Ibex Ltd (IBEX) 2025 Q4 法說會逐字稿

Welcome to the Ibex fourth quarter, full year 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. To note, there is an accompanying earnings 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 年第四季全年財報電話會議。（操作員指示）請注意，今天的會議正在錄音。需要注意的是，Ibex 投資者關係網站 investors.ibex.co 上提供了相應的收益報告。現在，我將本次發表會交給 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事項可能包括前瞻性陳述，涉及我們的經營業績、財務目標和業務前景，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之日的觀點，我們不承擔因可能發生的新發展而修改此資訊的義務。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 a more detailed description of our risk factors, please review our annual report on Form 10-K filed with the US Securities and Exchange Commission on September 11, 2025. And any other risk factors, we include in subsequent filings with the SEC. With that, I will now turn the call over to Ibex CEO Bobs.

有關我們風險因素的更詳細描述，請查看我們於 2025 年 9 月 11 日向美國證券交易委員會提交的 10-K 表年度報告。任何其他風險因素，我們都會在隨後向美國證券交易委員會提交的文件中提及。現在，我將把電話轉給 Ibex 執行長 Bobs。

Thanks, Mike. Good afternoon and thank you all for joining us today as we share our fourth quarter in fiscal year 2025 results. Before we get into the details of our results, I think it might be helpful to step back and look at how our business has evolved over the past decade, and why we are confident in our continued ability to outperform the market.

謝謝，麥克。下午好，感謝大家今天加入我們，分享我們 2025 財年第四季的業績。在詳細介紹我們的業績之前，我認為回顧一下過去十年我們的業務是如何發展的，以及為什麼我們有信心繼續超越市場，可能會有所幫助。

In FY '16, when I joined as CEO, we undertook a strategic journey of transforming Ibex into a differentiated customer experience company. This strategy was built on three key pillars. One, the blend of our culture, engagement, and branding. Two, our purpose-built technology we called Wave iX, and three, our deep analytics and business insights capabilities. We call this BPO 2.0.

2016 財年，當我加入 Ibex 擔任執行長時，我們進行了一項策略之旅，將 Ibex 轉變為一家差異化的客戶體驗公司。該策略建立在三大支柱之上。第一，我們的文化、參與和品牌的融合。第二，我們專門建構的技術，我們稱之為 Wave iX；第三，我們的深度分析和業務洞察能力。我們稱之為 BPO 2.0。

Today, we believe we are best in class in each area. And the result of this is a differentiated company that is and can continue to outperform the competition. These capabilities, those three key pillars have enabled us to consistently win trophy new logo clients who are looking to a partner who can disrupt the status quo.

今天，我們相信我們在每個領域都是最好的。這樣做的結果就是，公司實現了差異化，並且能夠繼續超越競爭對手。這些能力，這三個關鍵支柱使我們能夠持續贏得那些正在尋找能夠打破現狀的合作夥伴的新標誌客戶。

Equally important, these attributes do in fact power us to outperform our competitors and consequently win new market share. The thesis is if you have an extremely engaged employee, powered with great technology and analytics, you will outperform your competition, delight, and retain your clients, and our financial results continue to validate our differentiation.

同樣重要的是，這些屬性確實使我們能夠超越競爭對手，從而贏得新的市場份額。我們的論點是，如果你擁有一位極其敬業的員工，並擁有強大的技術和分析能力，那麼你將超越你的競爭對手，取悅並留住你的客戶，而我們的財務業績將繼續驗證我們的差異化。

In FY '24, as the market began to look at the intersection of AI and CX as a threat, we set our new vision to BTO 3.0. With a goal to extend our capabilities and become an industry leader in delivering AI solutions to our clients. And as a result, create an even stronger company. I am proud to report that FY '25 saw Ibex make great strides in this strategic next step.

2024財年，隨著市場開始將人工智慧與客戶體驗的融合視為威脅，我們將新的願景設定為BTO 3.0。我們的目標是拓展自身能力，成為為客戶提供人工智慧解決方案的產業領導者。從而創造一家更強大的公司。我很自豪地報告，25 財年 Ibex 在這一策略步驟中取得了長足的進步。

We've been able to deploy AI internally to enable our operational teams to execute more effectively, and efficiently for our clients while at the same time, we have jumped ahead of our competitors in deploying AI agent solutions like chatbots and voicebots to solve less complex interactions.

