#1ibex. ibex Q1 FY2024 Earnings Call Bob Dechant, CEO & Taylor Greenwald, CFO November 09, 2023 + DO ibex Built for what's next.#2ibex. Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation, other than statements of historical facts, are forward-looking statements. The words "believe," "estimate," "expect," "may," "will" and similar expressions are intended to identify forward-looking statements. Such forward- looking statements include, but are not limited to, the statements regarding the our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize. Forward- looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to, general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, foreign exchange fluctuations and supply-chain issues; geopolitical conditions, including developing or ongoing conflicts; our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; our ability to realize the anticipated strategic and financial benefits of our relationship with Amazon, as well as other risks and uncertainties discussed in the "Risk Factors" section of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on September 13, 2023 and any other risk factors we include in subsequent filings with the SEC. Except as required by law, we assume no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation. Built for what's next. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with GAAP as issued by the FASB. The non-GAAP measures as defined by us may not be comparable to similarly titled non-GAAP measures presented by other companies and have limitations as analytical tools. Our presentation of such measures, which may include adjustments to exclude unusual, non-cash, or non-recurring items, should not be construed as an inference that our future results will be unaffected by these items. Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP as issued by the FASB and should not be considered as alternatives to operating profit or net income or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP as issued by the FASB or any other generally accepted accounting principles. We are not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, fair value adjustments, share-based compensation expense, and impairment of assets. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For additional information about ibex's business, refer to our Annual Report on Form 10-K filed with the SEC on September 13, 2023 and other documents filed with the SEC from time to time, and relevant earnings press releases (including GAAP, Non-GAAP and other financial tables included therein). The documents that we filed with the SEC can be obtained for free by visiting EDGAR on the SEC website at www.sec.gov. 2#3ibex. Q1 FY2024 Compelling Track Record of Transformation and Execution Strong EBITDA Growth Favorable Net Cash Position $61.1m Record Q1 Free Cash Flow Growth of Adjusted EPS to $0.40 ● ● 7 Consecutive quarters of Adjusted EBITDA growth YoY 5 Consecutive quarters of Adjusted EBITDA Margin expansion YoY More than double net cash position vs $28.2m as of June 2021 $6.6m generated in Q1 FY24 ~50% Adjusted EBITDA to FCF conversion rate Increase from $0.36 in Q1 FY23 TTM Adjusted EPS of $2.00 3#4ibex. Q1 FY2024 Results & Highlights $124.6m Revenue $67.4m TTM Adj EBITDA Strong Results Throughout the P&L 31% TTM Adj. EBITDA Growth (YoY) $13.7m Adj. EBITDA 11.0% Adj. EBITDA Margin 6% Adj. EBITDA Growth (YoY) $7.6m Adj. Net Income $6.6m FCF $0.40 Adj. EPS 4#5● ● ● ● ● ibex. New Logo Engine: Strong Performance Winning Great Brands Client Cohort Performance Strong Pipeline with high profile clients across key verticals P - $35m of new logo revenue in FY23 o 10 new logos Four new logos won in Q1 FY24 in key verticals: o HealthTech o FinTech Q2 off to a fast start Rapid Land & Expand o 2.0x growth in Year 2 o 1.5x growth in Year 3 Extremely high win rates driven by differentiated BPO 2.0 solutions $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 és New Client Cohort Data ($m) FY19-FY23 New Logo In FY19 New