IBEX Ltd
For the period ended May 9, 2024. Filed May 9, 2024.
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May 9, 2024 · Filed May 9, 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), severance costs, impairment losses, interest income, warrant contra revenue, foreign currency gains or losses, gain on sale of subsidiaries, 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 EndedMarch 31, | Nine Months EndedMarch 31, | |||
|---|---|---|---|---|
| ($000s) | 2024 | 2023 | 2024 | 2023 |
| Net income | $10,310 | $11,279 | $23,810 | $27,072 |
| Net income margin | 8.1% | 8.6% | 6.2% | 6.8% |
| Interest expense | 124 | 105 | 339 | 553 |
| Income tax expense | 1,279 | 1,872 | 3,940 | 4,938 |
| Depreciation and amortization | 4,865 | 4,674 | 14,853 | 13,933 |
| EBITDA | $16,578 | $17,930 | $42,942 | $46,496 |
| Non-recurring expenses | — | 84 | — | 876 |
| Severance costs | 1,506 | — | 1,506 | — |
| Impairment losses | 1,257 | — | 1,257 | — |
| Interest income | (431) | (205) | (1,529) | (391) |
| Warrant contra revenue | 299 | 260 | 893 | 856 |
| Foreign currency gains | (471) | (325) | (571) | (422) |
| Gain on sale of subsidiaries | — | (246) | — | (246) |
| Share-based compensation expense | 466 | 1,318 | 2,741 | 3,973 |
| Adjusted EBITDA | $19,204 | $18,816 | $47,239 | $51,142 |
| Adjusted EBITDA margin | 15.1% | 14.3% | 12.3% | 12.8% |
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