GlobeNewswire Inc | May 18, 2021 04:05PM EDT

May 18, 2021

Third Quarter Fiscal Year 2021

-- Strong revenue of $108.8 million, representing an increase of 7.6% year-over-year -- Net loss was $0.2 million (non-GAAP adjusted net income of $6.0 million) -- Adjusted EBITDA increased 12.4% to $16.7 million, achieving record adjusted EBITDA margin of 15.3% -- Fully diluted loss per share was $0.01 (non-GAAP adjusted earnings per share $0.32) -- Added 10 new logos, including marquee wins in key verticals

WASHINGTON, May 18, 2021 (GLOBE NEWSWIRE) -- IBEX Limited(ibex), a leading global provider of outsourced CX solutions, today announced financial results for three and nine months ended March 31, 2021.

I am pleased with our strong third quarter results, coming off an exceptional second quarter - delivering solid revenue of $108.8 million, strong cash flow, and record adjusted EBITDA margin of 15.3%, up 70 basis points from the prior year period, said Bob Dechant, Chief Executive Officer of ibex. These results reflect the value that our end-to-end customer engagement solutions bring to clients, as our BPO 2.0 solution and customer experience is a key competitive differentiator and driver of accelerating growth.

Dechant continued, Our business strategy and ability to be laser-focused on execution has allowed us to continue to win customers, evidenced by our signing of 10 new customers, most of which are marquee logos in the New Economy, digitally transforming Blue Chip and strategic verticals. Looking ahead, we have a strong pipeline of business that we believe will position us for a strong fiscal year 2022.

I would like to recognize our global base of talented employees who were able to adjust to ever-changing market conditions and thank them for their extraordinary level of professionalism and commitment to our business, concluded Dechant.

Financial Highlights:

Revenue

-- Revenue increased 7.6% to $108.8 million, compared to $101.1 million in the prior year quarter.

Net Income

-- Net loss was $0.2 million, compared to net income of $4.5 million in the prior year quarter. -- Non-GAAP adjusted net income increased to $6.0 million, compared to $4.7 million in the prior year quarter (see Exhibit 1 for reconciliation). -- Net margin was (0.2)%, compared to 4.4% in the prior year quarter. -- On a Non-GAAP basis, adjusted net income margin increased to 5.5%, compared to 4.6% in the prior year quarter (see Exhibit 1 for reconciliation).

Adjusted EBITDA

-- Non-GAAP adjusted EBITDA, increased to $16.7 million, compared to $14.8 million in the prior year quarter (see Exhibit 2 for reconciliation). -- Non-GAAP adjusted EBITDA margin increased to a record 15.3%, compared to 14.7% in the prior year quarter.

Earnings Per Share

-- IFRS basic and fully diluted loss per share was $0.01 compared to IFRS basic and fully diluted earnings per share of $0.00 in the prior year quarter.* -- Non-GAAP pro forma fully diluted adjusted earnings per share increased to $0.32, compared to $0.25 in the prior year quarter (see Exhibit 1 for reconciliation).

* IFRS fully diluted earnings per share for the three and nine months ended March 31, 2020 does not reflect the recapitalization that occurred in connection with ibexs August 7, 2020 initial public offering.

Balance Sheet

-- Strong cash position of $62.6 million compared to $21.9 million at June 30, 2020. -- Non-GAAP net debt decreased to $48.7 million, compared to $84.1 million as of June 30, 2020 (see Exhibit 4 below).

Business Highlights:

-- Won 10 new customer logos, primarily New Economy companies in the FinTech, healthcare and utilities verticals -- Legacy top three client concentration decreased to 34.1% from 43.6% in the prior year quarter -- Added 800 seats in Jamaica and 560 seats in the Philippines -- New Economy revenue increased by 6.3% compared to the prior year quarter, and when adjusted for one client that was adversely impacted by the pandemic, New Economy revenue increased by 21.9% compared to the prior year quarter -- Non-voice revenue increased by 10.2% compared to the prior year quarter, and when adjusted for one client that was adversely impacted by the pandemic, non-voice revenue increased by 31.8% compared to the prior year quarter

Fiscal Year 2021 Business Outlook

We are reaffirming our fiscal year 2021 revenue and adjusted EBITDA guidance provided last quarter. We expect revenue of between $445 million and $448 million and adjusted EBITDA of between $62.0 million and $63.5 million.

Conference Call and Webcast Information

IBEX Limited will host a conference call and live webcast to discuss its third quarter of fiscal year 2021 financial results at 4:30 p.m. Eastern Time today, May 18, 2021. To access the conference call, dial (833) 614-1408 for the U.S. or Canada, or for international callers (914) 987-7129 and provide conference ID 2595966. The webcast will be available live on the Investors section of ibex's website at: https://investors.ibex.co/.

