IBEX Limited Q3 2023 Earnings Call
Speaker 1: results for our clients.
Speaker 1: for our clients. As an example,
Speaker 1: This past fall, we launched with a top-tier health care payer as their first new BPO partner in several years. The incumbent providers are the largest of our competitors. Following a very successful launch, IBEX attained the number one partner ranking amongst eight competitors for the March quarter. The client recognized us for this achievement by stating, this is a remarkable milestone for IBEX, since we only started operations in October 2022. It's performance like this that enabled our strategic fintech and health tech verticals to grow 18% year over year to 32% of total revenue. This exemplifies the power of our solution, where we integrate technology, analytics, unparalleled culture, and an amazing management team.
Speaker 1: As said, the growth of our BPO 2.0 segment of our business is driving growth in our higher margin offshore, nearshore, and rest of world regions.
Speaker 1: These markets now represent 72% of our overall business and grew approximately 15% from prior year quarter.
Speaker 1: We have thoughtfully restructured the makeup of our US footprint.
Speaker 1: into a smaller region with more profitable clients, enabling our margins to increase.
Speaker 1: As mentioned earlier you can change sarcasmfest customers and use a different weave combination
Speaker 1: With the completion of our site rationalization in the current quarter, we expect continued margin expansion into FY24 for our US-based operations.
Speaker 1: Another vector for margin expansion is selling into the available capacity we have in our higher margin regions.
Speaker 1: Work from site capacity utilization grew from approximately 50 percent into the 60s in the last two quarters, resulting in sizable margin gains.
Speaker 1: We believe we will continue to improve utilization based on our strong pipeline, which will result in further margin improvements.
Speaker 1: With all this momentum we like the trajectory of IBEX.
Speaker 1: Our people are the very fabric of IBEX.
Speaker 1: They make our brand what it is.
Speaker 1: I'm so proud of the approximately 35,000 employees who bring it each day to deliver great customer experiences for our clients.
Speaker 1: We recently completed our iVoice Net Promoter Score Survey of our employees globally.
Speaker 1: And we are delighted by both the participation rate
Speaker 1: and the NPS results.
Speaker 1: where we scored an impressive 85% and 68 respectively.
Speaker 1: in a highly competitive market like the Philippines.
Speaker 1: we scored a best-in-class 79 Employee Net Promoter Score.
Speaker 1: As you can see from these results, our brand is strong in all our regions.
Speaker 1: highlighting the impacts of our agent-first culture and unparalleled employee engagement.
Speaker 1: We were thrilled to resume our regional VIP recognition events.
Speaker 1: after a two-year hiatus due to the pandemic.
Speaker 1: The events and experiences our agents and management teams take away from these VIP events enable us to continue to expand our brand and loyalty with our people across the globe.
Speaker 1: This in turn helps drive great customer experiences for our clients.
Speaker 1: Now, our industry is moving extremely fast.
Speaker 1: As we have discussed, there is a continued shift to digital first.
Speaker 1: Something IBEX has embraced with our growth of our BPO 2.0 client base.
Speaker 1: Recently, industry consolidation has accelerated with the announced mega mergers.
Speaker 1: Leading most headlines is the exciting intersection of AI and CX.
Speaker 1: I believe IVEX is well positioned to take advantage of these opportunities presented.
Speaker 1: In the digital first world, we have transformed IBEX from a company that did mostly voice-only support when I joined in 2015.
Speaker 1: to a company that is now over 73% digital.
Speaker 1: This is core to who we are and the clients we serve.
Speaker 1: I believe we are uniquely positioned to capitalize on this continued trend to digital first in analytics.
Speaker 1: leveraging our WaveX tech stack.
Speaker 1: and the power of our business analytics offering.
Speaker 1: where today we have over 90 deployments in our client engagements.
Speaker 2: Second.
Speaker 1: Our industry has had a 25 year trend.
Speaker 1: has had a 25-year trend of mergers and acquisitions.
Speaker 1: with continued consolidation across the space.
Speaker 1: Despite that trend,
Speaker 1: The industry is still extremely fragmented and clients continue to come to companies like IBEX
Speaker 1: looking for differentiation.
Speaker 1: Wanting better.
Speaker 1: wanting better, desiring culture.
Speaker 1: speed, flexibility, and leaned-in leadership.
Speaker 1: That has enabled us to build a reputation as a partner that comes in as a challenger and outperforms.
