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Ibex. 2020 ANNUAL REPORT

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Ibex. 2020 ANNUAL REPORT ibex. 2020 ANNUAL REPORT Digital Transformation Powered by The People. ibex. Built for what’s next. A Year of Outperformance Year-over-Year Revenue $405m 10% Growth Adj. EBITDA $54.1m Adj. EBITDA 13.4% margin Growth Drivers 176% 52% 26% New Economy growth Non-voice growth Offshore/Nearshore 2015 to 2020 2015 to 2020 workstation growth 2015 to 2020 COVID-19 Resilience 94% Functional remote workforce 24 New logos added 100% Client retention Note: All numbers are as of June 30, 2020 ibex. Built for what’s next. Dear Fellow Shareholders, While 2020 has been a challenging year for everyone, the outstanding resilience, collaboration, and results demonstrated by the ibex team have been truly remarkable, and I am extremely honored to be a member of this tightly knit organization. Throughout the disruption of the pandemic, we have remained dedicated to the safety of our people, our families, and our partners, and our thoughts are with all the individuals and businesses impacted around the world. Our results from this milestone year demonstrate both the power and talent of our global ibex employees, and the traction and strength of our innovative solutions. Setting the pace for an entire Revenues grew 10% year-over-year to $405 million. industry. Net Income from continuing operations was $7.8 million versus a loss of $4.5 million in the prior year. Adjusted EBITDA increased 49% year-over-year to $54.1 million. We won 24 new logos throughout the year and believe we have great visibility into the revenue growth they will deliver in FY21. Great operational performance across all of our regions and centers enabled us to continue our industry best client retention metrics. Throughout the crisis we have focused on three main areas: the health of our people, the resiliency for our clients, and the strength of our financials. I believe we have been best-in-class in all three categories. We are especially proud to have rapidly deployed over 10,000 employees to a work-at-home status, enabling us to keep over 98% of our people working and earning wages. From a market perspective, we have retained our leadership position in the industry, increasing the number of leading brands we support. The business we built has grown to over 23,000 employees, across 7 geographies, with 30 highly-branded contact centers. Over the past year, we helped over 100 premier clients manage over 100 million interactions, from digital customer conversions, to omnichannel customer service & sales contacts, to omnichannel customer surveys. ibex. Built for what’s next. Stellar New Economy The market shift to BPO 2.0 has been critical to our success, growth, through demonstrated by our exceptional organic revenue growth rates with both New Economy brands and Blue Chip clients seeking to digitally TM Velocity . transform their businesses. The result: approximately 30% of our business today is digital. Overall, our differentiated and broad suite of services, amazing employee culture, highly branded global contact centers, deep operational excellence, and purpose-built Wave XTM technology stack, have uniquely positioned us to lead in this market. Strategically, we had a strong year with our VelocityTM offering, which targets the New Economy vertical, with a record number of new logo wins. Some of the digitally focused Blue Chip clients we won include one of the largest technology and internet-related services companies, and a leading domain registration and web hosting company. We were extremely successful in our Land and Expand strategy where we were able to leverage our trusted partner position to deploy many new ibex solutions for our existing clients. Additionally, we made a big splash into the Utilities vertical with our turnkey digital marketing, e-commerce, and contact center solution platform. We are also extremely excited about the inroads we have made in the Healthcare vertical, which we launched in the beginning of FY20 and saw immediate success, winning two major clients and providing Revenue Cycle Management and custom technology-based solutions. As we look ahead to 2021, I am very excited and optimistic about our market opportunities and our ability to outpace the industry. A fundamental transformation has occurred in the industry and ibex is at the forefront. In addition, we are focused on four main priorities for the year: Accelerate winning new deals with the New Economy leaders and the Blue Chip clients that are transforming themselves digitally. We are positioned perfectly to continue to win this market. Continued expansion in our Nearshore and Philippines markets. You may have seen our press release of being the first to market in Ocho Rios, Jamaica – just as we were in Bohol, Philippines a year ago. We have new sites ready to announce later this quarter and we will continue to push aggressively for further site expansions. ibex. Built for what’s next. A purpose-built Continue to invest in both technology and sales to further technology stack differentiate ibex and drive growth. for insight, innovation, and client success. Focused M&A around two key areas: Technology that can further advance our Wave XTM competitive advantage, and key target verticals. To summarize, our results have defined ibex as a leader in more than revenue growth. We are also leaders in EBITDA margin, Nearshore and Philippines growth, New Economy growth, Digitally driven solutions, purpose-built Technology solutions, New Logo Wins, and employee engagement. On behalf of our executive leadership team and our Board of Directors, I would like to personally thank our 23,000 global employees for their commitment to making ibex a truly awesome company, brand, and partner. I would also like to thank our customers, our partners, and our shareholders for believing in our vision and for their ongoing support. And to our new shareholders, we thank you for your confidence in us. As we move into 2021, we believe we are well positioned to deliver stellar results going forward with our leadership position in BPO 2.0, amazing growth in the digital economy, our reputation for excellence, and our strong balance sheet. Yours Truly, Robert Dechant Chief Executive Officer UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒☒☒☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 5(d) OF THE SECURITIES ACT OF 1934 For the fiscal year ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission file number 001-38442 IBEX LIMITED (Exact name of Registrant as specified in its charter and translation of Registrant’s name into English) Bermuda (Jurisdiction of Incorporation or Organization) Crawford House, 50 Cedar Avenue Hamilton HM11, Bermuda (441) 295-6500 (Address of principal executive offices) Robert Dechant, Chief Executive Officer IBEX LIMITED 1700 Pennsylvania Avenue NW, Suite 560 Washington, DC 20006 (202) 580-6200 (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Trading Symbol(s) Name of each exchange on which registered Common shares IBEX Nasdaq Global Market Securities registered or to be registered pursuant to Section 12(g) of the Act. None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. 1 Series A Convertible Preferred Shares, par value $0.000111650536 per share 11,083,691.3814 Series B Convertible Preferred Shares, par value $0.000111650536 per share 111,986.4786 Series C Convertible Preferred Shares, par value $0.000111650536 per share 1,851,788 Class B Common Shares, par value $0.000111650536 per share (Upon the consummation of our initial public offering, all Convertible Preferred Shares and Class B Common Shares automatically converted into an aggregate of 14,833,032 common shares) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐☐☐☐ Yes ☒ No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐☐☐☐ Yes ☒ No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐☐☐☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐☐☐☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐☐☐☐ Accelerated filer ☐☐☐☐ Non-accelerated filer ☒ Emerging growth company ☒ If an emerging growth company that prepares its financial statements in accordance with U.S.
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