IBEX Ltd
For the period ended Feb 8, 2024. Filed Feb 8, 2024.
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Feb 8, 2024 · Filed Feb 8, 2024
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Contents
EX-99.1 · EXHIBIT 2: EBITDA, adjusted EBITDA, and adjusted EBITDA margin
EXHIBIT 2: EBITDA, adjusted EBITDA, and adjusted EBITDA margin
EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: non-recurring expenses (including legal and settlement costs), interest income, warrant contra revenue, foreign currency gains or losses, and share-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue. The following table provides a reconciliation of net income and net income margin to adjusted EBITDA and adjusted EBITDA margin for the periods presented:
| Three Months Ended December 31, | Six Months EndedDecember 31, | |||
|---|---|---|---|---|
| ($000s) | 2023 | 2022 | 2023 | 2022 |
| Net income | $6,075 | $9,270 | $13,500 | $15,793 |
| Net income margin | 4.6% | 6.7% | 5.2% | 5.9% |
| Interest expense | 111 | 300 | 215 | 448 |
| Income tax expense | 1,273 | 2,019 | 2,661 | 3,066 |
| Depreciation and amortization | 4,946 | 4,582 | 9,988 | 9,259 |
| EBITDA | $12,405 | $16,171 | $26,364 | $28,566 |
| Non-recurring expenses | — | 792 | — | 792 |
| Interest income | (512) | (138) | (1,098) | (186) |
| Warrant contra revenue | 307 | 310 | 594 | 596 |
| Foreign currency losses / (gains) | 697 | 752 | (100) | (97) |
| Share-based compensation expense | 1,427 | 1,533 | 2,275 | 2,655 |
| Adjusted EBITDA | $14,324 | $19,420 | $28,035 | $32,326 |
| Adjusted EBITDA margin | 10.8% | 13.9% | 10.9% | 12.1% |
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