Ibex Ltd (IBEX) 2026 Q1 法說會逐字稿

Welcome to the ibex first-quarter FY 2026 earnings conference call. (Operator Instructions) To note, there is an accompanying earnings presentation available on the ibex Investor Relations website at investors.ibex.co.

歡迎參加ibex 2026財年第一季財報電話會議。（操作說明）請注意，ibex 投資者關係網站 investors.ibex.co 上提供了一份相關的收益簡報。

I will now turn this conference over to Mr. Michael Darwal, Head of Investor Relations for ibex.

現在我將把這次會議交給ibex投資者關係主管麥可·達瓦爾先生。

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，感謝各位今天蒞臨。在開始之前，我想提醒各位，今天電話會議討論的事項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，這些陳述是基於管理層目前的信念和假設。

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, which 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截至本次電話會議之日的觀點，我們不承擔因可能發生的新情況而修改此資訊的義務。前瞻性陳述受各種風險、不確定性及其他因素的影響，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 U.S. Securities and Exchange Commission on September 11, 2025, and any other risk factors we include in subsequent filings with the SEC.

有關我們風險因素的更詳細描述，請參閱我們於 2025 年 9 月 11 日向美國證券交易委員會提交的 10-K 表格年度報告，以及我們在隨後向美國證券交易委員會提交的文件中列出的任何其他風險因素。

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

接下來，我將把電話交給ibex執行長鮑勃·德尚。

Thanks, Mike. Good afternoon, and thank you all for joining us today as we share our first quarter fiscal year 2026 results. Before I speak to our first quarter results, I want to start by saying that our thoughts and prayers are with the people of Jamaica who are dealing with the devastation left behind by Hurricane Melissa.

謝謝你，麥克。下午好，感謝各位今天蒞臨現場，與我們分享2026財年第一季業績。在談到我們第一季業績之前，我想先表達我們對遭受颶風梅麗莎重創的牙買加人民的慰問和祈禱。

I would also like to say how proud I am of our ibex Jamaica team who has shown enormous courage and resilience through this tragedy and have worked tirelessly to care for our employees while getting us operational within 24 hours of the hurricane in our Portmore and Kingston sites and as of Monday this week in our Ocho Rios site. I would also like to highlight the great support we have received from our clients who have offered assistance alongside our ibex Cares initiatives to help those who are significantly impacted.

我還要表達我對我們 ibex Jamaica 團隊的自豪之情，他們在這場悲劇中展現了巨大的勇氣和韌性，他們不知疲倦地照顧我們的員工，並在颶風過後 24 小時內恢復了我們在 Portmore 和 Kingston 的運營，並於本週一恢復了我們在 Ocho Rios 的運營。我還要特別感謝我們的客戶給予的大力支持，他們與我們的 ibex Cares 計劃一起為那些受到嚴重影響的人們提供了幫助。

Lastly, the BPO community in Jamaica is a tight knit community, and our thoughts and prayers go out to our Jamaican BPO peers and their people. I am pleased to report that ibex carried the momentum we built throughout fiscal 2025 into 2026, delivering an outstanding first quarter with revenue growth of 16.5% and adjusted EPS growth of 74% as we continue to separate ourselves from the pack in the BPO market. Our sustained double-digit revenue growth highlights our competitive differentiation in the CX space.

最後，牙買加的 BPO 產業是一個緊密團結的群體，我們向牙買加的 BPO 同行及其人民致以慰問和祈禱。我很高興地報告，ibex 將我們在 2025 財年建立的勢頭延續到了 2026 財年，第一季業績表現出色，收入增長 16.5%，調整後每股收益增長 74%，我們繼續在 BPO 市場中脫穎而出。我們持續兩位數的營收成長凸顯了我們在客戶體驗領域的競爭優勢。

We continue to drive exceptional operational delivery for our existing clients, enabling us to win significant market share from our competition. I am equally proud of our new logo engine that continues to win trophy clients, positioning us well for continued growth and margin expansion. And I'm excited on the progress we have made in our AI automate and translation deployments for our clients. Collectively, this continues to validate our position as a leader in the CX space.

