Revenue is now expected to be in the range of $525 million to $535 million versus a previous range of $515 million to $525 million.

這些使我們對 2025 年策略仍然充滿信心，使我們能夠提高財年預期並繼續為股東帶來價值。目前預計收入將在 5.25 億美元至 5.35 億美元之間，而先前的預期為 5.15 億美元至 5.25 億美元。

Adjusted EBITDA is now expected to be in the range of $68 million to $69 million versus a previous range of $67 million to $69 million. And capital expenditures are expected to remain the range of $15 million to $20 million. Our business is well positioned for today and for the years ahead and we're excited about the future of ibex as we head into the third quarter of fiscal year 2025 and beyond.

調整後的 EBITDA 預計在 6,800 萬美元至 6,900 萬美元之間，而先前的預期為 6,700 萬美元至 6,900 萬美元。預計資本支出仍將維持在1,500萬至2,000萬美元之間。我們的業務目前和未來幾年都已做好了準備，我們對 2025 財年第三季及以後 ibex 的未來充滿期待。

With that, Bob and I will now take questions, operator. Please open the line.

下面，接線員，鮑伯和我將回答您的問題。請打開線路。

(Operator Instructions)

（操作員指令）

David Koning, Baird.

大衛‧科寧，貝爾德。

Yeah. Hey guys, congrats on another great quarter. Really good to see.

是的。嘿夥計們，恭喜你們度過了又一個美好的季度。真的很高興看到。

Thanks David. Yeah, we're really, really pleased with the results we posted.

謝謝大衛。是的，我們對發布的結果非常非常滿意。

Yeah. And maybe to start just on revenue, is it a combination, is the backdrop getting better? Maybe a combination of a few things. Is the backdrop getting better? Are you just winning against others? And how is Gen AI? I mean you talked a little bit about it in actually the tailwind, headwind a little both, like because all those three things seem to be driving revenue.

是的。也許僅從收入開始，這是一個綜合因素，背景是否變得更好？也許是多種因素的結合。背景變得更好了嗎？你只是戰勝了別人嗎？那麼 Gen AI 又如何呢？我的意思是，您實際上談到了順風和逆風，因為這三件事似乎都在推動收入。

Yeah, David. So appreciate the question and maybe it's a little bit of all of the above, but I think the probably the biggest drivers for us are our continued winning new logos that then drive a lot of revenue growth with them in their year twos and things like that.

是的，大衛。非常感謝您的提問，也許以上所有原因都有一點，但我認為對我們來說最大的驅動力可能是我們不斷贏得新標誌，這些新標誌在第二年將帶來大量收入增長等等。

So and that's been a staple of ibex of our ability to win and then land and expand and get those new clients growing. So that's, I think probably one of the biggest drivers, actually, it is the biggest driver.

所以，這一直是 ibex 贏得新客戶、獲得新客戶、擴大新客戶規模和成長新客戶能力的關鍵。所以，我認為這可能是最大的驅動因素之一，實際上，它是最大的驅動因素。

The second driver that's going on is for us is our ability to win market share. And I will say a lot of the embedded base clients are looking and moving some of their business into the lower labor cost markets. That as over the years has been the game, a lot of that's been taking place that puts pressure on top line revenue. But what we've been able to do is manage through that, but take market share.

對我們來說，第二個驅動因素是我們贏得市場份額的能力。我想說的是，許多嵌入式基礎客戶正在尋找並將部分業務轉移到勞動力成本較低的市場。正如多年來遊戲產業一直存在的那樣，許多這樣的情況都給營收帶來了壓力。但我們能夠做的是設法解決這個問題，並佔領市場份額。

And so I think we're -- if you like look at our competitors where those events are putting serious headwinds into their business, for us, it isn't because we're winning market share. And as both Taylor and I said, we're winning market share because we're out executing our competitors.

所以我認為，如果你看看我們的競爭對手，這些事件給他們的業務帶來了嚴重的阻力，而對我們來說，這並不是因為我們贏得了市場份額。正如泰勒和我所說，我們贏得了市場份額，因為我們的執行力超越了競爭對手。

And so those are, I think, the two biggest variables. And then the third one, just around the macro demand. I would sit and say that the demand has stabilized I'm not sure the demands come back, right? And so. But the good news is it's stabilized, and that's allowing us to, I think, continue to build the momentum. And as you've seen over the last several quarters, our top line growth continues to build and grow.