Speaker 1: Our focus is on increasing value for our clients.
Speaker 1: With advanced analytics,
Speaker 1: technology, and digital-first solutions.
Speaker 1: McKinsey recently highlighted that only 37 percent of organizations are using advanced analytics to create value.
Speaker 1: We see this as an opportunity for IBEX.
Speaker 1: Lastly, generative AI technologies present great opportunities for IBEX.
Speaker 1: I've access tech led
Speaker 1: we have approximately 400 developers of purpose-built technologies focused on CX solutions for over 20 years.
Speaker 1: That team has developed a deep experience deploying AI-based solutions.
Speaker 1: A prime example of this is in our WaveX Business Analytics offering.
Speaker 1: where we have been deploying speech-to-text capabilities.
Speaker 1: then leveraging AI and machine learning-based models to deliver operational data to implement improvements.
Speaker 1: and provide meaningful insights back to our clients.
Speaker 1: Generative AI enables us to automate this process.
Speaker 1: and provide deeper insights faster and at a lower cost.
Speaker 1: Two quarters ago, our way back's testing began development of generative AI solutions to assist our agents in delivering great experiences.
Speaker 1: We are excited about the early results.
Speaker 1: and the game-changing potential that the technology has.
Speaker 1: More than ever though, our clients, boards, and CEOs are asking their organizations about generative AI.
Speaker 1: With the competencies we have built, we believe we are well positioned to work with our clients to help them better understand how to assess opportunities in their business.
Speaker 1: as well as to eventually have IBEX build out and implement solutions for them across the customer life cycle.
Speaker 1: This is an exciting time for IBEX.
Speaker 1: Now, moving on to the outlook for the remainder of the fiscal year.
Speaker 1: We have a high degree of confidence about the trajectory of our business.
Speaker 1: Our business continues to progress extremely well on profitability and balanced top-line growth.
Speaker 1: We are confident that we have reached a new level of profitability in our business going forward.
Speaker 1: As a result, we are raising guidance for adjusted EBITDA for the full year to $88 to $90 million.
Speaker 1: from 82 to 84 million. If you recall, adjusted EVA for FY22 was 66.8 million.
Speaker 1: Recognizing the impacts to revenue of the current macro environment.
Speaker 1: and our strategic decision to accelerate the movement of key clients.
Speaker 1: from onshore to offshore higher margin regions.
Speaker 1: We are reducing guidance for revenue for the full year.
Speaker 1: to $523 to $527 million.
Speaker 1: from $545 to $555 million.
Speaker 1: The resulting midpoints will have IBEX at approximately 17% adjusted EVA-DA for the year.
Speaker 1: which would be an improvement from 13.5% in FY22.
Speaker 1: we expect capex of approximately 19 million.
Speaker 1: Before I close, I want to thank our CFO , Carl Gable.
Speaker 1: for his dedication to IBEX over the last 19 years.
Speaker 1: eight of which I've had the privilege to be part of.
Speaker 1: Carl will be retiring June 30.
Speaker 1: retiring June 30th, the end of our fiscal year.
Speaker 1: He will be missed, but thanks in no small part to his efforts.
Speaker 1: the company is in an amazing position going forward.
Speaker 1: Carl, now over to you.
Speaker 3: Thank you, Bob, and good afternoon, everyone. First, it has been a great privilege to be part of the Ibex family for nearly two decades.
Speaker 3: and I am extremely proud of everything we have accomplished.
Speaker 3: More importantly, I want to follow up on Bob's comments regarding our confidence in the positive direction of our business.
Speaker 3: Our strategy of providing BPO 2.0 services
Speaker 3: to clients in our higher margin regions while remaining focused on improved onshore profitability is a core driver in achieving profitable revenue growth.
Speaker 3: Our fundamental financial drivers are strong, as evidenced by our revenue growth, adjusted EBITDA Morgan improvement, increased free cash flow, and only minimal borrowings.
Speaker 3: We believe we are well positioned in the marketplace for future growth because of the strategic decisions we are making today.
Speaker 3: In my discussions of our third quarter fiscal year 2023 financial results, I will now turn
Speaker 3: references to revenue, net income, and net cash generated from operations.
Speaker 3: are on an IFRS basis, while adjusted net income, adjusted earnings per share, adjusted EBITDA, and free cash flow are on a non-GAF basis.