An audio replay of the call will also be available to investors beginning at approximately 7:30 p.m. Eastern Time on May 18, 2021, until 7:30 p.m. Eastern Time on May 25, 2021, by dialing (855) 859-2056 for the U.S. or Canada, or for international callers, (404) 537-3406 and entering passcode 2595966. In addition, an archived webcast will be available on the Investors section of ibex's website at: https://investors.ibex.co/.

Financial Information

While the financial information included in this press release has been determined in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, Interim Financial Reporting. The financial information in this press release has not been audited.

Non-GAAP Financial Measures

We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures depict the true performance of the business by encompassing only relevant and controllable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles.

We have made adjustments to the definitions of certain non-GAAP measures in the third quarter of fiscal year 2021. The definitions of adjusted net income and adjusted EBITDA have been modified to exclude the effect of the amortization of warrant asset, and gains / (losses) on disposal of fixed assets and lease terminations, and include other income, as applicable. The definition of free cash flow has been modified to exclude financed capital expenditures and right-of-use lease payments. We may modify these definitions in the future if new situations arise that the Company believes warrant modification. We believe these updated definitions better reflect the Companys operating metrics as well as industry standards.

ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable IFRS measure because it is 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, and share-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.

About ibex

ibex helps the worlds preeminent brands more effectively engage their customers with services ranging from customer support, technical support, inbound/outbound sales, business intelligence and analytics, digital demand generation, and CX surveys and feedback analytics.

Forward Looking Statements

In addition to historical information, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as believe, may, will, estimate, continue, anticipate, intend, should, plan, expect, predict, potential, or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding 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, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: developments relating to COVID-19; our ability to attract new business and retain key clients; our ability to enter into multi-year contracts with our clients at appropriate rates; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities; our ability to operate as an integrated company under the ibex brand; our ability to manage portions of our business that have long sales cycles and long implementation cycles that require significant resources and working capital; our ability to manage our international operations, particularly in Pakistan and the Philippines and increasingly in Jamaica and Nicaragua; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security; our ability to manage the inelasticity of our labor costs relative to short-term movements in client demand; our ability to realize the anticipated strategic and financial benefits of our relationship with Amazon; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands; our ability to maintain and enhance our reputation and brand; and other factors discussed under the heading Risk Factors in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on October 23, 2020 and any other risk factors we include in subsequent reports on Form 6-K. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

Media Contact: Brad Jones, Senior Director, PR & Communications, ibex, 720.643.8731, brad.jones@ibex.co

IR Contact: Brinlea Johnson, The Blueshirt Group, 415.269.2645, brinlea@blueshirtgroup.com

IBEX LimitedUnaudited Consolidated Statements of Financial Position US$ in thousands March 31, June 30, 2021 2020Assets Non-current assets Goodwill $ 11,832 $ 11,832 Other intangible assets 3,323 2,781 Property and equipment 107,338 84,588 Investment in joint venture 357 331 Deferred tax asset 3,017 2,223 Warrant asset 1,932 2,611 Other assets 6,205 4,834 Total non-current assets $ 134,004 $ 109,200 Current assets Trade and other receivables 75,310 62,579 Due from related parties 1,794 1,587 Cash and cash equivalents 62,552 21,870 Total current assets $ 139,656 $ 86,036 Total assets $ 273,660 $ 195,236 Equity and liabilities Equity attributable to owners of the parent Share capital $ 2 $ 12 Additional paid-in capital 158,044 96,207 Other reserves 32,683 29,456 Accumulated deficit (114,707 ) (109,527 )Total equity $ 76,022 $ 16,148 Non-current liabilities Deferred revenue $ 2,038 $ 434 Lease liabilities 73,030 62,044 Borrowings 3,745 3,782 Deferred tax liability 85 117 Other non-current liabilities 18,834 7,058 Total non-current liabilities $ 97,732 $ 73,435 Current liabilities Trade and other payables $ 51,649 $ 53,213 Income tax payables 4,210 3,087 Lease liabilities 11,386 12,668 Borrowings 23,059 27,476 Deferred revenue 5,334 3,470 Due to related parties 4,268 5,739 Total current liabilities $ 99,906 $ 105,653 Total liabilities $ 197,638 $ 179,088 Total equity and liabilities $ 273,660 $ 195,236