我們持續為現有客戶提供卓越的營運服務，從而從競爭對手手中贏得大量市場份額。我同樣為我們全新的標誌引擎感到自豪，它不斷贏得重要客戶，使我們為持續成長和利潤擴張奠定了良好的基礎。我對我們在為客戶部署人工智慧自動化和翻譯方面取得的進展感到興奮。總而言之，這進一步鞏固了我們在客戶體驗領域的領導地位。

Q1 was a very strong quarter. Even more impressive is the performance we continue to stack quarter-over-quarter, leading to powerful momentum into the balance of FY26. Over the last 12 months, our results have shown explosive double-digit organic revenue growth, which is well above market growth, consistent margin expansion and significant growth in EPS and free cash flow. For the last 12 months, we delivered organic revenue growth of 13% fueled in large part by revenue growth approaching 20% in our high-margin offshore regions and digital-first services.

第一季業績非常強勁。更令人印象深刻的是，我們每季都持續取得優異的業績，為 2026 財年剩餘時間帶來了強勁的成長動能。過去 12 個月，我們的業績顯示有機收入實現了爆炸性的兩位數成長，遠高於市場成長，利潤率持續擴張，每股盈餘和自由現金流也實現了顯著成長。過去 12 個月，我們實現了 13% 的有機收入成長，這主要得益於高利潤率的海外地區和數位化優先服務的收入成長接近 20%。

We delivered record adjusted EBITDA of nearly $76 million for the trailing 12 months, up more than 13% from the prior 12-month period, while making key investments for future growth and differentiation. We achieved record (technical difficulty) adjusted EPS of $3.17 on $31 million, up from $25 million in the prior 12 months while investing meaningful CapEx in support of our growth.

過去 12 個月，我們實現了近 7,600 萬美元的調整後 EBITDA 創歷史新高，比前 12 個月增長超過 13%，同時我們也為未來的成長和差異化進行了關鍵投資。我們實現了創紀錄的（技術難度）調整後每股收益 3.17 美元，營收 3,100 萬美元，高於前 12 個月的 2,500 萬美元，同時投入了大量資本支出以支持我們的成長。

These results are an output of our sizable and distinct competitive differentiation that we have built and the strength of this leadership team to consistently execute quarter-over-quarter. Paramount to this differentiation is our best-in-class blend of culture, engagement and branding. Our purpose-built Wave iX technology and integrated AI solution suite, connecting seamlessly AI to human agents. And our deep analytics and business insights capabilities.

這些成果是我們建立起的強大而獨特的競爭優勢以及領導團隊持續每季出色執行力的體現。這種差異化的關鍵在於我們一流的文化、參與度和品牌塑造的融合。我們專門開發的 Wave iX 技術和整合式 AI 解決方案套件，可將 AI 與人類代理無縫連接。以及我們強大的分析和商業洞察能力。

The ibex’ leadership team is able to consistently execute against these points, outperforming the competition, setting ibex’ apart, trusted partner. This playbook was key to us delivering one of the most impressive starts to a fiscal year in our history and has us well positioned to perform throughout FY26.

ibex® 的領導團隊能夠持續執行這些要點，超越競爭對手，使 ibex® 脫穎而出，成為值得信賴的合作夥伴。這份策略手冊是我們取得本財年歷史上最令人矚目的開局之一的關鍵，也讓我們在 2026 財年做好了充分的準備。

The ibex’ brand is stronger than it has ever been. Highlighting this is our most recent employee Net Promoter Score of 77, an all-time high and our client Net Promoter Score of 71, up impressively from 68. It is important to note that anything above 70 is considered world-class. These metrics play a critical part in our outstanding client revenue retention of over 98% and validate that our competitive moat is deep and wide. These metrics are also viewed by prospective clients as best-in-class, giving them confidence in choosing ibex as their go-forward partner during the RFP process.

ibex™品牌比以往任何時候都更強大。值得注意的是，我們最新的員工淨推薦值達到了 77，創歷史新高；我們的客戶淨推薦值也達到了 71，比之前的 68 有了顯著提升。值得注意的是，70 分以上的都被認為是世界級的。這些指標在我們超過 98% 的卓越客戶收入留存率中發揮著至關重要的作用，並驗證了我們的競爭護城河既深又寬。潛在客戶也認為這些指標是同類最佳，這使他們在 RFP 流程中更有信心選擇 ibex 作為未來的合作夥伴。

We are very excited with the wins we have had in the last 2 quarters, where over this time frame, we have won seven high-profile new opportunities, facing off against our much larger multibillion-dollar competitors. At the core of ibex is our new logo engine that continues to win trophy new clients and our ability to land and expand with these clients. As compared to 2 years ago, our number of clients making up more than $1 million per annum in revenue is up nearly 24%.