我們已經能夠在內部部署人工智慧，使我們的營運團隊能夠更有效、更有效率地為我們的客戶執行任務，同時，我們在部署聊天機器人和語音機器人等人工智慧代理解決方案以解決不太複雜的互動方面已經領先於我們的競爭對手。

What we have found is that having a seamless integrated solution from AI agent to human agent uniquely positions us to support customers along the entire customer journey. This gives us a competitive advantage. Importantly, this strategy and our ability to execute against it help Ibex deliver on the most impressive results in our history as a company in FY '25.

我們發現，擁有從人工智慧代理到人工代理的無縫整合解決方案使我們能夠在整個客戶旅程中為客戶提供支援。這給了我們競爭優勢。重要的是，這項策略以及我們執行該策略的能力幫助 Ibex 在 25 財年取得了公司歷史上最令人印象深刻的表現。

And has this well positioned to perform in FY '26 and beyond. FY '25 was a transcendent year for Ibex, where we significantly outperformed the BPO market and achieved all-time bests across a number of key financial metrics. In FY '25, we delivered record fiscal year revenue of $558.3 million, up 10% from a year ago. We finished the year with Q4 revenues increasing to a blistering 18% from prior year.

並且已做好在 26 財年及以後表現的良好準備。25 財年對 Ibex 來說是超越的一年，我們的表現明顯優於 BPO 市場，並在多項關鍵財務指標上創下了歷史新高。25 財年，我們的財年營收創歷史新高，達到 5.583 億美元，比去年同期成長 10%。今年第四季我們的營收較上年同期大幅成長了 18%。

We delivered record adjusted IBIDTA of $72 million for the fiscal year, up more than 10% from a year ago, while making key investments into new markets like India, geographic expansions into our highly profitable offshore regions and into our Wave iX tech stack.

我們本財年的調整後 IBIDTA 達到創紀錄的 7,200 萬美元，比去年同期成長了 10% 以上，同時對印度等新市場、向利潤豐厚的離岸地區和 Wave iX 技術堆疊進行了地理擴張進行了重點投資。

We achieved record adjusted EPS of $2.75, up 31% from a year ago on record-adjusted net income of $43 million up 12% from a year ago. And we posted our strongest free cash flow quarter ever of $23 million in Q4, and a record $27 million for the year. The ibex brand is stronger than it has ever been.

我們實現了創紀錄的調整後每股收益 2.75 美元，比去年同期增長 31%，調整後淨收入達到創紀錄的 4,300 萬美元，比去年同期增長 12%。我們第四季的自由現金流達到了有史以來最強勁的 2300 萬美元，全年自由現金流也達到了創紀錄的 2700 萬美元。ibex 品牌比以往更強大。

Our growth has been driven by operational excellence with our embedded base clients, enabling us to win significant market share from our competition, while our differentiated value proposition resulted in continued new logo wins with trophy clients throughout the year.

我們的成長得益於嵌入式基礎客戶的卓越運營，這使我們能夠從競爭中贏得顯著的市場份額，而我們差異化的價值主張使我們全年不斷贏得獎杯客戶的新標誌。

Importantly, this past quarter marked the shift from proof of concept for our AI solutions to full-scale deployments, setting the table for future growth. This goal 2025 was a milestone year across many fronts, including our successful entry into India. When we IPOed the company in August of 2020, we were early in our strategy, and a work in progress company.

重要的是，過去一個季度標誌著我們的人工智慧解決方案從概念驗證轉向全面部署，為未來的成長奠定了基礎。2025 年這一目標對於許多方面來說都是具有里程碑意義的一年，包括我們成功進入印度市場。當我們在 2020 年 8 月將公司 IPO 時，我們的策略還處於早期階段，並且是一家正在發展中的公司。

We believed in ourselves and our strategy and what an amazing journey this has been. Today, we have built ibex into a structurally strong company that is outperforming the market and is well positioned for the future. Let me highlight the current state of Ibex. We are a growth leader. Revenue grew 10% in FY '25, when many of the largest players were low single digit or negative.

我們相信自己和我們的策略，這是多麼奇妙的旅程。如今，我們已將 ibex 打造成為一家結構強大、業績超越市場、為未來做好充分準備的公司。讓我重點介紹一下 Ibex 的現況。我們是成長的領導者。25 財年，公司營收成長了 10%，而同期許多最大的公司的營收都只有個位數甚至為負。

We have a strong margin profile that continues to expand, driven by double digit revenue growth in our highest margin services and geographies. We have built one of the finest rosters of trophy clients in the industry, each with significant outsourcing spend. Our balance sheet is very healthy with zero net debt and strong free cash flow generation.