IBEX LimitedUnaudited Consolidated Statements of Profit or Loss and Other ComprehensiveIncome / (Loss) Three months ended March 31, Nine months ended March 31,US$ inthousands,except share 2021 2020 2021 2020and per shareamountsRevenue $ 108,832 $ 101,124 $ 334,784 $ 304,255 Payroll and 72,386 68,006 223,610 207,246 related costsShare-based 1,298 (212 ) 4,004 (119 )paymentsResellercommission 3,275 4,278 10,776 13,604 and leadexpensesDepreciationand 7,258 6,347 20,680 18,460 amortizationFair value 4,433 (250 ) 10,178 632 adjustmentOtheroperating 17,778 14,914 57,711 44,185 costsIncome from $ 2,404 $ 8,041 $ 7,825 $ 20,247 operations Finance $ (2,310 ) $ (2,376 ) (6,923 ) (7,190 )expensesIncome before $ 94 $ 5,665 $ 902 $ 13,057 taxation Income tax $ (339 ) $ (1,183 ) (2,082 ) (1,482 )expenseNet (loss) / $ (245 ) $ 4,482 $ (1,180 ) $ 11,575 income Othercomprehensive income /(loss) Items thatwill besubsequently reclassifiedto profit orlossForeigncurrency $ 99 $ (5 ) $ (14 ) $ (37 )translationadjustmentCash flowhedge - $ 73 $ - 158 - changes infair value $ 172 $ (5 ) $ 144 $ (37 )Totalcomprehensive $ (73 ) $ 4,477 $ (1,036 ) $ 11,538 (loss) /income Loss pershareattributableto the ordinaryequityholders ofthe parentBasic $ (0.01 ) $ - $ (0.07 ) $ - Diluted $ (0.01 ) $ - $ (0.07 ) $ - Weightedaverage sharesoutstandingBasic 18,083,182 1,138,140 17,475,469 1,138,140 Diluted 18,083,182 12,822,570 17,475,469 12,822,570

IBEX LimitedUnaudited Consolidated Statements of Cash Flows Three months ended March 31, Nine months ended March 31,US$ in 2021 2020 2021 2020thousandsCASH FLOWSFROM OPERATINGACTIVITIESIncome before $ 94 $ 5,665 $ 902 $ 13,057 taxationAdjustmentsto reconcileincome beforetaxation to net cashprovided byoperatingactivities:Depreciationand 7,258 6,347 20,680 18,460 amortizationAmortizationof warrant 229 16 677 551 assetGain ondisposal of - (89 ) - (73 )fixed assetsGain on lease (852 ) - (1,044 ) - terminationsForeigncurrency 26 (110 ) 229 249 translationloss / (gain)Fair value 4,433 (250 ) 10,178 632 adjustmentPhantom 659 (224 ) 913 (196 )expenseShare-based 639 12 3,091 77 paymentsProvision forretirement 50 - 194 134 benefitexpenseAllowance ofexpected (116 ) 4 336 101 credit lossesShare ofprofit from (174 ) (75 ) (400 ) (414 )investment injoint ventureFinance costs 2,310 2,376 6,923 7,190 Decrease /(increase) intrade and 626 4,957 (10,358 ) 8,154 otherreceivablesIncrease inprepayments (673 ) (864 ) (1,370 ) (1,400 )and otherassetsIncrease /(decrease) intrade andother 1,991 (1,103 ) 3,043 (4,921 )payables andotherliabilitiesCashgenerated 16,500 16,662 33,994 41,601 fromoperationsInterest paid (2,310 ) (2,376 ) (6,923 ) (7,190 )Income taxes (297 ) 5 (2,952 ) (758 )paidNet cashinflow from $ 13,893 $ 14,291 $ 24,119 $ 33,653 operatingactivities CASH FLOWSFROM INVESTINGACTIVITIESPurchase ofproperty and $ (5,892 ) $ (1,780 ) $ (14,597 ) $ (4,019 )equipmentPurchase ofother (407 ) (320 ) (1,274 ) (485 )intangibleassetsCapitalrepayment 146 114 373 309 from jointventureNet cashoutflow from $ (6,153 ) $ (1,986 ) $ (15,498 ) $ (4,195 )investingactivities CASH FLOWSFROM FINANCINGACTIVITIESProceeds fromline of $ 24,684 $ 29,314 $ 91,259 $ 107,525 creditRepayments ofline of (38,104 ) (36,467 ) (93,400 ) (117,485 )creditProceeds from - - 1,714 1,000 borrowingsRepayment of (3,496 ) (1,417 ) (9,323 ) (4,806 )borrowingsPayment ofrelated party - - (1,614 ) - loanNet proceedsfrom initial - - 63,107 - publicofferingExercise of 28 - 28 - optionsPayment oflisting - - (1,052 ) - related costPrincipalpayments on (3,014 ) (2,790 ) (14,644 ) (8,935 )leaseobligationsDividends - - (4,000 ) (121 )paidNet cash(outflow) /inflow from $ (19,902 ) $ (11,360 ) $ 32,075 $ (22,822 )financingactivitiesEffects ofexchange ratedifference on 99 (5 ) (14 ) (38 )cash and cashequivalentsNet(decrease) /increase in $ (12,063 ) $ 940 $ 40,682 $ 6,598 cash and cashequivalentsCash and cashequivalents $ 74,615 $ 14,531 $ 21,870 $ 8,873 at beginningof the periodCash and cashequivalents $ 62,552 $ 15,471 $ 62,552 $ 15,471 at end of theperiod