我們對過去兩個季度取得的勝利感到非常興奮，在這段時間裡，我們贏得了七個備受矚目的新機會，戰勝了規模遠大於我們的數十億美元的競爭對手。ibex 的核心是我們全新的商標引擎，它不斷贏得新的重要客戶，並使我們能夠與這些客戶建立並擴展業務。與兩年前相比，我們年收入超過 100 萬美元的客戶數量增加了近 24%。

Clients representing $1 million to $10 million per annum are up over 21% during the same time frame. And the number of clients generating $10 million to $20 million per annum is up nearly 67%. And the average revenue generated by clients with annual spend over $20 million during these periods is up approximately 14%. This powerful combination of winning blue-chip trophy clients and growing significant market share with them, parlayed with our outstanding client retention rates has us on an amazing trajectory of double-digit growth.

同期，年收入在 100 萬美元至 1,000 萬美元之間的客戶數量成長超過 21%。年收入在 1,000 萬至 2,000 萬美元之間的客戶數量增加了近 67%。在此期間，每年消費超過 2,000 萬美元的客戶所產生的平均收入成長了約 14%。我們憑藉贏得藍籌客戶並與他們一起擴大市場份額的強大優勢，再加上我們出色的客戶留存率，正處於兩位數增長的驚人軌道上。

Q4 of fiscal 2025 marked the shift from proof of concept for our AI solutions to full-scale deployments for several of our key clients. We continue to invest in bolstering our team supporting this critical vector for growth, most recently with the addition of Michael Ringman as CTO. We are in an exciting time in the industry with the intersection of AI and CX. Mike brings an enormous amount of experience in both areas and will help accelerate our leadership position.

2025 財年第四季標誌著我們的 AI 解決方案從概念驗證階段過渡到為幾個主要客戶進行全面部署階段。我們持續投資加強團隊建設，以支持這一關鍵的成長方向，最近我們聘請了 Michael Ringman 擔任首席技術長。隨著人工智慧和客戶體驗的融合，我們正處於行業發展的激動人心的時期。麥克在這兩個領域都擁有豐富的經驗，將有助於加速我們鞏固領導地位。

I am confident that under Mike's direction, our AI technology road map will help further separate ibex from the pack. Coming off a statement year in fiscal 2025, I am proud of our start to fiscal 2026, and I am confident that ibex is very well positioned for success this year and beyond.

我相信，在麥克的領導下，我們的人工智慧技術路線圖將有助於進一步拉開 ibex 與其他公司的差距。2025 財年業績斐然，我對 2026 財年的開局感到自豪，我相信 ibex 已做好充分準備，在今年及以後取得成功。

With that, I will now turn the call over to Taylor to go into more details on our first quarter results and FY26 guidance. Taylor?

接下來，我將把電話交給泰勒，讓他詳細介紹我們第一季的業績和 2026 財年的業績展望。泰勒？

Thank you, Bob, and good afternoon, everyone. Thank you for joining the call today. In my discussions of our first quarter fiscal year 2026 financial results, references to revenue, net income and net cash generated from operations are on a U.S. GAAP basis, while adjusted net income, adjusted earnings per share, adjusted EBITDA and free cash flow are on a non-GAAP basis. Reconciliations of our U.S.

謝謝你，鮑勃，大家下午好。感謝您今天參加電話會議。當我討論 2026 財年第一季財務業績時，提及的收入、淨利和經營活動產生的淨現金流均按美國通用會計準則 (GAAP) 計算，而調整後的淨利潤、調整後的每股收益、調整後的 EBITDA 和自由現金流量則按非美國通用會計準則 (Non-GAAP) 計算。我們美國的和解

GAAP to non-GAAP measures are included in the tables attached to our earnings press release.

GAAP 與非 GAAP 指標的比較資訊已包含在我們獲利新聞稿所附的表格中。

Turning to our results. Our first quarter results marked our strongest start to a fiscal year. We achieved record first quarter revenue, adjusted EBITDA, EPS, adjusted EPS and free cash flow. First quarter revenue was $151.2 million, an increase of 16.5% from $129.7 million in the prior year quarter. Revenue growth was driven by vertical growth in retail and e-commerce of 25%, HealthTech of 19.5% and travel, transportation and logistics of 15.4% and was partially offset by an expected decline in telecommunications, our smallest vertical of 22.5%.