所以我認為這是兩個最大的變數。第三個是關於宏觀需求。我會坐下來說需求已經穩定了，但我不確定需求是否會回來，對嗎？所以。但好消息是它已經穩定下來，我認為這使我們能夠繼續保持這種勢頭。正如您在過去幾個季度所看到的，我們的營收成長持續增強。

Yeah. No, that's great. And then I guess secondly, just on margins, I mean, you continue to put up really good margins the way you're guiding the back half though, it looks like margins might be down just a touch in the back half.

是的。不，那太好了。其次，我想談談利潤率，我的意思是，按照你引導後半部分的方式，你繼續保持非常好的利潤率，但看起來後半部分的利潤率可能會略有下降。

To get the updated the EBITDA guidance. I mean, you raised EBITDA guidance, which is great. But Q2 is so good that it actually takes a little bit of margin -- creates the margin headwind looks like in the second half, right? So just wondering on that.

獲取更新的 EBITDA 指導。我的意思是，你提高了 EBITDA 指引，這很好。但 Q2 表現太好了，實際上需要一點利潤——造成了下半年利潤逆風，對嗎？我只是對此感到好奇。

Hey Taylor, I'll throw that over to you if you want to walk through that.

嘿，泰勒，如果你想了解一下的話，我就把它交給你。

Yeah. No, absolutely. So David, if you look at our gross margins on the gross margin level, we improved at 140 basis points in Q1, 210 basis points in Q2. And we expect that improvement year over year to continue into Q3 and Q4.

是的。不，絕對不是。所以大衛，如果你看看我們的毛利率，從毛利率水準來看，我們在第一季提高了 140 個基點，在第二季提高了 210 個基點。我們預計這種逐年改善的趨勢將持續到第三季和第四季。

So we're feeling very good about the profitability of our business, now what we're doing and it's intentional is we are investing in SG&A in sales resources and technology both in the infrastructure as we recently implemented our new financial system and HR system and then also in AI capabilities to grow the business.

因此，我們對我們的業務的盈利能力感到非常滿意，現在我們正在做的事情是，我們有意在銷售資源和技術方面投資銷售、一般及行政費用，包括基礎設施，因為我們最近實施了新的財務系統和人力資源系統，同時也投資於人工智慧能力以發展業務。

But if you look at the back half of the year in terms of our guidance, we're still at around what 14% adjusted margin. So we still feel very good about that. And it's the fact that our gross margins are seeing such improvement that we're able to invest in growth and continue this trend.

但如果您從我們的指導角度來看今年下半年的情況，我們的調整後利潤率仍然在 14% 左右。所以我們對此仍然感到非常高興。事實上，我們的毛利率正在大幅提高，這使得我們能夠投資成長並延續這一趨勢。

Got you. Well, great job guys. Thank you.

明白了。好吧，夥計們，幹得好。謝謝。

Great David. Thanks. Good, catching up.

偉大的大衛。謝謝。很好，趕上來了。

(Operator Instructions)

（操作員指令）

And I'm not showing any further questions. I'd now like to turn the call back over to Bob Dechant for any closing remarks.

我沒有提出任何其他問題。現在，我想將電話轉回給鮑伯‧德尚特 (Bob Dechant)，請他做最後發言。

Josh, thank you and thank you all for attending. We're really proud of what we continue to do as the team, what we do operationally, what we do financially and then from a strategic standpoint with our AI strategy, put all those elements together. I love the trajectory of our business and thank you all and we'll talk to you next quarter. Good night.

喬希，謝謝你，也謝謝大家的參加。我們為我們團隊繼續做的事情、我們在營運方面所做的事情、我們在財務方面所做的事情以及從戰略角度將所有這些元素結合在一起的人工智慧戰略感到非常自豪。我喜歡我們業務的發展軌跡，感謝大家，我們將在下個季度與大家交談。晚安。

Thank you. This concludes the conference. Thank you for your participation.

謝謝。會議到此結束。感謝您的參與。