IBEX Limited Common Shares Small-Cap Virtual Conference

Welcome. Great. Thanks, Anja, and appreciate everybody joining us today.

Again, Bob Dechant, CEO of IBEX. I've been at the helm here more than 11 years, and the journey that we've built and the transformation of this business into best-in-class has been great, something we're really proud of.

Taylor? Hello, everyone. I'm Taylor Greenwald, the CFO at IBEX.

Been here 3 years. It's been a tremendous journey and been in the industry for approaching 30 years now, 25, 30 years.

Great. Thanks, Taylor. Look, we're excited. Hopefully, we'll get through this kind of quickly and leave plenty of time for Q&A on the back end. Let me start, share with you IBEX and what we've built here. Fundamentally, we are a BPO, business process outsourcer, that focuses in on the customer experience space, CX, outsourced contact centers, et cetera. What we have, we have amazing, what I'll call trophy clients. What we do historically is we have 40,000 agents that connect their great brands to their customers when there's an issue, a question, a concern, a sales opportunity, healthcare membership question around benefits, around care, things like that. We do this across an amazing set of clients, across an amazing set of verticals that include e-commerce, healthcare, fintechs, et cetera. Just real quickly, we just finished our fiscal year at the end of June.

We announced this a couple of weeks ago. We had an amazing year on top of a fantastic FY 2025. We've posted an amazing journey over my 11 years. Since IPO in August of 2020, we've had just fantastic results, and they keep getting stronger and better. This past year, we grew top line 15%. EBITDA expanded basically the same. EPS doubled that at about 28%. What I like to say is through the entire P&L, there's a lot of strength. Significant margin expansion over the years, ever since our IPO, and we see continued margin expansion into the future. We have the best balance sheet in the industry. We're generating strong free cash flow, and we have a net cash position. We have zero debt on the books.

If you look at our competitors, the majority of them are highly leveraged because they've built their business solely through acquisitions, and we've built our business 100% organically over the last 11 years, and we continue to see that as the best pathway to growth. Let me kind of move on and maybe just from a market standpoint. This market is a very, very large market. It's about a $350 billion spend on contact center services from clients on a global basis. What's interesting is about one-third of that is outsourced, and so that's about the space that we operate in the outsourced, is about $100 billion. The in-house is still today in somewhere between 65% and 70%.

That, over the long haul, will be continued opportunity because more and more over the years, clients continue to look to outsourcing as a way to take cost out of their business and a way to do it better and more efficiently. If you look at the outsource space, it's very fragmented. There's what I call the list of 10 multi-billion dollar providers in this space. Collectively, they add up to only 35% of the market. Then you have high fragmentation in the other 65%. How we look at this is this is all upside opportunity, TAM for us to go after.

We've been going into the land of the giants, the multi-billion dollar players, and as I like to say, stealing their lunch money, beating them into these clients, then outperforming them where they've been the incumbents, taking market share from them, and rinse and repeat and continue to do that. Why are we able to do that? I kind of look at this way, is those billion-dollar players have been built as labor arbitrage-driven businesses. I call that BPO 1.0. Price is their key play, operating in many geographies. A common characteristic is they'll refer to their agents as butts in seats. We, on the other hand, have created a compelling value proposition for clients that actually are looking for better.

They actually believe that customer care is the most important differentiator, high-quality support is the most important differentiator that they have, and they're willing to invest into that. They look at the decision process very different than what this industry was and what our competitors have been built for over the years. We look at this as what we bring to the equation is truly differentiated capabilities that include things like omni-channel, net voice quality, kind of things like that, lifetime value of the customer, things like that. I'll get into more details about what our differentiation is. If you contrast the two, you have negative growth companies, declining margins, and highly leveraged balance sheets because of all the M&A.

If you look at the leaders in, and it's a small landscape of those, but double-digit growth, expanding EBITDA, and a really healthy balance sheet. Those are the key telltales of the difference of the two, in my opinion. Look, what we've built is an amazing flywheel. This flywheel is what I'll call built on our ability to land and expand. Win trophy new clients with our differentiation, and then outperform them once we become a partner. Outperform the legacy players, and then, as I say, take market share from them based on our ability to out-execute those guys. Our differentiation we define in three buckets: culture, our tech stack, and deep analytics. It's really interesting. I've yet to meet a BPO that doesn't say we have the best culture in the industry. The only difference is nobody actually validates that.

It's just a buzzword on a slide. We, on the other hand, actually validate it. We have historically done employee net promoter surveys on an annual basis, and we have been in the 76, 77 employee net promoter, which is world-class. Our competitors don't publish it. I would render a guess that they're somewhere, the big guys that are lethargic, they're in the negatives. They're probably negative 20. Some of the other players might be up to 20. What that means is we have employees that are actively engaged in our business. They love our business. They stay with us. They don't leave, they don't attrit, and they show up every day to deliver great experiences. Our most recent survey, we went up to 82, which is unheard of. That is best in class across any industry.

We validate that our culture, which matters, these are the brand ambassadors for these great, is best in class, and it isn't even close. We have built a tech stack, we call it Wave iX, that helps us recruit, train agents, bring them into production better than anybody else. These are purpose-built applications that enable us to out-execute our competition. You put culture and you put a tech stack that's better than anybody, that wins every day in every geography. What we've built, which nobody else in the industry, is an amazing best-in-class business insights organization that does analytics, that helps us work with our clients and work with ourselves to become better operationally, but then engage our clients to add value and look at where points of friction are amongst their customer journeys. What are those pain points?