我們的利潤率很高，而且還在擴大，這得益於我們利潤率最高的服務和地區的兩位數收入成長。我們已建立了業內最優秀的客戶名冊之一，每個客戶都花費了大量的外包費用。我們的資產負債表非常健康，零淨債務，並產生強勁的自由現金流。

More than 80% of our business is higher valued, digital first, and integrated omnichannel support. We have a powerful new logo engine that continues to win high-profile clients and an operational team that outperforms. And we believe we are the early leader in bringing compelling AICX solutions to market for our clients.

我們 80% 以上的業務都具有高價值、數位優先和整合全通路支援的特性。我們擁有強大的新標誌引擎，可以持續贏得高端客戶和表現優異的營運團隊。我們相信，我們是向客戶推出引人注目的 AICX 解決方案的早期領導者。

All this gives me, our leadership, and our board great confidence as we look ahead to the next three to five years. With these results in mind, I'd like to thank my team and the whole Ibex family for a tremendous quarter and fiscal year. Fiscal 2025 was a statement here. One for the record books and highlights the strength of Ibex and this team.

所有這些讓我、我們的領導階層和董事會對未來三到五年充滿信心。考慮到這些結果，我要感謝我的團隊和整個 Ibex 家族在本季和財政年度所取得的卓越成就。2025 財年就是一個聲明。這是一項載入史冊的成就，彰顯了 Ibex 和這支團隊的實力。

Last year at this time, I said we believed we'd reached an inflection point for Ibex with a return to growth. The momentum we amassed throughout the fiscal year showed exactly that delivering record results. We are now well positioned for another strong year in FY '26 and beyond. With that, I will now turn the call over to Taylor to go into more details on our fourth quarter and full year FY '25 financials, as well as FY '26 guidance. Taylor?

去年這個時候，我說過，我們相信 Ibex 已經到達了一個轉折點，將恢復成長。我們在整個財政年度累積的勢頭恰恰證明了我們取得了創紀錄的成果。我們現在已經做好了準備，迎接 26 財年及以後的另一個強勁增長年。說完這些，我現在將把電話交給泰勒，讓他更詳細地介紹我們 25 財年第四季和全年的財務狀況，以及 26 財年的指引。泰勒？

Thank you, Bob, and good afternoon, everyone. Thank you for joining the call today. In my discussions of our fourth quarter and fiscal year 2025 financial results, references to revenue, net income, and net cash generated from operations are all on a US GAAP basis, while adjusted net income, adjusted earnings per share, adjusted EBITDA, and free cash flow are on a non-GAAP basis.

謝謝你，鮑勃，大家下午好。感謝您今天參加電話會議。在我討論我們第四季度和 2025 財年的財務業績時，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，而調整後的淨收入、調整後的每股收益、調整後的 EBITDA 和自由現金流均基於非 GAAP。

Reconciliations of our US GAAP to non-GAAP measures are included in the tables attached to our earnings press release. Our fourth quarter results are once again among the strongest in our history, with record results across the board for revenue, adjusted EBITDA, EPS, adjusted EPS, and free cash flow.

我們的美國公認會計準則 (US GAAP) 與非公認會計準則 (NOTA) 指標的對帳表包含在我們收益新聞稿所附的表格中。我們的第四季業績再次創下歷史新高，營收、調整後 EBITDA、每股盈餘、調整後每股盈餘和自由現金流都創下歷史新高。

Fourth quarter revenue was $147.1 million, an increase of 18.2% from $124.5 million in the prior year quarter. This was our highest growth quarter in approximately three years. Revenue growth was driven by vertical growth in retail and e-commerce of 25%, health tech of 19%, travel transportation, logistics of 10%, and outstanding growth in our digital acquisition business.

第四季營收為 1.471 億美元，較去年同期的 1.245 億美元成長 18.2%。這是我們大約三年來成長最快的一個季度。收入成長主要得益於零售和電子商務的垂直成長（25%）、健康科技的垂直成長（19%）、旅遊交通和物流的垂直成長（10%）以及數位收購業務的出色成長。

Our focused efforts to grow our higher margin offshore delivery locations are continuing to have a favorable impact on bottom line results. Offshore revenues grew 17% from the prior year and comprised 49% of total revenue, allowing us to maintain our strong gross margin of 31.4%. Revenue mix in our higher margin digital and omnichannel services also continues to be strong.

我們致力於擴大利潤率更高的海外交付地點，這將繼續對獲利產生積極影響。離岸收入較上年增長 17%，佔總收入的 49%，使我們保持了 31.4% 的強勁毛利率。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。

Digital and omnichannel delivery represented 82% of our total revenue, an increase from 77% in the prior year quarter, and grew 25% versus the same quarter a year ago. For context, digital, and omnichannel comprised roughly 65% at the time of our IPO in 2020, and was basically negligible when we started this journey in 2016.