Speaker 3: Reconciliations of our IFRS to non-GAAP measures are included in the tables attached to our Earnings Press Release.
Speaker 3: Third quarter revenue increased 1.9% to $131.6 million, compared to $129.1 million in the prior year quarter.
Speaker 3: Excluding the legacy client that we exited in Q4 fiscal year 2022, our revenue increased 8.4%
Speaker 3: over the prior year quarter. Revenue growth was driven by our higher margin regions, offset by lower onshore revenue.
Speaker 3: We continue to experience high growth in our BPO 2.0 clients as this cohort grew by 12.3% over the prior year quarter and now represents 77.6%
Speaker 3: growth in our BPO 2.0 clients as this cohort grew by 12.3% over the prior year quarter and now represents 77.6% of our total revenue.
Speaker 3: versus 70.4% in the prior year quarter.
Speaker 3: However, we are experiencing some macroeconomic headwinds, which are contributing to longer new client sales cycles and impacting near-term revenue growth.
Speaker 3: Net income increased to $11.7 million versus $6.6 million in the prior year quarter.
Speaker 3: The increase in net income was primarily the result of stronger operating results and the revaluation of the share warrants partially offset by higher income tax expense.
Speaker 3: The increase in income tax expense was mostly driven by a significant one-time deferred tax benefit recorded in the prior year quarter along with increased profitability in the prior year quarter.
Speaker 3: We expect our fiscal year 2023 annual effective tax rate to be in the range of 15 to 17% on a normalized basis, excluding the effect of the warrant fair value adjustment.
Speaker 3: Adjusted EBITDA increased to $24.4 million for 18.5% of revenue.
Speaker 3: compared to $18.8 million or 14.6% of revenue for the same period last year.
Speaker 3: The increase in adjusted EBITDA margin was primarily driven by growth and profitability in our BPO 2.0 clients in higher margin regions, client price increases, and higher work from site capacity utilization.
Speaker 3: On a non-GAF basis, adjusted-in income increased to $11.3 million compared to $10.7 million in the prior year quarter. Non-GAF fully diluted adjusted earnings per share increased to $0.59 compared to $0.57 in the prior year quarter.
Speaker 3: The increase in adjusted net income and non-GAAP fully diluted adjusted earnings per share was primarily driven by stronger operating performance offset by higher income tax expense.
Speaker 3: The increase in adjusted net income and non-GAAP fully diluted adjusted earnings per share was primarily driven by stronger operating performance offset by higher income tax expense. For the third quarter of fiscal year 2023.
Speaker 3: Our top five client concentration decreased to 37.6%.
Speaker 3: from 38.5% of overall revenue compared to the same quarter last year.
Speaker 3: Our top 10 clients remained essentially the same quarter over quarter at 55.7% of total revenue. We continue to maintain our focus on client diversification.
Speaker 3: clients remained essentially the same quarter over quarter at 55.7% of total revenue. We continue to maintain our focus on client diversification. Switching to our verticals.
Speaker 3: Retail and e-commerce increased to 22% of third quarter revenue versus 18.6%
Speaker 3: the prior year quarter. FinTech and HealthTech increased to 32.2% of third quarter revenue versus
Speaker 3: Our exposure to the telecommunications vertical continues to decrease, accounting for 16.2% of quarterly revenue versus 17.1% in the prior year quarter.
Speaker 3: Technology decreased to 9.2% from 14.7% of quarterly revenue, mainly due to the exit of a lower margin legacy client in Q4 fiscal year 2022.
Speaker 3: Travel and transportation decreased to 10.7% from 12.9% of quarterly revenue, primarily due to macroeconomic pressures experienced by one of our larger clients as discussed in a prior quarter.
Speaker 3: Net cash generated from operations was $17.2 million for the quarter compared to $12 million in the prior quarter.
Speaker 3: The increase was primarily driven by expanded adjusted E-bed.
Speaker 3: Our DSOs were 63 days, up three days year over year, and up two days sequentially. We continue to trend below industry average. Capital expenditures were $3.8 million, or 2.9% of revenue in the third quarter of fiscal year 23 versus $6.1 million, or 4.7% of revenue last year.
Speaker 3: As previously stated, we continue to utilize available capacity built out in prior years that is now available as a result of the removal of social distancing requirements.
Speaker 3: non-GAAP free cash flow increased to $13.4 million in the current quarter compared to $5.9 million in the prior year quarter. We ended the third quarter with $43.7 million in cash.