接下來來看看我們的結果。我們第一季的業績標誌著本財年開局最強勁。我們第一季營收、調整後 EBITDA、每股盈餘、調整後每股盈餘和自由現金流均創歷史新高。第一季營收為 1.512 億美元，比上年同期的 1.297 億美元成長了 16.5%。營收成長主要得益於零售和電子商務（成長 25%）、醫療科技（成長 19.5%）以及旅遊、交通和物流（成長 15.4%）的垂直成長，但部分被電信（我們最小的垂直領域，成長 22.5%）的預期下滑所抵銷。

Importantly, our fintech vertical reached an inflection point in the first quarter and grew 3.4%. And with recent wins, we are confident in the positive trajectory of fintech going forward. Our focused efforts to grow our higher-margin delivery locations and services continues to have a favorable impact on bottom line results. We are really excited that we're winning in all markets and as a result, growing revenue in all geographies.

重要的是，我們的金融科技垂直業務在第一季達到了轉折點，成長了 3.4%。憑藉近期的成就，我們對金融科技未來的正向發展軌跡充滿信心。我們致力於拓展高利潤的配送地點和服務，這項措施持續對最終利潤產生正面影響。我們非常高興能夠在所有市場取得成功，並因此在所有地區實現收入成長。

Our highest margin offshore revenues grew 20% in the quarter. Our nearshore locations grew 7% and our onshore region grew 21%, driven by growth of our high-margin digital acquisition services. Revenue mix in our higher-margin digital and omnichannel services continues to strengthen, growing 25% to 82% of our total revenue versus prior year quarter. We expect that we will continue to be successful driving growth in these higher-margin services and regions as we continue to land and expand new clients from our strong pipeline as well as win further share with our embedded base clients.

本季我們利潤率最高的海外收入成長了 20%。受高利潤數位客戶獲取服務成長的推動，我們的近岸地區業務成長了 7%，在岸地區業務成長了 21%。我們高利潤率的數位和全通路服務的收入佔比持續增強，與上一季相比，佔總收入的比例增長了 25%，達到 82%。我們預計，隨著我們不斷從強大的潛在客戶管道中獲得和擴大新客戶，以及從現有客戶群中贏得更多市場份額，我們將繼續成功地推動這些高利潤服務和地區的成長。

First quarter net income increased to $12 million compared to $7.5 million in the prior year quarter. The increase was primarily driven by the meaningful growth of work in higher-margin offshore regions of 19.5% and operating leverage gained from SG&A expenses as they went from 20.2% to 17.5% of revenue. Fully diluted EPS was $0.82, up from $0.43 in the prior year quarter. Contributing to the EPS growth was the impact from fewer diluted shares outstanding as a result of our ongoing share repurchase program and a lower tax rate.

第一季淨利潤增至 1,200 萬美元，去年同期為 750 萬美元。這一成長主要得益於高利潤率的離岸地區業務的顯著增長（增長 19.5%），以及銷售、一般及行政費用從佔收入的 20.2% 降至 17.5% 所帶來的營運槓桿效應。完全稀釋後的每股收益為 0.82 美元，高於去年同期的 0.43 美元。每股盈餘成長的因素包括：持續的股票回購計畫導致流通股稀釋減少，以及較低的稅率。

Diluted shares for the quarter were $14.6 million versus $17.5 million 1 year ago. Our tax rate was 11% versus 21% in the prior year due to a discrete tax benefit related to stock-based compensation. We expect our effective tax rate before discrete items to remain consistent at 20% to 22% for the remaining quarters. Moving to non-GAAP measures. Adjusted EBITDA increased 24.9% to $19.5 million or 12.9% of revenue from $15.6 million or 12.0% of revenue for the same period last year.

本季稀釋後股票價值為 1,460 萬美元，而去年同期為 1,750 萬美元。由於與股票選擇權相關的特殊稅收優惠，我們的稅率為 11%，而上一年為 21%。我們預計在剩餘的幾個季度裡，扣除特殊項目後的實際稅率將保持在 20% 至 22% 之間。轉而採用非GAAP財務指標。調整後 EBITDA 成長 24.9% 至 1,950 萬美元，佔營收的 12.9%，而去年同期為 1,560 萬美元，佔營收的 12.0%。

The 90 basis point improvement in adjusted EBITDA margin was primarily driven by growth in our higher-margin offshore locations during recent years and stronger operating results.