數位和全通路交付占我們總收入的 82%，高於去年同期的 77%，比去年同期成長 25%。就背景而言，數位和全通路在我們 2020 年 IPO 時佔比約 65%，而當我們在 2016 年開始這趟旅程時，這一比例基本上可以忽略不計。

We expect that we'll 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. Fourth quarter net income remained relatively consistent at $9.6 million, compared to $9.8 million in the prior year quarter.

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。第四季淨收入保持相對穩定，為 960 萬美元，而去年同期為 980 萬美元。

The results were primarily driven by the meaningful growth of work in higher margin offshore regions of 17% year over year for the quarter, offset by higher selling general administrative expenses related to investments in our teams, technology, and the workday implementation, as well as our expansion into India. We also encourage severance and impairment expenses of $2 million related to long-term assets, no longer carrying value for us, and the closure of a very small business loan.

這一業績主要得益於本季度利潤率較高的離岸地區業務的顯著增長，同比增長 17%，但與團隊、技術和工作日實施方面的投資以及向印度的擴張相關的銷售一般管理費用的增加抵消了這一增長。我們也鼓勵與長期資產相關的 200 萬美元遣散費和減損費用，這些資產對我們來說不再有價值，並且關閉了一筆非常小的商業貸款。

Net interest expense was $400,000 in the quarter versus $400,000 of net interest income in the prior year and our tax rate was 19% versus 26% in the prior year. Fully diluted EPS was $0.66, up from $0.56 in the prior year quarter. Positively impact in EPS growth were fewer diluted shares outstanding due to our share repurchases, totaling $3.9 million shares during fiscal 2025, which includes the repurchases of 58,000 shares in the fourth quarter for $1.7 million.

本季淨利息支出為 400,000 美元，而去年的淨利息收入為 400,000 美元；我們的稅率為 19%，而去年為 26%。完全稀釋每股收益為 0.66 美元，高於去年同期的 0.56 美元。由於我們回購股票，每股盈餘成長的正面影響是稀釋流通股減少，2025 財年期間共回購 390 萬美元股票，其中包括第四季以 170 萬美元回購 58,000 股。

Our weighted average diluted shares outstanding for the quarter were $14.5 million versus $17.6 million one year ago. Moving to non-GAAP measures, adjusted EBITDA dot increased to $20.5 million or 13.9% of revenue from $17.9 million or a record of 14.4% of revenue for the same period last year.

本季我們的加權平均攤薄流通股數為 1,450 萬美元，去年同期為 1,760 萬美元。轉向非公認會計準則衡量，調整後的 EBITDA 從去年同期的 1,790 萬美元（佔營收的 14.4%）增至 2,050 萬美元（佔營收的 13.9%）。

Adjusted net income increased to $12.6 million from $10.2 million in the prior year quarter. Non-GAAP fully diluted adjusted earnings per share increased to $0.87 from $0.58 in the prior year quarter, which was driven by the impact of higher revenue, strong operating performance, a lower tax rate, and fewer diluted shares outstanding offset by higher net interest expense.

調整後淨收入從去年同期的 1,020 萬美元增至 1,260 萬美元。非公認會計準則完全稀釋調整後每股收益從去年同期的 0.58 美元增至 0.87 美元，這得益於收入增加、經營業績強勁、稅率降低以及稀釋流通股減少，但淨利息支出增加抵消了這些影響。

As a BPO company, we are pleased with the client diversification we've established over the last several years. For the fourth quarter of fiscal year 2025, our largest client now accounts for less than 10% of revenue due to the strong growth in the rest of the business, and our top 5, top 10, and top 25 client concentrations remain consistent with the prior year at 36%, 54%, and 79% respectively of overall revenue, representative of a well-diversified client portfolio.

作為一家 BPO 公司，我們對過去幾年建立的客戶多樣化感到滿意。對於 2025 財年第四季度，由於其他業務的強勁增長，我們最大的客戶目前佔總收入的不到 10%，而我們的前 5、前 10 和前 25 名客戶集中度與上年保持一致，分別佔總收入的 36%、54% 和 79%，代表了高度多元化的客戶組合。

Over the past decade, we have done a tremendous job attending our top 25 clients and are excited to see one of our signature client wins from fiscal year '24 now move into the top15. Switching to our verticals, retail and e-commerce increased to 25.3% of fourth quarter revenue versus 24% in the prior year quarter, and health tech and travel transportation and logistics remain strong at 14% and 13.8% versus 13.9% and 14.8% respectively in the prior quarter.