Speaker 3: down from $48.8 million as of June 2022. Total debt was $84.3 million, including lease liabilities of $84.2 million and total borrowings of $0.1 million, down from total debt of $104.7 million.
Speaker 3: including lease liabilities of 89.7 million and total borrowings of 15 million as of June 2022.
Speaker 3: Borrowing availability under our revolving credit facilities increased to $77.6 million.
Speaker 3: as of March 31, 2023, compared to $50.5 million as of June 30, 2022.
Speaker 3: We have a high degree of confidence in the direction of our business, driven by the growth of our digital first BPO 2.0 business.
Speaker 3: that is delivered out of our high margin regions. Therefore we expect to drive strong margins on a go-forward basis, but are cognizant of the impact of the macroeconomic environment is having on our sales cycles and client volumes.
Speaker 3: As a result, we are revising our previous guidance for Fiscal Year 2023.
Speaker 3: We expect FY 2023 organic revenue between $523 million and $527 million with a midpoint growth of 6.4% vs. fiscal year 2022 and expected adjusted EBITDA between $88 million and $90 million with a midpoint margin of 17%
Speaker 3: We expect capital expenditures of approximately $19 million.
Speaker 3: With that, Bob and I will now take questions. Operator, please open the line.
Speaker 4: Thank you. At this time, if you would like to ask a question, please press star 11 on your telephone. One moment while we compile the Q and A roster. Our first question will be coming from the line of David Conan of Baird. And also please wait for your not for your name. Congrats on the incredible margin.
Speaker 1: Yeah, thanks, Dave. We're really excited about everything we've done here structurally that are driving these margins, kind of continuing where we were and even getting better from Q2. Yeah. Well, that's great. I guess my question on that, I know 17% roughly this year, and it's been 18% the last couple of weeks.
Speaker 1: even improve upon that by continued selling in. We have the strong pipeline of clients that continue to go into our high margin regions with a lot of capacity available still. That will drive strong margin flow through.
Speaker 1: And then, as I said, we've rationalized our US footprint. Some sizable capacity moved out that will be completed this quarter. So as we move into FY24, we really like the position we're in. Yeah, great. And I guess
Speaker 1: I guess my follow up, the revenue guide down, I mean, it makes a lot of sense if you're moving offshore that revenues would be trimmed a little bit. But how much really was just that mix shift, and how much is a little bit of volume trim? Yeah, so great question on that. And so first and foremost, what I would say is consumer demand's down.
Speaker 1: And we've all been hearing that. And so that does impact the business. What I would say is the macro environment has pushed some deals out a little bit, and that's moved revenue to the right. We are confident that. secret
Speaker 1: It hasn't moved it off the table. It's just moved it a little bit right. And then the third leg is really then the rationalization. Working with our clients to, we've done such great work in places like the Philippines that we just said, let's accelerate it. Great for us, great for them. And so those are good partnerships at play.
Speaker 1: than to our kind of our.
Speaker 1: our overall health of our business.
Speaker 3: Gotcha. Well, thanks, guys. Great job. Thanks, David.
Speaker 3: Well, thanks guys. Great job. Thanks, David. Thank you.
Speaker 4: Again, if you would like to ask a question.
Speaker 4: Please press star 1 1 on your telephone. One moment while we get ready for the next question.
Speaker 4: star 11 on your telephone. One moment while we get ready for the next question. And please remember.
Speaker 4: To not state your question until you hear your name announced. The next question will be coming from Tobe Sommer of Truth. Your line is open.
Speaker 5: Thank you very much. I wanted to ask a question about free cash flow.
Speaker 5: Um, it'll be this year and as you.
Speaker 5: kind of get a full annualized impact of the accelerated move towards more profitable markets.
Speaker 5: What does it look like in 2024, even in broad strokes, if you can talk about even by margin versus what you perceive to be the CapEx trend over time? Thanks.
Speaker 1: Sure, so let me touch on just maybe at the, you know, kind of the high-level structural, and then I'll pass over to you, Carl, if that makes sense. But so thanks for the question, you know, Toby. So here's what we like. S
Speaker 1: We believe we're at a real new normal here, strong EBITDA.
Speaker 1: As you know, we've spent a lot on the CapEx over the last several years in the COVID world with our build-outs and now we're harvesting that.