IBEX LimitedReconciliation of IFRS Financial Measures to Non-GAAP Financial Measures

EXHIBIT 1: Adjusted net income and pro forma adjusted earnings per share dilutedWe define Adjusted net income as net (loss) / income before the effect of the following items: non-recurring expenses (including litigation and settlement expenses, costs related to COVID-19, and expenses related to our initial public offering), amortization of warrant asset, gain or loss on disposal of fixed assets or lease terminations, fair value adjustment related to the Amazon warrant, share-based payments, foreign exchange gains or losses, and impairment losses, as applicable, net of the tax effect of such adjustments. The following table provides a reconciliation of Adjusted net income to our net (loss) / income for the periods presented:

Three months ended March 31, Nine months ended March 31, 2021 2020 2021 2020 US$ inthousands,except share Amount Per Share Amount Per Share Amount Per Share Amount Per Share and per shareamounts,unauditedNet (loss) / $ (245 ) $ (0.01 ) $ 4,482 $ 0.35 ^ $ (1,180 ) $ (0.07 ) $ 11,575 $ 0.90 ^income (d) (d)Non-recurring 1,848 0.10 801 0.06 7,839 0.45 1,397 0.11 expensesAmortizationof warrant 229 0.01 16 0.00 677 0.04 551 0.04 assetGain ondisposal of - - (89 ) (0.01 ) - - (73 ) (0.01 ) fixed assetsGain on lease (852 ) (0.05 ) - - (1,044 ) (0.06 ) - - terminationsFair value 4,433 0.25 (250 ) (0.02 ) 10,178 0.58 632 0.05 adjustmentShare-based 1,298 0.07 (212 ) (0.02 ) 4,004 0.23 (119 ) (0.01 ) paymentsForeignexchange 44 0.00 164 0.01 247 0.01 523 0.04 lossesTotal $ 7,000 $ 0.39 $ 430 $ 0.03 $ 21,901 $ 1.25 $ 2,911 $ 0.23 adjustmentsTax impact ofadjustments^ (722 ) (0.04 ) (243 ) (0.02 ) (2,901 ) (0.17 ) (289 ) (0.02 ) (a)Adjusted netincome andadjusted $ 6,033 $ 0.33 $ 4,669 $ 0.36 $ 17,820 $ 1.02 $ 14,197 $ 1.11 earnings pershareAdjusted net 5.5 % 4.6 % 5.3 % 4.7 % income margin Weightedaverageshares 18,083,182 $ 0.33 12,822,570 $ 0.36 17,475,469 $ 1.02 12,822,570 $ 1.11 outstanding -dilutedDilutiveimpact ofshares issued - $ - 3,571,429 $ (0.07 ) - $ - 3,076,121 $ (0.19 ) on August 7,2020^(b)Dilutiveimpact ofpreferredshare - $ - 1,785,565 $ (0.03 ) - $ - 1,785,565 $ (0.11 ) conversion onAugust 7,2020^(b)Dilutiveimpact ofshare-basedcompensation 737,826 $ (0.01 ) 641,444 $ (0.01 ) 756,977 $ (0.04 ) 548,190 $ (0.03 ) and theAmazonwarrant^(b)Pro formaadjustedweightedaveragesharesoutstanding - 18,821,008 $ 0.32 18,821,008 $ 0.25 18,232,446 $ 0.98 18,232,446 $ 0.78 diluted andpro formaadjustedearnings pershare -diluted^(c)