在過去的十年中，我們為服務前 25 名客戶做出了巨大的努力，並且很高興看到我們在 24 財年贏得的標誌性客戶之一現已進入前 15 名。轉向我們的垂直領域，零售和電子商務佔第四季度收入的 25.3%，而去年同期為 24%，健康科技和旅遊運輸及物流保持強勁，分別為 14% 和 13.8%，而上一季分別為 13.9% 和 14.8%。

These changes were driven by continued growth and multiple offshore geographies, and our continued ability to win significant new clients in these verticals. Conversely, our exposure to the fintech vertical decreased to 10.6% of revenue for the quarter, versus 13.7% in the prior quarter. We expect the fintech vertical to stabilize as we move forward based on the strength of our pipeline in this vertical.

這些變化是由持續成長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比例從上一季的 13.7% 下降至 10.6%。基於我們在該垂直領域的通路實力，我們預期隨著我們不斷前進，金融科技垂直領域將會趨於穩定。

Moving on to our fiscal year 2025 results, revenue increased 9.8% to $558.3 million compared to $508.6 million in the prior year. Revenue growth was driven by vertical growth and health tech of 23%, travel, transportation, and logistics of 14%, and retail and e-commerce of 13%, along with outstanding growth in the digital acquisition business.

展望我們 2025 財年的業績，營收較前一年的 5.086 億美元成長 9.8% 至 5.583 億美元。營收成長主要得益於垂直成長和健康科技成長 23%，旅遊、運輸和物流成長 14%，零售和電子商務成長 13%，以及數位收購業務的出色成長。

We grew in both our onshore and offshore regions throughout the year. Onshore revenue, which comprised 24% of total revenue during the fiscal year, increased 13%, and offshore revenue, which comprised 51% of our total revenue, increased 15% versus the prior year. Our near shore region, which comprised 25% of our total revenue, declined slightly at 3% versus the prior year, as some of this business shifted to our offshore locations.

我們全年在陸上和海上地區均實現了成長。在本財年，境內收入佔總收入的 24%，比上年增長了 13%；境外收入佔總收入的 51%，比上年增長了 15%。我們的近岸地區占我們總收入的 25%，與前一年相比略有下降，為 3%，因為部分業務轉移到了我們的離岸地區。

Fiscal 2025 net income increased to $36.9 million versus $33.7 million in the prior year. The increase was driven by revenue growth, and gross margin expansion, particularly in our higher margin offshore regions, offset by increases in selling, general and administrative and net interest expense.

2025 財年淨收入從上一年的 3,370 萬美元增至 3,690 萬美元。這一增長是由收入增長和毛利率擴大（特別是在利潤率較高的海外地區）推動的，但被銷售、一般及行政開支和淨利息支出的增加所抵消。

Our effective tax rate was 19.7% versus 17.9% for fiscal year 2024, which was attributable to changes in revenue mix across our taxable jurisdictions and discrete items recorded in the prior year. We expect a normal normalized tax rate going forward to be in a 20% to 22% range, benefiting from higher net income and lower diluted shares outstanding. Our GAAP diluted earnings per share increased 28% to $2.36.

我們的有效稅率為 19.7%，而 2024 財年為 17.9%，這歸因於我們應稅管轄區的收入結構變化以及上一年記錄的單項項目。我們預計，未來的正常標準化稅率將在 20% 至 22% 的範圍內，受益於更高的淨收入和更低的稀釋流通股。我們的 GAAP 稀釋每股收益成長 28% 至 2.36 美元。

Reviewing non-GAAP measures for the full year, adjusted EBITDA increased to 7$2 million or 12.9% of revenue, compared to $65.2 million or 12.8% of revenue for the prior year. Adjusted EBITDA margin increased slightly as growth in our higher margin offshore locations and in our digital acquisition business.

回顧全年非公認會計準則指標，調整後的 EBITDA 增至 720 萬美元，佔營收的 12.9%，而前一年為 6,520 萬美元，佔營收的 12.8%。由於利潤率較高的海外業務和數位收購業務的成長，調整後的 EBITDA 利潤率略有增加。

As well as our site optimization efforts over the past year were largely offset by increased SG&A expenses. Adjusted net income increased 12.1% to $43 million, compared to $38.4 million in the prior year. Non-GAAP fully diluted, adjusted earnings per share increased 31% to $2.75 compared to $2.10.

我們過去一年的網站優化工作也在很大程度上被銷售、一般和行政費用的增加所抵消。調整後淨收入成長 12.1% 至 4,300 萬美元，而上年同期為 3,840 萬美元。非公認會計準則完全稀釋後每股收益較上年同期的 2.10 美元增長 31% 至 2.75 美元。

The increase in adjusted net income and non-GAAP fully diluted adjusted earnings per share was primarily driven by the top and bottom-line operating performance discussed earlier in our lower share count. This was offset slightly by increased net interest expense compared to the prior year.