調整後 EBITDA 利潤率提高了 90 個基點，這主要得益於近年來我們利潤率較高的海外業務的成長以及更強勁的經營業績。

Adjusted net income increased to $13.1 million from $9 million in the prior year quarter. Non-GAAP fully diluted adjusted earnings per share increased 74.1% to $0.90 from $0.52 in the prior year quarter. As a company, we are pleased with the client diversification we have established over the last several years. For the first quarter of fiscal year 2026, our largest client accounted for 10% of revenue and our top 5, top 10 and top 25 client concentrations represented 37%, 55% and 79% of overall revenue, respectively, as compared to 36%, 51% and 77% of overall revenue in the prior year, representative of a well-diversified client portfolio.

調整後的淨收入從去年同期的 900 萬美元增至 1,310 萬美元。非GAAP完全稀釋調整後每股盈餘成長74.1%，從去年同期的0.52美元增加至0.90美元。作為一家公司，我們對過去幾年所建立的客戶多元化感到滿意。2026 財年第一季度，我們最大的客戶貢獻了 10% 的收入，前 5 名、前 10 名和前 25 名客戶分別佔總收入的 37%、55% 和 79%，而前 10 名和前 25 名客戶分別佔總收入的 36%、51% 和 77%，這體現了我們的多元化客戶組合。

Switching to our verticals. Retail & E-commerce increased to 26.3% versus 24.5% in the prior year quarter. HealthTech increased to 14.5% of first quarter revenue versus 14.1% in the prior year quarter, and travel, transportation and logistics remained relatively flat at 14.1% in the quarter. These results were driven by continued growth in multiple offshore geographies and our continued ability to win significant new clients in these verticals.

切換到我們的垂直領域。零售和電子商務佔比從去年同期的 24.5% 成長至 26.3%。第一季度，醫療科技業佔總收入的 14.5%，而去年同期為 14.1%；旅遊、運輸和物流業佔比基本持平，為 14.1%。這些業績的取得得益於我們在多個海外地區的持續成長，以及我們在這些垂直領域不斷贏得重要新客戶的能力。

Conversely, our exposure to the telecommunications vertical decreased to 10.2% of revenue for the quarter versus 15.4% in the prior year quarter as we see lower volume from legacy carriers. Revenues from the fintech vertical represented 11% versus 12.4% of the prior year quarter, though, as I mentioned earlier, grew 3.4% year-over-year and 6.8% sequentially, marking a return to growth and the lapping of prior impacts we had noted at fiscal year-end.

相反，由於傳統業者的業務量下降，我們對電信業的投資佔比從去年同期的 15.4% 降至本季的 10.2%。金融科技垂直領域的營收佔上年同期的 11%，而去年同期為 12.4%。不過，正如我之前提到的，該領域同比增長 3.4%，環比增長 6.8%，標誌著該領域恢復增長，並消除了我們在財年末觀察到的先前影響。

Moving to cash flow. Net cash generated from operating activities increased to $15.7 million for the first quarter of fiscal 2026 compared to $7.8 million for the prior year quarter. The increase in net cash inflow from operating activities was primarily due to higher revenues, which drove increased profitability as well as a lower use of working capital. We have seen a notable improvement in our days sales outstanding with DSOs for the quarter at 71 days, down from 75 days a year ago and 72 days as of June 30.

接下來談談現金流。2026 財年第一季經營活動產生的淨現金增加至 1,570 萬美元，而上年同期為 780 萬美元。經營活動產生的淨現金流入增加主要是由於收入增加，這提高了獲利能力，並降低了營運資本的使用。我們的應收帳款週轉天數 (DSO) 已顯著改善，本季 DSO 為 71 天，低於去年同期的 75 天和 6 月 30 日的 72 天。

We expect our DSOs to remain relatively stable on a go-forward basis. Capital expenditures were $7.6 million or 5.1% of revenue for the first quarter of fiscal year 2026 versus $3.6 million or 2.8% of revenue in the prior year quarter. This increase was primarily driven by expansion in our offshore regions to support growth in these higher-margin geographies. Free cash flow was a first quarter record of $8 million compared to $4.1 million in the prior year quarter. The increase was driven by increased revenues during the current quarter and the aforementioned shorter DSOs.

