Ibex cuts FY24 revenue view to $505M-$510M from $525M-$535M

Consensus $527.74M. Sees FY24 adjusted EBITDA margin 12%-13%. Sees FY24 capital expenditures $15M-$20M. “We believe in our overall business fundamentals and the differentiated value proposition we bring to our clients. However, softness in several of our client volumes has resulted in lower revenues,” said Taylor Greenwald, CFO of ibex. “We expect this volume trajectory to continue for the near term, and, therefore, expect third quarter revenues to trend similarly as the first two quarters on a year over year basis. As our new client ramps reach scale in the fourth quarter, we anticipate an inflection towards growth. We remain confident our strategy of driving growth in our higher margin offshore regions, accelerated by new client wins, and realizing cost savings through optimizing our site footprint will drive improvement in adjusted EBITDA margins for the second half of our fiscal year and in the years ahead.”