調整後淨收入和非公認會計準則完全稀釋調整後每股收益的成長主要得益於我們先前在較低股份數量下討論過的頂線和底線營運表現。與上年相比，淨利息支出的增加略微抵消了這一影響。

Net cash generated from operating activities was a record of $45.7 million for fiscal 2025, compared to $35.9 million for fiscal 2024. The increase was primarily driven by an increase in revenue and a lower use of working capital. Our DSOs ended the year 72 days for the quarter, consistent with the DSO at the end of last year. We expect our DSOs to remain stable in the mid-70s on a go forward basis.

2025 財年經營活動產生的淨現金達到創紀錄的 4,570 萬美元，而 2024 財年為 3,590 萬美元。成長的主要原因是收入增加和營運資金使用減少。我們本季的 DSO 為 72 天，與去年年底的 DSO 一致。我們預計我們的 DSO 未來將保持穩定在 70 年代中期。

Capital expenditures were $18 million or 3.3% of revenue for fiscal year 2025, versus $9 million or 1.7% of revenue in the prior year. This increase was primarily driven by expansions to meet the strong demand in our highest margin regions. Free cash flow for fiscal 2025 was a record of $27.3 million, up from $27 million in the prior year. Our record operating cash flow was offset by the increase in capital expenditures of $9.5 million as discussed above.

2025 財年的資本支出為 1,800 萬美元，佔營收的 3.3%，而前一年為 900 萬美元，佔營收的 1.7%。這一成長主要得益於我們為滿足利潤率最高地區的強勁需求而進行的擴張。2025 財年的自由現金流創下 2,730 萬美元的紀錄，高於前一年的 2,700 萬美元。如上所述，我們的創紀錄經營現金流被 950 萬美元的資本支出增加所抵銷。

We ended the fourth quarter with $15 million of cash and debt of $1.6 million for a net cash position of $13.7 million, an improvement of $21.2 million, compared to net debt of $7.6 million at the end of our third quarter. When compared to our net cash position of $61.2 million as of June 30, 2024, this reflects the impact of $77.2 million in share repurchases during fiscal 2025, including our $70 million TRGI share repurchase.

在第四季末，我們的現金為 1,500 萬美元，債務為 160 萬美元，淨現金狀況為 1,370 萬美元，較第三季末的淨債務 760 萬美元增加了 2,120 萬美元。與截至 2024 年 6 月 30 日的 6,120 萬美元淨現金狀況相比，這反映了 2025 財年 7,720 萬美元股票回購的影響，其中包括 7,000 萬美元的 TRGI 股票回購。

To summarize our 2025 fiscal year, we achieved outstanding top and strong bottom line results during the year, allowing us to enter fiscal 2026 with great momentum. We delivered a multi-year high top line performance with 10% revenue growth for the year and 18% for the fourth quarter. Our adjusted EPS of $2.75 for fiscal year 2025 was up 31% over the prior year. It was a record for our business.

總結我們的 2025 財年，我們在這一年取得了出色的營收和強勁的獲利業績，這使我們能夠以強勁的勢頭進入 2026 財年。我們實現了多年來最高的營業收入，全年收入成長 10%，第四季營收成長 18%。我們 2025 財年的調整後每股收益為 2.75 美元，比前一年增長了 31%。這是我們業務的一個記錄。

The fourth quarter was also our strongest quarter ever in generating free cash flow of $23 million. Our continuing strong financial results and healthy balance sheet are enabling strategic investments in our growing AI capabilities and sales resources, as well as further expansion into the strategic markets and in our top performing geographies.

第四季也是我們有史以來最強勁的一個季度，產生了 2,300 萬美元的自由現金流。我們持續強勁的財務表現和健康的資產負債表使我們能夠對不斷增長的人工智慧能力和銷售資源進行策略性投資，並進一步擴展到戰略市場和表現最佳的地區。

Importantly, with the backdrop of a fluid market environment, we maintain continued confidence in the business to provide the following guidance on growth in the first quarter in fiscal 2026. For fiscal 2026, revenue is expected to be in the range of $590 to $610 million, adjusted EBITDA is expected to be in the range of $75 million to $79 million.

重要的是，在不斷變化的市場環境下，我們對業務保持持續的信心，並對 2026 財年第一季的成長提供以下指導。2026 財年，預計營收在 5.9 億美元至 6.1 億美元之間，調整後的 EBITDA 預計在 7,500 萬美元至 7,900 萬美元之間。

For first quarter fiscal year 2026, revenue is expected to be in the range of $143 million to $146 million. First quarter adjusted EBITDA is expected to be the range of $17.5 million to $19 million. Capital expenditures are expected to remain in the range of $20 million to $25 million for the year.