Logo In FY20 Year 1 Year 2 Year 3 New Logo In FY21 New Logo In FY22 Note: Year 3 For FY22 and year 2 for FY23 are based on estimates. FY23 based on estimates and historical increases in Year 3. New Logo In FY23 5#6ibex. $450 $400 $350 $300 $250 $200 $150 $100 $50 $- FY16 Powerful Land & Expand with our Digital First Clients Revenue Breakdown ($m) FY17 68% CAGR in our BPO 2.0 Clients FY18 FY19 FY20 FY21 FY22 FY23 ● ● ● ● Leading Blue-Chips & Digital and Analytics-First Brands 77% Digital & Integrated Omni- Channel up from 71% 75% of total revenue in High margin Nearshore and Offshore regions up from 70% Lower margin Onshore down 17% YoY to 25% of total business Bundled with ibex Wave X Business Analytics (90+ Deployments) Top 25 clients in ~2.5 geos 6#7ibex. Generative Al - "the Next Wave" of Wave X – Al across Agent Lifecycle ● Productivity Boost Agent Assist Al Based Agent Training Simulators • Al enabled Floor Management System Al-Powered Tech Stack ● Al Driven Insights Quality Boost Quality Assurance on 100% of Interactions • Real-time and Post ● Interactions Sentiment Analysis • Customer Friction Analysis Digital Customer Experience Volume Boost ● Human live Voice Bot and Chat Bot interactions Call Deflection with Chat Bots Expanding Digital Solution Portfolio to Reduce Cost to Serve and Elevate the Customer Experience 7#8ibex. Capital Allocations Infrastructure positioned for continued growth Share Repurchase* * As of November 8, 2023 Further expansion into higher margin regions Targeted M&A ● ● ● ● Upgrading ERP & HCM systems 419,136 shares Totaling $6.7m Offshore New Geographies Enhancing our solutions & competitive moat Accelerate growth Tuck-in acquisitions 8#9ருக் ibex. Financial Results Taylor Greenwald CFO + DO ПОТЕШВІНКС Built for what's next#10ibex. Q1 FY2024: Financial Highlights – US GAAP - Revenue $124.6m -2.5% YoY Net Income $7.4m Q1 FY24 +13.8% YoY Fully Diluted EPS $0.39 Q1 FY24 +12.3% YoY 1 Adjusting for exit of Legacy unprofitable client in Q4 FY22 ● Digital and Omni-Channel delivery represent 77% of total revenue (71% in Q1 FY23) Shift in Geo Mix and decline in FinTech vertical Growth in our strategic Health Tech and Retail & E-commerce verticals Stronger operating results driven by movement to higher margin geographies, improved capacity utilization and higher interest income. Higher income tax expense 10#11ibex. Q1 FY2024: Financial Highlights - Non-GAAP Adjusted EBITDA $13.7m Q1 FY24 +6.2% YoY Adjusted Net Income $7.6m Q1 FY24 +11.4% YoY Adjusted EPS $0.40 per share Q1 FY24 +9.9% YoY Stronger operating results driven by improved capacity utilization Increased revenue from higher margin regions from 70% of total revenue to 75% Partially offset by higher expenses driven by investment in Sales, Marketing and infrastructure $15.0 $14.5 $14.0 $13.5 $13.0 $12.5 $12.0 $11.5 $11.0 $10.5 $10.0 Q1 Adjusted EBITDA $12.9m 10.1% Margin Q1 FY23 +6% $13.7m 11.0% Margin Q1 FY24 11#12ibex. Top 5 Clients Top 25 Clients Revenue: Model Client Diversification Q1 FY24 Client Statistics (% of Revenue) 39.9% O 83.2% 59.4% 12.2% Top 10 Clients Largest Client 12#13ibex. 16.8% Telecommunications 13.5% Travel, Transportation and Logistics 11.3% Other Continued Growth in HealthTech and Retail & E-commerce Winning in Strategic Verticals 11.9% Health Tech 8.3% Technology Q1 FY24 14.8% FinTech 23.4% Retail & E-commerce 17.3% Telecommunications 13.0% Travel, Transportation and Logistics 9.3% Other 9.0% Technology Q1 FY23 10.2% HealthTech 19.9% FinTech 21.3% Retail & E-commerce 13#14ibex. Q1 FY 2024: Cash Flow and CapEx Net Cash Generated from Operations $8.7m Q1 FY24 $5.6m Q1 FY23 DSO 67 days Q1 FY24 63 days Q4 FY23 59 days Q1 FY23 Capital Expenditures $2.1m, 1.6% of Revenue Q1 FY24 $3.6m, 2.8% of Revenue Q1 FY23 Non-GAAP Free Cash Flow $6.6m Q1 FY24 $2.0m Q1 FY23 14#15ibex. September 2023 Balance Sheet Cash and Cash Equivalents $62.0m June 30, 2023: $57.4m Total Debt ~ $1.0m June 30, 2023: $1.0m ● ● Increase in borrowing availability under our revolving credit facilities to $72.6m as of September 2023 v. $71.9m as of June 2023 Net Cash position at September Quarter end improved to $61.1 million from $56.4 million as of June 30, 2023 15#16ibex. Reaffirming Full Year Guidance ● Revenue Adj. EBITDA Margin CapEx FY24 $525-535m ~13% $15-20m Macro-economic environment pressuring client volumes Continue trend toward offshoring/nearshoring Efficient use of CapEx Investments in Sales & Marketing, Infrastructure, Compliance 16#17ibex. Q & A + DO Built for what's next.