Speaker 1: And so you've seen our capex go down, sizable over the quarter. So those are, let's say, some of the big moves. Interestingly enough, I think our trailing 12 months on free cash flow is about 44 million. So those are really good trends that I think will continue to work into, you know, into.
Speaker 1: into FY24 and beyond. So Karl, maybe from there you might want to just touch on a few more elements.
Speaker 3: Sure, sure. Thanks for the question, Toby. I think just open broad strokes just structurally, just to kind of re-emphasize.
Speaker 3: what Bob's been mentioning previously, just the new normal with the adjusted EBITDA, greater dollars, greater percentage, the lower CapEx. And if we maintain, which we are, our discipline on our DSOs, which are in the low 60s, all those point to strong conversion when you're looking.
Speaker 3: at the free cash flow. So structurally we think as we've increased the EBITDA and we kind of maintain the focus on working capital with lower cap backs that will lead to stronger free cash flow.
Speaker 3: So, structurally, we think as we've increased the EBITDA and we kind of maintain the focus on working capital with lower cap backs, that will lead to stronger free cash flow. I appreciate that.
Speaker 5: How low do you think you could drive the US footprint down as a percentage of sales over time and still have sort of that easy to reach presence that domestic clients sometimes like to have as they're beginning a relationship with the firm?
Speaker 1: Yeah, and your instincts are right on that, Toby, around what clients want. So it's important to have that as well as then in the world of fintech and healthcare, those footprints, we do have clients that we believe will stay in that region.
Speaker 1: set, but a lot of the moves and shifts, et cetera, occurred during the quarter. So as we exit, let's say, this quarter Q4, I think will be in the low 20s.
Speaker 1: How much further below that? I still think there is a viable place for us in the US. So would it get below 15%? Probably not. So maybe stay kind of in that 15% to 20% range. But what I do want to point out is the margin structure.
Speaker 1: And so, you know, and we did this at the expense of top line growth, you know, exiting a really low margin client that was all US and then, you know, things like that. But we have the US margins.
Speaker 1: structured really well with further gains as now we have that capacity, you know, and you know that we did this the site rationalizations. That'll benefit us really for well for you know in all of FY 24. So, you know that 15 to 20 percent range for us.
Speaker 1: is now no longer kind of at a low margin and weighting down our overall margin structures. And we're really happy what we've done in that position going forward.
Speaker 5: Okay, thanks. Last question from me.
Speaker 6: Our clients...
Speaker 5: well versed enough in the application of generative AI and adopting it internally in their organizations? Is that kind of being thrust upon you from that direction or are they expecting outsourced providers like IBEX to?
Speaker 5: to drive the change in adoption. I just kind of want to understand the push versus pull dynamic between you and your customers in this.
Speaker 1: Sure. Great question. There's a wide range, but if I summarize, I would say the flow is board to CEO to management in our clients, and then management, I think is their
Speaker 1: looking, right? They're trying to understand. They're reaching out to get better understanding of the applications of that and where it could. And I think that creates opportunities for us where A, we've already been deploying these internally.
Speaker 1: But we also have a wide range of where our clients might be leaning towards deploying. And so harvesting that information, grabbing that, and then having those discussions, I think we play a very important role with our clients in developing those strategies and making them kind of be successful with that.
Speaker 7: Thank you.
Speaker 4: Thank you 1 moment while we prepare for the next question.
Speaker 4: Please remember to wait for your name to be announced before you ask your question. And our next question will be coming from Ryan Potter of Citi. Your line is open. Hey, thanks for taking my question.
Speaker 8: Wanted to start on the transition from US to offshore. I guess how much of this is being driven by you yourself trying to push work to higher margin regions versus clients trying to move work to also focus on cost savings on their own end? And in terms of
Speaker 8: the higher US margins in terms of what's being left in the US? Is that mostly being done due to work from home aspects or do you kind of rationalize the office footprint there or the type of services left in the US?
Speaker 1: Sure. And Ryan, thanks for joining us today. And also, let me, hopefully I can hit all of those and if I don't feel free to, you know, touch on the things that I've, that I missed. But so, the move is really collaborative.
Speaker 1: And it's with clients that we've had.
Speaker 1: We've had footprints in the Philippines. We've had footprints in the US. We've had clients that say, hey, let us try. Let us see how it goes. They may be first-time movers into the Philippines.