2026財年第一季的營收預計在1.43億美元至1.46億美元之間。第一季調整後的 EBITDA 預計在 1,750 萬美元至 1,900 萬美元之間。預計今年的資本支出將維持在 2,000 萬至 2,500 萬美元之間。

Our business is well positioned for today and the years ahead, and we're excited about the momentum we've built as we head in the fiscal year 2026. With that, Bob and I will now take questions. Operator, please open the line.

我們的業務已為當前和未來做好了充分準備，我們對邁向 2026 財年所取得的進展感到非常興奮。現在，鮑伯和我將回答您的提問。接線員，請接通線路。

(Operator Instructions)

（操作員指示）

David Koning, Baird.

大衛‧科寧，貝爾德。

Yeah. Hey guys, great job again.

是的。嘿夥計們，又乾得好。

Thanks, Dave. Yeah, we're really pleased with the quarter, the year, and the trajectory. So thank you.

謝謝，戴夫。是的，我們對本季、今年和發展軌跡感到非常滿意。所以謝謝你。

Yeah, everything looks really good, and I guess maybe to kick it off, the quarter itself when we've looked at Q4s in the past, I think every quarter since we've covered the stock, it's been a flat to down sequential quarter. This quarter you were up 5% sequentially, and I guess, A, is there anything in there that was a little bit one time in nature, and B, the there's a vertical called kind of other that doesn't fit the other verticals that you often talked about and that one was up a lot. I think over 100% year over year, about $8 million sequentially. Was there something in there that maybe a new client that's coming on and is that sustainable?

是的，一切看起來都很好，我想也許從過去的第四季度開始，我認為自從我們報道該股票以來的每個季度，它都是持平或連續下降的。本季你們的業績環比增長了 5%，我想，A，這裡面是否存在某種本質上有點像一次性增長的東西？ B，有一種叫做「其他」的垂直行業，它與你們經常談論的其他垂直行業不一樣，而且這個行業的業績增長了很多。我認為同比增長超過 100%，環比增長約 800 萬美元。其中是否存在可能即將出現的新客戶，而這種趨勢可持續嗎？

Yeah, so great question, Dave, and good call out on our Q4, which historically does not jump up like we, like it has this year. Here's the cascading down of the growth, and I would, to your question, is any of this a one time? And the answer to that is no, this is all kind of sustainable, annuity type business. But what we did exceptional in this quarter is win market share in our embedded base driven by our great performance.

是的，戴夫，這個問題問得很好，而且對我們的第四季也提出了很好的建議，從歷史上看，第四季並沒有像今年這樣大幅成長。這是層層遞進的成長，我想問你的問題，這些都是一次性的嗎？答案是否定的，這是一種可持續的年金類型的業務。但本季我們表現出色的一點是，憑藉出色的業績，我們在嵌入式領域贏得了市場份額。

The team on the operational side, just continues to outperform the industry and our client services and [biz dev] team has done an amazing job of leveraging that to win market share which is growing into new markets. We talked about India, those are growth vectors and margin or you know market share expansion vectors.

營運方面的團隊繼續超越行業，我們的客戶服務和[業務開發]團隊出色地利用了這一點，贏得了市場份額，並不斷拓展到新市場。我們談到了印度，這些是成長向量和利潤率，或是你知道的市佔率擴張向量。

And we did that across many clients, of our existing clients, and I'll give you an example of that. Our second largest client, big e-commerce company, we grew in every market with them, massively in Pakistan, massively in Philippines, and now we even got the go ahead in Central America. It's kind of the one market we didn't have for them.

我們對許多客戶以及現有客戶都這麼做了，我給你舉個例子。我們第二大客戶是一家大型電子商務公司，我們與他們一起在每個市場都實現了成長，在巴基斯坦、菲律賓都取得了巨大的成長，現在我們甚至獲得了在中美洲的批准。這是我們以前沒有為他們提供的市場。

And so we feel really good, kind of Q1, and so that was, I think the first big element, is winning market share. Number two was our digital acquisition business, the digital marketing business that we've referred to, under Mike Darwal's leadership, that part of our business accelerated enormously with focus and execution, and just really leveraging kind of those capabilities, our mark or data marketing type capabilities, etc. to drive a lot of customer acquisition for our clients and we see that continuing into this, in the first half of this year, kind of the power of that.