我們預計未來一段時間內，我們的配電服務義務 (DSO) 將保持相對穩定。2026 財年第一季資本支出為 760 萬美元，佔營收的 5.1%，而上年同期為 360 萬美元，佔營收的 2.8%。這一增長主要是由於我們在離岸地區的擴張，以支持這些高利潤地區的成長。自由現金流在第一季創下800萬美元的紀錄，而去年同期為410萬美元。本季營收成長和上述DSO縮短是推動成長的主要因素。

During the quarter, we repurchased 92,000 shares for $2.7 million. We have $10.6 million remaining on our current share repurchase program. We ended the first quarter with cash and net cash balances of $22.7 million and $21.1 million, respectively, an increase from $15.3 million and $13.7 million as of June 30, 2025.

本季度，我們以 270 萬美元的價格回購了 92,000 股股票。我們目前的股票回購計畫還剩1,060萬美元。第一季末，我們的現金和淨現金餘額分別為 2,270 萬美元和 2,110 萬美元，較 2025 年 6 月 30 日的 1,530 萬美元和 1,370 萬美元增加。

To summarize our first quarter of fiscal 2026, we achieved outstanding revenue growth and profitability and once again, allowing us to build on our existing momentum entering the fiscal year. Our revenue growth drove increased operating leverage and positioned us to post record first quarter adjusted EBITDA margin of 12.9%, adjusted EPS of $0.90 and free cash flow of $8 million. Our continued strong financial results and healthy balance sheet are enabling strategic investments in our growing AI capabilities and sales resources as well as further expansion in strategic markets and in our top-performing geographies.

總結我們 2026 財年第一季度，我們實現了出色的營收成長和獲利能力，再次使我們能夠在新財年伊始就保持目前的良好勢頭。我們的營收成長推動了營運槓桿的提高，並使我們得以實現創紀錄的第一季調整後 EBITDA 利潤率 12.9%，調整後每股收益 0.90 美元，自由現金流 800 萬美元。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，並在戰略市場和我們表現最佳的地區進一步擴張。

Importantly, with our outstanding start to the fiscal year, we have the confidence in our business to raise our revenue and adjusted EBITDA guidance for fiscal year 2026. For fiscal year 2026, revenue is expected to be in the range of $605 million to $620 million, up from $590 million to $610 million. Adjusted EBITDA is expected to be in the range of $78 million to $81 million, up from $75 million to $79 million, and capital expenditures are expected to be in the range of $20 million to $25 million.

重要的是，憑藉本財年的出色開局，我們對我們的業務充滿信心，因此我們提高了 2026 財年的收入和調整後 EBITDA 預期。預計 2026 財年營收將在 6.05 億美元至 6.2 億美元之間，高於 5.9 億美元至 6.1 億美元。調整後 EBITDA 預計在 7,800 萬美元至 8,100 萬美元之間，高於先前預期的 7,500 萬美元至 7,900 萬美元；資本支出預計在 2,000 萬美元至 2,500 萬美元之間。

Our business is well positioned for today and the years ahead, and we are excited about the future ibex as we head into the second quarter of fiscal year 2026 and beyond.

我們的業務已為當下和未來幾年做好了充分準備，我們對即將到來的 ibex 2026 財年第二季度及以後的發展前景感到興奮。

With that, Bob and I will now take questions. Operator, please open the line.

接下來，我和鮑伯將回答大家的問題。接線員，請接通線路。

(Operator Instructions) David Koning, Baird.

（操作說明）David Koning，Baird。

Great job again, and you're doing exactly what you said, winning share with some of the new offerings. So congrats on all that.

幹得漂亮！你完全按照自己說的做了，憑藉一些新產品贏得了市場份額。所以，恭喜你所取得的一切成就。

Thanks, Dave. Yes, we're really proud of the quarter, proud of the role we're on.

謝謝你，戴夫。是的，我們為本季的業績感到非常自豪，也為目前所扮演的角色感到自豪。

Yes. Great. Well, maybe first off, what have you seen -- we've had this Gen AI kind of swirling around for really a few years now. And is it becoming a catalyst both for the industry and for you guys or more for you than the industry?

是的。偉大的。首先，你看到了什麼？ ——人工智慧時代已經醞釀了好幾年了。它是否正在成為產業和你們的催化劑？或對你們的影響大於對產業的影響？

Or maybe talk a little bit -- maybe also just add in how much of revenue is it now? And maybe where is it going in a few years?