Speaker 1: Inevitably, the performance that we are delivering for those sets of clients is really strong to where we collectively have stepped back and say, you know, these are the things that we would do if we were you.
Speaker 1: and to drive costs out of their enterprise, but while not sacrificing the customer experience. What's really good is they're collaborative. It's not them, it's not us, it's us as partners really working together.
Speaker 1: And as a result, the transitions have been really, really good. Now, in your question then around the US and kind of how we're operating.
Speaker 1: We have an ex... let's say about an 85% work-at-home model in the US.
Speaker 1: And that has enabled us to take sites off line a couple of years ago and then this continued approach. And so
Speaker 1: So we like that model because it allows us to stay very lean.
Speaker 1: on our costs, on our fixed costs in the US.
Speaker 1: it allows us to hire
Speaker 1: in a much broader environment in the US. So we have not had any challenges hiring because our pipeline is expanded because you don't have the geographic limiters in the work at home model. And it's actually ourPeep and autonomy.
Speaker 1: What we've found is our clients are very receptive to that because they know that all of those elements are taking place that enable it to still be a sustainable operating model. When you put all of that together and the type of clients that we've sold into the US.
Speaker 1: we have a pretty good operating model now, strong margins, and the trajectory that's up and to the right.
Speaker 8: Got it, that all makes sense. And I guess with this move being more collaborative with clients, have you seen additional volumes coming away from clients as you made this move to offshore to offset some of the revenue hit? And then separate question, I know you mentioned lengthening of sales cycles, but have you also seen... Okay.
Speaker 8: ramps from clients being delayed on already closed deals at all? Yeah, so a couple of good questions.
Speaker 1: already closed deals at all? Yeah, so a couple of good questions.
Speaker 1: The larger clients that we've had that have that we've then moved they have looked and say who are our performers?
Speaker 1: and they have actually consolidated out a couple of our competitors in that move. So we have gotten market share around those moves and now we have less competitors because they've let's say rationalized them outside of their enterprise. So I think we've done.
Speaker 1: We've done well from that perspective. Then Ryan, and I apologize, the second part of your question, if you could just repeat that would be great.
Speaker 1: Yeah, alongside the lengthening of the sales cycle for new logos, are you seeing ramps on already closed deals being delayed at all and pushed to the right as well? Yeah. And so, here's an interesting thing. And let me just talk a little bit about the pipeline, if I could, and then get to your answer.
Speaker 1: You know, are pipelines strong? Our industry has historically been, you know, there's two really strong areas of this industry over the years. One is when clients are growing rapidly and they need scale.
Speaker 1: And those decisions, that's what we've been under the last several years, because of just the growth of the digital first. And so those decisions are made fast. And the velocity of those deals typically are done quickly.
Speaker 1: There's always a second growth element in our business, which is on downturns. But those typically clients start being a little bit more deliberate and they start
Speaker 1: making sure their chess pieces as they move to take cost out are well thought.
Speaker 1: And so I feel like that's where we are right now.
Speaker 1: I feel like that's where we are right now, that the ramps are slowed.
Speaker 1: might be pushed out to the right, I think as clients are thinking a little bit more deliberately. Now inevitably.
Speaker 1: they have to, you know, kind of, I think the three big buzzwords for them to compete is outsourcing.
Speaker 1: Offshoring and AI. And so I kind of view that as we move, that our growth side, those things will start coming together, let's say, kind of, in our late this year, next year. Again.
Speaker 1: depend on what happens in the macros. But usually, it takes a little bit more time, and I think that's how I'm thinking this thing might play out. But hopefully, that helps give a little bit of clarity of how we're thinking about the pipeline. So overall, I feel it's...
Speaker 1: in a good environment over the long haul. Great, very helpful. Thanks again, and best of luck, Carl.
Speaker 4: Thank you, Jackie. That concludes today's Q&A session. I would like to turn the conference back over to Bob Deckett for closing remarks. Please go ahead.
Speaker 1: Thanks, operator. And so, appreciate everyone joining us today. Hopefully, you can see from both Carl and my perspective our belief in the strength of what we've done here at IBEX the trajectory of this business.
Speaker 1: and inevitably our ability to win and compete in this environment. So thank you all for your trust, confidence at IBEX and we look forward to talking to you next quarter.
Speaker 4: Bye. This concludes today's conference. You may all disconnect. Everyone enjoy your evening.