因此，我們對第一季的情況感覺非常好，我認為第一個重要因素是贏得市場份額。第二是我們的數位獲取業務，也就是我們提到的數位行銷業務，在 Mike Darwal 的領導下，我們的這部分業務透過專注和執行得到了極大的加速，並且真正利用了這些能力，我們的標記或數據營銷類型的能力等，為我們的客戶推動了大量的客戶獲取，我們看到這種趨勢將持續到今年上半年，這就是它的力量。

And then our, the last element just to touch on was our new logo team just continues to kind of do well, and have consistently done well over the years, and you put those together with no client loss, and you have the makings of just a powerful growth business.

然後，我們要談的最後一個要素是，我們的新標誌團隊繼續表現出色，多年來一直表現良好，而且你把這些結合在一起，沒有客戶流失，你就擁有了強大增長業務的素質。

Yeah, but it's all good. And then maybe just a follow up, we talk with you and then a lot of your competitors and there's just been obviously this this fear about Gen AI and the impact, but when we do our survey, the majority of you and your peers tend to say, yeah, there are some volumes we might lose over time, but net, it's probably going to be a positive, and it's just following the normal cadence of automation over time that you've seen for decades really, it's a little different type but right and maybe some commentary just Gen AI, how you feel about it positive, negative, etc.

是的，但一切都很好。然後也許只是後續跟進，我們與您以及您的許多競爭對手進行了交談，顯然對人工智能及其影響存在這種擔憂，但當我們進行調查時，大多數人和您的同行傾向於說，是的，隨著時間的推移，我們可能會損失一些數量，但總體而言，這可能是積極的，這只是遵循了幾十年來自動化的正常節奏，實際上，它有點不同，但也許有些不同的看法，

Sure. So -- and your comments are pretty well grounded in what we've seen. And again, what was, what's exciting is this cue for Dave. We went from proof of concept to some full scale production, implementations with our clients. So we've learned a lot as you do that. And what we have seen is there's a lot of opportunity for automation, but what's more important is actually the entire customer journey and owning that journey.

當然。所以——您的評論與我們所看到的情況非常吻合。再說一次，令人興奮的是這個對戴夫來說的提示。我們從概念驗證到全面生產，並與客戶一起實施。因此，當你這樣做時，我們學到了很多。我們看到自動化有很多機會，但實際上更重要的是整個客戶旅程以及掌控這趟旅程。

And so, as we've jumped out into the, and we believe clearly we have a leadership position in this, and as we've jumped out into the leadership position of bringing those solutions to bear, but having that whole, embracing the connection from AI agent to human agent and having that end to end value proposition, what we've seen as our clients see that as enormously valuable, enormously rich, and I think that's helped drive, help us create another vector of growth for us.

因此，當我們跳出這個領域時，我們清楚地相信我們在這方面擁有領導地位，當我們跳出這個領域時，我們擁有將這些解決方案付諸實踐的領導地位，但擁有整體，擁抱從人工智能代理到人類代理的聯繫，並擁有端到端的價值主張，我們看到我們的客戶認為這非常有價值，非常豐富，我認為這有助於推動我們，幫助我們創造另一個增長方向。

And so I think what you're hearing is right. I think we're further along than anybody, and I think we've also have more data around that end-to-end journey than anybody in this industry has, and we're able to leverage that to our advantage.

所以我認為你聽到的是正確的。我認為我們比任何人都走得更遠，而且我認為我們擁有的端到端旅程數據比這個行業的任何人都多，我們能夠利用這一點來發揮我們的優勢。

Yeah. Great. Well thanks guys, great job.

是的。偉大的。好的，謝謝大家，幹得好。

Great. Thanks, Dave, for your continued following and coverage of us.

偉大的。謝謝戴夫，感謝您一直以來的關注與報道。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to CEO, Bob Dechant for closing remarks.

謝謝。問答環節到此結束。現在我想請執行長 Bob Dechant 致閉幕詞。

Thanks Daniel and I, I'll be brief couldn't be more proud of what Ibex has done, and of what my management team just continues to deliver quarter over quarter, year over year, and we are well positioned for FY '26. So, look forward to chatting in the next quarter, but we're really proud of everything that we've done. In this space and how we've created ourselves into a truly differentiated company. Thank you all. Have a good day.

感謝 Daniel 和我，我會簡短地介紹一下，我對 Ibex 所取得的成就感到無比自豪，我的管理團隊也繼續逐季、逐年地取得成果，我們為 26 財年做好了準備。因此，期待下個季度的聊天，但我們對我們所做的一切感到非常自豪。在這個領域，我們如何將自己打造成為一家真正與眾不同的公司。謝謝大家。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。