或者可以稍微聊聊──也可以補充目前的收入是多少？幾年後它又會走向何方呢？

Sure. So let me kind of break those up into two parts, Dave, if that's okay. When I look at through the ibex lens, the whole AI, the excitement and also the risks that people have talked about this relative to this industry. I think for ibex, it's been all positive. And let me explain on that a little bit.

當然。戴夫，如果可以的話，我把這些問題分成兩個部分來講解。當我從 ibex 的角度來看待整個人工智慧領域時，人們談論的興奮點以及它與這個行業相關的風險。我認為對於北山羊來說，一切都是積極的。讓我稍微解釋一下。

We have leaned in harder, faster, I believe, than anybody in the industry on AI. And that's -- I would say, there's two dimensions to that.

我認為，我們在人工智慧領域的投入力度和速度都超過了業內任何其他公司。我認為，這件事有兩個層面。

One where we are deploying AI internally to help us execute better, to provide tools and capabilities for our agents to deliver better for our teams to run the business more effectively, efficiently and drive better performance on our client KPIs. We're further along than anybody. And that's why I think one of the reasons we continue to outperform and then take significant market share. So that is a boom for ibex because of what we are doing above and beyond anybody else.

我們正在內部部署人工智慧，以幫助我們更好地執行，為我們的代理商提供工具和能力，從而更好地服務我們的團隊，以更有效、更有效率地經營業務，並在客戶 KPI 方面取得更好的業績。我們比任何人都走得更遠。這就是為什麼我認為我們能夠持續取得優異成績並佔據顯著市場份額的原因之一。所以，由於我們所做的工作遠遠超過其他任何人，這對 ibex 來說是一個巨大的成功。

On the other side, the second dimension I look is the -- more around using AI for customer experiences, right, where you automate experiences, AI for language translation, et cetera. Again, I think that we have leaned further into that than anybody else. We're not afraid of what that might do to our business. I feel like much of the market is very cautious and hesitant about leaning in. We're leaning in and our clients are seeing that we have a unique end-to-end model that really goes from AI all the way through to a human agent to provide an integrated and seamless solution for them.

另一方面，我關注的第二個維度是——更多地圍繞著如何利用人工智慧改善客戶體驗，例如自動化體驗、利用人工智慧進行語言翻譯等等。我認為，我們在這方面比其他任何人都走得更遠。我們並不擔心這會對我們的業務造成什麼影響。我覺得市場上的很多人都非常謹慎，不願意貿然進入這個領域。我們正在全力以赴，我們的客戶也看到了我們獨特的端到端模式，該模式真正實現了從人工智慧到人工客服的無縫銜接，為他們提供一體化的解決方案。

To me, I think that puts us in a really ideal position. And when clients are making decisions, they look at that and they say, this is the type of partner that we want because not only can they execute today on the BPO side, but they're looking forward and they're future-proofed basically in their model.

我認為，這使我們處於非常理想的位置。當客戶做決定時，他們會考慮這一點，然後說，這就是我們想要的合作夥伴，因為他們不僅能夠勝任當前的業務流程外包 (BPO) 工作，而且還著眼於未來，他們的模式基本上是面向未來的。

They can -- we can grow and evolve with them as AI gets deployed more. So it's a real competitive advantage for us, Dave. And I believe that, that's something that is when you look at what our results are, when you look at the growth rates that we're doing, the margin expansion, et cetera, I think that's an output of that.

他們可以——隨著人工智慧的廣泛應用，我們可以與他們共同成長和發展。所以，戴夫，這對我們來說是一個真正的競爭優勢。我相信，當你審視我們的業績，審視我們的成長率、利潤率擴張等等，你會發現這就是結果。

Now to your question about how much of that is? We're still real early in the game. So it's not moving the needle on a whole lot of revenue and margin expansion yet, but we're positioned well. And we expect probably by the end of fourth quarter of this year and into FY27, you'll start seeing that being another vector of growth and margin expansion that will move the needle for us.

現在回答你的問題，這其中有多少？我們現在還處於遊戲的早期階段。所以，雖然目前還沒有對營收和利潤率的大幅成長產生顯著影響，但我們已經做好了充分的準備。我們預計，到今年第四季末以及 2027 財年，這將成為另一個成長和利潤率擴張的動力，從而推動我們的業績成長。

Yes. Got you. And maybe just a follow-up. Gross margins were a little down in Q1, and I think you're holding full year margin about intact. You're raising revenue, raising EBITDA, but margin about intact.