(a) The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdiction.(b) Represents the dilutive impact of (i) an incremental 3,571,429 and 3,076,121 weighted average shares outstanding for the three and nine months ended March 31, 2021, respectively, as a result of our initial public offering completed on August 7, 2020, (ii) an incremental 1,785,565 weighted average shares outstanding due to the conversion of preferred shares to common shares in connection with our initial public offering on August 7, 2020 and (iii) incremental weighted average shares outstanding resulting from vesting of awards under share-based compensation plans and vesting of the Amazon warrant, using the treasury stock method (as applicable) during the periods presented.(c) We provide pro forma adjusted earnings per share diluted to illustrate the impact on the calculation of adjusted earnings per share of taking into account the dilutive impact of the shares issued in our initial public offering on August 7, 2020, the dilutive impact of the preferred share conversion on August 7, 2020, and the dilutive impact related to vesting of awards under share-based compensation plans and the Amazon warrant on the calculation of weighted average shares outstanding diluted, resulting in pro forma adjusted weighted average shares outstanding diluted. We have used 18,821,008 and 18,232,446 shares, the pro forma adjusted weighted average shares outstanding diluted for the three and nine months ended March 31, 2021, respectively, to calculate pro forma adjusted earnings per share diluted for the three and nine months ended March 31, 2020. We believe that pro forma adjusted earnings per share diluted is useful information for investors because it enhances comparability between the current period and prior periods. This non-GAAP measure will be recalculated each reporting period based on the pro forma adjusted weighted average shares outstanding diluted for the latest reporting periods. Therefore, pro forma adjusted earnings per share diluted in future periods may differ from pro forma adjusted earnings per share diluted presented in prior periods. Pro forma adjusted earnings per share diluted may not be comparable to other similarly titled measures of other companies, has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB.(d) See Note 20 to our audited consolidated financial statements included in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on October 23, 2020 for additional information regarding the calculation of basic and diluted earnings / (loss) per share attributable to equity holders of the parent and weighted average shares outstanding basic and diluted. For the periods noted, the amount represents net income divided by the weighted average shares outstanding diluted for the period presented.

EXHIBIT 2: EBITDA and Adjusted EBITDAWe define EBITDA as net (loss) / income before the effect of the following items: finance expenses, income tax expense / (benefit), and depreciation and amortization, as applicable. We define Adjusted EBITDA as EBITDA before the effect of the following items: non-recurring expenses (including litigation and settlement expenses, costs related to COVID-19, and expenses related to our initial public offering), amortization of warrant asset, gain or loss on disposal of fixed assets or lease terminations, fair value adjustment related to the Amazon warrant, share-based payments, foreign exchange gains or losses, and impairment losses, as applicable.

Three months ended March Nine months ended March 31, 31,US$ in thousands 2021 2020 2021 2020Net (loss) / income $ (245 ) $ 4,482 $ (1,180 ) $ 11,575 Finance expense 2,310 2,376 6,923 7,190 Income tax expense 339 1,183 2,082 1,482 Depreciation and 7,258 6,347 20,680 18,460 amortizationEBITDA $ 9,662 $ 14,388 $ 28,505 $ 38,707 Non-recurring expenses 1,848 801 7,839 1,397 Amortization of warrant 229 16 677 551 assetGain on disposal of fixed - (89 ) - (73 )assetsGain on lease terminations (852 ) - (1,044 ) - Fair value adjustment 4,433 (250 ) 10,178 632 Share-based payments 1,298 (212 ) 4,004 (119 )Foreign exchange losses 44 164 247 523 Adjusted EBITDA $ 16,662 $ 14,818 $ 50,406 $ 41,618 Adjusted EBITDA margin 15.3 % 14.7 % 15.1 % 13.7 %

EXHIBIT 3: Free cash flowWe define free cash flow as net cash provided by operating activities less capital expenditures cash.

Three months ended March Nine months ended 31, March 31,US$ in thousands 2021 2020 2021 2020 Net cash provided by $ 13,893 $ 14,291 $ 24,119 $ 33,653operating activities Less: Capital expenditures - cash 6,299 2,100 15,871 4,504Free cash flow^(1) $ 7,594 $ 12,191 $ 8,248 $ 29,149

(1)Excluded from free cash flow are the principal portion of right-of-use lease payments of $2,892 and $1,892 for the three months ended March 31, 2021 and 2020, respectively, and $8,063 and $6,619 for the nine months ended March 31, 2021 and 2020, respectively. We believe it is useful to consider these payments when analyzing free cash flow as these amounts directly relate to revenue generating assets used in operations.

EXHIBIT 4: Net debtWe define net debt as total borrowings less cash and cash equivalents.

US$ in thousands March 31, 2021 June 30, 2020Borrowings Non-current $ 3,745 $ 3,782 Current 23,059 27,476 $ 26,804 $ 31,258 Leases Non-current 73,030 62,044 Current 11,386 12,668 $ 84,416 $ 74,712 Total Debt $ 111,220 $ 105,970 Cash 62,552 21,870 Net debt $ 48,668 $ 84,100

An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee3a1593-660b-48f2-a678-740bcd210914