#18ibex. Appendix + DO Built for what's next.#19ibex. 2023 & 2024 Philippines Best Employers PHILIPPINE DAILY INQUIRER ) ( 2022 Top Exporter Award National IT Conference in Islamabad, Pakistan THE STEVIE AWARDS The World's Premier Business Award Competitions 2022 & 2023 Contact Center/ Customer Service Outsourcing Provider ) ( P@SHA ICT Awards 2022 Gold Award Best BPO and Gender Diversity and Inclusivity in Pakistan ) ( Most Awarded BPO 2.0 Provider 2023 Most Innovative Company FTITAN AWARDS 2022 & 2023 Contact Center Technology Award CUSTOMER 2023 Customer Experience Outsourcing Services Leader in Latin America FROST & SULLIVAN 2022 Silver Award Top Exporter P@SHA ICT Awards ) 2023 Female Executive of the Year - Julie Casteel TITAN AWARDS 2023 Best Employer Brand Award 18th EMPLOYER BRANDING AWARDS™ 2023 America's Greatest Workplaces for Diversity Newsweek )( WOMEN WORLD AWARDS 2022 Female Executive of the Year, Business Products or Services for Julie Casteel X 2023 America's Greatest Workplaces for Parents & Families Newsweek 2023 CRM Excellence Award CUSTOMER 2020, 2021 & 2022 Great Place to Work in Nicaragua Great Place To Work 2022 Barani Award (Best COVID Response) INNOVATION SUMMIT 2022 ( 2023 Customer Experience Innovation Awards - Wave X CUSTOMER 2022 & 2023 Product of the Year Awards CUSTOMER 2021 & 2022 Great Place to Work for Women in Central America and Caribbean Great Place To Work 2022 Customer Experience Innovation Award for Wave X CUSTOMER 19#20ibex. Differentiation with Technology & Analytics Wave X Purpose-built technology to outperform 400+ Experienced IT Professionals 16 Technology Platforms Supported 50+ Solutions Developed Wave X Insights Advanced Analytics to provide customer insights 250+ Data and Business Analysts 70+ CX & Cost Optimization Case Studies 90+ Client Base Deployments 7 20#21ibex. A B C D Reconciliation of Net Income to Adjusted Net Income US$ in thousands, except per share amounts, unaudited Net income Non-recurring expenses Warrant contra revenue Foreign currency gains Share-based payments Loss on lease terminations Gain on disposal of subsidiaries Total adjustments Tax impact of adjustments Adjusted net income Adjusted Net Income Margin Adj. earnings per share - diluted Weighted average shares outstanding - diluted $ $ $ Three months ended 30-September 2023 7,425 $ O 287 -797 848 O 338 $ -189 7,574 $ 6.1% 0.40 18,898 2022 6,523 O 286 -849 1,122 559 -284 6,798 5.3% 0.36 18,641 $ $ $ Twelve months ended 2023 30-Jun 31,582 $ 2,224 1,090 -801 4,606 251 -246 7,124 $ -1,760 36,946 $ 7.1% 1.96 18,893 2022 21,456 3,256 970 -57 1,851 6,020 -1,427 26,049 5.3% 1.39 18,724 A B C Represents US GAAP transition expense, severance expense, legal and settlement expenses, and/or costs related to COVID-19 Represents contra revenue recognized in conjunction with the Amazon warrant Represents share-based payments expenses including RSA, LTIP, and phantom plans D Represents the loss on termination of facility leases 21#22ibex. C US$ in thousands D Net income Interest expense Income tax expense /(benefit) Depreciation and amortization EBITDA Reconciliation of Net Income to Adjusted EBITDA Interest Income A Non-recurring expenses B Warrant contra revenue Foreign currency gains Share-based payments Loss on lease terminations Gain on disposal of subsidiaries Adjusted EBITDA Adjusted EBITDA Margin $ $ Three months ended 30-September 2023 7,425 $ 104 1,388 5,042 13,959 $ -586 O 287 -797 848 0 O $ 13,711 $ 11.0% 2022 6,523 148 1,047 4,677 12,395 -48 0 286 -849 1,122 