是的。抓到你了。或許還需要後續跟進。第一季毛利率略有下降，但我認為全年毛利率應該基本上保持不變。你們提高了營收，提高了 EBITDA，但利潤率基本上保持不變。

Is that -- is some of this a function of just all the investment going into AI? And I know your benefits from offshoring and AI ultimately is better margin, but maybe right now, it's a little lower as you invest?

這是否部分是由於對人工智慧的大量投資造成的？我知道離岸外包和人工智慧最終能帶來更高的利潤率，但也許現在由於投資的原因，利潤率會略低一些？

Yes, Taylor, I'll throw that over to you.

好的，泰勒，我把這個交給你了。

Yes. No, absolutely. So you're right. Our margins are -- for the year, we're projecting our EBITDA margin to be about 13%. So that's up a bit from the prior year.

是的。不，絕對的。你說得對。我們預計今年的 EBITDA 利潤率約為 13%。所以比前一年略有成長。

And what you're seeing and what we're seeing is we're getting a lot of operating leverage out of our SG&A costs because we're able to hold our SG&A costs relatively flat while our revenue is growing at a much faster pace.

你們看到的，也是我們看到的，是我們從銷售、一般及行政費用中獲得了很大的營運槓桿，因為我們能夠在收入以更快的速度增長的同時，將銷售、一般及行政費用保持相對穩定。

So seeing good leverage on the SG&A line. Gross margins are down a bit, particularly in Q1 and a bit in Q2, and you saw it in Q1. And really, a couple of impacts there. One, where as you know, we're ramping in India, so still making investments and aren't at the long-term margins we anticipate that we'll get to in India. And then probably more impactful in Q1 and Q2, it's a good problem to have.

因此，銷售、一般及行政費用方面有良好的槓桿效應。毛利率略有下降，尤其是在第一季度，第二季度也有所下降，你在第一季度已經看到了這一點。確實，這其中存在一些影響。第一，如您所知，我們在印度正在加速發展，因此仍在進行投資，但尚未達到我們預期在印度實現的長期利潤率。而且，這種影響可能會在第一季和第二季更加顯著，這算是個甜蜜的煩惱。

We have more wins, which mean more training revenue. And as you know, we defer the train revenue, but experience the costs upfront. So we are seeing a little bit of headwind on the gross margin line on that as well. But long term, we feel very good about gross margin, as Bob said, the vectors of growth in terms of the offshore geographies and then once we start getting a more meaningful impact from AI should certainly have a positive long-term trend on gross margins.

我們贏得了更多比賽，這意味著更多的訓練收入。如您所知，我們雖然推遲了火車收入的到賬，但卻要提前承擔成本。所以我們看到毛利率方面也出現了一些不利因素。但從長遠來看，我們對毛利率非常有信心，正如鮑伯所說，離岸地區的成長方向，以及一旦人工智慧開始產生更有意義的影響，肯定會對毛利率產生積極的長期趨勢。

I would now like to turn the call back over to Bob Dechant for any closing remarks.

現在我想把電話轉回給鮑伯‧德尚，請他作總結發言。

Josh, thanks. And everybody, I appreciate you listening. I'm really proud of this team, proud of the consistent performance quarter-over-quarter that we continue to deliver as we separate ourselves from this industry, from our competitors. I'm also proud of what they've been doing in responding to emergencies and issues like we incurred in Jamaica with Hurricane Melissa.

喬希，謝謝。感謝各位的聆聽。我為這支團隊感到非常自豪，為我們每季持續穩定的業績感到自豪，這使我們從這個行業、從競爭對手中脫穎而出。我為他們在應對緊急情況和問題（例如我們在牙買加遭遇的颶風梅麗莎）方面所做的工作感到自豪。

And even in markets like the Philippines, there's been a whole lot going on there with typhoons as well as earthquakes, and that team has -- my team has delivered and kept us amazingly resilient for that. I want to thank them all for that because they are the best in the industry. And with that, thank you all for listening, and we look forward to talking to you next quarter. Good night.

即使在菲律賓這樣的市場，颱風和地震等災害層出不窮，而我的團隊——我的團隊——都出色地完成了任務，使我們保持了驚人的韌性。我要感謝他們所有人，因為他們是業內最優秀的人。感謝各位的聆聽，我們期待下個季度與大家再次交流。晚安。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。