O 0 12,906 10.1% $ $ $ Twelve months ended 30-Jun 2023 31,582 $ 792 8,744 18,985 60,103 $ -640 2,224 1,090 -801 4,606 251 -246 66,587 $ 12.7% 2022 21,456 1,289 A -2,077 18,100 38,768 -43 3,256 970 -57 C 1,851 O B 44,745 9.1% Represents US GAAP transition expense, severance expense, legal and settlement expenses, and/or costs related to COVID-19 Represents contra revenue recognized in conjunction with the Amazon warrant Represents share-based payments expenses including RSA, LTIP, and phantom plans OD Represents the loss on termination of facility leases 22#23ibex. US$ in thousands, except per share amounts, unaudited Revenue Cost of services Selling, general and administrative Depreciation and amortization Total operating expenses Income from operations Interest income Interest expense Income before income taxes FY23 by Quarter: Income Statement Provision for income tax expense Net income Other comprehensive income Foreign currency translation adjustments Unrealized (loss) / gain on cash flow hedging instruments, net of tax Actuarial loss on defined benefit plan Total other comprehensive (loss) / income Total comprehensive income Net income per share Basic Diluted Weighted average common shares outstanding Basic Diluted 69 69 Qtr Ended Qtr Ended September December 30, 2022 31, 2022 127,805 96,153 19,305 4,677 120,135 7,670 48 (148) 7,570 (1,047) 6,523 (1,677) (261) (1,938) 4,585 0.36 0.35 18,141 18,641 139,325 99,790 23,502 4,582 127,874 11,451 138 (300) 11,289 (2,019) 9,270 554 814 1,368 10,638 0.51 0.49 18,149 18,860 Qtr Ended March 31, 2023 131,557 91,693 22,139 4,674 118,506 13,051 205 (105) 13,151 (1,872) 11,279 (1,039) 216 (823) 10,456 0.62 0.59 18,230 19,065 Qtr Ended June 30, 2023 124,431 87,356 23,717 5,052 116,125 8,306 249 (239) 8,316 (3,806) 4,510 (72) (254) (31) (357) 4,153 0.25 0.24 18,259 18,989 Year Ended June 30, 2023 523,118 374,992 88,663 18,985 482,640 40,478 640 (792) 40,326 (8,744) 31,582 (2,234) 515 (31) (1,750) 29,832 1.74 1.67 18,200 18,893 23#24ibex. Reconciliation of FY23 by Quarter: Net Income to Adjusted Net Income US$ in thousands, except per share amounts, unaudited Net income Net income margin Non-recurring expenses Warrant contra revenue Foreign currency (gains) / losses Gain on sale of subsidiaries Share-based compensation expense Loss on lease terminations Total adjustments Tax impact of adjustments Adjusted net income Adjusted net income margin Diluted earnings per share Per share impact of adjustments to net income Adjusted earnings per share Weighted average diluted shares outstanding Qtr Ended Qtr Ended September December 30, 2022 31, 2022 6,523 5.1% 286 (849) 1,122 559 (284) 6,798 5.3% 0.35 0.01 0.36 18,641 9,270 6.7% 792 310 752 1,533 3,387 (425) 12,232 8.8% 0.49 0.16 0.65 18,860 Qtr Ended March 31, 2023 11,279 8.6% 84 260 (325) (246) 1,318 1,091 (681) 11,689 8.9% 0.59 0.02 0.61 19,065 Qtr Ended June 30, 2023 4,510 3.6% 1,348 234 (379) 633 251 2,087 (370) 6,227 5.0% 0.24 0.09 0.33 18,989 Year Ended June 30, 2023 31,582 6.0% 2,224 1,090 (801) (246) 4,606 251 7,124 (1,760) 36,946 7.1% 1.67 0.28 1.96 18,893 24#25ibex. Reconciliation of FY23 by Quarter: Net Income to Adjusted EBITDA US$ in thousands, unaudited Net income Interest expense Income tax expense Depreciation and amortization EBITDA Interest income Non-recurring expenses Warrant contra revenue Foreign currency (gains) / losses Gain on sale of subsidiaries Share-based compensation expense Loss on lease terminations Adjusted EBITDA Adjusted EBITDA margin Qtr Ended Qtr Ended September 30, 2022 December 31, 2022 9,270 $ 300 $ LA $ 6,523 $ 148 1.047 4,677 12,395 $ (48) 286 (849) 1,122 12,906 $ 10.1% (138) 792 310 752 Qtr Ended March 31, 2023 $ 11,279 $ 105 2,019 1,872 4,582 4,674 16,171 $ 17,930 $ 1,533 19,420 $ 13.9% Qtr Ended June 30, 2023 (205) 84 260 (325) (246) 1,318 18,816 $ 14.3% 4,510 239 3.806 5,052 13,607 (249) 1,348 234 (379) 633 251 15,445 12.4% Year Ended June 30, 2023 $ 31,582 792 8,744 18,985 $ 60,103 $ (640) 2,224 1,090 (801) (246) 4,606 251 66,587 12.7% 25